Applied Digital Corporation (APLD) 2027 Q1 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal first quarter 2027 conference call. My name is Pascal Berman, and I will be your operator today.

下午好，歡迎參加 Applied Digital 2027 會計年度第一季財報電話會議。我是 Pascal Berman，今天將擔任會議接線員。

Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 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 8 月 31 日止之 2027 會計年度第一季財務業績；該新聞稿副本已隨同提交給美國證券交易委員會（SEC）的 Form 8-K 報告一併提供，並將可於公司網站的投資人關係專區取得。

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 discussions.

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。在他們發言之後，我們將開放電話會議進行討論。

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, Pascal. Hello, everyone, and welcome to Applied Digital's Fiscal First Quarter 2027 Conference Call. Before management begins formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under 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. For more detailed risks and 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.

謝謝你，Pascal。各位好，歡迎參加 Applied Digital 2027 會計年度第一季財報電話會議。在管理團隊開始正式發言之前，我們提醒各位，我們今天所做的部分陳述可能依證券法被視為前瞻性陳述，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（其中許多超出我們的控制範圍）可能導致實際結果與事件與前瞻性陳述中所描述者存在重大差異。關於與前瞻性陳述相關的更詳細風險、不確定性與假設，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內容。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。

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

我們也會討論非 GAAP 財務衡量指標；在您評估這些指標時，建議您仔細閱讀我們在財報新聞稿中的相關揭露，以及與適用 GAAP 指標之對帳表。我們亦請您參閱我們向 SEC 提交的文件，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，包括但不限於我們在 Form 10-K 年報及 Form 10-Q 季報中「風險因素」標題下所識別的風險與不確定性。您可造訪 SEC 網站 www.sec.gov 免費查閱 Applied Digital 的 SEC 申報文件。我也提醒各位，本次電話會議將被錄音，並將透過 Applied Digital 網站投資人關係專區的連結提供重播。

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

現在我把電話會議交給 Applied Digital 董事長兼執行長 Wes Cummins。Wes？

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal first quarter 2027 earnings conference call. As we begin fiscal 2027, I'd like to provide an update on our vision, our strategy and most importantly, our execution. Today, we have approximately $36 billion in contracted revenue across five campuses, three states and two very different geographic regions of the country. Our focus is on converting our contracted portfolio into sustainable, profitable growth while continuing to selectively pursue new opportunities across our expansive land and power portfolios.

謝謝你，Matt，各位下午好。感謝各位參加我們 2027 會計年度第一季財報電話會議。在我們展開 2027 會計年度之際，我想就我們的願景、策略，以及最重要的——執行進展——提供最新說明。目前，我們在五個園區、三個州、以及美國兩個截然不同的地理區域，合計擁有約 360 億美元的已簽約收入。我們的重點是將已簽約的投資組合轉化為可持續且具獲利性的成長，同時持續在我們龐大的土地與電力資產組合中，有選擇地追求新的機會。

During the past year, success was primarily measured by aggressively growing our portfolio of campuses and our total contracted value associated with those campuses. Over the near to medium term, we expect to continue expanding our existing campuses and selectively adding new locations with a strong focus on execution and bringing contracted capacity online for our customers. Over the next 12 months, we expect to place over 600 megawatts into service versus the 250 megawatts over the past 12 months.

在過去一年中，成功主要以積極擴大我們的園區組合，以及與這些園區相關的已簽約總價值來衡量。在短期至中期內，我們預期將持續擴建既有園區，並有選擇地新增據點，同時高度聚焦於執行力，將已簽約的產能上線交付給客戶。在未來 12 個月內，我們預期將有超過 600 兆瓦投入服務，相較於過去 12 個月的 250 兆瓦。

Let me turn to our vision and strategy, which remains unchanged. Our goal is to become the category leader in design, build, deployment and operation of our purpose-built AI factories. Achieving that requires us to balance several things well, selecting the right customers, matching those customers with a funding strategy that optimizes our financial returns and executing consistently on our builds. We believe we are well positioned to do all three. We have a proprietary and proven data center design that has gained acceptance by the leading top-tier hyperscalers. We have a well-honed supply chain, deep energy partnerships and a demonstrated ability to deliver on our lease commitments.

接著談談我們的願景與策略，這些仍維持不變。我們的目標是成為專用 AI 工廠在設計、建造、部署與營運方面的類別領導者。要達成此目標，我們必須在多項要素之間取得良好平衡：選擇合適的客戶、為這些客戶搭配可最佳化我們財務報酬的資金策略，並在建置上持續穩定地執行。我們相信我們具備同時做好這三件事的有利條件。我們擁有專有且經驗證的資料中心設計，已獲得領先的一線超大規模雲端業者（hyperscalers）採用與認可。我們具備成熟的供應鏈、深厚的能源合作夥伴關係，以及已證明能履行租賃承諾的交付能力。

Importantly, our data center design is different from many of our competitors. Some competitors' facilities are designed primarily around the typical five- to six-year life cycle of the GPU. We've taken a different approach and are building for the long term with 30-plus year horizons. We believe our AI factories are designed to be substantially more adaptable as compute architectures, network configurations and electrical and mechanical requirements evolve over time.

重要的是，我們的資料中心設計與許多競爭對手不同。部分競爭對手的設施主要是圍繞 GPU 典型約五到六年的生命週期來設計。我們採取不同做法，著眼長期，以 30 年以上的時間跨度進行建置。我們相信，隨著運算架構、網路配置以及電力與機電需求隨時間演進，我們的 AI 工廠在適應性方面將顯著更強。

Our design and our investment strategy are based on a set of core principles intended to extend the useful life of our AI factories and campuses well beyond any single generation of compute architecture. That matters because we believe the customers signing long-term leases with us expect these facilities to continue serving their needs well beyond the initial lease term. As a result, we believe our design and build strategy, together with our franchise model are highly differentiated and will generate outsized returns for our stockholders over the long term.

我們的設計與投資策略係建立在一套核心原則之上，旨在使我們的 AI 工廠與園區的可用年限，遠超過任何單一世代的運算架構。這點很重要，因為我們相信，與我們簽訂長期租約的客戶，期望這些設施在初始租期結束後仍能持續良好地滿足其需求。因此，我們相信，我們的設計與建置策略，加上我們的特許經營（franchise）模式，具高度差異化，並將在長期為股東創造超額報酬。

Our primary focus remains straightforward, build large, sustainable AI factory campuses and sign durable, high-quality long-term contracts. We target take-or-pay contracts of at least 15 years with proven Tier 1 investment-grade hyperscalers that are leaders in the AI industry and are well positioned to convert their investment into sustainable and profitable growth.

我們的主要重點仍然很明確：建置大型、可持續的 AI 工廠園區，並簽訂穩健、高品質的長期合約。我們鎖定至少 15 年期的 take-or-pay 合約，合作對象為已證實的一線、投資等級的超大規模雲端業者（Tier 1 investment-grade hyperscalers）；這些業者是 AI 產業的領導者，並具備將其投資轉化為可持續且具獲利性成長的良好條件。

We view our customers' ability to convert their AI investments into durable and sustainable earnings as an important metric as we make decisions on who we will build for. This is a relatively narrow group of customers who represent enormous demand and significant long-term spending potential. These customers have told us that they value our quality of design, the quality of our builds and the strength of our world-class team.

在決定我們要為哪些客戶建置時，我們將客戶把 AI 投資轉化為穩健且可持續獲利的能力，視為一項重要衡量指標。這是一個相對狹窄的客群，但其需求極為龐大，且具備顯著的長期支出潛力。這些客戶告訴我們，他們重視我們的設計品質、建置品質，以及我們世界級團隊的實力。

In addition to signing new contracts, one of our priorities is to continue to expanding our existing campuses. We also see opportunity to capture premium pricing as demand grows and we realize the economies of scale inherent in large AI campus developments. We have continued to make progress on expansion opportunities with our existing customers while also advancing discussions around additional campuses. We currently expect approximately 250 megawatts of expansion leases to be executed by calendar year-end at materially higher pricing compared to prior leases.

除了簽訂新合約之外，我們的優先事項之一是持續擴建既有園區。隨著需求成長，並在大型 AI 園區開發所固有的規模經濟逐步顯現之際，我們也看到取得溢價定價的機會。我們在既有客戶的擴建機會上持續取得進展，同時也推進關於新增園區的討論。目前我們預期在日曆年度年底前，將簽署約 250 兆瓦的擴建租約，其定價相較於先前租約將顯著提高。

As we continue to expand our existing campuses and seek to lock in premium pricing, we believe these campuses contain significant and underappreciated embedded value. We expect that value to grow over time as we execute against our contract portfolio and focus on delivering outsized long-term returns to our stockholders.

