Applied Digital Corp (APLD) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal third quarter 2025 conference call. My name is Jiron, and I'll be your operator today. Before this call, Applied Digital issued its financial results for the fiscal third quarter ended February 28, 2025 in a press release, a copy of which will be furnished in a report on a Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

下午好，歡迎參加 Applied Digital 2025 財年第三季電話會議。我叫 Jiron，今天我將擔任您的接線生。在本次電話會議之前，Applied Digital 在一份新聞稿中發布了截至 2025 年 2 月 28 日的第三財季財務業績，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 Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will open the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

參加今天電話會議的有 Applied Digital 董事長兼執行長 Wes Cummins；和財務長 Saidal Mohmand。在他們發言之後，我們將開始提問。在我們開始之前，Gateway Group 的 Matt Glover 將做一個簡短的介紹性演講。格洛佛先生，您可以開始。

Thank you, Jerome. Good afternoon, everyone, and welcome to Applied Digital's fiscal third quarter 2025 conference call. Before management begins formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under the securities laws 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.

謝謝你，傑羅姆。大家下午好，歡迎參加 Applied Digital 2025 財年第三季電話會議。在管理階層開始正式發言之前，我們想提醒大家，我們今天所做的一些聲明可能會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。因此，我們提醒您，有許多因素，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, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission, or SEC. We disclaim any obligation or 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.

有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們的收益報告和向美國證券交易委員會（SEC）提交的公開文件中的揭露內容。除非法律要求，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。

We will also discuss non-GAAP financial metrics and encourage you to carefully read our disclosures and the reconciliation tables to the applicable GAAP measures in our earnings release as you consider these metrics. We refer you to our filings with the SEC 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.

我們還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露資訊以及收益報告中適用的 GAAP 指標的對帳表。請您參閱我們向美國證券交易委員會 (SEC) 提交的文件，其中詳細揭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 10-K 表年度報告和 10-Q 表季度報告中「風險因素」標題下確定的風險和不確定性。

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

您可以透過造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 免費取得 Applied Digital 的 SEC 文件。我想提醒大家，這通通話正在錄音，並將透過 Applied Digital 網站投資者關係部分提供的連結提供重播。

Now I'd like to turn the call over to Applied Digital's Chairman and CEO of West Cummins. Wes?

現在我想將電話轉給 Applied Digital 的 West Cummins 董事長兼執行長。韋斯？

Thanks, Matt, and good afternoon, everyone. Thank you for joining our third quarter 2025 conference call. I want to start by expressing gratitude to our employees for their continued hard work and service in supporting our mission of providing purpose-built infrastructure to the rapidly growing high-performance computing industry. Before turning the call over to our CFO, Saidal Mohmand for a detailed review of our financial results, I'd like to share some recent developments across our business.

謝謝，馬特，大家下午好。感謝您參加我們的 2025 年第三季電話會議。首先，我要對我們的員工表示感謝，感謝他們持續的辛勤工作和服務，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。在將電話轉交給我們的財務長 Saidal Mohmand 詳細審查我們的財務表現之前，我想分享一些我們業務的最新發展。

Starting with our data center hosting business. We currently operate 286 megawatts of fully contracted data center hosting capacity for our crypto currency clients across two locations in North Dakota, both of which are running at full capacity. Bitcoin prices remain strong, which is positive for our customers, and we remain optimistic about the business and its future prospects. In our HPC Hosting segment, we have achieved significant milestones in advancing our strategic objectives, including two transactions with globally renowned financial institutions. The first transaction with Macquarie Asset Management, one of the world's largest infrastructure investors.

從我們的資料中心託管業務開始。目前，我們在北達科他州的兩個地點為我們的加密貨幣客戶運營 286 兆瓦的完全承包資料中心託管容量，這兩個地點均滿載運作。比特幣價格保持強勁，這對我們的客戶來說是利好消息，我們對該業務及其未來前景仍然持樂觀態度。在我們的 HPC 託管領域，我們在推動策略目標方面取得了重大里程碑，包括與全球知名金融機構的兩筆交易。與全球最大的基礎設施投資者之一麥格理資產管理公司進行的第一筆交易。

Upon closing, we'll allow Macquarie to invest up to $5 billion in capital to support the development of Applied Digital's next-generation data centers. We believe this investment underscores Macquarie's strong confidence in the scalability and value of our platform. The second was a $375 million financing arrangement with Sumitomo MitsuiBanking Corporation, one of Japan's top three banking groups and a global leader in data center financing. We believe this arrangement reflects the trust and leading financial institutions place in the value of our data centers, land assets and power infrastructure pipeline.

交易完成後，我們將允許麥格理投資高達 50 億美元的資金來支援 Applied Digital 新一代資料中心的開發。我們相信，這項投資彰顯了麥格理對我們平台可擴展性和價值的堅定信心。第二項是與三井住友銀行達成 3.75 億美元的融資協議，三井住友銀行是日本三大銀行集團之一，也是資料中心融資的全球領導者。我們相信，這種安排反映了領先金融機構對我們的資料中心、土地資產和電力基礎設施管道價值的信任。

Macquarie and SMBC are playing instrumental roles in ongoing discussions with customers to lease the Ellendale campus. Their support is especially valuable amid the current crosscurrents in the industry and broader economy. We believe that Ellendale campus represents a highly strategic industry asset with significant expansion opportunities beyond the initial 400 megawatts of critical IT load. Importantly, our construction remains on schedule for our first building, and we expect it to be ready for service and ready to begin generating revenue in the calendar fourth quarter of 2025.

