Applied Digital Corp (APLD) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Applied Digital's Fiscal Third Quarter 2024 conference call.

下午好，歡迎參加 Applied Digital 2024 財年第三季電話會議。

My name is Doug and I will be your operator today.

我叫道格，今天我將擔任您的接線生。

Before this call, Applied Digital issued its financial results for the fiscal third quarter ended February 29th, 2024 in our press release, a copy of which will be furnished in a report on Form eight K filed with the SEC and will be available in the Investor Relations section of the company's website.

在本次電話會議之前，Applied Digital 在我們的新聞稿中發布了截至 2024 年 2 月 29 日的第三財季財務業績，該業績副本將以提交給美國證券交易委員會 (SEC) 的 8K 表報告形式提供，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 Digital's Chairman and CEO, Wes Cummins and CFO, David Rench.

參加今天電話會議的還有 Applied Digital 董事長兼執行長 Wes Cummins 和財務長 David Rench。

Following their remarks, we will open the call for questions.

在他們發言之後，我們將開始提問。

Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement.

在我們開始之前，Gateway Group 的 Alex Kovtun 將做一個簡短的介紹性演講。

Mr. Kovtun, please proceed.

科夫通先生，請繼續。

Thank you, operator.

謝謝您，接線生。

Good afternoon, everyone, and welcome to Applied Digital's Fiscal Third Quarter 2024 conference call.

大家下午好，歡迎參加 Applied Digital 2024 財年第三季電話會議。

Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties.

在管理層開始正式發言之前，我們想提醒大家，我們今天發表的一些聲明可能根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。

As a result, we caution 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.

因此，我們提醒，有許多因素是我們無法控制的，可能導致實際結果和事件與前瞻性陳述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.

有關我們的前瞻性陳述的更多詳細風險、不確定性和假設。

Please see disclosures in our earnings release and public filings made with the Securities and Exchange Commission.

請參閱我們的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。

We disclaim any obligation or any any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law, we will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully.

我們不承擔任何義務或承諾更新前瞻性陳述以反映前瞻性陳述作出之日後發生的情況或事件，除非法律要求，我們還將討論非 GAAP 財務指標，並鼓勵您仔細閱讀我們的披露和收益報告中適用 GAAP 指標的對帳表。

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 annual report on Form 10 K and our quarterly report on Form 10-Q.

當您考慮這些指標時，請參考我們提交給美國證券交易委員會的文件，其中詳細披露和描述了我們的業務以及不確定性和其他可變情況，包括但不限於我們 10K 表年度報告和 10-Q 表季度報告中“風險因素”標題下所列的風險和不確定性。

You may get Applied Digital's Securities and Exchange Commission filings for free by visiting the SEC website at www.sec.gov. I would also like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Applied Digital website.

您可以透過造訪美國證券交易委員會網站 www.sec.gov 免費取得 Applied Digital 的證券交易委員會文件。我還想提醒大家，本次通話正在錄音，可透過 Applied Digital 網站投資者關係部分提供的連結重播。

Now I will turn the call over to Applied Digital, Chairman and CEO.

現在我將把電話轉給董事長兼執行長 Applied Digital。

Wes Cummins.

韋斯·康明斯。

Wes?

韋斯？

Well, thanks, Alex, and good afternoon, everyone.

好吧，謝謝你，亞歷克斯，大家下午好。

Thank you for joining our fiscal third quarter 2024 conference call.

感謝您參加我們的 2024 財年第三季電話會議。

I want to start by thanking our employees for their ongoing hard work and service and supporting our mission of providing purpose-built infrastructure to the rapidly growing high-performance computing industry.

首先，我要感謝我們的員工一直以來的辛勤工作和服務，並支持我們為快速發展的高效能運算產業提供專用基礎設施的使命。

Before turning over the call over to our CFO, David wrench, for a detailed review of our financial results.

在將電話轉交給我們的財務長 David Ren 之前，請他詳細審查我們的財務結果。

I'd like to share some recent developments across our business.

我想分享一些我們業務的最新發展。

During the quarter, we encountered several challenges that impacted our financial performance due to facility power outages in our data center hosting business.

在本季度，我們遇到了一些挑戰，由於資料中心託管業務的設施斷電，這些挑戰影響了我們的財務表現。

Despite these short-term setbacks.

儘管存在這些短期挫折。

The company has made significant progress with our key growth initiatives in the development of our cloud services business and the establishment of our special purpose built 100 megawatt each PC data center and Ellendale.

該公司在雲端服務業務發展以及專用 100 兆瓦 PC 資料中心和 Ellendale 的建立等關鍵成長舉措方面取得了重大進展。

Our achievements include welcoming our newest cloud service customer together AI and the strategic decision to divest our Garden City facility.

我們的成就包括歡迎我們的最新雲端服務客戶 AI 以及剝離花園城設施的策略決策。

We are also pleased to announce that we have entered into exclusivity and executed an LOI with a US-based hyperscaler for 400 megawatts of capacity at our Ellendale campus, inclusive of our current 100 megawatt facility and two forthcoming buildings.

我們也很高興地宣布，我們已與一家美國超大規模公司達成獨家經營協議並簽署了意向書，將在我們 Ellendale 園區提供 400 兆瓦的容量，其中包括我們目前的 100 兆瓦設施和即將建成的兩棟建築。

We're in discussions for project level financing for this investment grade tenant, and we hope to have construction financing in place coinciding with the site signed lease.

我們正在為這個投資等級租戶討論專案級融資，我們希望能夠在簽訂租約的同時獲得建設融資。

We also significantly strengthened our balance sheet after the quarter closed with [$160 million] of announced asset sales and financing transactions.

本季結束後，我們也透過宣布的[1.6億美元]資產出售和融資交易顯著增強了我們的資產負債表。

Now I will provide an update on each of our business units.

現在我將介紹我們各個業務部門的最新情況。

Let's begin by discussing our data center hosting business.

讓我們先討論一下我們的資料中心託管業務。

Our 100 megawatt Jamestown facility has consistently met expectations operating at full capacity with uninterrupted uptime throughout the quarter.

我們的 100 兆瓦詹姆斯敦工廠一直滿足預期，整個季度都滿載運轉且不間斷正常運作。

This achievement marks the sixth consecutive quarter of full capacity operation for the Jamestown facility.

這項成就標誌著詹姆斯敦工廠連續第六個季度滿載運作。

While we are pleased with James towns performance, we encountered challenges at our other facilities as previously disclosed, our 180 megawatt Ellendale facility in North Dakota experienced a power outage starting in January.

雖然我們對詹姆斯鎮的表現感到滿意，但我們在其他設施遇到了挑戰，如前所述，我們位於北達科他州的 180 兆瓦埃倫代爾設施從 1 月開始發生停電。

In response to these challenges, our utility provider installed additional equipment to enable us to selectively power down the affected portions of our site upon re energization, we have determined that the failures were due to transformers, not meeting industry standards.

為了應對這些挑戰，我們的公用事業提供者安裝了額外的設備，使我們能夠在重新通電時選擇性地關閉受影響部分的電源，我們確定故障是由於變壓器造成的，不符合行業標準。

We have now successfully procured replacement transformers and related component components from North American industry leading manufacturers.

我們目前已成功從北美行業領先製造商採購替換變壓器和相關組件。

As of today, the Ellendale facility has been reenergized to approximately 14% of its full capacity or 25 megawatts.

