American Bitcoin Corp (ABTC) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Gryphon Digital Mining fourth-quarter and full-year 2024 earnings call. On the call are Steve Gutterman, Chief Executive Officer of the company; and Sim Salzman, Chief Financial Officer of the company.

大家好，歡迎參加 Gryphon Digital Mining 2024 年第四季和全年財報電話會議。參加電話會議的有該公司執行長史蒂夫古特曼 (Steve Gutterman)；以及該公司財務長 Sim Salzman。

Before I turn the call over to Mr. Gutterman, please note that the statements made on this call that are not historical facts may be forward-looking statements from the company's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events.

在我將電話轉給 Gutterman 先生之前，請注意，本次電話會議中所作的非歷史事實的陳述可能是公司管理層根據經修訂的 1933 年證券法第 27A 節和經修訂的 1934 年證券交易法第 21E 節的含義對未來事件作出的前瞻性陳述。

Words such as may, should, projects, expects, intends, plans, beliefs, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the risk factors section of the company's Form 10-Q and 10-K, as updated by the company's subsequent disclosures filed with the SEC. Copies of these documents are available on the SEC's website at www.sec.gov.

可能、應該、預期、預期、打算、計劃、信念、預期、希望、估計等詞語以及此類詞語的變體和類似表達旨在識別前瞻性陳述。這些聲明受到多種條件的約束，其中許多條件超出了公司的控制範圍，包括公司 10-Q 和 10-K 表格中的風險因素部分所列的條件，這些條件已根據公司隨後向美國證券交易委員會提交的披露進行了更新。這些文件的副本可在美國證券交易委員會網站 www.sec.gov 上取得。

Actual results may differ materially from those expressed or implied by such forward-looking statements. Any forward-looking statements made on this call are made only as of today's date and that the company does not undertake any obligation to update or supplement any such statements to reflect subsequent developments.

實際結果可能與此類前瞻性陳述所表達或暗示的結果有重大差異。本次電話會議中所做的任何前瞻性陳述僅截至今日有效，本公司不承擔更新或補充任何此類陳述以反映後續發展的義務。

Now, I would like to turn your call over to Steve Gutterman. Steve, please proceed.

現在，我想將您的電話轉給史蒂夫古特曼 (Steve Gutterman)。史蒂夫，請繼續。

Thank you, operator. Good afternoon, shareholders. Thank you for joining us today for our earnings call. I'm excited to share our progress and vision for positioning Gryphon at the forefront of the rapidly growing demand for high-performance computing, driven by artificial intelligence. I'll walk you through a brief company history and our evolution through a series of deliberate actions supporting our growth plans moving forward and how we're positioning ourselves for significant growth.

謝謝您，接線生。各位股東，下午好。感謝您今天參加我們的收益電話會議。我很高興與大家分享我們的進展和願景，讓 Gryphon 處於人工智慧驅動的高效能運算快速成長需求的前沿。我將向您簡要介紹公司的歷史和我們的發展歷程，以及我們為支持未來成長計畫而採取的一系列深思熟慮的行動，以及我們如何為實現顯著成長做好準備。

Gryphon Digital Mining was founded with a mission to mine bitcoin profitably and sustainably. A key milestone last year was our reverse takeover of Akerna and public listing on the Nasdaq. 2024 was a good year for mining. We mined 334 coins. But, as many of you know, bitcoin mining is a highly competitive industry subject to several variables that are largely outside miners' control, namely Bitcoin price, network hash rate, and energy costs.

Gryphon Digital Mining 成立的使命是實現比特幣的獲利和永續開採。去年的一個重要里程碑是我們對 Akerna 的反向收購以及在納斯達克的公開上市。 2024 年是採礦業的好年。我們開採了 334 枚硬幣。但是，正如你們許多人所知，比特幣挖礦是一個競爭激烈的行業，受幾個很大程度上不受礦工控制的變數的影響，即比特幣價格、網路哈希率和能源成本。

With global hash rate continually rising and an ever-decreasing number of bitcoins to be mined, we recognize the need to differentiate and focus on what we can control: our energy strategy. The cost and availability of power is critical to mining profitably. And, more generally, power is becoming an increasingly scarce and valuable resource well beyond crypto mining. We believe that the currency of the next decade will be power and the rapid advancement of artificial intelligence is driving an explosion in demand for high-performance computing infrastructure.

