Applied Digital Corp (APLD) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Applied Digital's fiscal-fourth quarter 2025 conference call. My name is John, and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2025. In a press release, a copy of which has been furnished in a report in 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 財年第四季電話會議。我叫約翰，今天我將擔任您的接線生。在本次電話會議之前，Applied Digital 發布了截至 2025 年 5 月 31 日的第四財季財務表現。在一份新聞稿中，其副本已在向美國證券交易委員會提交的 8-K 表格報告中提供，並將在公司網站的投資者關係部分提供。

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，您可以開始了。

Thank you, operator. Hello, everyone, and welcome to Applied Digital's fiscal-fourth quarter 2025 conference call. Before management begins formal remarks, we'd 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. As a result, we caution you that there are a number of factors, many of which are beyond our control that could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions related to our forward-looking statements, please see the disclosures and earnings release and public filings made with the Securities and Exchange Commission, or SEC.

謝謝您，接線生。大家好，歡迎參加 Applied Digital 2025 財年第四季電話會議。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。有關我們前瞻性陳述的更詳細風險、不確定性和假設，請參閱向美國證券交易委員會 (SEC) 提交的揭露和收益報告以及公開文件。

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 are made, except as required by law.

除非法律要求，我們不承擔更新前瞻性陳述以反映前瞻性陳述作出日期之後發生的情況或事件的義務或承諾。

We also discuss non-GAAP financial measures and encourage you to read our disclosures and the reconciliation tables to the applicable GAAP measures and earnings release carefully 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 in the Risk Factors section of our annual report on Form 10-K and our quarterly reports on Form 10-Q. You may access Applied Digital's SEC filings for free by visiting the SEC website at www.sec.gov. I'd like to remind everyone that this call is being recorded and will be available for replay via link available in the Investor Relations section of Applied Digital's website.

我們也討論了非 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以及適用 GAAP 指標和收益發布的對帳表。請您參閱我們向美國證券交易委員會提交的文件，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，包括但不限於我們在 10-K 表年度報告和 10-Q 表季度報告中的風險因素部分中確定的風險和不確定性。您可以透過造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 免費查閱 Applied Digital 提交給 SEC 的文件。我想提醒大家，本次電話會議將會被錄音，您可以透過 Applied Digital 網站「投資者關係」版塊的連結重播。

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

現在我想把電話轉給 Applied Digital 董事長兼執行長 Wes Cummins。韋斯？

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fourth 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 compute industry.

謝謝，馬特，大家下午好。感謝您參加我們的 2025 年第四季電話會議。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。

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. Let me start with an update on our HPC data center hosting segment. During the quarter, we signed a transformative 15-year lease agreements with CoreWeave the AI hyperscaler to deliver 250 megawatts of critical IT load at our Ellendale, North Dakota campus now named Polaris Forge 1. These agreements are expected to generate approximately $7 billion in contracted revenue over the lease terms and to position Applied Digital as a leader in AI and HPC infrastructure. Last week, CoreWeave exercised their option for an additional 150 megawatts in a third building at Polaris Forge 1, underscoring the campus' potential as a scalable hub for next-generation AI workloads.

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。首先，我來介紹一下我們的 HPC 資料中心託管部分的最新情況。在本季度，我們與人工智慧超大規模供應商 CoreWeave 簽署了一份具有變革意義的 15 年租賃協議，為我們位於北達科他州埃倫代爾（現名為 Polaris Forge 1）的園區提供 250 兆瓦的關鍵 IT 負載。這些協議預計將在租賃期內產生約 70 億美元的合約收入，並使 Applied Digital 成為 AI 和 HPC 基礎設施領域的領導者。上週，CoreWeave 行使了在 Polaris Forge 1 的第三棟建築中額外增加 150 兆瓦電力的選擇權，凸顯了該園區作為下一代 AI 工作負載可擴展中心的潛力。

These long-term leases mark a defining moment for Polaris Forge 1, one of North America's most ambitious data center projects. purpose-built for artificial intelligence and high-performance computing, the campus combines massive power capacity with rapid deployment and is designed to scale up to 1 gigawatt. With the first 100-megawatt facility scheduled to be operational in Q4 of 2025, the second 150-megawatt facility coming online in mid-2026, and the third 150-megawatt facility planned for 2027. Polaris Forge 1 serves as a launch pad for the future of AI infrastructure, and we believe validates our vision to deliver reliable, power dense solutions and become a category leader in designing and building AI factories.