截至今日，埃倫代爾發電廠已恢復供電至其全部容量的約 14%，即 25 兆瓦。

Additionally, we anticipate that as the new transformers are received and installed, the Ellendale facility will be operating at 65% to 75% of full capacity by the end of May 2024 company is also pursuing remedies to recoup lost revenues and additional costs incurred to identify and rectify the outages.

此外，我們預計，隨著新變壓器的接收和安裝，到 2024 年 5 月底，Ellendale 工廠的產能將達到滿載的 65% 至 75%，公司也在尋求補救措施，以彌補損失的收入和因識別和糾正停電而產生的額外成本。

Furthermore, we made the strategic decision to sell Garden City as it was not compatible with our HPC. growth strategy.

此外，我們做出了出售 Garden City 的策略決策，因為它與我們的 HPC 不相容。成長策略。

This divestment enables us to redirect financial and operational resources towards our strategic sites in North Dakota bolstering our growth initiatives in HPC and cloud service applications.

此次撤資使我們能夠將財務和營運資源重新轉向北達科他州的戰略站點，從而增強我們在 HPC 和雲端服務應用方面的成長計畫。

The decision to sell this facility underscores our commitment to optimizing our asset portfolio while focusing on our core growth areas.

出售該設施的決定凸顯了我們致力於優化資產組合同時專注於核心成長領域的決心。

As a result of this sale, we will maintain 280 megawatts of data center hosting capacity across our two, two fully contracted locations in North Dakota.

此次出售後，我們將在北達科他州的兩個完全簽約地點保留 280 兆瓦的資料中心託管容量。

This positions us to be insulated from volatility in the crypto markets leading up to the halving event.

這使得我們在減半事件發生前免受加密貨幣市場波動的影響。

Let's move on to our cloud services business, which provides high performance computing power for AI applications.

我們再來談談我們的雲端服務業務，它為人工智慧應用提供高效能的運算能力。

Despite a lack of significant sequential revenue growth due to delays in clusters entering revenue generation.

儘管由於集群進入創收階段的延遲，導致連續收入沒有顯著增長。

This segment continues to experience rapid growth as we advance in fulfilling our existing contracts and exploring new opportunities in our pipeline.

隨著我們不斷履行現有合約並探索新的機遇，該分部繼續快速成長。

We've recently seen positive developments, including the enrollment of clients like together AI, and we have exited this quarter with positive momentum.

我們最近看到了積極的發展，包括像 Together AI 這樣的客戶的註冊，並且我們以積極的勢頭結束了本季度。

Newly deployed clusters were turned over to customers late in the quarter, which will provide a significant positive inflection to revenue and EBITDA in our fiscal fourth quarter.

新部署的集群在本季末交付給客戶，這將對我們第四財季的營收和 EBITDA 產生顯著的正面影響。

Lastly, let me lastly, let me provide an update on our purpose-built HPC data centers.

最後，讓我最後介紹一下我們專門建置的 HPC 資料中心的最新情況。

We currently have 400 megawatts of capacity in development across North Dakota, not including the nine megawatts of capacity we have at our HPC. facility at Jamestown to support cloud service customers.

目前，我們在北達科他州的開發容量為 400 兆瓦，這還不包括我們在 HPC 的 9 兆瓦容量。詹姆斯敦的設施為雲端服務客戶提供支援。

During the quarter, we continued to make significant strides in the construction of our 100 megawatt high performance computing facility in Ellendale North Dakota.

本季度，我們在北達科他州埃倫代爾 100 兆瓦高效能運算設施的建設中繼續取得重大進展。

This state-of-the-art facility will feature cost effective, highly efficient liquid-cooled infrastructure, specifically designed for the most demanding HPC applications.

這個最先進的設施將採用經濟高效、液冷基礎設施，專為最嚴苛的 HPC 應用而設計。

Construction is proceeding as expected, and we are proud of the progress to date, we encourage you to visit our social media channels for some recent images of the facility.

施工正在按預期進行，我們對迄今為止的進展感到自豪，我們鼓勵您訪問我們的社交媒體管道以查看該設施的一些最新圖片。

As previously mentioned, we have entered into exclusivity and executed a letter of intent with a US-based hyperscaler for a 400 megawatt capacity lease and are progressing with project level financing tailored for this investment grade tenants.

如前所述，我們已與一家美國超大規模企業達成獨家協議並簽署了意向書，租賃容量為 400 兆瓦，並且正在為該投資級租戶量身定制專案級融資。

In summary, we are encouraged by the positive trends we are witnessing across our business and remain confident in our growth trajectory.

總而言之，我們對整個業務中看到的積極趨勢感到鼓舞，並對我們的成長軌跡充滿信心。

We are excited about the numerous potential catalysts on the horizon, and we'll continue to allocate our capital strategically to achieve the highest risk-adjusted returns and maximize shareholder value.

我們對即將出現的眾多潛在催化劑感到興奮，我們將繼續策略性地分配我們的資本，以實現最高的風險調整回報並最大化股東價值。

With that, I will now turn the call over to our CFO, David wrench, to walk you through our financials.

說完這些，我現在將電話轉給我們的財務長 David Rench，讓他向您介紹我們的財務狀況。

And provide an update on guidance.

並提供更新指導。

David?

戴維？

Thanks, Wes, and good afternoon, everyone.

謝謝，韋斯，大家下午好。

Let me begin by addressing the complexity of this quarter's financial reporting.

首先，我來談談本季財務報告的複雜性。

Although we reported an adjusted EBITDA loss of approximately $2.3 million, several one-time significant items significantly impacted our financial performance and comparability to prior quarters.

儘管我們報告調整後的 EBITDA 損失約為 230 萬美元，但幾項一次性重大項目嚴重影響了我們的財務表現和與前幾季的可比性。

Notably, we missed out on a substantial revenue opportunities in our cloud service business due to the difference in timing between hardware delivery and final configuration and customer access.

值得注意的是，由於硬體交付和最終配置與客戶存取之間的時間差異，我們錯過了雲端服務業務的巨大收入機會。

We incurred one-time professional service expenses primarily related to our capital raising initiatives, financial analysis for data center financing and strategic transactions.

我們發生了一次性專業服務費用，主要與我們的融資計劃、資料中心融資的財務分析和策略交易有關。

Additionally, unexpected expenses arose from addressing power outages at our Ellendale data center hosting facility, which alone had an estimated $4.5 million impact on operating loss during the quarter.

此外，由於解決我們位於埃倫代爾的資料中心託管設施的停電問題而產生了意外開支，僅此一項就對本季度的營運損失造成了約 450 萬美元的影響。

We also incurred a $21.7 million loss on held-for-sale classification related to the Garden City transaction and $4.2 million of accelerated depreciation and amortization related to the disposal of damaged equipment of the L&L facility, which further impacted our financials.

我們也因花園城交易相關的持有待售分類而產生了 2,170 萬美元的損失，以及與處置 L&L 設施損壞設備相關的 420 萬美元的加速折舊和攤銷，這進一步影響了我們的財務狀況。

We are pursuing all available remedies to recoup lost revenues and the additional costs incurred to identify and rectify these outages.

我們正在尋求一切可行的補救措施來彌補損失的收入以及發現和糾正這些中斷而產生的額外費用。

With these items in mind, let's move to our results for the quarter.

