Applied Digital Corporation (APLD) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal fourth-quarter 2026 conference call. My name is Pascale Berman, and I will be your operator today.

下午好，歡迎參加 Applied Digital 2026 會計年度第四季財報電話會議。我叫 Pascale Berman，今天將擔任會議接線員。

Before this call, Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2026, in a press release, a copy of which has been furnished in a report on 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.

在本次電話會議之前，Applied Digital 已透過新聞稿公布截至 2026 年 5 月 31 日止之 2026 會計年度第四季財務結果；該新聞稿副本已隨同向美國證券交易委員會（SEC）提交之 Form 8-K 報告提供，並將於公司網站之投資人關係（Investor Relations）專區提供查閱。

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.

今天與會者包括 Applied Digital 董事長兼執行長 Wes Cummins，以及財務長 Saidal Mohmand。在他們發言後，我們將開放提問。

Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

在開始之前，Gateway Group 的 Matt Glover 將先做簡短開場說明。Glover 先生，請開始。

Thank you, operator. Hello, everyone, and welcome to Applied Digital's fiscal fourth-quarter 2026 conference call.

謝謝，接線員。各位好，歡迎參加 Applied Digital 2026 會計年度第四季財報電話會議。

Before management begins formal remarks, we'd like to remind everyone that some statements we are 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.

在管理團隊開始正式發言之前，我們提醒各位，今天所做的部分陳述可能依證券法規被視為前瞻性陳述，並涉及若干風險與不確定性。因此，我們提醒您注意，有許多因素（其中許多超出我們控制範圍）可能導致實際結果與事件與前瞻性陳述中所描述者出現重大差異。

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 SEC. 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.

關於與前瞻性陳述相關之風險、不確定性與假設的更詳細內容，請參閱我們的財報新聞稿以及向 SEC 提交之公開文件中的揭露。除法律要求外，我們不承擔亦不承諾更新前瞻性陳述以反映在前瞻性陳述作出日期之後發生的情況或事件之任何義務。

We also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to 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 under the caption Risk Factors in 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.

我們亦會討論非 GAAP 財務衡量指標；在您考量這些指標時，建議您仔細閱讀我們財報新聞稿中的相關揭露，以及與適用 GAAP 指標之調節表。我們亦請您參閱我們向 SEC 提交之文件，以取得對我們業務的詳細揭露與說明，以及不確定性與其他可變情況之描述，包括但不限於我們 Form 10-K 年報與 Form 10-Q 季報中「風險因素」（Risk Factors）標題下所識別之風險與不確定性。您可造訪 SEC 網站 www.sec.gov 免費查閱 Applied Digital 向 SEC 提交之文件。

I would like to also remind everyone that this call is being recorded and made available for replay via link in the IR section of Applied Digital's website.

我也提醒各位，本次電話會議將被錄音，並將透過 Applied Digital 網站投資人關係（IR）專區中的連結提供重播。

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

現在我想把電話交給 Applied Digital 董事長兼執行長 Wes Cummins。Wes？

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal fourth-quarter 2026 earnings conference call.

謝謝你，Matt，各位下午好。感謝各位參加我們 2026 會計年度第四季財報電話會議。

This was a defining quarter for Applied Digital, capping a transformational year for the company. We signed leases for five campuses, including three in just the past four months. We created $36 billion of total contracted long-term lease value and approximately $20 billion of that in the last quarter. This represents a 125% increase in contracted lease value underpinned by 1.41 gigawatts of contracted critical IT load for all campuses.

本季對 Applied Digital 而言是具有指標性意義的一季，為公司轉型的一年畫下句點。我們為五個園區簽署租賃合約，其中三個是在過去四個月內完成。我們創造了 360 億美元的長期租賃合約總價值，其中約 200 億美元是在上一季完成。這代表已簽約租賃價值增加 125%，並由所有園區合計 1.41 吉瓦（gigawatts）的已簽約關鍵 IT 負載所支撐。

As previously mentioned, we recently signed three new campuses, Delta Forge 1, Polaris Forge 3 and Delta Forge 2 with the same high investment-grade hyperscaler. These campuses span three states across two distinct regions of the country. Delta Forge 1 and Polaris Forge 3 are each approximately $7.5 billion in base term contracted lease revenue and Delta Forge 2 adds approximately $5.2 billion, together representing approximately $20 billion in long-term contracted revenue from a single world-class customer.

如先前所提及，我們近期與同一家高投資等級的超大規模雲端業者（hyperscaler）簽署三個新園區：Delta Forge 1、Polaris Forge 3 與 Delta Forge 2。這些園區橫跨全國兩個不同區域的三個州。Delta Forge 1 與 Polaris Forge 3 各自約有 75 億美元的基礎租期已簽約租賃收入，而 Delta Forge 2 另增加約 52 億美元；合計約 200 億美元的長期已簽約收入，皆來自同一位世界級客戶。

Over the course of the year, we delivered 100 megawatts of Polaris Forge 1 on time and on budget. We also achieved strong financial results, which you will hear about in a few moments. Just as importantly, we deepened our partnerships with local communities, building trust, making lasting investments and helping improve residents' quality of life.

在過去一年中，我們如期且在預算內交付 Polaris Forge 1 的 100 兆瓦（megawatts）。我們也取得強勁的財務成果，稍後各位將會聽到相關說明。同樣重要的是，我們深化了與在地社區的夥伴關係，建立信任、進行長期投資，並協助提升居民的生活品質。

We are currently constructing five multibillion-dollar AI factory campuses for three separate hyperscalers at a scale we believe speaks both to the quality of our platform and to the trust these customers place in our ability to execute. We achieved this kind of scale by leveraging our proprietary data center design and world-class supply chain to efficiently replicate our builds across a diverse set of geographies and climate conditions.

我們目前正為三家不同的超大規模雲端業者建置五座數十億美元規模的 AI 工廠園區；我們相信此一規模足以反映我們平台的品質，以及這些客戶對我們執行能力的信任。我們能達到這樣的規模，是透過運用我們專有的資料中心設計與世界級供應鏈，在多元地理位置與氣候條件下高效率地複製建置。

At the center of our approach is what we call our franchise model. When we begin development at a new campus, we established the same core group of approximately 15 to 20 leadership positions, each reporting directly to headquarters. This repeatable operating structure, combined with the strength of our supply chain and our status as an approved supplier with every major hyperscaler, positions us to deliver a platform that is both differentiated and scalable.

我們方法的核心是我們所稱的「特許經營模式」（franchise model）。當我們在新園區開始開發時，我們會建立同一套核心團隊，約 15 至 20 個領導職位，並皆直接向總部匯報。此一可重複的營運架構，結合我們供應鏈的優勢，以及我們作為所有主要超大規模雲端業者核准供應商的地位，使我們能提供兼具差異化與可擴展性的平臺。

We believe this model is one of the key reasons we have emerged as a clear leader in the industry. Together, we believe these capabilities provide a strong foundation for creating significant long-term value to our customers, shareholders and communities we serve.

我們相信，這個模式是我們成為產業明確領導者的關鍵原因之一。我們也相信，這些能力共同為我們的客戶、股東以及我們服務的社區創造可觀的長期價值奠定了堅實基礎。

I'm even more excited about our pipeline beyond the 1.41 gigawatts currently under construction, particularly as rental rates have moved higher over the past six months. We are actively marketing an additional 1.7 gigawatts across multiple states and expect this new capacity to command higher pricing.

相較於目前正在建置的 1.41 吉瓦，我對後續的案源管線更感到振奮，特別是在過去六個月租金費率已走高的情況下。我們正積極在多個州推廣額外 1.7 吉瓦的容量，並預期這些新增容量將能取得更高的定價。

We're seeing demand not only for entirely new campuses, but also for additional capacity at our existing locations. We are currently in advanced negotiations with two existing investment-grade customers to finalize leases associated with their respective expansion options for approximately 100 megawatts and 150 megawatts at these locations.

我們看到的需求不僅是全新園區，也包括在既有據點增加額外容量。我們目前正與兩位既有的投資等級客戶進行深入談判，以敲定其各自擴充選擇權所對應的租賃合約，規模約為 100 兆瓦與 150 兆瓦，地點位於上述據點。

We expect these expansion leases to be executed on substantially the same terms as the customers' current lease agreements, but at materially higher lease rates than the existing leases and possibly longer duration. If executed, these leases would bring our total capacity to 1.66 gigawatts and over $6 billion of additional contracted revenue based on existing rates and duration. We expect the ultimate amount to be even greater, reflecting the anticipated higher rates and potentially longer duration.

我們預期這些擴充租賃合約將在實質上沿用客戶現行租賃協議的相同條款，但租賃費率將顯著高於既有租約，且租期可能更長。若順利簽署，依現有費率與租期計算，這些租約將使我們總容量提升至 1.66 吉瓦，並新增超過 60 億美元的已簽約收入。我們預期最終金額將更高，反映預期較高的費率以及可能更長的租期。

Importantly, we believe the opportunity extends beyond simply adding contracted megawatts. As we continue to expand our platform, we see an opportunity to increase operating leverage through premium pricing as well as further diversifying our customer base across both our existing and future campuses.

