Bitfarms Ltd (BITF) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Bitfarm's second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Bitfarm 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Laine Yonker, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 Laine Yonker。請繼續。

Thank you and welcome to Bitfarm's second-quarter 2025 conference call. With me on the call today are Ben Gagnon, Chief Executive Officer and director; and Jeff Lucas, Chief Financial Officer.

感謝您並歡迎參加 Bitfarm 2025 年第二季電話會議。今天與我一起參加電話會議的還有執行長兼董事 Ben Gagnon 和財務長 Jeff Lucas。

Before we begin, please note this call is being webcast with an accompanying slide presentation. Today's press release and our presentation can be accessed on our website, Bitfarms.com, under the investor section.

在我們開始之前，請注意，本次通話正在進行網路直播，並附帶幻燈片簡報。今天的新聞稿和我們的簡報可以在我們的網站 Bitfarms.com 的投資者部分找到。

Turning the slide 2. I'd like to remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarm's MD&A for a complete list.

轉動幻燈片 2。我想提醒大家，電話會議中將會做出某些前瞻性的陳述，未來的結果可能與本陳述中暗示的結果不同。前瞻性資訊是基於某些假設，並受風險和不確定性的影響，我邀請您查閱 Bitfarm 的 MD&A 以獲取完整清單。

Please note that references will be made to certain measures not recognized under IFRS and therefore may not be comparable to similar measures presented by other companies.

請注意，本文將引用 IFRS 未認可的某些措施，因此可能無法與其他公司提出的類似措施進行比較。

We invite listeners to refer to today's press release and our MD&A for definitions of the aforementioned non-ISRS measures and the reconciliations to IFRS measures. Please note that all financial references are denominated in US dollars unless otherwise noted.

我們邀請聽眾參閱今天的新聞稿和我們的 MD&A，以了解上述非 ISRS 指標的定義以及與 IFRS 指標的對帳。請注意，除非另有說明，所有財務參考均以美元計價。

And now turning to slide 3, it is my pleasure to turn the call over to Ben Gagnon, Chief Executive Officer and director. Ben, please go ahead.

現在翻到幻燈片 3，我很高興將電話轉給執行長兼董事 Ben Gagnon。本，請繼續。

Good morning everyone and welcome to Bitfarm's second-quarter 2025 earnings call. We made strong, steady progress in Q2 with several key developments that advanced both our Bitcoin mining and HPC and AI businesses.

大家早安，歡迎參加 Bitfarm 2025 年第二季財報電話會議。我們在第二季度取得了強勁、穩定的進展，幾項關鍵發展推動了我們的比特幣挖礦以及 HPC 和 AI 業務的發展。

Today I'll walk you through these developments and how they position the farms to execute on our HPC and AI growth strategy through which we believe we'll be able to maximize the value and potential of our energy portfolio.

今天，我將向您介紹這些發展以及它們如何定位農場以執行我們的 HPC 和 AI 成長策略，我們相信透過該策略我們將能夠最大限度地提高我們的能源組合的價值和潛力。

Turning to slide 4, I would like to start with an update on the low CapEx Bitcoin Mining Foundation that is underpinning our transition to an HPC and AI infrastructure company. In the second quarter, we installed more than 12,000 miners, completing all of our Bitcoin mining growth plans and initiatives across all of our facilities where we mined 718 Bitcoin for a direct cost of 48,200 and achieved revenues of 98,000 per Bitcoin.

翻到投影片 4，我想先介紹低資本支出比特幣挖礦基金會的最新情況，基金會正在支持我們向 HPC 和 AI 基礎設施公司的轉型。在第二季度，我們安裝了超過 12,000 台礦機，完成了所有設施中比特幣挖礦增長計劃和舉措，我們開採了 718 比特幣，直接成本為 48,200 比特幣，每比特幣實現了 98,000 的收入。

During the quarter on May 12, we also received notice that our electricity provider in Argentina would be halting service immediately pending negotiations with its creditors. We spent the last three months working through the various options available to profitably resume operations at our Argentina facility. These negotiations are moving slowly with no visible pathway to re-energization.

本季 5 月 12 日，我們也收到通知，我們在阿根廷的電力供應商將立即停止服務，等待與債權人進行談判。過去三個月，我們一直在研究各種可行的方案，以便恢復阿根廷工廠的獲利運作。這些談判進展緩慢，沒有明顯的恢復活力的途徑。

So with rising costs in the country following the Argentina IMF deal in April and no electricity supply, the company has made the difficult decision to shut down our mining operation in Argentina by November 11, 2025. Notably, Argentina had our least efficient mining fleet, rising energy costs, and our least reliable electricity supply. So while our hash rate is down as a result, the impact on free cash flow is partially offset by the improvement of other fleetwide key performance indicators which have improved from the shutdown.

因此，由於阿根廷 4 月與國際貨幣基金組織達成協議後該國成本上升且電力供應不足，該公司做出了艱難的決定，將於 2025 年 11 月 11 日關閉在阿根廷的採礦業務。值得注意的是，阿根廷擁有效率最低的採礦隊伍，能源成本不斷上升，電力供應最不可靠。因此，雖然我們的哈希率因此下降，但對自由現金流的影響被停產後其他全隊關鍵績效指標的改善部分抵消。

Energy efficiency is up 1%, average electricity price improved 2%, direct cash costs improved 5%, and enough time is up 2%. These improvements help to offset the impact on free cash flow and further de-risk our money in operation through more competitive performance.

能源效率提高了 1%，平均電價提高了 2%，直接現金成本提高了 5%，足夠的時間增加了 2%。這些改進有助於抵消對自由現金流的影響，並透過更具競爭力的表現進一步降低我們的資金營運風險。

In early July, we also completed the Bitcoin minor repair and upgrade program with one final transaction upgrading more than 10,000 T21 miners for approximately 8,500 S21 plus minors under the same terms and conditions as previous upgrades. This last round of minor upgrades included all of our new T21 miners from Argentina, as well as T21 miners from other facilities. All of the new S21 plus miners were imported into the US in advance of the August 1st tariff rate hike and are actively being marketed for sale.

7 月初，我們還完成了比特幣小修小升級計劃，其中最後一筆交易將超過 10,000 台 T21 礦機升級為大約 8,500 台 S21 及以上礦機，條款和條件與之前的升級相同。最新一輪的小規模升級包括我們來自阿根廷的所有新 T21 礦工，以及來自其他設施的 T21 礦工。所有新的 S21+ 礦機均在 8 月 1 日關稅上調之前進口到美國，並積極推銷。

Our older M50 and S19 miners, as well as the various mining equipment from Argentina have either already been sold or are actively being marketed for sale.

我們較舊的 M50 和 S19 礦工以及來自阿根廷的各種採礦設備要么已經售出，要么正在積極推銷。

We expect estimated proceeds from Argentina shut down of approximately 18 million through the elimination of site remediation liabilities, recovery of pre-paid deposits, reduction in lease expenses, a free termination option, and equipment sales.

我們預計，透過消除場地修復責任、收回預付押金、減少租賃費用、免費終止選擇權和設備銷售，阿根廷關閉將獲得約 1800 萬美元的收益。

This is equivalent to over 2 years of free cash flow from Argentina mining operations with current economics. This plan is expected to reduce risk and our cost to mine Bitcoin through the improvement of operational efficiencies while improving financial liquidity to support our US HPC and AI growth initiatives in the near term.

這相當於在當前經濟情勢下阿根廷採礦業務兩年多的自由現金流。該計劃預計將透過提高營運效率來降低風險和挖掘比特幣的成本，同時提高財務流動性以支持我們近期的美國 HPC 和 AI 增長計劃。

Turning to slide 5. With all mining growth initiatives complete and the Argentina shutdown underway, I would like to provide a snapshot of where we are today. We are currently operating 17.7 X a hash at 17 watts per terah across our 14 data centers, which is generating free cash flow for mining operations of approximately 8 million a month. We continue to sell Bitcoin from our mining operations to fund opp X, Overhead, and CapEx, but we've also increased Bitcoin Holdings to approximately 1,200, up 25% from year end 2024, representing a value of approximately $145 million with a Bitcoin price of approximately $119,000.

翻到幻燈片 5。隨著所有採礦業成長計畫的完成和阿根廷停工的進行，我想簡要介紹一下我們目前的情況。我們目前在 14 個資料中心以每太拉 17 瓦的功率運行 17.7 X 個哈希值，每月為採礦業務產生約 800 萬美元的自由現金流。我們繼續出售採礦業務中的比特幣來資助 opp X、間接費用和資本支出，但我們也將比特幣持有量增加到約 1,200，比 2024 年底增長 25%，價值約為 1.45 億美元，比特幣價格約為 119,000 美元。

So while X has is pulled back with the Argentina shutdown, our Bitcoin mining business remains a low risk cash flow foundation with minimal CapEx needs for the foreseeable future and considerable upside to rising Bitcoin prices, enabling us to invest all our time and capital into developing our HPC and AI business.

因此，儘管 X 因阿根廷關閉而受到抑制，但我們的比特幣挖礦業務仍然是低風險的現金流基礎，在可預見的未來具有極低的資本支出需求，並且比特幣價格上漲具有相當大的上漲空間，使我們能夠將所有時間和資金投入到開發我們的 HPC 和 AI 業務中。

Turning to slide 6. I would now like to provide an update of our North American energy portfolio and its HPC and AI potential. This farm stands out from other public mining companies with a unique energy portfolio built over many years of operation. In North America, we believe we're the largest public miner in Quebec and Canada, have the biggest footprint in Pennsylvania and PJM, and have the largest footprint in Central Washington.

翻到幻燈片 6。現在，我想介紹一下我們的北美能源組合及其 HPC 和 AI 潛力的最新情況。該農場憑藉著多年運營建立的獨特能源組合，從其他公共礦業公司中脫穎而出。在北美，我們相信我們是魁北克和加拿大最大的公共礦業公司，在賓夕法尼亞州和 PJM 擁有最大的業務足跡，在華盛頓中部擁有最大的業務足跡。

The geographic diversification across data center hotspots gives us a serious advantage in the HBC and AI race, which is still in the early innings. Here's the portfolio with over 1 gigawatt in the pipeline, our Pennsylvania portfolio is comprised of three sites Panther Creek, Scrubgrass, and Sharon, and is where the bulk of our US portfolio lives.

資料中心熱點的地理多樣化使我們在仍處於早期階段的 HBC 和 AI 競賽中佔據了明顯優勢。這是擁有超過 1 千兆瓦的在建電力組合，我們的賓州組合由 Panther Creek、Scrubgrass 和 Sharon 三個地點組成，也是我們美國組合的大部分所在地。

Amazon has recently committed to investing over $20 billion in their data center campuses less than 40 miles to the northeast and southeast of Panther Creek, and Core Reef has recently committed to investing over $6 billion in their campus 30 miles to the southwest of Panther Creek, leaving Panther Creek in the center of it all.