麥格理銀行和三井住友銀行在與客戶就租賃埃倫代爾校區的持續談判中發揮重要作用。在當前產業和整體經濟狀況嚴峻的背景下，他們的支持尤其寶貴。我們相信，埃倫代爾園區代表著一項高度策略性的產業資產，除了最初的 400 兆瓦關鍵 IT 負載外，還具有巨大的擴展機會。重要的是，我們的第一棟建築的建設仍按計劃進行，我們預計它將在 2025 年第四季度投入使用並開始產生收入。

Nearly all the equipment for this building is landed, giving us not only confidence in the schedule, but it also means tariffs will not materially impact our build costs. Construction is underway for the second building, which will be 150 megawatts of critical IT load. This building is expected to be ready for service at the end of calendar Q2 of 2026 and ready to begin generating revenue.

建築物的幾乎所有設備都已到達岸，這不僅讓我們對進度充滿信心，而且意味著關稅不會對我們的建築成本產生重大影響。第二棟建築正在建設中，其關鍵 IT 負載將達到 150 兆瓦。該建築預計將於 2026 年第二季末投入使用並開始產生收入。

Building three also 150 megawatts in planning stages and is expected to be ready for service in calendar Q1 of 2027. The power is secured for all three buildings as is the supply chain. Lastly, we expect to provide an update on leasing discussions in the near term. At that time, we will share updated views on the potential economics of the campus.

三座發電容量為 150 兆瓦的發電廠也處於規劃階段，預計 2027 年第一季投入使用。三座建築的電力和供應鏈都得到了保障。最後，我們預計將在近期提供有關租賃討論的最新情況。屆時，我們將分享校園潛在經濟的最新觀點。

Next, let's discuss our Cloud Services business, which provides high-performance computing power for AI applications. After careful consideration, our Board of Directors has determined that reviewing strategic options for this business is in the best interest of shareholders. This decision is driven by several factors. First, our discussions with potential customers regarding leasing our data center business is it is clear that our cloud business is typically viewed as a competitor.

接下來我們來討論一下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。經過仔細考慮，我們的董事會認為審查該業務的策略選擇符合股東的最佳利益。這項決定受到多種因素的影響。首先，我們與潛在客戶就租賃資料中心業務的討論很明顯，我們的雲端業務通常被視為競爭對手。

While this has not derailed any discussions, it is a point of friction. We also believe that if we were to transition to a data center REIT in the future, this would lower our cost of capital as investors typically assign higher multiples to data center businesses due to their stability and long-term growth potential. For the recent industry developments, including a large competitor completing their IPO, make this an opportune time for us to explore strategic options. In summary, we're encouraged by the positive trends across our business and remain confident in our growth trajectory.

雖然這並沒有影響任何討論，但卻是一個摩擦點。我們也相信，如果我們將來轉型為資料中心房地產投資信託基金 (REIT)，這將降低我們的資本成本，因為投資者通常會為資料中心業務分配更高的倍數，因為它們具有穩定性和長期成長潛力。對於最近的行業發展，包括一個大型競爭對手完成其IPO，這為我們探索策略選擇提供了絕佳時機。總而言之，我們對整個業務的正面趨勢感到鼓舞，並對我們的成長軌跡充滿信心。

With that, I'll turn the call over to our CFO, Saidal Mohmand, to walk you through our financials. Saidal?

說完這些，我將把電話轉給我們的財務長 Saidal Mohmand，讓他向您介紹我們的財務狀況。賽達爾？

Thanks, Wes, and good afternoon, everyone. Let me begin by highlighting some of our recent financial announcements before providing a detailed overview of the quarter. Over the past year, the company has deployed nearly $1 billion in assets with a significant portion allocated to the construction of our data centers. While our construction teams have done a tremendous job delivering projects on time and within budget, one of the key challenges has been a high cost of capital. Reducing our cost of capital has been one of my top priorities in stepping into CFO.

謝謝，韋斯，大家下午好。在提供本季度的詳細概述之前，我首先要重點介紹我們最近的一些財務公告。在過去的一年裡，該公司已部署了近10億美元的資產，其中很大一部分用於資料中心的建設。雖然我們的施工團隊在按時、按預算交付專案方面做了大量工作，但主要挑戰之一是高昂的資本成本。降低資本成本一直是我擔任財務長的首要任務之一。

We began this process with a $450 million convertible note at 2.75%, followed by the strategic transaction from Macquarie Asset Management, providing potential access to up to $5 billion in capital. Most recently, we secured a $375 million financing arrangement with SMBC at highly attractive rates. We believe these transactions have not only strengthened our financial position, but have also ensured we have the necessary capital to continue funding our data center build-out as well as positioning us as a strong strategic partner for potential customers as they evaluate future development -- data center development.