重要的是，我們相信機會不僅止於增加已簽約的兆瓦數。隨著我們持續擴大平台，我們看到透過溢價定價提升營運槓桿的機會，同時也能在既有與未來園區進一步分散客戶基礎。

As it relates to our power pipeline, I'm especially excited about our strategy and our work with Base Electron, an independent power producer collaborating with Babcock & Wilcox and regional utilities to develop roughly 1.2 gigawatts of front-of-the-meter natural gas-fired generation in the Dakotas.

就我們的電力管線而言，我對我們的策略以及與 Base Electron 的合作特別感到振奮。Base Electron 是一家獨立發電業者，正與 Babcock & Wilcox 及區域公用事業合作，在達科他州開發約 1.2 吉瓦的表前（front-of-the-meter）天然氣發電。

We're seeking to position our shareholders to benefit from Base Electron's success as we currently own approximately 10% of the company. However, we believe that even more compelling opportunity is the power itself, which is the single most valuable and constrained resource in our industry. This generation is expected to unlock expansion at existing campuses, enable the development of new ones and deepen our access to one of the country's most advantaged energy regions.

我們希望讓股東能受惠於 Base Electron 的成功，因為我們目前持有該公司約 10% 的股權。然而，我們認為更具吸引力的機會在於電力本身；電力是本產業中最具價值且最受限制的單一資源。預期這些發電能力將解鎖既有園區的擴充、促成新園區的開發，並加深我們進入全國最具能源優勢地區之一的機會。

North Dakota's Bakken Shale is among the most abundant low-cost energy sources in the United States. Combined with the region's natively cool climate and business-friendly environment, we believe the region is exceptionally well suited for data center development. Our core belief is that this combination creates a significant competitive advantage and a barrier to entry that is very difficult to replicate. We believe that if we continue to build the power that hyperscalers will continue to come to our regions.

北達科他州的巴肯頁岩（Bakken Shale）是美國最豐富且成本最低的能源來源之一。再加上該地區天然涼爽的氣候與友善商業環境，我們認為該地區非常適合發展資料中心。我們的核心信念是，這樣的組合能創造顯著的競爭優勢，並形成極難複製的進入障礙。我們相信，只要我們持續建置電力，超大規模雲端業者（hyperscalers）就會持續來到我們的區域。

Turning to execution. Last fall, we delivered our first 100 megawatts at Polaris Forge 1 on time. And just recently, we delivered 75 additional megawatts at the same campus, again, on schedule. On-time delivery is a meaningful differentiator in the industry, and we strongly believe our track record sets us apart from our competitors.

接著談執行。去年秋天，我們在 Polaris Forge 1 如期交付了首批 100 兆瓦。最近，我們也在同一園區再次按計畫交付了額外 75 兆瓦。準時交付是產業中重要的差異化因素，我們堅信我們的履約紀錄使我們有別於競爭對手。

Industry data shows roughly 90% of industry-wide projects costing more than $1 billion are delivered late or over budget. We are proud to be among the remaining 10% category and are committed to maintaining that performance. Today, all of our construction projects are on time and on budget.

產業數據顯示，整體產業中成本超過 10 億美元的專案約有 90% 會延遲交付或超出預算。我們很自豪能屬於其餘 10% 的類別，並致力於維持這樣的表現。目前，我們所有在建專案皆按期且在預算內。

Turning to our Data Center Hosting business. This segment provides energized space for Bitcoin mining across our two sites in North Dakota. It continues to perform well and remains the highest return on asset business in our portfolio. Importantly, we are paid based on the data center capacity provided to our customers. So as long as they are mining, we are paid regardless of where the price of Bitcoin trades, which makes this a steady high-margin source of cash flow.

接著談我們的資料中心託管（Data Center Hosting）業務。此分部在北達科他州的兩個據點為比特幣挖礦提供通電空間。該業務持續表現良好，並仍是我們投資組合中資產報酬率最高的業務。重要的是，我們的收費是依據提供給客戶的資料中心容量計算。因此，只要客戶持續挖礦，不論比特幣價格在何處交易，我們都能收款，使其成為穩定且高毛利的現金流來源。

Turning to ChronoScale. During the quarter, we completed the separation of our cloud business, which began trading on Nasdaq under the ticker CHRN in early May. Applied Digital currently holds 96% ownership, so our shareholders continue to participate in the upside of that business as it seeks to scale independently as a dedicated accelerated compute platform.

接著談 ChronoScale。本季我們完成了雲端業務的分拆，並於 5 月初以股票代號 CHRN 在那斯達克開始交易。Applied Digital 目前持有 96% 的所有權，因此我們的股東仍可參與該業務的上行潛力；該業務正以專注的加速運算平台身分，尋求獨立擴張。

ChronoScale has already made meaningful progress building out its leadership team, most notably the appoint of Raj as Chief Technology Officer. Raj joins after more than 13 years at Tesla, where he served as Vice President reporting directly to Elon Musk and led a broad portfolio spanning AI infrastructure and one of the largest GPU clusters in the world.

ChronoScale 在建立領導團隊方面已取得實質進展，最值得一提的是任命 Raj 擔任技術長（CTO）。Raj 在加入前於特斯拉任職超過 13 年，曾擔任直接向 Elon Musk 匯報的副總裁，並領導涵蓋 AI 基礎設施及全球最大 GPU 叢集之一的廣泛業務組合。

ChronoScale also named Lawrence Lam, who brings more than 20 years of scaling global cloud and AI platforms at companies, including Supermicro, as Chief Product Officer. We believe attracting talent of this caliber underscores the scale of the opportunity in front of ChronoScale as an independent company.

ChronoScale 也任命 Lawrence Lam 擔任產品長（CPO）；他在包括 Supermicro 在內的多家公司，擁有超過 20 年擴展全球雲端與 AI 平台的經驗。我們認為，能吸引此等級的人才，凸顯 ChronoScale 作為獨立公司所面臨機會的規模。

During the quarter, ChronoScale extended the customer contract at higher pricing for its deployed fleet of GPUs. The company also began demonstrating its secure enterprise environment to select partners.

本季，ChronoScale 以更高的價格延長了其已部署 GPU 機隊的客戶合約。公司也開始向部分合作夥伴展示其安全的企業環境。

The company's platform allows enterprises to deploy AI in a secure, controlled environment regardless of whether the data resides on-premise or at one of several large cloud providers. The platform supports a multitude of AI models, allowing partners to choose which is best for their enterprise. In addition to the enterprise cloud, ChronoScale is also pursuing multiple large reserve contract opportunities that if secured on favorable terms will allow the company to deploy hundreds of megawatts of compute on a take-or-pay long-term contract.

該公司的平台讓企業能在安全、可控的環境中部署 AI，不論資料位於內部部署（on-premise）或位於數家大型雲端供應商之一。該平台支援多種 AI 模型，讓合作夥伴可選擇最適合其企業的模型。除企業雲端之外，ChronoScale 也在爭取多個大型預留合約機會；若能以有利條款取得，將使公司得以在「take-or-pay」的長期合約下部署數百兆瓦的運算能力。

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

接下來，我將把電話會議交給我們的財務長 Saidal Mohmand，請他詳細說明財務狀況。Saidal？

Thank you, Wes. Before I turn to the quarter, I want to spend a moment on financing because our team did a tremendous amount of work over the past several months to secure lower cost of capital.

謝謝你，Wes。在我談本季之前，我想先花一點時間談融資，因為過去幾個月我們團隊投入了大量工作，以取得更低的資金成本。

During and shortly after the quarter, we closed our $2.15 billion of 6.75% senior secured notes to fund our Polaris Forge 2 campus. We closed a $300 million senior secured bridge facility led by Goldman Sachs. We secured a revolving credit facility of up to $550 million and closed our $1.59 billion 7% senior secured notes to fund our fourth building at the Polaris Forge 1 campus.

在本季期間及季後不久，我們完成發行 21.5 億美元、票面利率 6.75% 的優先擔保票據，用以資助 Polaris Forge 2 園區。我們完成了一筆由高盛主導的 3 億美元優先擔保過橋融資。我們取得最高 5.5 億美元的循環信用額度，並完成發行 15.9 億美元、票面利率 7% 的優先擔保票據，用以資助 Polaris Forge 1 園區的第四棟建築。

Continuing to drive down our overall cost of capital remains one of my highest priorities. A key driver of that progress has been our work with CoreWeave at Polaris Forge 1. By restructuring the leases at that campus through a special purpose vehicle and by establishing a memorandum of understanding around the credit supporting our debt financing, we were able to place our recent $1.5 billion notes at 7%, 225 basis points inside our [first] placement, which priced at roughly 9.25%.