這些長期租約標誌著北美最雄心勃勃的資料中心專案之一 Polaris Forge 1 的決定性時刻。該園區專為人工智慧和高效能運算而建，結合了龐大的電力容量和快速部署，設計可擴展至 1 千兆瓦。第一座 100 兆瓦的發電廠計劃於 2025 年第四季投入運營，第二座 150 兆瓦的發電廠將於 2026 年中期投入運營，第三座 150 兆瓦的發電廠計劃於 2027 年投入運營。Polaris Forge 1 是未來人工智慧基礎設施的發射台，我們相信它驗證了我們的願景，即提供可靠、功率密集的解決方案，並成為設計和建造人工智慧工廠的領導者。

Building on the momentum from these leases and the surging demand for AI infrastructure, we're actively marketing our multi-gigawatt pipeline to a diverse group of customers. We believe one of our key strengths over the past two years has been refining our process by reducing the number of SKUs by approximately 50% and consolidating our suppliers. We believe our proprietary building design offers greater flexibility, and we've developed a repeatable process with minimal customization supported by a strong supply chain. As a result, we believe we've reduced our projected build times from 24 months to 12 to 14 months, allowing us to deliver on large-scale commitments faster and more efficiently than before.

利用這些租賃的勢頭和對人工智慧基礎設施的激增的需求，我們正在積極向不同群體的客戶推銷我們的多千兆瓦管道。我們相信，過去兩年來我們的主要優勢之一是透過將 SKU 數量減少約 50% 並整合我們的供應商來改善我們的流程。我們相信，我們專有的建築設計提供了更大的靈活性，並且我們已經開發出一種可重複的流程，並透過強大的供應鏈支援最少的客製化。因此，我們相信我們已將預計的建設時間從 24 個月縮短至 12 至 14 個月，使我們能夠比以前更快、更有效率地履行大規模承諾。

At the same time, we're highlighting the many advantages of building in the Dakotas, along with our unique design that features an innovative closed-loop direct-to chip liquid cooling system. This design seeks to achieve a projected PUE of 1.18 and near zero water consumption intended to ensure exceptional efficiency and sustainability. We like this location for its abundant low-cost energy, some of which is generated from stranded power with over 200 days of free natural cooling. We have calculated that 100-megawatt data center customer could save up to $2.7 billion over a 30-year period as compared to the current industry data centers in other regions.

同時，我們強調了在達科他州建造的許多優勢，以及我們採用創新閉環直接晶片液體冷卻系統的獨特設計。該設計旨在實現預計的 1.18 的 PUE 和接近零的耗水量，以確保卓越的效率和可持續性。我們喜歡這個地方，因為這裡有豐富的低成本能源，其中一些能源來自閒置電力，有超過 200 天的免費自然冷卻。我們計算出，與其他地區現有的產業資料中心相比，100兆瓦資料中心客戶在30年內最多可節省27億美元。

Our strategic decisions in location and design are intended to position us to grow dramatically within the Dakotas and across other regions within our pipeline. Besides CoreWeave, we have completed the diligence and onboarding process with two other investment-grade North American hyperscalers. This is an accomplishment that cannot be overstated. We have learned over the past two years that the onboarding internal approval and contracting process with hyperscalers is longer and more complex than originally anticipated. We believe that the market leading experience gain from this process and signing our first leases will benefit us as we continue to engage potential tenants and execute on our pipeline.