隨著我們持續擴建既有園區並力求鎖定溢價定價，我們相信這些園區包含可觀且尚未被充分認知的內嵌價值。我們預期，隨著我們落實合約組合的執行，並專注於為股東帶來超額的長期報酬，該價值將隨時間成長。

I'd like now to turn to our execution in North Dakota, where we are currently building multiple AI factories across three campuses. North Dakota is our largest operating region and remains core to our strategy. We have repeatedly said its low cost of power, abundant energy resources, low population density and favorable climate make it one of the most compelling regions in North America for large-scale AI factory development.

接下來我想談談我們在北達科他州的執行情況；我們目前正在三個園區內建置多座 AI 工廠。北達科他州是我們最大的營運區域，並且仍是我們策略的核心。我們已多次表示，其低電力成本、豐富的能源資源、低人口密度以及有利的氣候，使其成為北美最具吸引力、適合大規模 AI 工廠開發的地區之一。

We expect additional Tier 1 hyperscalers to recognize those advantages over time. It is also the place where we have made the majority of our investments to date, both in the campuses we are building and in the communities with which we have partnered. Power remains the single largest gating factor in our industry, and North Dakota is one of the few regions where we believe new generation can be added at meaningful scale.

我們預期，隨著時間推移，將有更多第一級（Tier 1）超大規模雲端業者認知到這些優勢。這裡同時也是我們迄今為止投入最多資本的所在地，無論是在我們正在興建的園區，或是在我們所合作的社區。電力仍是本產業最主要的單一瓶頸因素，而北達科他州是我們認為少數能以具意義的規模新增發電量的地區之一。

Speaking to that scale, we recently took a step -- a significant step in expanding our power position in North Dakota by entering into a long-term Power Purchase Agreement with Base Electron, an independent power producer in which we hold an approximate 10% equity stake. The agreement covers an approximately 1,200-megawatt natural gas facility that Base Electron is developing in Center, North Dakota, adjacent to our Polaris Forge 3 campus with deliveries expected to begin in 2030. This is exactly the kind of outcome our model is built to produce.

談到這樣的規模，我們近期採取了一步——在擴大我們於北達科他州的電力布局方面邁出重要一步——與 Base Electron 簽訂長期電力購售協議（PPA）。Base Electron 為獨立發電業者，我們持有其約 10% 的股權。該協議涵蓋 Base Electron 正在北達科他州 Center 開發的一座約 1,200 兆瓦天然氣發電設施，位置緊鄰我們的 Polaris Forge 3 園區，預計自 2030 年開始交付。這正是我們的商業模式所要促成的成果。

While many operators are waiting in interconnection queues for capacity they do not control, we are contracting for dedicated generation at the scale of our campuses with an agreement that can follow our tenants and a time line aligned with our future development needs. We believe this dedicated supply substantially strengthens our ability to expand our North Dakota campus on our own time line rather than the grids and gives us greater visibility into the power resources that will support our future growth in the region.

當許多營運商仍在併網排隊等待其無法掌控的容量時，我們則以符合園區規模的方式簽約取得專屬發電量，且該協議可隨租戶移轉，並具備與我們未來開發需求一致的時程。我們相信，這項專屬供電將大幅強化我們依自身時程擴建北達科他州園區的能力，而非受制於電網，並讓我們對支撐本區未來成長的電力資源有更高的可視性。

To put the pace of our execution in North Dakota in perspective, we signed our first lease with CoreWeave in May of 2025 for our first two buildings at Polaris Forge 1, the first of which was then under construction. By the end of calendar year 2025, the first building was fully operational, capable of supporting more than 40,000 liquid cooled NVIDIA GB300s. The second building, which broke ground in summer 2025, became operational approximately one year later.

為了讓各位理解我們在北達科他州的執行速度，我們於 2025 年 5 月與 CoreWeave 簽下首份租約，承租 Polaris Forge 1 的前兩棟建物，其中第一棟當時仍在施工中。至 2025 年曆年年底，第一棟已全面投入營運，可支援超過 40,000 顆液冷 NVIDIA GB300。第二棟於 2025 年夏季動工，約一年後投入營運。

As of today, we have achieved full Ready for Service or RFS across our first two buildings at our Polaris Forge 1 campus with our third building progressing on schedule. The operational buildings encompass 10 data halls and are supported by 250 megawatts of critical IT load. This represents a 150% increase in delivered capacity.

截至今日，我們已在 Polaris Forge 1 園區的前兩棟建物達成全面「可提供服務」（Ready for Service，RFS），第三棟亦按計畫推進。已營運的建物包含 10 個機房廳（data halls），並由 250 兆瓦的關鍵 IT 負載支撐。這代表已交付容量增加 150%。

At Ellendale alone, we believe we are substantially ahead of our closest competitors in delivered capacity. And with the expected initial operation of our Harwood, North Dakota campus, we anticipate having 300 megawatts of critical -- total critical IT online across North Dakota by the end of this calendar year. We believe this level of delivered capacity places us among the leading companies in our category regardless of geography.

僅在 Ellendale，我們認為在已交付容量方面已大幅領先最接近的競爭對手。隨著我們位於北達科他州 Harwood 園區預期開始初期營運，我們預計在本曆年年底前，北達科他州的關鍵 IT 上線總量將達 300 兆瓦。我們相信，這樣的已交付容量水準，使我們不論地理位置皆位居同類型公司中的領先行列。

In the United States beyond North Dakota, we are developing campuses with substantial expansion potential in Louisiana and Alabama. These markets offer compelling characteristics, including access to power and strong state and local support for the build-out of national AI capacity. We view the presence of other top-tier hyperscalers developing large-scale AI campuses in these regions as further reinforcing their strategic importance. Our development activity in Louisiana and Alabama continues to progress, and we remain encouraged by the scale of customer demand across the region. We expect revenue contribution from this region of the country to begin in the first half of calendar year 2027.

在美國境內、北達科他州以外，我們正在路易斯安那州與阿拉巴馬州開發具備可觀擴張潛力的園區。這些市場具備吸引人的特性，包括電力取得，以及州與地方政府對於建置全國 AI 產能的強力支持。我們認為，其他頂級超大規模雲端業者也在這些地區開發大型 AI 園區，進一步強化其策略重要性。我們在路易斯安那州與阿拉巴馬州的開發活動持續推進，且對於該區域客戶需求的規模仍感到鼓舞。我們預期該國內區域的營收貢獻將於 2027 年曆年上半年開始。

We recently took our first steps outside the United States. While our focus remains firmly on executing our domestic projects, we believe select European markets may provide attractive opportunities to leverage our expertise and extend our platform over time as we continue to build Applied Digital into a category leader.

我們近期也踏出美國以外的第一步。雖然我們的重點仍堅定放在執行國內專案，但我們相信，部分歐洲市場可能提供具吸引力的機會，讓我們得以運用專業能力並隨時間推移延伸平台，持續將 Applied Digital 打造成該類別的領導者。

As part of that early look, we signed an agreement for up to 1 gigawatt of potential power capacity in Finland. We view this as a measured first step. The agreement provides meaningful long-term potential while limiting our initial exposure and protecting downside risk while our near-term execution priorities remain centered on the United States.

作為這項初步評估的一部分，我們在芬蘭簽署了一項協議，涵蓋最高達 1 吉瓦的潛在電力容量。我們將此視為審慎的第一步。該協議在限制初期曝險並保護下行風險的同時，提供具意義的長期潛力，而我們的近期執行優先事項仍以美國為核心。

Turning to our Data Center Hosting Business. Our 286 megawatts of capacity for Bitcoin mining across our two North Dakota sites continues to operate efficiently and provide steady, high-margin revenue with minimal ongoing capital investment. And now to ChronoScale in which we have an approximately 96% ownership stake. Neoclouds continue to represent one of the fastest-growing segments in this market. NVIDIA expects neoclouds to exit this year with 8 gigawatts of installed capacity up from 3 gigawatts at the end of 2025.

接著談我們的資料中心託管業務。我們在北達科他州兩個據點用於比特幣挖礦的 286 兆瓦容量，持續高效率運作，並在幾乎不需要持續資本投入的情況下，提供穩定的高毛利營收。接下來談 ChronoScale，我們持有其約 96% 的股權。Neoclouds 仍是此市場中成長最快的區隔之一。NVIDIA 預期 neoclouds 在今年年底的裝置容量將達 8 吉瓦，高於 2025 年底的 3 吉瓦。

During the quarter, ChronoScale announced plans with Microsoft for a 50-megawatt AI compute deployment in North America featuring NVIDIA GB300 NVL72 systems. This deployment is expected to significantly expand ChronoScale's existing business with a Tier 1 investment-grade customer and represents another important step in scaling the platform. With recent new contracts, ChronoScale is on track to reach $1 billion of ARR in 2027 and momentum for additional contracts continues to build.