亞馬遜最近承諾在距離 Panther Creek 東北和東南不到 40 英里的資料中心園區投資超過 200 億美元，而 Core Reef 最近承諾在距離 Panther Creek 西南 30 英里的園區投資超過 60 億美元，讓 Panther Creek 成為這一切的中心。

With robust energy, fiber infrastructure, and recent strong political tailwinds for data centers, which I will speak more to in a second. Pennsylvania is well positioned for massive strategic wins with large hyperscale clients. On the opposite side of the US, our Washington portfolio is much smaller at 18 megawatts, but is strategically located in the largest data center cluster on the West Coast, with approximately 1 gigawatt of data centers in the region, including Microsoft and Cybers one within a 30 mile radius and some of the lowest cost energy for data centers in the US, Washington is well positioned to service prospective HPC and AI Enterprise clients and generate attractive merchants.

憑藉強大的能源、光纖基礎設施以及近期強勁的政治順風，資料中心將迎來更多機遇，我將在稍後詳細討論。賓州擁有優越的條件，能夠贏得大型超大規模客戶的策略性勝利。在美國的另一邊，我們的華盛頓投資組合規模要小得多，只有 18 兆瓦，但其戰略位置位於西海岸最大的數據中心集群中，該地區擁有約 1 千兆瓦的數據中心，其中包括 30 英里半徑範圍內的微軟和 Cyber​​s 數據中心，以及美國一些能源成本最低的數據中心，華盛頓完全有能力為潛在的客戶提供有吸引力服務，企業的客戶提供有吸引力的客戶服務。

North of the border in Quebec, our 170 megawatts of reliable and cost effective hydropower makes us the largest bitcoin miner in Quebec and in Canada overall. The province's robust supply of cost-effective renewable electricity and extensive fiber infrastructure to Toronto, the east coast of the US, and Europe has attracted the development of approximately 700 megawatts of traditional data centers in Quebec, representing over 50% of all data centers in Canada.

在魁北克邊境以北，我們擁有 170 兆瓦的可靠且經濟高效的水力發電，這使我們成為魁北克乃至整個加拿大最大的比特幣礦工。該省為多倫多、美國東海岸和歐洲提供強勁、高效的可再生電力和廣泛的光纖基礎設施，吸引了魁北克開發約 700 兆瓦的傳統數據中心，佔加拿大所有數據中心的 50% 以上。

Major players including Microsoft, Google, Amazon, and Vantage are all present and looking to expand in the area. With recent pushes by federal and provincial governments on data sovereignty and privacy, the development of data centers in Canada has emerged as a rare nonpartisan objective that has strong support through federal and provincial governments.

微軟、谷歌、亞馬遜和 Vantage 等主要參與者都已進入該地區並尋求擴張。隨著聯邦和省政府最近在資料主權和隱私方面的推動，加拿大資料中心的發展已成為一個罕見的無黨派目標，並得到聯邦和省政府的大力支持。

If Bitfarms converted all of our Canadian Bitcoin mining megawatts HBC, it would represent up to a 24% increase in data center megawatts in the province and make us one of the largest HBC data center operators in Quebec and Canada.

如果 Bitfarms 將我們所有的加拿大比特幣挖礦兆瓦轉換為 HBC，這將意味著該省的資料中心兆瓦數將增加 24%，並使我們成為魁北克和加拿大最大的 HBC 資料中心營運商之一。

In order for us to capitalize on this opportunity, it will require regulatory approval for converting our crypto mining megawatts traditional data center megawatts. Well, this has broad political support, and we have received initial indications of support at various levels for such a conversion, it will take some time to run its course. In the meantime, our mining operations in the province continue to be profitable, and we are tentatively planning conversion of the portfolio in 2027 and 2028 in advance of the next event.

為了讓我們利用這個機會，我們需要獲得監管部門的批准，將我們的加密挖掘兆瓦轉換為傳統資料中心兆瓦。嗯，這得到了廣泛的政治支持，而且我們已經收到了各個層面對這種轉變的初步支持跡象，但它需要一些時間才能完成。同時，我們在該省的採礦業務繼續獲利，我們暫時計劃在 2027 年和 2028 年進行投資組合轉換，為下一次活動做好準備。

We'll provide further updates on Quebec as they materialize. This unique portfolio is attracting huge interest from counterparties, and our scale and positioning are unmatched. As we replicate the lessons from Panther Creek across our North American sites, we are well positioned to capture meaningful market share in these high demand HBC markets.

我們將提供有關魁北克的進一步更新。這獨特的投資組合吸引了交易對手的極大興趣，我們的規模和定位無與倫比。當我們在北美工廠複製 Panther Creek 的經驗時，我們已準備好在這些高需求的 HBC 市場中佔據重要的市場份額。

Turning to slide 7. In recent weeks, there has been a surge of new data center announcements in Pennsylvania. Big names like Google, Meta, Blackstone, Brookfield, and Crewea have committed over $90 billion in investments, citing robust energy and fiber infrastructure in close proximity to the largest data center cluster in the US, Data Center Alley, and major East Coast metropolitan centers. The robust investments into these data centers and a meaningful job growth that accompanies them. Will be transformational for many towns and counties across the state. And as a result, they're receiving robust political support and attention from the local level all the way up to the Oval Office.

翻到幻燈片 7。最近幾週，賓州出現了大量新建資料中心的公告。Google、Meta、黑石、Brookfield 和 Crewea 等大公司承諾投資超過 900 億美元，理由是這些地區靠近美國最大的資料中心集群、Data Center Alley 和東海岸主要大都市中心，擁有強大的能源和光纖基礎設施。對這些資料中心的大量投資以及隨之而來的有意義的就業成長。將為全州許多城鎮和縣帶來改變。因此，他們得到了從地方到白宮的強有力的政治支持和關注。

As the only public Bitcoin miner with a big Pennsylvania footprint, we're perfectly positioned in what is emerging as the new AI hub. This isn't just luck, it's vision. We've been evaluating Pennsylvania for years, focusing on the same opportunity that is currently taking the industry by storm. With surging demand for power, record capacity auctions, and a renewed interest in traditional thermal generating assets, the power plants we acquired in the stronghold acquisition are worth significantly more now than when we bought them just a few months ago.

作為唯一一家在賓州擁有大量業務的公共比特幣礦工，我們在新興的人工智慧中心佔據著完美的位置。這不僅僅是運氣，更是遠見。多年來，我們一直在評估賓州，並專注於目前席捲該行業的同一機會。隨著電力需求的激增、容量拍賣的創紀錄以及對傳統火力發電資產的重新興趣，我們在據點收購中獲得的發電廠的價值現在比幾個月前購買時高得多。

Turning to slide 8. Our flagship campus in Pennsylvania Panther Creek is advancing rapidly. In the past few weeks, the electric utility PPL has given us the green light for expanding our grid connection, confirming firm service at 50 megawatts per year in 2026, an additional 300 megawatts as early as 2027. That means more power on a faster schedule confirmed.

翻到幻燈片 8。我們位於賓州 Panther Creek 的旗艦校區正在快速發展。在過去的幾周里，電力公司 PPL 為我們擴大電網連接開了綠燈，確認 2026 年每年將提供 50 兆瓦的穩定服務，最早在 2027 年將額外提供 300 兆瓦的服務。這意味著可以確認以更快的時間表提供更多電力。

To support the development, we've also executed binding purchase and sales agreements that more than double the acreage of the site, paving the way for a contiguous and marquee 350 megawatt HBC campus in eastern Pennsylvania. The conceptual master site plan that you are looking at on screen now is based on the new power schedule and expanded acreage. This master site plan is finished and has been submitted to Macquarie.

為了支持開發，我們還簽署了具有約束力的購買和銷售協議，將場地面積擴大了一倍以上，為在賓夕法尼亞州東部建造一個連續的、標誌性的 350 兆瓦 HBC 園區鋪平了道路。您現在在螢幕上看到的概念性總體場地規劃是基於新的電力計劃和擴大的土地面積。該總體場地規劃已經完成並已提交給麥格理。

It is important to remind everyone that the master site plan may be modified based on the multiple conversations we currently have going with potential customers, but it's a rock solid base to develop the site and customer conversations expeditiously.

需要提醒大家的是，根據我們目前與潛在客戶進行的多次對話，主網站計畫可能會進行修改，但它是迅速開發網站和客戶對話的堅實基礎。

Phase one hits 50 megawatts by the end of 2026, and phase two at 300 megawatts as early as 2027. The plan includes the development of 4 buildings housing 350 megawatts in total, with room for additional expansion in a phase 3 with 1/5 building once the ongoing FERC, talent, and Amazon issues are settled or we have confirmed an alternative arrangement that permits us to use our existing grid connection and power plants for the HPC data centerer campus.

第一階段預計在 2026 年底達到 50 兆瓦，第二階段預計在 2027 年達到 300 兆瓦。該計劃包括開發 4 棟總容量為 350 兆瓦的建築，一旦持續的 FERC、人才和亞馬遜問題得到解決，或者我們確認了允許我們使用現有電網連接和發電廠作為 HPC 數據中心園區的替代安排，第三階段將有 1/5 建築進行額外擴建。

Finally, our new partnership with T 5, a top tier data center developer who's worked with every major hyper scaler to build and operate data centers, is a big deal. T 5 will be responsible for managing the development of our Panther Creek campus and is yet another proof point to investors and prospective customers that validates the development potential.

最後，我們與 T 5 建立的新合作夥伴關係意義重大，T 5 是一家頂級資料中心開發商，曾與所有主要的超大規模企業合作建造和營運資料中心。T 5 將負責管理我們 Panther Creek 園區的開發，這也是向投資者和潛在客戶證明開發潛力的另一個證據。

Next steps for Panther Creek include fast tracking permits, locking in long lead items like transformers and generators, and breaking ground as originally planned in Q4 this year. CapEx-wise, the Macquarie facility will be sufficient for phase one, and with just $10 million of planned CapEx for the remainder of this year, the majority of CapEx will fall into 2026.

Panther Creek 的下一步計劃包括加快許可證發放、鎖定變壓器和發電機等長週期項目，並按原計劃於今年第四季破土動工。從資本支出來看，麥格理工廠足以滿足第一階段的需要，而今年剩餘時間的計畫資本支出僅 1,000 萬美元，大部分資本支出將落到 2026 年。

Turning to slide 9. Well, Washington is much smaller than Pennsylvania, this site is a gem. It's positioned in the West Coast data center alley, and the utility has confirmed that all of our Bitcoin mining megawatts can be converted to HPC with no regulatory red tape.

