Applied Digital Corp (APLD) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to Applied Blockchain's fiscal fourth-quarter and full-year ended May 31, 2022 conference call. My name is Andrea, and I will be your operator today.

下午好，歡迎參加Applied Blockchain截至2022年5月31日的第四季及全年財報電話會議。我叫Andrea，今天將擔任您的接線生。

Before this call, Applied Blockchain issued its financial results for their fiscal fourth-quarter and full-year ended May 31, 2022, in a press release, a copy of which will be furnished in a report on Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

在此次電話會議之前，Applied Blockchain 在新聞稿中發布了截至 2022 年 5 月 31 日的第四季度和全年財務業績，該新聞稿的副本將以提交給美國證券交易委員會 (SEC) 的 8-K 表格報告的形式提供，並可在公司網站的投資者關係部分查閱。

Joining us on today's call are Applied Blockchain's Chairman and CEO, Wes Cummins; and CFO, David Rench. Following their remarks, we will open the call for questions. Before we begin, Jeff Grampp from Gateway Group will make a brief introductory statement. Mr. Grampp, please proceed.

參加今天電話會議的嘉賓包括 Applied Blockchain 董事長兼執行長 Wes Cummins 和財務長 David Rench。在他們致詞之後，我們將開始提問環節。在開始之前，Gateway Group 的 Jeff Grampp 將會作簡短的開場演講。請 Grampp 先生繼續。

Thank you. Good afternoon, everyone, and welcome. Before management begins their formal remarks, we need to remind everyone that some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

謝謝。各位下午好，歡迎大家蒞臨。在管理層開始正式發言之前，我們需要提醒各位，我們今天所做的某些聲明根據證券法可能被視為前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒各位，存在許多因素，其中許多是我們無法控制的，可能導致實際結果和事件與前瞻性聲明中描述的結果和事件有重大差異。

For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and our public filings made with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made, except as required by law.

有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們收益報告和向美國證券交易委員會提交的公開文件中的揭露內容。除法律另有規定外，我們不承擔更新前瞻性陳述以反映前瞻性陳述作出日期後發生的情況或事件的義務或承諾。

We will also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption risk factors in our IPO prospectus. You may get Applied Blockchain's Securities and Exchange Commission filings for free by visiting the SEC website at sec.gov.

我們也會討論非公認會計準則 (non-GAAP) 財務指標，並建議您在考慮這些指標時仔細閱讀我們收益報告中與適用公認會計準則 (GAAP) 指標對帳表中的揭露內容。我們建議您參閱我們向美國證券交易委員會 (SEC) 提交的文件，其中詳細披露了我們的業務以及不確定性和其他可變情況，包括但不限於 IPO 招股說明書中「風險因素」部分列出的風險和不確定性。您可以造訪 SEC 網站 sec.gov 免費取得 Applied Blockchain 向美國證券交易委員會提交的文件。

I would like to remind everyone that this call is being recorded and will be made available via a link in the Investor Relations section of Applied Blockchain's website. Now, I would like to turn the call over to Applied Blockchain's Chairman and CEO, Wes Cummins. Sir, please proceed.

我想提醒大家，本次電話會議正在錄音，並將透過Applied Blockchain網站「投資者關係」板塊的連結發布。現在，我想將電話會議轉給Applied Blockchain董事長兼執行長Wes Cummins。先生，請繼續。

Thanks, Jeff. And good afternoon, everyone. Thank you for joining us for our fiscal fourth-quarter and full-year 2022 conference call. While we are a young company, we've been busy, and I'm pleased to share our progress with you today. First, I want to highlight our fiscal fourth-quarter results as we reported revenue of $7.5 million above our guidance of $7 million to $7.4 million, which was already increased from our initial range of $5.7 million to $6.2 million.

謝謝，傑夫。大家下午好。感謝大家參加我們2022財年第四季及全年業績電話會議。雖然我們是一家年輕的公司，但我們一直很忙，很高興今天能與大家分享我們的進展。首先，我想重點介紹我們第四季的業績，我們報告的收入為750萬美元，高於我們先前預期的700萬美元至740萬美元，而我們先前的預期已經從最初的570萬美元上調至620萬美元。

Our first data center located in Jamestown, North Dakota, has overall performed quite well for things under our control. The facility energized in late January and had over 90 megawatts of the 100-megawatt nameplate capacity online in June. However, as we reported in mid-July, there was an unexpected equipment failure at the substation powering the facility resulting in a partial outage of about 50%. We expected the power provider to restore full capacity by early September, and they have been a great partner for us by responding diligently and getting full capacity back online in mid-August.

我們位於北達科他州詹姆斯敦的第一個資料中心，在我們掌控的範圍內，整體表現良好。該設施於1月底通電，6月已投入使用超過90兆瓦的電力，而其額定容量為100兆瓦。然而，正如我們在7月中旬報導的那樣，為該設施供電的變電站發生了意外的設備故障，導致約50%的電力部分中斷。我們預計電力供應商將在9月初恢復全部容量，而他們積極響應，並在8月中旬恢復了全部容量，是我們非常優秀的合作夥伴。

As a reminder, the Jamestown facility was not damaged and remains fully operational and capable of hosting the entire 100 megawatts of capacity. Anecdotally, we heard from employees that are power provider that have decades of experience that they have seen this issue only a handful of times in their career, so this is truly a rare force majeure-type event.

需要提醒的是，詹姆斯敦的發電廠並未受損，目前仍在全面運營，能夠承載全部100兆瓦的發電量。據我們了解，一些擁有數十年經驗的電力供應商員工表示，他們職業生涯中只遇到過幾次類似的問題，因此這確實是一次罕見的不可抗力事件。

We also continued to make progress expanding our co-hosting capabilities through the buildout and expected energization of additional facilities. Our second facility is co-located with a wind farm in Garden City, Texas, with plant capacity of 200 megawatts. Construction began in late April, and the first buildings have been constructed with the majority of the electrical equipment required already on site. Our base case expectation is we will begin energizing Garden City in the fourth calendar quarter of 2022, but we are currently ahead of schedule, so there may be some upside to the start date.

我們也透過擴建和預期的新增設施通電，繼續拓展我們的聯合託管能力。我們的第二座設施與德州花園城的一個風電場位於同一地點，發電容量為200兆瓦。工程於4月下旬開工，首批建築已建成，大部分所需電氣設備已到位。我們的基本預期是，花園城將於2022年第四季開始通電，但目前進度已提前，因此開工日期可能會有一些提前的可能性。

Our third facility, which is located in North Dakota at a different site than our existing Jamestown facility, is also continuing to move ahead. We have executed a letter of intent with the utility and are in the late stages of design and pre-construction.

我們的第三家工廠位於北達科他州，與我們現有的詹姆斯敦工廠位於不同的地點，該工廠的建設也持續進行。我們已與公用事業公司簽署了意向書，目前正處於設計和施工的後期階段。

Also on August 15, we entered into a purchase agreement for the raw land to help the site. We expect groundbreaking to occur in the third calendar quarter of 2022 and energization to begin early in the first half of calendar '23.