本季期間，ChronoScale 宣布與 Microsoft 合作，計畫在北美部署 50 兆瓦的 AI 運算資源，採用 NVIDIA GB300 NVL72 系統。此部署預期將顯著擴大 ChronoScale 與一位第一級投資等級客戶的既有業務，並代表平台擴張的另一項重要里程碑。隨著近期新增合約，ChronoScale 正朝著於 2027 年達成 10 億美元年度經常性收入（ARR）的目標邁進，且更多合約的動能持續累積。

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，為各位詳細說明財務狀況。Saidal？

Thank you, Wes, and good afternoon, everybody. This quarter, we completed the financing of our first campus. Earlier this year, we had only one remaining tranche of debt to place for the final 150-megawatt building at Polaris Forge 1. In June, as we discussed on our last call, we closed that tranche, a $1.59 billion offering of 7% senior secured notes due 2031 issued at par. With the proceeds of the offering, we have funded construction of the third HPC building at Polaris Forge 1 and have repaid the $300 million bridge facility we put in place in May.

謝謝你，Wes，各位下午好。本季我們完成了第一個園區的融資。今年稍早，我們僅剩最後一筆債務分段需要配置，用於 Polaris Forge 1 最後一棟 150 兆瓦建物。6 月，如同我們在上次電話會議所討論的，我們完成該分段的交割：發行 15.9 億美元、票面利率 7%、2031 年到期的優先擔保票據，並以面額發行。運用本次發行所得，我們已為 Polaris Forge 1 的第三棟 HPC 建物建造提供資金，並已償還我們於 5 月設置的 3 億美元過橋融資。

With that, the full 400 megawatts of the CoreWeave campus at Polaris Forge 1 and the 200 megawatts of contracted capacity at Polaris Forge 2 are now fully funded. The pricing of that deal is worth pointing out. Our first Polaris Forge 1 related notes placed last year carry a 9.25% coupon. This tranche placed -- priced at 7%. We believe the pricing reflects the credit enhancements we secured for CoreWeave earlier this year and growing investor confidence in our platform.

至此，Polaris Forge 1 的 CoreWeave 園區完整 400 兆瓦，以及 Polaris Forge 2 已簽約的 200 兆瓦容量，現已全數取得資金到位。值得指出的是，該交易的定價具有意義。我們去年配置的第一批與 Polaris Forge 1 相關票據，票面利率為 9.25%。本次分段配置——定價為 7%。我們認為，此定價反映了我們今年稍早為 CoreWeave 取得的信用增強措施，以及投資人對我們平台日益提升的信心。

We are earning that confidence by executing and delivering our buildings on track and on budget, and we expect the first building of Polaris Forge 2 to similarly be on track and on budget. This success supports market confidence in our ability to execute. It drives us to reach our previously stated goal to keep bringing our cost of capital down first at the project level and over time by refinancing operating buildings into lower-cost markets such as ABS. We also added flexibility at the corporate level. In June, we upsized our revolving credit facility to $430 million of commitments with an additional $120 million accordion remaining available.

我們透過按期、按預算執行並交付建物來贏得這份信心；我們也預期 Polaris Forge 2 的第一棟建物同樣能按期、按預算推進。這項成功支撐了市場對我們執行能力的信心。它也推動我們達成先前所述的目標：首先在專案層級持續降低資金成本，並隨時間推移，將已營運建物再融資至成本更低的市場（例如 ABS）。我們也在公司層級提升了彈性。6 月，我們將循環信用額度擴大至 4.3 億美元的承諾額度，並另保留 1.2 億美元的增額（accordion）可用額度。

Looking ahead, the next campuses we need to finance are Polaris Forge 3, Delta Forge 1 and Delta Forge 2. All of these are leased to the same Tier 1 investment-grade hyperscaler under 15-year take-or-pay leases. We believe this fact changes the financing conversations of potential creditors. Recall, Tier 1 investment-grade tenants open access to a deeper pool of capital, which we believe supports more attractive terms. We are following the same framework, preferred equity from Macquarie Asset Management, followed by project level debt, which allows Applied Digital shareholders to retain a majority ownership stake in each site.

展望未來，我們接下來需要籌資的園區為 Polaris Forge 3、Delta Forge 1 與 Delta Forge 2。這些園區皆以 15 年期的 take-or-pay（不論使用與否均須支付）租約，出租給同一家第一級（Tier 1）投資等級的超大規模雲端業者（hyperscaler）。我們認為，這一事實改變了潛在債權人在融資洽談中的對話基調。回顧一下，第一級投資等級租戶可打開更深的資本池，我們相信這有助於取得更具吸引力的條款。我們將沿用相同的架構：先由 Macquarie Asset Management 提供優先股權資金，接著配置專案層級債務，使 Applied Digital 股東得以在各個據點保留多數持股。

We are already in active discussions with leading lending institutions. And given the credit quality of this customer, we have a high level of confidence in our ability to fund these campuses at favorable rates and terms. Now let's turn to the quarter. As a reminder, ChronoScale is included in our GAAP consolidated results but is excluded from our non-GAAP financial measures.

我們已與領先的放款機構展開積極洽談。鑑於該客戶的信用品質，我們對於以有利的利率與條款為這些園區籌措資金，具有高度信心。現在讓我們回到本季表現。提醒一下，ChronoScale 納入我們的 GAAP 合併報表，但在我們的非 GAAP 財務衡量指標中予以排除。

We reported total revenue of $341.9 million, up 322% from $80.9 million in the prior year quarter. Our HPC hosting business generated $262.6 million of revenue, consisting of $65.8 million of base rent, $183.5 million of tenant fit-out services and $13.3 million of tenant recoveries. Our Data Center Hosting segment, which operates our two Bitcoin hosting sites, generated $37.8 million in revenue, in line with the prior year quarter. We continue to be very pleased with this business, which generated $13.3 million of operating profit in a single quarter on approximately $111.9 million of segment assets.

我們報告總營收為 3.419 億美元，較去年同期的 8,090 萬美元成長 322%。我們的 HPC 託管業務創造 2.626 億美元營收，其中包含 6,580 萬美元的基本租金、1.835 億美元的租戶裝修（fit-out）服務，以及 1,330 萬美元的租戶費用回收（tenant recoveries）。我們的資料中心託管（Data Center Hosting）部門（營運兩個比特幣託管據點）創造 3,780 萬美元營收，與去年同期相當。我們持續對該業務感到非常滿意；該部門在單一季度於約 1.119 億美元的部門資產基礎上，創造 1,330 萬美元的營業利益。

Segment operating profit this quarter more than doubled from $6 million in the prior quarter, driven by a favorable power pricing. ChronoScale's revenue was $41.5 million this quarter, including approximately $23 million of GPU hardware sales. Services and other cost of revenues was $245.7 million, primarily consisting of $176.1 million in tenant fit-out services performed within our HPC hosting business, $22.4 million associated with ChronoScale's GPU hardware sales, $19.8 million in energy costs and $17.6 million in depreciation and amortization.

本季部門營業利益較前一季的 600 萬美元增加逾一倍，主要受惠於有利的電力定價。ChronoScale 本季營收為 4,150 萬美元，其中包含約 2,300 萬美元的 GPU 硬體銷售。服務及其他營收成本為 2.457 億美元，主要包括：我們 HPC 託管業務中執行的 1.761 億美元租戶裝修服務、與 ChronoScale GPU 硬體銷售相關的 2,240 萬美元、1,980 萬美元的能源成本，以及 1,760 萬美元的折舊與攤銷。

Data center rental and other cost of revenues was $43.9 million, primarily due to $22.4 million in depreciation and amortization expense on our operational AI factories at our Polaris Forge 1 campus, $13.3 million in expenses, which are reimbursable as tenant recoveries and $7.8 million in personnel and other operating costs supporting our facilities.

資料中心租賃及其他營收成本為 4,390 萬美元，主要來自：我們 Polaris Forge 1 園區已投入營運之 AI 工廠的 2,240 萬美元折舊與攤銷費用、1,330 萬美元可由租戶回收（tenant recoveries）補償的費用，以及 780 萬美元用於支援設施的人員與其他營運成本。

SG&A was $114.7 million this quarter. This was primarily due to $65.4 million in stock-based comp, $16 million of professional services, mainly related to transactions, $15.6 million of personnel expenses and $4.8 million of lease expenses.

本季 SG&A（銷售、一般及行政費用）為 1.147 億美元。主要包括：6,540 萬美元的股份基礎給付、1,600 萬美元的專業服務費（主要與交易相關）、1,560 萬美元的人員費用，以及 480 萬美元的租賃費用。

One item worth calling out in the quarter, our stock-based compensation expense included $41.3 million tied to onetime performance stock units. We also recorded $67.5 million of a noncash loss from the change in fair value of our Babcock & Wilcox warrants and the common stock investment. Both are marked-to-market every quarter as B&W stock price changes.

本季有一項值得特別說明：我們的股份基礎給付費用包含 4,130 萬美元，係與一次性績效限制型股票單位（performance stock units）相關。我們亦因 Babcock & Wilcox 認股權證及普通股投資的公允價值變動，認列 6,750 萬美元的非現金損失。兩者皆會隨 B&W 股價變動於每季按市價評價（mark-to-market）。

Net loss from continuing operations attributable to common stockholders was $221 million or $0.76 per share. Adjusted net loss was $4.1 million or $0.01 per diluted share. Adjusted EBITDA was $64.4 million, up from $500,000 in the prior year quarter. Net operating income, or NOI, which is exclusive to our HPC hosting business was $58.8 million, representing an 89% margin.

