Applied Digital Corp (APLD) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal first-quarter 2026 conference call. My name is Constantin and I will be your operator for today. Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31, 2025, and a press release a copy of which has been furnished in a report on a Form 8-K filed with the Securities and Exchange Commission, or SEC, and will be available in the Investor Relations section of the company's website.

下午好，歡迎參加 Applied Digital 2026 財年第一季電話會議。我叫康斯坦丁，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 8 月 31 日的第一財季財務業績，並發布了一份新聞稿，其副本已在向美國證券交易委員會 (SEC) 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 to Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will be opening the call for questions. Before we begin, Matt Glover from Gately Group will make a brief introductory statement. Mr. Glover, you may begin.

參加今天電話會議的有 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，Gately 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 first-quarter 2026 conference call.

謝謝您，接線生。大家好，歡迎參加 Applied Digital 2026 財年第一季電話會議。

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, which could cause actual results and events to differ materially from those described in the forward-looking statements.

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 related to our forward-looking statements. Please see the disclosures in our earnings release and public filings made with the 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詳細的風險、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 also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables, the applicable GAAP measures in our 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 with the caption Risk Factors in our annual report on Form 10-K and our quarterly reports on Form 10-Q. You may access play digital SEC filings for free by visiting the SEC website at www.sec.gov.

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在對帳表中的揭露以及收益報告中適用的 GAAP 指標。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 表季度報告中以「風險因素」為標題確定的風險和不確定性。您可以造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 免費取得數位版美國證券交易委員會 (SEC) 文件。

I'd like to remind everyone that this call is being recorded and will be made available for replay the link available in the Investor Relations section of Applied Digital's website.

我想提醒大家，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'd like 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 first-quarter fiscal 2026 conference call. I'd like to begin by expressing my sincere appreciation to our employees for their continued dedication to our mission. -- delivering purpose-built infrastructure for the rapidly expanding artificial intelligence and high-performance computing sectors. Their commitment remains foundational with our success.

謝謝，馬特，大家下午好。感謝您參加我們的 2026 財年第一季電話會議。首先，我要向我們的員工表達誠摯的感謝，感謝他們持續致力於我們的使命——為快速發展的人工智慧和高效能運算領域提供專用基礎設施。他們的承諾仍然是我們成功的基礎。

Before I turn the call over to our CFO, Saidal Mohmand, I want to highlight several key developments across the business, beginning with our HPC data center hosting segment. This quarter, we expanded our long-term lease agreements with CoreWeave, a publicly traded AI hyperscaler. Previously, we had 250 megawatts under contract or our L&D North Dakota campus, Alaris Forge One. That agreement represents approximately $7 billion in contracted revenue over 15 years. CoreWeave has since exercised its option and our leases now cover the full 400 megawatts of capacity currently under construction at Polaris Forge 1, increasing the total contract value to approximately $11 billion.

在將電話轉給我們的財務長 Saidal Mohmand 之前，我想強調整個業務的幾個關鍵發展，首先是我們的 HPC 資料中心託管部門。本季度，我們擴大了與上市 AI 超大規模供應商 CoreWeave 的長期租賃協議。在此之前，我們與L&D北達科他州園區Alaris Forge One簽訂了250兆瓦的合約。該協議意味著15年內約70億美元的合約收入。CoreWeave 此後行使了其選擇權，我們的租賃現已涵蓋 Polaris Forge 1 目前正在建設的全部 400 兆瓦容量，使合約總價值增加到約 110 億美元。

In addition to the underlying leases, CoreWeave has engaged us to perform the tenant fit out for the first 100 megawatts of the 400-megawatt campus. This further deepens our operational integration and demonstrates the added value we bring as a strategic partner to our tenants. We will continue to invest in new technologies and continue to grow our technical expertise as we believe that we can replicate this value-added business model to other tenants.

除了基本租賃之外，CoreWeave 還聘請我們為 400 兆瓦園區的前 100 兆瓦進行租戶裝修。這進一步深化了我們的營運整合，並展示了我們作為策略合作夥伴為租戶帶來的附加價值。我們將繼續投資新技術並不斷提升我們的技術專長，因為我們相信我們可以將這種增值業務模式複製到其他租戶。

As a reminder, we believe Polaris Forge 1 has the potential to scale beyond 1 gigawatt starting in 2028 to 2030 when new transmission capabilities are expected to come online. We also broke ground on a new campus, Polaris Forge 2, near Hardwood North Dakota, where we are initially constructing two buildings totaling 300 megawatts of critical IT load. Over time, we believe this campus can scale to 1 gigawatt as additional generation capacity is added to the grid. We are already in early discussions with multiple parties to support that expansion.

提醒一下，我們相信 Polaris Forge 1 有潛力在 2028 年至 2030 年間擴展到 1 千兆瓦以上，屆時新的傳輸能力預計將上線。我們也在北達科他州哈德伍德附近動工興建新園區 Polaris Forge 2，最初將在此建造兩棟建築，總關鍵 IT 負載為 300 兆瓦。隨著時間的推移，我們相信隨著電網額外發電能力的增加，這個園區的發電能力可以擴大到 1 千兆瓦。我們已經與多方進行了早期討論，以支持這一擴張。

Initial funding for Polaris Forge two has been secured by our financial partner, Macquarie Equipment Capital and construction is underway. We expect the first building to start coming online in late 2026 and reached full capacity in 2027. With that, the campus designed for future expansion. The initial development cost is projected to be approximately $3 billion with the potential to increase as additional power becomes available. We remain in finance discussions with an investment-grade hyperscaler regarding lease for this campus.

我們的金融合作夥伴麥格理設備資本已為 Polaris Forge 二號專案籌集了初始資金，目前該專案正在建設中。我們預計第一棟建築將於 2026 年底開始投入使用，並於 2027 年達到滿載運作。由此，校園設計為未來的擴建。預計初始開發成本約為 30 億美元，隨著額外電力的供應，成本可能會增加。我們仍在與一家投資級超大規模企業就該園區的租賃事宜進行財務討論。

We have also entered negotiations with two additional hyperscalers for two new locations.

我們也與另外兩家超大規模企業就兩個新地點展開了談判。

Across the industry, the scale of investment in AI infrastructure is unprecedented. Publicly traded hyperscalers are projected to invest over $350 billion in AI data centers this year alone. To put this in historical perspective, the U.S. interstate highway system launched under President Eisenhower in our 1956 cost approximately $500 billion in inflation-adjusted dollars but took 30 years to complete. The Apollo program costs for roughly $150 billion to send humans to come on and spend more than a decade.

縱觀整個產業，對人工智慧基礎設施的投資規模是前所未有的。預計光是今年，上市超大規模企業將在人工智慧資料中心投資超過 3,500 億美元。從歷史角度來看，1956 年艾森豪威爾總統時期啟動的美國州際公路系統耗資約 5,000 億美元（以通膨調整後的美元計算），但耗時 30 年才完工。阿波羅計畫耗資約 1500 億美元，用於將人類送上太空並度過十多年的時間。

In contrast, public hyperscalers are projected to invest over $350 million in AI infrastructure in just a single year, an extraordinary concentration of capital that rivals the scale of America's most ambitious infrastructure efforts were compressed to a fraction of the time.