同樣在8月15日，我們簽署了一份購買未開發土地的協議，用於建造該場地。我們預計於2022年第三季破土動工，並於2023年上半年開始通電。

For reference, we are a few weeks ahead of where we were with our Jamestown facility this time last year. With a slightly earlier start and significantly more experience, I would expect us to be able to bring this facility online a little earlier than we did with Jamestown.

作為參考，我們詹姆斯敦工廠的投產時間比去年同期提前了幾週。由於啟動時間略早，經驗也豐富得多，我預計我們能夠比詹姆斯敦工廠更早投入運作。

Now this growth would not be possible without strong demand from a quality customer base. So I want to take a moment to remind everyone of this component of our strategy. We aim to partner with some of the best and most recognized names in the cryptocurrency industry from the get-go, which provided expertise and resources from an early stage as we initiated our co-hosting business.

如果沒有優質客戶群的強勁需求，這種成長是不可能實現的。因此，我想花點時間提醒大家我們策略的這一組成部分。我們的目標是從一開始就與加密貨幣行業一些最優秀、最知名的公司合作，這些公司在我們啟動聯合託管業務的早期階段就提供了專業知識和資源。

These groups have not only invested in our company but have contracted for material power with us on a multiyear basis. In fact, our partners have contracted out the entire 100 megawatts of our Jamestown site and have committed to 85 megawatts at our second facility, thereby providing us with a low-risk revenue stream looking forward.

這些集團不僅投資了我們公司，還與我們簽訂了多年的電力供應合約。事實上，我們的合作夥伴已將詹姆斯敦工廠的全部100兆瓦電力承包出去，並承諾在我們的第二家工廠提供85兆瓦的電力，從而為我們帶來了低風險的未來收入來源。

Our strategy is to have capacity committed by customers before breaking ground on facilities, which substantially reduces the risk profile and avoids us needing to build datacenters on a speculative basis that demand will materialize. Currently, all plant-hosting capacity is fully committed either through contract or option.

我們的策略是在設施動工前獲得客戶承諾的容量，這大大降低了風險，並避免了我們基於需求最終實現的推測而建造資料中心。目前，所有工廠託管容量都已透過合約或選擇權方式全部承諾。

In addition to these strong names, we also definitively jumped into working with public Bitcoin miners for our significant agreement with Marathon Digital Holdings that we announced in July. In the past, we have talked with many of you about our thesis that publicly traded Bitcoin miners will have a need for our co-hosting services. So we are proud that a leading Bitcoin miner and Marathon selected us for their hosting needs.

除了這些實力雄厚的公司之外，我們也積極與公開上市的比特幣礦工合作，並在今年7月宣布與Marathon Digital Holdings達成重要協議。過去，我們曾與許多人討論過我們的理念：公開上市的比特幣礦工將需要我們的聯合託管服務。因此，我們非常榮幸地看到，一家領先的比特幣礦工和Marathon Digital Holdings選擇我們來滿足他們的託管需求。

Specific to our Marathon contract, they have signed a five-year deal with us for 200 megawatts of hosting capacity with an option to expand the contract to 270 megawatts. We expect to host a portion of their contract at our Garden City facility I previously discussed, and the remainder will be hosted in the third facility currently under development in North Dakota. We expect to begin energizing Marathon's miners in the fourth calendar quarter of 2022 and for all miners associated with the 200-megawatt contract to be energized by the middle of calendar 2023.

具體到我們與馬拉鬆的合同，他們與我們簽署了一份為期五年的協議，託管容量為200兆瓦，並可選擇將合約擴展至270兆瓦。我們預計將在之前討論過的花園城設施託管他們合約的一部分，其餘部分將託管在目前正在北達科他州開發的第三個設施。我們預計將於2022年第四季開始為馬拉鬆的礦工供電，並於2023年中期為所有與200兆瓦合約相關的礦工供電。

I'll now turn the call over to our CFO, David Rench, to walk you through our financials before providing closing remarks. David?

現在，我將把電話轉給我們的財務長 David Rench，讓他先向您介紹我們的財務狀況，然後再做最後一次發言。 David？

Thank you, Wes. And good afternoon, everyone. Before I begin my remarks, I would like to note that similar to last quarter's call, since we did not have operations in the year-ago comparable period, we will not be providing any year-over-year comparison. Revenues in the fiscal fourth quarter were $7.5 million, which as Wes mentioned earlier, was above our guidance of $7 million to $7.4 million, which has already increased from our initial range of $5.7 million to $6.2 million.

謝謝韋斯。大家下午好。在開始我的演講之前，我想指出的是，與上一季的電話會議類似，由於我們去年同期沒有運營，因此我們不會提供任何同比數據。第四財季的收入為 750 萬美元，正如韋斯之前提到的，高於我們 700 萬美元至 740 萬美元的預期，而該預期已從我們最初的 570 萬美元至 620 萬美元區間上調。

Our revenue was attributable entirely to our hosting operations as we continue to ramp power generation at our first hosting facility in Jamestown, North Dakota. Hosting revenue excludes upfront payments, which are recorded as deposits or deferred revenue.

我們的收入完全來自託管業務，因為我們位於北達科他州詹姆斯敦的首個託管設施的發電量持續增長。託管收入不包括預付款，預付款被記錄為定金或遞延收入。

Cost of revenues in the fiscal fourth quarter were $7.4 million. Cost of revenue consists primarily of electricity costs associated with Jamestown. Other costs include personnel costs for employees directly working at the hosting facility and depreciation expense for equipment and service and hosting facility.

第四財季營收成本為740萬美元。營收成本主要包括與詹姆斯敦相關的電力成本。其他成本包括直接在託管設施工作的員工的人員成本，以及設備、服務和託管設施的折舊費用。

Total operating expenses for the fiscal fourth quarter were $4.3 million, almost all of which were attributable to selling, general, and administrative costs. Adjusted net loss from continuing operations for the fiscal fourth quarter was $4.3 million or $0.06 per diluted share based on a weighted average fully diluted share count during the quarter of 76.6 million.

第四財季總營運費用為430萬美元，幾乎全部用於銷售、一般及行政管理費用。第四財季調整後持續營業淨虧損為430萬美元，或每股攤薄虧損0.06美元（基於本季7,660萬股加權平均完全稀釋股數）。

In the fiscal fourth quarter, we had a net gain from discontinued operations of $1.8 million. This is attributable to mining revenues and a gain on the purchase and subsequent resale of miners. Net loss for the fourth quarter was $2.8 million or $0.04 per diluted share based on a weighted average fully diluted share count during the quarter of 76.6 million.

第四財季，我們來自非持續經營業務的淨收益為180萬美元。這主要歸因於採礦業務收入以及礦機購買及後續轉售的收益。第四季淨虧損為280萬美元，即每股攤薄收益0.04美元，基於本季7,660萬股的加權平均完全稀釋股數計算。

Adjusted EBITDA, a non-GAAP measure, for the fiscal fourth quarter was a loss of $3.1 million, which was better than our guidance for a loss of $4 million to $4.6 million. Lastly on our balance sheet, we ended the fourth-quarter 2022 with $46.3 million in cash and equivalents and $7.2 million in debt.