持續降低我們整體資金成本仍是我最優先的事項之一。推動這項進展的關鍵因素之一，是我們在 Polaris Forge 1 與 CoreWeave 的合作。透過以特殊目的公司（SPV）重整該園區的租賃架構，並就支撐我們債務融資的信用支持建立諒解備忘錄（MOU），我們得以將近期 15 億美元票據以 7% 的利率完成發行，較我們[首次]發行（約 9.25%）低了 225 個基點。

Just as encouraging, that placement, the notes on our initial two HPC buildings at Polaris Forge 1, is now trading at a meaningful tighter spread in the secondary market, which we believe positions us well to refinance that debt at a lower cost in the future. With these transactions, we have now secured the financing needs for the full 400 megawatts at Polaris Forge I and the 200 megawatts of Polaris Forge 2. Looking ahead, we expect the financing for our next three campuses to be relatively straightforward.

同樣令人鼓舞的是，我們在 Polaris Forge 1 的前兩棟 HPC 建築之初始票據，現已在次級市場以顯著更窄的利差交易；我們認為這使我們未來有利於以更低成本再融資該筆債務。透過這些交易，我們現已取得 Polaris Forge I 全部 400 兆瓦以及 Polaris Forge 2 的 200 兆瓦所需的融資。展望未來，我們預期接下來三個園區的融資將相對順利。

Under our arrangement with Macquarie, they fund three-fourths of the equity. And because these campuses are leased to a high investment-grade hyperscaler, we anticipate favorable rates on our future debt placements. Additionally, signing direct investment-grade hyperscaler leases allows us to maintain a favorable cost of capital through the entire lease term as opposed to indirect or backstop leases, which face uncertainty after the initial five-year tenor. Taken together, this is a financing model we believe is both repeatable and increasingly efficient as our cost of capital continues to improve.

依我們與麥格理（Macquarie）的安排，他們出資四分之三的股權。且由於這些園區租賃給高投資等級的超大規模雲端業者，我們預期未來的債務發行可取得有利利率。此外，簽訂直接的投資等級超大規模雲端業者租約，使我們能在整個租期內維持有利的資金成本；相較之下，間接或備援（backstop）租約在最初五年期限後面臨不確定性。綜合而言，我們認為這是一種可複製的融資模式，且隨著資金成本持續改善，效率也將日益提升。

Now let's turn to the quarter. I'll cover the fourth-quarter numbers in my comments. Please note that unless otherwise specified, these figures reflect only our continuing operations. In the fourth quarter, total revenues were $258.7 million with $208.2 million of services revenue and $50.6 million of data center rental and other revenue. Overall, total revenues increased 407% from the comparative prior quarter.

現在讓我們回到本季。我將在我的說明中涵蓋第四季的數字。請注意，除非另有說明，這些數據僅反映我們的持續營運。第四季總營收為 2.587 億美元，其中服務營收 2.082 億美元，資料中心租金及其他營收 5,060 萬美元。整體而言，總營收較上一個可比較季度成長 407%。

For the quarter, our HPC Hosting business generated $203 million in revenue, consisting of $152.4 million related to tenant fit-out services, $44.1 million related to base rent and $6.5 million related to tenant recoveries.

本季，我們的 HPC 託管（HPC Hosting）業務創造 2.03 億美元營收，其中 1.524 億美元與承租人裝修（tenant fit-out）服務相關，4,410 萬美元與基本租金相關，650 萬美元與承租人費用回收（tenant recoveries）相關。

The Data Center Hosting segment, which operates our crypto data centers, had another strong quarter with $37.3 million in revenue, materially consistent year over year with stable operating conditions. We are very pleased with this business, which continues to deliver the highest return on assets in the company, generating $12.5 million in segment operating profit in just one quarter on $113.8 million in reported assets.

資料中心託管分部（Data Center Hosting），亦即營運我們加密貨幣資料中心的業務，本季再度表現強勁，營收 3,730 萬美元；在營運條件穩定下，與去年同期大致一致。我們對這項業務非常滿意；它持續帶來公司最高的資產報酬率，僅一季便在 1.138 億美元的帳面資產上，創造 1,250 萬美元的分部營業利益。

Because we own the majority of ChronoScale, we consolidated its $18.8 million of revenues for this quarter. As ChronoScale is pursuing a separate strategy from our core business and now operates as a separate publicly traded company, we have excluded this segment from our non-GAAP results.

由於我們持有 ChronoScale 的多數股權，我們在本季合併認列其 1,880 萬美元營收。由於 ChronoScale 正推動與我們核心業務不同的獨立策略，且目前以獨立的上市公司運作，我們已在非 GAAP 結果中排除此分部。

Services cost of revenues increased by $138.9 million to $208.2 million this quarter. The increase was driven primarily by the $145.6 million in tenant fit-out services performed within our HPC Hosting business. Data center rental and other cost of revenues were $25.1 million for the fourth quarter, primarily driven by approximately $14.1 million in depreciation and amortization associated with our first HPC data center at Polaris Forge 1; $6.4 million in expenses, which are reimbursable as tenant recoveries; and $4.5 million in personnel and other operating costs supporting our facilities.

本季服務成本（營收成本）增加1.389億美元至2.082億美元。此增幅主要由我們HPC託管（Hosting）業務中所提供的承租戶裝修（tenant fit-out）服務1.456億美元所帶動。第四季資料中心租賃及其他營收成本為2,510萬美元，主要包括：與我們首座HPC資料中心Polaris Forge 1相關的折舊與攤銷約1,410萬美元；可作為承租戶回收（tenant recoveries）報銷的費用640萬美元；以及支援我們設施的人員與其他營運成本450萬美元。

SG&A expense increased $124.3 million to $165.3 million this quarter. The increase was primarily driven by $116.8 million in stock-based compensation due to accelerated vesting of certain employee stock awards as well as grant activity associated with the separation of the Cloud Service business and an increase in headcount as well as $7.3 million in personnel expenses also related to the increase in headcount.

本季SG&A費用增加1.243億美元至1.653億美元。此增幅主要由1.168億美元的股份基礎給付所帶動，原因包括特定員工股票獎勵的加速歸屬、與雲端服務（Cloud Service）業務分拆相關的授予活動，以及員工人數增加；另有與人數增加相關的人員費用730萬美元。

One item worth calling out this quarter. Our stock-based compensation included $47.9 million tied to onetime awards connected to the ChronoScale transaction and $65.1 million tied to performance stock units. Net loss attributable to common shareholders was $111.6 million or $0.39 per share. Adjusted net income was $12.9 million or $0.04 per diluted share. Depreciation for the quarter was approximately $18.2 million.

本季有一項值得特別指出的事項。我們的股份基礎給付包含與ChronoScale交易相關的一次性獎勵4,790萬美元，以及與績效限制型股票單位（performance stock units）相關的6,510萬美元。歸屬於普通股股東的淨損為1.116億美元，或每股0.39美元。調整後淨利為1,290萬美元，或每股稀釋後0.04美元。本季折舊約為1,820萬美元。

Adjusted EBITDA was $42.4 million, up from $1 million in the comparative prior quarter. Net operating income, or NOI, was $39.9 million, representing a 91% margin, and we define it as our HBC base rental revenue less our rental property operating expenses, property taxes and insurance expenses.

調整後EBITDA為4,240萬美元，較去年同期上一季的100萬美元增加。營運淨收益（Net operating income，NOI）為3,990萬美元，毛利率為91%；我們將其定義為HBC基礎租金收入扣除租賃物業營運費用、房產稅及保險費用後的金額。

From a balance sheet perspective, we believe we are very well positioned. We ended the quarter with $4.2 billion in cash, $5 billion in debt and approximately $1.7 billion in equity. As you evaluate these results, keep in mind that our current financials on the HPC data center side primarily reflect only the initial 100 megawatts that are online and contributing during the quarter.

從資產負債表角度來看，我們認為自身處於非常有利的位置。本季期末我們持有現金42億美元、負債50億美元，以及約17億美元的股東權益。在評估這些結果時，請記住我們目前在HPC資料中心端的財務數據，主要僅反映本季已上線並貢獻的最初100兆瓦。

Looking ahead, as we bring additional capacity online, investors should expect to see a significant step-up in our numbers over the coming quarters and years. We are currently building towards a 1.5 gigawatts of HPC AI infrastructure, and we expect this ramp will drive meaningful growth in revenue, EBITDA and NOI as those megawatts come into service.

展望未來，隨著我們將更多產能上線，投資人應可預期在未來幾季與未來幾年，我們的各項數字將出現顯著躍升。我們目前正朝1.5吉瓦的HPC AI基礎設施建置邁進，並預期隨著這些兆瓦投入服務，將帶動營收、EBITDA與NOI的實質成長。

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

接下來我把電話交給Wes作結語。

Thank you, Saidal. We're seeing the AI infrastructure build-out enter a powerful new phase. Hyperscalers are no longer just investing in AI infrastructure. They're accelerating their commitments at an unprecedented scale. US technology companies have now committed to approximately $850 billion of data center lease obligations over the next several years, an increase of roughly $570 billion year over year, more than triple prior levels. These are not forecasts. These are long-term contractual commitments backed by many of the world's largest technology companies with the largest and strongest balance sheets and credit ratings.