相較之下，公共超大規模企業預計僅在一年內就會在人工智慧基礎設施上投資超過 3.5 億美元，這種非凡的資本集中度可與美國最雄心勃勃的基礎設施建設規模相媲美，但時間卻被壓縮到原來的一小部分。

This surge in demand has made speed, reliability and readiness absolutely critical. The industry has come to recognize that the limiting factor in AI infrastructure employment is no longer GPU availability if lack of data centers capable of supporting those GPUs commonly referred to as AI factories. Simply, put the supply of suitable data centers, which can handle the technical requirements on most advanced AI silicon is falling short of demand.

需求的激增使得速度、可靠性和準備度變得至關重要。業界已經意識到，人工智慧基礎設施就業的限制因素不再是 GPU 的可用性，而是缺乏能夠支援通常被稱為人工智慧工廠的 GPU 的資料中心。簡而言之，能夠滿足大多數先進人工智慧晶片技術要求的合適資料中心的供應無法滿足需求。

We feel Applied Digital is uniquely positioned to meet this challenge. We were among the first to break ground in 2023 on next-generation data center designs capable of supporting the advanced power and cooling requirements of modern GPUs. We secured construction crews early assembled a team with deep expertise in power, land and supply chain logistics and build strong relationships with local communities through proactive engagement and education.

我們認為 Applied Digital 具有獨特的優勢來應對這項挑戰。我們是 2023 年首批突破下一代資料中心設計的公司之一，該設計能夠支援現代 GPU 的先進電源和冷卻要求。我們提前確定了施工隊，組建了一支在電力、土地和供應鏈物流方面擁有深厚專業知識的團隊，並透過積極參與和教育與當地社區建立了牢固的關係。

We also recruited top-tier data center talent well before the industry recognized the limitations of legacy designs. During the construction of our first 100-megawatt data center, leading hyperscaler sent teams to evaluate our campus working alongside us and ultimately validating our approach through what we believe was the most rigorous technical due diligence in the industry. At the same time, we cultivated relationships with major financial institutions like Macquarie Asset Management, who had a front row seat to these milestones.

早在業界認識到傳統設計的限制之前，我們就招募了頂尖資料中心人才。在建造我們的第一個 100 兆瓦資料中心期間，領先的超大規模企業派出團隊與我們一起工作來評估我們的園區，並最終透過我們認為是業內最嚴格的技術盡職調查來驗證我們的方法。同時，我們與麥格理資產管理公司等主要金融機構建立了關係，他們在這些里程碑事件中佔據了前列。

As a result, we built trusted partnerships with the largest buyers and users of data center infrastructure in the world. We've also demonstrated our ability to deliver scale power dense facilities just as demand for our services has accelerated dramatically. While our pipeline spans multiple states and regions, I want to emphasize the strategic advantages of our North Dakota -- of our Northern campuses in the Dakotas.

因此，我們與世界上最大的資料中心基礎設施買家和用戶建立了值得信賴的合作夥伴關係。隨著我們服務的需求急劇增長，我們也證明了我們提供大規模高功率密度設施的能力。雖然我們的管道橫跨多個州和地區，但我想強調我們北達科他州——我們在達科他州北部校區的戰略優勢。

We believe these campuses have the ability to offer abundant low-cost synergy, a supportive regulatory environment and more than 200 days of free natural pooling annually. Our proprietary design is engineered for a projected PUE of 1.18 with near 0 water consumption. These innovations are not only intended to deliver efficiency for hyperscale customers but also minimize our environmental footprint and help us ensure we grow responsibly in every community we serve.

我們相信這些園區有能力提供豐富的低成本協同效應、支持性的監管環境以及每年超過 200 天的免費自然共享。我們的專有設計旨在實現預計 PUE 為 1.18 且耗水量接近 0。這些創新不僅旨在為超大規模客戶提供效率，而且還最大限度地減少我們的環境影響，並幫助我們確保在我們服務的每個社區中負責任地發展。

We believe that a hyperscaler lease for Polaris Forge two would be a significant milestone for Applied Digital and the State of North Dakota. We think the two anchor customers under $9 billion long-term contracts would be a meaningful step toward reaching our low strengthening our position in the market and also establishing the region as a major hub for hyperscale infrastructure. These long-term contracts should provide our company with exceptional visibility and clear path to long-term growth.

我們相信，Polaris Forge 2 的超大規模租賃對於 Applied Digital 和北達科他州來說將是一個重要的里程碑。我們認為，與兩家主要客戶簽訂 90 億美元長期合約將是我們邁出的重要一步，有助於鞏固我們的市場地位，並將該地區打造為超大規模基礎設施的主要樞紐。這些長期合約應該為我們公司提供卓越的透明度和清晰的長期成長道路。

Lastly, while availability of power has been the primary focus for the overall market, it is becoming a secondary focus for us. With four gigawatts in our active development pipeline and more under review, our primary focus has become scaling, development and construction. As I stated on our last call, we've been able to shorten our construction time line to 12 to 14 months from 24 months, which was an important step. We have now scaled to develop multiple campuses in parallel. This has resulted in us now having 700 megawatts currently under construction.

最後，雖然電力供應一直是整個市場關注的重點，但對我們來說，它正成為次要關注點。目前，我們正積極開發 4 千兆瓦電力，還有更多電力正在審核中，我們的主要重點是擴大規模、開發和建設。正如我在上次電話會議上所說，我們已經能夠將施工時間從 24 個月縮短到 12 至 14 個月，這是一個重要的舉措。我們現在已經擴大規模，可以同時開發多個校區。這使得我們現在有 700 兆瓦的電力正在建設中。

We are seeing that our proven ability to design and build at scale has resulted in an influx of power opportunities from third parties that have power and land but don't have the ability to design and build to meet the stringent demands of hyperscalers -- we expect to proceed with at least 1 of these third-party projects this year.

我們看到，我們經過驗證的大規模設計和建造能力已經帶來了來自第三方的電力機會，這些第三方擁有電力和土地，但沒有能力設計和建造以滿足超大規模企業的嚴格要求——我們預計今年將至少開展其中一個第三方項目。

Turning to our blockchain hosting business. We continue to operate 286 megawatts of fully contracted capacity across our two North Dakota locations. Bitcoin prices remain strong, which is a positive indicator for our customers, and we remain optimistic about the business and its future.

轉向我們的區塊鏈託管業務。我們繼續在北達科他州的兩個地點運營 286 兆瓦的完全合約容量。比特幣價格保持強勁，這對我們的客戶來說是一個積極的信號，我們對該業務及其未來仍然持樂觀態度。

Next, I'd like to address our cloud services business, which provides high-performance computing infrastructure for AI applications. As announced on our prior quarterly call, our Board of Directors initiated a strategic review of this segment, and their financial results are classified as held for sale. That process is ongoing. We will hold off on providing further updates until we have a definitive disposition plan to share with our shareholders.

接下來我想談談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，我們的董事會已啟動對該部門的策略審查，並將其財務結果歸類為持有待售。這一進程仍在進行中。我們將暫停提供進一步的更新，直到我們有明確的處置計劃與股東分享。

With that, I'll turn the call over to our CFO, Saidal Mohmand, for a detailed review of our financials. Saidal?