我們在位置和設計方面的策略決策旨在讓我們在達科他州以及我們管道內的其他地區實現大幅增長。除了 CoreWeave 之外，我們還與另外兩家投資級北美超大規模企業完成了盡職調查和入職流程。這是一項無論怎樣強調都不過分的成就。在過去的兩年中，我們了解到，與超大規模企業入職的內部審批和簽約流程比最初預期的要更長、更複雜。我們相信，透過此過程獲得的市場領先經驗以及簽署我們的第一份租約將使我們受益，因為我們將繼續吸引潛在租戶並執行我們的管道。

We also expect to benefit from this competitive advantage as new entrants to the market confront the time, money and effort it takes to overcome these industry syncratic barriers to entry for other players. We also, for us, we feel we are now in a position to do business with these companies in the future with a much shorter negotiating and contracting completion process. In fact, we are currently in various stages of negotiation with several investment-grade hyperscalers for large capacity campuses other than our Polaris Forge 1 campus with one of those negotiations being in an advanced stage. Given our past experience, we know these large and complex lease agreements require multiple levels of approval, making it difficult to determine when and if any of them will be finalized.

我們也期望從這個競爭優勢中受益，因為新進入市場的參與者需要花費時間、金錢和精力來克服這些產業同步進入障礙。我們也認為，未來我們可以與這些公司開展業務，並且談判和簽約完成流程將大大縮短。事實上，除了 Polaris Forge 1 園區之外，我們目前正與幾家投資級超大規模企業就大容量園區進行不同階段的談判，其中一項談判已進入後期階段。根據我們過去的經驗，我們知道這些大型而複雜的租賃協議需要多層級的批准，因此很難確定何時以及是否會最終完成。

Now turning to our Data Center Hosting Business. We currently operate 286 megawatts of fully contracted data center hosting capacity for our cryptocurrency customers across two locations in North Dakota. Bitcoin prices remain strong, which is positive for our customers, and we remain optimistic about the business and its future prospects.

現在轉向我們的資料中心託管業務。我們目前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。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。

Next, let's discuss our Cloud Services Business, which provides high-performance computing infrastructure for AI applications. As announced on our prior quarterly call, our Board of Directors determined that we would be reviewing strategic alternatives for this business. This process is ongoing, and we will provide an update as soon as we have more details to share with shareholders.

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運算基礎設施。正如我們在先前的季度電話會議上宣布的那樣，我們的董事會決定我們將審查該業務的策略替代方案。這個過程仍在進行中，一旦我們有更多細節可以與股東分享，我們將立即提供更新資訊。

With that, I will now turn the call over to our CFO, Saidal Mohmand, to walk through our financials. Saidal?

現在，我將把電話轉給我們的財務長 Saidal Mohmand，來介紹一下我們的財務狀況。賽達爾？

Thanks, Wes, and good afternoon, everyone. Now that we've signed leases for Prolaris Forge 1, we're actively working with our financing partners to finalize the project financing for these data centers, which we expect to occur over the next 4 to 10 weeks. Since the end of the quarter, we've raised approximately $270 million between our ATM and Series G preferred stock. Combined with the significant equity we already have in the campus, we believe this puts us in a very strong position as we seek to wrap up the new financing package.

謝謝，韋斯，大家下午好。現在我們已經簽署了 Prolaris Forge 1 的租約，我們正在積極與我們的融資合作夥伴合作，以完成這些資料中心的專案融資，我們預計將在未來 4 到 10 週內完成。自本季末以來，我們已透過 ATM 和 G 系列優先股籌集了約 2.7 億美元。結合我們在校園內已經擁有的大量股權，我們相信，這將使我們在尋求完成新的融資方案時處於非常有利的地位。

Now let's turn to the quarter. Please note that unless otherwise specified, the figures we are about to discuss reflect continuing operations only and exclude the Cloud Services Business. Revenues for the fiscal fourth quarter of 2025 were $38 million, up 41% year over year over the prior comparable period. This increase was driven predominantly by an increase of capacity online in our Data Center Hosting Business. Cost of revenues increased $7.5 million to $30.2 million from the prior comparable period.