謝謝你，Saidal。我們看到AI基礎設施建置正進入一個強勁的新階段。超大規模雲端業者（hyperscalers）不再只是投資AI基礎設施。他們正以前所未有的規模加速承諾。美國科技公司目前已承諾在未來數年承擔約8,500億美元的資料中心租賃義務，年增約5,700億美元，較先前水準增加逾三倍。這些不是預測。這些是長期合約承諾，由全球最大、資產負債表最強且信用評等最高的科技公司所支持。

AI infrastructure spending at the major hyperscalers is projected to reach approximately 3.2% of US GDP in 2027, surpassing projected US national defense spending for the first time. Taken together, these long-term commitments reinforce our conviction that we remain in the early stages of what we believe could be one of the largest infrastructure investment cycles in the modern economic history, and we believe Applied Digital is well positioned to capitalize on that opportunity.

主要超大規模雲端業者的AI基礎設施支出，預計在2027年將達到美國GDP的約3.2%，並將首次超越預估的美國國防支出。綜合而言，這些長期承諾強化了我們的信念：我們仍處於我們認為可能是現代經濟史上最大規模之一的基礎設施投資循環的早期階段，而我們相信Applied Digital已具備良好條件把握此一機會。

As I wrap up, I would like to leave you with a few final thoughts. Building AI infrastructure at scale is incredibly complex. Balancing aggressive construction schedules, customer expectations, power infrastructure and community partnerships is no small task. Through it all, our guiding principles have remained remarkably simple, do it the right way. For our customers, that means delivering high-quality GPU-ready data center capacity on time. That commitment is reflected in both the customer relationships we're building and the industry recognition we've received.

在我結束之前，我想留下幾點最後的想法。以規模化方式建置AI基礎設施極其複雜。在積極的施工時程、客戶期望、電力基礎設施與社區夥伴關係之間取得平衡，絕非易事。在此過程中，我們的指導原則始終非常簡單：把事情用正確的方式做好。對客戶而言，這代表準時交付高品質、可支援GPU的資料中心產能。這項承諾反映在我們正在建立的客戶關係，以及我們所獲得的產業肯定之中。

For our communities, it means being a trusted partner who creates lasting economic value. From the beginning, we believed in building with our communities, not simply in them. We engaged early, listened often and strive to ensure every project leaves a lasting positive impact. The jobs, tax revenue and long-term investment we bring help strengthen local infrastructure, support schools, first responders and create opportunities that can be truly transformational for these communities.

對我們的社區而言，這代表成為值得信賴的夥伴，創造持久的經濟價值。從一開始，我們就相信要與社區一起建設，而不只是把設施建在社區裡。我們及早投入、經常傾聽，並努力確保每個專案都能留下長期的正面影響。我們帶來的就業、稅收與長期投資，有助於強化地方基礎設施、支持學校與第一線應變人員，並創造對這些社區可能真正具有轉型意義的機會。

Our operations are delivering measurable benefits today. At Polaris Forge 1, our use of excess regional grid capacity has already returned more than $45 million in electricity credits to local ratepayers. If you'd like to see our approach firsthand, I encourage you to watch our Behind the Build docuseries, where we share the town hall meetings and community conversations and an important part of every project we undertake.

我們的營運今天已帶來可衡量的效益。在Polaris Forge 1，我們使用區域電網的剩餘容量，已為當地用電戶返還超過4,500萬美元的電力抵減（electricity credits）。若您想親眼了解我們的方法，我鼓勵您觀看我們的《Behind the Build》紀錄片系列，我們在其中分享市政廳會議與社區對話——這些都是我們所承接每個專案的重要一環。

Finally, a year ago, we set a goal for $1 billion of net operating income within five years. We now expect to achieve that run rate goal a year from now or three years ahead of schedule. Our platform is now supported by approximately $36 billion of long-term contracted lease revenue. More importantly, we believe the structure of our contracts, the majority being directly with investment-grade customers establish a durable earnings and cash flow foundation from which we can continue to expand as our customer demand continues to grow.

最後，一年前我們設定了在五年內達成10億美元營運淨收益（NOI）的目標。我們現在預期將在一年後達成該運行率（run rate）目標，較原計畫提前三年。我們的平台目前由約360億美元的長期合約租賃收入所支撐。更重要的是，我們相信合約結構——其中大多數直接與投資等級客戶簽訂——建立了穩健的獲利與現金流基礎，使我們能在客戶需求持續成長之際，繼續擴張。

We cannot overstate the competitive advantage our established footprint provides. Our current campuses have the ability to expand and, in some cases, expand dramatically. We believe expansion on current campuses alone provides us visibility to expand to over 5 gigawatts of critical IT load through 2032. Utilizing existing campus infrastructure will not only shorten economies -- will not only shorten development timelines, but will improve returns via economies of scale and establishing regions of excellence.

我們無法過度強調既有據點所帶來的競爭優勢。我們目前的園區具備擴建能力，且在某些情況下可大幅擴建。我們相信僅透過現有園區的擴建，就能讓我們在2032年前對關鍵IT負載擴張至超過5吉瓦具備能見度。運用既有園區基礎設施不僅能縮短開發時程，亦將透過規模經濟與建立卓越區域來提升報酬。

Our collaboration with Base Electron is intended to augment the power to support this expansion. We do expect to continue to add new campuses this year and next year, compounding the growth potential and diversification.

我們與Base Electron的合作旨在增強電力供應，以支援此一擴張。我們也預期今年與明年將持續新增園區，進一步疊加成長潛力並提升多元化。

Since our call this time last year, we've expanded from one campus to five, increased contracted revenue from $7 billion to $36 billion and added over 1 gigawatt of capacity with investment-grade customers with over 80% of that leased to a high investment-grade customer. We have delivered significant capacity on time and on budget. We have also dramatically lowered our cost of capital. I'm extremely proud of our team and their accomplishments.

自去年此時的電話會議以來，我們已從一個園區擴展到五個，合約收入由70億美元增加至360億美元，並新增超過1吉瓦的產能，客戶為投資等級，其中超過80%已出租給一家高投資等級客戶。我們已準時且在預算內交付大量產能。我們也大幅降低了資本成本。我為我們的團隊及其成就感到非常自豪。

Our opportunity is significant, but our focus remains unchanged: execute with discipline, deliver for our customers and our communities and create long-term value for our shareholders.

我們的機會相當可觀，但我們的重點始終不變：以紀律執行、為客戶與社區交付成果，並為股東創造長期價值。

With that, operator, we're happy to open the call for questions.

接下來，接線員，我們很樂意開放提問。

(Operator Instructions) Mike Grondahl, Northland Securities.

(接線員指示) Mike Grondahl，Northland Securities。

Some of the questions we've been getting lately really revolve around the three recent leases for 810 megawatts and the lower yields or yield development cost kind of in relation to your peers. Can you talk about Applied's strategy in signing those three leases?

我們最近收到的一些問題，確實主要圍繞著近期三份合計810兆瓦的租賃案，以及相較同業較低的收益率或收益率/開發成本等議題。你能談談Applied在簽下這三份租約時的策略嗎？

Sure, Mike. So when we go back to the goal of what we have been seeking to achieve for the past 12 months, it was to put a solid foundation in place for Applied Digital, and we walked through this for many quarters.

當然可以，Mike。回到我們過去12個月一直努力達成的目標，就是為Applied Digital打下穩固的基礎，而我們在過去好幾個季度也都逐步說明過。

We signed CoreWeave first in an investment-grade hyperscaler. And after we signed CoreWeave, we made a commitment to get to 70% of our contracted lease revenue to investment-grade hyperscalers. And so that's been a big accomplishment for us. We signed two investment-grade hyperscalers. We're over 70% soon to be, I think we'll be close to 80%, 76% of that on investment grade. So we made that achievement.

我們首先簽下CoreWeave，這是一家投資等級的超大規模客戶（hyperscaler）。在簽下CoreWeave之後，我們承諾要讓我們已簽約的租賃收入中，有70%來自投資等級的超大規模客戶。因此，這對我們而言是一項重大成果。我們簽下了兩家投資等級的超大規模客戶。我們很快就會超過70%，我想會接近80%，目前約有76%屬於投資等級。所以我們達成了這個目標。

And what I would say about the yields, I think from a cost perspective, we're fairly conservative. We want to set expectations that we can at least meet, if not beat. So from a margin and cost perspective, I think we're fairly conservative.

至於收益率，我認為從成本角度來看，我們相當保守。我們希望設定的預期至少能達成，甚至超越。因此在毛利與成本的角度上，我們是相當保守的。

From a pricing perspective, these discussions were going on for a significant amount of time. I do think the prices have increased, as I mentioned in the script. And I think you'll see that flow through for us on what we have in front of us.

從定價角度來看，這些討論已經進行了相當長一段時間。我確實認為價格已經上升，正如我在講稿中提到的。而我想你們會看到這點反映在我們接下來手上的案子上。

But I do think we're hitting on our lease return rates, I think if you comp the entire industry, now there's a very small portion of the industry that's public companies. But if you comp the entire industry and you look at companies that were doing leases of this scale with these types of customers directly, we would be right in the band, if not at the middle towards the higher end of that band of contracted lease rates, again, for these types of customers with this kind of duration and this kind of scale. And I think we'll be able to drive our financing costs significantly lower.

