D. Boral Arc Acquisition I Corp. · NASDAQ:BCAR
D. Boral Arc Acquisition I — SPAC Merger (April 2026)
25 slides from D. Boral Arc Acquisition I's SPAC merger presentation, Apr 29, 2026
Slide 1: A Next-Generation AI Infrastructure Provider
A Next - Generation AI Infrastructure Provider April 2026 Exascale Labs
Slide 2: Important Information; Confidentiality; Testing-the-Waters Communication
IMPORTANT INFORMATION; CONFIDENTIALITY; TESTING - THE - WATERS COMMUNICATION This presentation (the “Presentation”) has been prepared, and is being provided, by Exascale Labs Inc., a Delaware corporation (the “Company”) for informational purposes only, to assist certain institutional investors in ev
Slide 3: Market and Industry Data
MARKET AND INDUSTRY DATA This Presentation contains estimates, projections and other information concerning the Company’s industry, market size and growth, market position, illustrative participation levels and competitive landscape based on information from third - party sources and the Company’s o
Slide 4: Transaction Overview
Transaction Overview
Slide 5: Proposed Transaction Overview (minimum redemption)
Voting (%) Proposed Transaction Overview (minimum redemption) 5 ($ in millions, except share price) Valuation ‒ Exascale pre - money valuation of $500M ‒ Transaction implies $632M pro forma enterprise value Financing ‒ Assumes no additional PIPE financing ‒ Assumes 0% redemptions from D. Boral ARC A
Slide 6: Proposed Transaction Overview (maximum redemption)
Voting (%) Proposed Transaction Overview (maximum redemption) 6 ($ in millions, except share price) Valuation ‒ Exascale pre - money valuation of $500M ‒ Transaction implies $632M pro forma enterprise value Financing ‒ Assumes no additional PIPE financing ‒ Assumes 100% redemptions from D. Boral ARC
Slide 7: Business Overview
Business Overview
Slide 8: Exascale Profile
Exascale Profile 8 Who We Are Exascale Labs is a next - generation AI infrastructure provider. What We Do We architect, deploy, and operate the critical infrastructure required for high performance AI computing. Our Edge While others compete on capital, we compete on technology and engineering execu
Slide 9: Recurring Compute Revenue with Infrastructure Upside
Recurring Compute Revenue with Infrastructure Upside 9 GPU as a Service (GaaS) Infrastructure Solutions GPU cluster management for AIDC operators Modular data center, liquid cooling, HVDC/SST, energy storage solutions (1) Project - based commercial structure with potential expansion as new offerings
Slide 10: Growth and Operational Snapshot
Rapid growth across enterprise demand and Al infrastructure deployment. (1) Growth and Operational Snapshot 10 22 Enterprise Customers 5.3x (2) FY2025 Revenue vs FY2024 12 Countries with Active Customers US | Canada | UK | Hungary | Poland | Italy | South Korea | Singapore | India | Malaysia | Hong
Slide 11: Exascale's Positioning in AI Infrastructure
Exascale believes its model differs from traditional hyperscalers and finance - driven neocloud models in its emphasis on architecture control, systems integration and asset - light deployment. Exascale positions itself as an implementation partner. Exascale's Positioning in AI Infrastructure 11 (1)
Slide 12: A Different Approach to AI Infrastructure Deployment
From buyer outcomes to infrastructure characteristics. A Different Approach to AI Infrastructure Deployment 12 Faster Time to Revenue Proprietary optimization software designed to improve GPU utilization and reliability in selected configurations — enabling customers to generate returns sooner. Lowe
Slide 13: Accelerating Revenue with Built-In Expansion
$ 68 $ 479 $ 770 $ 1,171 $ 1,442 $ 2,160 $ 2,242 $ 3,262 $ 3,545 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $ 3 00M Qualified Pipeline (1) $ 6.8M Six Months Revenue Ended Dec 2025 (GAAP) $7.0 M FY2025 Revenue (GAAP) ($ in thousands, calendar quarters) – GaaS generates im
Slide 14: Qualified Pipeline
Aggregate Estimated Value Range Aggregate Cluster Scale Stage Region Opportunity Type $300M – $500M 100 - 160 MW Technical Engagement North America AI Infrastructure Deployment Commercial Negotiation North America AI Infrastructure Deployment Proposal / Design APAC AI Infrastructure Deployment 1,500
Slide 15: Selected Financing Milestones
Backed by prominent venture investors across multiple rounds since 2022 (1). Selected Financing Milestones 15 November 2025 $500K bridge SAFE financing from Taisu Ventures at a $300M valuation cap. June 2022 Exascale Labs founded. December 2023 $1.485M SAFE financing raised at a $25M valuation cap.