現在讓我們來看看本季。請注意，除非另有說明，我們即將討論的數字僅反映持續經營業務，不包括雲端服務業務。2025 財年第四季的營收為 3,800 萬美元，較去年同期成長 41%。這一增長主要得益於我們資料中心託管業務的線上容量的增加。營業成本較上年同期增加 750 萬美元，達到 3,020 萬美元。

This increase was also driven by an increase of capacity online in our Data Center Hosting Businesses.

這一增長也得益於我們資料中心託管業務的線上容量的增加。

SG&A expense increased $15 million to $28.1 million. The increase was driven by the company's overall business growth, which included an increase of $9.4 million in stock-based compensation due to an accelerated vesting of certain employee stock awards and expenses related to the PSUs. $3.4 million of personnel expense also increased, largely driven by increases in head count to support the business and $2.3 million of other expenses, mainly software expenses and insurance premiums.

銷售、一般及行政費用增加 1,500 萬美元，達 2,810 萬美元。這一成長是由公司整體業務成長所推動的，其中包括由於某些員工股票獎勵加速歸屬而導致的 940 萬美元的股票薪酬增加以及與 PSU 相關的費用。 340 萬美元的人事費用也有所增加，主要是因為支持業務的員工人數增加，以及 230 萬美元的其他費用，主要是軟體費用和保險費。

This quarter, our depreciation and amortization expense increased to $4.1 million compared to $3.6 million in the same period in 2024. Interest expense decreased $9.3 million to $4.5 million. Net loss attributable to common stockholders was $26.6 million or $0.12 per basic and diluted share. The adjusted net loss attributable to common stockholders was $7.6 million or $0.03 per diluted share. Our adjusted EBITDA was $1 million for the quarter, and we provided a reconciliation for these metrics in the press release released earlier today.

本季度，我們的折舊和攤提費用增加至 410 萬美元，而 2024 年同期為 360 萬美元。利息支出減少 930 萬美元至 450 萬美元。歸屬於普通股股東的淨虧損為 2,660 萬美元，即每股基本虧損和稀釋虧損均為 0.12 美元。調整後歸屬於普通股股東的淨虧損為 760 萬美元，即每股稀釋虧損 0.03 美元。本季我們的調整後 EBITDA 為 100 萬美元，我們在今天稍早發布的新聞稿中提供了這些指標的對帳。

Moving to our balance sheet. We ended the fiscal fourth quarter with $120.9 million of cash, cash equivalents and restricted cash, along with $688.2 million in debt. As noted earlier, this does not include the additional $268.9 million in proceeds from our ATM and Series G preferred stock offering that occurred post quarter.

前往我們的資產負債表。截至第四財季，我們擁有 1.209 億美元的現金、現金等價物和受限現金，以及 6.882 億美元的債務。如前所述，這不包括本季後從 ATM 和 G 系列優先股發行中獲得的額外 2.689 億美元收益。

Turning to guidance. We historically have not provided specific forward-looking guidance. However, given some of the near-term dynamics related to the core releases, we will provide some directional guidance for the next quarter. We expect revenue to increase significantly sequentially, beginning in the quarter ending for August 2025 due to the technical fit out of our first Polaris Forge 1 building. Note, our customer pays the cost of this fit out with a small margin to the company.

轉向指導。我們過去沒有提供具體的前瞻性指引。然而，考慮到與核心版本相關的一些近期動態，我們將為下個季度提供一些方向性指導。由於我們第一座 Polaris Forge 1 大樓的技術配備齊全，我們預計從 2025 年 8 月結束的季度開始，收入將連續大幅增長。請注意，我們的客戶向公司支付了這筆裝修費用，並支付了少量保證金。

This fit out revenue will largely be recognized in both the current fiscal quarter and as well as the quarter ending November 30, 2025. Now this is before the actual lease revenue for the facility begins to be recognized.

此裝修收入將主要在本財政季度以及截至 2025 年 11 月 30 日的季度確認。現在這是在該設施的實際租賃收入開始被確認之前。

With that, I'll turn over the call to Wes for closing remarks.