歸屬於普通股股東之持續營業單位淨損為 2.21 億美元，或每股 0.76 美元。調整後淨損為 410 萬美元，或每股稀釋後 0.01 美元。調整後 EBITDA 為 6,440 萬美元，高於去年同期的 50 萬美元。營運淨收益（NOI），僅適用於我們的 HPC 託管業務，為 5,880 萬美元，代表 89% 的利潤率。

From a balance sheet perspective, we believe we remain well positioned. We ended the quarter with approximately $2.9 billion in cash and cash equivalents plus $0.7 billion of restricted cash and approximately -- against approximately $6.4 billion of debt. Note, more than 80% of that principal does not come due until fiscal 2031 or later. Stockholders' equity was approximately $1.6 billion. Our goal remains to maintain one of the strongest balance sheets in the industry through the majority of the construction phase, and we'll execute as such.

就資產負債表而言，我們認為我們仍處於良好位置。本季期末，我們持有約 29 億美元的現金及約當現金，加上 7 億美元的受限制現金，並約 --，相對於約 64 億美元的負債。請注意，其中超過 80% 的本金要到 2031 會計年度或之後才到期。股東權益約為 16 億美元。我們的目標仍是在大部分建設階段維持業界最強健的資產負債表之一，我們也將據此執行。

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

接下來我把電話交回給 Wes 作結語。謝謝。

Thank you, Saidal. Before we open the call for questions, I want to close on something that comes up in nearly every investor conversation we have today, the growing scrutiny around data center development across the country. We are seeing more local moratoriums, tighter zoning requirements, longer permitting time lines and greater community resistance in certain markets. Some may view this as a risk to our industry, we see it differently. We believe it actually increases the strategic value of our campuses that are already powered, operating and supported by their communities.

謝謝你，Saidal。在我們開放提問之前，我想以一個幾乎在我們今天與投資人每次對話中都會出現的議題作結：全國各地對資料中心開發的審視日益加強。我們看到更多地方性的暫停令（moratoriums）、更嚴格的分區（zoning）要求、更長的許可（permitting）時程，以及在某些市場更大的社區阻力。有些人可能將此視為對本產業的風險，但我們看法不同。我們相信，這反而提升了我們那些已通電、已營運且獲社區支持之園區的策略價值。

We think the reason is straightforward. At our campuses, once they are established, we believe much of the hardest work has already been done. The land is controlled, power and interconnection are in place, permits have been secured, fiber, workforce and local supply chains have been established. And perhaps most importantly to us, the community knows who we are and sees how we operate. This is why we think expanding in existing campuses is materially different than starting from scratch in a new market. We are already seeing this dynamic across our portfolio.

我們認為原因很直接。在我們的園區，一旦建立完成，我們相信許多最艱難的工作其實已經完成。土地已受控，電力與互連已到位，許可已取得，光纖、人力與在地供應鏈也已建立。或許對我們而言最重要的是，社區知道我們是誰，也看得到我們如何營運。這就是為什麼我們認為，在既有園區擴建與在新市場從零開始有本質上的差異。我們已在整體資產組合中看到這種動態。

Customers tell us they want additional capacity in places where they have confidence it can actually be delivered. As new data center development becomes more difficult in certain markets, we believe the scarcity value of established, powered and community-supported campuses increases. We think that dynamic creates meaningful barriers to entry and can support stronger economics on expansions and renewals and over the long term, higher terminal values for our assets.

客戶告訴我們，他們希望在那些有信心能真正交付的地點取得更多容量。隨著某些市場的新資料中心開發變得更困難，我們相信，已建立、已通電且獲社區支持之園區的稀缺價值將提升。我們認為，這種動態形成具意義的進入障礙，並可支撐擴建與續約時更強的經濟性；長期而言，也能帶來我們資產更高的終端價值。

Put simply, our view is that every new restriction elsewhere makes what we already own harder to replicate and more valuable. This is also important when we think about the long-term value of these assets. Our leases have 15-year base terms, but the land, power, interconnection and community support behind these campuses have the capacity to last far longer than any single lease.

簡而言之，我們的看法是：其他地方每新增一項限制，都會讓我們既有資產更難被複製、也更具價值。當我們思考這些資產的長期價值時，這一點同樣重要。我們的租約基本期為 15 年，但支撐這些園區的土地、電力、互連與社區支持，其可持續的時間遠超過任何單一租約。

When a base term ends, then we see that a tenant with tens of thousands of GPUs deployed in a powered liquid-cooled campus faces a simple choice, renew with us or try finding comparable power and approval somewhere else in a market where new sites are becoming increasingly difficult to approve. We believe that makes renewals more likely, supports stronger renewal pricing and allows our tenants to continue refreshing their technology within the same facility for decades. This is why we believe in the durability of our leases and that the terminal value of these campuses is meaningfully higher than a traditional real estate model would assume.

當基本期結束時，我們看到：在已通電且採用液冷的園區中部署了數以萬計 GPU 的租戶，面臨一個簡單選擇——與我們續約，或嘗試在其他地方找到可比的電力與核准，而在新據點愈來愈難以獲批的市場中，這將更具挑戰。我們相信，這使續約更可能發生、支撐更強的續約定價，並讓租戶能在同一設施內持續更新其技術長達數十年。因此，我們相信我們租約的耐久性，且這些園區的終端價值顯著高於傳統不動產模型所假設的水準。

We also believe that the value should continue to grow as new supply becomes harder to build. And local leaders have told us the reason our communities want us to expand is because we have worked hard to earn their trust.

我們也相信，隨著新增供給變得更難建置，其價值應會持續成長。而地方領袖也告訴我們，我們的社區希望我們擴張的原因，是因為我們一直努力贏得他們的信任。

Our approach has always been simple, do it the right way. In North Dakota, MDU's customers have saved about $45 million since our Ellendale project began because we use excess grid capacity and help spread fixed costs across more load. In Harwood, we paid for over $100 million of substation and grid upgrades ourselves, which benefit the entire community. And our model already meets the rate payer protection pledge that Governor Armstrong joined alongside 21 other governors. Local leaders have also shared with us that the positive economic impact on these communities has been significant, and it's drawing national attention, including coverage on Fox Business News and the All-In podcast. Ellendale is a great example. Since we began our partnership with the community, local tax revenue has expanded roughly tenfold from approximately $400,000 a year to nearly $4 million. These tax dollars are helping fund schools, infrastructure and emergency services.

我們的方法一向很簡單：把事情用正確的方式做好。在北達科他州，自從我們的 Ellendale 專案啟動以來，因為我們利用電網的剩餘容量並協助將固定成本分攤到更多負載上，MDU 的客戶已節省約 4,500 萬美元。在 Harwood，我們自行負擔超過 1 億美元的變電站與電網升級費用，讓整個社區都受益。而我們的模式也已符合阿姆斯壯州長與另外 21 位州長共同加入的「費率支付者保護承諾」。地方領袖也與我們分享，這些社區的正向經濟影響相當顯著，並吸引全國關注，包括 Fox Business News 與 All-In podcast 的報導。Ellendale 就是一個很好的例子。自從我們開始與社區合作以來，地方稅收收入約成長了十倍，從每年約 40 萬美元提升到接近 400 萬美元。這些稅收正協助資助學校、基礎建設與緊急服務。

Construction workers on our sites earn six-figure incomes on average, and many of those dollars stay in the local economy. We were honored that Mid-America Economic Development Council recently named Polaris Forge 1 its Project of the Year, recognizing the campus for its economic impact, community investment, partnerships and technological innovation. That award belongs as much to the Ellendale community as it does to us, and we are incredibly grateful to everyone who continues to make Polaris Forge 1 possible. We also invest directly in our local communities.

我們工地的建築工人平均可獲得六位數年收入，而其中許多資金會留在當地經濟體系中。我們很榮幸 Mid-America Economic Development Council 近期將 Polaris Forge 1 評選為年度最佳專案（Project of the Year），表彰該園區在經濟影響、社區投資、合作夥伴關係與技術創新方面的表現。這個獎項同樣屬於 Ellendale 社區，也屬於我們；我們對所有持續讓 Polaris Forge 1 得以實現的人深表感謝。我們也直接投資於在地社區。

Through Applied Digital Cares, we recently committed $350,000 across five organizations in Oliver County, home to Polaris Forge 3. That includes funding the new sheriff deputy, a new LIFEPAK for the county ambulance, repairs to two fire trucks, computers so every student in grade 7 through 12 at Center-Stanton has a device and repairs to the community center and pool in Center.