第四財季調整後息稅折舊攤銷前利潤（非公認會計準則）為虧損310萬美元，優於我們預期的400萬至460萬美元的虧損。最後，在我們的資產負債表上，截至2022年第四季度，我們的現金及等價物為4,630萬美元，債務為720萬美元。

We also ended the quarter with approximately 97.8 million shares outstanding. And as a reminder, we fully converted all of our outstanding preferred stock to common stock concurrent with our IPO in April 2022.

本季末，我們的流通股數約為9780萬股。另外，我們已於2022年4月首次公開發行（IPO）時將所有流通在外的優先股全部轉換為普通股。

Subsequent to the end of our fiscal year, we announced the share count reduction associated with SparkPool. These in cryptocurrency operations and not fulfilling its obligation associated with a past service agreement. As a result, you will notice our outstanding share count towards the end of August as indicated in our 10-K was approximately 92.8 million.

在本財年結束後，我們宣布減少與星火礦池相關的股份數量。這些股份用於加密貨幣運營，且未履行其與過去服務協議相關的義務。因此，您會注意到，截至8月底，我們的10-K報表顯示，我們的流通股數約為9,280萬股。

Additionally, we announced earlier in August that we agreed to a $15 million credit facility with the North Dakota-based bank. Proceeds from that facility will be used to repay our existing debt and provide additional liquidity to fund our continued datacenter buildup. It's important to note that due to state-based economic incentives that we expect the interest rate for the first 13 months to be 1.5% before reverting to 6.5% for the remainder of the term.

此外，我們在8月初宣布，已與這家位於北達科他州的銀行達成1,500萬美元的信貸協議。該協議的收益將用於償還現有債務，並提供額外的流動資金，以支持我們持續的資料中心建設。需要注意的是，由於該州的經濟誘因，我們預計前13個月的利率為1.5%，之後將恢復至6.5%。

Now turning to guidance for our fiscal first quarter ending August 31, 2022, we expect revenue in the range of $6.5 million to $6.9 million or $6.7 million at the midpoint. We expect to generate an adjusted EBITDA loss of $2.2 million to $1.8 million or $2 million at the midpoint. Note, the guidance figures are negatively impacted by the limited power supplied at our Jamestown datacenter, which was alleviated in mid-August.

現在來看看截至2022年8月31日的第一財季業績指引，我們預計營收將在650萬美元至690萬美元之間，中間值為670萬美元。我們預計調整後EBITDA虧損將在220萬美元至180萬美元之間，中間值為200萬美元。需要注意的是，這些指引數據受到了詹姆斯敦資料中心電力供應不足的負面影響，該問題已於8月中旬得到緩解。

That completes my financial summary. Now I will turn the call over to Wes for closing remarks.

我的財務總結到此結束。現在，請韋斯做最後總結。

Thank you, David. I want to close our prepared remarks by providing an update on the robust demand we continue to see for our services despite the headlines around cryptocurrency volatility. Consistent with our original thesis about our business, access to reasonably priced power and related infrastructure continues to be the number one bottleneck in growing cash rate for the majority of Bitcoin mining operators.

謝謝，David。在結束我們的演講之前，我想更新我們的最新情況，儘管加密貨幣市場波動性居高不下，但我們仍然看到市場對我們服務的強勁需求。正如我們最初的業務主題一樣，獲得價格合理的電力和相關基礎設施仍然是大多數比特幣挖礦營運商提高現金利率的首要瓶頸。

Accordingly, we continue to have robust interest from miners in partnering with Applied Blockchain, putting us in an enviable position of growth where we can build datacenters with the revenue essentially contracted out before we even break ground. We are also continuing to have active discussions with a number of potential non-cryptocurrency customers. As we discussed in our last call, we expect to host hardware for other applications potentially including image processing, graphics rendering, artificial intelligence, machine learning, or other blockchain networks in the future. We look forward to reporting on our first contract with these types of customers, hopefully in the not-too-distant future.

因此，我們持續獲得礦工們對與 Applied Blockchain 合作的濃厚興趣，這將使我們處於令人羨慕的增長態勢，我們可以在動工之前就將數據中心建設收入基本外包出去。我們也正在與一些潛在的非加密貨幣客戶進行積極洽談。正如我們在上次電話會議中所討論的那樣，我們預計未來將為其他應用程式提供硬體託管服務，包括影像處理、圖形渲染、人工智慧、機器學習或其他區塊鏈網路。我們期待在不久的將來報告與這類客戶簽訂的第一份合約。

Now the last topic I want to cover is our strategy for funding all of these growth opportunities, especially in the context of tight capital markets for many companies associated with cryptocurrency. Something we have added to our financing options since our last call is requiring a significant prepayment with our new hosting contracts. We amortized this prepayment back to our customers over the first 12 months of operations, providing us with non-dilutive capital to build our sites and keeping us in a fall over cash flow positive position when operational. We can then use this prepayment along with modest amounts of lower cost debt that is secured by our infrastructure assets to cover the majority of CapEx required to build our datacenters.

現在，我想談的最後一個主題是我們為所有這些成長機會提供資金的策略，尤其是在許多與加密貨幣相關的公司資本市場緊張的背景下。自上次電話會議以來，我們增加了一項融資方案，要求在簽訂新的託管合約時支付大筆預付款。我們將這筆預付款在營運後的前12個月內攤銷給客戶，這為我們提供了非稀釋性資本來建立網站，並使我們營運時保持現金流為正。然後，我們可以用這筆預付款以及由我們的基礎設施資產擔保的少量低成本債務來支付建造資料中心所需的大部分資本支出。

Case in point on the debt is the recent $15 million credit facility David mentioned that has an interest rate of 1.5% for the first 13 months, an almost unheard of interest rate for a company of our size and in the industry we're in. We attribute this to locating in states that are favorable to our business and possessing a differentiated lower risk business model that more traditional lenders are comfortable with.

關於債務的一個例子是大衛提到的最近 1500 萬美元的信貸額度，其前 13 個月的利率為 1.5%，對於我們這種規模的公司和我們所在的行業來說，這幾乎是聞所未聞的利率。我們認為這是因為我們位於有利於我們業務的州，並且擁有更傳統的貸款機構感到滿意的差異化低風險業務模式。

Also, keep in mind that we have a joint venture with BITMAIN for up to 1.5 gigawatts where BITMAIN will pay for 20% of the equity contribution. These options, along with our existing cash balance and future cash generation as we turn more facilities on, puts us in an excellent position to continue our growth plans.

此外，請記住，我們與比特大陸擁有一家產能高達 1.5 千兆瓦的合資企業，比特大陸將支付 20% 的股權。這些選擇，加上我們現有的現金餘額以及未來隨著更多設施投入使用而產生的現金流，使我們處於有利地位，能夠繼續推進我們的成長計劃。

We are now happy to take your questions. Operator?