說完這些，我將把電話交給韋斯，請他做最後發言。

Over the past two years, we've sought to build strong relationships with nearly all major hyperscalers and demonstrated our advanced building capabilities by passing what we believe is some of the most rigorous technical due diligence and processes imposed by them in the industry. As a result, we've established relationships with several hyperscalers, which should position us for future projects. With the CoreWeave lease, we believe we're now roughly halfway toward our internal goal of generating $1 billion in annual net operating income over the next five year -- over the next three to five years.

在過去的兩年裡，我們致力於與幾乎所有主要的超大規模企業建立牢固的關係，並通過了我們認為是業內最嚴格的技術盡職調查和流程，展示了我們先進的建設能力。因此，我們與多家超大規模企業建立了合作關係，這為我們未來的專案奠定了基礎。透過 CoreWeave 租賃，我們相信我們已經大致完成了未來五年（即未來三到五年）內每年創造 10 億美元淨營業收入的內部目標的一半。

We feel confident this is achievable, thanks to what we believe to be our competitive advantages for our multi-gigawatt pipeline proven design and construction expertise and strong relationships with hyperscalers who appear to be more active than ever in pursuing land, power and data center capacity. Overall, we see this as just the beginning for Applied Digital as we help drive the future of AI and high-performance computing infrastructure, and we remain very optimistic about the road ahead.

我們相信這是可以實現的，這要歸功於我們認為的競爭優勢，即我們在多千兆瓦管道設計和施工專業知識方面具有豐富的經驗，並且與超大規模企業建立了牢固的關係，這些企業在追求土地、電力和數據中心容量方面似乎比以往任何時候都更加積極。總的來說，我們認為這只是 Applied Digital 的開始，因為我們幫助推動人工智慧和高效能運算基礎設施的未來，我們對未來的道路仍然非常樂觀。

We welcome your questions at this time. Operator?

我們歡迎您隨時提問。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

My first question was just how we should think about development cadence over the course of 2026. And just wondering if there's a window where you could be breaking ground on a second campus or would this be more of a 2027 groundbreaking on a site other than Polaris Forge 1?

我的第一個問題是我們應該如何考慮 2026 年的發展節奏。我只是想知道是否有可能在第二個校區破土動工，或者這是否會在 2027 年在 Polaris Forge 1 以外的地點破土動工？

Nick. We do expect to break ground and work has already started for that on one additional campus and potentially two before the end of this year.

缺口。我們確實希望破土動工，並且已經開始在另一座校區建設工程，並可能在今年年底前在另外兩座校區建設工程上開始動工。

Got it. Okay. Maybe just my second question would be, I think you provided a range on the financing for 4 to 10 weeks. So I was just curious if you could add any additional color. What would be the largest gating items at this point or what could ultimately take you to either end of that range?

知道了。好的。我的第二個問題是，我認為您提供的融資範圍是 4 至 10 週。所以我只是好奇你是否可以添加任何額外的顏色。此時最大的限制因素是什麼，或者什麼最終可以讓你達到範圍的兩端？

I'll say something first, Nick, and then turn it to Saidal. But I think the biggest gating item in my mind right now in the process is just how things generally slow down in the last part of August before they turn back on in September in the industry in general. And then I'll turn it over to Saidal for any comments he would like to make.

我先說點什麼，尼克，然後轉向賽達爾。但我認為，目前我心中最大的障礙是，整個產業的發展在 8 月底通常會放緩，然後在 9 月重新開始。然後我會將問題交給賽達爾，讓他發表任何評論。

I think that's fair, Wes. I would also add, you're also relying on professional service providers think about consultants who will provide construction reports as well as just lawyers getting through documents and turning documents. So that can always add some lag, but we have a good team as well as a great identified lead banking partner who's both incentivized to get this done on an expedited timeframe given there's a lot to do. People are excited in the space in general.

我認為這很公平，韋斯。我還要補充一點，您還需要依賴專業服務提供者，想想提供施工報告的顧問以及處理文件和移交文件的律師。因此，這總是會增加一些滯後，但我們擁有一支優秀的團隊以及一位優秀的確定的牽頭銀行合作夥伴，考慮到有很多工作要做，他們都有動力在加快的時間內完成這項工作。整體來說，人們對這個空間感到興奮。

Rob Brown, Lake Street Capital Markets.