透過 Applied Digital Cares，我們近期承諾在 Oliver County（Polaris Forge 3 所在地）對五個組織合計投入 35 萬美元。其中包括：資助新增一名警長副手、為郡救護車添購新的 LIFEPAK、修復兩輛消防車、提供電腦讓 Center-Stanton 七到十二年級每位學生都有一台裝置，以及修繕 Center 的社區中心與游泳池。

As Governor Armstrong put it, North Dakota wins when companies like Applied Digital choose to be more than an employer. We don't just build in communities, we build with them. And that is why we are -- they are welcoming us back to grow and why we believe each of our campuses has significant embedded value that will continue to build over time. In closing, we believe we're in the right place at the right time and doing this the right way.

正如阿姆斯壯州長所說，當像 Applied Digital 這樣的公司選擇不僅僅是雇主時，北達科他州就會贏。我們不只是到社區裡建設，我們是與社區一起建設。也因此，我們——他們歡迎我們回來成長；而我們相信，我們每一個園區都具有可觀的內嵌價值，並將隨時間持續累積。最後，我們相信我們在對的時間、對的地方，並以正確的方式在做這件事。

More than ever, we are in control of our own destiny across the full stack. We own the land, we design, we build and operate the AI factories. Through ChronoScale, we reach all the way to GPU compute and through partners like Base Electron, we have visibility into the power that feeds it all. If demand continues on its current path and we continue to execute and deliver for our customers and our communities as we've been doing, we believe we have the ability to grow our operating portfolio to 3.5 to 4 gigawatts by the end of calendar year 2030.

比以往任何時候，我們在全堆疊層面更能掌握自己的命運。我們擁有土地、負責設計、建造並營運 AI 工廠。透過 ChronoScale，我們一路延伸到 GPU 算力；並透過像 Base Electron 這樣的合作夥伴，我們也能掌握為一切供電的電力端資訊。若需求持續沿著目前的軌跡發展，且我們持續執行並如同過去一樣為客戶與社區交付成果，我們相信到 2030 年曆年年底，我們有能力將營運資產組合擴大至 3.5 至 4 吉瓦。

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

接下來，接線員，我們很高興開放提問。

(Operator Instructions) Mike Grondahl, Northland Securities.

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

Applied clearly has a first-mover advantage in North Dakota. Can you talk a little bit about the perception of North Dakota as a market and the receptivity you're seeing from hyperscalers?

Applied 顯然在北達科他州具有先行者優勢。你能否談談市場對北達科他州作為市場的觀感，以及你們從超大規模雲端業者（hyperscalers）那裡看到的接受度？

Sure, Mike. Thanks for the question. So what we're seeing in North Dakota, obviously, we have three customers there ourselves already. We're aware of a self-build project, roughly 1 gigawatt self-build project from one of the Tier 1 hyperscalers in the state as well. And we've been -- that is outside of the ones that we already have in the state. And we're having multiple conversations with other of the Tier 1 hyperscalers for additional capacity in the state of North Dakota.

當然可以，Mike。謝謝你的問題。我們在北達科他州看到的情況是，很明顯地，我們自己在那裡已經有三個客戶。我們也知道州內有一個由某家 Tier 1 超大規模雲端業者自建的專案，規模約 1 吉瓦。而且我們一直——那是在我們已在州內擁有的專案之外。我們也正與其他 Tier 1 超大規模雲端業者進行多方洽談，討論在北達科他州增加更多容量。

So the answer is I think all of them will eventually be there. And that's a state that has -- one of the most attractive things about the state beyond the power and the climate and the population density is they have a framework for how data centers are treated in the state. And so everyone knows exactly what to expect as you go through a process in that state. And as long as you do the development the right way, it's an extraordinarily attractive state to be in, and I think it's just going to become more so over the remainder of this year and '27 and '28.

所以我的回答是：我認為他們最終都會到那裡。而這個州除了電力、氣候與人口密度之外，最吸引人的一點是：他們對資料中心在州內如何被對待有一套制度框架。因此，當你在該州推進流程時，每個人都清楚會遇到什麼、可以期待什麼。只要以正確方式進行開發，這是一個極具吸引力的州；我認為在今年剩餘時間以及 2027、2028 年，它只會變得更具吸引力。

Got it. And then maybe for Saidal, the bond market has been challenging to say the least. Can you talk about current options you're seeing for investment-grade hyperscaler debt funding?

了解。接著也許請 Saidal 回答，債券市場可以說相當具挑戰性。你能談談目前你們看到的、針對投資等級超大規模雲端業者的債務融資選項嗎？

Yes. Thanks for the question, Mike. And it's a great question. As you can recall, we completed the Polaris Forge 2 and the Polaris Forge 1 financings, which you could argue are not the same credit quality, great customers, they execute great tenants to have. So when you think about the go forward with Polaris Forge 3 and Delta Forge 1 and 2, given that it is a high investment-grade hyperscaler, there is multiple options beyond the high-yield bond market, which we have liked and we are -- we have been an issuer in with the past projects.

好的。謝謝你的問題，Mike。這是個很好的問題。如你所記得，我們完成了 Polaris Forge 2 與 Polaris Forge 1 的融資；你可以說它們的信用品質不盡相同，但客戶非常優質、執行力很強，是很好的承租方。因此，當你思考 Polaris Forge 3 以及 Delta Forge 1 和 2 的後續推進時，鑑於其承購方是高投資等級的超大規模雲端業者，除了我們過去專案中偏好且也曾作為發行人的高收益債市場之外，還有多種選項。

So for instance, the project finance market is well open for high investment-grade offtakes as well as there's some new innovations within the investment-grade bond market. So what we have seen, there's flexibility amongst various products that we can tap. Obviously, we weigh those and find a mix that works for our profile. But what we are focused on in a rate environment that can move around 50 to 100 basis points, one, we don't underwrite leases where a 100 basis point move would impact our economics greatly.

例如，專案融資市場對高投資等級的承購合約（offtakes）仍然相當開放；此外，在投資等級債券市場內也出現了一些新的創新。因此我們看到的是：在各類產品之間，我們可以運用的彈性很大。當然，我們會權衡這些選項，並找出符合我們風險與財務輪廓的組合。但在利率環境可能上下波動 50 到 100 個基點的情況下，我們關注的是：第一，我們不會承作那種只要利率變動 100 個基點就會大幅影響經濟性的租約。

But then two, we focus then on terms where we can refinance in a year or two years with minimal penalties. So once that construction risk, which generally is anywhere from 25 to 100 basis points of construction risk premium on a debt instrument, once we go past the construction phase, we have the flexibility to lower our costs relatively quick into a more permanent financing. That is our focus. We're nimble, and it's a great thing having a high investment-grade hyperscaler with multiple options to run at.

第二，我們會聚焦在條款設計上，讓我們能在一年或兩年後以最低的罰則進行再融資。因此，一旦跨過施工風險期——一般而言，債務工具會包含約 25 到 100 個基點的施工風險溢價——當我們度過施工階段後，我們就具備彈性，能相對快速地把成本降下來，轉為更長期的永久性融資。這就是我們的重點。我們很靈活；而擁有一個高投資等級的超大規模雲端業者作為承購方，並有多種可運用的選項，這是一件很好的事。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Congrats on the recent execution. I just wanted to ask about this Finland announcement. I think in the release, you highlighted limited initial exposure. And I was just hoping you could expand on that point. What kind of options are embedded in the current agreement and how you kind of see the commercial side of that site progressing?

恭喜你們近期的執行成果。我想問一下這次芬蘭的公告。我記得在新聞稿中，你們強調初期曝險有限。我希望你們能就這點再多說一些。目前協議中包含哪些內嵌選項？以及你們如何看待該場址的商業面進展？

Sure, Nick. Thanks. So for the site, we purchased the site and then we have the option. So the initial power of that site comes in 2028. And then additional power, which is typical of almost any site that's going to scale to 1 gigawatt, there's breakpoints where they'll get approvals for additional power adds. There's pretty good line of sight to that. But then there would be additional payments at that point, but there's an off-ramp for us prior to those additional payments. So it's a pretty minimal amount for us to have this kind of exposure in a market that we think has become pretty attractive as far as the European market goes.

當然，Nick。謝謝。所以就這個場址而言，我們買下了該場址，接著我們有選擇權。因此該場址的初始電力會在 2028 年到位。然後是額外電力；這幾乎是任何要擴到 1 吉瓦的場址的典型情況——會在一些節點取得核准以增加額外電力。對此我們有相當清晰的能見度。但到那個時間點會需要額外付款，不過在進行那些額外付款之前，我們有退出機制（off-ramp）。因此，對我們而言，為了在我們認為就歐洲市場而言已變得相當具吸引力的市場中取得這種曝險，所需投入其實相當有限。

And we've spent the last, I don't know, 12 months looking into that market, and we've looked at probably 30 to 40 different sites, and we landed on this one. We think it's a good site. And it's kind of coincided nicely to a point where our existing and the other potential customers that we talk to have started asking more in the last four months about European capacity. So those things kind of go pretty well together. But it gives us a lot of optionality to the upside with pretty minimal financial risk.