我們現在很樂意回答您的問題。接線生？

(Operator Instructions) Chris Brendler, DA Davidson.

（操作員指示）Chris Brendler，DA Davidson。

Hi. Thanks. Good afternoon. Congrats on the solid results. Wes, I wanted a sliver of color on the gross margin outlook and just where power prices stand today. And should we expect gross margins to improve as we go forward just because we have a normal, more normal environment power? Or was it obviously the outage is probably impacting that as well? So just on an apples-to-apples normalized basis, what's the gross margin outlook as we go into '23?

嗨，謝謝。午安.祝賀您取得了不錯的業績。 Wes，我想稍微介紹一下毛利率前景以及目前的電價狀況。我們是否應該僅僅因為電力環境恢復正常，就預期毛利率會隨著未來而提高？還是說停電顯然也影響了電力供應？那麼，在同類比較的正常化基礎上，進入2023年，毛利率前景如何？

Yeah. Thanks, Chris. I'm going to make a few comments, and I'm going to turn it over to David to talk about this. But if you recall, so this is our May ending quarter. We had some months in that quarters we were ramping up, where we had minimums to pay for our power provider even if we weren't using those. So that really was a drag on the gross margin and the quarter.

是的。謝謝，克里斯。我先說幾點，然後交給大衛來討論這個問題。不過，如果你還記得的話，這是我們五月結束的季度。在那幾個季度裡，我們一直在加速生產，即使我們沒有使用電力供應商，也要支付最低費用。這確實拖累了毛利率和整個季度。

You'll see that correct more in the current quarter in August. And in August, the power outage doesn't impact us really as much on the gross margin. It'll hit us a little bit on the labor, the direct labor, where we didn't shrink that down as much. But before I turn it over to David, just on the power side, we're definitely seeing power inflation, but we've talked about this before.

在本季（也就是8月），你會看到情況更加明朗。 8月的停電對我們的毛利率影響其實沒那麼大。它會對人工成本，也就是直接人工成本，造成一點影響，因為我們這部分成本並沒有減少那麼多。不過，在我把話題轉到大衛之前，先說一下電力方面，我們確實看到了電力成本的上漲，我們之前已經討論過這個問題了。

We still see it somewhat in our business. But we're very meticulous about our power sites and the contracts we sign, and we spend a lot of time making sure we have really high-quality contracts that give us as close as we can get to fixed rates in the utility or in the electricity business. It's really hard to get truly a fixed rate. But we get as close as we can get to that. But we'll see some pressure on that, but not lot in the future. But let me turn it over to David on what you should be looking forward.

在我們的業務中，這種情況仍然有所體現。但我們對發電廠和簽訂的合約非常謹慎，並投入大量時間確保簽訂高品質的合同，盡可能接近公用事業或電力行業的固定利率。要獲得真正的固定利率非常困難。但我們已盡力接近這一目標。未來我們仍會面臨一些壓力，但不會太大。現在，讓我把話題交給大衛，談談你未來應該關注的事情。

We have escalators in our contracts, so that will help protect the margin. I think 25% margin is a reasonable expectation going forward.

我們的合約中設有自動調整條款，有助於保護利潤率。我認為25%的利潤率是未來合理的預期。

That's great. It's very helpful. Just to follow up on both of your answers, this Marathon, it says a meaningful portion of the power capacity has been already contracted. And I think we've heard from others, including Argo this morning that they were reluctant to get into a power agreement given where pricing is today.

太好了，很有幫助。為了跟進你們兩個的回答，馬拉松電力公司表示，相當一部分電力容量已經簽訂了合約。我想我們也聽到了其他公司的消息，包括今天早上Argo公司的消息，考慮到目前的電價，他們不太願意簽訂電力協議。

So can you talk about how much is that -- what percent is a meaningful portion? I would just imagine that means over 50%. And then what kind of pricing do you expect on that power contract as you finish it up?

那麼，您能談談這個比例是多少嗎？多少百分比才算合理？我猜是超過50%。您預計這份電力合約最終會以什麼樣的價格成交？

Sure. I mean, so we're locked for Texas, right? We obviously have Jamestown site for the contract. And that contract is a five-year deal. It has a slight adjuster that really doesn't change a lot year over year, but changes month to month depending on what's going on that month.

當然。我的意思是，我們已經鎖定德克薩斯了，對吧？我們顯然已經簽了詹姆斯敦的合約。這份合約為期五年。它有一個小的調整項，實際上每年變化不大，但每個月都會根據當月的情況而變化。

In Texas, we're going to talk a lot more about what we're doing in Garden City in the next few weeks when we -- we're under NDA with our partner there who's an asset owner. We'll talk a lot more about that, like we should announce that hopefully in the month of September and be able to talk more clearly on that.

在德克薩斯州，我們將在未來幾週內進一步討論我們在花園城的運作情況——屆時我們將與那裡的合作夥伴（一位資產所有者）簽署保密協議。我們會就此進行更多討論，希望在9月宣布，屆時能更清楚說明情況。

But that is a largely fixed contract for us, where it's been hedged out in the future. There's some variability in that, but it gives us pretty good predictability on that power price. We don't say exactly what our power prices are. But generally, we're looking for under $0.04 on most of our facilities.

但對我們來說，這基本上是一份固定合同，未來會進行對沖。雖然存在一些波動，但這讓我們對電價有相當好的可預測性。我們不會公佈具體的電價。但總體而言，我們希望大多數設施的電價低於0.04美元。

And then where we're at in our new facility in North Dakota, we have a term sheet signed there. We're moving into where we signed the ESA. We've been through that process in North Dakota before, so we have to go in front of the PSC for approval before we actually signed the ESA. But we have terms set forth even in the current environment for that. And the power rates are extraordinarily attractive to us. And then all will flow through to the pricing for our customers as well.

我們在北達科他州的新工廠已經簽署了一份投資意向書。我們將遷入簽署《能源共享協議》（ESA）的地方。我們之前在北達科他州也經歷過類似的流程，所以在正式簽署《能源共享協議》之前，我們必須先獲得電力供應委員會（PSC）的批准。但即使在當前環境下，我們也制定了相應的條款。那裡的電價對我們來說極具吸引力。這些因素最終都會影響我們客戶的定價。

That's great. I love that part of this model just getting locked up in front and just [I like] the spread. One last one just real quick, early September to turn things back on. It's late August right now. So are we still on track for early September?

太棒了。我喜歡這個模型的前面部分，而且我喜歡它的傳播。最後再說一句，九月初再說一遍，一切都會重新開始。現在是八月底。那麼，我們還能按計畫在九月初完成嗎？

Oh, sorry. If you didn't catch this in the remarks, we turned on last week. We turned on ahead of schedule. We reenergized the facility in North Dakota.

哦，抱歉。如果你沒注意到我剛才的評論，我們上週就啟動了。我們提前完成了啟動。我們重啟了北達科他州的設施。

Beautiful. Awesome. Thanks, guys. Congrats.

漂亮！太棒了！謝謝大家！恭喜！

Good. Thanks, Chris.

