Bitfarms Ltd (BITF) 2025 Q4 法說會逐字稿

Good day, and welcome to the Bitfarms fiscal 2025 conference call. (Operator Instructions) Please note, this call is being recorded.

大家好，歡迎參加 Bitfarms 2025 財政年度電話會議。(接線員指示) 請注意，本次電話會議將被錄音。

I would like to turn the call over to Jennifer Drew-Bear from Bitfarms Investor Relations. Please go ahead.

我想把電話會議交給 Bitfarms 投資人關係部的 Jennifer Drew-Bear。請開始。

Thank you, and welcome to Bitfarms fiscal year 2025 conference call. With me on the call today are Ben Gagnon, Chief Executive Officer and Director; and Jonathan Mir, Chief Financial Officer. 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 under the Investors section.

謝謝，歡迎參加 Bitfarms 2025 財政年度電話會議。今天與我一同出席的有執行長兼董事 Ben Gagnon，以及財務長 Jonathan Mir。在開始之前，請注意本次電話會議將以網路直播方式進行，並搭配投影片簡報。今日新聞稿與我們的簡報可於官網「投資人」專區查閱。

Turning to 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 Bitfarms 10-K for a complete list. Also, please note that references will be made to certain non-GAAP financial measures, and therefore, may not be comparable to similar measures presented by other companies.

請看投影片第 2 頁。提醒各位，本次電話會議中將提及若干前瞻性陳述，未來結果可能與該等陳述所暗示者有所不同。前瞻性資訊係基於若干假設，並受風險與不確定性影響。完整清單請參閱 Bitfarms 的 10-K。此外，請注意我們將提及若干非 GAAP 財務衡量指標，因此可能無法與其他公司所呈列的類似指標相互比較。

We invite listeners to refer to today's press release and our 10-K for definitions of the aforementioned non-GAAP measures and their reconciliations to GAAP measures. Please note that all financial references are denominated in US dollars, unless always noted.

我們也請聽眾參閱今日新聞稿與我們的 10-K，以了解前述非 GAAP 指標的定義，以及其與 GAAP 指標之間的調節。請注意，除非另有說明，所有財務數據均以美元計價。

And now turning to slide 3. It is my pleasure to turn over the call to Ben Gagnon, Director and Chief Executive Officer. Ben, the floor is yours.

接著請看投影片第 3 頁。我很高興把電話會議交給董事兼執行長 Ben Gagnon。Ben，請開始。

Good morning, everyone, and welcome to our fiscal year 2025 earnings call. In 2025, we made a bold decision to walk away from our legacy business, Bitcoin, and build the infrastructure in North America for what comes next, HPC and AI. It was a year of deliberate and consequential transformation with a clear mandate: secure North American pipeline, strengthen our balance sheet, accelerate site development, and position ourselves to engage customers from a place of operational momentum at the peak of the energy bottleneck constraining the growth of AI. I can say with confidence and pride that we accomplished exactly what we set out to do.

各位早安，歡迎參加我們 2025 財政年度財報電話會議。2025 年，我們做出一項大膽決定：告別我們的傳統業務——比特幣，並在北美打造下一階段所需的基礎設施：HPC 與 AI。這一年我們進行了審慎且影響深遠的轉型，並有明確使命：確保北美專案管線、強化資產負債表、加速場址開發，並在限制 AI 成長的能源瓶頸高峰期，以營運動能之姿與客戶展開合作。我可以自信且自豪地說，我們確實完成了原先設定的目標。

The foundation you see today, the capital structure, the sites, the team, the strategy was engineered through deliberate choices, developed with discipline and built to propel us forward. We made foundational changes to reposition the business and made 100% of our focus on North American HPC infrastructure development. No half measures, no compromises, and in time, no Bitcoin. We built a new company. And while we are presenting as Bitfarms today, tomorrow marks our beginning as Keel infrastructure.

各位今天所看到的基礎——資本結構、場址、團隊與策略——都是透過審慎選擇所設計，以紀律推進並打造而成，旨在推動我們向前。我們做出根本性變革以重新定位業務，並將 100% 的重心放在北美 HPC 基礎設施開發。不打折扣、不妥協，並且最終不再有比特幣。我們打造了一家新公司。雖然我們今天仍以 Bitfarms 的名義呈現，但明天將是我們以 Keel Infrastructure 身分的起點。

The name says it all. A keel is the bottom of structural component of a vessel. It's what keeps it stable and moving forward in the right direction regardless of the condition above the water line. It is structural, it is essential, and it is exactly how we see our role in the HPC and infrastructure landscape. We are not here to compete with hyperscalers or neoclouds. We are here to enable them.

這個名稱已說明一切。龍骨（keel）是船體底部的結構組件。無論水面以上的狀況如何，它都能讓船保持穩定並朝正確方向前進。它是結構性的、不可或缺的，也正是我們在 HPC 與基礎設施版圖中所扮演角色的寫照。我們不是要與超大規模雲端業者（hyperscalers）或新型雲端（neoclouds）競爭。我們是要賦能他們。

Our focus is providing the critical and largely invisible foundation that will allow the world's most advanced AI platform to deploy on time and scale without interruption. We expect to close the re-domiciliation and finalize our rebranding efforts tomorrow, April 1, and we'll begin trading under the ticker KEEL, two business days after completion of the transaction on the Nasdaq and the TSX. We are entering this new phase from a position of strength.

我們的重點是提供關鍵且多半不為人所見的基礎，使全球最先進的 AI 平台能按時部署並在不中斷的情況下擴展。我們預期將於明天（4 月 1 日）完成遷冊（re-domiciliation）並完成品牌重塑，並在交易完成後的兩個營業日於 Nasdaq 與 TSX 以股票代號 KEEL 開始交易。我們將以強勢姿態進入這個新階段。

With over 2 gigawatts in our pipeline, Keel is a regional leader with some of the largest power land portfolios in some of the highest demand markets in North America and with robust financial strength to execute against our plan.

Keel 的專案管線超過 2 吉瓦（GW），在北美多個需求最高的市場中擁有規模最大的電力與土地資產組合之一，是區域領導者，並具備強健的財務實力以落實我們的計畫。

Our current liquidity is far in excess of the CapEx budgeted to get us through permitting and ultimately to start signing leases, giving the company significant financial flexibility to execute on our strategy. And our strategy is equally as clear. We are designing all of our site and campus developments as either powered shell or co-location facilities. We believe this is where we can deliver the most value to shareholders and serve our potential customers at the speed and to the specifications they need.

我們目前的流動性遠高於為取得許可、並最終開始簽署租約所編列的資本支出（CapEx）預算，讓公司在執行策略上具備顯著的財務彈性。而我們的策略同樣清晰。我們將所有場址與園區開發設計為「供電殼體」（powered shell）或機房代管（co-location）設施。我們相信這是能為股東創造最大價值、並以客戶所需的速度與規格服務潛在客戶的方式。

We were originally exploring in parallel to co-location the potential benefits of pursuing a small amount of GPU as a service at our Washington site, Moses Lake, where due to the lowest cost power for data centers in the country and a relatively smaller footprint, we believe it could be an avenue to drive additional shareholder value.

我們原先在推進機房代管的同時，也在並行評估於華盛頓州 Moses Lake 場址提供少量「GPU 即服務」的潛在效益；由於該地擁有全美資料中心最低的電力成本，且占地相對較小，我們認為這可能是提升股東價值的另一條途徑。

Since our last quarterly call, we have spoken with an increased volume of potential customers. And it's clear from those conversations, the most accretive business model for the site is one of co-location. This is not specific to Moses Lake and applies to all of our other sites as well, where demand is even higher. So we will focus on what we do best, being an infrastructure developer and owner. This plays directly to our core competencies.

自上次季度電話會議以來，我們與更多潛在客戶進行了交流。從這些對話中可以清楚看出，對該場址而言，最具增值性（accretive）的商業模式是機房代管。這不僅適用於 Moses Lake，也同樣適用於我們其他場址，而那些地點的需求甚至更高。因此，我們將專注於我們最擅長的事：成為基礎設施的開發者與所有者。這與我們的核心能力完全契合。

We are a team of developers united by disciplined action, building cost-effective institutional-grade infrastructure at the pace our customers require. The same capabilities have built our energy platform, speed to market, capital discipline, operational rigor precisely what HPC and AI deployments demand today. This is just the natural extension of what we do best. So with all the pieces in place and with the overwhelming support of our shareholders who voted over 99% in favor of the HPC and AI pivot, the US redomicile and the rebrand.

我們是一支以紀律行動凝聚的開發團隊，以客戶所需的速度打造具成本效益、機構級的基礎設施。同樣的能力——我們的能源平台、市場導入速度、資本紀律與營運嚴謹——正是當今 HPC 與 AI 部署所要求的。這只是我們最擅長之事的自然延伸。因此，在所有要素就位之際，加上股東以超過 99% 的壓倒性支持，贊成我們轉向 HPC 與 AI、遷冊至美國以及品牌重塑。

Starting tomorrow, we are Keel infrastructure. Turning to slide 4. When we sat on our pivot, we developed a three-year transformation plan, one that as of today, we are nearly halfway through completing. In 2025, we did the intensive foundational work for our transformation, including the Stronghold acquisition, securing more power in Pennsylvania, rebalancing the portfolio to North America, a $588 million raise fully institutional and oversubscribed, our US GAAP transition, New York headquarters and establishing a new executive team.