隨著全球哈希率不斷上升以及可開採的比特幣數量不斷減少，我們認識到需要區分並專注於我們能夠控制的東西：我們的能源策略。電力的成本和可用性對於採礦利潤至關重要。更普遍地說，電力正成為一種日益稀缺和寶貴的資源，遠遠超出了加密挖掘的範圍。我們相信，未來十年的貨幣將是權力，人工智慧的快速發展正在推動對高效能運算基礎設施的需求激增。

Industry reports estimate incremental power demand over the next five years in North America alone, equating to 50% to 70% of current US household consumption. Building the energy infrastructure to meet that demand is akin to recreating half or more of the current power grid in a fraction of the time it took to build originally.

產業報告估計，光是北美未來五年的電力需求增量就相當於當前美國家庭消費的 50% 至 70%。建造能源基礎設施來滿足這一需求相當於在最初建設時間的一小部分內重建一半或更多的現有電網。

Recognizing this need, we've seen a broader trend in our industry of bitcoin miners acquiring energy assets to vertically integrate and control power costs. As a bitcoin miner, we are well equipped to apply the expertise in identifying energy sources and deploying computing equipment to serve the growing demand for AI computing infrastructure.

認識到這種需求，我們看到比特幣礦工收購能源資產以垂直整合和控制電力成本的行業趨勢越來越廣泛。身為比特幣礦工，我們有能力運用專業知識來識別能源和部署運算設備，以滿足日益增長的人工智慧運算基礎設施需求。

Therefore, as we look to the future, our corporate focus has shifted. While we view bitcoin mining as a revenue bridge, our efforts over the last six months have been and will continue to be to develop world-class power assets that can be used to operate HPC and AI data centers. To that end, over the last six months, we've expanded our team, strengthened our balance sheet, and evaluated a range of energy assets to acquire and develop. We ultimately determined that natural gas presents the optimal combination of abundance, cost efficiency, and reliability.

因此，展望未來，我們的企業重點已經發生了轉變。雖然我們將比特幣挖礦視為收入橋樑，但過去六個月我們的努力一直是並將繼續致力於開發可用於營運 HPC 和 AI 資料中心的世界級電力資產。為此，在過去六個月中，我們擴大了團隊，加強了資產負債表，並評估了一系列要收購和開發的能源資產。我們最終確定天然氣是豐富性、成本效益和可靠性的最佳組合。

Specifically, in September, my role was expanded from Director to CEO. We added Jimmy Vaiopoulos, the former Hut 8 CFO, as Chairman. And, in a massive win for the company, we announced that Sim Salzman, former Marathon CFO, would be continuing his role as CFO. Then, in October we announced a transformative debt restructuring with Anchorage Digital, converting $13 million of debt to equity at a premium to our stock price. We restructured the $5 million of debt on favorable terms, Sim will describe that in more detail.

具體來說，9月份，我的職責從董事擴展為執行長。我們任命前 Hut 8 財務長 Jimmy Vaiopoulos 為董事長。此外，我們宣布前 Marathon 財務長 Sim Salzman 將繼續擔任財務官，這對公司來說是一個巨大的勝利。然後，我們在十月宣布與 Anchorage Digital 進行轉型債務重組，以高於我們股價的價格將 1,300 萬美元的債務轉換為股權。我們以優惠條件重組了 500 萬美元的債務，Sim 將對此進行更詳細的描述。

The impact on our cash flow has been substantial. Instead of having to sweep the majority of our mined bitcoin to Anchorage, we now pay a nominal monthly interest payment of $17,708 on the remaining debt. And, perhaps, more importantly, Anchorage has become our largest shareholder and a key advisor. We appointed Dan Grigorin from Anchorage Digital to our Board. In December, we added Eric Gallie, formerly of Luminous Capital Management, as SVP of Energy Strategy.

這對我們的現金流產生了巨大的影響。我們不必將大部分開採的比特幣轉移到安克雷奇，而是現在每月支付 17,708 美元的名義利息來償還剩餘債務。或許更重要的是，安克拉治已經成為我們最大的股東和主要顧問。我們任命 Anchorage Digital 的 Dan Grigorin 為董事會成員。12 月，我們聘請了 Luminous Capital Management 前員工 Eric Gallie 擔任能源策略資深副總裁。

Recognizing the immense opportunity ahead, 100% of our management team and the majority of our Board invested personally in our $2.8 million January equity raise, a testament to our collective conviction. The capstone of our strategic shift is the definitive agreement to acquire Captus, which we signed in January. Captus would position us to become one of the largest dedicated HPC and AI computing infrastructure providers with up to 4 gigawatts of potential power.