我們以 2.75% 的利率發行了 4.5 億美元的可轉換債券，開始了這一流程，隨後又與麥格理資產管理公司進行了戰略交易，從而有可能獲得高達 50 億美元的資本。最近，我們與三井住友銀行達成了一項 3.75 億美元的融資協議，利率極具吸引力。我們相信這些交易不僅增強了我們的財務狀況，而且還確保了我們擁有必要的資金來繼續資助我們的資料中心建設，並使我們成為潛在客戶在評估未來發展——資料中心發展時的強大策略合作夥伴。

Now let's turn to the quarter. Revenues for the fiscal third quarter of 2025 were $52.9 million, up 22% over the prior comparable period. This increase was primarily driven by continued growth of our cloud services business due to the deployment of additional GPU clusters. In total, our data center hosting segment generated $35.2 million in revenue, while our Cloud Services segment contributed $17.8 million. Our cloud services business revenue declined sequentially from last quarter due to us placing some of our capacity into an on-demand model a shift from reserve contracts.

現在讓我們回顧一下本季。2025 財年第三季的營收為 5,290 萬美元，比去年同期成長 22%。這一成長主要得益於我們雲端服務業務因部署了額外的 GPU 叢集而持續成長。總體而言，我們的資料中心託管部門創造了 3,520 萬美元的收入，而我們的雲端服務部門貢獻了 1,780 萬美元。由於我們將部分產能從儲備合約轉向按需模式，我們的雲端服務業務收入較上一季較上季下降。

With this change, we experienced some technical hurdles as we move from a single tenant to a multi-tenant configuration. Importantly, those technical issues are now resolved. Cost of revenues increased $2.1 million to $49.1 million from the prior comparable period, primarily driven by the growth in the business as more facilities were energized and additional services were provided to customers.

隨著這一變化，我們在從單一租戶配置轉向多租戶配置時遇到了一些技術障礙。重要的是，這些技術問題現在已經解決。收入成本較上年同期增加 210 萬美元，達到 4,910 萬美元，主要由於更多設施通電以及向客戶提供更多服務導致業務成長。

SG&A expense decreased $7.3 million to $22.7 million, primarily due to GPU cluster deployments as they are now revenue generating and the associated depreciation and amortization is now captured as a part of cost of revenues. This quarter, our depreciation and amortization expense decreased to $18.8 million compared to $26.2 million in the same period in 2024. Of the current quarter amount, $14.4 million was attributable to D&A in our Cloud segment.

銷售、一般及行政費用 (SG&A) 減少了 730 萬美元，降至 2270 萬美元，這主要歸因於 GPU 集群部署，因為它們現在可以產生收入，並且相關的折舊和攤銷現在被視為收入成本的一部分。本季度，我們的折舊和攤銷費用從 2024 年同期的 2,620 萬美元下降至 1,880 萬美元。本季的金額中，有 1,440 萬美元歸因於我們雲端部門的 D&A。

Interest expense increased $4.1 million to $8.9 million, primarily driven by an increase in finance leases and interest-bearing loans between periods. Net loss attributable to common stockholders was $36.1 million or $0.16 per basic and diluted share. Adjusted net loss attributable to common stockholders was $17.8 million or $0.08 per diluted share.

利息支出增加 410 萬美元，達到 890 萬美元，主要由於期間融資租賃和有息貸款增加。歸屬於普通股股東的淨虧損為 3,610 萬美元，即每股基本虧損和稀釋虧損均為 0.16 美元。調整後歸屬於普通股股東的淨虧損為 1,780 萬美元，即每股虧損 0.08 美元。

Our adjusted EBITDA increased 878% to $10 million. Now a few items impacted our adjusted EBITDA this quarter compared to Q2 of this year. As we mentioned, early in the quarter, we transitioned some of the GPU capacity to on-demand, but encountered technical issues moving from a single tenant to a multi-tenant environment. Those issues have since been resolved. We also experienced margin compression in our data center hosting business due to expected seasonal fluctuations in power cost.

我們的調整後 EBITDA 成長了 878%，達到 1000 萬美元。與今年第二季相比，本季有幾個項目影響了我們的調整後 EBITDA。正如我們所提到的，在本季度初，我們將部分 GPU 容量轉換為按需，但在從單一租戶環境轉移到多租戶環境時遇到了技術問題。這些問題現已解決。由於預計電力成本會出現季節性波動，我們的資料中心託管業務的利潤率也受到壓縮。

Now moving on to our balance sheet. We ended the fiscal third quarter with $261.2 million in cash, cash equivalents and restricted cash, along with $689.1 million in debt. Now with that, I'll turn over the call to Wes for closing remarks.

現在來看我們的資產負債表。截至第三財季，我們的現金、現金等價物和受限現金為 2.612 億美元，債務為 6.891 億美元。現在，我將把電話交給韋斯，請他做最後發言。

Thank you, Saidal. Well securing our lease for our Ellendale campus is taking longer than expected, customer interest remains high. Additionally, the Macquarie and SMBC transactions have elevated our status in the industry. Although we cannot control the macro environment, we can continue to build our campus on time and within budget. We believe our 100-megawatt liquid cool data center is uniquely positioned to come online as industry demand accelerates.