但我確實認為我們達到了我們的租賃報酬率目標；如果你把整個產業拿來比較——目前上市公司在這個產業中只占很小一部分——但若以整體產業來看，並觀察那些以這種規模、直接與這類客戶簽租約的公司，我們會落在該區間內，甚至可能在區間中段偏上緣的水準；同樣地，針對這類客戶、這樣的期間與這樣的規模，其已簽約的租賃費率就是如此。而且我認為我們將能把融資成本大幅降低。

But I think the important part, Mike, is we have a very solid foundation to get -- you can do the math and kind of walk through that we have about $2 billion-plus of net operating income contracted on an annual basis at this point. So we'll be able to grow from there, but with very solid customers.

但我認為重點是，Mike，我們已經建立了非常穩固的基礎——你可以自行計算並推演——截至目前，我們每年已簽約的淨營運收入（NOI）超過20億美元。因此我們能在此基礎上成長，而且客戶品質非常扎實。

And when you look at how those returns flow through, and this is kind of how our team, myself and our team, has thought about this from the beginning, when we enter this business, these businesses, whether they're public or in the private markets when they transact kind of go for 20 to 25 times that NOI number. And so that's really what the goal was for us is to get into very solid leases and really good SLAs.

當你看這些報酬如何反映出來——這也是我和團隊從一開始進入這個業務、這些業務時的思考方式——無論是在公開市場或私募市場，這類交易通常會以該NOI數字的20到25倍來定價。因此，我們的目標就是簽下非常穩健的租約，以及非常好的SLA（服務水準協議）。

I've talked about that a significant amount because lease yields over time really depend on your SLAs once you have the building operating. And I think we have those locked in from a contract perspective. So I'm really proud of the achievement there.

我談過很多次，因為租賃收益率隨時間的表現，實際上很大程度取決於建物投入營運後的SLA。而我認為我們已在合約層面把這些鎖定下來。所以我對這項成果非常自豪。

Got it. And then maybe a question for Saidal. Can you talk about your strategy around managing cost of capital really on both the debt and the equity side?

了解。接著可能想問Saidal一個問題。你能談談你們在管理資本成本方面的策略嗎？包括債務端與股權端。

Yeah. Great question. So one, I think, as Wes alluded to, the type of hyperscaler that we contract with, going direct with the end high-grade investment-grade hyperscaler, particularly at rates that are in the high end of the band where we see these types of leases transact and where our peers come to, that acts as a function that you can actually lower your cost to the initial if it's 15 years or even longer. So I think versus -- and I talked to in the transcript, some of these longer duration or shorter duration backstop leases where the guarantees run off after five years. So that's one portion of mitigating and creating a consistent return.

好的。這是個好問題。首先，我認為如Wes所提到的，我們簽約的hyperscaler類型——直接與最終端的高品質、投資等級hyperscaler簽約——尤其是在我們看到這類租約成交區間的高端、也是同業所能達到的費率水準下，這會形成一種機制，讓你在初始期間（不論是15年或更長）實際上可以降低資金成本。因此，相較之下——我在逐字稿也提到——有些較長或較短期限的背書租約，其保證在五年後就到期。這是降低風險並創造一致報酬的一個部分。

But then if you think about it, we talked about our flywheel. And our flywheel really has three components. So the first component, as Macquarie funds three-fourths of the equity, the first component comes from the Applied balance sheet. So between our corporate cash flows, our low-cost revolver, which we recently secured, we can fund the initial portion at a very attractive cost. Our revolver currently is SOFR plus 225.

但再進一步想，我們談過我們的「飛輪」。而我們的飛輪其實有三個組成部分。第一個部分是，因為Macquarie提供四分之三的股權資金，第一個組成部分來自Applied的資產負債表。因此，透過我們的公司現金流、以及我們最近取得的低成本循環信貸（revolver），我們可以用非常具吸引力的成本來資助初始部分。我們目前的revolver利率是SOFR加225個基點。

But the MAM equity, I think, is one part where I think people tend to overlook and how that's an attractive form of capital. So Macquarie funds through their $5 billion JV with us, three-fourths of the equity that's required. If you look at the 1.8 MOIC for that transaction, it's roughly a mid-teens IRR throughout.

但我認為MAM的股權資金是一個常被忽略的部分，以及它為何是一種具吸引力的資本形式。Macquarie透過與我們的50億美元合資企業（JV）提供資金，負擔所需股權的四分之三。如果你看這筆交易的1.8倍MOIC（投入資本倍數），整體大致相當於中十幾%的IRR（內部報酬率）。

Now if you compare that versus just common stock issuance, right, which can be highly dilutive if you think the current and past prices are extremely undervalued or even a more attractive option versus large convertible debt offerings, which is one popular form to plug in the equity. And I think looking at the convert, for instance, despite the convert being portrayed as a cheap cost of debt, there is disadvantage of having it in a large scale.

如果拿這個去比較單純發行普通股，對吧？若你認為目前與過去的股價被嚴重低估，發股可能會高度稀釋；或者比較另一個更常見的選項——大型可轉換公司債發行，用來補足股權資金。而我認為就可轉債而言，儘管它常被描述為低成本的債務工具，但在大規模使用時確實有其缺點。

One, it's negative from a credit ratings perspective, which can negatively impact your cost of capital. And then also can create an overhang on the equity if you ever hit times of turbulence when you need to refinance it and it's truly treated as debt. So that's one thing.

第一，從信用評等角度來看是負面的，可能會對你的資本成本造成不利影響。此外，若未來遇到市場動盪、需要再融資時，它也可能對股權形成壓力（overhang），而且在那種情況下它確實會被視為債務。這是一點。

And if you look at the capped call math, too, right, the cost of capital on issuing equity when it's severely undervalued, or going to a convert can be well excess or north of 20%. So we think the MAM is a programmatic consistent approach for funding the majority of the equity.

而且如果你也把上限買權（capped call）的計算納入考量，當股價被嚴重低估時，發行股權的資本成本，或改採可轉債，其資本成本可能遠超過、甚至高於20%。因此我們認為，MAM是一種具制度化、可持續且一致的方法，用來為大部分股權資金提供來源。

And then the third portion of the flywheel, which we have is effectively the site-specific debt. So the first form is through construction. We tap it predominantly through the project bond markets as of today. The project finance markets have also been available, which is through the banks, generally low cost. And then what you'll see two years for the bond or if it's within a -- as RFS occurs for the project finance market, you can roll into more of a permanent financing, be it CMBS, ABS or still the 144A IG market. And with that, your construction cost and your cost of financing decreases, right, as construction risk is taken off the table.

第三個飛輪組成部分，基本上就是專案/場址層級的債務（site-specific debt）。第一種形式是在施工期間取得。截至目前我們主要透過專案債券市場來取得資金。專案融資市場也一直可用，也就是透過銀行，通常成本較低。接著你會看到，在債券大約兩年後，或在專案融資市場隨著RFS（具備可供服務/可供使用狀態）達成時，你可以轉入更偏永久性融資，例如CMBS、ABS，或仍採用144A投資等級市場。而在那之後，隨著施工風險被移除，你的施工成本與融資成本就會下降。

So we approach it from, I think, three different forms and all through managing leverage at a very conservative level. So if you take an 80% LTC and what we need to build out for our 1.4 gigs that's contracted and take our average annualized NOI of $2 billion, you're sub-7 times levered, which is well below comps in the -- particularly in the private markets, which operate in excess of 10 turns of leverage. So that's how we handle financing, and we try to do it in a conservative, programmatic, stable manner.

因此我們從三種不同形式來進行，我認為同時也在非常保守的水準下管理槓桿。所以如果你以80%的LTC（貸款成本比）來看，並以我們已簽約的1.4吉瓦（gigs）建置需求、以及我們每年約20億美元的平均年化NOI來計算，你的槓桿倍數會低於7倍，這遠低於可比公司——尤其是在私募市場——其槓桿通常超過10倍。這就是我們處理融資的方式：以保守、制度化、穩健的方式來進行。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

I wanted to ask about the cadence of CapEx spend for the balance of the calendar year. It seems like quarter-over-quarter spend took a significant step-up as expected. But curious if you have any sort of run rate or kind of where that should go quarter over quarter as we try and model out '26 and '27?

我想請教一下在今年剩餘日曆年度的資本支出（CapEx）投入節奏。看起來如預期般，季度對季度的支出出現了顯著的跳升。但想了解你們是否有任何運行水準（run rate），或是我們在建模 '26 與 '27 時，季度對季度大概應該怎麼走？

Yeah, Nick. So CapEx, so you should expect it around $600 million-ish for the upcoming quarter, and that will take a step up as we enter more advanced stages of construction at the new campuses. I would note, though, as you see, what we have done is we've tapped the financing markets for these sites earlier on the construction versus the first two Ellendale buildings, which were well more advanced versus where we were at with PF2, for instance.

是的，Nick。關於資本支出（CapEx），你應該預期下一季大約在 6 億美元左右，隨著我們在新園區進入更進階的施工階段，之後還會再往上。不過我也要指出，如你所見，我們在這些基地的施工較早期就已進入融資市場，這點相較於前兩棟 Ellendale 大樓不同；前兩棟在融資時施工進度已更為成熟，例如相較於我們在 PF2 時的進度。

Got it. And maybe just on the restricted cash balance, over $2 billion, can you just remind us what the split is between debt service reserve, letters of credit and then kind of what we should expect on the release of that cash?