考慮到這些因素，讓我們來看看本季的業績。

Revenues for the fiscal third quarter of 2024 were $43.3 million, compared to $14.1 million for the fiscal third quarter of 2023.

2024 財年第三季的營收為 4,330 萬美元，而 2023 財年第三季的營收為 1,410 萬美元。

The increases the increase was driven primarily by increased capacity across data center hosting facilities and the contribution of revenue from the cloud services contracts.

成長的主要原因是資料中心託管設施容量的增加以及雲端服務合約收入的貢獻。

Our datacenter hosting segment generated $37.7 million in revenue while our cloud services segment generated $5.6 million of revenue.

我們的資料中心託管部門創造了 3,770 萬美元的收入，而我們的雲端服務部門創造了 560 萬美元的收入。

Cost of revenues for the fiscal third quarter of 2024 was $47.1 million compared to $10.5 million for the fiscal third quarter of 2023.

2024 財年第三季的營收成本為 4,710 萬美元，而 2023 財年第三季的營收成本為 1,050 萬美元。

The increase in cost of revenues was attributable to higher energy costs due to higher number of megawatts used to generate hosting revenues as well as increases in depreciation and amortization expense and personnel expenses driven by the growth of the business as more facilities were energized.

收入成本的增加是由於用於產生託管收入的兆瓦數增加導致的能源成本增加，以及隨著更多設施通電導致業務增長導致的折舊和攤銷費用以及人員費用增加。

Selling, general and administrative expenses for the fiscal third quarter of 2024 were $30.4 million, compared to $10.5 million in the prior year comparable period.

2024 財年第三季的銷售、一般及行政費用為 3,040 萬美元，而去年同期為 1,050 萬美元。

The increase was primarily due to start-up costs due to start-up costs as we ramp the cloud services business, including increases in depreciation, amortization and lease costs on assets not yet supporting revenue has fallen personnel costs to support the overall growth of the business.

成長的主要原因是，隨著我們擴大雲端服務業務，啟動成本增加了，包括尚未支援收入的資產的折舊、攤提和租賃成本的增加，以及人員成本的下降，以支持業務的整體成長。

Net loss for the fiscal third quarter of 2024 was $62.8 million or $0.52 per basic and diluted share based on a weighted average share count during the quarter of approximately $121.4 million.

2024 財年第三季的淨虧損為 6,280 萬美元，或根據本季約 1.214 億美元的加權平均股數計算，每股基本虧損和攤薄虧損分別為 0.52 美元和 0.52 美元。

This compares to net loss of $7 million or $0.07 per basic and diluted share in the fiscal third quarter of 2023 based on a weighted average share count during the quarter of approximately 94.1 million.

相較之下，2023 財年第三季的淨虧損為 700 萬美元，即每股基本虧損和攤薄虧損 0.07 美元，基於該季度約 9,410 萬股的加權平均股數。

Notably, our cloud services business reported a $21.6 million operating loss this quarter, inclusive of $16.5 million in depreciation and amortization expenses alone.

值得注意的是，我們的雲端服務業務本季報告的營業虧損為 2,160 萬美元，其中僅折舊和攤提費用就達 1,650 萬美元。

We expect these losses to decrease as we deploy more clusters over the next six months.

我們預計，隨著未來六個月部署更多集群，這些損失將會減少。

Adjusted net loss, a non-GAAP measure for the fiscal third quarter of 2024 was $28.9 million or adjusted net loss per basic and diluted share of $0.24 based on a weighted average share count during the quarter of approximately 121.4 million.

調整後淨虧損（2024 財年第三季的非 GAAP 指標）為 2,890 萬美元，或根據本季約 1.214 億股加權平均股數計算，調整後每股基本和稀釋淨虧損為 0.24 美元。

This compares to adjusted net loss of $1.4 million or $0.01 per basic and diluted share for the fiscal third quarter of 2023 based on a weighted average share count of approximately 94.1 million during the quarter.

相較之下，2023 財年第三季的調整後淨虧損為 140 萬美元，即每股基本虧損和攤薄虧損 0.01 美元，基於該季度約 9,410 萬股的加權平均股數。

Adjusted EBITDA, a non-GAAP measure for the fiscal third quarter of 2024 was a loss of $2.3 million compared to adjusted EBITDA for the fiscal third quarter of 2023 of $0.9 million.

2024 財年第三季的非 GAAP 指標調整後 EBITDA 虧損 230 萬美元，而 2023 財年第三季的調整後 EBITDA 為 90 萬美元。

Moving to our balance sheet, we ended the fiscal third quarter with $41 million in cash, cash equivalents and restricted cash and $61.8 million in debt.

從我們的資產負債表來看，我們在第三財季結束時擁有 4,100 萬美元的現金、現金等價物和受限現金，以及 6,180 萬美元的債務。

We continue to work on improving our cash position taking into account the sale of our Garden City locations, which includes maximum cash consideration of approximately $87.3 million.

我們將繼續致力於改善我們的現金狀況，同時考慮到出售我們的花園城門店，其中包括最高現金對價約 8,730 萬美元。

While there are still ongoing elements in the sale of the Garden City assets, including a $25 million holdback and $9 million in contingent liabilities relating to final power approval in Texas, we have observed an improvement in our balance sheet since the close of the quarter, including a $50 million convertible debenture that we recently announced.

儘管花園城資產出售過程中仍有一些未完成的工作，包括 2500 萬美元的保留金和與德克薩斯州最終電力審批有關的 900 萬美元的或有負債，但自本季度結束以來，我們已經看到資產負債表有所改善，其中包括我們最近宣布的 5000 萬美元的可轉換債券。

Despite the challenges, we are encouraged in the past quarter, we remain confident in the promising future of Applied Digital.

儘管面臨挑戰，但過去一個季度我們仍然受到鼓舞，我們仍然對 Applied Digital 的光明未來充滿信心。

Now I'll turn the call over to West for closing remarks.

現在我將把電話轉給韋斯特，請他作最後發言。

Thank you, David.

謝謝你，大衛。

I'd like to take a few minutes to discuss our capital formation strategy to fund the growth we expect in our business.

我想花幾分鐘討論我們的資本形成策略，為我們預期的業務成長提供資金。

Our two highest growth segments are our capital intensive businesses.

我們成長最快的兩個部分是資本密集型業務。

To date, we have primarily been funding these initiatives from corporate level financing.

到目前為止，我們主要透過企業層面的融資來資助這些計劃。

We are planning for this to change in the near future.

我們計劃在不久的將來改變這種狀況。

Specifically to cloud services.

具體來說，就是雲端服務。

We have engaged an engagement process since late last year to secure a large that facility directly at our cloud services subsidiary to fund GPU purchases.

自去年年底以來，我們就開始著手確保在我們的雲端服務子公司直接擁有一個大型設施來資助 GPU 購買。

We have received indications from multiple parties and are proceeding forward with the goal to close a debt facility by the end of the current fiscal quarter.

我們已收到多方表示，並繼續努力，目標是在本財政季度末結清債務。

The debt facility has some attractive attributes relative to the leases we currently used to fund the deployments first, that would change the amortization schedule for the GPUs from the current two years to approximately five years, which would align with the expected useful life.