說完這些，我將把電話轉給我們的財務長 Saidal Mohmand，讓他詳細審查我們的財務狀況。賽達爾？

Thanks, Wes, and good afternoon, everybody. Let me begin with the recent announcements regarding our financing. We secured an initial $112.5 million draw from a $5 billion preferred equity facility with Macquarie Asset Management to advance construction of Polaris Forge 1. This structure is designed to fully finance the build-out and materially reduce future equity requirements across our platform. Importantly, securing capital at the asset level provides financing alignment in an asset-heavy business like ours and ensures the completion of the Polaris Forge 1 campus while also establishing a clear framework to scale additional canvases.

謝謝，韋斯，大家下午好。首先，我要介紹一下我們最近宣布的融資情況。我們從麥格理資產管理公司獲得的 50 億美元優先股融資中獲得了 1.125 億美元的初始資金，用於推進 Polaris Forge 1 的建設。該結構旨在為建設提供全額資金，並大幅減少我們平台未來的股權需求。重要的是，在資產層面獲得資本可以為像我們這樣的資產密集型企業提供融資一致性，並確保 Polaris Forge 1 園區的完工，同時建立一個清晰的框架來擴展額外的畫布。

We also remain on track in our project financing process, as previously mentioned as well. Beyond Polaris Forge 1, as we previously announced, we secured funding from Macquarie Equipment Capital, another branch of Macquarie to launch construction of Polaris Forge 2. We intend to tap our preferred equity facility with Macquarie Asset Management to continue equity funding of this project. We are now advancing project financing for this campus as well to support the full buildout.

如同前面提到的，我們的專案融資流程也保持正常進行。除了 Polaris Forge 1 之外，正如我們之前宣布的那樣，我們還獲得了麥格理設備資本（麥格理的另一家分支機構）的資金，用於啟動 Polaris Forge 2 的建設。我們打算利用與麥格理資產管理公司合作的優先股權融資工具來繼續為該專案提供股權融資。我們現在正在推進該校區的專案融資，以支持全面建設。

We remain relentlessly focused on a few core objectives: first, securing capital at the lowest possible cost, building repeatable financing structures and positioning the company to scale data center development across the United States. These are not easy undertakings, yet our team has executed with remarkable discipline.

我們始終堅持不懈地專注於幾個核心目標：首先，以盡可能低的成本獲得資金，建立可重複的融資結構，並使公司能夠擴大美國各地的資料中心開發。這些都不是容易的任務，但我們的團隊以非凡的紀律性完成了任務。

As reflected on our balance sheet, we have now built and funded more than $1.6 billion in property and equipment. The fact that we began as a small Bitcoin hosting center business and are now executing transactions with the world leading hyperscalers banks and infrastructure partners underscores our essentiality to the intelligence era.

正如我們的資產負債表所反映的，我們現在已經建造並資助了超過 16 億美元的財產和設備。我們最初是一家小型比特幣託管中心企業，現在正在與世界領先的超大規模銀行和基礎設施合作夥伴進行交易，這一事實凸顯了我們對智慧時代的重要性。

That said, we want investors to understand that these investments are just the beginning to return -- to generate returns and have yet to be reflected in our income statement. The first 100-megawatt building is nearing completion. And as Wes mentioned, where we have engaged us to perform the tenant fit out for this facility. This marks the initial phase of preparing the building to generate lease revenue.

話雖如此，我們希望投資人明白，這些投資只是回報的開始——產生回報，但尚未反映在我們的損益表中。第一座 100 兆瓦的建築即將完工。正如韋斯所提到的，我們已委託我們為該設施進行租戶裝修。這標誌著大樓為產生租賃收入所做的準備工作已進入初始階段。

This quarter, the core set out revenue -- the core refit-out revenue contributed around $26.3 million in revenue. And while we expect that figure to ramp significantly in the next quarter. While this is a onetime low-margin business, approximately mid-single digits is strategically important. We feel it demonstrates that companies like CoreWeave can rely on us for end-to-end services required to deploy state of the art data centers. As we complete the fit-out over the calendar '25 year, we expect a significant increase in revenue from that work.

本季度，核心收入－核心改裝收入貢獻了約 2,630 萬美元的收入。我們預計這一數字將在下個季度大幅上升。雖然這是一次低利潤業務，但大約中等個位數的利潤具有策略重要性。我們認為這表明像 CoreWeave 這樣的公司可以依靠我們提供部署最先進資料中心所需的端到端服務。隨著我們在 25 年內完成裝修，我們預計這項工作的收入將大幅增加。

This one, the net followed by the station the recognition of lease income for the first 100-megawatt building as it comes fully online towards the end of this calendar year.

此次，隨著第一座 100 兆瓦建築在今年底全面投入使用，該電站將確認租賃收入。

Now let's turn to the quarter. Please note that unless otherwise specified, the figures are about to -- that we are about to discuss reflect continuing operations only and exclude the Cloud Services business. Revenues for the first fiscal quarter of fiscal '26 were $64.2 million, up 84% from $34.8 million in the fiscal first quarter of 2025. The increase was primarily due to the $26.3 million of revenue generated from the tenant fit-out services associated with our HPC hosting business. The remaining $5 million increase in revenue is related to the data center business and is due to performance improvements compared to the three months ended August 31, 2024.

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。26 財年第一季的營收為 6,420 萬美元，較 2025 財年第一季的 3,480 萬美元成長 84%。這一增長主要歸因於與我們的 HPC 託管業務相關的租戶裝修服務產生的 2,630 萬美元收入。其餘 500 萬美元的收入成長與資料中心業務有關，這是由於與截至 2024 年 8 月 31 日的三個月相比，業績有所改善。

Cost of revenues were $55.6 million compared to $22.7 million. Approximately $25 million of the increase in cost of revenue was associated with the tenant fit-out services for our HPC hosting business, while the remaining increase was associated with our data center hosting business and other expenses directly attributable to generating revenue. SG&A was $29.2 million compared to $11 million. This increase was due to increases of $16.6 million in stock-based compensation due to accelerated vesting of certain employee stock awards and $3.9 million in personnel expenses for employee costs and other costs attributable to supporting growth of these businesses.

收入成本為 5,560 萬美元，而去年同期為 2,270 萬美元。收入成本增加中約有 2500 萬美元與我們的 HPC 託管業務的租戶裝修服務有關，其餘增加與我們的資料中心託管業務和其他直接歸因於創造收入的費用有關。銷售、一般及行政費用為 2,920 萬美元，而之前為 1,100 萬美元。這一增長是由於某些員工股票獎勵的加速歸屬導致股票薪酬增加了 1,660 萬美元，以及用於支持這些業務增長的員工成本和其他成本的人事費用增加了 390 萬美元。

These costs were partially offset by a $2.3 million decrease in professional service expenses, primarily related to a decrease in legal services. Interest expense was $3.9 million compared to $3 million, and our net loss was $27.8 million or $0.11 per share. Adjusted net loss was $7.6 million or $0.03 per share, while adjusted EBITDA was $0.5 million compared to $6.3 million in the prior year. Moving to our balance sheet.

這些成本被專業服務費用減少 230 萬美元所部分抵消，這主要與法律服務費用減少有關。利息支出為 390 萬美元，而去年同期為 300 萬美元，我們的淨虧損為 2,780 萬美元，即每股 0.11 美元。調整後淨虧損為 760 萬美元，即每股 0.03 美元，調整後 EBITDA 為 50 萬美元，而去年同期為 630 萬美元。前往我們的資產負債表。

We ended the first fiscal quarter with $114.1 million in cash, cash equivalents and restricted cash, along with $687.3 million in debt. Note, this does not include the $362.5 million in proceeds from our financings that occurred subsequent to the quarter end.