翻到第 9 張投影片。嗯，華盛頓比賓夕法尼亞州小得多，這個地方是一顆寶石。它位於西海岸資料中心巷道，公用事業公司已確認，我們所有的比特幣挖礦兆瓦都可以轉換為 HPC，而無需任何監管繁文縟節。

Better yet, converting our megawatts would cut our energy cost per megawatt-hour by almost 50% below $30 per megawatt hour, and make it some of the cheapest power for data centers in the US. To help us further advance customer conversations, we have executed a binding PSA for adjacent land that will more than double our acreage and is expected to give us all the space we need to develop a state of the art HBC facility. In Washington, we're hiring enterprise customers where the smaller site can be used to greater effect, generating incredibly healthy margins and providing portfolio diversification.

更好的是，轉換我們的兆瓦將使我們每兆瓦時的能源成本降低近 50%，低於每兆瓦時 30 美元，並使其成為美國資料中心最便宜的電力之一。為了幫助我們進一步推進客戶對話，我們已經對鄰近土地執行了具有約束力的 PSA，這將使我們的土地面積增加一倍以上，並有望為我們提供開發最先進的 HBC 設施所需的所有空間。在華盛頓，我們正在招募企業客戶，讓較小的站點發揮更大的作用，產生令人難以置信的豐厚利潤，並提供投資組合多樣化。

Turning to slide 10. Following the successful rebalancing of our portfolio earlier this year and the Argentina shutdown, our current operational megawatts are now over 80% North American. And with the majority of our growth pipeline in the US, our pivot to the US is in full swing. Our actions are not limited to the expansion of energy and the development of HPC infrastructure in the US. Recently, we've announced the opening of our second principal executive office in New York City and our planned transition to USA accounting for full year 2025 results.

翻到第 10 張投影片。繼今年稍早成功重新平衡投資組合以及阿根廷停產之後，我們目前的營運兆瓦已超過 80% 來自北美。由於我們的大部分成長管道都在美國，因此我們的重心轉向美國業務正在全面展開。我們的行動不僅限於美國能源的擴張和高效能運算基礎設施的發展。最近，我們宣佈在紐約市開設第二個主要執行辦公室，並計劃將 2025 年全年業績轉移到美國。

These actions are expected to simplify our reporting processes, reduce administrative and legal costs, broaden our US investor base, and improve our eligibility for inclusion in certain stock indices, among other potential benefits. These are important steps on our journey to becoming a US domiciled entity, which we plan to achieve in 2026. We strongly believe the strategic transition will better position bid farms to execute our HPCI growth strategy, driving improved operational efficiencies and maximizing shareholder value.

這些措施預計將簡化我們的報告流程、降低行政和法律成本、擴大我們的美國投資者基礎、提高我們被納入某些股票指數的資格，以及其他潛在好處。這是我們成為美國註冊實體的重要一步，我們計劃在 2026 年實現這一目標。我們堅信，策略轉型將使競標農場更好地執行我們的 HPCI 成長策略，提高營運效率並實現股東價值最大化。

Turning to slide 11. Well, we have accomplished a lot in the last year. I'm particularly proud of our accomplishments over the last 4 months. Our Bitcoin mining business is locked in, projected to produce strong free cash flows of approximately 8 million per month, with minimal cap backs and numerous improvements across key performance indicators. With more than 1 gigawatt, our Pennsylvania pipeline is a gold mine and was quickly emerging as a major AI hub fueled by massive regional investment.

翻到第 11 張投影片。嗯，去年我們取得了很多成就。我對我們過去四個月所取得的成就感到特別自豪。我們的比特幣挖礦業務已鎖定，預計每月將產生約 800 萬美元的強勁自由現金流，且資本回流極少，關鍵績效指標將大量改善。我們的賓州管線擁有超過 1 千兆瓦的電力，堪稱一座金礦，並在大量區域投資的推動下迅速崛起為主要的人工智慧中心。

HPC and AI development is taking off with rapid progress at our flagship campus, Panther Creek, backed by top advisors, strategic partners in financing. We've taken key steps towards a planned 2026 US re domicile which will drive index inclusion and expand our access to US investors and capital.

在頂級顧問和策略合作夥伴的融資支援下，我們的旗艦園區 Panther Creek 的 HPC 和 AI 開發正在快速發展。我們已朝著計劃中的 2026 年美國重新註冊邁出了關鍵一步，這將推動指數納入並擴大我們接觸美國投資者和資本的管道。

Our portfolio has rebalanced to 80% North American with all US sites well positioned for conversion to HBC, and we have dramatically strengthened the balance sheet with approximately $230 million in cash and BTC as of August 11th and access to up to an additional 250 million in the Macquarie facility for Panther Creek development.

我們的投資組合已重新平衡至 80% 的北美地區，所有美國站點都已做好轉換為 HBC 的準備，並且我們已大幅增強資產負債表，截至 8 月 11 日，我們擁有約 2.3 億美元現金和 BTC，並可從麥格理銀行獲得高達 2.5 億美元的額外資金用於 Panther Creek 開發。

Our confidence in our business and ability to both execute and create long term value in this transition has never been stronger. Despite our strong performance, we believe that the market is undervaluing both our Bitcoin business and HBC potential.

我們對我們的業務以及在這項轉型中執行和創造長期價值的能力的信心從未如此強烈。儘管我們表現強勁，但我們認為市場低估了我們的比特幣業務和 HBC 潛力。

Accordingly, we have recently launched the company's first ever stock buyback program for up to 49.9 million shares, or about 9% of outstanding shares. I'm proud to say that in the first two weeks we have already repurchased roughly 5 million shares, equivalent to 10% of the total share buyback program. With strong cash flows, ample liquidity and financing, we plan to continue buying back our shares under this program for the foreseeable future.

因此，我們最近啟動了公司有史以來的首個股票回購計劃，回購股票數量最多為 4,990 萬股，約佔流通股的 9%。我很自豪地說，在前兩週我們已經回購了大約 500 萬股，相當於總股票回購計畫的 10%。憑藉強勁的現金流、充足的流動性和融資，我們計劃在可預見的未來繼續根據該計劃回購我們的股票。

Now turning to slide 12, I'll turn the call over to Jeff for the financials.

現在翻到第 12 張投影片，我將把電話交給 Jeff 來討論財務狀況。

Thanks, Ben, and good morning, everyone. Turning now to slide 13. Before I dive into the second quarter results, I'd like to highlight the key financial achievements from the quarter. First Macquarie financing. At the beginning of the quarter, we entered into a finance agreement with Macquarie to fund the development and buildout of our Panther Creek, Pennsylvania HBC data center project. The facility provides up to $300 million towards the design, development, and initial phase of construction of the project.

謝謝，本，大家早安。現在翻到第 13 張投影片。在深入探討第二季業績之前，我想先強調本季的主要財務成就。首次麥格理融資。本季初，我們與麥格理銀行達成了一項融資協議，為我們位於賓州 Panther Creek 的 HBC 資料中心專案的開發和建設提供資金。該設施為該項目的設計、開發和建設初始階段提供高達 3 億美元的資金。

The initial $50 million tranche was drawn at closing to fund the soft costs associated with the design of the Panther Creek Data Center, land acquisition, and other initial steps. The $250 million dollar project finance tranche is drawable upon meeting certain conditions including development milestones. With just $10 million of plan cap back for the Panther Creek for the remainder of this year, there's no anticipated need to drive down additional tranche until 2026.

初始 5000 萬美元款項在交易結束時提取，用於資助與 Panther Creek 資料中心設計、土地徵用和其他初始步驟相關的軟成本。在滿足開發里程碑等特定條件後，即可提取 2.5 億美元的專案融資部分。由於今年剩餘時間內 Panther Creek 的計畫上限僅為 1,000 萬美元，預計在 2026 年之前無需追加分期付款。

We are excited to join Forces Macquarie, an established leader in HPC data center financing. They are truly a part in our HPC expansion, bringing financial and development expertise to supplement our other partners and advisors. This financing is emblematic of our financing strategy for a total portfolio as we use cost effective debt to fund our growth.

我們很高興加入 HPC 資料中心融資領域的領導者 Forces Macquarie。他們確實是我們 HPC 擴展的一部分，帶來了財務和開發專業知識來補充我們的其他合作夥伴和顧問。此次融資象徵著我們的整體投資組合融資策略，因為我們使用具有成本效益的債務來為我們的成長提供資金。

Are highly valued and appreciated North American assets combined with a higher margin of predictable earning streams characteristics of HBC and AI make our HBC properties attracted to debt finance. Second, cash generation of our Bitcoin mining operations. As we've noted previously, during the development and build out phase of our HPC program, our Bitcoin mining operation funds our G&A and corporate expenses and the debt service requirements associated with our HPC buildout.

受到高度重視和讚賞的北美資產與可預測的更高利潤率收益流相結合的 HBC 和 AI 特徵使我們的 HBC 資產對債務融資具有吸引力。第二，我們的比特幣挖礦業務產生現金。正如我們之前提到的，在我們的 HPC 計劃的開發和建設階段，我們的比特幣挖礦業務為我們的 G&A 和公司費用以及與我們的 HPC 建設相關的債務服務需求提供資金。

We are achieving steady mining margins and it's been noted, generating about $8 million of free cash flow from operation per month in excess of our corporate administrative costs to fund our initial capital requirements, debt service, as well as our stock buyback program.

我們正在實現穩定的採礦利潤率，據悉，我們每月從營運中產生的自由現金流約為 800 萬美元，超過了我們的公司管理成本，以資助我們的初始資本需求、債務服務以及股票回購計劃。

With our minor update program behind us and having among the most efficient fleet in the business at an average efficiency of 17 watts per tera hash, our mining operation is benefiting from the current high Bitcoin price to generate strong cash flows, a solid base for HPC expansion.

隨著我們小規模更新計劃的實施，以及我們擁有業內最高效的礦機群（平均效率為每太拉哈希 17 瓦），我們的挖礦業務受益於當前比特幣的高價格，從而產生強勁的現金流，為 HPC 擴展奠定了堅實的基礎。

Third, a stock buyback program launched in the last week of July. As announced a few weeks ago, a board of directors has authorized BIFarms to repurchase up to about 9% of our outstanding shares over the coming year. Our share repurchase program calls for the buyback to be funded by excess cash flow from mining operations.

第三，7月最後一週啟動了股票回購計畫。正如幾週前宣布的那樣，董事會已授權 BIFarms 在未來一年內回購最多約 9% 的流通股。我們的股票回購計畫要求利用採礦業務的過剩現金流來資助回購。

As Ben noted, we have repurchased over 4.9 million shares to date. And since the inception of the buyback program, our purchases have been a daily volumes that approximate the daily allowable limit for the exchange on which the shares were purchased. We believe we're undervalued versus peers, and we'll be mining free cash flow, not our Bitcoin treasury or funds from my debt financing to prove it.