謝謝你，賽達爾。雖然我們埃倫代爾校區的租賃期比預期的要長，但客戶的興趣仍然很高。此外，麥格理和三井住友銀行的交易提升了我們在業界的地位。雖然我們無法控制宏觀環境，但我們可以繼續按時、按預算建造我們的校園。我們相信，隨著產業需求的成長，我們的 100 兆瓦液冷資料中心將具有獨特的優勢。

Furthermore, our 1.4 gigawatt pipeline remains one of the most compelling offerings in the market as customers continue to invest heavily in future capacity. We're proud of the progress achieved this quarter and look forward to sharing further updates as the year unfolds. We welcome your questions at this time. Operator?

此外，隨著客戶繼續大力投資未來產能，我們的 1.4 千兆瓦產品線仍然是市場上最引人注目的產品之一。我們為本季取得的進展感到自豪，並期待今年分享進一步的更新。我們歡迎您隨時提問。操作員？

(Operator Instructions)

（操作員指示）

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

First, on the cloud services business. Can you remind us what the updated split would be between on-demand versus contracted? And how you're thinking about total value there?

第一，關於雲端服務業務。您能否提醒我們按需收費和合約收費之間的更新分成比例是多少？您如何看待那裡的總價值？

Nick, in the quarter. So we had four of our six clusters in remaining in reserve contracts and two move to on-demand. And the two in on-demand generated small amount of revenue later in the quarter. But as Saidal had mentioned, we've rectified the technical issues there and expect that to ramp up in the current quarter, but that's the split currently.

尼克，在本季。因此，我們的六個集群中有四個仍處於儲備合約狀態，兩個轉向按需合約。這兩家按需服務公司在本季後期都產生了少量收入。但正如賽達爾所提到的，我們已經糾正了那裡的技術問題，並預計在本季度會有所改善，但這就是目前的情況。

Got it. And just to clarify, none of the clusters today are in applied data centers, so there wouldn't be a structure where you would still operate some of the capacity for those GPUs, correct?

知道了。需要澄清的是，目前沒有任何叢集位於應用程式資料中心，因此不存在可以繼續運行這些 GPU 的部分容量的結構，對嗎？

That's correct.

沒錯。

Great. And my second question was just on the BTC hosting business. Where does this business fit in the long term? And especially as you remain focused on converting to a REIT structure later down the road?

偉大的。我的第二個問題是關於 BTC 託管業務。從長遠來看，這項業務適合什麼？尤其是當您以後仍然專注於轉換為 REIT 結構時？

Yes. So I think the BTC assets will fit in a REIT structure. And I think there is a long-term match between HPC data center capacity and bitcoin hosting capacity. Nick, when you look at the sites that we're offering, so let's look at Ellendale, just specifically, so 400 megawatts of critical IT load, that moves to 530 of total utility load. But that won't be -- that -- all of that power needs to be available at all times.

是的。所以我認為 BTC 資產將適合 REIT 結構。而且我認為 HPC 資料中心容量和比特幣託管容量之間存在長期匹配。尼克，當您查看我們提供的站點時，讓我們具體看看埃倫代爾，400 兆瓦的關鍵 IT 負載，相當於總公用事業負載的 530 兆瓦。但事實並非如此——所有電力都需要隨時可用。

But typically, these run in the 70%, maybe at the high end, 80% of capacity on an average basis. And so that leaves a significant amount of power that would go unused. And I think that's a really great match for Bitcoin facilities that have that ability to dynamically adjust the load at a site. So I would expect that to remain Ellendale for us. And I would expect actually for us to take a hard look at that and new sites as well to potentially add some Bitcoin capacity to be matched with the HPC capacity. But I look at those businesses as effectively one business.

但通常情況下，這些設備的運作效率平均為 70%，最高可達 80%。因此，大量的電力就無法被利用。我認為這與能夠動態調整網站負載的比特幣設施非常匹配。因此我希望我們仍將艾倫代爾 (Ellendale) 保留在那裡。我希望我們能夠認真考慮這一點，並且新網站也可能會添加一些比特幣容量，以與 HPC 容量相符。但我將這些業務視為一個有效的業務。

Got it. That's very helpful, Wes. I'll turn it over for now, but continue best of luck.

知道了。這非常有幫助，韋斯。我現在就把它翻過來，但繼續祝你好運。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

This is Thomas Shinske on for Brett. So first, I guess, you mentioned Macquarie and SMBC are playing an instrumental role in finding potential leasing partners for Ellendale I. Guess, with their involvement, are you seeing faster diligence time lines or improved leasing momentum because of their support?

這是托馬斯·辛斯克 (Thomas Shinske)，代替布雷特 (Brett)。首先，我想，您提到麥格理和三井住友銀行在為 Ellendale I 尋找潛在租賃合作夥伴方面發揮著重要作用。您猜，有了他們的參與，您是否看到了更快的盡職調查時間或由於他們的支持而改善的租賃勢頭？

I think the way I phrase that is that we've seen more interest, but with the people who are already there, I think that it has significantly increased the comfort level with our ability to complete construction and operate facilities with kind of world-class financing partners in the mix.