我們在第一財季結束時擁有 1.141 億美元的現金、現金等價物和受限現金，以及 6.873 億美元的債務。請注意，這不包括本季末之後我們融資所得的 3.625 億美元收益。

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

現在，我將把電話交給韋斯，請他做最後發言。

Thank you, Saidal. In closing, I want to emphasize that as we add a second location with Polaris Forge 2, we expect to see a significant increase in our net operating income anchored by long-term contracts with hyperscale tenants. Applied Digital is operating at the center of one of the most capital-intensive infrastructure build-outs in modern history with hyperscalers expected to invest approximately $350 billion in AI development this year alone. We're not just participating in it, we are enabling it. With the core we've leased supporting roughly $0.5 billion in annual net operating income and Polaris Forge two poised to significantly increase that figure, we are laying the foundation to reach our stated goal of $1 billion of NOI run rate within 5 years.

謝謝你，賽達爾。最後，我想強調的是，隨著我們在 Polaris Forge 2 增加第二個地點，我們預計我們的淨營業收入將大幅增加，這得益於與超大規模租戶簽訂的長期合約。Applied Digital 正處於現代歷史上資本最密集的基礎設施建設的中心之一，預計超大規模企業僅今年一年就會在人工智慧開發方面投資約 3500 億美元。我們不僅僅是參與其中，我們還在推動其中的發展。我們租賃的核心設備支援每年約 5 億美元的淨營運收入，而 Polaris Forge 2 號機組預計將大幅提高這一數字，我們正在為實現 5 年內 10 億美元的淨營運收入運行率這一既定目標奠定基礎。

And this is just the beginning. The Department of Energy estimates power shortfall for data centers in the range of 40 to 50 gigawatts, while experts like Eric Schmidt from Google suggests it could exceed 90 gigawatts. We are developing a robust multi-gigawatt pipeline that is growing. While we've been selective in disclosing details for competitive reasons, we recognize the importance of communicating our power position to the market. We believe our pipeline is as strong or stronger than most of our peers, and we plan to continue to expand this in future updates.

而這只是個開始。美國能源部估計資料中心的電力缺口在 40 至 50 千兆瓦之間，而谷歌的埃里克施密特等專家則認為缺口可能超過 90 千兆瓦。我們正在開發一個不斷增長的強大的多千兆瓦管道。雖然出於競爭原因，我們選擇性地披露細節，但我們認識到向市場傳達我們的強勢地位的重要性。我們相信我們的產品線與大多數同行一樣強大甚至更強大，我們計劃在未來的更新中繼續擴展這一點。

We are actively evaluating new sites across additional states and regions, and we are moving quickly to meet the accelerating demand.

我們正在積極評估其他州和地區的新站點，並迅速採取行動以滿足不斷增長的需求。

On a personal note, as we review potential sites, this mission carries deep meaning for me. I grew up in a small town in Idaho and saw firsthand how major cities flourish through access to jobs and technology while rural communities were left behind. That's why I'm especially proud to partner with towns like Ellendale and Harwood. In most cases, when a company brings billions of dollars in construction to a region, it's the result of intense competition and aggressive tax incentives. In our case, we're choosing to invest in these communities because we see their potential and want to be part of their long-term success.

就我個人而言，當我們審查潛在的地點時，這項任務對我來說意義深遠。我在愛達荷州的一個小鎮長大，親眼目睹了大城市如何透過提供就業機會和技術而繁榮發展，而農村社區卻被拋在後面。這就是為什麼我特別自豪能與埃倫代爾和哈伍德這樣的城鎮合作。大多數情況下，當一家公司為某個地區帶來數十億美元的建設資金時，這是激烈競爭和激進稅收激勵政策的結果。就我們而言，我們選擇投資這些社區，因為我們看到了他們的潛力，並希望成為他們長期成功的一部分。

And this is particularly meaningful to me and my family. These projects represent more than infrastructure. They offer transformative opportunity from job creation to economic momentum that impact -- the impact is intended to be felt for generations. We also committed to minimizing our environmental impact through the latest design innovations, including strategies to reduce water usage and preserve local resources. In addition, we are investing in infrastructure upgrades to help minimize our impact on local utilities and manage the electrical demand required for each location.

這對我和我的家人來說意義非凡。這些項目不僅僅代表基礎設施。它們提供了從創造就業機會到推動經濟發展的變革機會，其影響將持續幾代人。我們也致力於透過最新的設計創新來最大限度地減少對環境的影響，包括減少用水量和保護當地資源的策略。此外，我們正在投資基礎設施升級，以幫助最大限度地減少對當地公用事業的影響並管理每個地點所需的電力需求。

By proactively enhancing grid support and optimizing power distribution, we aim to ensure our developments strengthen, not strain the surrounding communities.

透過積極加強電網支援和優化電力分配，我們的目標是確保我們的發展能夠增強週邊社區的力量，而不是給週邊社區帶來壓力。

Our vision is for Applied Digital to be known as a job creator, tax contributor and trusted community partner because we believe growth only matters if it's done the right way. We've invested in housing, built community centers, participated in local events and supported initiatives in hopes to make these towns stronger. At the end of the day, this is the legacy I want our company to be remembered for. This is only the beginning for Applied Digital.

我們的願景是讓 Applied Digital 成為就業創造者、稅收貢獻者和值得信賴的社區合作夥伴，因為我們相信，只有以正確的方式成長才有意義。我們投資住房、建造社區中心、參與當地活動並支持各項舉措，希望讓這些城鎮變得更強大。歸根究底，這是我希望我們公司能夠被人們記得的遺產。對於 Applied Digital 來說，這只是一個開始。

We're positioned at the convergence of unprecedented demand and proven execution capability. We have a design that has been approved by four hyperscalers. We have secured critical supply chain. We have scaled construction to 700 megawatts, and we have put capital partnerships in place to fund our rapid expansion.

我們處於前所未有的需求和成熟的執行能力的融合點。我們的設計已經得到四家超大規模企業的認可。我們已經確保了關鍵的供應鏈。我們已將建設規模擴大到 700 兆瓦，並已建立資本合作夥伴關係來資助我們的快速擴張。

With hyperscalers racing to deploy infrastructure and our platform already delivering, we believe the opportunity ahead is not only massive it's accelerating. We remain confident in our strategy, our partnerships and our ability to lead this next chapter of digital infrastructure.

隨著超大規模企業競相部署基礎設施，並且我們的平台已經交付，我們相信未來的機會不僅巨大，而且還在加速成長。我們對我們的策略、合作夥伴關係以及引領數位基礎設施新篇章的能力充滿信心。

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。

Thank you very much, operator. My first question was just on the project financing. I think last quarter, you outlined a pathway to having announced in the near term. And obviously, we've seen the initial Macquarie draw here. But what are the largest remaining factors?

非常感謝，接線生。我的第一個問題是關於專案融資的。我認為上個季度您概述了近期宣布的途徑。顯然，我們已經看到了麥格理最初的吸引力。但剩下的最大因素是什麼？

And can you just remind us if we should expect financing for the first $150 million or if we should look for something that could be all $400 million?