與我們目前用於資助部署的租賃相比，債務融資具有一些吸引人的特性，這將使 GPU 的攤銷計劃從目前的兩年更改為大約五年，這與預期使用壽命一致。

This would have a positive effect on our income statement in the near term as well as aligning assets and liabilities on our balance sheet to better reflect reality.

這將對我們的短期損益表產生正面影響，同時調整我們資產負債表上的資產和負債以更好地反映現實。

A significant portion of our lease financing is in current liabilities, while the entire asset of the GPUs is in long-term assets.

我們的租賃融資很大一部分是流動負債，而 GPU 的全部資產都是長期資產。

This creates a growing negative working capital balance as we deploy more GPUs.

隨著我們部署更多的 GPU，這會導致營運資本餘額負數不斷增加。

If we're not successful in securing the debt facility, we will continue to have access to lease financing and have recently seen more attractive financing structures coming to the market.

如果我們無法成功獲得債務融資，我們將繼續獲得租賃融資，並且最近看到更具吸引力的融資結構進入市場。

Moving to our HPC data center financing, we have been funding the initial building of our cost of our L&L facility with corporate-level funds.

轉向我們的 HPC 資料中心融資，我們一直在使用公司級資金為 L&L 設施的初始建設成本提供資金。

We had been in the process of securing project level debt for this facility since late last year.

自去年年底以來，我們就一直為該設施擔保項目級債務。

We have multiple interested parties.

我們有多個感興趣的方。

The recent positive results from a feasibility study have push this process forward.

可行性研究的最新積極成果推動了這一進程。

We expect to have this financing in place with the execution of a lease on the current 100 megawatt building.

我們期望透過對現有的 100 兆瓦建築簽訂租賃協議來獲得這筆融資。

Once these asset level financing vehicles are in place, that will leave the Company in a positive free cash flow position due to the strategic financing in the different business segments.

一旦這些資產水準融資工具到位，由於不同業務部門的策略融資，公司將處於正的自由現金流狀態。

In summary, we faced significant challenges this quarter, largely due to external factors, but we are fully dedicated to delivering strong long-term shareholder value.

總之，本季我們面臨重大挑戰，主要是由於外部因素，但我們全心全意致力於實現強勁的長期股東價值。

The robust demand for our products and services, coupled with our differentiated asset base and the attractive valuation of our peers strengthens our conviction.

對我們的產品和服務的強勁需求，加上我們差異化的資產基礎和同行具有吸引力的估值，增強了我們的信念。

We welcome your questions at this time.

我們歡迎您隨時提問。

Operator?

操作員？

Thank you.

謝謝。

Ladies and gentlemen, at this time, we'll be conducting a question-and-answer session.

女士們、先生們，現在我們將進行問答環節。

(Operator Instructions) Lucas Pipes, B. Riley.

（操作員指示）Lucas Pipes，B. Riley。

Please proceed with your question.

請繼續回答您的問題。

Thank you very much, operator.

非常感謝，接線生。

And good afternoon, everyone.

大家下午好。

At West, you described Ellendale and Jamestown as a strategic.

在西部，您將埃倫代爾和詹姆斯敦描述為戰略要地。

So I wanted to ask if it's fair to conclude from that comment that those assets would not be sold on specifically just the BTC. piece of it.

所以我想問一下，從該評論中得出的結論是否公平：這些資產不會僅以 BTC 的形式出售。其中的一部分。

Thank you very much.

非常感謝。

Sure.

當然。

Thanks, Lucas.

謝謝，盧卡斯。

So those assets are strategic to us and that they have a really good fiber connectivity at those sites versus what we had in Texas.

因此，這些資產對我們來說具有戰略意義，而且與我們在德克薩斯州的相比，這些站點擁有非常好的光纖連接。

And we have no plans of selling those in the US in the immediate future.

我們近期沒有在美國銷售這些產品的計劃。

That's that's helpful.

這很有幫助。

Thank you.

謝謝。

And then on on on Ellendale, you mentioned you have more than 600 megawatts of future capacity.

然後關於埃倫代爾，您提到未來您的發電容量將超過 600 兆瓦。

And first, is this 600 megawatt inclusive of the current PTC business are incremental.

首先，目前 PTC 業務中包含的這 600 兆瓦是增量的。

And then how is this power capacity secured?

那麼這個電力容量是如何被保障的呢？

Obviously, there a lot of interest for power assets out there with them with everything that you've been talking about for a very long time.

顯然，正如您長期以來所談論的那樣，他們對電力資產有著濃厚的興趣。

So I wonder how investors should think.

所以我想知道投資人應該如何思考。

So it's inclusive of the one 180 on the BTC. com.

因此它包含了 BTC 上的 180 度。 com。

And right now, we've secured 535 megawatts at that site, but we believe it goes to 605.

目前，我們已確保該站點的發電量為 535 兆瓦，但我們相信其發電量將達到 605 兆瓦。

Got it.

知道了。

And what's the mechanism through to down-payments or could you could you expand on that a bit.

首付的機制是怎麼樣的？

I'm sorry, the mechanisms for

抱歉，

--

--

The mechanisms through which this power is secured.

確保這權力的機制。

It's through signed DSAs.

這是透過簽署的 DSA 來實現的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And then I'm not trying to squeeze some one way.

然後我不會試著用某種方式擠壓。

And just in terms of the debt facility that you had mentioned for the GPUs, what potential size could we think about for that?

就您所提到的 GPU 債務融資而言，我們可以考慮其潛在規模有多大？

I'm hesitant to say the size, but it's somewhere in the multi-hundred million, maybe $500 million to $1 billion range.

我不太願意說出具體金額，但應該在數億美元左右，也許是 5 億到 10 億美元之間。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you, Wes, obviously, the big news on this call is the 400 megawatt hyperscaler contract.

謝謝你，韋斯，顯然，這次電話會議的重大新聞是 400 兆瓦的超大規模合約。

Can we just talk about that relative to the 100 megawatt that you had previously announced?

我們能否談談與您先前宣布的 100 兆瓦相比的情況？

Where does that original 100 megawatts set?

原來的100兆瓦設定在哪裡？

Would this be in addition to or a completely new move on your part with respect to what you have out there for sale.

這對於您目前出售的產品來說是補充還是一個全新的舉措？

So the 400 megawatts is inclusive of the 100.

因此 400 兆瓦是包含 100 兆瓦的。

So it will take that the previous customer didn't go forward.

所以就認為前一位顧客沒有繼續前進。

As I've mentioned on our call last call in January, we've we have had a significant amount of interest at that site.

正如我在一月份上次電話會議中提到的那樣，我們對該網站產生了濃厚的興趣。

And I think you don't know feel like we're moving forward with the best party for us to move forward with now, which is effectively for the entire site Okay, great.

我想你不知道我們正在推進現在對我們來說最好的聚會，這對整個網站來說實際上都是好的，太好了。

So that original customer in talking to some of the infrastructure investors that we talk to was suggestive of a little bit more challenging to finance a 10-year contract.

因此，最初的客戶在與我們交流過的一些基礎設施投資者交談時表示，融資 10 年合約會更具挑戰性。

This hyperscaler customer definitionally would be a very high credit worthy customer and therefore, I assume the ability to get that financed would be substantially easier.

這個超大規模客戶從定義上來說是一個信用非常高的客戶，因此我認為獲得融資將會容易得多。

Is that a reasonable scenario?