很好。謝謝，克里斯。

Lucas Pipes, B. Riley Securities.

派普斯 (Lucas Pipes)、B. 萊利證券 (B. Riley Securities)。

Thank you very much, operator. And good afternoon, everyone. Congrats on the announcement of the last few weeks. That's really terrific work. Wes, I wanted to turn my first question to something you mentioned in your prepared remarks. And you mentioned opportunities of non-Bitcoin mining.

非常感謝，接線生。大家下午好。祝賀過去幾週的公告。這真是太棒了。 Wes，我想先問一下你在準備好的發言中提到的內容。你提到了非比特幣挖礦的機會。

Can you frame up the order of magnitude that we might be looking at? Is this in the 10s of megawatts, 100s of megawatts? How big would you size this up initially? I understand longer term this is a huge market, but for Applied, how big is this opportunity in the short term? Thank you very much.

您能概括一下我們可能關注的數量級嗎？是幾十兆瓦，還是幾百兆瓦？您最初會估計它有多大？我知道從長遠來看這是一個巨大的市場，但對於應用材料公司來說，這個機會在短期內有多大？非常感謝。

Sure. Thanks for the question. So when we're looking at non-crypto opportunities, we've been in discussions with multiple parties. And it ranges anywhere from doing an alpha test at our facility as it stands now to building out a little more robust infrastructure, either inside the buildings we have or a new build. In fact, one of the ones has gotten to the point where we've asked for an -- actually one of our power providers in Jamestown actually to give us an additional 20 megawatts of maybe uninterruptible power for this.

當然。謝謝你的提問。所以，當我們尋找非加密貨幣領域的投資機會時，我們一直在與多方討論。範圍很廣，從在我們現有的設施中進行 Alpha 測試，到建造更強大的基礎設施（無論是在我們現有的建築內還是新建）。事實上，其中一個項目已經進展到我們請求詹姆斯敦的一家電力供應商為此額外提供 20 兆瓦的不間斷電源。

But it's going to go anywhere from that to we're talking to one extremely large potential customer that would really be that anchor tenant for us similar to how BITMAIN came in for us on Bitcoin, because that could really springboard us into more traditional, like HPC applications.

但從那以後，我們正在與一個非常大的潛在客戶進行交談，這個客戶實際上將成為我們的主要租戶，就像比特大陸在比特幣領域為我們提供幫助一樣，因為這可以真正推動我們進入更傳統的領域，例如 HPC 應用程式。

But we're getting a lot of interest, and I'm feeling really good about that. And that's one of the reasons we also announced the name change earlier today just to reflect the fact that we're still obviously laser-focused on the Bitcoin mining, but also, we're branching out into other applications.

但我們引起了很多人的興趣，我對此感到非常高興。這也是我們今天早些時候宣布更名的原因之一，這反映出我們仍然專注於比特幣挖礦，同時我們也在擴展其他應用。

Thank you, Wes. On my second question, I wanted to touch on the financing environment. In August 12, you secured the $15 million credit facility with a North Dakota-based bank. And from here on out, how repeatable and scalable is that source of financing? Thank you for your color on that.

謝謝韋斯。第二個問題，我想談談融資環境。 2012年8月，你們從一家北達科他州的銀行獲得了1500萬美元的信貸額度。從現在開始，這筆融資的可重複性和可擴展性如何？感謝您對此的詳細闡述。

Sure. I'll make a few comments, then I'll turn it over to David on that. But the team there has done a great job really developing that network for us. So what we've really went to initially is community banks in the areas that we're building. We've tapped into some programs, specifically in North Dakota. But we'll have some financing in place for Texas in the next few weeks as well at an attractive rate.

當然。我會發表一些評論，然後交給大衛。那裡的團隊在幫助我們建立人脈方面做得非常出色。所以我們最初真正接觸的是我們正在建造的地區的社區銀行。我們已經利用了一些項目，特別是在北達科他州。但我們也將在未來幾週內以優惠的利率為德克薩斯州提供一些融資。

So they've done a great job doing that. We're trying to scale that to the next level of banks. And we're nowhere near the money center banks yet, but we're getting -- banks are just I think getting more comfortable with what we're doing as they see these come online, and they see the model.

所以他們在這方面做得很好。我們正努力將其擴展到更高級別的銀行。雖然我們還遠遠沒有達到貨幣中心銀行的水平，但我認為，隨著銀行看到這些服務上線，並了解我們的模式，他們對我們的做法越來越滿意。

The thing that's really helpful for us is when they go to look at these, it looks much more like a standard real estate deal to them because we have customers with contracts and contracts on both sides. So it's easy even though it is crypto for them to wrap their mind around just the real estate and the co-location opportunity. But I'll turn it over to David to add anything on that.

對我們真正有幫助的是，當他們審視這些時，會覺得這更像是一筆標準的房地產交易，因為我們的客戶都簽訂了合約。所以，即使涉及加密貨幣，他們也很容易只專注於房地產和主機託管機會。至於其他補充，我會交給 David 處理。

Yeah. Reiterating what Wes said, the model is definitely repeatable. It's a standard business model and getting very good appraisal as a real estate item for us. And so it's working very well.

是的。重申Wes所說的，這個模式絕對可以複製。這是一個標準的商業模式，而且作為房地產項目，它對我們來說獲得了非常好的估值。所以它運作得很好。

Thank you. And quick follow-up, when I think about the capacity buildout and the capital needs of the business, is there a ratio that would be reasonable for my model? Is it 50% loan to value? 70%? What do you think is a good target for that?

謝謝。接下來我想問一下，當我考慮產能擴張和業務的資本需求時，我的模型中是否存在一個合理的比率？貸款成數是50%嗎？還是70%？您認為這個比率的合理目標是多少？

I think the near-term goal, Lucas, is to get to 50% loan to value. And then I think as this matures, we'll be able to move that up. But I think the goal really is to get to 50%. So we're a little bit closer to the 40% range for Jamestown now with the new loan. So we'd like to keep marching that up.

盧卡斯，我認為近期目標是將貸款價值比提高到50%。然後，我認為隨著貸款項目的成熟，我們能夠進一步提高這個目標。但我認為我們真正的目標是達到50%。所以，有了新的貸款，詹姆斯敦的貸款價值比現在更接近40%的目標了。所以我們希望繼續提高這個目標。

Terrific. Really appreciate that, and best of luck.

太棒了！非常感謝，祝你好運。

Thank you.

謝謝。

Thanks, Lucas.

謝謝，盧卡斯。

John Todaro, Needham & Co.

約翰·托達羅，Needham & Co.

Thanks. Congrats, guys, on the quarter. Two questions here. Just first, on getting ahead of schedule with the outage. So initially, you guys were expecting September, and now, it looks like we're ahead of schedule on that. So how long was the downtime? Was it about four, five weeks?

謝謝。恭喜大家本季取得的成績。這裡有兩個問題。首先，關於提前完成停機時間的問題。最初，你們預計停機時間會在9月，現在看來我們已經提前完成了。停機時間持續了多久？大約四、五週嗎？

See, it was close to two months.