認識到未來的巨大機遇，我們 100% 的管理團隊和大多數董事會成員都以個人身份投資了我們 1 月份的 280 萬美元股權融資，這證明了我們的集體信念。我們策略轉變的頂峰是一月份簽署的收購 Captus 的最終協議。Captus 將使我們成為最大的專用 HPC 和 AI 運算基礎設施供應商之一，潛在功率高達 4 千兆瓦。

I'll dive more deeply into Captus. But, first, I'll pass it over to Sim to walk through the financials. Sim?

我將更深入地研究 Captus。但是，首先，我將把它交給 Sim 來介紹一下財務狀況。西姆？

Thank you, Steve. I will now highlight our financial results for 2024. For the year ending December 31, 2024, we mined approximately 334 bitcoin and generated mining revenues of approximately $20.5 million compared to approximately 740 bitcoin and generated revenues of approximately $21.1 million for the year ending December 31, 2023.

謝謝你，史蒂夫。現在我將重點介紹我們 2024 年的財務表現。截至 2024 年 12 月 31 日的年度，我們開採了約 334 個比特幣，產生了約 2050 萬美元的採礦收入，而截至 2023 年 12 月 31 日的年度，我們開採了約 740 個比特幣，產生了約 2110 萬美元的收入。

Breakeven costs per bitcoin for the year ending December 31, 2024, were 47,359 compared to 18,192 for the year ending December 31, 2023. The change in breakeven costs, year over year, reflects the halving event that occurred in 2024, where the bitcoin rewards decreased by 50%, combined with the increase in global hash rate of approximately 66%.

截至 2024 年 12 月 31 日的年度，每比特幣的損益平衡成本為 47,359，而截至 2023 年 12 月 31 日的年度，每比特幣的損益平衡成本為 18,192。損益平衡成本的同比變化反映了 2024 年發生的減半事件，當時比特幣獎勵減少了 50%，而全球哈希率增加了約 66%。

From an energy perspective, the company's net cost of producing a bitcoin for 2024 was approximately $6.97 per kilowatt hour. Our adjusted EBITDA stood at approximately negative $5.5 million for the year ending December 31, 2024, compared to $94,000 for the year ended December 31, 2023. I'd also like to note that included in our adjusted EBITDA numbers were approximately $6 million in legal and marketing fees associated primarily with one-time deal costs and going public.

從能源角度來看，該公司 2024 年生產比特幣的淨成本約為每千瓦時 6.97 美元。截至 2024 年 12 月 31 日止年度，我們的調整後 EBITDA 約為負 550 萬美元，而截至 2023 年 12 月 31 日止年度的調整後 EBITDA 為 94,000 美元。我還想指出，我們的調整後 EBITDA 數字中包括約 600 萬美元的法律和行銷費用，主要與一次性交易成本和上市有關。

Absent these fees, our adjusted EBITDA would have been above breakeven. We believe breakeven costs and adjusted EBITDA are important gauges of our operational effectiveness and that highlighting these metrics gives investors and analysts better transparency for comparative analysis across mining companies.

如果沒有這些費用，我們的調整後 EBITDA 將高於損益平衡點。我們認為損益平衡成本和調整後的 EBITDA 是我們營運效率的重要指標，強調這些指標可以讓投資人和分析師更好地透明地對礦業公司進行比較分析。

Reconciliation to the nearest GAAP measures can be found in our earnings release disseminated prior to this call. The company recognized net income of approximately $401,000 for the three-month period ending December 31, 2024, which includes net non-cash expenses of approximately negative $2.4 million.

您可以在本次電話會議之前發布的收益報告中找到與最近的 GAAP 指標的對帳。截至 2024 年 12 月 31 日的三個月，該公司確認淨收入約為 401,000 美元，其中包括淨非現金支出約負 240 萬美元。

Net non-cash expenses consist of items including depreciation, employee stock-based compensation expense, fair market value of common stock issued to consultants, change in fair value of notes payable, gain on restructuring of bitcoin-denominated note payable, and unrealized gain or loss on marketable equity security. This compares to a net loss of approximately $10.9 million for the three-month period ending December 31, 2023, which included net non-cash expenses of approximately $9 million.