這是一個合理的情況嗎？

Yes, that's the correct way to think about that.

是的，這是正確的思考方式。

So when you announced the 100 megawatt deal, you gave some a sense of a 10-year contract term of $2.2 billion, would this be suggestive of an $8 billion-plus 10-year deal?

所以當您宣布這項 100 兆瓦的交易時，您給出的印像是 10 年期合約期限為 22 億美元，這是否暗示著 10 年期合約金額超過 80 億美元？

Is that kind of how I'm to read that yet?

這就是我該讀到的內容嗎？

I don't want to get into too many of the details because there's a ways to go here, um, but this will we're looking at more like 15-year commitments.

我不想談論太多細節，因為還有很長的路要走，嗯，但我們將看到更像是 15 年的承諾。

But it's [$6 billion] close to what we've talked about in the past.

但它 [ 60 億美元 ] 接近我們過去談論的金額。

You know what the economics per megawatt we expect.

您知道我們期望的每兆瓦經濟效益是多少。

Okay.

好的。

And then finally, on the GPU side, could you just give us a quick update on sort of where your orders sit, where the supply of GPUs, how well that's coming in, including inclusive of InfiniBand?

最後，在 GPU 方面，您能否簡單介紹一下您的訂單狀況、GPU 的供應、進展如何（包括 InfiniBand 在內的情況）？

And just any sense on an example of sort of once you get a cluster Bill, how long it takes to get to revenue recognition just so we're clear on that.

舉個例子，一旦你收到集群帳單，需要多長時間才能獲得收入確認，這樣我們就能清楚這一點。

Yes, sure.

是的，當然。

So couple of things on that.

關於這一點，有幾件事。

We feel good on the supply.

我們對供應情況感到滿意。

We're seeing shipments on including everything.

我們看到了包括所有物品的出貨量。

One of the the blocks we hit a little bit in the quarter is we've been hiring more people because there is a significant amount of work to put these together to commission them and turn them over to customers.

我們在本季遇到的一個障礙是，我們必須僱用更多的人，因為要把這些產品組裝起來並交付給客戶，還有大量的工作要做。

And we have a bill or a limited team.

而且我們有一個法案或一個有限的團隊。

And so we've been adding to that team.

因此我們一直在擴充團隊。

I think it's tens of thousands of cables that need to be connected.

我認為需要連接的電纜有數萬條。

The cabling takes a long time and in the commissioning, but there's a lot of work involved.

佈線需要較長的時間，調試也需要很多工作。

So hopefully, we'll shorten that with experience and with more bodies in the future.

所以希望我們將來能夠隨著經驗的累積和人員的增加而縮短這一時間。

But the right now you should be thinking about eight weeks from when we receive all components on site two, the clusters being turned over to customers.

但是現在您應該考慮從我們在二號站點收到所有組件到將叢集移交給客戶需要八週的時間。

Rob Brown, Lake Street.

羅布布朗，湖街。

Good afternoon, Maria, on the a large potential new contract, could you give us a sense of the some of the steps that go into that as is it?

下午好，瑪麗亞，關於一份潛在的大型新合同，您能否向我們介紹其中的一些步驟？

Is it contingent on financing?

這取決於融資嗎？

Or are there some details to negotiate contracts and then you go out and get financing sense of the steps and timing and how that plays out, sir?

或者是否有一些細節需要協商合同，然後您出去了解融資的步驟和時間安排以及如何進行，先生？

So I'm not worried about financing on this one on.

所以我並不擔心這次的融資問題。

There's just a process that the steps you go through from a from where we are now, you know, some some diligence, a lot of things that we have to provide.

這只是一個過程，從我們現在所處的位置來看，你要經歷一些步驟，你知道，有些勤奮，很多東西我們必須提供。

And there's a lot of work to be done from a legal contracting perspective from.

從法律合約的角度來看，還有很多工作要做。

And then, you know, I would expect this to be kind of a 60 to 90 day process from when we started.

然後，你知道，我預計從我們開始起這將是一個 60 到 90 天的過程。

Okay.

好的。

Good.

好的。

And I guess on the on the transformer that you're trying or transformers you're trying to procure and it gets put in place.

我想，您正在嘗試購買的變壓器或變壓器已經安裝到位。

You have some timing on May, but have what's the time line for the rest of the transformers and getting that site up to full speed?

您已在 5 月安排好了時間，但是其餘變壓器和該網站全速運轉的時間表是怎樣的呢？

So we've procured all the transformers.

所以我們已經購買了所有變壓器。

They'll all be on site within the next few weeks.

他們將在接下來的幾週內到達現場。

A minute will just be the work connecting these.

一分鐘就可以完成這些連接的工作。

There's I don't have to get into the weeds too much, but there's been a certain connector component that actually has been the delay, not the transformers on connecting and energizing these, but we've already installed several of them and they should just continue daily as we ramp this back up.

我不需要過多地談論細節，但實際上某個連接器組件導致了延遲，而不是連接和通電的變壓器，但我們已經安裝了其中的幾個，隨著我們逐步恢復，它們應該每天都會繼續運行。

The All indications from a performance perspective is the new transformers we procured are working extraordinarily well.

從性能角度來看，所有跡象表明，我們購買的新變壓器運作得非常好。

And so we expect that to proceed fairly smoothly, but it was procuring transformers and this market is not easy.

因此我們預計這個過程會相當順利，但要購買變壓器和這個市場並不容易。

We were really happy with the team able to find the amount of Transformers we found in the timeframe, we found them and like I said, already shipped to site.

我們非常高興團隊能夠在規定時間內找到足夠數量的變形金剛，我們找到了它們，而且就像我說的，已經運送到現場。

It's it's painful for us on that site being down just from an economic perspective.

從經濟角度來看，該網站癱瘓對我們來說是痛苦的。

So the faster and for our customer by the way.

順便說一下，這樣對我們的客戶來說速度更快。

And so the faster we can get that back online, the better for all of us.

因此，我們越快恢復正常，對我們大家就越好。

Mike Grondahl, Northland Securities.

北國證券的麥克‧格朗達爾（Mike Grondahl）。

Wes, you said that the contract with the hyperscaler, the 400 megawatts, it was like 60 to 90 days from when you started when roughly did those discussions start?

韋斯，您說過，與超大規模企業簽訂的 400 兆瓦合同，從您開始簽訂到現在大概需要 60 到 90 天，這些討論大概是什麼時候開始的？

Just trying to figure out that start date.

只是想弄清楚開始日期。

It's I'm trying to think on it, but it's you know, it's been going for maybe three or four weeks on the discussions.

我正在努力思考這個問題，但你知道，這個討論可能已經持續了三、四個星期了。

And just to make it clear, it's not there's no contract.

我要明確一點，這並不是說沒有合約。

There's a letter of intent, which is kind of the standard process here.

有一封意向書，這是這裡的標準流程。

Got it.

知道了。

But I think you're saying from when you started three or four weeks ago, 60 to 90 days from that time, you might have a contract and financing in place?

但我認為您是說從三四周前開始，也就是從那時起的 60 到 90 天后，您可能已經簽訂了合約並獲得了融資？

Yes, I think that's the right way to think about it.

是的，我認為這是正確的思考方式。

Okay.

好的。

And then on the cloud services GPU side, how many GPUs did you own at the end of February and how many were generating revenue?