我認為我這樣說是因為我們看到了更多的興趣，但對於已經在那裡的人來說，我認為這大大提高了我們與世界級融資合作夥伴一起完成建設和運營設施的能力的舒適度。

Awesome. Great. And then just on CapEx, I guess, can you provide an update on your expected capital needs over the next 12 to 18 months and whether the current construction of Ellendale is being still in line with past projections of CapEx?

驚人的。偉大的。然後就資本支出而言，我想，您能否提供未來 12 到 18 個月預期資本需求的最新情況，以及 Ellendale 目前的建設是否仍然符合過去的資本支出預測？

Yes. So this is Saidal speaking. So in terms of CapEx projections, you are correct. It's in line with past projections. Now we will always measure the -- whatever impact, if any, tariffs will have for the second and third buildings and adjust accordingly. But as of now, it is in line. And then we prior have kind of pointed out. In terms of the CapEx cadence, you're running anywhere from $30 million to $50 million a month in terms of actual CapEx for the first building.

是的。我是賽達爾。因此，就資本支出預測而言，你是對的。這與過去的預測一致。現在，我們將始終衡量關稅對第二棟和第三​​棟建築的任何影響（如果有的話），並進行相應調整。但截至目前，一切正常。然後我們之前已經指出過。就資本支出節奏而言，第一棟建築的實際資本支出每月在 3,000 萬美元到 5,000 萬美元之間。

Awesome. And then one more, if I may. On the Bitcoin hosting business. I guess, could you provide clarity on when those contracts are up for expiration? And if you see any risk in your large client potentially rolling off at the expiration of those contracts?

驚人的。如果可以的話，我再說一個。關於比特幣託管業務。我想，您能否明確說明這些合約何時到期？您是否發現您的大客戶在這些合約到期時可能會出現退出的風險？

There's always risk of nonrenewal. I don't expect that to be the case, but I believe at Ellendale, we've roughly two years left on those contracts. I have to double check that and Jamestown is roughly the same.

總是存在不續約的風險。我並不認為情況會是這樣，但我相信在埃倫代爾，我們的合約還剩下大約兩年的時間。我必須再確認一下，詹姆斯敦的情況大致相同。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

First question on the kind of the remaining steps to complete the Ellendale facility. You said that kind of fourth quarter would be running. But what's sort of left there and how much CapEx is left to go just in that facility?

第一個問題是關於完成 Ellendale 設施的剩餘步驟。你說過那樣的第四節將會繼續進行。但是那裡還剩下什麼？僅在該設施中還剩下多少資本支出？

I think -- so the good guidepost for CapEx spend generally for a Tier 3 data center, anywhere in the range of $10 million to $13 million per megawatt. So we're building 100 megawatts of critical IT load, for the Ellendale, the first building. When I think about what's left, as you can see from some of our social media updates, the building and a lot of the OCI, the equipment is landed.

我認為 — — 因此，對於 Tier 3 資料中心來說，資本支出的良好指導原則一般在每兆瓦 1000 萬美元到 1300 萬美元之間。因此，我們正在為第一座建築 Ellendale 建造 100 兆瓦的關鍵 IT 負載。當我考慮還剩下什麼時，正如您從我們的一些社交媒體更新中看到的那樣，建築物和許多 OCI 以及設備都已到位。

Right now, it's a lot of the -- what I'd like to call the finishing touches as well as building out the generator plant, the back of power gen, et cetera. I'd refer to in our Q -- a lot of PP&E, particularly from the segment disclosures showed the spend in the assets as of February on the balance sheet.

現在，很多工作正在進行中——我想稱之為最後的潤色，以及建造發電機房、發電廠後部等等。我想在我們的問答中提到——很多 PP&E，特別是來自分部披露的信息，顯示了截至 2 月份資產負債表上的資產支出。

And Rob, just to add to that. So we have been, I believe, since February, commissioning equipment at the facility. So you go through a fairly lengthy commissioning process. The facility will start landing IT equipment in the July, August time frame. And then you have the the deployment of the IT equipment.

羅布，我再補充一點。所以我相信，我們從二月就開始在該工廠調試設備了。所以你要經歷一個相當漫長的調試過程。該設施將於七月至八月期間開始運送 IT 設備。然後你就可以部署 IT 設備了。

And this equipment, as you probably know, requires a significant amount of cabling and networking. So you have that piece of it as well to go for our customer. But we will just to think about that, we should start landing equipment like I said, July, August and then start cabling, racking, cabling and have this ready to go, the expectations to start actually turning on in October.

您可能知道，這種設備需要大量的佈線和網路。因此，您也可以將這一部分提供給我們的客戶。但我們只是考慮一下，我們應該像我說的那樣，在七月、八月開始登陸設備，然後開始佈線、架設、佈線並準備就緒，預計在十月真正開始投入使用。

Okay. Excellent. And then in terms of selling the cloud business, what's sort of your sense on the plans there? You start marketing it now and hope to have it sold by kind of year-end or any kind of insight outside in terms of time line there?