從明天起，我們就是 Keel Infrastructure。請看投影片第 4 頁。在我們決定轉型時，我們制定了一項三年轉型計畫，而截至今日，我們幾乎已完成一半。2025 年，我們完成了轉型所需的密集基礎工作，包括收購 Stronghold、在賓夕法尼亞取得更多電力、將資產組合重新平衡至北美、完成 5.88 億美元募資（全數為機構投資人且超額認購）、轉換至美國 GAAP、設立紐約總部並建立新的高階管理團隊。

This work is done. With power and land secured in some of the power markets that matter most, a team of internal experts and strategic partners that have built data centers for the largest companies in the world and a balance sheet engineered to see us through 2026, we are well positioned to continue our site development and deliver against the timelines, our prospective hyperscalers and neocloud customers need.

這些工作已完成。在關鍵電力市場中取得電力與土地、擁有由內部專家與策略夥伴組成的團隊（其曾為全球最大企業建置資料中心），以及一份足以支撐我們走到 2026 年的資產負債表架構之下，我們已具備良好條件持續推進場址開發，並依照潛在的超大規模雲端與新型雲端客戶所需的時程交付。

2026 is all about execution. Effective tomorrow, we will have completed our redomiciliation to the United States and officially rebranded as Keel infrastructure. Two major milestones that position the company for the next phase of growth.

2026 年將聚焦於執行。自明天起，我們將完成遷冊至美國，並正式更名為 Keel Infrastructure。這兩項重大里程碑將使公司為下一階段的成長做好定位。

With that complete, we expect the next significant milestones to come from executing against our development at Panther Creek, Sharon, and Moses Lake, where we are moving full steam ahead and working diligently across three simultaneous and active work streams. One, finalizing permits, which we expect to be done in the coming months. Two, continued work on architecture and engineering in line with ongoing customer conversations and requirements. And of course, three, our go-to-market to secure highly financeable leases with investment-grade tenants.

完成上述事項後，我們預期下一個重要里程碑將來自於推進 Panther Creek、Sharon 與 Moses Lake 的開發執行；我們正全速前進，並在三條同時進行且活躍的工作主線上勤勉推動。第一，完成許可申請，我們預期將在未來幾個月內完成。第二，持續進行建築與工程工作，以配合與客戶持續對話及其需求。當然第三，我們的市場推進（go-to-market），以確保與投資等級承租戶簽訂高度可融資的租賃合約。

Commercialization is well underway. The upcoming milestones investors can expect are completion of preconstruction activities like permitting, progress in customer engagement and ultimately lease execution, which we are confident we can achieve this year and will be major catalysts. 2026 is also the year where we expect to leave Bitcoin and Bitcoin mining behind. While we were probably one of the first miners to commence wind down of our Bitcoin mining exposure to reinvest that capital into infrastructure for HPC and AI, we will be accelerating those efforts in 2026 as site developments progress. 2027 is all about delivery.

商業化已在順利推進中。投資人可期待的近期里程碑包括：完成如許可等前期施工（preconstruction）活動、推進客戶洽談，並最終完成租約簽署；我們有信心今年可以達成，且將成為重大催化劑。2026 年也將是我們預期告別比特幣與比特幣挖礦的一年。雖然我們可能是最早開始縮減比特幣挖礦曝險、並將資本再投入 HPC 與 AI 基礎設施的礦商之一，但隨著場址開發推進，我們將在 2026 年加速這些工作。2027 年則聚焦於交付。

This is the year when we anticipate that sites would come online, we'd begin delivering megawatts to customers, HPC and AI revenue really begins and we complete our transition to a premier North American HPC and AI infrastructure company.

這一年我們預期各場址將上線，我們將開始向客戶交付兆瓦，HPC 與 AI 營收將真正開始，並完成轉型，成為北美頂尖的 HPC 與 AI 基礎設施公司。

By the end of 2027, we expect Keel will be a proven infrastructure developer and a regional leader across Pennsylvania, Washington and Quebec, and we will just continue to grow and scale from there in 2028 and beyond to over 2 gigawatts as we execute against our expansion capacity.

到 2027 年底，我們預期 Keel 將成為經驗證的基礎設施開發商，並在賓夕法尼亞州、華盛頓州與魁北克成為區域領導者；之後在 2028 年及更長遠的未來，我們將持續成長與擴張，隨著擴容能力的落地，規模將超過 2 吉瓦。

Turning to slide 5. In HPC infrastructure, power, location and timelines are everything. We hold something scarce and valuable secured power, land and expansion capacity in Pennsylvania, Washington State, and Quebec. Some of the most in-demand markets with some of the biggest barriers to entry.

接著看第 5 頁投影片。在 HPC 基礎設施領域，電力、地點與時程就是一切。我們握有稀缺且具價值的資源：已確保的電力、土地與擴容能力，分布於賓夕法尼亞州、華盛頓州與魁北克。這些都是需求最旺、進入門檻最高的市場之一。

We know it and so do our potential tenants. Our campuses offer solutions to hyperscalers and neocloud's greatest scaling problems, location, proximity and fiber connectivity to major metro areas and data center clusters solving for latency issues and giving our tenants proximity to their own customers and other data centers.

我們知道，潛在承租戶也知道。我們的園區為超大規模業者（hyperscalers）與新型雲端（neocloud）最棘手的擴張問題提供解方：地點、鄰近性，以及與主要都會區與資料中心聚落的光纖連接，藉此解決延遲問題，並讓承租戶更貼近其自身客戶與其他資料中心。

Timelines. Our robust secured power for '26, '27 and with expansion capacity in 2028 is highly coveted in an environment where energy capacity is hard to find and multiyear waitlists are the norms. We create value for tenants by enabling them to deploy years earlier by leasing from us rather than to invest in growing organically.

時程。在能源容量難以取得、且多年等待名單成為常態的環境下，我們為 2026、2027 年所確保的強勁電力，以及 2028 年的擴容能力，極受追捧。我們透過讓承租戶向我們租賃、而非自行有機擴張投資，使其能提前數年部署，從而為承租戶創造價值。

An energy-efficient cool climate, the lower the PUE, the more critical megawatts. Panther Creek is a great example of seeing the hyperscaler and neocloud's appetite at play. While there is a lot of interest in the site last year, inbound customer activity surged after we secured zoning in February. This is not a coincidence. It is the proof point and one that we've been making for the last year, but may still be confusing to some investors.

節能且涼爽的氣候環境；PUE 越低，兆瓦就越關鍵。Panther Creek 是觀察 hyperscaler 與 neocloud 需求動能的絕佳例子。雖然去年該場址就已受到高度關注，但在我們於 2 月取得分區（zoning）後，主動洽詢的客戶活動大幅攀升。這並非巧合。這是關鍵佐證，也是我們過去一年一直在強調的觀點，但對部分投資人而言可能仍有些困惑。

So we'd like to be clear that investment-grade tenants value derisk sites where they can move from lease to revenue fast. The more we advance, the better our leverage. The better our leverage, the better the leases, and the more long-term value we create for shareholders.

因此我們想明確說明：投資等級承租戶重視的是已去風險（derisk）的場址，因為他們能夠快速從簽約走向營收。我們推進得越多，談判籌碼就越強。籌碼越強，租約條件就越好，我們為股東創造的長期價值也就越大。

Turning to slide 6. It is indisputable that power is the binding constraint for AI infrastructure deployment and will remain so for the coming years.

接著看第 6 頁投影片。毫無疑問，電力是 AI 基礎設施部署的關鍵瓶頸，且在未來幾年仍將如此。

Leading investment banks, Goldman Sachs, JPMorgan, Wells Fargo, Guggenheim, Moelis, they've all published extensively on this. And the consensus is clear. New power generation cannot come online fast enough to meet AI demand today, tomorrow or in the next five years. This bottleneck is structural, not cyclical. Hyperscalers and neoclouds that used to plan on 12-month horizons are now locking in 24- to 36-month supply chain commitments.

多家領先投資銀行——高盛、摩根大通、富國銀行、古根漢、Moelis——都已就此發表大量研究。而市場共識非常清楚。新的發電能力無法以足夠快的速度上線，以滿足當下、明天或未來五年的 AI 需求。這個瓶頸是結構性的，而非景氣循環性的。過去以 12 個月為規劃週期的 hyperscalers 與 neoclouds，如今正鎖定 24 至 36 個月的供應鏈承諾。

Not tied to specific projects, but as platform level agreements and are now actively competing for the power and land to deploy it. While you are probably familiar with this information, here you can see a summary of the five development sites. The power we have secured and in some cases, the incremental power opportunities that make up our 2.2 gigawatt pipeline.

這些承諾並非綁定特定專案，而是以平台層級協議的形式存在；他們也正積極競逐可用的電力與可部署的土地。雖然你可能已熟悉這些資訊，但在此你可以看到五個開發場址的摘要。包括我們已確保的電力，以及在部分場址上可取得的增量電力機會，共同構成我們 2.2 吉瓦的管線。

Turning to slide 7. I want to take a moment to put our current valuation context because there is a meaningful disconnect between where we trade today and the value we are positioned to capture as a company.