然後在雲端服務 GPU 方面，截至二月底您擁有多少個 GPU，其中有多少個正在產生收入？

And then what's your kind of estimate for the same, how many you'll own and will be generating revenue at the end of May?

那麼您對此的估計是什麼，到 5 月底您將擁有多少台設備並產生多少收入？

Yes.

是的。

So we own, I believe, 5,120 for the H-100 class GPUs.

因此我相信我們擁有 5,120 個 H-100 級 GPU。

So there's 4,000 -- I'm having trouble doing the math in my head to round it to the exact number, but -- So rounded to 4,000.

所以有 4,000 -- 我很難在腦子裡計算將其四捨五入為準確的數字，但是 -- 所以四捨五入為 4,000。

So there's 4,000 in revenue generation now and then there's 2000 that are needed being brought up to that stage and we should have more before the end of the quarter.

因此，現在的收入為 4,000，然後需要 2,000 才能達到那個階段，並且我們應該在本季末之前獲得更多的收入。

Got it.

知道了。

So 4,000 as of today you're generating revenue and another 2,000 to 4,000 by the end of May?

那麼，截至今天為止，您產生的收入為 4,000，到 5 月底，您產生的收入又為 2,000 到 4,000？

Yes, that's our goal.

是的，這就是我們的目標。

Okay.

好的。

Okay.

好的。

And roughly, how much does the transformers cost that you need to do put in to Ellendale the new one?

大概來說，您需要為 Ellendale 安裝新的變壓器需要多少錢？

I have David here. 300,000 apiece.

大衛在我這兒。每人30萬。

Yes, apiece.

是的，每個人都是一個。

And how many total did you need?

您總共需要多少個？

We needed about 45 of those.

我們大約需要 45 個。

We -- there are some of the ones that the other model that we had that are still working technically, but we're replacing all of them.

我們之前擁有的其他型號中的一些從技術上講仍然可以運行，但我們正在將它們全部更換。

Got it.

知道了。

Okay.

好的。

And last question for me.

這是我的最後一個問題。

Do you guys have a rough kind of committed CapEx number for the rest and lender '24?

你們對其餘銀行和貸款人‘24’的承諾資本支出數字有大致的估計嗎？

We have seven more weeks of -- calendar '24.

我們還有七週的時間──24 年曆。

I'm sorry, let me let me come back to you on that, Mike, I don't have that in front of me.

抱歉，麥克，讓我再回覆你一下，我面前沒有這個。

We didn't have it here for the call.

我們沒有把它帶到這裡接聽電話。

Fair enough.

很公平。

Okay, Mike, I did want to make a point on the GPU business, Tom, we've been adding people.

好的，麥克，我確實想就 GPU 業務發表一點看法，湯姆，我們一直在增加人員。

We've been accelerating or working to accelerate from receiving to revenue generating, but there's one piece that I mentioned on the last call, and we're much more focused on it now, which is we started seeing demand from enterprise customers and large enterprise customers, which we've really been focused on.

我們一直在加速或努力從接收到創造收入，但有一點我在上次電話會議上提到過，我們現在更加關注它，那就是我們開始看到來自企業客戶和大型企業客戶的需求，這是我們真正關注的。

And so pushing we can continue to deploy it with the current customer base kind of as aggressively as we want to.

透過這樣的推動，我們可以繼續以我們希望的積極方式在現有客戶群中部署它。

But we'd really like to transition up to the enterprise customers and we're close.

但我們確實希望向企業客戶轉型，而且我們已經很接近了。

I think we have a few of those in process right now, but that's one of the reasons that there's some some of the slowness in the deployment through the end of May of just because I'd like to diversify our customer base outside of just the startups.

我認為我們現在正在進行其中的一些項目，但這也是 5 月底部署進度緩慢的原因之一，因為我想讓我們的客戶群多樣化，而不僅僅是新創公司。

You know, I'd love our customers there, but we'd like to diversify the customer base we're working pretty hard on that.

你知道，我喜歡那裡的客戶，但我們希望實現客戶群多樣化，我們正在為此努力。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Wes, may I just follow up on that last comment you made.

韋斯，我可以跟進一下你最後一條評論嗎？

So I think in the prior year, oh, you guys guided to 10,000 as a bogey for GPU number exiting may, can you sort of speak to that that goal is still one and better than that?

所以我認為，在前一年，你們將 10,000 作為 5 月份 GPU 數量的目標，你能否說這個目標仍然是一個目標，並且比這個更好？

Your comment about slowing down to diversify away from more VC-backed clients is the achievement of getting that 10,000 less important, but more important to be diversified going into fiscal 25?

您提到的放慢步伐，不再依賴更多創投支持的客戶，這對於獲得 10,000 名客戶來說並不那麼重要，但對於進入 25 財年實現多元化來說卻更為重要？

Yes, I think you hit it right on the second one on the types of customers diversifying away from the group of.

是的，我認為你在第二個問題上說對了，關於客戶類型的多樣化。

They're all doing different things.

他們都在做不同的事情。

Obviously, our different products for the start-up.

顯然，我們針對新創企業推出了不同的產品。

So, you know, it's a and it's diversified through those customers, but it's all similar and they're all start-ups and VC-backed.

所以，你知道，它透過這些客戶實現了多樣化，但都是類似的，而且都是新創公司，並且由風險投資支持。

And so I think it's more important for us just to think about diversification in that business over the longer term instead of kind of rushing to make a single date.

因此我認為我們更重要的是從長遠考慮業務的多元化，而不是急於達成單一的約會。

And just outside of that, I wanted to make a correction to 200,000 on the transformers, not 300,000 on the prior question.

除此之外，我想更正一下變壓器的價格，將其改為 200,000，而不是上一個問題中的 300,000。

Got it.

知道了。

And then maybe one on the data center piece.

然後也許還有一個關於資料中心的部分。

So the hyperscaler LoI, is there a financing negotiation period like you have with your prior LoI?

那麼超大規模意向書，是否有像您之前的意向書那樣的融資談判期？

No.

不。

Okay.

好的。

And does that LOI. include a role for on additional capacity beyond the 400 megawatts now?

還有那份意向書嗎？是否包括現在超過 400 兆瓦的額外容量的作用？

No.

不。

And then just last one for me, any change on AI cloud pricing since the last call, it's stable or moved up?

最後我想問一下，自從上次通話以來，AI 雲價格有任何變化嗎，是穩定還是上漲了？

It's been stable.

一直很穩定。

I think we've talked about this on the last call, but we've kind of seen that pricing, you know, level out, I hate giving pricing talk on public calls, but and kind of where the prepayment percentage and the price per hour on GPUs has been pretty steady for us since the last quarter.

我想我們在上次電話會議上已經討論過這個問題，但我們已經看到價格趨於平穩，我不喜歡在公開電話會議上談論價格，但自上個季度以來，預付款百分比和 GPU 每小時的價格一直相當穩定。

John Todaro, Needham & Company.

約翰·托達羅，Needham & Company。

Thanks, for taking my question guys, just kind of summarizing it here.

謝謝你們回答我的問題，我只是在這裡做一點總結。

So first, on the GPU piece, you mentioned, I think it's 4,000 generating revenue now, 2,000 to 4,000-plus online end of May.