淨非現金支出包括折舊、員工股票薪酬費用、發行給顧問的普通股的公允市價、應付票據的公允價值變動、比特幣計價應付票據重組收益以及有價證券的未實現損益等項目。相較之下，截至 2023 年 12 月 31 日的三個月淨虧損約為 1,090 萬美元，其中包括約 900 萬美元的淨非現金支出。

The company recognized the net loss of approximately $21.3 million for the year ended December 31, 2024, which included net non-cash expenses of approximately $14.9 million. Net non-cash expenses consisted of depreciation, employee stock-based compensation expense, fair market value of common stock issued to consultants, change in fair value of notes payable, gain on restructuring of bitcoin-denominated note payable, and unrealized gain or loss on the marketable equity securities.

該公司確認截至 2024 年 12 月 31 日止年度的淨虧損約為 2,130 萬美元，其中包括淨非現金支出約 1,490 萬美元。淨非現金支出包括折舊、員工股票薪酬費用、發行給顧問的普通股的公允市價、應付票據的公允價值變動、比特幣計價應付票據重組收益以及可銷售股權證券的未實現損益。

This compares to a net loss of approximately $28.6 million for the year ending December 31, 2023, which included net non-cash expenses of approximately $27.9 million. As of December 31, 2024, our balance sheet reported approximately $0.7 million of cash and cash equivalents, $1 million in bitcoin, and approximately $5.6 million due for the note payable.

相比之下，截至 2023 年 12 月 31 日的年度淨虧損約為 2,860 萬美元，其中包括約 2,790 萬美元的淨非現金支出。截至 2024 年 12 月 31 日，我們的資產負債表顯示現金及現金等價物約為 70 萬美元、比特幣 100 萬美元，應付票據約 560 萬美元。

As Steve noted, we completed a debt restructuring with Anchorage Digital, converting $19.6 million of debt to equity. As of December 31, 2023, our balance sheet reported approximately $0.9 million in cash and cash equivalents, $2 million in bitcoin, and $14.9 million due for the note denominated in Bitcoin.

正如史蒂夫所說，我們與 Anchorage Digital 完成了債務重組，將 1,960 萬美元的債務轉換為股權。截至 2023 年 12 月 31 日，我們的資產負債表顯示現金和現金等價物約為 90 萬美元、比特幣 200 萬美元以及以比特幣計價的票據到期金額為 1,490 萬美元。

As mentioned during prior quarters, the change in the fair value of note-denominated in bitcoin reflected a direct correlation to the price of bitcoin as of the period end. Following the restructuring, the remaining debt due to Anchorage is no longer denominated in bitcoin.

正如前幾季所提到的，以比特幣計價的票據的公允價值變化與期末比特幣的價格直接相關。重組之後，安克拉治的剩餘債務不再以比特幣計價。

Before I turn it over to Steve, I'd like to take a moment to highlight the dramatic improvements we have made since Steve became CEO in late September. By our key metrics, we exited Q4 2024 in a stronger financial position than we entered it. During the fourth quarter, we increased cash and cash equivalent from $368,000 to $735,000. We reduced total liabilities by approximately $13 million by completing the restructuring of the Anchorage note. We improved accumulated shareholders equity from a deficit of $18.9 million to a deficit of $7 million. We improved the average trading volume of our stock from approximately 249,000 shares per day in Q3 to approximately 874,000 shares per day in Q4.

在將發言權交給史蒂夫之前，我想花點時間強調自史蒂夫九月下旬擔任執行長以來我們取得的巨大進步。根據我們的關鍵指標，我們在 2024 年第四季結束時的財務狀況比開始時更加強勁。第四季度，我們的現金和現金等價物從 368,000 美元增加到 735,000 美元。透過完成安克雷奇票據的重組，我們減少了約 1,300 萬美元的總負債。我們將累計股東權益從赤字 1,890 萬美元改善至赤字 700 萬美元。我們將股票平均成交量從第三季的每天約 249,000 股提高到第四季的每天約 874,000 股。

With that, I'll turn it back to Steve for some additional comments.

說完這些，我會把話題轉回給史蒂夫，請他補充一些意見。

Thanks, Sim. We're excited about the improvements we've made to the business and how these improvements are going to position us to complete our shift towards power generation.

謝謝，Sim。我們對業務所取得的進步以及這些進步將如何幫助我們完成向發電的轉變感到非常興奮。

Taking a closer look at Captus, the asset itself is an ideal site for an HPC and AI data center campus, consisting of 850 acres in Alberta. It has ample access to natural gas. It has access to the grid for redundancy, power transmission, non-potable water, and on-site carbon sequestration. Once closed, we will contemplate a staged development, where we aim to bring the first 130 megawatts online in 2026 with the opportunity to expand up to 4 gigawatts over time.