了解。另外關於受限制現金餘額，超過 20 億美元，你能否提醒我們其中在債務償付準備金、信用狀（letters of credit）之間的分配各是多少，以及這些現金預期何時會解除限制（release）？

Yeah. So vast majority of the restricted cash was the Polaris Forge 2 bond. So that was held in escrow until the ESA was released, which we released that, I believe, in June. So that cash has since been unrestricted. And our K will have greater detail of the actual their accounts.

好的。受限制現金的絕大部分來自 Polaris Forge 2 的債券。因此在 ESA 解除之前，該筆資金一直放在託管（escrow）中；我們在我記得是 6 月時已解除。所以那筆現金此後已轉為不受限制。我們的 K 表（10-K）會對實際各項帳戶提供更詳細的資訊。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Congrats on all the progress. I just wanted to dive in a little bit on the two customers. You mentioned that you were looking at expanding, I think, 100 and 150 megawatts. Could you give us a little color on just sort of how that would play out? Would these be the existing sites? And maybe some color on the comments about the rate increases.

恭喜你們取得這些進展。我想稍微深入談一下那兩位客戶。你提到你們正在考慮擴充，我想是 100 與 150 兆瓦。能否提供一些背景，說明這會如何展開？這些會是在既有場址嗎？另外也請談談你們對費率上調的評論。

Sure, Rob. So on the expansions, when we started building Polaris Forge 2, we started building two buildings, 300 megawatts. We contracted 200 megawatts. We expect in the near term to contract that additional 100 megawatts with the same tenant at that campus. And then on one of our Delta Forge campuses, we're negotiating, as we mentioned, in advanced stage negotiation with the tenant there for a third building on one of those campuses.

當然，Rob。關於擴充部分，當我們開始建 Polaris Forge 2 時，我們是以兩棟大樓開工，總計 300 兆瓦。我們已簽約 200 兆瓦。我們預期在短期內，會與該園區同一位承租戶再簽下額外的 100 兆瓦。另外在我們其中一個 Delta Forge 園區，如我們所提到的，我們正與那裡的承租戶進行談判，且已進入後期階段，內容是要在其中一個園區再建第三棟大樓。

And as I mentioned in my prepared remarks, we do expect materially higher pricing on both of those expansions as well as new campuses or new capacity that we sign in the future. We've seen other contracts out. It's great to see pricing moving up in the industry, just gives a really strong indicator of the demand that's out there.

而且如我在事先準備的發言中提到，我們確實預期，無論是這兩項擴充案，或是未來我們簽下的新園區或新增容量，定價都會顯著提高。我們也看到市場上其他合約的情況。很高興看到產業定價上行，這對外部需求是一個非常強的指標。

Okay. Great. And then on Base Electron, how do you sort of see that driving incremental kind of customer demand as that -- you have the power available in North Dakota that will allow you to sort of add capacity there, just a sense of what base Electron sort of does for you?

好的。很好。接著關於 Base Electron，你們如何看它帶動額外的客戶需求？因為你們在北達科他州有可用電力，能讓你們在那裡增加容量；想請你們談談 Base Electron 對你們的意義是什麼？

Yeah. So as we mentioned, we've announced that there's 1.2 gigawatts being built in North Dakota. This is all front of the meter on-grid capacity. We're working on another project there in a different part of the state as well. But these will go with the utilities that we work with already. They'll deliver that capacity for our data center campuses, but also for other ratepayers on the regional system. But that's a start for Base Electron, and we expect that to expand significantly.

是的。如我們提到的，我們已宣布在北達科他州有 1.2 吉瓦正在建設中。這些全部都是表前（front of the meter）的併網（on-grid）容量。我們也在該州另一個地區推進另一個專案。不過這些都會與我們已合作的公用事業公司（utilities）一起進行。他們會為我們的資料中心園區提供該容量，同時也會供應區域系統中的其他用戶（ratepayers）。但這只是 Base Electron 的起點，我們預期它會大幅擴張。

And we talked about our campuses when we first started with them. We signed initial capacity. The physical infrastructure transmission infrastructure is there to significantly expand the campuses. We need to add some additional electrons. And it won't just be us -- or it won't just be, sorry, Base Electron that adds additional power generation to the network.

我們在一開始談園區時也提過：我們先簽下初始容量。實體基礎設施、輸電基礎設施都已到位，足以大幅擴充園區。我們需要再增加一些「電子」（也就是電力供給）。而且不會只有我們——或者更正，不會只有 Base Electron 來為網路增加額外的發電能力。

We expect a lot of other power generation projects in the region as well. But as that additional generation comes online over the next few years, we'll be able to expand all of those campuses. They all go north of 1 gigawatt. And as I mentioned, one of those campuses go significantly north of 1 gigawatt. And so we're excited about that entire region. We started there. We've had great success building up in North Dakota, and we look forward to just continuing to build that.

我們也預期該區域會有許多其他發電專案。但隨著未來幾年這些新增發電陸續併網，我們就能擴充所有這些園區。它們都會超過 1 吉瓦。而且如我提到的，其中一個園區會遠遠超過 1 吉瓦。因此我們對整個區域感到非常振奮。我們從那裡起步。我們在北達科他州的建置取得了很好的成果，也期待持續擴建。

And Rob, last, as I mentioned in the prepared remarks, we see clear line of sight with our existing campuses to over 5 gigawatts of critical IT load capacity and a big part of that is the base Electron generation additions.

另外，Rob，最後如我在事先準備的發言中提到，透過我們既有園區，我們對超過 5 吉瓦的關鍵 IT 負載容量有清晰的可見度（clear line of sight），其中很大一部分來自 Base Electron 的新增發電。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

Congrats on your commercial progress over the last year. I want to start first with just what you're seeing on the demand side. Maybe with regard to the high investment-grade hyperscalers and the next lower tier, are you guys sensing any change in demand based on inflationary pressures?

恭喜你們過去一年在商務進展上的成果。我想先從需求端談起。就高投資級的超大規模雲端業者（hyperscalers）以及下一個較低層級而言，你們是否感受到通膨壓力導致需求出現任何變化？

We haven't seen that. As we mentioned, or as I mentioned in my prepared remarks, we've seen pricing moving higher in the market. I think that's a good indicator of demand versus supply, but we still see extraordinarily robust demand in the market across both of the categories that you mentioned.

我們沒有看到那樣的情況。如我們提到的，或如我在事先準備的發言中提到，我們看到市場定價正在走高。我認為這是需求相對於供給的一個良好指標；但在你提到的兩個類別中，我們仍看到市場需求極為強勁。

Great. And then just based on your prepared comments, it appears your projects are still tracking in that $11 million to $13 million per megawatt range. With that said, I mean, what are the general conditions that would lead you to the lower end versus higher end of that range? And are you expecting any regional differences based on labor conditions in those areas?

很好。接著根據你事先準備的評論，看起來你們的專案仍維持在每兆瓦 1,100 萬到 1,300 萬美元的區間。在此之下，我的意思是，通常哪些條件會讓你們落在區間的低端或高端？另外，基於各地勞動力狀況，你們是否預期會有區域性的差異？

Labor is a big issue that we have been solving and I expect us to continue to solve in almost every region. But one of the things that we do on labor -- so let me back up and start with kind of the high and low end of the band.

勞動力是我們一直在解決的一個重大議題，而且我預期我們會在幾乎每個地區持續把它解決好。不過在勞動力方面我們的作法——我先退一步，先從這個區間的高端與低端談起。

The high end of the band, there's some site-specific things that typically go into that. So when we start a new campus, you'll typically see our builds at the higher end of that band because we include all campus costs in that first building, first two buildings. So that typically includes new substations, some transmission on campus, the land and the power site itself. So that tends to drive it towards the high end.

區間的高端通常包含一些場址特定（site-specific）的因素。因此當我們啟動一個新園區時，你通常會看到我們的建置成本落在區間高端，因為我們會把整個園區的成本都納入第一棟、前兩棟大樓。這通常包括新的變電站、園區內部分輸電設施、土地，以及電力場址本身。因此這往往會把成本推向高端。

And then as we try to work it down over time as we add additional buildings on those campuses and mentioned kind of the economies of scale as we go at each individual campus. And then there's other things depending on, for example, one of our sites in the South will be slightly higher because of additional dirt work and site prep, because of the type of soil that we're dealing with. So there's some very specific things that happen from a location-by-location basis.

接著，隨著時間推進，當我們在同一園區增加更多大樓時，我們會努力把成本往下拉，並如前述利用各園區逐步展開的規模經濟。另外也會有其他因素，例如我們在南部的一個場址，因為土壤類型的關係，需要更多整地與場地準備工作，因此成本會略高。所以確實會因地點不同而出現一些非常具體的差異。

But the remainder of what we do is really dialed in at this point from supply chain, from construction process and construction. Labor rates have been fairly steady over the past six months. But we do a lot of work in two ways on labor.