接著看第 7 頁投影片。我想花點時間說明我們目前的估值背景，因為我們今日的交易水準與公司可望捕捉的價值之間，存在顯著落差。

When we analyze our current valuation against our peers, the picture becomes clear, at approximately $1.9 million per available megawatt of secure 2027 capacity, we're trading in the middle of a Bitcoin miner Group, valued at roughly $1.7 million to $2.1 million for 2027 megawatt meaning we are being valued based on having power but not what we are doing with it.

當我們將目前估值與同業比較時，情況就很清楚：以每可用兆瓦、已確保的 2027 年容量約 190 萬美元計算，我們的交易水準落在比特幣礦商族群的中間區間；該族群對 2027 年兆瓦的估值約為 170 萬至 210 萬美元。這意味著市場是在以「擁有電力」來評價我們，而非以「我們將如何運用這些電力」來評價我們。

For shareholders and bondholders, we see three distinct catalysts, each capable of driving meaningful reratings. The first is obviously lease execution. Across our sector, companies that have signed leases trade at $4 million to $6 million per 27 megawatts, a 2 to 3 times premium to where we are today. This is the market's consistent signal driven entirely by lease execution, not facility delivery, not revenue generation, just signed leases.

對股東與債券持有人而言，我們看到三個明確的催化劑，每一項都可能推動顯著的估值重評。第一個顯然是租約簽署。在我們的產業中，已簽訂租約的公司，其估值可達每 27 兆瓦 400 萬至 600 萬美元，較我們目前水準溢價 2 至 3 倍。這是市場一貫的訊號，而且完全由租約簽署所驅動——不是設施交付、不是營收產生——僅僅是已簽署的租約。

A signed lease secures revenue and financing derisking the developments. The market pays for that with nearly 500 megawatts actively being commercialized today and visibility on permitting across Panther Creek, Sharon, and Moses Lake, this catalyst is well within reach.

已簽署的租約可鎖定營收與融資，並為開發案去風險。市場會為此付費；在目前約 500 兆瓦正積極商業化、且 Panther Creek、Sharon 與 Moses Lake 的許可進度具備能見度的情況下，這項催化劑完全在可及範圍內。

The second catalyst and arguably the most powerful for long-term holders is securing our expansion capacity. Two-thirds of our 2.2 gigawatt portfolio or approximately 1.5 gigawatts is expansion capacity, which we believe the market is assigning little to no value. While securing these megawatts is a process that will take more time, we believe additional megawatts can be secured in the second half of 2026 requiring very little CapEx while representing significant embedded value as powered land even before a lease is signed or there is a shovel in the ground.

第二個催化劑——也可說是對長期持有人最強而有力的——是確保我們的擴容能力。我們 2.2 吉瓦組合中約三分之二、亦即約 1.5 吉瓦，屬於擴容能力；我們認為市場對其賦予的價值很少甚至為零。雖然取得這些兆瓦需要時間，但我們相信在 2026 年下半年即可再確保額外兆瓦，所需資本支出（CapEx）極低；而且即使在尚未簽租約、或尚未動工之前，作為「已通電土地」（powered land）也代表可觀的內含價值。

The third catalyst is delivering in 2027. Once facilities are derisked through commissioning and begin generating revenue under long-term contracts, the development risk should drop dramatically and the operator valuation numbers become transformational yet again. We are not taking a leap of faith on technology, our ability to see our power or market demand. The tech is here. The power is secured, the sites are advancing, the inbound demand is real, but the market has not yet priced in is the transformation that happens when a developer becomes a counterparty when we move from site advancing to lease executing.

第三個催化劑是在 2027 年交付。一旦設施透過試運轉與驗收（commissioning）完成去風險，並在長期合約下開始產生營收，開發風險應會大幅下降，而營運商的估值倍數又將再次出現結構性提升。我們並非在對技術、我們取得電力的能力或市場需求做信仰式押注。技術已到位。電力已確保、場址在推進、主動需求是真實存在的；但市場尚未計入的，是當開發商成為交易對手方、當我們從推進場址走向簽署租約時所發生的轉型。

This is the main opportunity ahead of us to accelerate permitting, execute leases, secure our expansion capacity and ultimately deliver to our customers. This is how we will create value for our shareholders and bondholders.

這就是我們面前的主要機會：加速許可、簽署租約、確保擴容能力，並最終向客戶交付。這將是我們為股東與債券持有人創造價值的方式。

Turning to slide 8. Our execution plan is defined by six areas, each supporting our ability to deliver at the pace and scale our future customers require. First, we've secured our deep bench of talent by adding over 60 years of infrastructure and development in over 50 years of data center construction experience combined in just the past few months.

接著看第 8 張投影片。我們的執行計畫由六個面向構成，每一項都支撐我們以未來客戶所需的速度與規模交付的能力。第一，我們透過延攬人才鞏固了深厚的人才庫：僅在過去幾個月內，我們新增的團隊合計擁有超過 60 年的基礎設施與開發經驗，以及超過 50 年的資料中心建置經驗。

People have delivered at scale for the most demanding customers in the world. Jonathan Mir joined as CFO, bringing 25 years of energy infrastructure strategy and project finance expertise. We have also added an SVP of construction and of power, a VP of HPC Operations and Head of permitting to oversee the execution of these critical functions. We've assembled the right team to execute on our vision. Second, we are engaging the right industry leaders as partners, T5, Turner Construction, Corgan, WWT, Vertiv.

這些人才曾為全球最嚴苛的客戶提供大規模交付。Jonathan Mir 加入擔任財務長（CFO），帶來 25 年能源基礎設施策略與專案融資專長。我們也新增了建設與電力資深副總裁（SVP）、HPC 營運副總裁（VP）以及許可（permitting）主管，以監督這些關鍵職能的執行。我們已組建正確的團隊來落實願景。第二，我們正與合適的產業領導者建立夥伴關係，包括 T5、Turner Construction、Corgan、WWT、Vertiv。

These firms have built data centers for the world's largest hyperscalers not once but hundreds of times. When customers look at our project partners, which will be available on the new website when it launches tomorrow, they will see that we have also assembled the right partners to ensure better outcomes. Third, we have the capital required to bring our sites to market. As of March 27, 2026, our liquidity stands at $520 million in cash and Bitcoin, which we expect is much more than the CapEx budgeted to get us to a lease at Panther Creek, Sharon, and Washington. Jonathan will go into more detail on our capital position and financing strategy shortly, but the headline is simple.

這些公司不僅一次，而是數百次為全球最大的超大規模業者（hyperscalers）建置資料中心。當客戶查看我們的專案合作夥伴（明天新網站上線後即可在網站上看到）時，他們會發現我們同樣也集結了正確的合作夥伴，以確保更佳成果。第三，我們具備將場址推向市場所需的資本。截至 2026 年 3 月 27 日，我們的流動性為 5.20 億美元（現金與比特幣），我們預期這遠高於為使 Panther Creek、Sharon 與 Washington 達到可簽租（lease）狀態所編列的資本支出（CapEx）預算。Jonathan 稍後會更詳細說明我們的資本狀況與融資策略，但重點很簡單。

We're well funded and can move fast. Fourth, a disciplined Bitcoin exit. It is clear we are no longer a Bitcoin miner. However, with strong, robust liquidity, we can have a disciplined approach to our exit strategy. We will continue to operate up until the time sites need to be prepared for construction maximizing free cash flow before selling the miners. We will also opportunistically sell Bitcoin into strength to capture and reinvest every dollar we can into HPC and AI infrastructure.

我們資金充裕，能快速推進。第四，採取有紀律的比特幣退出。很明顯，我們已不再是比特幣礦商。然而，在強勁且充足的流動性支持下，我們能以有紀律的方式執行退出策略。在場址需要為施工做準備之前，我們將持續營運，以在出售礦機前最大化自由現金流。我們也會在市場走強時伺機出售比特幣，以捕捉並將每一美元盡可能再投資於 HPC 與 AI 基礎設施。

Fifth, power assets that cannot be replicated. Our megawatts sit in regions with large barriers to entry, Pennsylvania, Washington State, and Quebec, all have multiple year waitlists. No one is cutting the line. Our 350 megawatts at Panther Creek, 110 megawatts at Sharon and 18 megawatts in Washington were secured before the AI demand wave made these markets highly coveted.

第五，無法被複製的電力資產。我們的兆瓦資源位於進入門檻很高的地區：賓夕法尼亞州、華盛頓州與魁北克，這些地區都有長達數年的排隊等候名單。沒有人能插隊。我們在 Panther Creek 的 350 兆瓦、Sharon 的 110 兆瓦，以及華盛頓的 18 兆瓦，都是在 AI 需求浪潮使這些市場變得炙手可熱之前就已取得。

This isn't power others can easily replicate giving us competitive edge with high-quality tenants to understand these markets and are hungry for assets like ours, which leads us to our sixth point. In this market, speed to power is what drives value. For our customers, the opportunity cost of delayed deployment is huge. So the priority is getting capacity online as quickly as possible. Every day of delay is lost revenue.