而且過去大概 12 個月，我們一直在研究那個市場；我們看了大概 30 到 40 個不同的場址，最後選定了這一個。我們認為這是個好場址。而且時間點也很巧合：我們現有客戶以及我們接觸的其他潛在客戶，在過去四個月開始更頻繁地詢問歐洲的容量。所以這些事情彼此相當契合。但它讓我們在上行方面有很大的選擇性，同時財務風險相當有限。

Got it. Maybe just switching gears. In your prepared remarks, I think you really highlighted the longevity of these data center campuses today. And I heard it as kind of a change in tone or maybe highlighting that more so than you have in the past. So I was just wondering if there's -- what were the genesis of those comments? I mean, obviously, GPU refresh cycles continue to be part of the discussion here. But yes, anything that you'd highlight from that perspective, I'd appreciate.

了解。也許換個話題。在你們事先準備的發言中，我覺得你們特別強調了如今這些資料中心園區的使用壽命。我聽起來像是語氣上的轉變，或是比過去更著重在這點。所以我想問的是——這些評論的起因是什麼？我的意思是，顯然 GPU 的汰換週期仍然是這裡討論的一部分。不過，是的，如果你能從這個角度再補充任何重點，我會很感謝。

Sure, Nick. So a couple of things. We've talked for -- since we started the design that we use today, right? I call it our fourth generation data center design. With this design, we made it extraordinarily flexible with all of the learnings we had gathered through the processes we went through with all of the hyperscalers.

當然，Nick。有幾點。我們一直在談——從我們開始採用今天這套設計以來，對吧？我把它稱為我們第四代資料中心設計。在這個設計中，我們把它做得極其彈性，吸收了我們在與所有超大規模業者（hyperscalers）合作過程中累積的所有經驗。

So one, it's flexible enough to work for any of the hyperscalers. But two, we made it flexible to future-proof it as much as possible. And some of that comes into how we do the electrical, some of it in the cooling. A big part of it is the amount of space that we put inside of the data hall so that the trend is for higher power densities, and that's the foreseeable future. But if it goes to much lower power densities, we have the space inside of the facility to accommodate that as well.

所以第一，它的彈性足以適用於任何一家超大規模業者。但第二，我們也把它做得盡可能具備前瞻性（future-proof）。其中一部分體現在我們的電力配置方式，一部分體現在冷卻系統。很大一部分則是我們在機房（data hall）內部預留的空間量，因為趨勢是更高的功率密度，而這在可預見的未來會持續。但如果功率密度走向更低，我們也有足夠的設施內部空間來因應。

So we just built maximum flexibility, and we've talked about this for a few years now. But what I'm seeing in the market is a lot of things happening that are just hyper focused on how quickly something can come online and doing close to unnatural acts, I would say, to just put capacity online as quickly as possible.

所以我們就是把彈性做到最大化，而這點我們已經談了好幾年。但我在市場上看到的是，很多事情都極度聚焦在「多快能上線」，甚至可以說，為了盡快把容量上線，做出一些近乎不自然的作法。

And while I'm not saying that's a good or a bad business strategy, I just want to differentiate from what we're doing, which is a much more longer-term view of how we build the data centers so that they're very long-term assets. You can never fully know what the future brings, but that's the view that we have as a company. That's how we design them. That's how we design them from a redundancy from both a power and cooling perspective because we could build a slightly cheaper product.

我並不是說那是好或壞的商業策略；我只是想把它和我們正在做的事情區分開來——我們在建資料中心時採取的是更長期的視角，讓它們成為非常長期的資產。你永遠不可能完全知道未來會發生什麼，但這就是我們公司所持的觀點。我們就是用這樣的方式來設計。我們在電力與冷卻兩個面向的備援設計也是如此，因為我們其實可以做出成本稍微更低的產品。

We do have to make sure that we can operate this product for at least 15 years on our current leases within the SLAs, but we want to operate them longer than that. But it's just really more insight into kind of the thought process and the longer-term thinking behind our data center design and build in the operations versus some of the other things that we're seeing just overall going on in the market.

我們確實必須確保在目前租約期間內，至少 15 年都能在 SLA 的範圍內營運這個產品，但我們希望營運時間能超過 15 年。但這其實只是更深入地說明我們在資料中心設計、建置與營運上背後的思考流程與長期思維，相較於我們在市場上看到的一些其他作法與整體趨勢。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

Congrats on your continued commercial and execution progress. Wes, I wanted to start with the 1.3 gigawatts of US capacity that you're currently marketing. During the last call, you noted you're experiencing a healthy market at present and would expect base rates to improve on a risk-adjusted basis. How would you characterize what you're seeing in the market today since really the last call? Seemingly, everything that's happening from a regulatory moratorium perspective is playing to your benefit, but would just love your perspective and color on that.

恭喜你們在商務拓展與執行方面持續取得進展。Wes，我想先從你們目前正在推廣的美國 1.3 吉瓦容量談起。在上次電話會議中，你提到目前市場狀況健康，並預期在風險調整後的基礎上，基本租金（base rates）會改善。你會如何描述自上次電話會議以來，你們今天在市場上看到的情況？看起來，從監管暫停（moratorium）的角度來看，正在發生的一切似乎對你們有利，但我很想聽聽你的觀點與補充說明。

Sure. So from a demand perspective in the market, we're seeing no -- I wouldn't say big change either way. I mean it feels like we're at max. I've thought of that for kind of the last two years, and it continues to notch up. But demand remains extremely robust for right now. So people are still pushing for things that they can get in 2027. Really, almost everything in '27 should be fairly contracted at this point. We'll start moving into '28 and '29. We have stuff that's contracted into '28, but we're seeing a lot of demand for that as well.

當然。就市場需求面而言，我們沒有看到——我不會說有任何一邊的重大變化。我的意思是，感覺像是我們已經在滿載狀態。我過去大概兩年一直這麼想，但需求仍持續再往上加。所以目前需求依然非常強勁。因此大家仍在推進他們能在 2027 年取得的東西。實際上，到了現在，2027 年幾乎所有的東西都應該已經相當程度被簽約鎖定了。我們會開始往 2028、2029 年移動。我們有一些已簽約延伸到 2028 年的案子，但我們也看到對那部分有大量需求。

And really at these locations, like we keep pointing to North Dakota, but Louisiana is a great market for us as well. And so is Alabama. We've had a great experience there with the community. And the certainty of being able to continue to get the permits of existing power that we have in the campus the supply chain for us to continue to execute. I would just reiterate those comments about we fully expect to do some lease expansion and new campuses at materially higher rates versus what we signed our last contracts for in the first half of 2026.

而且在這些地點——我們一直提到北達科他州，但路易斯安那州對我們來說也是很棒的市場。阿拉巴馬州也是。我們在那裡與社區合作的經驗非常好。此外，我們也很有把握能持續取得既有園區電力的許可，以及供應鏈能讓我們持續執行。我會重申先前的評論：相較於我們在 2026 年上半年簽下的上一批合約，我們完全預期在租約擴張與新園區方面，會以顯著更高的費率來完成。

Very good. And then for my follow-up, I wanted to come back to Finland. While I realize you're early in the process with the emerging European AI market, I wanted to ask if you have a feel on how build costs might compare versus the US as you think about the labor, building and equipment supplies?

非常好。接著我的追問想回到芬蘭。雖然我知道你們在新興的歐洲 AI 市場仍處於早期階段，但我想問你們是否對建置成本相較於美國會是如何有一些感覺——特別是考量勞動力、建築以及設備供應？

Yes. So we've actually went through that exercise and the build cost is -- we expect it to be very similar on a dollars basis versus euro. And so -- and by that, I mean, if we convert the euros back, it would be roughly the same dollars. What I would expect there is a more elongated delivery time line in Europe, just kind of how it works versus what we do here in the US. But the goal is to replicate the same thing from a supply chain and design and build perspective in the markets when we enter Europe versus here, but we've done that work and expect a very similar cost.

有的。所以我們其實已經做過那個分析，建置成本——我們預期以美元計價對比以歐元計價會非常接近。所以——我的意思是，如果把歐元換算回美元，金額大致會差不多。我預期在那邊會是更拉長的交付時程，這主要是歐洲的運作方式相較於我們在美國這邊的做法。但我們的目標是在進入歐洲市場時，從供應鏈、設計到建置的角度複製我們在美國的同一套做法；我們已經做了相關工作，並預期成本會非常相近。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Congratulations on all the progress. I just want to follow up a little bit more on North Dakota and the ability to expand there and how Base Electron fits into that given your PPA, how does that sort of start to enable an expansion there? And what years are most affected by that?