好的。出色的。那麼就出售雲端業務而言，您對那裡的計劃有何看法？您現在就開始行銷它並希望在年底前將其售出，或者在時間表方面有任何外部見解嗎？

That process, Rob has just started. I don't think we're prepared to give any update or any expectation on what that might be. I think there's a lot of different ways that could go and a lot of different structures that we could participate in. I wouldn't think of it as just a sale. We're evaluating everything there. But I think it's just too early for us to give any real meaningful comments on that.

這個過程，羅布才剛開始。我認為我們還沒有準備好提供任何最新消息或對此做出任何預期。我認為有很多不同的方式可以實現，也有很多不同的結構可以讓我們參與。我不會認為這只是一次銷售。我們正在評估那裡的一切。但我認為現在就對此發表任何真正有意義的評論還為時過早。

Darren Aftahi, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Darren Aftahi。

On the AI cloud business, did you get the inbounds pre making this announcement about putting the asset up for sale?

關於人工智慧雲端業務，在宣佈出售資產之前，您是否收到了相關消息？

I can't make a comment on that, Darren.

達倫，我無法對此發表評論。

Fair enough. And then a clarification, moving from a single tenant to multi-tenant and the technical issues. Was that a prior inter-quarter, in the February you guys just reported meaning it's kind of trued up starting the May quarter?

很公平。然後澄清一下從單一租戶轉向多租戶的技術問題。這是你們剛報告的二月之前的季度間數據嗎？這意味著從五月季開始數據就有所調整了？

Yes, the issues were resolved there in I think the first or second week of March. So it should be resolved for the majority of the May quarter.

是的，我認為這些問題在三月的第一周或第二週就得到了解決。因此，這個問題應該會在五月季度的大部分時間內解決。

Got it. And then just one last one, if I may. The existing hyperscalers, you've been talking to sort of post Macquarie, has disposition about data center build change at all just given kind of the current macro environment, maybe has anything changed in the last three to four, five weeks?

知道了。如果可以的話，我再問最後一個問題。您在麥格理銀行事件之後與現有的超大規模企業進行了交談，他們對於資料中心建設的態度在當前的宏觀環境下是否有所改變，在過去的三到四、五週內是否發生了任何變化？

Yes. I wouldn't say it changed in that time frame necessarily. What I would say in general, Darren, is for the last year for us, and then I've talked to a lot of CEOs that have been operating in this space for a lot longer than we have. But when you're dealing with a group of five or six potential customers, maybe seven potential customers, what it's a fairly concentrated market from that perspective. And you have just kind of patterns of one of those companies is very aggressive and one is not very aggressive in the market.

是的。我不會說它在那個時間範圍內必然會改變。達倫，總的來說，我想說的是，就我們去年的情況而言，然後我與許多在這個領域經營時間比我們長得多的執行長進行了交談。但是，當你面對的是五、六個潛在客戶，甚至七個潛在客戶時，從這個角度來看，這是一個相當集中的市場。你會發現，其中一家公司在市場上非常積極，而另一家公司則不太積極。

So I would say what we have seen over the past year and one of the things that has taken longer for us to get to where we want to be on the final leases just do you see demand rotate between the hyperscalers and what I would say overall, as we see demand at least what it was, if not higher than it was three months ago when we had our call in January, but it's not always the same players.

因此我想說的是，我們在過去一年中看到的情況以及我們花了更長時間才達到最終租約目標的原因之一是，您是否看到需求在超大規模企業之間輪換，以及我想說的總體情況是，我們看到的需求至少與三個月前（我們一月份打電話時）的需求相同，甚至更高，但並不總是相同的參與者。

So you just see it kind of rotate between -- and there's a lot of, I think, pretty obvious dynamics in the market where you could guess as to why that is. There's some really big end users of GPU capacity that have a lot of plans that have been announced over the past few months. So I think that's one of the things that drives it. But my understanding is it's also just not uncommon for some of these to consume a lot of data center capacity, take a break and then come back.

所以你會看到它在某種程度上輪換——而且我認為市場上有很多非常明顯的動態，你可以猜測為什麼會這樣。一些 GPU 容量的真正大型終端用戶在過去幾個月中已經宣布了許多計劃。所以我認為這是推動這一進程的因素之一。但我的理解是，其中一些消耗大量資料中心容量、暫停一段時間然後又恢復的情況並不少見。

Mark Grondahl, Markland Securities.

馬克‧格隆達爾（Mark Grondahl），Markland Securities。

And while you covered demand a little bit, Wes, for the 100 megawatts, are you still talking to multiple hyperscalers for that? Or has that been kind of narrowed down to one hyperscaler you're negotiating with? And if you could talk a little bit about pricing trends the last 90 days. What are you seeing?

韋斯，當您談到 100 兆瓦的需求時，您是否仍在與多家超大規模企業進行洽談？或者說，你們正在談判的對像已經縮減到一家超大規模企業了？您能否談談過去 90 天的定價趨勢？你看到了什麼？

So I would say -- so let me hit pricing first. So on pricing, I would say the last 90 days have been fairly stable. I would say if you look on a year-over-year basis, it's increased year-over-year, and that's to our comment of updating kind of our financial expectations for the campus versus what -- I think the last time we talked about that was roughly a year ago when we give an update on the leasing activity there.