這不是其他人能輕易複製的電力，讓我們在競爭上具備優勢；高品質租戶了解這些市場，並渴求像我們這樣的資產，這也引出第六點。在這個市場中，「電力到位的速度」（speed to power）是驅動價值的關鍵。對客戶而言，部署延遲的機會成本非常巨大。因此，首要任務是盡快讓產能上線。每延遲一天，就少一天收入。

As a result, power availability and certainty of delivery are the primary drivers of lease economics. This dynamic has pushed lease rates higher since our Q3 call, exactly as we said it would. The opportunity in front of Keel infrastructure is real. We now have the assets and the team is ready. I'm so proud of what we built in 2025, and I'm confident in what we'll deliver in 2026 and 2027.

因此，電力可用性以及交付確定性是租賃經濟條件的主要驅動因素。自我們第三季電話會議以來，這種動態已推升租金水準，正如我們所預期。Keel Infrastructure 眼前的機會是真實存在的。我們現在已具備資產，團隊也已準備就緒。我為我們在 2025 年打造的一切感到非常自豪，也對我們在 2026 與 2027 年將交付的成果充滿信心。

With that, I'll turn the call over to Jonathan.

接下來，我把電話會議交給 Jonathan。

Thanks, Ben. Turning to slide 9. I joined the team five months ago. My focus has been on sharpening our approach to capital allocation, strengthening our balance sheet and capital structure and ensuring the financing actions support long-term shareholder value creation. I've had a front row of the depth of talent, the operational discipline and the strategic momentum across Bitfarms.

謝謝，Ben。接著看第 9 張投影片。我在五個月前加入團隊。我的重點一直是精進我們的資本配置方法、強化資產負債表與資本結構，並確保融資行動能支持長期股東價值的創造。我近距離見證了 Bitfarms 在人才深度、營運紀律與策略動能上的實力。

I work closely with our operations and development teams both to understand the current trajectory of our assets and to ensure our capital plans are aligned with the opportunities ahead. What stood out to me is the extraordinary potential we have driven by the quality and potential of our sites, a strong balance sheet, the best liquidity position in the company's history and a broad team that's both deeply engaged and committed to excellence.

我與營運與開發團隊密切合作，一方面了解我們資產目前的發展軌跡，另一方面確保資本規劃與未來機會一致。最令我印象深刻的是我們非凡的潛力：由場址的品質與成長空間、強健的資產負債表、公司史上最佳的流動性水位，以及一支高度投入並追求卓越的廣泛團隊所驅動。

We're moving quickly and with purpose. I'm pleased to be here with you today and discuss the progress we're making. I'll use this time to walk through our performance for fiscal year 2025 and outline our current capital strategy that we believe supports the accretive growth we're targeting for 2026 and beyond.

我們正以明確目標快速推進。我很高興今天能在此與各位交流，並討論我們正在取得的進展。我將利用這段時間回顧 2025 會計年度的表現，並概述我們目前的資本策略；我們相信該策略可支持我們在 2026 年及之後所追求的增厚式（accretive）成長。

Turning to slide 10. Before discussing our financials for the quarter, I want to briefly frame the results are presented this quarter. As of Q3 2025, the Paso Pe facility in Paraguay has been classified as held for sale. As a result, all revenues, operating costs and asset balances associated with Paso Pe are treated as discontinued operations in our fiscal year 2025 financials. So when I refer to continuing operations, I am speaking exclusively about our North American platform, the foundation of our transition into HPC and AI infrastructure.

接著看第 10 張投影片。在討論本季財務數字之前，我想先簡要說明本季結果的呈現方式。自 2025 年第三季起，位於巴拉圭的 Paso Pe 設施已被分類為待售（held for sale）。因此，在我們 2025 會計年度財報中，與 Paso Pe 相關的所有收入、營運成本與資產餘額均列為停業單位（discontinued operations）。因此，當我提到持續營運（continuing operations）時，我指的是我們北美平台，亦即我們轉型進入 HPC 與 AI 基礎設施的基礎。

With that, revenue for fiscal year 2025 was $229 million, up 72% year over year. Operating loss for fiscal year 2025 was $150 million including non-cash depreciation of $98 million and $28 million of impairment charges. This compares to an operating loss of $28 million in 2024, which included $102 million of non-cash depreciation and $4 million of impairment charges. Net loss for 2025 was $209 million or a $0.38 loss per basic and diluted share compared to a 2024 net loss of $7 million or $0.02 loss per basic and diluted share. The differences between 2024 and 2025 were driven by a number of factors, including change in fair market value of digital assets, primarily due to the decline of Bitcoin prices and realization of gains on disposal of Bitcoin during the year.

在此基礎上，2025 會計年度營收為 2.29 億美元，年增 72%。2025 會計年度營業損失為 1.50 億美元，其中包含 9,800 萬美元的非現金折舊，以及 2,800 萬美元的減損費用。相較之下，2024 年營業損失為 2,800 萬美元，其中包含 1.02 億美元的非現金折舊，以及 400 萬美元的減損費用。2025 年淨損為 2.09 億美元，或每股基本及稀釋後虧損 0.38 美元；相較之下，2024 年淨損為 700 萬美元，或每股基本及稀釋後虧損 0.02 美元。2024 與 2025 的差異由多項因素所致，包括數位資產公允市價變動，主要因比特幣價格下跌，以及年度內處分比特幣所實現的收益。

Two additional items also impacted year-over-year comparability. First, we saw a loss of $68 million, reflecting changes in our derivative assets and liabilities. Second, 2025 impairment charges were $25 million higher than in 2024. For the year, our adjusted EBITDA was $29 million compared to $31 million in 2024.

另有兩項因素也影響了年度間的可比性。第一，我們認列 6,800 萬美元損失，反映衍生性金融工具資產與負債的變動。第二，2025 年的減損費用比 2024 年高出 2,500 萬美元。全年調整後 EBITDA 為 2,900 萬美元，相較 2024 年為 3,100 萬美元。

Turning to slide 11. 2025 was a deliberate year of balance sheet optimization and improvement, providing the foundation for our next phase of growth. We successfully issued an oversubscribed $588 million convertible offering, significantly expanding our liquidity. And in February, we repaid the Macquarie debt facility eliminating legacy debt, simplifying our capital structure and freeing the company from covenants. Each of these supports the pursuit of our HPC infrastructure strategy. The Macquarie facility had been originally used to accelerate development at Panther Creek, funding critical project activities, including long lead time item procurement and substation work.

接著看第 11 張投影片。2025 年是我們有意識地優化並改善資產負債表的一年，為下一階段成長奠定基礎。我們成功發行一筆超額認購的 5.88 億美元可轉換公司債（convertible）募資，顯著提升流動性。並且在 2 月，我們償還了 Macquarie 的債務融資工具，消除歷史遺留負債、簡化資本結構，並使公司不再受契約條款（covenants）限制。上述每一項都支持我們推進 HPC 基礎設施策略。Macquarie 融資原本用於加速 Panther Creek 的開發，資助關鍵專案活動，包括長交期項目採購與變電站工程。

Retiring the facility was a strategic decision, strengthens the balance sheet and gives us the flexibility to secure a more cost-effective financing at either the parent or project level. Our current cash position of $520 million provides the runway to advance Panther Creek, Sharon, and Moses Lake through lease execution without accessing capital markets. Though we may do so if attractive opportunities arise that improve our ability to deliver the best possible long-term risk-adjusted shareholder returns. Macquarie was an excellent partner, and we appreciate their support so early in our pivot to HPC AI infrastructure.

終止該融資安排是一項策略性決策，可強化資產負債表，並讓我們具備彈性，得以在母公司或專案層級取得更具成本效益的融資。我們目前5.2億美元的現金部位，足以支應Panther Creek、Sharon與Moses Lake在不進入資本市場的情況下推進至租約簽署。不過，若出現具吸引力、可提升我們為股東提供最佳長期風險調整後報酬能力的機會，我們也可能會進入資本市場。Macquarie一直是極佳的合作夥伴，我們也感謝他們在我們轉向HPC AI基礎設施初期即提供支持。

Turning to slide 12. As we pivot to commercialization of our development sites, we have a clear financial strategy based on three principles. Capital allocation, capital formation and capital structure. Taken together, they are designed to deliver the best possible long-term risk-adjusted shareholder returns. First, capital allocation. We deploy capital into projects where the earnings potential exceeds their weighted average cost of capital.

接著看第12頁投影片。隨著我們轉向開發基地的商業化，我們有一套清晰的財務策略，建立在三項原則之上。資本配置、資本形成與資本結構。綜合而言，這些原則旨在為股東帶來最佳的長期風險調整後報酬。第一，資本配置。我們將資本投入於其獲利潛力高於其加權平均資本成本的專案。

We rotate capital from businesses that are noncore or earning less than optimal returns and deploy the capital into higher return investments. Second, capital formation. Our financing strategy is designed to fund our very large growth opportunities while maintaining the liquidity needed for a stable base of operations. We will be opportunistic in our financing execution. We will fund construction of our data center projects using project or parent level bet and project or parent level equity or equity-linked offerings. We're taking a disciplined approach and at this time, are well capitalized to actively commercialize and execute leases across Panther Creek, Sharon, and Washington.