您能否提醒我們，我們是否應該期待首筆 1.5 億美元的融資，還是應該尋求全部 4 億美元的融資？

I'll let Saidal answer that.

我讓賽達爾來回答這個問題。

Thanks for the question. Yes. So in terms of the project financing, I would expect, just given the both buildings coming on over the next, call it, year, we're going to have the product financing entail both buildings. This is unique. Generally, it's building by building.

謝謝你的提問。是的。因此，就專案融資而言，我預計，考慮到這兩棟建築都將在明年建成，我們將為這兩棟建築提供產品融資。這是獨一無二的。一般來說，是一棟棟樓一棟大樓地建。

But given the size and timing to market, we thought it was -- we felt it was appropriate to have both buildings on the same process. Note that this is one of the largest CoreWeave as a tenant financings occurring in the market. So we are finalizing and working through all the credit agreement docs, all the paperwork and what we're aiming for is having a facility in place that's in line, if not more optimal than what was currently announced from some of their competitors.

但考慮到規模和上市時間，我們認為讓兩棟建築採用相同的流程是合適的。請注意，這是市場上最大的 CoreWeave 作為租戶融資之一。因此，我們正在完成並處理所有信貸協議文件和所有文書工作，我們的目標是建立一個與一些競爭對手目前宣布的一致甚至更優的設施。

That's helpful. My next question was, just switching gears to Polaris Forge 2. Can you just remind us what's currently in place from just a power infrastructure perspective, is there a substation that's under construction, for instance? What about the power offtake agreement? Just would appreciate any updates there.

這很有幫助。我的下一個問題是，切換到 Polaris Forge 2。您能否從電力基礎設施的角度簡單介紹一下目前的狀況，例如是否有正在建造的變電站？電力承購協議怎麼樣？非常感謝那裡的任何更新。

Yes. So Nick, you've seen that we announced 280 megawatts there, it's the initial utility power there will be some infrastructure built and put in place, but we'll meet the time line that we've talked about earlier, which is this location coming online in '26 and fully online in '27.

是的。尼克，你已經看到我們宣佈在那裡建設 280 兆瓦的電力，這是最初的公用電力，將會建造和安裝一些基礎設施，但我們會按照我們之前談到的時間表進行，也就是這個地點在 26 年上線，27 年全面上線。

Rob Brown, Lake Street Capital Markets.

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

Okay. I just want to follow up a little bit. You talked about a couple of new hyperscalers in new locations that you're starting to look at. I can't get too much detail, but what's sort of the kind of time line there and potential that they could start to take action here and move forward.

好的。我只是想稍微跟進一下。您談到了您開始關注的幾個位於新地點的新超大規模企業。我無法了解太多細節，但他們的時間表是什麼樣的，以及他們可以開始採取行動並向前推進的可能性是什麼。

It's a good question, Rob. Thank you. So we've started negotiations. I think what's important here, Rob, is we're getting into a place where I think we're going to constantly be in negotiation with new customers or existing customers for expansion at new and existing locations. And those will start -- those will run through their process and some of these could be 90 days or 120 days from start to finish.

這是個好問題，羅布。謝謝。因此我們已經開始談判。羅布，我認為這裡重要的是，我們正進入這樣一個階段，我認為我們將不斷與新客戶或現有客戶進行談判，以擴大新地點和現有地點的擴張。這些都將開始 - 這些將貫穿他們的整個過程，其中一些從開始到結束可能需要 90 天或 120 天。

But I think the expectation, Rob, should be that this is going to be a constant for us. So we moved from Polaris Forge 1 where we're executing to Polaris Forge two or I think we'll have a contract in place in the very near term.

但我認為，羅布，我們應該期待這對我們來說將是一個常數。因此，我們從正在執行的 Polaris Forge 1 轉向 Polaris Forge 2，或者我認為我們將在短期內簽訂合約。

And then we have more campuses that we're working through, as I mentioned, a 4-gigawatt active pipeline that we're working on and then more outside of that. but it's just going to be a constant and we've seen a big acceleration in our business. And I think some of that is the market and some of that is the progress that we've made over the past three months, and we just need to make sure that we're in a good position to meet as much of that demand as we can meet.

然後，我們正在建造更多的校園，正如我所提到的，我們正在建造一個 4 千兆瓦的活躍管道，然後還有更多的校園在建設中。但這將是一個常數，我們已經看到我們的業務有了很大的加速。我認為其中一些是市場因素，有些是我們在過去三個月中取得的進展，我們只需要確保我們處於有利地位，能夠盡可能地滿足需求。

Okay. Great. And then I think you talked about expanding the Polaris Forge 1 and two to 1 gigawatt. What's I guess the limiting factor there? What would you need to add that much power to those sites?

好的。偉大的。然後我想您談到了將 Polaris Forge 1 和 2 擴展到 1 千兆瓦。我猜那裡的限制因素是什麼？您需要為這些站點添加這麼多電力嗎？

So as typical with most sites, even very large sites, you see announced, one of the things in the industry is there's no uniform way for you to come me versus someone else for the power because there's not all the details of what that entails and what the time line of that power is. But generally, at locations like this, you have initial power and then you scale over time. We're trying to match with so Ellendale, I would think now, that will go to about 1.4 gigawatts of total utility power a little over 1 gigawatt in hardwood of total utility power and it has to do with the infrastructure that transmits the power in some locations and in others it's about adding additional generation capability.

因此，正如大多數網站（甚至是非常大的網站）的典型情況一樣，您會看到，行業中的一個問題是，沒有統一的方式讓您來找我或其他人爭奪權力，因為沒有關於這需要什麼以及權力的時間表的所有細節。但一般來說，在這樣的地方，你擁有最初的力量，然後隨著時間的推移逐漸擴大。我們正在嘗試與之匹配，所以我認為現在，這將達到約 1.4 千兆瓦的總公用電力，略高於硬木的 1 千兆瓦總公用電力，並且它與在某些地方傳輸電力的基礎設施有關，而在其他地方則是為了增加額外的發電能力。

So the grid at large there, so not necessarily directly at that location, but the grid overall, and we have good line of sight on additional generation coming online in the areas that we needed to come online. But the goal, Rob, for us on these sites is to match the power ramp with our ability to build. So for building at the Polaris Forge 2, we're building 300 megawatts. And when we're wrapping that 300 megawatts up, the hoping that we've matched well where we can start our next 300 megawatts or their 150-megawatt building.

因此，那裡的電網很大，不一定直接位於那個位置，而是整個電網，我們可以很好地看到在我們需要上線的區域中額外上線的發電情況。但是羅布，我們在這些站點上的目標是將電力坡道與我們的建設能力相匹配。因此，對於 Polaris Forge 2 的建設，我們將建造 300 兆瓦的電力。當我們完成這 300 兆瓦的建設時，希望我們已經能夠很好地匹配，以便可以開始我們的下一個 300 兆瓦或他們的 150 兆瓦的建設。

So at least one more of those buildings with power to be delivered. That building is finished and the same at, Ellendale we run through 27, and then we'll have new power coming there in 28 early to mid-2017, we're building for that 28 power, so that our building is ready when that power is available to be delivered

因此，至少還有一棟建築物需要供電。該建築已經完工，在 Ellendale 也一樣，我們將通過 27 號州際公路供電，然後我們將在 2017 年初到年中在 28 號州際公路上獲得新的電力，我們正在為 28 號州際公路建設電力，這樣當電力可用時，我們的建築就可以準備好了

Mike Grondahl, Northland Securities.