所以我想說——讓我先談談定價。因此，就定價而言，我認為過去 90 天的價格相當穩定。我想說，如果按年比較的話，它是逐年增加的，這就是我們對更新校園財務預期的評論，相對於什麼 - 我想我們上次談論這個是在大約一年前，當時我們更新了那裡的租賃活動。

So pricing up year-over-year, but I's would say generally stable on the data center front in the last 90 days. And then to the other question about who we're talking to, I'd just to refer that, we've made a lot of progress over the past three months since our last call, but we continue to have multiple discussions.

因此價格同比有所上漲，但我認為過去 90 天內資料中心方面總體保持穩定。然後關於我們正在與誰交談的另一個問題，我只是想提到，自上次通話以來，我們在過去三個月中取得了很大進展，但我們仍在繼續進行多次討論。

And what I would say about that is there's ongoing discussions with basically all of the hyperscalers, and it's not necessarily just Ellendale. We have discussions about our campus in South Dakota as well as other campuses where we've also made a significant amount of progress on pushing forward with campus number 2 for ourselves. So those conversations are just constant. I won't comment on how far down the path we are with one in particular.

我想說的是，我們正在與基本上所有的超大規模企業進行討論，而不一定只是 Ellendale。我們就南達科他州校區以及其他校區的建設進行了討論，我們在推進第二校區的建設方面也取得了重大進展。所以這些對話一直持續著。我不會評論我們在某一個特定問題上已經走了多遠。

Got it. And then the decision to pursue a sale of the cloud business, you kind of talked about some of your hyperscale customers kind of view that as a friction point or potential competition. And you talked about how it doesn't fit into the REIT structure and the recent core [weave] IPO. Would you say there was a fair bit of pressure from your hyperscale potential customers to exit that business? I'm just trying to understand if that was a little bit more external-driven or internal driven.

知道了。然後，關於出售雲端業務的決定，您談到一些超大規模客戶認為這是一個摩擦點或潛在競爭。您談到了它如何不適合房地產投資信託基金 (REIT) 結構以及最近的核心 [weave] IPO。您是否認為來自超大規模潛在客戶的相當大的壓力促使您退出該業務？我只是想知道這是否更多是由外部驅動還是內部驅動。

So I would say your last comment there is a fair comment. But also, we've spoken publicly about this a fair amount that these are -- we've structured these as two separate businesses. They're two separate businesses. It's two different customer bases. And now we think is the time to separate those businesses, whether that be from those types of pressures or just what's going on in the market from you've had a couple of GPU cloud businesses come public in the past six months. So I think it's just the right time for us. But we've always structured these that they would eventually be separate businesses, and we just think it's the time to move towards that separation.

所以我想說你最後的評論是公正的。但同時，我們也已經多次公開談論過這個問題，我們將它們建構成兩個獨立的業務。他們是兩個獨立的企業。這是兩個不同的客戶群。現在我們認為是時候將這些業務分開了，無論是來自這些類型的壓力，還是來自市場正在發生的事情，因為過去六個月中已經有幾家 GPU 雲端業務上市。所以我認為這對我們來說正是時候。但我們始終將這些業務建構成最終獨立的業務，我們只是認為現在是時候實現這種分離了。

Got it. And then do you still see that cloud business is roughly $110 million to $120 million annual business (multiple speakers)

知道了。那麼，您是否仍認為雲端業務的年收入約為 1.1 億至 1.2 億美元（多位發言者）

After the on-demand portion ramps back up, it should be -- I expect it to be in that neighborhood where it was back in the previous quarter. And the piece of on-demand is increasing the customer base and then also typically, you get higher pricing for on-demand versus reserve contracts. And I do think as if you look at the H100s that we have as those reserve contracts all roll off, those will go into an on-demand model. You can do reserve contracts in my opinion, on newer generation. There's -- you could do some reserve contracts.

在按需部分回升之後，我預計它會回到上一季的水平。按需服務正在擴大客戶群，而且通常情況下，按需服務的價格會比預留合約的價格更高。我確實認為，隨著我們擁有的 H100 儲備合約全部到期，它們將進入按需模式。在我看來，您可以針對新一代簽訂儲備合約。有——你可以簽訂一些儲備合約。

You're not doing two years again, but you can probably do six months or maybe one year of additional reserve contracts. But I think this market is just moving more and more to an on-demand model. And so we're -- we've started adapting to react to that.

你不會再簽兩年的合同，但你可能可以簽六個月甚至一年的額外儲備合約。但我認為這個市場正逐漸轉向隨選模式。因此，我們已經開始適應並應對這種情況。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Just a question on the sale process with your potential lessors having issues with the ownership, are they good with an in-process sale? Would they require a definitive agreement? I'm just curious how significant they would view this.

我有一個關於銷售流程的問題，您的潛在出租人對所有權有疑問，他們是否願意接受正在進行的銷售？他們需要一份最終協議嗎？我只是好奇他們會如何看待這件事。

There's no -- there's -- I'll be clear, there's no hard requirements on any of this. But like said, I think this is just the right time for us to do this for both of the businesses, quite frankly. So enable the cloud business to continue to grow in a separate form from the combined company and then allow us to really focus on the large-scale data center business.