正如本所說，迄今為止我們已經回購了超過 490 萬股。自回購計畫啟動以來，我們的每日購買量一直接近股票購買交易所的每日允許限額。我們相信，與同行相比，我們的價值被低估了，我們將挖掘自由現金流，而不是我們的比特幣金庫或我的債務融資資金來證明這一點。

With their shares reflecting the cash generation potential of Ramani activities, nor the value of our HPC properties, utilizing our excess cash flow from operations is an effective way to bring value to our shareholders.

由於他們的股票反映了 Ramani 活動的現金產生潛力，也不反映我們 HPC 資產的價值，因此利用我們營運產生的過剩現金流是為股東帶來價值的有效方式。

I'll add that we have not issued shares under an ATM since January, and the shares we have repurchased to date under a buyback program are well below the prices of which we issued the shares last year. And lastly, our US GAAP transition. As Ben noted, this transition is vitally important as we continue to shift our operations towards the United States.

我要補充的是，自一月份以來，我們沒有透過 ATM 發行過股票，而且我們迄今為止根據回購計劃回購的股票遠低於去年發行股票的價格。最後，我們的美國公認會計準則轉型。正如本所指出的，隨著我們繼續將業務轉向美國，這種轉變至關重要。

We expect to report a full fiscal year 2025 results on the US GAAP. We believe this will simplify our financial reporting process, further align us with our US HPC and AI and mining peers, and serve as an important stepping stone towards a potential re domicile in 2026.

我們預計將根據美國公認會計準則報告 2025 財年全年業績。我們相信這將簡化我們的財務報告流程，進一步使我們與美國 HPC、AI 和採礦同行保持一致，並成為 2026 年潛在重新註冊的重要基石。

The benefits of a re domiciled to the US are plentiful. Big firms would have access to broader pool of US capital and investors, potential inclusion of major US stock indices, and more fabled regulatory and tax environments, among other benefits. Building off successful rebalancing of our energy portfolio to over 80% North American megawatts in 2025. These initiatives further advance our US pivot in align with our HPC and AI growth strategy.

重新定居美國有很多好處。大公司將有機會獲得更廣泛的美國資本和投資者資源、可能被納入美國主要股票指數、以及享受更完善的監管和稅收環境等諸多好處。成功實現能源組合再平衡，到 2025 年北美兆瓦發電量將達到 80% 以上。這些舉措進一步推進了我們向美國的轉型，符合我們的 HPC 和 AI 成長策略。

Turn it to slide 14. Let's focus now on our 2nd quarter of financial performance. In the second quarter, we earned 718 Bitcoin and achieved total revenue of $78 million up 87% year over year. Revenue from mining activities was $71 million and the balance of $7 million was earned from hosting electricity generation businesses following our acquisition of stronghold and from our Volta Electrical Services subsidiary.

將其轉到投影片 14。現在讓我們專注於第二季的財務表現。第二季度，我們賺了 718 比特幣，實現總收入 7,800 萬美元，年增 87%。採礦活動的收入為 7,100 萬美元，其餘 700 萬美元來自我們收購 Stronghold 後營運的發電業務以及我們的 Volta Electrical Services 子公司的收入。

A gross mining profit was $32 million representing a direct mining margin of 45% and average direct cost of $48,200 per Bitcoin mined. Cash, general administrative expense or G&A was $18 million an increase of about $2 million over the first quarter reflecting stronghold G&A of approximately $3 million in the second quarter versus about $400,000 for the two weeks in which Bit farms own strongholds in the first quarter.

採礦總利潤為 3,200 萬美元，直接採礦利潤率為 45%，每開採一枚比特幣的平均直接成本為 48,200 美元。現金、一般管理費用或 G&A 為 1800 萬美元，比第一季增加約 200 萬美元，反映出第二季據點的 G&A 約為 300 萬美元，而第一季 Bit farms 擁有據點的兩週的 G&A 約為 40 萬美元。

Excluding strongholds G&A, our second quarter cash G&A would have been roughly 3% lower than the first quarter. Operating loss was $40 million in a quarter and included $15 million of impairment charges attributed both to our Argentina operation. As a result, net loss of the second quarter was $29 million or $0.05 per share.

不包括據點的 G&A，我們第二季的現金 G&A 將比第一季低約 3%。本季的營業虧損為 4,000 萬美元，其中包括歸因於我們阿根廷業務的 1,500 萬美元的減損費用。結果，第二季淨虧損為 2,900 萬美元，即每股 0.05 美元。

Turning to slide 15. For the second quarter, our adjusted EBITDA was $14 million or 18% of revenue. This encompasses primarily a self-mining revenue. Our direct mining cost for Bitcoin in the 2nd quarter was $48,200 with our all-in cash cost to mine Bitcoin at $77,100 compared to revenue per Bitcoin earned during the quarter of $98,000 resulting in profit per Bitcoin of $20,900 for profit contribution from mining activities of about $15 million.

翻到第 15 張投影片。第二季度，我們的調整後 EBITDA 為 1,400 萬美元，佔營收的 18%。這主要包括自採收入。我們第二季的比特幣直接挖礦成本為 48,200 美元，挖礦比特幣的全部現金成本為 77,100 美元，而本季每比特幣的收入為 98,000 美元，每比特幣的利潤為 20,900 美元，挖礦活動貢獻的利潤約為 1500 萬美元。

Turning now to slide 16, as of August 11, we had total liquidity of approximately $230 million comprised of cash and unencumbered BTC. In addition, under the Iguazu sale agreement, we expect to receive the remaining $10 million from HE by the end of September, marking the completion of the sale announced earlier this year.

現在翻到第 16 張投影片，截至 8 月 11 日，我們的總流動資金約為 2.3 億美元，包括現金和未支配的 BTC。此外，根據伊瓜蘇出售協議，我們預計將於 9 月底收到 HE 剩餘的 1000 萬美元，標誌著今年稍早宣布的出售交易完成。

As was mentioned earlier, we project to generate on average about $8 million per month of free cash flow for mining operations, which we expect to be more than sufficient to fund the remainder of the 2025 cap back, our working capital requirements, our debt service, and the share buyback program.

如前所述，我們預計採礦業務每月平均產生約 800 萬美元的自由現金流，我們預計這筆資金足以支付 2025 年剩餘的資本回收費用、我們的營運資金需求、我們的債務償還和股票回購計畫。

Regarding our Bitcoin 1 program, we've realized $11 million in profits since the program's inception this past February. This follows the success of our syntheticho program under which we realized $18 million of profit between October 2023 and January 2025, for total net profits since the inception of our market operations activities in October 2023 of over $28 million.

關於我們的比特幣 1 計劃，自今年 2 月該計劃啟動以來，我們已經實現了 1100 萬美元的利潤。這是繼我們的合成利潤計畫取得成功之後，我們在 2023 年 10 月至 2025 年 1 月期間實現了 1,800 萬美元的利潤，自 2023 年 10 月開始市場營運活動以來，總淨利潤超過 2,800 萬美元。

We are conducting a strategic review of the program as we further shift our focus in operations towards HPC and AI.

隨著我們進一步將營運重點轉向 HPC 和 AI，我們正在對該計劃進行策略審查。

In closing, we believe our financial position provides a solid foundation to execute on the HBC and AI initiatives that Ben laid out today, and we look forward to keeping you updated as we continue to develop our US operation.

最後，我們相信我們的財務狀況為執行 Ben 今天提出的 HBC 和 AI 計劃提供了堅實的基礎，我們期待在繼續發展美國業務的同時向您通報最新情況。

With that, I'll turn the call back to the operator for questions and answers.

說完這些，我會將電話轉回給接線生，以便進行問答。

(Operator Instructions)

（操作員指示）

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thank you very much, operator, and good morning, everyone. This is Feder Chabalin on behalf of Nick Giles. Hey, Ben and team, just wanted to touch base on Hunter Creek. What's the game plan for getting construction procurement line up? You're planning to break ground in 4Q, and am I right that you're moving ahead regardless of whether you locked in customers at this point and also curious about the acquire financing options.

非常感謝接線員，大家早安。我是 Nick Giles 的代表 Feder Chabalin。嘿，本和他的團隊，只是想了解一下 Hunter Creek 的情況。獲得建築採購訂單的計劃是什麼？您計劃在第四季度破土動工，我是否正確認為，無論您此時是否鎖定客戶，您都會繼續前進，並且對收購融資選擇感到好奇。

What boxes do you need to check to get the depth facility entirely in place? I remember you mentioned that, would be multi-step process, and if you could ballpark the CapEx, you, you're looking at for the construction phase, that would be really helpful. Thank you very much.

您需要檢查哪些框架才能使深度設施完全到位？我記得您提到過，這將是一個多步驟的過程，如果您可以估算出您正在考慮的建設階段的資本支出，那將非常有幫助。非常感謝。

Thanks Federer. I'll speak to the, initial questions around the development for Panther Creek. I'll pass it off to Jeff to answer the questions around, Macquarie and capex, but to answer the question for, what are the next steps for development at Panther Creek, we've recently engaged T 5 as owners reps, so they're managing the process here with. Engaging all the contractors, overseeing the development, the securing the permits and everything else, there's a few different things that we are going to be doing over the next couple of months, but the biggest one that we'd be doing will be the civil works, so beginning to clear out.

謝謝費德勒。我將討論有關 Panther Creek 開發的初步問題。我將把問題交給傑夫來回答有關麥格理和資本支出的問題，但要回答 Panther Creek 開發的下一步是什麼的問題，我們最近聘請了 T 5 作為業主代表，因此他們正在管理這裡的流程。聘請所有承包商，監督開發，獲得許可證和其他一切，在接下來的幾個月裡我們將做一些不同的事情，但我們要做的最大的事情是土木工程，所以開始清理。

The trees flattening out the land, as well as the substation construction, those are the big development milestones, prior to the end of the year we won't actually start constructing the buildings until the civil works is done, so that'll be in the first part of next year, but that's what we should expect to have over the coming months.

樹木平整土地以及變電站的建設，這些都是重大的發展里程碑，在今年年底之前，我們實際上不會開始建造建築物，直到土建工程完成，所以這將是在明年上半年，但這就是我們應該在未來幾個月內看到的。

Jeff?

傑夫？

Sure, good morning. So in reference to where we stand currently with Panther Creek here for the phase one of 50 megawatts. Our capital expenditures for the balance of this year 2025 are around $10.5 million so we're in very good shape for that. But the project in total through 2026, we're envisioning to be around $400 million in total for the full build out of the facility. Does that address your question?