麥克‧格朗達爾，Northland Securities。

And congratulations on the $5 billion MAM financing. Can you talk a little bit about what that does demand financing does for you on a go-forward basis?

並祝賀 MAM 獲得 50 億美元融資。您能否稍微談談需求融資未來會為您帶來什麼？

Sure, Mike. So Macquarie has been a big investor in data center for many years. They're really well known in the industry. And just us working with them and their relationships with hyperscalers and all of the processes they've been through before. is extraordinarily helpful just from the partnership perspective.

當然，麥克。因此麥格理多年來一直是資料中心的大投資者。他們在業界確實很有名。僅從合作的角度來看，我們與他們合作以及他們與超大規模企業的關係以及他們之前經歷過的所有流程都非常有幫助。

But when you look from a capital perspective, what we're seeking to do there is we could finance the Ellendale campus Polaris Forge 1 by ourselves. You probably even finance Polaris Forge two by ourselves.

但從資本角度來看，我們想要做的是，我們可以自己為 Ellendale 校區 Polaris Forge 1 提供資金。您甚至可能自己資助 Polaris Forge 2。

But what we're trying to put in place and what we have put in place now is the ability for us to scale much larger. We're looking more into the future and putting a mechanism in place that eliminates or minimizes the dilution of the public company for a set amount at the subsidiary for Macquarie. And this allows us to go forward the Macquarie Capital of $5 billion of capital really unlocks $20 billion to $25 billion of total capital for us when you include project finance.

但我們正在努力實現的以及我們現在已經實現的是我們擴大規模的能力。我們正在著眼於未來，並建立一種機制，以麥格理子公司的一定金額消除或盡量減少上市公司的稀釋。這使我們能夠繼續前進，如果算上專案融資，麥格理資本 50 億美元的資本實際上可以為我們釋放 200 億至 250 億美元的總資本。

And that allows us to build a significant amount of capacity and now our shareholders and yourself as an analyst, you know what the structure is for us, you know what the dilution looks like. We have the dilution down of a subsidiary for Macquarie and it really eliminates the need for us to just constantly be going to the market to raise capital to build these facilities.

這使我們能夠建立大量的產能，現在我們的股東和您作為分析師，您知道我們的結構是什麼樣的，您知道稀釋是什麼樣的。我們已經稀釋了麥格理的子公司的股權，這確實消除了我們不斷去市場籌集資金來建造這些設施的需要。

That's helpful. And then you guys have talked about the project financing and the progress you've made there for the Ellendale CoreWeave 400 megawatts. Do you have any rough expected terms on that project financing you can kind of talk about at a high level?

這很有幫助。然後你們談到了專案融資以及 Ellendale CoreWeave 400 兆瓦專案的進展。您對該專案融資有什麼大致的預期條款嗎？可以詳細談談嗎？

Mike, this is Saidal. Yes. So to provide a little more color and not much has changed since the prior quarter. in terms of LTCs for CoreWeave-backed leases, we expect it to come around the 70% LTC range. We've seen anywhere from 70% to 80%, 80% tends to be a little bit of a higher cost given the structuring.

麥克，這是賽達爾。是的。因此，為了提供更多的信息，自上一季以來並沒有太大的變化。就 CoreWeave 支援的租賃的 LTC 而言，我們預計它將達到 70% LTC 範圍左右。我們看到的比例從 70% 到 80% 不等，考慮到結構，80% 的成本往往會稍微高一些。

In terms of pricing, we've seen anywhere from 400 to 450 basis points. I think one of those facilities was slightly higher at 475. We hope and expect to come in between the 400 to 450 basis points that's out there in terms of the spread over SOFR.

在定價方面，我們看到的漲幅在 400 到 450 個基點之間。我認為其中一個設施的價格略高一些，為 475。我們希望並預期 SOFR 利差將在 400 至 450 個基點之間。

And then how it's bifurcated, it's very interesting, too. So what we've seen in the market, there is a bifurcation with take, for instance, a 70% LTC loan. You'll have 50% of that facility structure as a mortgage, generally lower price, call it, 300 to 335 basis points over so for what the CapEx is cash flow from the campus basically sweeping down the principal. And then the other 20 points of LTC is generally structured as a second lien or met facility anywhere from call it, 10%.

然後它是如何分叉的，這也很有趣。因此，我們在市場上看到的是，存在分歧，例如 70% 的 LTC 貸款。您將擁有該設施結構的 50% 作為抵押貸款，通常價格較低，稱之為 300 到 335 個基點，因此對於資本支出而言，來自校園的現金流基本上掃除了本金。然後，LTC 的另外 20 個點通常被建構為第二留置權或滿足設施，從 10% 開始。

So it blends into that S plus 425. It's a very efficient structure and it's a unique way to finance high-grade tenants that right now are currently not investment grade, but perhaps in a year or two or become investment grade. So that's what we're seeing, and it's a dynamic landscape, and we expect to have completed within the quarter. guarantees, but a great progress.

因此它與 S plus 425 融為一體。這是一種非常有效率的結構，也是為高級租戶提供融資的獨特方式，這些租戶目前還不是投資等級，但也許在一兩年內就會成為投資級。這就是我們所看到的，這是一個充滿活力的景象，我們預計將在本季度內完成。保證，但取得了巨大的進步。

Darren Aftahi, ROTH Capital.

達倫·阿夫塔希（Darren Aftahi），羅仕資本（ROTH Capital）。

Can you, definitionally speaking, talk to how you define active pipeline, is that prospective exclusivity in development and where the food chain does that four gigs fall?

您能否從定義上講，談談您如何定義活躍管道，這是否是開發中的潛在排他性，以及這四個演出屬於食物鏈的哪個部分？

Yes. So Darren, what we look at -- so if I looked at what we have for four buckets, it's -- would be operating under construction, active pipeline and then pipeline. And so operating is 0 right now, and this quarter will drop 100 megawatts into operating. We have 700 megawatts in construction right now. Those are pretty easy to define.

是的。那麼達倫，我們所看到的——如果我看一下我們有的四個桶，那就是——正在建設中的營運管道、活躍的管道和管道。因此，目前的營運量為 0，本季將減少 100 兆瓦的營運量。我們目前正在建造 700 兆瓦的發電廠。這些都很容易定義。

I mean, the digital active pipeline, these are things that we feel could move into that construction pipe into the construction box in the next 6 to 12 months. And some of those could be even sooner.

我的意思是，數位活動管道，這些東西是我們認為可以在未來 6 到 12 個月內轉移到施工管道中並進入施工箱中的東西。其中一些甚至可能更快。

So those are things we're actively working on with permitting, with power, with all of those pieces that we think in the next 6 to 12 months can move into the construction pipeline. And then you have a further out pipeline that are things that we're constantly looking at. But we're saying that I don't think that, that can necessarily move into the construction pipeline within that time frame.