但我們目前所做的其餘工作，從供應鏈、從施工流程到施工本身，在這個時間點其實都已經調校得很到位了。過去六個月的勞動力費率相當穩定。但我們在勞動力方面主要從兩個方向著手。

One, we try to stay out of the most crowded markets. And so you see we're the only ones that are really building right now in North Dakota. We have a few other markets that are not as crowded as, say, like Texas or West Texas or some of the other markets that we have 100-plus projects happening. So we try to stay in less competitive markets from a labor perspective.

第一，我們盡量避開最擁擠的市場。因此你會看到，目前在北達科他州真正還在建的幾乎只有我們。我們還有幾個市場不像德州或西德州那樣擁擠，或不像我們其他一些同時有 100 多個專案在進行的市場那麼競爭激烈。所以從勞動力的角度，我們會盡量待在競爭較不激烈的市場。

And then also, we do a lot of education in those markets. We work with local technical college and vocational schools. We do that right at the beginning. We've been doing that for a while in the Dakotas. And when we move into other states, one of the first things we do is work with the local vocational technical colleges. We even work with them to set curriculum. We typically make some donations, but we want to train people up that will work construction and operations of our facilities.

另外，我們也在那些市場做了大量的教育投入。我們與當地的技術學院與職業學校合作。我們一開始就會這麼做。我們在達科他州這麼做已經有一段時間了；而當我們進入其他州時，最先做的事情之一就是與當地的職業技術學院合作。我們甚至會和他們一起制定課程。我們通常也會提供一些捐助，但我們希望培訓出能在我們設施的建設與營運中工作的員工。

Great update, and congrats on your success again.

更新很棒，也再次恭喜你們的成功。

George Sutton, Craig-Hallum Capital Group.

George Sutton，Craig-Hallum Capital Group。

Wes, I wondered if you could just talk about the governors to your growth. Obviously, demand does not seem to be one of those governors. But when we think through power and supply chain and the number of teams you could handle at any one time, where do you see the governor being?

Wes，我想請你談談限制你們成長的「調節器／瓶頸」。顯然需求似乎不是其中之一。但當我們考量電力、供應鏈，以及你們在同一時間能夠承接的團隊數量時，你認為瓶頸會落在哪裡？

Yeah. So I think, George, that's a great question. So power is definitely top of the list as far as when power is available and how much as we've contracted, I think 2.1 gigawatts of utility power over the past year. And so that's definitely one. And it's when is power available and then timing our building to start to match when power becomes available at the location. So that's one.

是的。所以我認為，George，這是個很好的問題。電力絕對排在最前面：電力何時可用、可用多少；過去一年我們已簽約取得我想是 2.1 吉瓦的公用事業電力。所以這肯定是其中之一。關鍵在於電力何時到位，然後我們把開工時點安排到能與該地點電力可用的時間相匹配。這是一個。

Supply chain is another. As we've talked about many times in the past, we worked really well on supply chain a few years ago, locking in a lot of capacity for electrical -- for all of the [NEP], the mechanical, electrical and plumbing. But it always does have limits.

供應鏈是另一個。如同我們過去多次提到的，幾年前我們在供應鏈上做得很好，鎖定了大量的產能，包含電氣——以及所有的 [NEP]，也就是機械、電氣與管線（MEP）。但它始終會有上限。

I think at one point, I mentioned we had about 700 megawatts per year. That's critical IT load. And so we have contracted to build over the next couple of years, 1.5. So we're definitely exceeding that a little bit. But those are two definitely of the biggest governors.

我記得我曾提到過，我們當時大約每年有 700 兆瓦的產能。那是關鍵 IT 負載。而我們已簽約在未來幾年建置 1.5（吉瓦）。所以我們確實有點超過那個水準。但這兩項無疑是最大的兩個成長瓶頸。

We have great process from a construction perspective in place. Our first building on Polaris Forge 1 took us about 24 months from start of construction to RFS. Our second building on that site was under 12 months. We've really dialed in, and we're just getting better. The team is getting better with every iteration that we do in just how we sequence things, how we just make everything much more efficient from a construction process. So I feel really good about that piece. Managing supply chain and power are probably the two biggest constraints at the moment.

從施工角度來看，我們已建立很好的流程。我們在 Polaris Forge 1 的第一棟樓，從開工到 RFS（可供服務）大約花了 24 個月。同一基地的第二棟樓不到 12 個月。我們真的已經調校得很到位，而且只會越做越好。團隊每一次迭代都在進步：我們如何安排工序、如何讓整個施工流程更有效率。所以我對這一塊很有信心。目前最大的兩個限制大概就是供應鏈與電力。

So I wondered, we're obviously in a market that's gotten very cautious relative to AI. Your stock has gotten brought into that. And none of what you're talking about on this call represents some of the concerns out there relative to the [NIM] and the open model concern. I'm just wondering if you can give us a bigger picture AI thesis as you see it today relative to what the market is thinking.

我想問的是，我們顯然正處在一個對 AI 變得非常謹慎的市場。你們的股價也被捲入其中。而你在這通電話中談到的內容，並沒有反映外界對 [NIM] 以及開放模型疑慮的一些擔心。我只是想知道，你能否就你今天所看到的情況，給我們一個更宏觀的 AI 投資論點，並對照市場目前在想什麼。

Sure. Just from the demand side, I think this might sound a little strange, but I think I'm a fairly conservative person. And so that's why over the past year, we really focused on high-quality customers, durable contracts. That was really our mantra was durable contracts, both from an ability for us to deliver, an ability for our customers to cancel. And then also from an SLA perspective, because if you don't operate the sites well, then in almost every instance that I came and talk to people in the industry, your customers will have the right cancel.

當然。就需求端而言，這聽起來可能有點奇怪，但我覺得自己算是相對保守的人。因此過去一年我們非常聚焦在高品質客戶與具持久性的合約。我們的口號其實就是「具持久性的合約」：包括我們交付的能力、客戶取消的權利。另外也包括 SLA 的角度，因為如果你沒有把場站營運好，那麼在我與產業人士交流的幾乎每個案例中，你的客戶都會有權取消。

So that's really been the focus to make sure we get those types of contracts. We build the right type of buildings. So we try to make it as absolutely as efficient as possible, but we don't want to skip over things just because it could lower cost because, remember, we need to operate these buildings for at least 15 years on the contract, but we think they're 30-year-plus assets. So we build buildings that we could operate and we think we will meet all those SLAs for a really long period of time. And so that was the focus was making sure that we've had that type of a platform.

所以我們的重點一直是確保拿到這類型的合約。我們要蓋對的建築型態。我們會盡可能把效率做到極致，但我們不想為了降低成本而跳過某些環節，因為請記住，我們至少要在合約期 15 年內營運這些建築，而我們認為它們是 30 年以上的資產。因此我們建造的是我們能長期營運的建築，並且我們相信能在很長一段時間內滿足所有 SLA。所以重點就是確保我們擁有那樣的平台。

And then as far as we focused on high investment-grade hyperscalers and investment-grade hyperscalers and those types of companies. So what did we purposely avoid? We avoided signing leases with the very large model companies. Those are great companies, but I don't think that -- I don't know how that plays out over time. We see this volatility we saw with DeepSeek in 2025. We see it with Kimi in 2026 now. And so we see this volatility.

此外，我們也聚焦在高投資等級的超大規模客戶（hyperscalers）以及投資等級的 hyperscalers 這類公司。那我們刻意避開了什麼？我們刻意避免與非常大型的模型公司簽租約。那些都是很棒的公司，但我不認為——我不確定長期會如何發展。我們看到 2025 年 DeepSeek 帶來的波動。我們現在在 2026 年也看到 Kimi 的波動。所以我們看到了這種波動性。

And then outside of those models, you see the volatility just with the US-based companies. So if we were speaking this time last year, OpenAI was absolutely the best. They had introduced GPT 4.0 in April of '25, and they were doing extraordinarily well and then have rolled to Google and now to Anthropic. And so we just really had a focus on the highest quality companies that have high investment-grade ratings.

而且除了那些模型之外，你也會看到美國本土公司的波動。如果我們在去年這個時候談，OpenAI 絕對是最強的。他們在 25 年 4 月推出 GPT 4.0，表現非常出色，之後又轉向 Google，現在又到 Anthropic。因此我們確實把重點放在具最高品質、且擁有高投資等級評等的公司。

But what appears, George, is happening, whether it's open source or closed model, that's a totally different debate, but they seem to all need a significant amount of compute. And they seem to use the same amount on inference or a little bit more on inference.

但看起來，George，正在發生的是：不論是開源或閉源模型——那是完全不同的辯論——它們似乎都需要大量的算力。而且它們在推論（inference）上使用的算力似乎相同，或在推論上用得更多一些。

So compute still is the foundational layer. I feel really good about our positioning in that market and demand for compute regardless of which way kind of the world goes from a technology perspective over the next few years.

所以算力仍然是最基礎的一層。我對我們在該市場的定位，以及未來幾年不論技術路線如何演進、對算力的需求，都感到非常有信心。

John Todaro, Needham & Company.