仔細觀察 Captus，資產本身是 HPC 和 AI 資料中心園區的理想場地，位於阿爾伯塔省，佔地 850 英畝。它擁有充足的天然氣資源。它可以接入電網，實現冗餘、電力傳輸、非飲用水和現場碳封存。一旦完成，我們將考慮分階段開發，目標是在 2026 年實現首批 130 兆瓦的上網電價，並有機會隨著時間的推移擴大到 4 千兆瓦。

We feel the value creation opportunity by closing this acquisition will be immense, based on the $500,000 to $3 million per megawatt valuation of comparable computing infrastructure companies that would imply that Gryphon's 4-gigawatt potential at Captus, once developed, could be worth billions.

我們認為，完成此次收購將帶來巨大的價值創造機會，基於同類運算基礎設施公司每兆瓦 50 萬至 300 萬美元的估值，這意味著 Gryphon 在 Captus 的 4 千兆瓦潛力一旦開發，價值可能高達數十億美元。

After closing on the Captus acquisition and bringing the asset online, we expect rapidly-growing, high-margin recurring revenues from co-located customers, complementing our baseline bitcoin mining revenues. Captus will serve as an anchor site to attract additional power, intensive computing customers, including AI and machine learning, scientific computing, and more.

完成 Captus 收購並將資產上線後，我們預計來自同地客戶的經常性收入將快速增長，利潤率較高，從而補充我們基本的比特幣挖礦收入。Captus 將作為一個錨點來吸引更多需要強大運算能力的客戶，包括人工智慧和機器學習、科學計算等。

So in summary, we believe that the fourth quarter of 2024 and, in fact, the last six months and year to date marks the beginning of a new chapter for Gryphon. Our definitive agreement to acquire Captus and the anticipated development after the closing of the transaction we feel will create extraordinary shareholder value, generating significant revenue growth and positioning us as a leader in sustainable computing infrastructure and positioning Gryphon as a substantial player in the HPC and AI energy economy.

總而言之，我們相信 2024 年第四季以及迄今為止的過去六個月和一年標誌著 Gryphon 新篇章的開始。我們最終同意收購 Captus，我們認為交易完成後的預期發展將創造非凡的股東價值，產生顯著的收入成長，使我們成為永續運算基礎設施的領導者，並使 Gryphon 成為 HPC 和 AI 能源經濟的重要參與者。

Our focus now is on execution: closing the acquisition, advancing development, securing strategic partnerships, and achieving key milestones that will drive exceptional shareholder returns. So I would acknowledge that it has not been all roses to get here. The stock has come under pressure and the market is volatile. That has been hard, but we believe in where we're going and we continue to build the company to create and maximize shareholder value.

我們現在的重點是執行：完成收購、推動發展、確保策略合作夥伴關係以及實現推動卓越股東回報的關鍵里程碑。所以我承認，到達這裡並不是一帆風順的。股價承壓，市場波動。這很艱難，但我們相信我們的目標，並將繼續建立公司，創造和最大化股東價值。

On behalf of the Board and the management team, we'd like to thank our shareholders for continuing to support us. We are laser-focused on maximizing the value of your stock. We look forward to sharing updates on the progress and working together to build a world-class company.

我謹代表董事會和管理團隊感謝股東對我們的持續支持。我們致力於最大化您的庫存價值。我們期待分享最新進展並共同努力打造世界級的公司。

And with that, operator, let's open up the line for questions. Thanks.

接線員，現在讓我們開始提問吧。謝謝。

(Operator Instructions) Kevin Dede, H.C. Wainwright.

（操作員指示）Kevin Dede，H.C.溫賴特。

Thank you for having me, Steve, Sim. I appreciate it. Lots of talk about Captus but no mention of Ericsson and BC. Can give us a status there, Steve, and what you're thinking?

謝謝你們邀請我，史蒂夫，西姆。我很感激。關於 Captus 的討論很多，但沒有提到愛立信和 BC。史蒂夫，能告訴我們那裡的情況嗎，以及你在想什麼？

Yes. Thanks, Kevin. Good to talk to you. Ericsson, as we've publicly disclosed, we terminated our original agreement there, which was to acquire 500 wells in British Columbia.