因此，我們正在積極處理許可、電力等所有相關事宜，我們認為這些事宜將在未來 6 到 12 個月內進入建設階段。然後你有一個更遠的管道，這是我們一直在關注的事情。但我們說，我不認為這一定能在那個時間範圍內進入建設階段。

That's helpful. And then I guess, with doing multiple sites at once, obviously, you have the capital pace iron out. But in terms of like human capital and people, like how do you balance that? Is there enough resources for you guys to do that? And is your -- I mean you guys call are operating on a pretty aggressive time frame of 12 months, like what or any headwinds potentially that would secure that 12-month time frame that you guys are hoping to achieve all these sites?

這很有幫助。然後我想，透過同時建立多個站點，顯然，你必須解決資本節奏問題。但是就人力資本和人員而言，您如何平衡它們？你們有足夠的資源來做這件事嗎？你們——我的意思是，你們是在 12 個月這個相當激進的時間框架內開展工作，那麼，有哪些潛在阻力可以確保在 12 個月的時間框架內完成所有這些站點的建設？

Yes. So there's a couple of things on the human capital side, so inside the company. We've been working on this pretty aggressively for a while to get ourselves in a position to be able to scale. So the company has been focused on that building that first building, getting a customer now that's three buildings, we have a customer for the three buildings. And internally, we've been okay, we see what the demand looks like.

是的。因此，在人力資本方面，也就是在公司內部，存在著一些事情。我們一直在積極地進行這項工作，以使自己能夠擴大規模。因此，公司一直專注於第一棟建築，現在已有三棟建築獲得客戶，我們為這三棟建築找到了客戶。從內部來看，我們一切順利，我們知道需求是什麼樣的。

We've been cultivating a very large power pipeline. And then we have thought about how do we scale this to multiple campuses at the same time, and we've put almost all of that in place internally that we need.

我們一直在培育一條非常大的電力管道。然後我們考慮如何同時將其擴展到多個校園，並且我們已經在內部完成了幾乎所有需要的工作。

One of the big items, Darren, that is a big issue, and it will start to become more and more of an issue supply chain. So we've put the supply chain in place. I've talked about this before. We did this some time ago where we've landed with these key partners. We've narrowed down the number of SKUs that we use on site.

達倫，這是一個大問題，而且它將開始越來越成為供應鏈的一個問題。因此我們已經建立了供應鏈。我之前已經談過這個了。我們不久前就這樣做了，並且已經與這些關鍵合作夥伴達成了協議。我們已縮小了現場使用的 SKU 數量。

We have a couple of key partners that we use on supply chain because we need to be able to ramp supply chain along with just having power and land isn't enough. And so we've been able to do that. And then -- so we're doing it in the Dakotas right now.

我們在供應鏈上有幾個關鍵的合作夥伴，因為我們需要能夠擴大供應鏈，而僅僅擁有電力和土地是不夠的。所以我們能夠做到這一點。然後——我們現在正在達科他州做這件事。

The key question for me is how much can we do I think we can at least do 1 more campus in the Dakotas in parallel. Can we do two more in the Dakotas in parallel because then you start getting into the localized labor force of work and then you can obviously pull from other areas. But you should expect us to do some campuses and other ads where we can pull on a different local labor pool to really execute on this. But those are the key items. And then what we're seeing because we have ability to do the design, to do construction.

對我來說，關鍵問題是我們能做多少，我認為我們至少可以在達科他州同時再建立一個校區。我們能否在達科他州同時再進行兩項工作，因為這樣你就可以開始進入本地化的勞動力市場，然後你顯然可以從其他地區吸引勞動力。但你應該期待我們做一些校園和其他廣告，我們可以利用不同的當地勞動力資源來真正執行這一目標。但這些都是關鍵項目。我們看到的是因為我們有能力進行設計和施工。

We have supply chain. We have all of these pieces. We've been getting flooded with our opportunities.

我們有供應鏈。我們擁有所有這些作品。我們面臨著無數的機會。

So I would say, in the last four weeks, we've seen over 50 different sites and I think we'll see a lot more of these where people -- there's been this big grab for power and for land and people who run out and grab power and it's valuable to have power they don't know what to do with it from there. And so we're stepping in is looking at these sites are being shown to us, and we're having a really stringent selection process on taking the right sites that are great locations for us to diversify our locations or geographically and then make sure that we can build for the right customers with the supply chain and the resources that we have.

所以我想說，在過去的四周裡，我們已經看到了 50 多個不同的地點，我想我們還會看到更多這樣的地點，人們在那里大肆爭奪權力和土地，人們奪走權力，擁有權力很有價值，但他們不知道該如何處理。因此，我們介入並查看向我們展示的這些地點，並且我們正在進行非常嚴格的選擇過程，以選擇合適的地點，這些地點對於我們實現地點或地理位置的多樣化至關重要，然後確保我們能夠利用我們擁有的供應鏈和資源為合適的客戶進行建設。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

[Logan] on for George this afternoon. First one for me, I noticed in the press release you're calling out that it sounds like the late-stage discussions with the customer at Heartwood. They would get a role on the full gigawatt there. I'm curious, is that kind of becoming a requirement for hyperscalers across the board like they're going to become a customer at a site? Are they looking for basically that line of sight to a gigawatt or some big amount of power?

[洛根] 今天下午代替喬治。對我來說，首先，我注意到您在新聞稿中提到的內容聽起來像是與 Heartwood 客戶進行的後期討論。他們將在那裡的千兆瓦電力中扮演一個角色。我很好奇，這是否會成為超大規模企業的全面要求，就像他們要成為某個站點的客戶一樣？他們是否在尋找能夠達到千兆瓦或更大功率的電力？

And I guess when we think about those other two sites that you called out where you're also in discussions, are those -- anything you can give us about what power is in place there? And are those also sites where you have sort of expansion capability down the road?

我想，當我們考慮您提到的另外兩個站點時，您也在討論這些站點——您能告訴我們那裡有哪些權力嗎？這些站點是否也是你們未來具有擴充能力的站點？

Yes, it's a great question. So what we're seeing in general is to ask is how fast can I get 200 megawatts and then the site needs to scale to a gigawatt. And so that's what we're providing in the majority of our discussions. So it's been kind of need '26 power. Now we're really moving into '27 at this point.

是的，這是一個很好的問題。因此，我們通常要問的是，我能多快獲得 200 兆瓦，然後站點需要擴展到 1 千兆瓦。這就是我們在大多數討論中提供的內容。所以它有點需要‘26 力量。現在我們真的進入 27 年了。

And so that's our focus is that how fast can we get at least 200 and then scaling to a gigawatt. And so the sites that we talk about generally can all do that type of sale to a gigawatt. Now from a requirement that -- that's the general demand. There's enough demand now that you could do sites that don't have to scale to a gigawatt because that's a significant scale.

因此，我們的重點是，我們能多快達到至少 200，然後擴展到千兆瓦。因此，我們通常談論的網站都可以進行這種千兆瓦的銷售。現在從要求來看——這是普遍的需求。現在有足夠的需求，你可以建立一個不需要擴展到千兆瓦的站點，因為這是一個相當大的規模。

But the other piece I would say is we're being asked for sizes significantly beyond that. we've even had some discussions on sites that are 10x that size. So what we're seeing from a demand perspective in the market and the trend where it's going now is larger scale sites, both for training and for inference, but built in a single location so that the cost advantages of building a scale in a single location.