瞧，已經快兩個月了。

Close to --

接近——

So it happened -- we thought -- so just as the timeline goes on that, it happened later in June. And then we weren't certain for us when it was going to come back online. There was a thought that it could come back online in a few days, and there was a lot of testing done. And when we had really clarity on when that would come back online is when we [AKed] that.

事情就這樣發生了——我們以為——以時間線來看，它發生在六月下旬。當時我們不確定它什麼時候能恢復上線。我們原本以為幾天後就能恢復，也做了很多測試。直到我們真正確定了什麼時候能恢復上線，我們才[確認]了這一點。

Okay. Got it. Okay. Thanks. That's helpful just for the model here. And then when we do think about those future expansion opportunities, that sounds like an attractive opportunity set. But just, I guess, is there any more color on how the economics compares to Bitcoin miners, whether the gross margin would change based on that? If there's anything additional color there as you guys move towards this new set away from Bitcoin mining?

好的。明白了。好的。謝謝。這對這裡的模型很有幫助。當我們考慮未來的擴張機會時，這聽起來像是一個很有吸引力的機會。但是，我想，能否再詳細談談與比特幣礦工相比，其經濟效益如何？毛利率是否會因此而變動？隨著你們從比特幣挖礦轉向新的方向，還有什麼可以補充的嗎？

Oh, you mean you're talking about the HPC, the more general HPC?

哦，您說的是 HPC，更通用的 HPC？

Exactly. Yeah.

確實如此。是的。

Yeah. I think you should expect what you can look at other players that are more, I guess, traditional datacenter where you -- I would expect a higher gross margin. But those sites are some of these, especially versus -- the big puts-and-takes of this, you get a higher gross margin, more traditional, I guess, maybe call it stable customer base. The other side of it, though, is to either modify existing facilities to do this or build some new co-located with our facilities that the CapEx for these would definitely be probably 2x or so what we're doing on the Bitcoin mining side, on the co-location for crypto.

是的。我想你應該能想到其他更傳統的資料中心營運商的情況，我預計他們的毛利率會更高。但這些網站確實存在一些問題，尤其是與…這種投入和產出比較大的資料中心相比，你獲得的毛利率更高，更傳統的，我想，或許可以稱之為穩定的客戶群。然而，另一方面，要么改造現有設施來實現這一點，要么新建一些與我們的設施共址的數據中心，這些數據中心的資本支出肯定是我們在比特幣挖礦方面（加密貨幣共址）投入的兩倍左右。

But the economics are very attractive. I mean, the real goal on these just to expand on that, John, is taking high-performance compute away that can be taken away from really low-latency applications or locations, so places that are really built for like video streaming and moving those to what we think we have really ultra-low-cost locations, great power prices. All the things that you want to use for Bitcoin mining, but it can be used for HPC as well, just the non -- they'll still be high-speed connections, just not ultra-low latency.

但經濟效益非常誘人。我的意思是，約翰，這些方案的真正目標是將高效能運算從真正低延遲的應用程式或位置（例如視訊串流等）中剝離出來，並將它們轉移到我們認為擁有超低成本和低電價的地點。所有你想用於比特幣挖礦的東西，但它也可以用於高效能運算 (HPC)，只是它們仍然是高速連接，只是延遲不再是超低。

Okay. Great. That's helpful. Those were all my questions. Thanks, guys.

好的。太好了。這很有幫助。這些就是我所有的問題。謝謝大家。

Thanks.

謝謝。

Mike Grondahl, Northland Capital Markets.

麥克‧格隆達爾 (Mike Grondahl)，北國資本市場 (Northland Capital Markets)。

Hi. This is Mike Pochucha on for Mike Grondahl. Thanks for taking our questions. Maybe first just on that bill passed and signed in. Is there any -- do you see some benefits there for you, I suppose to be around like financing and tax credit?

大家好。我是 Mike Grondahl，我是 Mike Pochucha。感謝您回答我們的問題。首先，我想談談這項法案的通過和簽署。您認為這項法案對您有什麼好處嗎？例如融資和稅收抵免？

I'm sorry, which bill specifically?

抱歉，請問具體是哪一項法案？

Just around some of the green energy. I think the Inflation Reduction Act (multiple speakers) --

就一些綠色能源而言。我認為《降低通貨膨脹法案》（多位發言者）—

Yeah. I understand. So that's not going to -- I don't think there's going to be a lot for us initially on that. Mostly the partners, the people that we seek to partner with are going to be the beneficiaries of that, which likely leads to more of the renewable capacity coming online. But I don't think right now we expect to get any direct benefit.

是的，我明白。所以，我認為我們一開始不會從中獲益太多。主要受益的是合作夥伴，也就是我們尋求合作的人，這很可能會推動更多再生能源發電量上線。但我認為目前我們預計不會獲得任何直接利益。

Got it. And then maybe just on headcount. Like, where that's sitting today versus last quarter? And then what you see that internal headcount over the next 6 to 12 months?

明白了。然後也許只是關於員工人數。例如，現在和上個季度相比情況如何？您預計未來6到12個月內部員工人數會如何？

Yeah. I think we're right around 70 employees right now. And we'll continue to grow that as we add the centers into operation. So we'll be pushing up towards 100 probably in the next quarter or so.

是的。我們現在大概有70名員工。隨著更多中心投入運營，我們的員工人數將持續成長。所以，大概下個季度左右，我們的員工人數就會達到100人。

Yeah. And you should think on these sites. So from a corporate perspective, I think we're, for the most part, built out. We have a few positions left open right now. But every time we open a new site, you're going to add somewhere between 20 and 30 employees on the site roughly.

是的。你應該考慮一下這些站點。所以從公司的角度來看，我認為我們大部分的人員都已經滿了。我們現在還有一些職缺。但每次我們開設一個新站點，大約都會增加20到30名員工。

Got it. Maybe just a quick follow-up on that one, is hiring market in those spaces getting a little better you think or about the same?

明白了。或許我只是想快速跟進這個問題，你認為這些領域的招募市場會有所改善嗎？還是差不多？

I'm sorry, can you repeat that?

抱歉，你能再說一次嗎？

Just the hiring market for those buildouts, is that getting --?

只是這些擴建工程的招募市場，是否得到了──？

Yeah. So it's very localized. So in Jamestown, we've had a lot of success there. It was a slow start in Garden City, but we've had some much more success recently there. And then the new site, we're definitely going to move some people from Jamestown down to the new sites about an hour, 1.5 hours away from Jamestown. But it is a smaller town, and so we'll see how that goes.

是的。所以它非常本地化。在詹姆斯敦，我們取得了巨大的成功。在花園城，起步比較慢，但最近我們在那裡取得了更大的成功。至於新址，我們肯定會把一些詹姆斯敦的員工移到距離詹姆斯敦大約一小時到一小時半車程的新址。但詹姆斯敦是個小城鎮，所以我們會看看進展如何。

But so far, it's been fairly successful. I think we've got a really good start on Garden City. We have the lead there, the manager in place who actually was an employee at Jamestown that really excels there. So our HR department has done a good job going into these small locations and getting a good workforce put together for us.