當然，早安。因此，就我們目前與 Panther Creek 合作的 50 兆瓦第一階段的進展而言。我們 2025 年餘額的資本支出約為 1050 萬美元，因此我們的狀況非常好。但我們預計，到 2026 年，該項目的全面建設總成本將達到 4 億美元左右。這能解答你的問題嗎？

Yeah, you cut off a little bit, sorry. But yeah, I do have a follow up on there. So keep hearing that hyper scalers thinking really, they're really big these days, right? They just looking for gigawatt scale compasses and how does it play into your partner Creek Thunder Creek strategy and based on the conversations you've been having while marketing the site, what, what's the typical site profile of the players showing interest here?

是的，你打斷了一點，抱歉。但是是的，我確實對此進行了跟進。所以，不斷聽到超大規模企業認為他們現在真的非常龐大，對嗎？他們只是在尋找千兆瓦規模的指南針，它如何與您的合作夥伴 Creek Thunder Creek 策略相結合，並且根據您在行銷該網站時進行的對話，在這裡表現出興趣的玩家的典型網站概況是什麼？

Yeah, it's a good question, Federer, and you're right, the increase in demand per site is happening quite rapidly. I think last year when Core Scientific and core, we've announced their deal, the focus was really on 100 megawatt sites, and that number has gone up quite a bit.

是的，費德勒，這是個好問題，你說得對，每個站點的需求成長相當快。我認為去年當 Core Scientific 和 core 宣布他們的交易時，重點確實放在 100 兆瓦的站點上，而這個數字已經上升了不少。

I think the demand here is tied also to time, so you know the way that the market is viewing things is that 2026 power is highly valued and prioritized and because of the timeline on 2026 power, people tend to be a little bit more open to smaller sites in 2026 provided of course that there's the ability to expand beyond that, over time, most of the HPC customers that you you speak to, they understand that a site is not built all in one go but it's separated out into multiple phases.

我認為這裡的需求也與時間有關，所以你知道市場看待事物的方式是 2026 年電力受到高度重視和優先考慮，並且由於 2026 年電力的時間表，人們傾向於對 2026 年的小型站點更加開放，當然前提是有能力隨著時間的推移進行擴展，大多數與你交談的 HPC 客戶都明白，不是一次性階段的。

What most customers are looking for is immediate power in 2026 with the ability to expand beyond that over time, so what we're seeing is that the the larger the campus, the more interesting for sure but you really can't get away from that timing aspect, which is kind of bending a lot of perceptions on on what people would like and what they're interested in, but with the 350 to 410 megawatts that we have there at Panther Creek, this is still a very sizable data center campus, there's roughly 600 megawatts worth of data centers in the state of Pennsylvania alone today, so it would be.

大多數客戶所尋求的是在 2026 年立即獲得電力，並且能夠隨著時間的推移不斷擴展，因此我們看到的是，園區越大，肯定越有趣，但你真的無法擺脫這個時間因素，這在某種程度上會改變人們對人們的喜好和興趣的看法，但是我們在 Panther Creek 擁有 350 至 410 兆瓦的電力，這仍然是賓夕法尼亞州立大學兆瓦的資料中心，所以情況就是這樣。

More than 50% increase in terms of the total data center capacity in the state just by building out this one campus. But certainly the demand is tracking upwards.

僅建造這個園區就可以使該州的資料中心總容量增加 50% 以上。但需求肯定在上升。

Thank you, Ben and Lucas and the team, and thank you for this and continue best of luck. I jump back to you.

謝謝本、盧卡斯和團隊，謝謝你們的努力，祝你們好運。我跳回給你。

Thank you.

謝謝。

Mike Colonnese, HC Wainwright.

麥克科隆內斯、HC 溫賴特。

Hi, good morning, guys. Thank you for taking my questions. Follow up on the CapEx spend, on Panther Creek, Jeff, you mentioned the $400 million total build out costs, which implies $8 million per megawatts. Curious what that entails from a data center readiness perspective and the implications for potential. Economics that you could, secure from a potential deal with this type of build.

大家好，早安。感謝您回答我的問題。跟進 Panther Creek 的資本支出，Jeff，您提到總建設成本為 4 億美元，這意味著每兆瓦 800 萬美元。好奇從資料中心準備的角度來看這意味著什麼以及對潛在的影響。您可以從這種類型的構建的潛在交易中獲得經濟利益。

I know in the past you've talked about PowerShell through fully developed and constructed tier 3 data center, but what does this entail again from the $8 million per megawatt and what you can expect, from a potential, contract on that site.

我知道您過去曾透過完全開發和建置的 3 級資料中心談論過 PowerShell，但是從每兆瓦 800 萬美元的價格來看，這又意味著什麼，以及您對該網站的潛在合約有何期待。

Sure, let me start that off and then then you can follow up afterwards, I think first of all, that's the number that we're working on at this point in time that may vary depending on the arrangements that we put in place with every prospective customers that we finally come to an agreement with here. But that's actually the expectation we have for a full build out of, having the site ready for larger GPUs here at that point in time. So that's the position we have here as we're currently assuming here that may change again given the nature of whatever arrangement we have in place with our perspective.

當然，讓我先開始，然後你可以跟進，我認為首先，這是我們目前正在處理的數字，該數字可能會有所不同，具體取決於我們與最終達成協議的每個潛在客戶所製定的安排。但這實際上是我們對全面建設的期望，讓網站在那時為更大的 GPU 做好準備。這就是我們目前的立場，但考慮到我們的觀點和安排的性質，立場可能會再次改變。

Anything you wish to add.

您想添加的任何內容。

Sure, when we're looking at the build out we're trying to optimize for a few different things here, Mike, you know we historically have always tried to optimize on return on invested capital, and we're also, trying to optimize for the multiples expansion, being driven by these kind of long term contracted revenues that come out of these HPC contracts. I think generally speaking trying to optimize across those two variables.

當然，當我們考慮擴建時，我們試圖優化這裡的一些不同的東西，麥克，你知道我們過去一直試圖優化投資資本的回報率，而且我們也試圖優化倍數擴張，受到這些 HPC 合約產生的長期合約收入的驅動。我認為一般來說要嘗試優化這兩個變數。

It is quite difficult because the best return on invested capital in this, industry is going to be for just the development of powered land, if you can just get a piece of land and you can put some 500 megawatts on it, that investment is going to be the best, possible return that you can have per dollar invested, but the market's not really going to give us value for that transactional nature.

這是相當困難的，因為在這個行業中，投資資本的最佳回報率只是開發發電土地，如果你能得到一塊土地，然後在上面投入 500 兆瓦的電力，那麼這項投資將是你每投資一美元所能獲得的最佳回報，但市場實際上不會為我們的這種交易性質提供價值。

And so there needs to be, a shift further up the stack so that you can get those long term contracted revenues which is going to drive that multiple expansion that we're targeting, but we're also being, quite realistic and pragmatic here that this is a an execution game and that the, higher up the stack we go, the more you're going to get from the multiples expansion, the more caps you're going to have to raise and the more difficult it is to execute. And by looking, more broadly at what we could possibly do, we have a better way to recognize value out of those portfolio assets through a Powered shell or a colo opportunity.

因此，需要進一步向上移動，以便您可以獲得那些長期合約收入，這將推動我們所針對的多重擴張，但我們也非常現實和務實，這是一個執行遊戲，我們越往上移動，您從多重擴張中獲得的收益就越多，您需要籌集的上限就越多，執行起來就越困難。透過更廣泛地審視我們可能做的事情，我們可以更好地透過 Powered shell 或 colo 機會從這些投資組合資產中識別價值。

Very helpful. Thanks for the color advan and Jeff and follow up for me, as relates to the potential Bitcoin mining conversions at your Quebec data centers. I know in the future now, but we just provide more color in terms of what would need to happen for you to ultimately make that decision, and is there potential to convert, the rest of the portfolio of demand is strong enough from perspective HPCAI tenants.

非常有幫助。感謝 Jeff 的介紹和跟進，這涉及到魁北克數據中心潛在的比特幣挖礦轉換。我現在知道未來，但我們只是提供更多的細節，說明您最終需要做什麼才能做出決定，是否有轉換的潛力，從 HPCAI 租戶的角度來看，其餘的需求組合足夠強勁。

So yeah it's a great question on Quebec we spent a lot of work and time evaluating the Quebec opportunity we've had numerous different consultants and strategic partners out there evaluating sites. We think there's a lot of good conversion potential for Quebec. But as I mentioned earlier on in the call, we will need to convert over the crypto mining megawatts to data center megawatts, and that requires regulatory approval.

是的，這是關於魁北克的一個很好的問題，我們花了很多精力和時間來評估魁北克的機會，我們有許多不同的顧問和戰略合作夥伴在那裡評估地點。我們認為魁北克有許多良好的轉換潛力。但正如我之前在電話會議中提到的，我們需要將加密挖礦兆瓦轉換為資料中心兆瓦，這需要監管部門的批准。

There is no clearly defined regulatory approval path because nobody has ever done this particular conversion of megawatts over, the crypto mining megawatt tariff is relatively new, only having been established a few years ago. And the, huge demand on HPC is also relatively new, so nobody's actually asked Hydro Quebec to TRY and convert these prior to us asking Hydro Quebec to convert these megawatts.

沒有明確定義的監管批准路徑，因為從來沒有人做過這種兆瓦的特殊轉換，加密挖礦兆瓦關稅相對較新，僅在幾年前才建立。而且，對 HPC 的巨大需求也相對較新，因此在我們要求 Hydro Quebec 轉換這些兆瓦之前，沒有人真正要求 Hydro Quebec 嘗試轉換這些。

I will say that, politically uebec has never been a huge fan of Bitcoin or Bitcoin mining. I think that's that's largely true for the federal government in Canada as well, but they are very interested in HPC, AI and sovereign data centers. And so here's a great opportunity for both bit farms to convert over and develop our sites, but also for, the relative power brokers and political interests in, local, provincial and federal, to all really take some strategic objectives here with conversion over Bitcoin mining megawatts data center megawatts.

我想說的是，從政治上來說，uebec 從來都不是比特幣或比特幣挖礦的狂熱粉絲。我認為這對加拿大聯邦政府來說也基本如此，但他們對 HPC、AI 和主權資料中心非常感興趣。因此，這對比特農場來說是一個絕佳的機會，可以轉換並開發我們的網站，而且對於地方、省和聯邦的相對權力掮客和政治利益集團來說，他們都可以透過將比特幣挖礦兆瓦資料中心兆瓦轉換為一些戰略目標。

So you know I think everyone's aligned in terms of the value creation opportunity that's here and wanting to get this done but unfortunately I can't comment to you know a specific pathway and a timeline for converting over those megawatts right now but we will provide an update as soon as we have that because we are actively pursuing it.

所以你知道，我認為每個人都對這裡存在的價值創造機會持一致的看法，並希望完成這項工作，但不幸的是，我現在無法評論轉換這些兆瓦的具體途徑和時間表，但我們會盡快提供更新，因為我們正在積極追求它。

Great, thanks man, best of luck. Thank you.