首先，關於您提到的 GPU 部分，我認為現在有 4,000 個可以創造收入，到 5 月底，線上人數將達到 2,000 到 4,000 多人。

So kind of as we think about that exiting may run rate, fair to say about 8,000 generating revenue?

那麼，當我們考慮退出可能的運行率時，可以說大約 8,000 的創收嗎？

Could be close to 8,000.

可能接近8000。

Somewhere between 6,000 and 8,000 is the right number to think about.

6,000 至 8,000 之間是一個值得考慮的正確數字。

Okay.

好的。

And then on the enterprise customers that you'd want to diversify into two of those still aren't signed.

然後，對於您想要多元化的企業客戶，其中兩個仍然尚未簽約。

So the slowdown is just you still would need to go out and sign those or kind of I guess just where are we in that process?

所以，放緩的原因只是你仍然需要出去簽署這些文件，或者我猜我們處於這個過程的哪個階段？

Yes.

是的。

So it's advanced since the last quarter.

因此，自上個季度以來，它已經取得了進展。

I think I'd mentioned we're in proof of concept with some and there's more move to contract negotiation, um, so that's that's definitely made an advancement.

我想我已經提到過，我們正在驗證一些概念，並且在合約談判方面還有更多的進展，嗯，所以這肯定取得了進展。

Those take just take longer.

這些只會花費更長的時間。

Having talked.

聊完了。

I don't know.

我不知道。

I think I've talked about this publicly, but you know, like our first customer contract we signed I think it was two weeks from initial conversation to signing.

我想我已經公開談論過這個問題，但你知道，就像我們簽署的第一份客戶合約一樣，從最初的談話到簽署，我想花了兩週的時間。

So it's pretty fast on the enterprise has a much longer process for qualification, but we're I'm happy where we are in that process.

因此，企業的資格認證流程相當長，但我們對目前所處的流程感到滿意。

Got it.

知道了。

And then just lastly, so on the 100 megawatt site, you kind of how much now is built on a percentage basis and how much financing additionally need to do to get it 100% done.

最後，對於 100 兆瓦的站點，您可以知道現在按百分比建造了多少，以及需要額外多少融資才能 100% 完成。

So we have about a little over $100 million into that site at this point.

因此，目前我們已向該網站投入了約 1 億美元。

And where we're negotiating now on financing, we expect the LTC somewhere in the 80% to 85% range.

就我們目前正在進行的融資談判而言，我們預計 LTC 將在 80% 到 85% 的範圍內。

So we've put a lot of the money that we're going to need to put in on the equity side Got it.

因此，我們在股權方面投入了大量的資金。

Okay.

好的。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Thank SkyWest's.

感謝 SkyWest。

Thanks for having me on because I'm sure can you give me a ballpark on how many AI. customers you have now that are running off of like the Nevada, Colorado, Minnesota and Ellendale sorry, some change to Jamestown site?

感謝您的邀請，因為我相信您能告訴我大概有多少 AI。您現在的客戶來自內華達州、科羅拉多州、明尼蘇達州和艾倫代爾等地，抱歉，詹姆斯敦站點有一些變化嗎？

Yes.

是的。

So we have some we have primarily we have some smaller, but we primarily have two larger customers that are deployed, and we expect to deploy more with the new clusters that we're bringing out.

因此，我們主要有一些較小的，但我們主要有兩個較大的客戶部署，並且我們希望透過推出的新叢集部署更多。

So we've got the 4,000 that are in service is split primarily between to customers.

因此，我們在役的 4,000 架飛機主要分配給客戶。

Are you thinking that you'll be able to dump those co-location sites and move what you have there to Ellendale in the next quarter?

您是否認為您將能夠在下個季度放棄那些主機託管網站並將那裡的所有資源遷移到 Ellendale？

So Ellendale is going to go.

所以艾倫戴爾要走了。

We won't have capacity for our AI cloud at Ellendale as it's currently structured that the potential customer there is taking all of that capacity.

我們在 Ellendale 沒有足夠的容量來容納我們的 AI 雲，因為目前的結構是那裡的潛在客戶佔用了所有容量。

And I think that's the right decision for the Company on long-term contract and just where to best place our dollars, the co-location sites, I think, are going to prove to be extraordinarily valuable.

我認為這對公司而言是正確的決定，因為公司在長期合約方面，將資金投入到最佳位置，我認為，共置站點將被證明是非常有價值的。

The demand we see from enterprise and even some customers that are larger than enterprise is pretty large.

我們看到，來自企業甚至一些比企業規模更大的客戶的需求相當大。

And I think we're not going to have a problem filling those up.

我認為我們不會在填補這些問題上遇到問題。

I would never cut those loose because they're extraordinarily hard to find in the market.

我永遠不會放棄它們，因為它們在市場上極難找到。

Okay.

好的。

Can you help me understand the difference between the transformers you had at Ellendale versus the ones at Jamestown and why the Ellendale ones failed on you?

您能幫我理解一下 Ellendale 的變壓器和 Jamestown 的變壓器之間的差異嗎，以及為什麼 Ellendale 的變壓器故障？

Yes.

是的。

So the I don't want to get into too many of the specifics here because there is, as we said, we're going to be pursuing all remedies to come to recoup our costs there on the Allen or the Jamestown transformers are from a US-based one manufacturer actually based in Texas and then when we went to Ellendale, we had a speed of delivery.

所以我不想在這裡談論太多細節，因為正如我們所說的那樣，我們將尋求一切補救措施來收回我們在艾倫或詹姆斯敦變壓器上的成本，這些變壓器來自一家總部位於德克薩斯州的美國製造商，然後當我們去埃倫代爾時，我們的交貨速度很快。

We bought some from a non, you know, Americas based company, and there are well recognized company in the industry but we've made that change and they just haven't lived up to spec as far as I'm concerned.

我們從一家非美國公司購買了一些產品，這些公司在行業中是知名的，但我們已經做出了改變，就我而言，它們還沒有達到規格。

Understood.

明白了。

I appreciate the color.

我很欣賞這個顏色。

The you mentioned that you were okay on equipment source.

您提到設備來源沒有問題。

But if I remember you, you did see some problems getting InfiniBand product.

但如果我沒記錯的話，您在獲取 InfiniBand 產品時確實遇到了一些問題。

Is that no longer an issue?

這不再是一個問題了嗎？

I know you mentioned it earlier this evening that I just wanted to make sure I understood it.

我知道您今晚早些時候提到過這一點，我只是想確保我理解了這一點。

Yeah.

是的。

No longer an issue.

不再是問題。

Okay.So what would keep you from reaching that 8,000 goal that you have for me?

好的。

I don't think there will be anything that keeps us from reaching that, like I said, where we were in process as soon as we secure some of these other customers that we have been pursuing I think you'll see us accelerate, which is, like I said, why we're augmenting the team for deployment on and so that we can we can move quickly with that.

我認為沒有什麼可以阻止我們實現這一目標，就像我說的，我們正在進行中，一旦我們獲得一些我們一直在追求的其他客戶，我想你會看到我們加速，就像我說的，這就是為什麼我們要擴充部署團隊，這樣我們就可以快速行動。

So I don't I don't see anything from a supply chain side that will stop us.

因此，我不認為從供應鏈方面來看有什麼可以阻止我們。

And based on I think you alluded to about a $150 million, I think that includes the sale of Garden City that you that you that you have in your hands, how far does that get you and does that does that mean the the Jamestown HPC site is fully paid for and you're just working to build the [400] now?