我們會將資本自非核心或報酬低於最佳水準的業務中輪動出來，並把資本投入到報酬更高的投資。第二，資本形成。我們的融資策略旨在為我們非常龐大的成長機會提供資金，同時維持穩定營運所需的流動性。我們將在融資執行上採取機會主義。我們將透過專案或母公司層級的債務，以及專案或母公司層級的股權或股權連結型發行，來為資料中心專案的建設提供資金。我們採取嚴謹的做法，而就目前而言，我們資本充足，能積極推動Panther Creek、Sharon與華盛頓各案的商業化並執行租約。

Third, capital structure. Our capital structure is designed to capture the best possible long-term risk-adjusted shareholder returns while also retaining overall corporate flexibility and support growth. Our objective is to operate with a deliberate liquidity strategy in order to enable clear-headed commercial decisions and capital allocation decisions rather than having liquidity drive timelines.

第三，資本結構。我們的資本結構旨在在保有整體公司彈性並支持成長的同時，為股東捕捉最佳的長期風險調整後報酬。我們的目標是採取審慎的流動性策略，使我們能做出清晰的商業決策與資本配置決策，而不是讓流動性來主導時程。

Stepping back, our road map is clear. We are building a regionally focused high-growth HPC AI infrastructure platform, grounded in disciplined capital allocation, a strengthened balance sheet and a development cadence that maximizes returns and minimizes risk. We're funded through the key derisking stages, permitting and leasing across Moses Lake, Sharon, and Panther Creek, and we're entering 2026 with momentum, optionality and a balance sheet engineered for growth. We have the right people, assets, liquidity, and strategy and we're well positioned to capture for our shareholders the long-term value potential we have today.

回過頭來看，我們的路線圖很清楚。我們正在打造一個以區域為重點、具高成長性的HPC AI基礎設施平台，根基在於嚴謹的資本配置、強化的資產負債表，以及能最大化報酬並降低風險的開發節奏。我們已獲資金支持，足以完成Moses Lake、Sharon與Panther Creek在關鍵去風險階段（含許可與租賃）所需的工作；我們正帶著動能、選擇權，以及為成長而打造的資產負債表邁入2026年。我們擁有合適的人才、資產、流動性與策略，並已做好充分準備，為股東掌握我們當前所具備的長期價值潛力。

With that, I'd like to return the call to Ben for closing remarks.

接下來，我想把電話交回給Ben做結語。

Thanks, Jonathan. A little over a year ago, as our team began actively integrating AI into both our business and our daily lives, we came to a realization. This isn't just another technology cycle. It's a paradigm shift. More comparable to the industrial revolution than the Internet revolution.

謝謝你，Jonathan。大約一年前，當我們的團隊開始積極把AI整合進我們的業務與日常生活時，我們得到一個體悟。這不只是另一個科技循環。這是一場典範轉移。它更像工業革命，而不是網際網路革命。

The fundamental measure, productivity capacity is no longer calories or joules, but tokens. This became strikingly clear two weeks ago at NVIDIA GTC, where I witnessed hundreds of companies applying AI to everything from straightforward tasks by cleaning and image generation to extraordinary complex applications, including protein folding, cystic simulations and even brain surgery.

衡量生產力容量的基本尺度不再是卡路里或焦耳，而是token（代幣/詞元）。兩週前在NVIDIA GTC上，這點變得格外明顯；我看到數百家公司把AI應用在各種事情上，從相對直接的任務，如清理與影像生成，到極其複雜的應用，包括蛋白質摺疊、囊腫模擬，甚至腦部手術。

Walking the conference floor, speaking to the attendees, one thing was unmistakable. We've only begun to scratch the surface of AI's potential. Yet even in these early days, AI is already empowering individuals, communities and companies to accomplish exponentially more. We're witnessing Jevons Paradox unfold simultaneously across every industry, thanks to AI, where improved efficiency can paradoxically drive higher, not lower demand. It is literally never cost less to transform an idea into an action, a product, an image, a refined concept, a service or countless other outlets.

走在會場展區、與與會者交談時，有一件事非常明確。我們才剛開始觸及AI潛力的表面。然而即便在這些早期階段，AI已經在賦能個人、社群與企業，以指數級的幅度完成更多事情。我們正同時在各行各業見證「傑文斯悖論」的展開：在AI的推動下，效率提升反而可能帶來更高、而非更低的需求。把一個想法轉化為行動、產品、影像、精煉後的概念、服務或無數其他產出，其成本從未如此之低。

The possibilities are truly limitless, and while no one can predict exactly how AI will reshape our future, uncertainty remains. It will require enormous amounts of power. Our 2.2 gigawatts of capacity and strategically position land across Pennsylvania, Washington and Quebec sit directly in the path of this transformation, and we intend to capitalize on that opportunity for our shareholders. We look forward to the opportunities ahead.

可能性確實近乎無限；雖然沒有人能精準預測AI將如何重塑我們的未來，不確定性仍然存在。但可以確定的是，它將需要龐大的電力。我們2.2吉瓦的容量，以及分布於賓夕法尼亞州、華盛頓州與魁北克、具策略位置的土地，正位於這場轉型的必經路徑上；我們打算為股東把握這個機會。我們期待前方的各項機會。

With that, I would like to open the call to Q&A. Operator, please go ahead.

接下來，我想開放進入問答。接線員，請開始。

(Operator Instructions) Michael Grondahl, Northland.

（接線員指示）Michael Grondahl，Northland。

First question, Ben, you talked about your decision not to go the GPU rental route at Moses Creek. And just the colocation route, could you talk a little about what a couple of the major drivers were that got you to that decision?

第一個問題，Ben，你談到你們決定在Moses Creek不走GPU租賃路線。而是只走機房代管（colocation）路線；你能談談促使你做出這個決定的幾個主要驅動因素嗎？

Yeah. It's a great question, Mike. When we first started talking about in Q3, we were always evaluating this alongside with the colocation. We're trying to maximize the value for shareholders. So we're always going to evaluate multiple different business models at our sites. And because they have the lowest cost energy and all these other benefits, we thought it would make a lot of sense.

是的。這是個很好的問題，Mike。當我們在第三季首次開始談這件事時，我們一直都是把它與機房代管方案一起評估。我們希望為股東把價值最大化。因此，我們總是會在各個基地評估多種不同的商業模式。而由於它們擁有最低成本的能源以及其他各種優勢，我們當時認為這會很合理。

But as we've continued to have increasing amounts of customer conversations for Washington and other sites. It was just really clear to us that the best opportunity for us is to just remain a pure-play infrastructure developer and owner and let these customers who really want these megawatts lease these megawatts.

但隨著我們持續與華盛頓以及其他基地的客戶進行越來越多的對話。我們非常清楚，對我們而言最好的機會，就是維持純粹的基礎設施開發商與持有者定位，讓那些真正需要這些兆瓦的客戶來承租這些兆瓦。

Got it. Got it. And then maybe secondly, you articulated, I'll say, a philosophy a quarter or two ago about waiting and waiting on signing a lease as terms were continuing to improve kind of implying you're going to be really patient and wait on a lease. Could you kind of update how you're thinking about that lease execution strategy and the potential timing around it?

了解。了解。接著第二點，你在一兩個季度前闡述過一個理念：在租約條款持續改善的情況下，願意等待再簽租約，某種程度上暗示你們會非常有耐心、等待合適的租約。你能更新一下你們目前對租約簽署策略以及可能時點的看法嗎？

Yeah. Our strategy on lease execution has been consistent. It remains consistent today. Our view is that the best way to maximize value for shareholders is to get the best terms in a lease because that's going to be what is going to be driving our NOI and our multiple. And so when we're looking to sign 10- to 15-year agreements, it's really important for us to take the -- maybe a little bit more time than investors may want us to in order to get better terms for longer.

好的。我們在租約簽署上的策略一直都很一致。到今天仍然一致。我們的看法是，為股東最大化價值的最佳方式，是在租約中取得最好的條款，因為那將驅動我們的NOI（淨營運收入）以及估值倍數。因此，當我們要簽10到15年的合約時，對我們而言，為了在更長期間取得更好的條款，即使比投資人希望我們花的時間稍微久一些，也是非常重要的。

When it looks at what is really driving the value in these lease economics, one of the biggest elements is risk, and we've spoken to this multiple times over the last couple of months. And the biggest risk for most of the people -- to go out there and have conversations and get a lot of interest. And in some cases, you could even sign a lease prior to getting permits. But all of that risk is going to be priced into the agreement, you're going to be locked into it for 10 to 15 years, and that's going to negatively impact the long-term value that we're creating for shareholders. So our strategy has been incredibly consistent.

若看這些租賃經濟條件中真正驅動價值的因素，最大的要素之一就是風險；過去幾個月我們已多次談到這點。而對大多數人而言，最大的風險在於——走出去進行對話、獲得大量興趣並不難。在某些情況下，你甚至可以在取得許可之前就簽下租約。但所有這些風險都會被反映在合約定價中；你將被鎖定10到15年，這會對我們為股東創造的長期價值造成負面影響。因此，我們的策略一直都非常一致。

And the benefit for us is that we are operating in high demand markets with high barrier to entry. So it takes a little bit longer to get permits going in Pennsylvania or in Washington than it does in Texas, which is the easiest market in the United States for that. But we believe that drives a lot of extra value because it's way more scarce. It's way harder to acquire, and there's just not as much optionality.

而對我們而言的好處是，我們所營運的是需求旺盛、且進入門檻很高的市場。因此，在賓夕法尼亞州或華盛頓州取得許可所需的時間，會比在德州更久；德州是美國在這方面最容易的市場。但我們相信，這會帶來大量額外價值，因為它更為稀缺。它更難取得，而且可選擇性也沒那麼多。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Maybe to start, could you maybe just go into detail on what permits at what sites you guys are waiting to receive?