恭喜你們取得各項進展。我想再追問一下北達科他州，以及在那裡擴張的能力；考量到你們的 PPA，Base Electron 在其中扮演什麼角色？這如何開始促成在那裡的擴張？另外，哪些年度會受到影響最大？

Sure. So we start to think about 2030, Rob, primarily on Base Electron. So Base Electron is building the 1.2 gigawatts in Center. I expect Base Electron to build a significant amount of capacity on the eastern side of the state as well will help campus expansion over in the Harwood campus and then potentially in the middle part of the state around Jamestown. So there's a new WBI pipeline that WBI is owned by MDU that they approved and are moving forward with that pipeline. It's been in the works for years. And so we'll be an offtaker of gas at Center and at Harwood for certain and possibly in Jamestown.

當然。Rob，我們主要是從 Base Electron 的角度開始思考 2030 年。Base Electron 正在 Center 建置 1.2 吉瓦。我預期 Base Electron 也會在該州東部建置相當規模的產能，這將有助於 Harwood 園區的園區擴張，並且也可能在州中部 Jamestown 周邊擴張。另外，WBI 有一條新的管線；WBI 由 MDU 持有，他們已核准並正推進該管線。這個案子已經籌劃多年。因此，我們會在 Center 與 Harwood 確定作為天然氣的承購方（offtaker），而在 Jamestown 也有可能。

But the way we have worked that with the gas pipeline is to have almost unlimited capacity for expansion at Center. It's going to be the closest location to the beginning of the pipeline and then these pipelines typically taper the further they go out. So to have really big expansion capability at Center, this will all be front of the meter grid connected, but also expand at different locations across the state.

但我們與天然氣管線的合作方式，是讓 Center 幾乎具備不受限的擴張容量。它會是最接近管線起點的位置，而這類管線通常越往外延伸，輸送能力就會逐步遞減。因此，為了讓 Center 具備非常大的擴張能力，這些都會是表前（front of the meter）並網，但同時也會在州內不同地點擴張。

From an equipment perspective, we're looking at procured equipment that's roughly 2.4 -- 2.5 gigawatts of generation capacity there already, but we expect it to go significantly larger given the demand that we're seeing in the future there in North Dakota.

從設備角度來看，我們已經採購的設備大約對應 2.4 到 2.5 吉瓦的發電容量，但考量到我們在北達科他州未來看到的需求，我們預期規模會顯著再放大。

Great. And then I just want to follow up on the supply chain work you've done. You've executed very well on plan. How have you mitigated any supply chain constraints? Or what are you seeing in terms of supply chain?

很好。我還想追問一下你們在供應鏈方面所做的工作。你們非常出色地按計畫執行。你們如何緩解任何供應鏈限制？或者你們目前看到的供應鏈狀況如何？

Sure. I mean, supply chain, I think, is tight across the industry and some components more so than others. The biggest -- we've talked about this before from a supply chain perspective, the biggest thing we did was almost two years ago, lock in key components in the supply chain with certain of our suppliers. And in some of those instances, we actually purchased full factory capacity output from certain factories for, I believe, a four-year time frame to make sure that we had those key components locked in. So that's been a big help to us.

當然。我的意思是，我認為整個產業的供應鏈都很吃緊，有些零組件比其他更緊。最大的——我們之前也談過——從供應鏈角度來看，我們做的最重要一件事，是在將近兩年前就與部分供應商把供應鏈中的關鍵零組件先鎖定下來。而在其中一些情況下，我們實際上是把某些工廠在我記得約四年的期間內的整體產能輸出都買下來，以確保關鍵零組件能被鎖定。這對我們幫助很大。

We're pushing to upsize that amount that we can take because we think as we go out into '27 and '28 and '29, we're going to need more supply chain to continue to build to the demand that we're seeing in the marketplace. But that was the key piece for us is putting those relationships, those key relationships in place quite some time ago to make sure that we're locked into our places in the supply chain for key components.

我們也在推動把我們可承接的數量再放大，因為我們認為到了 2027、2028、2029 年，我們將需要更多供應鏈支援，才能持續建置以滿足我們在市場上看到的需求。但對我們而言，關鍵就在於相當早之前就建立這些關係、這些關鍵關係，確保我們在關鍵零組件的供應鏈中鎖定到自己的位置。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

Wes, you used the term selective when you were talking about the future build. I want to make sure I understand the term selective you're referring to. I think you're referring to the quality of folks that you'll work with versus the amount of capacity that you'll ultimately be able to build. Is that a fair conclusion?

Wes，你在談到未來建置時用了「選擇性（selective）」這個詞。我想確認我對你所說的「選擇性」的理解。我認為你指的是你們合作對象的品質，而不是你們最終能建置的容量多寡。這樣的結論合理嗎？

Yes. That's right, George, is the company today is in a different place versus what it was a year ago. And we have a limited amount of capacity to build. And so we're being more selective with the customers that we'll build for. And you're right on the credit quality aspect of that.

是的，沒錯，George。公司今天所處的位置，和一年前已經不同。而我們可建置的產能是有限的。因此，我們會更有選擇性地挑選我們要為哪些客戶建置。你提到的信用品質面向也正是如此。

So relative to the 250 megawatts of expansions, you've basically defined them as likely coming at premium pricing. Can you just give us a sense of how you're defining premium pricing? How broad is that statement versus just the base rent, what might else be involved?

那麼相對於這 250 兆瓦的擴建，你們基本上把它們定義為可能會以溢價定價。你能否讓我們了解一下你們如何定義「溢價定價」？這個說法的涵蓋範圍有多廣——相較於只是基本租金，還可能包含哪些其他項目？

Well, what we're pushing for on that, George, and we're not to get into too much detail, but we've talked about this before, which is potentially longer duration and higher -- significantly higher lease rates. I don't want to pin that, but you can think of definitely north of 15% plus increases on the lease rate, but also could include longer duration on the leases. That's how we're defining that.

嗯，我們在這方面的訴求，George，我不想講得太細，但我們之前談過，可能會是更長的租期，以及更高——顯著更高的租賃費率。我不想把數字釘死，但你可以把它想成租賃費率上調幅度明顯高於 15% 以上；同時也可能包含更長的租期。這就是我們對此的定義。

Darren Aftahi, Lucid Capital Markets.

Darren Aftahi，Lucid Capital Markets。

Congrats on the progress. Just on Finland, I just had a couple of points of clarification I wanted to get answered. So is there any way, Wes, you can elaborate on how much power initially is going to be at the site? Second point, what kind of community or governmental risk is there in that region, either, kind of, near term or longer term? And then lastly, was the site, sort of, procured on an absolute basis? Or is this, sort of, procured with a specific customer or customer or two in mind?

恭喜進展。關於芬蘭，我有幾點想釐清。第一，Wes，你能否進一步說明該場址一開始會有多少電力？第二，在那個地區，無論是短期或長期，社區或政府層面的風險大概是什麼？最後，這個場址是以「絕對」方式取得的嗎？還是說，這是基於某個特定客戶或一兩個客戶的需求而取得的？

Sure. So we view the location that we found in Finland. It felt a lot like the communities that we build in, in North Dakota. So there's a really positive receptivity from a local level on the community level. The country as a whole has been fairly receptive to data center. So we really focused on that for our -- to make this decision on the site plus the land availability, the fiber. This site happens to be about 30 kilometers from a self-build of one of the large hyperscalers. And then as far as the staging of the power, the first 100 megawatts is available in 2028, and then it continues to ramp up through 2031 to the full gigawatt.

當然。我們認為我們在芬蘭找到的這個地點，感覺很像我們在北達科他州建置時所面對的社區。所以在地方層級、社區層級的接受度非常正面。整個國家對資料中心也一直相當友善。因此，我們在做這個場址決策時，特別聚焦在這些因素，再加上土地可用性與光纖條件。這個場址剛好距離某家大型超大規模業者（hyperscaler）的自建案約 30 公里。至於電力分期，第一個 100 兆瓦會在 2028 年可用，之後會一路爬升到 2031 年達到完整 1 吉瓦。

John Todaro, Needham & Company.

John Todaro，Needham & Company。

As we look out to the 4 gigawatts or so by year-end 2030, I guess just what steps do you need to take to ensure you kind of get there? How much is reliant on Base Electron? And then also in Europe, too, it seems like some of that's going to come a little bit later in 2031, as you said. So is there other sites in Europe that you need to get to as well?

當我們看到 2030 年底約 4 吉瓦左右的規模時，我想問你們需要採取哪些步驟來確保能達到那個目標？其中有多少是依賴 Base Electron？另外在歐洲，看起來你說的其中一些會在 2031 年才會比較晚到位。那麼你們在歐洲是否也需要取得其他場址？

Yes. So thanks, John. And I'll just clarify, I saw how you went right to the 4 gigawatts, it was 3.5 to 4 gigawatts that we talked about by the end of 2030. So that's really from a power perspective, we have power in the power pipeline. Some of that includes the additional capacity from Base Electron that comes on in 2030.