但到目前為止，一切都相當成功。我認為我們在花園城的開局非常好。我們在那裡有一位負責人，一位在詹姆斯敦工作過的經理，他在那裡表現非常出色。所以我們的人力資源部門在這些小規模的辦公地點做得很好，為我們組建了一支優秀的員工。

Thanks. I'll hop back in the queue.

謝謝。我這就回去排隊。

Thanks.

謝謝。

Rob Brown, Lake Street Capital.

羅布布朗 (Rob Brown)，Lake Street Capital。

Good afternoon. Thanks for taking my question. On the Garden City facility, I think you said you had most of the equipment in place. Are you -- have any dependencies on supply chain there and getting transformers? Or is that pretty much in place, and it's just the time to get this facility completed?

午安.感謝您回答我的問題。關於花園城工廠，我記得您說過大部分設備已經到位。你們對那裡的供應鏈和變壓器有什麼依賴嗎？還是說這些都基本上到位了，只是到了工廠竣工的時候了？

I think we're feeling really good about supply chain there and for the new site in North Dakota as well. We've placed orders for transformers over six months ago. We basically held the place in line for that. That part has actually gotten a little easier for us. We have this switch gear.

我認為我們對那裡的供應鏈以及北達科他州的新工廠感到非常滿意。六個多月前我們就下了變壓器的訂單。我們基本上把工廠都安排好了。這部分對我們來說實際上變得容易了一些。我們有開關設備。

I should have an update. I got on the call without getting it. But we have multiple buildings standing already. I don't know exactly how many. But those still -- yeah, there will be some finish out work to do there. But the supply chain piece has come together really well for us on that one. And I think that'll be the case for us in North Dakota as well.

我應該了解一下最新情況。我接了電話，但沒接。我們已經有好幾棟樓了。具體有多少，我記不清了。不過那些樓——是的，那裡還有一些收尾工作要做。不過，我們的供應鏈部分已經進展順利了。我想北達科他州的情況也會如此。

Okay. Great. And then on the new business pipeline, where are you at in terms of adding contracts? And when do you expect to think about your fourth and fifth facilities?

好的。太好了。那麼，關於新業務，你們在新增合約方面進展如何？你們預計什麼時候會考慮第四家和第五家工廠的建設？

Yeah. So we're negotiating one fairly large contract now. And then others -- actually, we have a couple out for 100-megawatt-plus-type contracts that I would expect we could sign before the end of the year. And we have sites that we've evaluated and can start the development and building those out as soon as we sign those.

是的。我們現在正在談判一份相當大的合約。然後還有其他合約——實際上，我們已經有幾份100兆瓦以上的合同，我預計年底前就能簽署。我們已經評估了一些場地，一旦簽署，就可以立即開始開發和建造。

But honestly, right now, our hands are pretty full with the two sites that we're building out. We need to get those online and the cash flow from those to build our next site, actually. So it's just a matter of staging that. But we definitely still see the demand, and we continue to evaluate. I think we have something like 10 or 12 sites in our pipeline that we're evaluating.

但說實話，目前我們正在興建的兩個場館已經忙得不可開交。我們需要先把這兩個場館上線，然後透過這些場館獲得現金流來建造下一個場館。所以這只是一個階段性的問題。但我們肯定仍然看到了需求，並且會繼續評估。我想我們大概有10到12個場館正在評估中。

Okay. Great. Thank you. I'll turn it over.

好的。太好了。謝謝。我會翻過來的。

Thanks.

謝謝。

George Sutton, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的喬治·薩頓。

Thank you. Wes, just to follow up on that last question. So you addressed the supply side, the infrastructure side. You mentioned robust demand. I think most folks who don't necessarily follow this closely would assume that that robust demand isn't there anymore. Can you just walk through the demand side of the equation as you see it? Is it literally a scenario that if you could build it, they will come?

謝謝。韋斯，我想繼續回答最後一個問題。所以你談到了供應方面，也就是基礎設施方面。你提到了強勁的需求。我想大多數不太關注這個問題的人會認為強勁的需求已經不存在了。你能不能簡單介紹一下你認為的需求面？是不是真的只要你能建，人們就會來？

Yeah. I don't know -- it's a great question. I don't know the limit to it, but I think there's still a significant amount of demand. The dynamics of that are interesting because I think there's a lot of either machines that are here already, mining equipment servers that are here already, that need to be plugged in, or they're set to be delivered on annual contracts over the next six months that need to be plugged in. So you have that setup, which is really the big demand driver.

是的。我不知道——這個問題問得很好。我不知道需求的上限是多少，但我認為需求仍然很大。這種動態很有意思，因為我認為有很多機器，要么是已經到位的，要么是挖礦設備伺服器，需要接入；要么是按年度合約在未來六個月內交付的，需要接入。所以，這些設備都是這樣的，這才是真正巨大的需求驅動力。

As you go out further, it really depends on, I guess, some pricing of equipment and cost of electricity and where the breakeven is. But I would say with the current pricing on Bitcoin, you probably don't have a huge appetite from people to go and buy a lot more new equipment. So you might start to see that drop down maybe six months from now or so.

進一步來看，我想這實際上取決於一些設備定價、電力成本以及損益平衡點。但我想說，以目前比特幣的價格來看，人們可能不會有太大興趣購買更多新設備。所以大概六個月後，你可能會開始看到比特幣價格下降。

But there's still a lot that is being delivered and needs to be plugged in, and so we still see that demand right now. I don't want to make a guess out, 6 or 12 months out, what that will be like unless pricing changes. But right now, we see a huge amount of demand that we can't build enough to fulfill.

但還有很多產品正在交付，需要接入，所以我們現在仍然看到需求。除非價格變化，否則我不想預測6個月或12個月後的情況會如何。但目前，我們看到了巨大的需求，我們無法生產足夠的產品來滿足。

Perfect. And relatively, definition of the second facility in North Dakota, having an LOI in place, can you just give us some clarity on -- I think, is it just the PSC meeting and approval? Is that really all that's between this and effectively a definitive agreement?

太好了。相對而言，北達科他州第二家工廠的定義，以及是否有意向書（LOI），您能否給我們解釋一下——我認為，僅僅是生產管理委員會（PSC）會議和批准嗎？這真的就是最終協議的全部內容嗎？

Yeah. We might get to definitive before that right around, but those are the two pieces left. But the LOI sets out all the terms. The definitive is largely negotiated at this point. There's a lot of puts-and-takes on what you want on the agreement. It's not just pricing.

是的。我們可能在那之前就能達成最終協議，但只剩下這兩個部分了。意向書列出了所有條款。最終協議目前主要在談判階段進行。協議中有很多條款需要權衡，而不僅僅是價格。

And then in the next couple of months, we'll go in front of the PSC and then hopefully get approval and be able to fire that facility up. Like I said, we're a few weeks ahead of where we were last year. We've had the experience up there. We know how to navigate North Dakota pretty well at this point, and it's a great state to work in. So I feel really good about that site.