我認為您提到的大約 1.5 億美元包括您手中的花園城的出售，這能為您帶來多大幫助，這是否意味著詹姆斯敦 HPC 站點的費用已經全部付清，而您現在正在努力建設 [400]？

Is that the way to

那是

--?

--？

Yes.

是的。

So Jamestown paid for.

所以詹姆斯敦付出了代價。

It gets us out of ways.

它能幫我們擺脫困境。

It's just a matter of how much we spend on construction in Ellendale between now and site level financing.

這只是我們從現在到現場融資在埃倫代爾的建設上花費多少錢的問題。

So hopefully, that's six to eight weeks away because that's where the vast majority of our funds are going.

所以希望這需要六到八週的時間，因為我們的絕大部分資金都流向了那裡。

And if we know something went awry and that got delayed or pushed, you know, could we could we pause there?

如果我們知道出了什麼問題，導致延誤或推遲，我們可以暫停嗎？

Yes, we could.

是的，我們可以。

But that's where the vast majority of our CapEx is going at this point.

但目前我們的絕大部分資本支出都流向了那裡。

And just apologies for not being the sharpest only shed, Wes, but just to make sure, the site level financing is a function of turning that LoI to a contract?

並且只是抱歉，韋斯，我不是最敏銳的人，但只是為了確保，現場級融資是將意向書轉化為合約的功能？

Correct.

正確的。

Okay.

好的。

Thank you for entertaining my questions and apologies for making you go over stuff.

感謝您回答我的問題，也抱歉讓您重複這些事情。

Never a problem.

從來不是問題。

(Operator Instructions) Lucas Pipes, B. Riley.

（操作員指示）Lucas Pipes，B. Riley。

Thank you very much for taking the follow-up question.

非常感謝您回答後續問題。

I was wondering if you could maybe talk a little bit about the cadence of how the LOA came about you had and the contingent financing agreement up until recently that did you decide to walk away from that agreement?

我想知道您是否可以稍微談談 LOA 的產生過程以及直到最近您才決定放棄該協議的附隨融資協議？

Expire was some hyperscaler kind of always in the wings was less discussion with the same hyperscaler before you entered into this prior agreement.

在您簽訂先前協議之前，Expire 是某種超大規模器的隨時準備行動，與同一超大規模器進行的討論較少。

Can we get some additional color.

我們可以得到一些額外的顏色嗎？

Sure.

當然。

So Lucas, we've constantly have discussions once we went into the agreement on the 100 megawatts.

所以盧卡斯，我們在達成 100 兆瓦協議後就不斷進行討論。

We stopped having discussions on that because there was there was that exclusivity, but we had additional capacity that we're marketing both at Ellendale and in other markets.

我們不再討論這個問題，因為存在排他性，但我們有額外的產能，可以在埃倫代爾和其他市場進行行銷。

And so we were in constant discussions with other parties.

因此我們一直與其他方進行討論。

As I mentioned on the call in January, we are seeing a lot of demand and on, you know, our additional capacity we've been in discussions with and three hypers, three different hyperscalers and then two parking to be.

正如我在一月份的電話會議上提到的那樣，我們看到了很多需求，並且我們已經與三家超級數據中心、三家不同的超大規模數據中心以及兩家停車數據中心進行了討論，以增加我們的額外容量。

I don't know if I would classify as that, um, so that's that's kind of a constant that we continue to market the capacity we have available.

我不知道我是否會將其歸類為那樣，嗯，所以這是一種常數，我們將繼續推銷我們現有的產能。

And so that's a help now that's how those discussions came about.

所以這很有幫助，這就是這些討論的由來。

But yes, we're constantly doing that and said, look, it's helpful.

但是是的，我們一直在這樣做並且說，看，這很有幫助。

I don't think I haven't I don't recall if I mentioned this in the call, but we have a pipeline of roughly 1.6 gigawatts that we're working.

我想我沒有，我不記得我是否在電話中提到過這一點，但我們正在開發大約 1.6 千兆瓦的管道。

And so it's beyond just the Ellendale site.

所以它不只限於艾倫代爾 (Ellendale) 站點。

Thank you, Wes.

謝謝你，韋斯。

Can you expand on that pipeline a bit?

您能稍微擴充一下該管道嗎？

Is that all?

就這些嗎？

I'm sorry to harp on this, but again, my view is power is going to be constrained.

我很抱歉一再強調這一點，但我的觀點是權力將受到限制。

So that pipeline is that power that you have committed to you?

那麼，那條管道就是您承諾給您的權力嗎？

Sure.

當然。

And so we we have I don't want to give states, Lucas, because we haven't signed these fully yet, but we're during the process of probably over the next few months, but we have a pipeline of sites, a lot of it in the, call it the Midwest.

因此，我們有，我不想給各州，盧卡斯，因為我們還沒有完全簽署這些協議，但我們可能在接下來的幾個月內進行，但我們有一系列站點，其中許多位於中西部。

So we have some you have a site to have for 300 megawatts in the Midwest that would come online in '25, one for 500 that would come online in '25.

因此，我們在美國中西部地區有一個 300 兆瓦的發電廠，將於 25 年上線，還有一個 500 兆瓦的發電廠，也將於 25 年上線。

One that's in the northern part, not not in North Dakota, but up in that area that we have kind of in that area that we work now for 200 that would be available for '25.

一個是在北部，不是在北達科他州，而是在我們現在工作的那個地區，有 200 個可以在 25 年內使用的。

And then a few other sites that are we have obviously, the Utah site for 100 that we've mentioned publicly before.

然後我們顯然還有其他幾個站點，例如我們之前公開提到的猶他州 100 號站點。

So that's that's just a few.

這只是其中的一小部分。

I appreciate that.

我很感激。

And I had assumed the power would be it can have similar cost structure as to what you have from Ellendale at Jamestown.

我曾以為，其發電成本結構將與詹姆斯敦埃倫代爾的發電成本結構類似。

Yeah.

是的。

It's an attractive price for the HPC application for sure.

對於 HPC 應用來說，這個價格無疑很有吸引力。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Then follow up on the recourse.

然後跟進追索。

Thinking of $8 million or so.

預計是800萬美元左右。

So is the primary potential source of recourse going back to the supplier or the business interruption insurance and potentially other sources?

那麼，主要的潛在追索來源是供應商還是營業中斷保險以及潛在的其他來源？

It's every every source available for us.

它是我們能利用的所有資源。

But yeah, there there's obviously should be warranty obligations here and other sources have recourse for us.

但是是的，這裡顯然應該有保固義務，並且其他來源可以為我們提供補救措施。

As there are no further questions in the queue, I'd like to hand it back to Wes Cummins for closing remarks.

由於沒有其他問題，我想將發言時間交還給韋斯康明斯 (Wes Cummins)，請他作最後發言。

Thanks, everyone, for joining and looking forward to catching up on our next quarterly call.

感謝大家的加入，並期待下次季度電話會議的召開。

Again, I want to thank all of our employees for their hard work and our shareholders for their patience with us and looking forward to speaking to you soon.

再次，我要感謝我們所有員工的辛勤工作和股東對我們的耐心，並期待很快與您交談。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect your lines at this time and have a wonderful day.

此時您可以斷開您的線路並享受美好的一天。