太好了，謝謝你，祝你好運。謝謝。

Gareth Gacetta, Cantor Fitzgerald.

加雷思·加塞塔 (Gareth Gacetta)、菲茨傑拉德領唱者。

And thanks for taking the question. Just a quick one on the Macquarie credit facility. So in order to draw down that second $250 million, I guess you have to submit kind of a draft statement to Macquary. So how long do you expect that approval process to take and how long until you're actually able to access the capital?

感謝您提出這個問題。我只想簡單介紹一下麥格理信貸額度。因此，為了提取第二筆 2.5 億美元，我想你必須向麥格理提交一份草案聲明。那麼您預計審批過程需要多長時間？多久才能真正獲得資金？

So the process is going on at the moment here in the review process, what we expect it to take probably a couple of months here, there's always a chance that the requirements could push us into early 2026.

因此，目前審查過程正在進行中，我們預計這可能需要幾個月的時間，但這些要求有可能將我們推遲到 2026 年初。

What I think is very important to point out here as we've noted here that with Panther Creek here, we have about $10.5 million of capital expenditure requirements this year. That and even going to our expenditures into early 2026, we're more than sufficient with our liquidity actually to fund that and then get reimbursed when the other piece comes into play here. But so far things are going well with McCrorie, and they're in the process where they're reviewing our master site plan as you presented it to them.

我認為在這裡指出這一點非常重要，正如我們在這裡指出的那樣，由於 Panther Creek 的存在，我們今年的資本支出需求約為 1050 萬美元。即使到了 2026 年初，我們的支出也足以透過我們的營運資金來支付，然後在其他部分發揮作用時獲得補償。但到目前為止，與 McCrorie 的合作進展順利，他們正在審查您向他們提交的整體場地規劃。

Got it thank you. And then just a quick follow up here how are you thinking about the levels of share buybacks going forward? Are you thinking kind of consistent to what happened this quarter? Any additional color would be good. Thanks guys.

明白了，謝謝。然後我再快速跟進一下，您如何看待未來的股票回購水準？您是否認為這與本季發生的情況一致？任何額外的顏色都會很好。謝謝大家。

So let me add this to comment that as well. We are, we're continuously assessing our cash flow generation for Bitcoin mining activities here as we've noted, we're generating about $8 million of excess cash flow above our operating requirements, which includes our overall G&A here per month of the balance of the year here. So that's going to dictate in large part what we actually do with a buyback plan, and we are anticipating continuing it in the range of where we are now. But of course that's going to depending upon the opportunities and the cap that's requirements that arise over the remaining 4.5 months of the year.

因此，讓我也添加這一點來評論一下。我們正在不斷評估比特幣挖礦活動的現金流，正如我們所指出的，我們產生的超額現金流超過了我們的營運需求，其中包括我們全年每月的一般及行政費用 (G&A)。因此，這將在很大程度上決定我們如何實施回購計劃，我們預計將在目前的範圍內繼續執行該計劃。但當然，這將取決於今年剩餘 4.5 個月出現的機會和上限要求。

Great, thank you.

太好了，謝謝。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Great thanks so much for taking my question. With the master plan now submitted at a high level, can you talk about whether potential customers have begun the evaluation process or what has to happen before that begins and then how has T 5 changed those conversations in general?

非常感謝您回答我的問題。現在總體規劃已提交高層，您能否談談潛在客戶是否已經開始評估過程，或者在開始之前需要發生什麼，然後 T 5 總體上如何改變這些對話？

Thanks Brian. So yeah, we're actively in conversations with potential customers now, you know this really started in earnest after we had secured the land and the big driver forward now is having the certainty from the ESAs from PPL as to what we can expect from grid connections and when we can expect them. That's been a huge driver forward in these conversations. And the other part is having the right counterparty here for helping us to develop out the sites and manage the whole process. T 5 is a very known data center builder and operator. They work with every major hyper scalar in the space, they're building numerous, of these data centers for core week.

謝謝布萊恩。是的，我們現在正在積極地與潛在客戶交談，你知道，在我們獲得土地後，這項工作才真正開始認真進行，現在最大的推動力是從 PPL 的 ESA 中獲得確定性，了解我們對電網連接的期望以及何時可以實現。這對這些對話起到了巨大的推動作用。另一部分是找到合適的合作夥伴來幫助我們開發網站並管理整個流程。T 5 是一家非常知名的資料中心建置和營運商。他們與該領域的所有主要超標量公司合作，為核心週建立了大量的資料中心。

So this is a trusted party and that brings a lot of confidence to potential customers when we're having these conversations. And so those two things are really helping to drive this forward, the certainty around the the energy supply and delivery date as well as the increased confidence in the development partner of both key items.

因此，這是一個值得信賴的一方，當我們進行這些對話時，這給潛在客戶帶來了極大的信心。因此，這兩件事確實有助於推動這一進程，即能源供應和交付日期的確定性以及對這兩個關鍵項目的開發合作夥伴的信心增強。

Great and a follow up just on the Bitcoin mining business. Is there a way to think about maybe one year out and two years out how you think about what your hash rate under management might be?

非常好，並且是對比特幣挖礦業務的後續報導。有沒有辦法考慮一年或兩年後你管理的哈希率會是多少？

It's a great question, for thinking that far out, really what we should expect is that we're not planning any mining growth, and as we convert over to HPC and AI, there could be some gradual pullbacks in in the exit hash, in the Q4 deck, one of the things that we outlined was our best expectations for network cash rate, and Bitcoin price through, every quarter and from 2025 and 2026.

這是一個很好的問題，考慮到這麼遠的未來，我們真正應該預期的是，我們沒有計劃任何採礦增長，並且隨著我們轉向 HPC 和 AI，退出哈希值可能會出現一些逐漸回落，在第四季度的報告中，我們概述的事情之一是我們對網絡現金利率和比特幣價格的最佳預期，從 2025 年到 2026 年，每個季度都是如此。

I think that is a very good projection for where the economics might be able to go in the future, and what that might imply for for revenue and gross mining margin for bid farms and for the industry at large, and I think, if you look at that and you look at the kind of revenues associated with that, we're going to get, continued revenue and free cash flow performance out of our mining fleet, at least we expect to throughout the remainder of 2026.

我認為這是對未來經濟走向的一個非常好的預測，以及這對競標礦場和整個行業的收入和總採礦利潤可能意味著什麼，我認為，如果你看一下這一點，並看看與之相關的收入類型，我們將從我們的採礦船隊中獲得持續的收入和自由現金流表現，至少我們預計在 2026 年剩餘時間內會如此。

But I think when you look at the relative opportunity between HPC and AI and Bitcoin mining investments right now, it's really hard for us to justify any further investments into Bitcoin mining, given the HPC development opportunity and the potential. So, you can expect that, the hash rate should stay flat and as we progress with HPC development, especially at Panther Creek, there may be, some gradual reductions in the hash rate over time.

但我認為，當你看看 HPC 和 AI 與比特幣挖礦投資之間的相對機會時，考慮到 HPC 的發展機會和潛力，我們很難證明對比特幣挖礦進行進一步投資是合理的。因此，您可以預期，哈希率應該保持平穩，並且隨著我們 HPC 開發的進展，特別是在 Panther Creek，哈希率可能會隨著時間的推移逐漸降低。

Okay, thank you.

好的，謝謝。

Steven Glagola, Jones Trading.

史蒂文‧格拉戈拉 (Steven Glagola)，瓊斯貿易公司。

Hi Ben and Jeff, thanks for the, question. I'm just following up on an earlier, question in Q&A. Could you put some, concrete figures or guidance around how you think about sort of annual revenue for critical IT megawatt on a powered shell lease of Panther Creek, as well as maybe the corresponding Ebert margin from this lease structure, and additionally what like P/E, benchmark would you consider appropriate, for this.

嗨，本和傑夫，謝謝你們的提問。我只是在跟進問答環節中之前的一個問題。您能否提供一些具體的數字或指導，說明您如何看待 Panther Creek 發電殼租賃中關鍵 IT 兆瓦的年度收入，以及這種租賃結構相應的 Ebert 利潤率，此外，您認為合適的市盈率基準是什麼。

Thank you.

謝謝。

Thanks Steve, there's a lot of estimates that you can point to for what a revenue, figure would be per megawatt per annual, what have you for these various structures, but I don't really want to commit to one right now because it's going to be highly dependent on the customer conversations we have and the structure that gets put in place what I think is important to focus on here is that the power that we have is in the right place at the right time. And there's significant value creation opportunity in that.

謝謝史蒂夫，你可以指出很多估算值，例如每兆瓦每年的收入是多少，對於這些不同的結構你有什麼看法，但我現在真的不想做出承諾，因為它將高度依賴於我們與客戶的對話以及所建立的結構，我認為這裡需要關注的重要一點是，我們擁有的電力是否在正確的時間出現在正確的地點。其中蘊含著巨大的價值創造機會。

And and far greater opportunity than any sort of bitcoin mining economics that that we can see or foresee, when it comes to how we're planning out and modeling that we do have a lot of inputs that come from the customer conversations and our advisers, but it's a little premature to be estimating and forecasting things like EIA without those customer conversations, firmed into a term sheet. And a contract.

而且，與我們所能看到或預見的任何比特幣挖礦經濟學相比，這其中蘊藏著更大的機遇，當談到我們如何規劃和建模時，我們確實有很多來自客戶對話和顧問的意見，但是，在沒有這些客戶對話、沒有確定條款清單的情況下，對 EIA 之類的事情進行估計和預測還為時過早。還有一份合約。

Thanks, and if I could just ask, one more follow up on the T5 data centers. I know they're overseeing, the contracting permitting construction, maybe just elaborate on the cost implications of this. I think specifically I believe you guys are getting a flat fee, maybe any additional detail on how that fee is structured and, color around, how CapEx Panther Creek is impacted by this arrangement.

謝謝，如果我可以問的話，關於 T5 資料中心還有一個問題。我知道他們正在監督、承包許可施工，也許只是詳細說明這方面的成本影響。我認為具體來說，我相信你們收取的是固定費用，也許可以提供有關該費用如何構成的更多細節，以及 CapEx Panther Creek 如何受到這種安排的影響。

Thank you.

謝謝。

Thanks Steve. We don't expect this to be, materially impacting CapEx beyond the estimates that we provided earlier, the estimates that Jeff had provided on the 400, that's inclusive of those fees, and really the the key things here with time to market is execution and so bringing in the right parties who know how to execute who can deliver on time, we should expect to actually pay for itself. In terms of higher performance, higher delivery, higher certainty, and less, cost overruns from, being behind schedule and over budget.