但我想說的另一件事是，我們被要求的尺寸遠遠超出了這個範圍。我們甚至討論過 10 倍於此大小的網站。因此，從市場需求角度來看，我們看到的趨勢是更大規模的站點，既用於訓練也用於推理，但都建在一個地方，這樣在單一地點建設規模就具有成本優勢。

Got it. And then just one other. I mean it sounds like a pretty late stage at Harwood. Just from like a lease economic standpoint, should we look for something similar to what you guys got done at Ellendale or a different end customer there potentially lead to different lease economics?

知道了。然後還有另一個。我的意思是，這聽起來像是哈伍德的後期階段。僅從租賃經濟的角度來看，我們是否應該尋找與你們在 Ellendale 所做的事情類似的東西，或者那裡的不同最終客戶可能導致不同的租賃經濟？

Yes, you should -- you should expect. So what we focus on is the kind of the spread, right? And the spread is what is our cost of capital versus the tenant that we signed at a location. And so if you have an investment-grade hyperscaler, then the cost of capital for us is lower from a project finance perspective. So you should expect that there's the lower economics versus the headline economics, but you should be expecting a similar spread between those two from a cost to capital and then a revenue perspective so that we are getting really the same return from an economic perspective, but that's what you should expect.

是的，你應該——你應該期待。所以我們關注的是傳播的類型，對嗎？利差就是我們的資本成本與我們在某個地點簽約的租戶的成本之比。因此，如果您擁有投資等級超大規模企業，那麼從專案融資的角度來看，我們的資本成本就會較低。因此，您應該預料到，與總體經濟效益相比，經濟效益會較低，但從資本成本和收入角度來看，您應該預料到兩者之間存在類似的差距，以便從經濟角度來看，我們實際上獲得了相同的回報，但這正是您應該預料到的。

Michael Donovan, Compass Point.

多諾萬 (Michael Donovan)，指南針點。

Question on supply chain side. So what are you seeing in the supply chain for long lead equipment such as the transformers generators and have lead times or pricing shifted materially in the past 6 months?

關於供應鏈方面的問題。那麼，您在變壓器、發電機等長週期設備的供應鏈中看到了什麼？在過去 6 個月中，交貨時間或價格是否發生了重大變化？

So I think the lead times have become kind of stretch in the industry. Again, for us, specifically, we secure these two years ago, and we bought out some -- a lot of manufacturing capacity to supply what we'll need for the future because we expected supply chain to be one of the critical components for this. But for ourselves, specifically, we haven't seen a lot of pricing inflation or stretching of what we're ordering because of how we went about that. But I think you're generally seeing that throughout the industry.

所以我認為這個行業的交貨時間已經變得有點太長了。再說一次，對我們來說，具體來說，我們在兩年前就確保了這一點，並且我們購買了大量的製造能力來滿足我們未來的需求，因為我們預計供應鏈將成為其中的關鍵組成部分之一。但就我們自己而言，具體來說，由於我們採取了這種做法，我們並沒有看到價格大幅上漲或訂單量過大的情況。但我認為整個行業普遍都存在這種情況。

Okay. That's helpful. And then just for a clarification around Macquarie for the $5 billion and thinking of Polaris Forge, how much additional funding will be needed for PF 1 for those three buildings? Or does that cover all of it?

好的。這很有幫助。然後，為了澄清麥格理銀行關於 50 億美元資金的問題，並考慮到 Polaris Forge，PF 1 的這三座建築還需要多少額外資金？或者這涵蓋了全部內容？

So between Macquarie and the project finance, we don't expect to contribute ourselves any additional funding into Polaris Forge 1. That will be funded by the project finance and the core financing.

因此，在麥格理和專案融資之間，我們預計不會向 Polaris Forge 1 投入任何額外資金。這將由專案融資和核心融資提供資金。

John Todaro, Needham.

約翰·托達羅，尼德姆。

It's [Austin Ortiz] on the line for John Todaro. Just a quick question on South Dakota. Is there any, I guess, expected power to come online potentially in 2026 or 2027 in the pipeline? Or just any updates on South Dakota, if possible?

我是 [Austin Ortiz]，找 John Todaro。只是想問一下關於南達科他州的一個問題。我猜，是否有任何預計在 2026 年或 2027 年可能投入使用的電力？或者如果可能的話，只是有關南達科他州的任何最新消息？

So South Dakota, the power will be available in 26 there. However, the piece that we're working on in South Dakota is a sales tax exemption that I believe 41 other states have for IT equipment for data center and -- so we're working through the process there in South Dakota, and I know there's other hyperscalers that are working through that same process. But that's really the gating item for South Dakota is not the power for us.

因此，南達科他州將在 26 日恢復供電。然而，我們在南達科他州正在努力實現銷售稅減免，我相信其他 41 個州也對資料中心的 IT 設備實行這項政策——所以我們正在南達科他州推進這一流程，而且我知道其他超大規模企業也在推進同樣的流程。但這確實是南達科他州的限制因素，而對我們來說並不是力量。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

I just had one. I first wanted to clarify. I think you said project financing could be wrapped up within the quarter. Would that be calendar or fiscal? And were to take longer, how much more could you draw from them?

我剛吃了一個。我首先想澄清一下。我認為您說過專案融資可以在本季內完成。那是日曆還是財政的？如果花費的時間較長，您能從中獲得多少資訊？

Yes, the fiscal quarter.

是的，財政季度。

Appreciate that. And then was that a follow-up always appreciate your industry commentary around demand. I mean, demand still sounds really strong. And obviously, economics today are being determined by availability of power. But as we go out to 2027 and 2028, do you think it's still going to be driven by ability or what other factors would you highlight?

非常感謝。然後是後續問題，我總是很欣賞您對需求的行業評論。我的意思是，需求聽起來仍然很強大。顯然，當今的經濟取決於電力的可用性。但是當我們進入 2027 年和 2028 年時，您認為它仍然會受到能力的驅動嗎？或者您會強調哪些其他因素？

I would highlight, generally now, I think there's a couple of things. So everyone has been scrambling when you can power turn on and when you build a building. But I think as we go through the next 12 months, there's going to be potentially some a bit of a shakeout for things just not being -- meeting construction time lines.

我想強調的是，總的來說，我認為有幾件事。因此，每個人都在忙著何時可以通電、何時可以建造建築物。但我認為，在接下來的 12 個月裡，可能會出現一些小變動，因為有些事情無法滿足施工時間表。

I think there's just a lot of new entrants in the market at large. And I think there's some lessons that we learned a few years ago about the process of building these a lot of other new entrants. So probably we'll have to learn. So I think you'll see projects get delayed. And then there will be proven vendors, proven developers that get more and more of the business as we go forward kind of in '27 and '28.

我認為整個市場中有很多新進入者。我認為，幾年前我們在建立這些新進入者的過程中學到了一些教訓。所以也許我們必須學習。所以我認為你會看到項目被推遲。隨著我們在 27 年和 28 年的發展，將會有成熟的供應商和開發商獲得越來越多的業務。

There are no further questions at this time. So I'd like to turn the call back over to Wes Cummins for closing comments. Sir, please go ahead.

目前沒有其他問題。因此，我想將電話轉回給韋斯康明斯 (Wes Cummins) 來做最後評論。先生，請繼續。

Thanks, everyone, for joining the call for our fiscal first quarter, and I look forward to speaking with you in January.

感謝大家參加我們第一財季的電話會議，我期待一月份與你們交談。

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

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。