是的。謝謝，凱文。很高興和你談話。愛立信，正如我們公開披露的那樣，我們終止了在那裡的原始協議，該協議是收購不列顛哥倫比亞省的 500 口油井。

What we found is that we are still interested in Ericsson and we are still engaged in conversations to acquire a subset of those assets, because what we found in our diligence process is that there are a handful of wells that have significant production and less associated liabilities and then, on the other end of the spectrum, there are some wells that have limited production and excessive liabilities associated with them.

我們發現我們仍然對愛立信感興趣，我們仍在就收購這些資產的一部分進行談判，因為我們在盡職調查過程中發現，有少數油井產量很大，相關負債較少，而另一方面，也有一些油井產量有限，相關負債過多。

So the course of action was to, one, terminate the agreement; two, continue to engage with relevant parties; so that, three, we can end up with a subset of those wells that can get us to the same or a better place in terms of power available to us.

因此，行動方案是：一、終止協議；二、繼續與相關方面接觸；第三，我們最終可以獲得一部分油井，這些油井可以為我們帶來相同或更好的電力。

Okay. Could we do a little deeper dive on Captus? You mentioned Alberta. But is it within, say, 10 milliseconds of latency of Calgary or?

好的。我們能否更深入地了解一下 Captus 呢？您提到了阿爾伯塔省。但它的延遲時間是否在卡加利的 10 毫秒以內？

Yeah. Great question. Sorry, I cut you off. You want to talk solely about the latency or do you want to talk more generally about Captus?

是的。好問題。抱歉，我打斷了你。您想單獨談論延遲還是想更籠統地談論 Captus？

Yeah. Latency is a big deal. Also, you referenced partnerships. Development like this requires a ton of capital, as you well know. Give us a little insight and, maybe, some comfort in how you see that progressing.

是的。延遲是一個大問題。此外，您也提到了合作關係。眾所周知，這樣的開發需要大量的資金。請給我們一些見解，也許，讓我們對您如何看待這項進展感到些許安慰。

Yeah. First, let me talk specifically to latency. We actually have fiber from Rogers and from TELUS that are extremely close to the asset. The asset itself is about an hour outside of Calgary and Pincher Creek so we've got great latency.

是的。首先，讓我具體談談延遲。我們實際上擁有來自 Rogers 和 TELUS 的光纖，它們非常靠近該資產。該資產本身距離卡加利和平徹溪 (Pincher Creek) 約一小時車程，因此延遲很大。

And, as a matter of fact, that's one of the key elements to assessing how good your site is going to be. Because exactly to your question and to your point, if you don't have good latency, if you don't have good connectivity, it's not going to be an effective site. So we feel really good about that. It's one of the reasons we picked it.

事實上，這是評估您的網站品質的關鍵因素之一。因為正如您的問題和觀點，如果沒有良好的延遲，如果沒有良好的連接，它就不會是一個有效的網站。因此我們對此感到非常高興。這是我們選擇它的原因之一。

More generally, about Captus. We, as you know, spent months combing North America for an ideal site. So what does an ideal site mean? Number one, we should talk about the power source, right? Because as I mentioned in my opening comments, according to some experts -- like you, by the way -- there is going to be a dramatic increase in the demand for power, right? And so up to 50, 60, 70 gigawatts, potentially 100 gigawatts of incremental power that's necessary over the next 5 to 10 years for AI-related data centers.

更一般地講，關於 Captus。如您所知，我們花了數月時間在北美尋找理想的地點。那麼理想的站點意味著什麼？首先，我們應該討論一下電源，對嗎？因為正如我在開場白中提到的那樣，根據一些專家的說法——順便說一下，比如您——對電力的需求將會急劇增加，對嗎？因此，未來 5 到 10 年內，與人工智慧相關的資料中心所需的增量電力將達到 50、60、70 千兆瓦，甚至可能達到 100 千兆瓦。

And so the first question is where's that going to come from. What's the power source? And our belief is that, the answer is that there's going to be a mix of things, right? There's probably going to be some nuclear power. Although, there's obviously regulatory and not-in-my-backyard problems with that. There could be some solar or wind or geothermal, although no one's really cracked the code on how to do that efficiently. But for our money, we believe that natural gas is the very non-sexy, low-tech, tried-and-true solution to how to generate incremental power.