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

Congratulations on all the progress. You talked about one customer being negotiations and part of your large pipeline, but -- could you give us a sense of -- is this the customer that you've gotten through a lot of the onboarding work and it's really down to the contract negotiation at this point? Or just give us a sense of where that's at.

祝賀你取得的所有進展。您談到一位客戶正在進行談判，並且是您大型管道的一部分，但是——您能否讓我們了解一下——這是您已經完成大量入職工作的客戶，現在真的到了合約談判的階段了嗎？或者只是讓我們了解一下那是在哪裡。

Yes. So there's -- we don't want to give a lot of detail on it, Rob, from -- to identify the customer, but it is an investment-grade North American hyperscaler that we're in advanced negotiations with. So that's a pretty small group. And -- but we're having ongoing discussions with four, five, six of the hyperscalers for the campuses that we're working on, both in the Dakotas and outside of the Dakotas. But I would say that things have accelerated from that perspective, just in the market in general in the past month.

是的。因此，Rob，我們不想透露太多細節來識別客戶，但它是一家投資級的北美超大規模企業，我們正在與他們進行深入談判。所以這是一個相當小的群體。而且 — — 但我們正在與四、五、六家超大規模企業就我們正在建設的校園進行討論，這些校園既包括達科他州內，也包括達科他州外。但我想說，從這個角度來看，過去一個月整個市場的情況已經加速。

Yes. Okay. Great. And then on the Ellendale facility, I think you're doing fit out sort of starting this coming quarter. just what's left to complete on that building?

是的。好的。偉大的。然後關於 Ellendale 工廠，我想你們將在下個季度開始進行裝修。那棟建築還剩下什麼工作要完成？

Or is it really just getting the fit out and the customer started to load in the facility?

或者實際上只是完成了裝修然後客戶就開始在設施中裝載？

Yes. It's mostly fit out, which is underway. And then the customer will bring gear on-site and cabling and racking and cabling, and that's really what's left and the expectation is in calendar Q4 of this year that, that will start to ramp up in kind of October through November.

是的。大部分裝修工作正在進行中。然後，客戶將把設備、電纜、機架和佈線帶到現場，這才是真正剩下的工作，預計在今年第四季度，這項工作將在 10 月至 11 月開始增加。

Mike Grondahl, Northland Securities.

麥克‧格朗達爾，Northland Securities。

Congratulations on the 150-megawatt option signed by CoreWeave. And related to the first 250 from CoreWeave the 100-megawatt building and the 150-megawatt building. How are terms looking on that project financing? Are those kind of coming in with how you expected? Any color you could give us there?

恭喜CoreWeave簽署150兆瓦選項。並與 CoreWeave 的前 250 棟 100 兆瓦建築和 150 兆瓦建築相關。該專案融資條款如何？這些進展是否符合您的預期？您能給我們什麼顏色嗎？

Yes. They're largely coming in as expected. I'll let Saidal give any details that he wants to give on that, but it's largely for me as expected.

是的。他們基本上按照預期到來。我會讓賽達爾提供他想提供的任何細節，但這對我來說基本上是意料之中的。

Yes, correct. And I think this is, call it, known within the industry for similar financings for this type of tenant. Think about it if your investment grade you're somewhere in the high 2s, think about it, low SOFR plus low 4s is generally where the cost is coming for this type of tenant as well as loan to cost or LTC in the 70% range. That is what we're seeing in the market, and it's becoming somewhat universal.

是的，正確。我認為，業內對於此類租戶的類似融資方式是眾所周知的。想想看，如果您的投資等級在 2 的高位，想想看，低 SOFR 加上低 4 通常是這種類型的租戶的成本來源，以及 70% 範圍內的貸款成本或 LTC。這就是我們在市場上看到的，而且它正在變得普遍。

Got it. And then thinking of the 100 megawatts, then the 150 and then the second 150, do you have rough go-live dates for each of those buildings?