也許先從這裡開始，你能否更詳細說明一下，你們正在等待哪些場址的哪些許可核發？

So permits is a complicated process, and we are develop -- we're getting permits across multiple sites in multiple jurisdictions. So they all have different rules, different regulations, different timelines, different reviews, different authorities. So it's far too much detail to get into exactly what permits are remaining on all the different sites. But we are continuing to make good progress and kind of -- we're looking at the visibility over the next couple of months.

許可是個複雜的流程，而我們正在——我們在多個司法管轄區的多個場址取得許可。因此，各自都有不同的規則、不同的法規、不同的時程、不同的審查、不同的主管機關。所以要逐一深入到所有不同場址還剩下哪些許可，細節實在太多。但我們持續取得良好進展，而且——我們正在看未來幾個月的可見度。

And with what we've had so far with the community engagement success that we've had so far, we think that in the coming months, sometime around the mid- to late summer time. We should be achieving the full permitted status across at least one, if not all of the sites.

而且就目前為止我們在社區參與方面所取得的成果來看，我們認為在接下來幾個月，大約在仲夏到夏末之間，我們應該能在至少一個、甚至可能所有場址達成完整許可狀態。

And then maybe just on the leasing environment across the different sites that you guys have. I guess we were under the impression that maybe Sharon would be first to go given it's relatively further along. Is that still how you guys are thinking about it?

接著想問一下你們不同場址的租賃環境。我想我們原本的理解是，因為 Sharon 的進度相對更靠前，可能會最先推進。你們現在仍是這樣看待的嗎？

And then in the presentation when you guys kind of list the power pipeline and road map. How much of that is from generation on site that you guys are looking into? And do you have any update on where you guys are with respect to sourcing that generation?

另外，在簡報中你們列出電力管線與路線圖時，其中有多少是你們正在評估的場內自發電？以及你們在取得該等發電來源方面，目前有沒有任何更新？

Yeah, sure. So the -- to answer the second part of your question first, all the power that we're talking about developing for our HPC and AI data centers right now is grid connected. So the two operating power plants that we have at Scrubgrass and Panther Creek. Currently, that math is not in those charts for the secured capacity or the site development plans. But in Scrubgrass particular, we are working to expand the generation capacity there with natural gas.

好的，當然。先回答你問題的第二部分：我們目前談到要為 HPC 與 AI 資料中心開發的所有電力，都是併網（grid connected）。我們在 Scrubgrass 與 Panther Creek 有兩座正在運轉的電廠。目前，那部分的數據並未納入這些圖表中的已確保容量或場址開發計畫。但就 Scrubgrass 而言，我們正在推動以天然氣擴增那裡的發電容量。

So we've been working to tap into the Tennessee Natural Gas Pipeline. We're achieving pretty good results there with the engineering firms. There's still probably another month or two to go before we're getting a clear path forward on the engineering plans. But Scrubgrass is our more of our pipeline site. And so those -- that power generation opportunity is more of a 2028 and 2029 timeline.

因此我們一直在推進接入 Tennessee Natural Gas Pipeline（田納西天然氣管線）。我們與工程公司合作已取得相當不錯的成果。但在工程方案上，可能還需要再一到兩個月，才能得到明確的推進路徑。不過 Scrubgrass 更偏向我們的管線型場址。因此，那個發電機會的時程更可能落在 2028 與 2029 年。

Everything else is grid connected, it's secure today or it's currently active. And sorry, Brett, I'm blanking on the first part of your question, would you mind repeating it?

其他部分都是併網的：要嘛今天就已確保，要嘛目前已在運作中。抱歉 Brett，我一時想不起你問題的第一部分，你介意再重複一次嗎？

Yeah. Just on maybe the cadence of which sites are -- quicker to go?

好的。就是關於各個場址推進的節奏——哪些場址會比較快？

Yes. So really, that's going to be driven by success on permitting timelines in the customers. So all three of the sites, Moses Lake, Sharon and Panther Creek are all actively in our go-to market right now. Every single one of those has customers engaged under NDA, and they have for quite some time. And so we're continuing to push forward on those conversations and those negotiations.

是的。所以這主要會由許可時程的進展與客戶端的進度所驅動。目前三個場址——Moses Lake、Sharon 和 Panther Creek——都正在我們的市場推進（go-to-market）中。每一個場址都有客戶在 NDA（保密協議）下參與洽談，而且已經有一段時間了。因此我們會持續推進這些對話與談判。

Really, I think what investors should think about with regards to permits, permits are more of a closing condition to a lease, right? They're really not a starting condition to a negotiation. So we have these conversations and these negotiations simultaneously while we're working towards permitting. As permitting gets closer and closer, the negotiations will also get closer and closer in tandem and the first site to get leased is likely to be the first site to be permitted.

我認為投資人對許可應該這樣理解：許可更像是租約成交的交割條件（closing condition），對吧？它其實不是談判開始的前置條件。因此我們會在推進許可的同時，並行進行這些對話與談判。隨著許可越來越接近完成，談判也會同步越來越接近；最先被租出的場址，很可能就是最先取得許可的場址。

Stephen Glagola, KBW.

Stephen Glagola，KBW。

Just on that last point, if you could clarify the sequencing here between like notice to proceed and lease execution. So in other words, like can you pre-sign leases contingent on notice to proceed? Or is like notice to proceed required before any major customer would commit to a lease?

就你剛才最後那點，能否釐清一下這裡的先後順序：例如「開工通知」（notice to proceed，NTP）與租約簽署之間的關係。換句話說，你們是否可以先簽租約，但以取得 NTP 為前提條件？或者說，在任何重要客戶承諾租約之前，是否必須先取得 NTP？

For a customer commit to binding in our view, they're going to want NTP, and that's based on the number of conversations that we are continuing to have and there probably are some customers who would be interested to sign prior to NTP, but those aren't the investment-grade counterparties that we're really seeking to engage with.

在我們看來，客戶若要做出具約束力的承諾，他們會希望先有 NTP。這是基於我們持續進行的多次對話所得出的結論；當然也可能有些客戶願意在 NTP 之前就簽署，但那些並不是我們真正希望合作的投資級（investment-grade）交易對手。

Okay. Thank you. And then just one more. How are you thinking about like Vera Rubin hardware availability in '26 and like early '27? And to what extent could that variability in supply influence the timing of lease discussions at your sites?

了解。謝謝。再問最後一個。你們如何看待 2026 年以及 2027 年初 Vera Rubin 硬體的供應可得性？供應端的這種不確定性，會在多大程度上影響你們各場址的租約討論時點？

Yeah. That's a good question, Stephen. We've been talking about Vera Rubin, I think, since Q3 call because all of our sites are basically coming online in 2027. So we're trying to make sure that they are designed for the highest level of equipment that's coming out in '27 and '28, which is the Vera Rubin.

是的。這是個好問題，Stephen。我想我們從第三季電話會議就一直在談 Vera Rubin，因為我們所有場址基本上都會在 2027 年上線。所以我們要確保場址設計能支援 2027、2028 年推出的最高階設備，也就是 Vera Rubin。

In terms of supply, we haven't seen any impact so far. I understand there's always geopolitical uncertainty in the world that may impact those supply chains. But given that energy is such a huge bottleneck, and it's always been a huge bottleneck on the growth. I don't think that there is going to be a geopolitical situation that's going to make the bottleneck change from energy over to GPUs.

就供應而言，目前我們尚未看到任何影響。我理解全球一直存在地緣政治不確定性，可能會影響這些供應鏈。但鑑於能源一直是、而且仍然是成長的巨大瓶頸，我不認為會出現某種地緣政治情勢，讓瓶頸從能源轉移到 GPU。

So we don't have any expectation right now that, that's going to have any impact on leasing or demand for sites because power is still such an extreme bottleneck. It's hard to imagine what's going to overshadow that geopolitically.

因此我們目前不預期這會對租賃或場址需求造成任何影響，因為電力仍然是極端的瓶頸。很難想像在地緣政治層面有什麼因素能蓋過這一點。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Congrats on the progress. Can you provide an update on ESA progress, specifically Panther Creek's ISA to ESA conversion?

恭喜你們的進展。能否提供 ESA 進度更新，特別是 Panther Creek 的 ISA 轉換為 ESA 的進展？

Yeah. So that's a great question, Mike. As investors probably know, we have 350 megawatts secured ESA with PPL. But in addition to that, we also have an ISA that enables us to draw down approximately 60 megawatts from the grid, and that's associated with the existing transmission line and substation for the power plant that we currently have operating. In order to get that converted over, it's really more of a regulatory matter.

好的。這是個很好的問題，Mike。投資人可能知道，我們已與 PPL 確保了 350 兆瓦的 ESA。除此之外，我們還有一份 ISA，使我們能從電網提取約 60 兆瓦，這與我們目前正在運轉的電廠既有輸電線路與變電站相關。要把它轉換過來，主要其實是監管層面的事項。

And so it's hard to put an exact timeline as to when those stamps are going to be received, but there's no infrastructure that needs to be built. There's no CapEx that needs to be spent. Really, it's just a matter of getting the regulatory approval to convert a nonfirm service into a firm service, and that would enable us to increase our capacity beyond 350 megawatts to what we probably expect is going to be maybe 400 megawatts or possibly slightly more. We expect this is going to happen this year, but it's hard to put an exact timeline on it, given it's a regulatory matter.