是的，謝謝你，John。我先澄清一下，我看到你直接提到 4 吉瓦；我們談的是到 2030 年底達到 3.5 到 4 吉瓦。所以從電力角度來看，我們在電力管線（power pipeline）中已經有電力資源。其中一部分包含 Base Electron 在 2030 年上線的額外容量。

But from a power perspective, we believe we have that in the pipeline. This was really an exercise around how much more can we ramp up our build and delivery. And if you kind of work through the math for us internally, if you want to get to the high end of that number, to get to the high end of that number, that really has us delivering about 1 gigawatt per year in '29 and '30, right? So that kind of if you take a bridge to the end of calendar year '28, getting to around 2 gigawatts, we as a company think that, that's kind of the level we can ramp our construction and delivery up to. So it's really those two things combined, but much more so on the ability and capacity to do construction and deliver for customers.

但從電力的角度來看，我們相信我們的管線中已有相關資源。這其實是一個關於我們還能把建置與交付提升到什麼程度的演練。如果你把我們內部的數學算一算，若要達到那個區間的高端，真正意味著我們在 2029 年與 2030 年每年大約要交付 1 吉瓦，對吧？所以如果你把橋接到 2028 年底，達到約 2 吉瓦，我們公司認為，那大概就是我們能把施工與交付爬坡到的水準。因此這其實是兩件事的結合，但更重要的是我們進行施工並為客戶交付的能力與產能。

Okay. Understood. That's helpful. And then a follow-up just on ChronoScale signed the 50 megawatts. Obviously, it seems like it could start ramping quite a bit from here. Just wondering kind of as we look out a few years, could we almost expect ChronoScale to be at 400 megawatts or so in Applied Digital sites almost like what CoreWeave did or less so? I'm just curious about ChronoScale potential customer down the line as they ramp.

好的。了解。這很有幫助。接著追問一下 ChronoScale 簽下的 50 兆瓦。顯然，看起來它從這裡開始可能會加速擴張不少。想請教的是，往後看幾年，我們是否幾乎可以預期 ChronoScale 在 Applied Digital 的場址中會到 400 兆瓦左右，類似 CoreWeave 做到的那樣，還是會少一些？我只是好奇 ChronoScale 作為潛在客戶，隨著他們擴張，未來可能的規模。

Yes. So thanks for that question. That's a great question. So when we look at that right now, and you'll see over the coming month or so, the strategy we're using to secure data center capacity for ChronoScale is outside of the large-scale Applied Digital sites. Those sites we contract to what we have said, which is Tier 1 investment-grade hyperscalers.

是的。謝謝你的提問。這是個很好的問題。我們目前的看法是，而且你會在接下來一個月左右看到，我們用來為 ChronoScale 取得資料中心容量的策略，是在大型的 Applied Digital 場址之外。那些場址我們如先前所說，是與第一級投資等級的超大規模雲端業者（hyperscalers）簽約。

The ability to secure other capacity, we have found a nice strategy for securing more near-term grid capacity that isn't at that scale at a single location, but at multiple locations. But I think you could see ChronoScale moving up to multiple hundreds of megawatts in capacity online outside of the core Applied Digital data center builds over '27 and '28. But I want to bifurcate this where it is two separate strategies where Applied Digital's strategy is, it remains the same, build for high-quality tenants at large scale.

至於取得其他容量的能力，我們找到了一個不錯的策略，可以在較近期取得電網容量：不是在單一地點做到那種規模，而是在多個地點分散取得。但我認為你會看到 ChronoScale 在 2027 與 2028 年期間，在核心 Applied Digital 資料中心建置之外，上線的容量提升到數百兆瓦的等級。不過我想把這點區分清楚：這是兩套不同策略；Applied Digital 的策略維持不變，也就是以大規模為高品質租戶建置。

And then we're using our knowledge base to help ChronoScale secure capacity at sites that are more -- like you see the first Microsoft side of 50 megawatts that are, kind of, 50 to 100-megawatt sites that have been passed over because they don't scale to the gigawatt site or the multi-hundred megawatt sites. But there's a lot of those around the country that are grid tied that we think we can help them bring online over the next two or three years, a significant amount actually in 2027. So that's really -- I appreciate you letting me make that clarification around the strategy.

然後我們運用自身的知識基礎，協助 ChronoScale 在更偏向——就像你看到第一個 Microsoft 那邊的 50 兆瓦——那種 50 到 100 兆瓦的場址取得容量；這些場址過去常被略過，因為它們無法擴展到 1 吉瓦場址或數百兆瓦的場址。但全國各地其實有很多這類已接入電網的場址，我們認為可以協助他們在未來兩到三年把這些容量帶上線，實際上 2027 年會有相當可觀的量。所以這就是——也謝謝你讓我把這個策略釐清。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Is it fair to assume your existing Macquarie relationship would extend to Finland?

是否可以合理假設，你們與 Macquarie 的既有合作關係也會延伸到芬蘭？

So CoreWeave has been -- I couldn't have asked it better.

所以 CoreWeave 一直——我不可能講得更好了。

Macquarie. Macquarie.

Macquarie。Macquarie。

Macquarie, I thought you said CoreWeave, I was going to talk about the partnership there. Macquarie is North America. That partnership is in North America. I'm not saying we couldn't have something similar, but the current agreement we have is just North America.

Macquarie，我以為你說的是 CoreWeave，我本來要談那邊的合作夥伴關係。Macquarie 是北美。那個合作夥伴關係是在北美。我不是說我們不可能有類似的安排，但我們目前的協議僅限北美。

Appreciate that. And if you had a big interest on CoreWeave, I'll not stop you there. But --

了解，謝謝。如果你對 CoreWeave 有很大的興趣，我也不會阻止你在這裡多談一些。但是——

(inaudible) that's all. That's what I have for that.

（聽不清）就這些。我在這部分就到這裡。

Excellent. And then to follow up on Nick's question. As inference becomes a larger share of customer workloads, are you seeing changes in the mix of GPUs, CPUs, storage requirements? And if so, are any of those changes contributing to the premium lease rates that you mentioned or expecting?

很好。接著延續 Nick 的問題。隨著推論（inference）在客戶工作負載中占比提高，你們是否看到 GPU、CPU、儲存需求的組合出現變化？如果有，這些變化是否正在促成你提到或預期的較高溢價租賃費率？

So I'll tell you where we're seeing a change. So we're seeing a change over the past 18 months on the tenant fit-out or the technical fit-out, TFO. And what we're seeing in -- because we execute that in almost actually every lease that we have, we execute that. The TFO is becoming much more flexible is what I would say. So if you roll back a year ago or especially 18 months ago, the TFO we would know exactly what was going into our data center based on the TFO.

我來說說我們看到變化的地方。過去 18 個月，我們看到租戶裝修（tenant fit-out）或技術裝修（technical fit-out，TFO）出現變化。而我們幾乎在每一份租約中都會執行這個部分。我會說，TFO 正變得更具彈性。如果回到一年前，尤其是 18 個月前，我們會根據 TFO 很清楚知道資料中心裡會放什麼。

And now we can't really tell and the TFOs become a larger dollar amount for our customers. But I think they're building in a significant amount of flexibility inside the facilities to be able to accommodate whatever workloads they want to deploy in that between -- we'd always talk it like GPU, TPU, but I think it's also in the amount of CPU mix, the storage, all of those pieces, network topology. But that's really where we're seeing that.

但現在我們其實不太能判斷，而且對客戶而言，TFO 的金額也變得更大。不過我認為，他們是在設施內建入相當程度的彈性，以便在其中部署任何他們想要的工作負載——我們過去總是用 GPU、TPU 來談，但我認為也包括 CPU 的配置比例、儲存、所有這些要素，以及網路拓樸。這就是我們主要看到變化的地方。

Appreciate that. And then one more, if I may. You mentioned economies of scale for your current builds. Are there any circumstances where you would consider smaller modular build-outs?

了解，謝謝。如果可以的話，再問一個。你提到目前建置案的規模經濟。是否有任何情況下，你們會考慮較小型的模組化建置？

I think that's a great place for ChronoScale. Now just to clarify on that, are you talking about like the containerized solutions that people are talking about for edge compute or just like a 20, 50, 100-megawatt containerized solution?

我認為那是 ChronoScale 很適合的方向。不過先釐清一下，你指的是人們在談的那種用於邊緣運算的貨櫃式解決方案，還是像 20、50、100 兆瓦這種貨櫃式解決方案？

Yes, more in line with 20 to 50, not so much containerized ones, but more like smaller (inaudible).

是的，比較偏向 20 到 50，不是那麼偏貨櫃式的，但更像較小型的（聽不清）。

We're looking at those. That's one of the ways we're securing data center capacity at ChronoScale is those types of modular builds on a smaller scale.

我們正在看這些。我們為 ChronoScale 取得資料中心容量的方法之一，就是這類較小規模的模組化建置。

This concludes our Q&A. I will now turn the call back to Wes Cummins for closing remarks.

問答環節到此結束。我現在把電話交回給 Wes Cummins 做結語。

Thanks, everyone, for joining our call, and we'll look forward to speaking to you again in January.

謝謝各位參加我們的電話會議，我們期待在一月再次與各位交流。

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。