知道了。然後考慮 100 兆瓦，然後是 150 兆瓦，然後是第二個 150 兆瓦，您是否有每棟建築的大致投入使用日期？

Yes. So the first 100, as we mentioned, is Q4 of this year and then mid-'26 for the second building, the 150 and then first half of '27 for the following 150 -- and Rob -- sorry, Mike, these are in calendar quarters.

是的。因此，正如我們所提到的，前 100 棟樓是在今年第四季度建成，然後是 26 年中期建成的第二棟樓，第 150 棟樓，接下來的 150 棟樓是 27 年上半年建成的——羅布——對不起，邁克，這些都是按日曆季度計算的。

Darren Aftahi, ROTH.

達倫·阿夫塔希，羅斯。

Congrats as well. question on building two. I know you said you guys have already broken ground, and I know you've invested a lot of money for the campus in general. The timeframe looks like it's 12 months from now, plus or minus. I guess, is that an aggressive timeframe?

也恭喜。關於第二棟大樓的問題。我知道您說過你們已經開始動工了，而且我知道你們為整個校園投入了大量資金。時間範圍看起來是從現在起的 12 個月左右。我想，這是一個激進的時間表嗎？

And if there's any slippage, are you penalized in terms of a credit against the lease? Or just kind of help me if you're a month or two late on that with CoreWeave, how that kind of works out.

若有任何延誤，您是否會因租賃抵扣而受到處罰？或者如果您在使用 CoreWeave 時晚了一兩個月，請您幫幫我，看看效果如何。

And then my second question, there's a lot of commentary in the release and your white paper that you wrote about the Dakotas. I'm just kind of curious, beyond South Dakota -- are you more partial to looking at places where PUEs are super attractive, maybe than like southern part of the United States. Any color on that would be helpful.

我的第二個問題是，新聞稿和您撰寫的白皮書中有很多關於達科他州的評論。我只是有點好奇，除了南達科他州之外——您是否更喜歡尋找 PUE 非常有吸引力的地方，也許而不是美國南部。任何顏色都會有幫助。

Sure, Darren. So on building two, I got the most recent pictures from the campus today that the building is actually being erected now. So there's been a significant amount of work done already from Foundation and dirt work. So the building is actually going up, and it's going up quickly and feel great about that timeline, as I mentioned in the script, we've worked really hard, and the team has worked really hard over the past year streamlining what we do. And so we significantly reduced the number of components, the different suppliers.

當然，達倫。關於二號樓，我今天從校園裡得到了最新的照片，該建築實際上正在建造中。因此，我們已經完成了大量的地基和土方工程。所以這座建築實際上正在建造，而且建造得很快，對這個時間表感覺很好，正如我在劇本中提到的那樣，我們非常努力，團隊在過去的一年裡也非常努力地簡化我們的工作。因此，我們大幅減少了零件數量和不同的供應商。

So that we have a very repeatable streamlined process that's designed to be deployed in about half of the time that we did building one, there was a lot lot of learning for us in building one and some -- and a design that's much more flexible as well.

因此，我們有一個非常可重複的精簡流程，其部署時間大約是建置流程的一半，我們在建置過程中學到了很多東西——而且設計也更加靈活。

So a higher liquid air mix. So the different tenants require different liquid air mixes, but -- and then also designed to lower cost as well. So feel good about where that is, especially we're in the middle of the summer there and the building is already going up. So we'll be enclosed for construction and fit out in the winter. And -- but there are just standard lease, there are late delivery penalties for us.

因此液體空氣混合物的含量較高。因此，不同的租戶需要不同的液態空氣混合物，但同時也設計得降低成本。所以對那裡感到很滿意，尤其是我們那裡正值盛夏，而建築物已經開始建造了。因此，我們將在冬季進行封閉施工和裝修。而且——但這只是標準租賃，我們需要支付延遲交貨罰款。

And then to your point on other campuses, it's not exclusively the Dakotas. We feel really good in North Dakota. We have the site in South Dakota we've been working on, but we have multiple campuses, large campuses in North Dakota. We have workforce there. We have a GC there that we worked really well with.