所以第一個問題是，這些錢從何而來。動力來源是什麼？我們相信，答案是，會出現多種情況，對嗎？可能會有一些核能。不過，這顯然有監管問題以及不在我家後院的問題。可能還會有一些太陽能、風能或地熱能，儘管沒有人真正破解如何有效利用這些能源的密碼。但就我們的資金而言，我們認為天然氣是產生增量電力的一種非常不吸引人、技術含量低、且久經考驗的解決方案。

And so, the thing that we really we love about Captus is that it has a couple of different pipelines for natural gas and it has grid connectivity for redundancy. So we have abundant natural gas and, importantly, there is a depleted reservoir and a saline aquifer on site with which we could conduct carbon sequestration. So not only would we be producing the energy from natural gas there, but we have a mechanism to make sure that the whole project is green and we avoid carbon taxes or carbon transportation costs.

因此，我們真正喜歡 Captus 的地方在於它擁有幾條不同的天然氣管道，並且具有電網連接以實現冗餘。因此，我們擁有豐富的天然氣，重要的是，現場有一個枯竭的水庫和一個鹽水層，我們可以利用它們進行碳封存。因此，我們不僅可以在那裡利用天然氣生產能源，而且我們還有一個機制來確保整個專案是綠色的，並且避免碳稅或碳運輸成本。

The subset of the inquiry, Steve, too was just about how you're developing things outside of power and those resources, but instead, obviously, new relationships with a construction team and an eventual customer. So how are you thinking about this? Would this become a site that you use to host other people's machines? Or do you expect that Gryphon would run its own fleet? How is the team thinking about it?

史蒂夫，調查的子集也只是關於你如何在電力和資源之外發展事物，而是顯然與施工團隊和最終客戶建立新的關係。那麼您對此有何看法？這會成為您用來託管其他人的機器的網站嗎？還是你希望 Gryphon 能運作自己的艦隊？團隊對此有何看法？

Yeah. It's a great question. There's a couple pieces to that question. Number one, let me talk a little bit about the Captus management team, which is part of the transaction. Really, one of the things that we were most excited about: the A-plus team led by Harry Andersen, who is the former COO of [Pembina] pipeline, which is one of the largest pipeline companies in Canada. So he and his team, collectively, have over 100 years of relevant experience. They're true experts in developing power assets. So we really wouldn't be doing this project like this without a team like that. And I'm really excited to get Harry and the crew aboard.

是的。這是一個很好的問題。這個問題有幾個部分。首先，讓我簡單談談作為交易一部分的 Captus 管理團隊。確實，讓我們最興奮的事情之一是：A-plus 團隊由 Harry Andersen 領導，他是加拿大最大的管道公司之一 [Pembina] 管道的前首席營運長。因此，他和他的團隊總共擁有超過 100 年的相關經驗。他們是開發電力資產的真正專家。所以如果沒有這樣的團隊，我們真的不會做這樣的專案。我真的很高興哈利和船員們能加入。

There's actually two other parts to your question. One is about potential customers and then one is about capital. So let me address both of those. On customers, it's really interesting. We're not ready to make any announcements yet. But the amount of inbound calls that we have received since we announced the definitive agreement has been surprising, frankly, to me. And it points to the fact that the bottleneck is power. And so, we believe that we will be able to, after we secure the acquisition, be able to make subsequent announcements about partners and customers that's -- stay tuned for that.

您的問題實際上還有另外兩個部分。一個是關於潛在客戶，另一個是關於資本。因此，讓我來談談這兩個問題。對於顧客來說，這真的很有趣。我們尚未準備好發布任何公告。但坦白說，自從我們宣布最終協議以來，我們接到的來電數量令我感到驚訝。這顯示瓶頸在於電力。因此，我們相信，在完成收購後，我們將能夠發布有關合作夥伴和客戶的後續公告 - 請繼續關注。

That brings me to the last part of your question which is about capital. And, to your point, it is costly to develop megawatts, let alone gigawatts, of power. And so, we are going to take a very deliberate approach to this. Step number one -- and this seems obvious but I'll state it -- is we acquire the asset, right? And the total acquisition cost, as we've announced, is about USD19 million, of which USD17 million is in cash. So that's step number one, making that acquisition.

這讓我想到了你問題的最後一部分，即有關資本的問題。而且，正如您所說，開發兆瓦級電力的成本很高，更不用說千兆瓦級電力了。因此，我們將採取非常謹慎的方式來解決這個問題。第一步——這似乎很明顯，但我還是要說一下——我們收購資產，對嗎？正如我們所宣布的，總收購成本約為 1900 萬美元，其中 1700 萬美元為現金。這是第一步，進行收購。

Step number two, we will continue to go through the FID process to get all of the regulatory approvals that we need. Concurrently with that, we will be developing the first 6, 30, and 100 megawatts, kind of in that order. So 136 megawatts. And we will be announcing various capital partners which should include project management types of sources, as we develop that.