John Todaro，Needham & Company。

Congrats on the progress here. I guess just going back to that earlier question on the growth governor. Wes, I think you've mentioned in the past, you could work on seven campuses simultaneously. You're at five now. I imagine some get completed, you add other ones. Is that number pushed higher even above seven? And is the currently marketed 1.7 gigawatts, will that be kind of captured within what you could do simultaneously?

恭喜你們在這裡的進展。我想回到先前那個關於成長瓶頸的問題。Wes，我記得你過去提過，你們可以同時在七個園區（campuses）施工。你們現在是五個。我想有些會完工，你們也會再加入其他園區。這個數字是否能提高到七個以上？另外，目前對外行銷的 1.7 吉瓦，是否大致能在你們可同時進行的能力範圍內被消化？

Yeah. So great question. So yeah, I mentioned seven before. I will say I think we can go higher than that. Let us get there and see how it's working because one thing, John, that we don't want to do is overextend ourselves. We want to make sure that we always are in the right position to execute and deliver. That's number one.

是的。所以這是個很好的問題。是的，我之前提到七個。我會說我認為我們可以高於那個數字。讓我們先做到那一步，看看運作得如何，因為有一件事，John，我們不想做的就是過度擴張。我們要確保我們始終處於能夠執行並交付的正確位置。這是第一點。

When I go through the risks we're initially signing contracts, and then second is delivery. We've got those two dialed in. And then the third is operations. We've been operating the first building for roughly eight months now that's going extremely well. So we're getting all of those things dialed in really well.

當我檢視風險時，我們一開始是簽訂合約，第二是交付。我們已把這兩點調整到位。第三是營運。我們第一棟建築已經營運大約八個月了，進展非常順利。所以我們正把這些事情都調整得非常到位。

I just want to make sure that we continue to execute and deliver on time for our customers because it's such a key thing. So if we need to stop at seven, we'll stop at seven, but we'll see when we get there and how far we think we can go with managing the construction process.

我只是想確保我們能持續為客戶準時執行並交付，因為這是非常關鍵的一點。所以如果我們需要停在七個，我們就停在七個，但等我們到那一步時再看看，以及我們認為在管理施工流程方面能走多遠。

And then again, as I mentioned, there's definitely some limits on supply chain. We've been able to continue to keep expanding that limit. So I don't know where that is for certain, but it definitely does exist out there as far as that supply chain limitation. But we'll see if we get to the seven campuses. We're obviously marketing to that now. But we feel comfortable with that. And then once we get there, we'll see if we feel comfortable going above it.

然後再一次，如我提到的，供應鏈確實存在一些限制。我們一直能夠持續擴大那個上限。所以我不確定那個上限究竟在哪裡，但就供應鏈限制而言，它確實存在。不過我們會看看是否能做到七個園區。我們顯然正在針對那個目標進行行銷。但我們對此感到有把握。等我們到那一步後，再看看是否也有把握再往上。

Understood. And then, Saidal, I think you had mentioned the NOI margin at 91%. Just wondering if that's kind of more so the target number we should go with for all the contracted capacity or like the mid-80s, which is I think where we're at, at least, is more fair?

了解。然後，Saidal，我想你提到 NOI 利潤率是 91%。想請問那是否更像是我們應該用於所有已簽約產能的目標數字，還是說大約 80% 中段（我想至少我們目前大概在那裡）會比較合理？

As Wes mentioned earlier, right, we try to aim conservative with our margin targets and then obviously deliver to the high end. There's a mix of it, right? One, you'll see us as we get a site up and running post the initial RFS state, you should see margins continue to increase, just one, we get better operating the site. And then secondly, you should see some economies of scale as we have more buildings on within a specific campus.

如 Wes 先前提到的，對，我們會盡量以保守的利潤率目標為準，然後當然在交付時做到高端表現。這裡面有個組合，對吧？第一，你會看到當我們在初始 RFS 階段之後讓一個站點上線並開始運作時，利潤率應該會持續提升，原因之一是我們在站點營運上會越做越好。第二，當同一園區內有更多建築投入運作時，你也會看到一些規模經濟。

So that's definitely the goal. The timeline of how we get there for every campus, right, could differ depending on the region, but that's where we're marching towards as well.

所以那絕對是目標。至於每個園區達成的時間表，對吧，可能會因地區而異，但那也是我們努力前進的方向。

Darren Aftahi, Lucid Capital Markets.

Darren Aftahi，Lucid Capital Markets。

Two, if I may. So on Base Electron, can you just give us a general sense for when that capacity might come online? And then, Wes, to your comments about your North Dakota properties being able to expand to various levels, how much of that is contingent on Base Electron versus just utility growth?

如果可以的話兩個問題。關於 Base Electron，你們能否大致說明那個產能可能何時上線？然後，Wes，針對你提到北達科他州資產可以擴張到不同水準的評論，其中有多少是取決於 Base Electron，而不是單純取決於公用事業的成長？

And then second question, aside from the 250 megawatts you guys talked about, the marketing of the, I guess, the remaining [1.5], how would you kind of characterize that between existing customers that have taken down capacity versus maybe some folks who have been left to alter in negotiations?

第二個問題，除了你們談到的 250 兆瓦之外，對於我想是剩餘的 [1.5] 的行銷，你會如何描述其組成：是既有客戶已承接的產能為主，還是一些在談判中被擱置、之後可能再調整的對象？

Sure. So on Base Electron, the timing, so that's in '29 and '30 for that initial capacity and then continue to ramp from there. In North Dakota, there's some other projects. There's some transmission projects plus some generation projects that will fill in nicely. So we've got a lot to build for '26, '27 and some '28, and then we'll have additional power capacity, we think, coming online at that time to just continue to expand those campuses.

當然。關於 Base Electron 的時程，初始產能會在 2029 年和 2030 年上線，之後再持續爬坡。在北達科他州，還有一些其他專案。有一些輸電專案以及一些發電專案，會很好地補上缺口。所以我們在 2026、2027 以及部分 2028 年有很多要建置的內容，然後我們認為屆時會有額外的電力產能上線，以便持續擴張那些園區。

But they're both important to meeting that goal, both in Base Electron and then additional power projects that are going on in the region and transmission projects. There's a [JETx] line that runs between Ellendale and Jamestown that will come online and expand the Ellendale power capacity for us as well.

但要達成那個目標，兩者都很重要：Base Electron，以及該地區正在進行的其他電力專案和輸電專案。有一條在 Ellendale 與 Jamestown 之間的 [JETx] 線路將會上線，也會為我們擴大 Ellendale 的電力容量。

Darren, remind me your last question?

Darren，提醒我一下你最後一個問題是什麼？

It was more around the power you're marketing right now, like relative to existing customers versus others.

主要是關於你們目前正在行銷的電力，相對於既有客戶與其他客戶的比例。

Yeah. Right now, Darren, just given what we have going on, I would expect that to be new customers.

是的。Darren，就目前我們正在進行的事情來看，我預期那會是新客戶。

Michael Donovan, Compass Point Research.

Michael Donovan，Compass Point Research。

Congrats on the execution. So your AI factors are designed to support flexibility and the type and density of compute deployed. What changes are you seeing in recent customer requirements beyond GPUs, particularly for CPUs, memory and networking?

恭喜執行成果。你們的 AI 設施是為了支援在部署的運算類型與密度上的彈性而設計。除了 GPU 之外，近期你們在客戶需求上看到哪些變化，特別是在 CPU、記憶體與網路方面？

Yeah. So you made a good point about we've made this very flexible architecture that will handle GPUs, CPUs, CPUs. When you get down to that level of detail, though, it really goes customer by customer, and we don't see like that type of granularity all the time in what we do. So we get specs of how to do -- just because we're doing the fit out, how we do fit out.

是的。你提到一個重點：我們打造了非常有彈性的架構，可以支援 GPU、CPU、CPU。不過當你深入到那種細節層級時，實際上會因客戶而異，而我們在工作中不一定總是能看到那麼細的顆粒度。所以我們會拿到如何做的規格——因為我們在做內裝建置（fit out），也就是如何進行 fit out。

And so we have kind of a general idea of what they're doing, but not enough that I want to give you insights that you should rely on as far as trends of CPUs versus GPUs and storage amounts.

因此我們對他們在做什麼有個大致概念，但不足以讓我提供你可以依賴的洞見，例如 CPU 相對於 GPU 的趨勢，以及儲存容量的多寡。

But we do build very flexible facilities, and we work through that on a design perspective to where you can put almost anything that you want to, even if you were back to a standard cloud format with much lower power densities, our facilities would still work for that as well.

但我們確實建置非常有彈性的設施，並且在設計層面把這點納入考量，使你幾乎可以放入任何你想要的設備；即使你回到標準雲端的形式、功率密度低得多，我們的設施同樣也能運作。

There are no further questions at this time. I will now turn the call back to Wes Cummins for some closing remarks.

目前沒有進一步的問題。我現在把電話交回給 Wes Cummins 作結語。

Thanks, everyone, for joining our Q4 call and look forward to speaking with you in October. Thanks.

感謝各位參加我們的第四季電話會議，期待在十月再與各位交流。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。