謝謝史蒂夫。我們預計這不會對資本支出產生實質影響，超出我們先前提供的估計，Jeff 提供的 400 的估計，其中包括這些費用，而真正關鍵的是上市時間是執行，因此引入知道如何執行並能按時交付的合適方，我們應該期望真正收回成本。在更高的性能、更高的交付、更高的確定性以及更少的進度落後和超出預算而造成的成本超支方面。

Thanks man. By the way, see, one time you asked about the PUE, generally the PUEs that you see in our industry around 1.5% in that range. By virtue of where our operations and our pro our properties are located here, we're sort of looking towards and projecting a PUE of around 1.25%, so it's a little better than the industry overall.

謝謝老兄。順便說一句，有一次您問到有關 PUE 的問題，一般來說，我們行業中的 PUE 大約在 1.5% 左右。由於我們的營運和專業財產都位於此處，我們預計 PUE 將達到 1.25% 左右，因此比整個行業要好一些。

Great thanks guys.

非常感謝大家。

Mike Grindahl, Northland.

麥克·格林達爾，北地。

Hey guys, thanks, a couple questions. The first one, Ben, you talked a little bit about it on the last question, but why did you select T 5 and is there a specific economic arrangement you can share there?

嘿，夥計們，謝謝，有幾個問題。第一個問題，本，您在上一個問題中談到了這一點，但是您為什麼選擇 T 5，您可以分享一下具體的經濟安排嗎？

And then maybe secondly, I'll just ask it now related to Panther Creek, did you guys disclose how much the land that binding agreement to purchase the land, how much that was and when you would expect that to close?

然後也許其次，我現在只想問與 Panther Creek 有關的問題，你們是否披露了購買土地的約束性協議的價值，金額是多少，以及您預計何時完成？

Sure, and thanks Mike for the question, just answering the first question here, on the land, it's, I believe it's 178 acres, total value here is I think $3.5 million. We should expect it to close, this quarter or or shortly after. So this is happening, we've done all of our due diligence on the site, everything is basically just. The formal closing process now on the land and should be done in advance of us you know beginning our construction and and beginning all those civil works in the coming weeks sorry Mike I blanking on the first part of your question. Could you repeat it?

當然，感謝麥克的提問，我只回答第一個問題，關於土地，我相信是 178 英畝，總價值我認為是 350 萬美元。我們預計它將在本季度或之後不久完成。所以這是正在發生的，我們已經對網站進行了所有的盡職調查，一切基本上都是公正的。現在，該土地的正式交割程序應該在我們開始施工和未來幾週開始所有土木工程之前完成，對不起，麥克，我忘記了你問題的第一部分。你能重複一遍嗎？

Oh, just, YT 5 and the economic arrangement there.

哦，只是，YT 5 和那裡的經濟安排。

Of course, so we ran through a process here, we did a bidding process. T 5 was one of I think 4 different companies who were bidding into, the opportunity. We did site visits, to multiple different data centers built by all of these different data center, companies.

當然，我們在這裡經歷了一個過程，我們進行了競標過程。我認為 T 5 是競標該機會的 4 家公司之一。我們對所有這些不同的資料中心公司建造的多個不同的資料中心進行了現場訪問。

And we really like T 5's, build quality. We really like their team, they've got a fantastic reputation in the industry, they've got great experience working with every single major hyper scaler. So for the kind of customers that we're targeting at the Panther Creek site, T5 knows exactly what the customer wants, how they build, and they're a trusted party to do it.

我們真的很喜歡 T 5 的品質。我們真的很喜歡他們的團隊，他們在業界享有盛譽，並且與每家大型超級擴展商都有豐富的合作經驗。因此，對於我們在 Panther Creek 站點所針對的客戶類型，T5 確切地知道客戶想要什麼、他們如何構建，並且他們是值得信賴的一方。

And during the process for selecting and bidding, they came in at a very competitive price with this very competitive offering the other thing that I'd like to add on T 5 is that they're one of the few companies out there that do a full service offering this is everything from managing the design engineering construction all the way through to the operations and maintenance and so this is one partner that. As we progress with them and as we get more comfortable and more confident in their abilities, there may be opportunities to extend that relationship with them throughout the process, longer so they can provide more value and more services as we do the build out.

在選擇和投標過程中，他們以極具競爭力的價格提供了極具競爭力的報價，我想補充一點，T 5 是少數提供全方位服務的公司之一，從管理設計工程施工一直到運營和維護，所以這是其中一個合作夥伴。隨著我們與他們一起進步，隨著我們對他們的能力越來越放心、越來越有信心，我們可能有機會在整個過程中延長與他們的關係，以便他們在我們建設過程中提供更多的價值和更多的服務。

Got it. And then hey, one for Jeff, the $18 million that I think comes back to you from Paraguay. And it looks like you have some miners, roughly $25 million for sale. When does Bit farms that $18 million and the roughly $25 million, when would you expect to have that?

知道了。嘿，還有一點給傑夫，我想這 1800 萬美元是巴拉圭還給你的。看起來你們有一些礦工，大約 2500 萬美元要出售。Bit 什麼時候能賺到那 1800 萬美元和大約 2500 萬美元，您預計什麼時候能拿到這些錢？

Okay, I, Jeff, you want me to take this one because it's Monday.

好的，傑夫，你想讓我接這個，因為今天是星期一。

So Mike, we have, the majority of that $18 million comes from minor sales. All those minors have been imported into the US and are in the warehouse being actively marketed for sale, not entirely sure, exactly when those miners would sell, but they're brand new miners, and brand new miners are generally pretty liquid, and they sell for fair market value so we did that upgrade process in order to. Make sure that when we were going through the sale process we're selling brand new top of the line minors and not, use minors at a discount. We, I think we can expect the revenues from that to be coming in over the next 2 to 3 months, you know what could be a little bit faster, it could be a little bit longer, but I think that's a rough timeline for that, with regards to the remaining funds. The majority of the remainer of that $18 million comes from our pre-payment in electricity, so we had about $3.5 million in prepaid electricity at the Argentina site, which is now going to be recovered through the latest agreement, and that's going to be paid out over the span of 18 months in a straight line.

麥克，這 1800 萬美元中的大部分來自小額銷售。所有這些小型礦機都已進口到美國，並在倉庫中積極推銷，雖然不完全確定這些礦機的具體銷售時間，但它們是全新的礦機，而全新的礦機通常流動性很強，而且以公平的市場價值出售，因此我們進行了升級過程。確保我們在銷售過程中銷售的是全新的頂級未成年人，而不是以折扣價出售未成年人。我們，我認為我們可以預期收入將在未來 2 到 3 個月內到賬，你知道，可能會快一點，也可能會長一點，但我認為這是就剩餘資金而言的一個粗略的時間表。這 1,800 萬美元剩餘部分的大部分來自我們的電費預付，因此我們在阿根廷工廠有大約 350 萬美元的預付電費，現在將透過最新的協議收回，並將在 18 個月內以直線方式支付。

Got it. And then just one for clarity, the $18 million from Paraguay and the $25 million you mentioned with minor sales, are those two separate numbers or am I kind of double counting them?

知道了。然後為了澄清起見，我再問一句，巴拉圭的 1800 萬美元和您提到的小額銷售額的 2500 萬美元是兩個獨立的數字嗎，還是我重複計算了？

So I want to clarify it's $18 million from Argentina and not from Paraguay, and there is some double counting in those figures. The rough expectation on minors from Argentina specifically is about $13 million out of the $25 million total miners available for sale.

所以我想澄清一下，1800 萬美元是來自阿根廷，而不是巴拉圭，這些數字有重複計算。具體來說，阿根廷未成年人的粗略預期價值約為 1,300 萬美元，而可供出售的礦機總數為 2,500 萬美元。

Okay, thank you.

好的，謝謝。

Martin Toner, ATB Capital Markets.

ATB 資本市場 (ATB Capital Markets) 的 Martin Toner。

Good morning thanks for taking my question.

早上好，感謝您回答我的問題。

Is there anything preventing you from doing a deal on Panther Creek like right now and on how many megawatts would you say you could potentially do you know based on that, based on whatever timeline you give me, same question for Washington thanks.

有什麼因素阻礙您現在就 Panther Creek 達成交易嗎？根據您給我的時間表，您認為您可能達成多少兆瓦的交易？對於華盛頓，我也有同樣的問題，謝謝。

Hey, there's no, there's nothing preventing us from doing the deal now, we're actively in conversations with different customers. It's just that these deals take a lot longer, than a Bitcoin mining transaction which can be done in, the span of a week or two, with Bitcoin mining it's just really as simple as negotiating with fitna or Micro BT, but when we're talking with the kind of customers that we're talking with at Panther Creek.

嘿，沒有，現在沒有什麼阻止我們達成交易，我們正在積極與不同的客戶進行對話。只是這些交易比比特幣挖礦交易花費的時間要長得多，比特幣挖礦只需一兩週的時間，比特幣挖礦實際上就像與 fitna 或 Micro BT 談判一樣簡單，但當我們與 Panther Creek 的客戶交談時。

These are very large organizations with processes in place and a very strong, system of procedures and rules, and due diligence that they need to follow, so there's nothing preventing us from doing a deal, now we have the power of certainty we have the land, we have the plans in place, really it's dependent on the customer's willingness, to come in and the customer's appetite for power.

這些都是非常大的組織，擁有完善的流程和非常強大的程序和規則體系，以及他們需要遵循的盡職調查，所以沒有什麼可以阻止我們達成交易，現在我們擁有確定性的力量，我們有土地，我們有計劃，實際上這取決於客戶的意願，取決於客戶對權力的渴望。

And and and time, the same thing is true for Washington. The difference with Washington is that the site is quite a bit smaller than Panther Creek, because you know we just have just shy of 20 megawatts there, this is still a really attractive site when you look at where the data centers are clustered in the United States this is the largest data center cluster on the west coast because it services.

隨著時間的推移，華盛頓也面臨同樣的情況。與華盛頓的不同之處在於，該站點比 Panther Creek 要小得多，因為您知道我們在那裡只有不到 20 兆瓦的電力，但當您查看美國數據中心的聚集地時，這仍然是一個非常有吸引力的站點，這是西海岸最大的數據中心集群，因為它提供服務。

Vancouver, Seattle, and Portland, it has great proximity to, basically every major fiber optic cable which carries off data to Asia, and there is a, robust amount of hydroelectric power in the region, so this is some of the cheapest. Power in the United States for data centers and it's all renewable, it drives a huge amount of demand and they're, we'd be looking at targeting a enterprise customer, somebody who's looking to expand their compute capacity and not really a data center company but they're using the data centers to facilitate, a business or a service or an analytical purpose for the for their company.