因此很難給出這些核章何時會到位的精確時間表，但不需要興建任何基礎設施。也不需要投入任何資本支出（CapEx）。基本上就是取得監管核准，把非保證（nonfirm）服務轉為保證（firm）服務；如此一來，我們就能把容量從 350 兆瓦提高到我們預期可能約 400 兆瓦，或略高一些。我們預期這會在今年發生，但由於屬於監管事項，很難給出精確時點。

Brian Kinstlinger, AGP.

Brian Kinstlinger，AGP。

Last quarter, Ben, you communicated, you expected the GPU as a service and Moses Lake site would be targeted for, I believe, the first quarter for go-live. How are you shifting to co-location change the timing if at all? And my second question is, can you talk about also how the global memory shortage is impacting your site development or changing your near-term needs or planning for lead times?

Ben，上季你提到，你預期 GPU 即服務（GPU as a service）以及 Moses Lake 場址會以第一季作為上線（go-live）目標。你們轉向共置（co-location）會如何影響時程（如果有的話）？第二個問題，你能否談談全球記憶體短缺如何影響你們的場址開發，或改變你們近期需求或對交期（lead times）的規劃？

Yeah. So two parts to that question. In terms of switching from a GPU as a service to co-location just changing the business model doesn't really impact the development timeline. So we don't really see any delay there associated with changing from GPU as a service, just to co-location. Really, it's just a matter of how we want to allocate our capital and how we want to focus the business.

好的。這個問題分兩部分。就從 GPU 即服務轉為共置而言，單純改變商業模式其實不太會影響開發時程。因此，我們不認為從 GPU 即服務改為共置會造成任何相關延遲。本質上，這只是我們如何配置資本、以及我們希望如何聚焦業務的問題。

When it comes to the memory shortage. As a pure-play infrastructure developer and owner that really is not coming into our calculus very much, mostly that's a customer situation for them to resolve with their own supply chain because we're not the ones investing in the GPUs and the compute and the servers.

至於記憶體短缺。作為純粹的基礎設施開發商與持有者，這其實不太會納入我們的考量；多半是客戶端需要透過其自身供應鏈去解決的問題，因為我們並不是投資 GPU、算力與伺服器的那一方。

Martin Toner, ATB Cormark Capital Markets.

Martin Toner，ATB Cormark Capital Markets。

Can you guys elaborate (inaudible) can you kind of give us some timeline thoughts there?

你們能否再詳細說明一下（聽不清楚），能不能給我們一些時程方面的想法？

So I'm going to repeat the question because it was a little quiet, just in case nobody else or other people had difficulty hearing. I believe the question was, can you give some timelines as to how we might be able to expand Panther Creek to 500 megawatts and beyond?

我先重述一下問題，因為剛剛聲音有點小，以防其他人也聽得不清楚。我相信問題是：你們能否提供一些時程，說明我們可能如何把 Panther Creek 擴充到 500 兆瓦以及更高？

So in order for us to move beyond the 350-megawatt ESA that we have secured, there's really two sources for expansion. The first is converting over that ISA from non-firm service to firm service that I just spoke to a minute ago. And that's really a regulatory matter that we expect to be resolved sometime this year.

要讓我們超過目前已取得的 350 兆瓦 ESA，其實有兩個擴充來源。第一個是把我剛剛提到的那個 ISA，從非保證供電（non-firm service）轉為保證供電（firm service）。這主要是監管層面的事項，我們預期會在今年某個時間點解決。

It could be tomorrow. It could be a few months from now. And then when it comes to expanding beyond that, what we have to do with that is we have to actually have new power applications.

可能是明天。也可能是幾個月後。至於要再往上擴充，接下來我們需要做的是實際提出新的用電申請。

The good thing here is that the utilities are actually looking to invest in new generation in the area. So in this particular instance, and we weren't actually applying for new power. We actually have the utility call us and ask us how much more power we could take on site.

好消息是，公用事業公司其實正在評估在該區域投資新的發電。所以在這個特定案例中，我們甚至不是去申請新增電力。反而是公用事業公司打電話給我們，問我們場內還能再承接多少電力。

Given the bottleneck constraint on power, that was obviously a very welcome call over here at Bitfarms to receive. And it's a pretty unusual one in the industry, but they're looking to scale up generation capacity in the area, specifically to service our site at greater capacity. So this is probably going to be two to three years timeline because there's a lot of process involved with spinning up new generation and building those new transmission lines. But for a lot of our customers, what they really want is the fastest pathway to energization and a clear path to scale over multiple years. And so this really lines up with what the hyperscalers and what the neoclouds are searching for.

在電力受瓶頸限制的情況下，Bitfarms 收到這通電話當然非常受用。這在產業裡相當罕見，但他們正打算擴大該區域的發電容量，特別是為了以更高容量服務我們的場址。因此，這大概會是兩到三年的時程，因為啟動新的發電並建設新的輸電線路牽涉很多流程。但對許多客戶而言，他們真正想要的是最快的通電（energization）路徑，以及在未來多年可擴充的清晰路徑。因此，這與超大規模業者（hyperscalers）以及新雲（neoclouds）正在尋找的方向非常契合。

That's great. Hopefully, you can hear me better. Can you clarify when you expect to sign your first lease?

很好。希望你現在能更清楚聽到我。你能否說明你們預期何時會簽下第一份租約？

So I can't get into a specific timeline. But in terms of milestones, as I spoke to earlier, it's really about clearing NTP as kind of the last closing condition or last milestone for us to sign a lease. So I think for the investors and the analysts on the call, the important thing to keep track of, especially over the next coming months is the continued progress that we have towards NTP because once NTP is clear, that's basically the last thing standing between us and a signed agreement.

我無法提供具體時點。但就里程碑而言，如我先前提到的，關鍵在於清除 NTP，作為我們簽署租約的最後一項交割條件或最後一個里程碑。因此，對於電話會議上的投資人與分析師來說，接下來幾個月最重要的是持續追蹤我們在推進 NTP 方面的進展，因為一旦 NTP 清除，基本上就只剩最後一步，距離簽署協議就非常近了。

Got it. Great. And last one from me. Can you talk a little bit about why mining exahash in Q4 was at the level that it was at?

了解。很好。我最後一個問題。你能否談談為什麼第四季的挖礦算力（exahash）會落在那個水準？

So we continue to scale back our mining exposure as we continue to focus on our US HPC infrastructure investments. So we haven't made any investments into Bitcoin mining. We're not spending any money on upgrades or new miners, and we're actively working to scale down the fleet and actively working to spin off assets like we have in Paraguay that are not suitable for conversion. So investors should continue to expect our hash rate to continue to trickle down over 2026 as we continue to execute on this transition to HPC and AI.

隨著我們持續聚焦於美國 HPC 基礎設施投資，我們也持續降低挖礦曝險。因此，我們沒有再對比特幣挖礦做任何投資。我們不會花錢做升級或購置新礦機，並且正積極縮減機隊，同時也在積極剝離像巴拉圭那樣不適合轉換用途的資產。因此，投資人應可預期，隨著我們持續執行轉向 HPC 與 AI 的策略，我們的算力將在 2026 年持續逐步下滑。

Mike Colonnese, HC Wainwright & Company.

Mike Colonnese，HC Wainwright & Company。

So Ben, I'm just curious, after securing the remaining permits across the three sites, which sounds like likely to take place in the coming months here, what does the timeline look like from a data center construction and delivery standpoint? It sounds like you're pretty optimistic that revenue generation could commence as soon as next year, but any additional color there would be helpful.

Ben，我想了解的是，在三個場址的其餘許可都取得之後——聽起來很可能會在接下來幾個月發生——從資料中心建設與交付的角度來看，時程會是什麼樣子？聽起來你對最快明年就能開始創造營收相當樂觀，但如果能補充更多細節會很有幫助。

Yeah. I mean, really, this is the year of execution in 2027 is the year of delivery. And so at all three of our projects that we talked about today, Panther Creek, Sharon, and Washington, we all expect them to come online and start delivering megawatts and start generating revenue to customers in 2027. We'll continue to provide updates as we go along. And I think once we have cleared NTP and we have signed leases, there's going to be a lot clear visibility that we can provide to investors for each specific project and their specific timelines.

是的。我的意思是，2026 年真的是執行之年，而 2027 年是交付之年。因此，今天提到的三個專案——Panther Creek、Sharon，以及華盛頓——我們都預期會在 2027 年上線，開始交付兆瓦並開始向客戶創造營收。我們會在推進過程中持續提供更新。而我認為，一旦我們清除了 NTP 並簽下租約，我們就能針對每個專案及其具體時程，向投資人提供非常清晰的能見度。

Got it. And then back to Bitcoin mining operations, it sounds like you're progressively going to be scaling back hash rate as you bring some of the HPC AI data centers online. I guess what's the best way to think about hash coming offline and kind of flowing through your operating results over the near term here?