Slide 16: Team
Team 16 Septem Yang Principal Architect M.Eng. in Electronic Engineering, Dublin City University | Ex - Microsoft and Snap Jonathan Jaranilla Business Development Lead Environmental Science, Policy, and Management, UC Berkeley | 15 years of experience in crypto and investment Mark Fidelman Marketing
Slide 17: Board of Directors of PubCo
Board of Directors of PubCo 17 Hoansoo Lee CEO & Interim CFO, Director Ph.D. in Business Economics, Harvard Business School | Ex - Council of Economic Advisers (Executive Office of the President) Wenying Jia Chairperson and Director Angel investor | Early investor in Exascale | Experience in digital
Slide 18: Market Opportunity
Market Opportunity
Slide 19: AI Infrastructure: An Arms Race + Bottleneck
Demand is surging, but deployment of AI compute infrastructure is too slow and costly. AI Infrastructure: An Arms Race + Bottleneck 19 (1) Futurum (2) Microsoft (3) Alphabet (4) Amazon (5) Meta (6) OpenAI (7) Turner & Townsend (8) IEA HYPERSCALER AI CAPEX IN 2026 STARGATE PROJECT (6) $6 9 0B+ (1) $5
Slide 20: AI Compute Demand is Outpacing Infrastructure Supply
Exascale addresses the critical compute bottleneck in the $5.2T AI m arket. AI Compute Demand is Outpacing Infrastructure Supply 20 (unit in gigawatts) 156GW (1) $838B (4) $5.2T (1) AI - related Data Center Capacity AI/GPU Server AI - ready Data Center CapEx (1) McKinsey (2) Bain & Company (3) Intro
Slide 21: Appendix
Appendi xJD1
Slide 22: Financial Trajectory and Operating Leverage
Financial Trajectory and Operating Leverage ($ in thousands) Statement of Operations Highlights Year Ended June 30, Six Months Ended Dec. 31, FY 2025 (Audited) FY 2024 (Audited) H1 FY 202 6 H1 FY 202 5 $7,016 $1,319 $6,807 $2,614 Revenue (5,910) (1,264) (5,735) (2,178) Cost of revenues $1,105 $56 $1
Slide 23: The Constraint is Deployment, Not Just Silicon
The industry is flooded with GPU orders but lacks the infrastructure to turn them into usable compute. The Constraint is Deployment, Not Just Silicon 23 The Power Wall Traditional power distribution fails at >100kW rack densities. 54V architecture is insufficient for MW - scale racks. The Cooling Li
Slide 24: Exascale Solutions Designed to Address Key AI Infrastructure Deployment Challenges
Exascale Solutions Designed to Address Key AI Infrastructure Deployment Challenges 24 Design, supply chain, and technology constraints can extend deployment timelines Limited Data Center Capacity Delivery, commissioning and integration can extend deployment timelines Complex GPU Cluster Deployment D
Slide 25: Exascale's Differentiated Approach
Illustrative positioning across selected AI infrastructure categories Exascale’s Differentiated Approach 25 (1) Reflects management’s assessment as of April 2026 based on publicly available information, third - party industry materials, and management’s understanding of representative market partici
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