然後，關於您提到的其他校園，並不是只有達科他州才有這種情況。我們在北達科他州感覺非常好。我們在南達科他州有一個一直在努力的站點，但我們在北達科他州有多個校區，大型校區。我們在那裡有勞動力。我們在那裡有一個 GC，我們與他們合作得非常好。

And so we're really comfortable with all of the pieces of the puzzle of North Dakota. And then obviously, the fiber with the new line coming through as well, really enhancing the fiber connectivity in the state. But we have other sites mostly in MISO, the go really all the way to the southern part of the country as well. But we're primarily focused in North Dakota right now.

因此，我們對北達科他州謎題的所有細節都非常了解。顯然，新線路的光纖也確實增強了該州的光纖連接性。但我們還有其他站點，主要位於米索爾茲伯里，甚至延伸至該國南部。但我們現在主要關注的是北達科他州。

(Operator Instructions) George Sutton, Craig Hallum.

（操作員指示）喬治·薩頓、克雷格·哈勒姆。

Mike, congrats as well. So Wes, you mentioned that the hyperscalers are more active than ever. And I'm curious because some of them are seeming to want to own their own infrastructure. Are we talking about scenarios where you would own the campus like Ellendale? Or are we talking in some cases about powered shelves?

麥克，我也祝賀你。韋斯，您提到超大規模企業比以往任何時候都更加活躍。我很好奇，因為他們中的一些人似乎想要擁有自己的基礎設施。我們討論的情景是你擁有像 Ellendale 這樣的校園嗎？或者在某些情況下我們談論的是電動貨架？

No. And thanks for the congrats. Right now, we're very focused on full stack. So we want to own the full building we want to do operations, and that's really all of the negotiations and the interest that we're fielding. There is a preference and there always has been with hyperscalers that do self-build or powered shell.

不。謝謝你們的祝賀。目前，我們非常關注全端。因此，我們希望擁有整棟建築並進行運營，這就是我們正在進行的所有談判和關注的重點。存在一種偏好，對於自行建造或使用動力外殼的超大規模企業來說，一直都是如此。

And then when conditions are tight, they typically do colo agreements like the ones that we have and the ones that we're seeking to have in the future.

當條件緊張時，他們通常會簽署託管協議，就像我們現在簽訂的協議以及我們未來尋求簽訂的協議一樣。

But right now, George, we're really sticking with the full stack colo versus powered shell. I don't -- it might be interesting for us if we blended a campus with some full stack and some powered shell. But right now, I don't have a lot of interest in just the powered shell. I don't think it's necessarily a great business model as a public company, maybe more so as a private company on the powered shell side.

但是現在，喬治，我們確實堅持使用全端託管而不是動力外殼。我不知道——如果我們將校園與一些全端和一些動力外殼混合在一起，對我們來說可能會很有趣。但目前，我對動力外殼不太感興趣。我認為，作為一家上市公司，這不一定是一個很好的商業模式，而作為一家從事動力殼業務的私人公司，這也許更合適。

Great. And then relative to what you're defining as the Dakota advantage. I'm just curious, have you made any progress in South Dakota relative to the sales stack since that's a very key gating item to deals.

偉大的。然後相對於您所定義的達科他優勢。我只是好奇，您在南達科他州的銷售堆疊方面取得了什麼進展嗎，因為這是交易的一個非常關鍵的門檻。

Yes. We have not, and that's likely something in the next legislative session next year. So we're -- right now, we're focused on another large campus in North Dakota, that's where we're in the advanced negotiations and then a campus in the southern part of the US and MISO as well.

是的。我們還沒有，這很可能在明年的下一屆立法會議上得到解決。因此，我們現在專注於北達科他州的另一個大型校園，我們正在那裡進行深入談判，然後是美國南部和 MISO 的一個校園。

There are no further questions at this time. I will now turn the call over to Wes Cummins. Please continue.

目前沒有其他問題。現在我將把電話轉給韋斯康明斯。請繼續。

Great. Thanks, everyone, for joining, and I look forward to speaking to you in October.

偉大的。感謝大家的加入，我期待著十月與你們交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。