了解。再回到比特幣挖礦營運，聽起來隨著部分 HPC AI 資料中心上線，你們會逐步降低算力。那麼，近期來看，最好的方式是如何理解算力下線，以及它如何反映在你們的營運結果上？

I'll speak to it at a high level and then maybe I'll pass it off to Jonathan for some further clarity. But right now, the Bitcoin mining remains profitable, but it's not it's not very -- it's marginal. So it's still contributing to the business. But really, it's not the focus of the business. It's not where we're investing our time, it's not where we're investing our efforts.

我先從較高層次說明，之後也許再交給 Jonathan 補充更清楚的細節。但就目前而言，比特幣挖礦仍然有利可圖，但並不是——它的利潤空間很薄。所以它仍在為業務做出貢獻。但實際上，它不是業務重點。我們不把時間投在那裡，也不把精力投在那裡。

And given that we have been so successful last year in raising capital and strengthening our balance sheet. It's really not super impactful for the developments that we have this year, the operations or the CapEx. So we'll just continue to scale that down, trying to maximize value in the disciplined exit. If it makes more sense to maybe sell some miners a little bit earlier then we might need to in order to begin instruction, we'll evaluate that as we will always do to maximize value for our shareholders. But really, we kind of see this as a pretty minor element of our balance sheet and a minor element of the financial plan for this year.

而且，鑑於我們去年在募資與強化資產負債表方面非常成功。因此，對於我們今年的開發、營運或資本支出（CapEx）而言，這並不會造成很大的影響。所以我們會持續把它縮小，並在有紀律的退出過程中盡量把價值最大化。如果為了開始建設而需要，我們評估後認為提早一點出售部分礦機更合理，我們也會一如既往地進行評估，以為股東創造最大價值。但整體而言，我們認為這只是資產負債表中相當小的一部分，也是今年財務規劃中相當小的一部分。

Jonathan, do you want to add anything further?

Jonathan，你還想補充什麼嗎？

Only that when we think about our liquidity going forward, the strategic objective is to ensure we are well capitalized through the lease process and beyond without the need to raise any new capital in the markets and that takes into account the current state of Bitcoin mining operations. It's not assuming any improvement in the economics there. So our plan is built on conservative assumptions around the status of the Bitcoin market.

只有一點：當我們展望未來的流動性時，我們的策略目標是確保在租賃流程期間及其後，我們都能維持充足資本，而無需在市場上再募集任何新資本；這也已將比特幣挖礦營運的現況納入考量。我們並未假設那裡的經濟性會有任何改善。因此，我們的計畫是建立在對比特幣市場狀況的保守假設之上。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

In the interim period where Bitcoin mining operations are wound down, but kind of pre-revenue generation on the HPC side, could the generating assets at Panther Creek and Scrubgrass be utilized in any way such as the PJM capacity auction?

在比特幣挖礦營運逐步收尾、但在 HPC 端尚未開始產生營收的過渡期間，Panther Creek 和 Scrubgrass 的發電資產是否能以任何方式加以利用，例如參與 PJM 容量拍賣？

So those power plants do actually participate in PJM capacity auctions. We've done that for quite some time. And so we do benefit from the capacity payments that we received there.

這些電廠確實有參與 PJM 的容量拍賣。我們這麼做已經有相當一段時間了。因此，我們確實能受益於在那裡收到的容量款項。

Got it. Okay. And any order of magnitude of what those could be kind of in the 2026 planning year?

了解。好。那在 2026 規劃年度，這些大概會是什麼量級？

So I mean, really, it's -- we've kind of maxed out on the capacity auction payments. They set a ceiling, and that's where the capacity auction payments closed.

所以我的意思是，基本上——我們在容量拍賣款項方面已經差不多到頂了。它們有設定上限，而容量拍賣款項就是在那個上限水準成交的。

Got it. Understood. Maybe one for Jonathan. You've made some progress on the capital structure, but just was hoping for any additional comments you might have on what you're looking for in an initial debt package, how you're seeing term shift and kind of what tools you have at your disposal during construction and kind of post energization.

了解。明白。也許有一題給 Jonathan。你們在資本結構上已經有一些進展，但我想聽聽你是否能再補充一下：你們在初始債務方案中會尋找什麼、你們如何看待期限的變化，以及在施工期間與通電後，你們有哪些可運用的工具？

Good question. Thanks, Nick. So our basic approach is to compare and contrast our financing options down at the asset level and upstairs at the parent level. And certainly, one of the things that we've seen in the market that has caught our attention like everyone else, is the tightening of spreads between folks issuing high-yield debt in the market that would seem like quite attractive levels for strong investment-grade counterparties or credit wraps. And those converging towards the levels seen in bank-originated classic construction of project financing.

好問題。謝謝你，Nick。我們的基本做法是比較並對照資產層級的融資選項，以及母公司層級的融資選項。當然，我們在市場上看到的一件事——跟大家一樣——引起了我們的注意：在市場上發行高收益債的利差正在收斂，對於強投資級對手方或有信用增級（credit wrap）的情況而言，這些水準看起來相當有吸引力。而且這些利差正逐步收斂到銀行主導、傳統的建設期專案融資所見的水準。

So we'll be -- each of those has its own advantages in terms of simplicity of managing the actual capital once it's raised versus negative carry costs. And as we get closer to a funding point, we'll make the decision as to what seems best for our shareholders in terms of how we decide to finance. I'm sorry, Nick, I was just going to say that the markets for our space and for infrastructure generally seem calm right now.

因此我們會——這兩種方式各自都有其優勢，例如在資金募集完成後，實際資本的管理簡便性，與負利差持有成本（negative carry costs）之間的取捨。隨著我們更接近資金到位的時間點，我們會做出決定，選擇對股東而言最有利的融資方式。抱歉，Nick，我剛剛還想補充的是：就我們所處的領域以及整體基礎建設市場而言，目前市場看起來相當平穩。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

It's Greg Pendy in for Brian Dobson. Just I guess one final one. Just I guess, one final one. Just on the redomiciling to the US, are there any implications to costs or structural implications in terms of ownership that we should be aware of as you enter this over the next couple of days?

我是 Greg Pendy，代 Brian Dobson 提問。我想最後一題。我想最後一題。關於遷冊到美國（redomiciling），在接下來幾天你們推進這件事時，是否有任何成本影響或在所有權結構上的影響，是我們需要注意的？

One of the benefits and reasons for the redom is that we will now be eligible for inclusion in indices that require -- want to be a US domiciled company. So for example, we'll be eligible for inclusion in the Russell 1000 and the Russell 3000 as well as for ownership in any other fund who was otherwise limited to the purchase of US securities. We view that as being quite helpful in terms of moving our shareholder base to one that is institutional and long term.

遷冊的其中一個好處與原因是，我們將符合納入某些指數的資格，這些指數要求——或希望——公司為美國註冊地。例如，我們將有資格被納入 Russell 1000 與 Russell 3000，也能被其他原本受限於只能購買美國證券的基金持有。我們認為這將非常有助於把我們的股東基礎轉向機構型、長期型的股東。

There are no other -- there are no cost or flexibility implications in our end. We simply see this as a nice path forward with a lot of benefits for our shareholders.

除此之外——在我們這邊沒有任何成本或彈性方面的影響。我們只是把這視為一條很好的前進道路，能為股東帶來許多好處。

Bill Papanastasiou, Chardan Capital Markets.

Bill Papanastasiou，Chardan Capital Markets。

Just wanted to touch on the Washington side and decision to shift towards colo. Can you confirm that this won't have any material impact on the purchase commitment that was entered into November? Or is the team considering the shift in development allocation to other sites?

我想談一下華盛頓那邊，以及轉向 colo（機房代管/共置）的決策。你能否確認，這不會對 11 月簽訂的採購承諾造成任何重大影響？或者團隊是否正在考慮把開發配置轉移到其他場址？

Thanks, Bill. No impact on the capital commitments and the equipment we've already purchased for the Washington site by changing business models. In fact, actually, it just helps to reduce the CapEx because we're no longer paying for the compute.

謝謝你，Bill。改變商業模式不會影響資本承諾，也不會影響我們已為華盛頓場址購買的設備。事實上，這反而有助於降低資本支出（CapEx），因為我們不再需要為算力付費。

Understood. And then how should we generally be thinking about maintenance CapEx on existing Bitcoin mining sites as you gradually shift over to AI HPC here?

了解。那麼，隨著你們逐步轉向 AI HPC，我們一般應該如何看待現有比特幣挖礦場址的維護性資本支出（maintenance CapEx）？

We're not making any investments into the Bitcoin mining sites. Basically, we're just continuing to keep them up and running. And so no further investments are being made in the sites into new sites or into new miners.

我們不會再對比特幣挖礦場址進行任何投資。基本上，我們只是持續讓它們維持運轉。因此，不會再對這些場址、任何新場址或新的礦機進行進一步投資。

Thank you. This concludes the question-and-answer session. I'd like to turn the call back over to Ben Gagnon for closing remarks.

謝謝。問答環節到此結束。我想把電話交回給 Ben Gagnon 作結語。

Thank you very much, everyone, for joining our call today and really look forward to speaking to you next time as Keel Infrastructure. Have a great day.

非常感謝各位今天參與我們的電話會議，也非常期待下次以 Keel Infrastructure 的身分再與各位交流。祝各位有美好的一天。

Thank you for your participation. This does conclude the program. You may now disconnect.

感謝各位的參與。本節目到此結束。您現在可以掛線。