第二步，我們將繼續進行 FID 流程以獲得所需的所有監管批准。同時，我們將按順序開發前 6、30 和 100 兆瓦。所以是136兆瓦。隨著我們不斷開發這一領域，我們將宣佈各種資本合作夥伴，其中應包括專案管理類型的來源。

So step number one, secure the asset and the management team. Step number two, begin to develop the first 136 megawatts, while having these very interesting conversations with potential customers. And then, step number three, to your question of whether we're going to host or whether we're going to actually provide the services, we'll see how the market develops after we've gone through those sequential steps.

因此第一步是確保資產和管理團隊的安全。第二步，開始開發第一個 136 兆瓦，同時與潛在客戶進行非常有趣的對話。然後，第三步，對於您提出的問題，我們是否要託管或是否要實際提供服務，我們將在完成這些連續步驟之後看看市場如何發展。

Does that make sense?

這樣有道理嗎？

Perfect sense. Absolutely. Last question for me is how competitive was the process to secure Captus and your letter of intent?

完美感。絕對地。對我來說最後一個問題是獲得 Captus 和意向書的過程競爭有多激烈？

Yeah. There has been significant interest around Captus. I think that one of the reasons that we were able to secure the asset is because Harry and his team believe in what we are doing here. The whole team is getting Gryphon's stock as part of this transaction. And I think they and we are excited to go build this thing together. I think that was a critical piece of why we won the bid.

是的。人們對 Captus 產生了濃厚的興趣。我認為我們能夠獲得資產的原因之一是 Harry 和他的團隊相信我們在這裡所做的事情。作為交易的一部分，整個團隊將獲得 Gryphon 的股票。我認為他們和我們都很高興能夠一起去創造這個東西。我認為這是我們贏得競標的關鍵因素。

(Operator Instructions) Jon Hickman, Ladenburg Thalmann.

（操作員指示）喬恩·希克曼，拉登堡·塔爾曼。

Hi. Steve, could you elaborate a little bit more on the timing of the 136 megawatts? Did you say the end of [2026]?

你好。史蒂夫，您能否詳細說明一下 136 兆瓦的時間表？你說的結束[2026]？

Yeah. Actually, we're still nailing down all of the timelines, so I don't want to blurt them out here. But we're hoping to get the first megawatts, the first 6, actually, out there by the end of this year or the very beginning of next year, and with the 30 coming shortly after that, then the 100 towards the end of '26.

是的。實際上，我們仍在確定所有的時間線，所以我不想在這裡脫口而出。但我們希望在今年年底或明年年初獲得第一批電力，實際上是第一批 6 兆瓦，隨後不久將獲得 30 兆瓦，然後在 26 年底獲得 100 兆瓦。

Okay. And then, the financing. Can you give us any timeline on that?

好的。然後是融資。您能告訴我們有關此事的時間表嗎？

Yeah. We expect to announce details on that, imminently. I think that that's probably all I will say, right now, on that. But we -- that's kind of imminently.

是的。我們預計將很快公佈相關細節。我想，關於這一點，我現在要說的可能就這些了。但是我們——這有點迫在眉睫。

Okay. Thank you. Congratulations on that. And then, can we expect to hear a little more on the British Columbia thing, down the line, since you haven't given up on that?

好的。謝謝。恭喜你。那麼，既然您還沒有放棄，我們是否可以期待聽到更多關於不列顛哥倫比亞省的消息？

Yeah. Absolutely.

是的。絕對地。

Okay. Thank You.

好的。謝謝。

Thanks, Jon. Bye.

謝謝，喬恩。再見。

Thank you. And there were no other questions in queue at this time. I would now like to hand the call back to Steve Gutterman for closing remarks.

謝謝。此時隊列中沒有其他問題。現在我想把電話交還給史蒂夫古特曼，請他做最後發言。

Okay. Great. I don't think I have anything to add other than what we've said. We're excited about where we are. We expect to make subsequent announcements about Captus over the coming days and weeks. And we are excited to have all of you aboard. So thanks, everyone.

好的。偉大的。除了我們已經說過的內容之外，我想我沒有什麼好補充的。我們對自己所處的境況感到非常興奮。我們預計將在未來幾天和幾週內發布有關 Captus 的後續公告。我們非常高興你們能加入我們。謝謝大家。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。