接下來的幾個月，我們將前往公​​共服務委員會（PSC）進行審核，希望能獲得批准，並啟動該設施。就像我說的，我們比去年提早了幾週。我們在那裡累積了經驗。目前，我們非常了解北達科他州的情況，那裡非常適合工作。所以我對這個地點非常滿意。

Great. Last question, if I could. The 75-megawatt option for Marathon, can you give us any detail in terms of timeframe that that exists for? And if you had the facility in place today, would that likely be an option that they would take?

太好了。如果可以的話，最後一個問題。馬拉鬆的75兆瓦方案，您能否提供一些時間框架的細節？如果你們現在就建好這個設施，他們會選擇這個方案嗎？

Yeah. So the option is open-ended there. And so if they have an interest in getting more from us, they obviously have another provider as well. And we have a big -- we got a big contract already to fulfill for them and get them online for the 200 megawatts, but it is open-ended. And I think if we execute on timeliness of getting them online and we operate our other sites like we're doing in North Dakota, I think they'll be pleased with that. And I would hope they would pull the trigger on the additional megawatts.

是的。所以那裡的選擇是開放的。如果他們有興趣從我們這裡獲得更多，他們顯然也有其他供應商。我們已經有一個很大的合約要履行，要讓他們上線200兆瓦的電力，但這個合約是開放的。我認為，如果我們按時上線，並且像在北達科他州那樣經營我們的其他站點，他們會對此感到滿意。我希望他們能夠同意增加兆瓦的電力供應。

Okay. Thank you.

好的。謝謝。

Kevin Dede, HC Wainwright.

凱文·德德，HC 溫賴特。

Hey, Wes. Thanks for taking this. But could you -- is there a way to quantify, or can you offer some sort of quantification for your infrastructure to be built and the cost? Maybe in $1 per megawatt time framework?

嘿，韋斯。謝謝你接受我的訪問。但是，你能不能量化一下，或者說，你能不能對你們的基礎建設和成本進行某種量化？也許可以按照每兆瓦1美元的週期框架來計算？

Hey. Yeah, absolutely. Hey, Kevin, been a long time. Good to hear from you. We've talked about this publicly before. You should think about $350,000 per megawatt cost to build.

嘿。是的，絕對的。嘿，凱文，好久不見了。很高興收到你的來信。我們之前公開討論過這個問題。你應該想想每兆瓦35萬美元的建造成本。

And then you mentioned 2x that for the HPC.

然後您提到 HPC 是 2 倍。

Yeah. We're just getting into that. We're looking at designs for that, but it's definitely more expensive. You get -- by the way, the revenue and EBITDA per megawatt are significantly higher, too, because it's a lot more equipment. You're running -- think of running CPUs and GPUs that are Nvidia or AMD, very power efficient, but still do consume a lot of power, because they're doing a lot of computing processing.

是的。我們才剛開始研究這個。我們正在研究相關的設計，但成本肯定更高。順便說一句，由於設備數量更多，每兆瓦的收入和息稅折舊攤提前利潤（EBITDA）也會大幅提升。想像一下，運行英偉達或AMD的CPU和GPU，雖然非常節能，但仍然會消耗大量電力，因為它們要進行大量的運算處理。

Understood. Have you considered immersion in Garden City?

明白了。你有考慮過沉浸在花園城市嗎？

So we are testing in the next -- I think when we'll have that online, three weeks or so, two weeks, somewhere in that neighborhood. But we're getting our first immersion containers that we're going to test. So we're looking into that. But the way our facilities are built, Kevin, is if there's some great immersion or hydro cool or something in the future, we could modify our facilities for that.

所以我們會在接下來的測試中——我想大概三週或兩週後，我們會在附近的某個地方上線。我們即將收到第一批浸沒式容器，並進行測試。我們正在研究這個問題。凱文，我們設施的建造方式是，如果將來出現一些很棒的浸沒式或水冷式冷卻技術，我們可以針對這些技術改造我們的設施。

Okay. And then --

好的。然後——

But we definitely are looking at that.

但我們確實正在考慮這一點。

Right, right, right. So then what happens to your dollar-per-megawatt infrastructure cost in that scenario?

對對對。那麼在這種情況下，每兆瓦的基礎設施成本會發生什麼變化呢？

Yeah. I think if we added immersion into -- to what we're doing, you're going to look at an uplift of somewhere between $50,000 and $150,000 per megawatt. Right now, that's what that looks like, and probably more towards the middle high end of that. We haven't found yet any immersion. Hopefully, we will, but that is really cost effective from a price versus what we get a charge perspective. But we're constantly looking.

是的。我認為，如果我們在現有方案中加入沉浸式技術，每兆瓦的成本將提升 5 萬到 15 萬美元。目前看來，成本確實如此，而且可能更接近中高端。我們還沒有找到任何沉浸式技術。希望未來能找到，但從價格和收費的角度來看，沉浸式技術確實非常划算。我們一直在尋找。

Given the $0.04 target on power, and I apologize for being new to the story, but have you outlined the power structure with your partner in Garden City? Are you behind the meter? Is there an opportunity once that PPA is in place to sell back?

鑑於電價目標為0.04美元，抱歉我對此事不太了解，但您是否與花園城的合作夥伴概述過電力結構？您是否負責電錶的營運？一旦購電協議 (PPA) 生效，是否有機會回售？

Yeah. So again, I think I had a question earlier, but we're under NDA with our partner there. And so when we can talk about that, we will. And hopefully, that's in the next few weeks.

是的。所以，我之前好像有個問題，但我們和那裡的合作夥伴簽了保密協議。所以，等我們有機會談的時候，我們會談的。希望是在接下來的幾週內。

Yeah. Okay. Fair enough. Great to talk to you again, too, Wes. Congrats on all you've done. Thanks very much.

是的，好的。不錯。很高興再次和你聊天，韋斯。祝賀你所做的一切。非常感謝。

Thanks, Kevin.

謝謝，凱文。

This concludes our question-and-answer session. I would like to turn the call back over to Wes Cummins. Please go ahead.

我們的問答環節到此結束。我想把電話轉回給韋斯康明斯。請繼續。

Great. Thanks, everyone, for joining the call, and thanks for the questions. Feel free to follow up with us for anything. And I just want to say thanks to all of our employees. It's been a lot of fun, but a lot of work putting all this together over the last year-plus. But I just want to say thanks to everyone who's put in a lot of hard work and a lot of hours, and we'll talk to you next quarter. Thanks.

太好了。感謝大家參加電話會議，也感謝大家的提問。如有任何疑問，歡迎隨時與我們聯繫。我只想感謝我們所有的員工。過去一年多來，這一切充滿樂趣，也付出了很多努力。我只想感謝所有付出辛勤工作和大量時間的人，我們下個季度再見。謝謝。

Thank you for joining us today for Applied Blockchain's earnings call. You may now disconnect.

感謝您今天參加 Applied Blockchain 的財報電話會議。您現在可以斷開連線了。