沒有——沒有——我會明確地說，對這些都沒有任何硬性要求。但就像我說的，坦白說，我認為這對我們兩家公司來說都是最好的時機。因此，使雲端業務能夠以獨立於合併後公司的形式繼續成長，然後讓我們真正專注於大型資料中心業務。

Got you. I know you've been carrying some third-party data center capacity that was unused. I'm curious how that part is involved in this process.

明白了。我知道您一直攜帶一些未使用的第三方資料中心容量。我很好奇這個部分是如何參與這個過程的。

Well, that can go -- or I will tell you that, that third-party data center capacity that's a 2023 pricing, in my view, is a very valuable asset that we have. We've been asked about from third parties about getting that capacity from us. So I view that as one of the big assets of this business is anyone who takes that business has immediate growth potential with available data center capacity that is at attractive pricing. Like I said, it's 2023 pricing versus '25 pricing.

好吧，那可以——或者我會告訴你，我認為，2023 年定價的第三方資料中心容量是我們擁有的非常寶貴的資產。第三方曾詢問我們能否從我們這裡獲得這種能力。因此，我認為這項業務的一大資產是，任何接受該業務的人都擁有立即的成長潛力，並且擁有價格誘人的可用資料中心容量。就像我說的，這是 2023 年的定價，而不是 25 年的定價。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Two here, and maybe we'll start with the AI cloud business. So 2023 pricing, that's interesting, how long is, I guess, left on those leases. And then what other piece would effectively be? There's the GPUs? Is there anything else that would kind of get sold off in that process?

這裡有兩個，也許我們將從 AI 雲端業務開始。那麼 2023 年的定價很有趣，我猜這些租約還剩下多久。那麼其他部分又會怎麼樣呢？有 GPU 嗎？在此過程中是否還有其他東西會被出售？

So this is Saidal. So on the data center leases, they're generally five to seven years with fixed engines. So that's perception on that. And then I'll let Wes talk about the other assets.

這就是 Saidal。因此，資料中心租賃的期限通常為五到七年，並且採用固定引擎。這就是對此的看法。然後我會讓韋斯談談其他資產。

Those are the primary assets, the GPUs and the data center capacity. And then obviously, (inaudible) teams some software, like I said, the business, we built it is separate from the data center business. There's no real overlap in core Group. So from that perspective of separating it out, it will be easy for us as a seller and a potential buyer.

這些是主要資產、GPU 和資料中心容量。然後顯然，（聽不清楚）團隊開發了一些軟體，就像我說的，我們建立的業務與資料中心業務是分開的。核心集團內沒有真正的重疊。因此，從分離的角度來看，對於我們作為賣家和潛在買家來說會很容易。

Got it. Understood. And then on the HPC side of things, it sounds like you guys are pretty close to a lease just with those expectations for generating revenue. Is the thinking still that whoever takes the 100 megawatts at Ellendale, does the full 400 megawatts for the campus? Is that still thinking. And if not, kind of the expectation for Building 2, it seems like you're far along with someone given that, that time line seems a bit aggressive with what the Q2 '26 generating revenue?

知道了。明白了。然後就 HPC 方面而言，聽起來你們已經非常接近租賃了，並且期望能夠產生收入。是否仍然認為，誰佔用了 Ellendale 的 100 兆瓦電力，誰就為校園提供全部 400 兆瓦電力？那還是思考嗎。如果不是，那麼對於 Building 2 的期望，似乎您與其他人已經相差甚遠，考慮到 26 年第二季度的收入預期，這個時間表似乎有點激進？

So think of that as Q3 '26, ready for service at the end Q2 and then Q3 '26 for rev gen. But John, my expectation is it remains one customer takes that campus. Yes. Ellendale campus does grow beyond that 400 megawatts out in 2028 and beyond. So I wouldn't necessarily say that one customer is going to take all of that. But I do think for the 400, they do.

因此，可以將其視為 26 年第三季度，在第二季末準備好提供服務，然後在 26 年第三季進行修訂。但是約翰，我的期望是仍然只有一位顧客佔據那個校園。是的。到 2028 年及以後，艾倫代爾校區的發電量將超過 400 兆瓦。所以我不會說一個客戶會接受所有這些。但我確實認為，對於 400 來說，他們確實如此。

Thank you. And there are no further questions at this time. Turning back to Wes Cummins for closing remarks.

謝謝。目前沒有其他問題。最後請韋斯卡明斯致閉幕詞。

Thank you, everyone, for joining our earnings conference call. Look forward to speaking with you. I believe this year it will be in July on the next earnings call. And again, thanks to all of our employees for all their hard work in the past quarter. Thanks again, and speak to you soon.

感謝大家參加我們的收益電話會議。期待與您交談。我相信今年的下一次收益電話會議將在 7 月舉行。再次感謝我們所有員工在過去一個季度的辛勤工作。再次感謝，很快再與您聯絡。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。謝謝。