溫哥華、西雅圖和波特蘭，基本上與所有向亞洲傳輸資料的主要光纖電纜都很接近，而且該地區擁有大量的水力發電，因此這是最便宜的。美國資料中心的電力全部是再生能源，這推動了巨大的需求，我們的目標是企業客戶，那些希望擴大運算能力的客戶，他們實際上並不是資料中心公司，而是使用資料中心來為他們的公司提供業務、服務或分析目的。

And we're actively in those conversations with with potential customers right now as well for for Washington, it's going to be a slightly different structure for for Washington due to the relatively smaller scale and the different type of customers that we're looking to engage with, but there is no barrier to developing a a contract or or a deal now we have everything in place to do that.

我們現在也積極地與華盛頓的潛在客戶進行對話，由於規模相對較小，而且我們希望接觸的客戶類型不同，華盛頓的結構會略有不同，但現在簽訂合約或達成交易沒有任何障礙，我們已經做好了一切準備。

Thanks Ben. What are the prospects of adding to the portfolio in the Northwest and is that something that you guys are actively looking at?

謝謝本。增加西北地區投資組合的前景如何？這是你們正在積極考慮的事情嗎？

There, there's plenty of opportunities to continue to grow our energy pipeline, we have a fairly active corp dev team. I think our biggest focus right now is twofold. It's one, it's on executing on the power that we already have, we have over a gigawatt in the pipeline of highly valuable, megawatts in the right locations. And that is the big opportunity that we're trying to execute on right now.

那裡有很多機會繼續擴大我們的能源管道，我們有一個相當活躍的公司開發團隊。我認為我們目前最大的關注點有兩個。一方面，我們要充分利用現有的電力，我們在正確的地點儲備了超過 1 千兆瓦的高價值電力。這就是我們現在正在努力抓住的巨大機會。

So the priority is execution first, growth second, on the growth side where we're looking to focus most of our efforts really is on developing the power story at Scrubgrass. We didn't speak to it much on the call, but we believe that there is a big opportunity to expand scrub grass beyond what we've already, announced. We don't have a firm certainty as to exactly how much that can be expanded, but we believe it can go well well beyond 500 megawatts, and so our focus on the growth side is really developing the, energy story at Scrubgrass right now, but we're also evaluating other opportunities in the area.

因此，首要任務是執行，其次是成長，在成長方面，我們希望將大部分精力集中在發展 Scrubgrass 的強大故事上。我們在電話中沒有談論太多，但我們相信，除了我們已經宣布的範圍之外，擴大灌木草的種植面積還有很大的機會。我們不確定具體可以擴大多少，但我們相信可以遠遠超過 500 兆瓦，因此我們在成長方面的重點實際上是開發 Scrubgrass 的能源故事，但我們也在評估該地區的其他機會。

Super, last one for me, is there a time in 2027 when you envisioned being able to get your first dollar of HPC revenue at Panther Creek?

好的，對我來說最後一個問題，您是否設想過在 2027 年能夠在 Panther Creek 獲得第一筆 HPC 收入？

It's really going to be dependent on those those customer conversations, but we will have, power energized by, the back half of 2026 at Panza Creek, and we expect to have the first building up by the end of 2026 as well, but it's really going to be dependent on those customer conversations that we're having right now as to exactly when those that first revenue is going to come in.

這實際上將取決於那些客戶對話，但我們將在 2026 年下半年在 Panza Creek 獲得動力，我們預計第一棟建築也將在 2026 年底建成，但這實際上將取決於我們現在正在進行的那些客戶對話，以確定第一筆收入何時到賬。

Great, thank you for the for taking the questions. That's it for me.

太好了，感謝您回答這些問題。對我來說就是這樣。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Hey, good morning. So you repurchased shares in the quarter. Certainly there's a lot of pressure on the stock related to riots selling down its position. Are you looking to take advantage of that expected selling pressure going forward via your repo?

嘿，早安。所以你在本季回購了股票。毫無疑問，騷亂導致股價下跌，給股價帶來了很大壓力。您是否希望透過回購協議利用未來預期的拋售壓力？

So you know we believe our shares are undervalued for a couple of reasons and that's why we've announced the share buyback program and we're already executing on it you know the opportunity is is here today we're not entirely sure how long we should expect to be undervalued by the market but I think when our shares are so clearly undervalued relative to competitors and relative to the HPC opportunity.

所以你知道，我們認為我們的股票由於幾個原因被低估了，這就是我們宣布股票回購計劃的原因，而且我們已經在執行該計劃，你知道機會就在這裡，今天我們不完全確定我們應該被市場低估多久，但我認為，當我們的股票相對於競爭對手和 HPC 機會明顯被低估時。

You know it's a really easy call to make to continue buying back shares in open market. It's a great, use of capital and it's a great thing for shareholders and for shareholder value it's something that we believe really strongly and we believe in this company and we believe in the potential of this management team, and you know and tell the market. Changes his view, we should be active in the market buying back shares.

你知道，繼續在公開市場上回購股票是一個非常容易的決定。這是對資本的絕佳利用，對股東和股東價值來說都是一件大事，我們堅信這一點，我們相信這家公司，我們相信這個管理團隊的潛力，你知道並告訴市場。改變他的觀點，我們應該在市場上積極回購股票。

Yeah, thanks very much for that color. Just as a second question, there's some very exciting tailwinds in Pennsylvania. Can you maybe elaborate on a little bit about how your conversations with potential clients have changed, or improved since those tailwinds were announced by the administration?

是的，非常感謝那個顏色。第二個問題是，賓州出現了一些非常令人興奮的順風。您能否詳細說明一下，自從政府宣布這些有利因素以來，您與潛在客戶的對話發生了哪些變化或改善？

Yeah, Pennsylvania is really emerging as the AI hub here I think for several reasons.

是的，我認為賓州確實正在成為這裡的人工智慧中心，原因有幾個。

It's a huge energy state. It has great proximity to Data Center Alley in Virginia, DC, New York, Philly, all these major markets. It's in really close proximity to with robust energy and fiber infrastructure, and it also has, pretty close proximity to all the undersea fiber optic cables that that carry data off to Europe and Africa. The, interest in Pennsylvania is not really surprising to us given how long we've been looking at it, but it's a great underwriting of the development potential when we see the major players like Amazon and Core, we've really putting serious capital down in all of these areas surrounding our site.

這是一個巨大的能量狀態。它距離維吉尼亞州的資料中心巷、華盛頓特區、紐約、費城等所有主要市場都很近。它非常靠近強大的能源和光纖基礎設施，並且也非常靠近將資料傳輸到歐洲和非洲的所有海底光纜。考慮到我們關注賓夕法尼亞州的時間之久，我們對它的興趣並不感到驚訝，但當我們看到亞馬遜和 Core 等主要參與者時，這極大地保證了其發展潛力，我們確實在我們站點周圍的所有這些領域投入了大量資金。

Amazon is just committed to $20 billion to two sites, both within 40 miles or we've $6 billion to a site less than 30 miles away, I think that's helping to underwrite the value and the development potential here because this isn't just, Bitarm saying the potential is here this is everyone saying the potential is here and putting their money down in a very major way so I think it's definitely helping with with customer conversations. It always helps to have, another counterparty kind of underwrite the same value opportunity.

亞馬遜剛剛承諾向兩個地點投資 200 億美元，這兩個地點都在 40 英里以內，或者我們向距離不到 30 英里的一個地點投資 60 億美元，我認為這有助於保證這裡的價值和發展潛力，因為這不僅僅是 Bitarm 說潛力就在這裡，而是每個人都說潛力就在這裡，並以非常大的方式投入資金。讓另一個交易對手承銷同樣的價值機會總是有幫助的。

Great. Thank you very much.

偉大的。非常感謝。

Bill Papania, KBW.

比爾·帕帕尼亞（Bill Papania），KBW。

Yeah, good morning, thank you for taking my questions. Perhaps you could just walk us through the Quebec portfolio and make note of, perhaps your top 35. Sites that you think are most attractive tool to to potentially convert into AI HPC. Thank you.

是的，早上好，感謝您回答我的問題。或許您可以向我們介紹魁北克的投資組合，並記下其中的前 35 名。您認為最具吸引力的站點，有可能轉化為 AI HPC。謝謝。

The, yeah, it's a great question, Bill. The biggest area for us to convert in Quebec right now is the town of Sherbrooke. That's the one that we're prioritizing the most. We have 170 megawatts in the province between the three sites that we have at Sherbrooke, there's 96 megawatts there, so that has the highest amount of concentration for any of our sites and we also have the most amount of scale. Sherbrooke is a really interesting, city it's one of the largest cities outside of Montreal and what's called kind of the Eastern Townships area and it's backed by a huge college campus and and technical school there so there's robust fiber and power infrastructure, connected with the school and connected with the city, and that is really going to be the lowest hanging fruit and highest value opportunity that we're focusing on developing in quebec is is those 96 megawatts that we have in Sherbrooke. I think that's where we have the most political support from the local community that's where we have the most economic incentive from the local community and it's also where we have the best opportunity to deploy at scale.

是的，這是一個很好的問題，比爾。目前我們在魁北克需要改造的最大區域是捨布魯克鎮。這是我們最優先考慮的事情。我們在舍布魯克的三個站點總共擁有 170 兆瓦的電力，其中 96 兆瓦位於該省，因此這是我們所有站點中集中度最高的，而且規模也是最大的。舍布魯克是一個非常有趣的城市，它是蒙特利爾以外最大的城市之一，被稱為東部城鎮地區，它背後有一個巨大的大學校園和技術學校，因此擁有強大的光纖和電力基礎設施，與學校和城市相連，而這實際上是我們在魁北克專注於開發的最低垂的果實和最高價值的機會，也就是我們在舍布魯克擁有的 96 兆瓦電力。我認為這是我們獲得當地社區最多政治支持的地方，也是我們從當地社區獲得最多經濟誘因的地方，也是我們擁有大規模部署的最佳機會的地方。

Great, thank you.

太好了，謝謝。

I show no further questions at this time. I would now like to turn the call back over to Ben for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給本，請他做最後發言。

Thank you everyone for joining me today. Just like to quickly reiterate our team's huge excitement about the position that we've been building, we're quickly becoming the US focused energy and computed infrastructure company, and we have a really strong underlying Bitcoin mining business with a lot of exciting potential the HBC and AI. We look forward to keeping you up to date on our progress as we continue and thank you very much again for joining the call.

感謝大家今天的參與。我想快速重申我們團隊對我們一直在建設的地位感到的巨大興奮，我們正在迅速成為專注於美國的能源和計算基礎設施公司，並且我們擁有非常強大的底層比特幣挖礦業務，並且在 HBC 和 AI 方面具有許多令人興奮的潛力。我們期待隨時向您通報我們的進展情況，並再次感謝您參加電話會議。

This does conclude today's conference call and thank you for participating. You may now disconnect.

今天的電話會議到此結束，感謝您的參與。您現在可以斷開連線。