Bit Digital Inc (BTBT) 2025 Q1 法說會逐字稿

Hello and welcome to the Bit Digital first quarter 2025 earnings conference call. Good morning, good afternoon, and good evening, depending on where you're joining us from.

您好，歡迎參加 Bit Digital 2025 年第一季財報電話會議。早安、下午好、晚上好，這取決於您從哪裡加入我們。

(Operator Instructions)

（操作員指示）

Also, as a reminder, today's conference is being recorded.

另外，提醒一下，今天的會議正在錄製中。

I'll now hand the call over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours.

現在我將電話交給主持人、Bit Digital 投資者關係主管 Cameron Schnier。卡梅倫，現在請你發言。

Thank you.

謝謝。

Good morning and welcome to the Big digital first quarter 2025 earnings call. Joining us on the call today are SAM Tar, Chief Executive Officer, and Eric Wang, Chief Financial Officer. Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to yesterday's 10k filing and our other SEC filings.

早安，歡迎參加 2025 年第一季數位收益電話會議。今天參加電話會議的有執行長 SAM Tar 和財務長 Eric Wang。在我們開始之前，我想提醒所有與會者，我們今天所做的一些演講是前瞻性的。這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。因此，我請您參閱昨天的 10k 文件和我們向 SEC 提交的其他文件。

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our 10k filing, which is on our website.

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳可在我們網站上的 10k 檔案中找到。

After our prepared remarks, we'll open the call up for questions. If you would like to ask a question, please hit one on your keypad. Is that covered, I will turn the call over to Sam to discuss our performance. Sam.

在我們準備好發言之後，我們將開始提問。如果您想提問，請在鍵盤上輸入。如果已經涵蓋了這些，我將把電話轉給 Sam 來討論我們的表現。山姆。

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today.

謝謝你，卡姆。女士們、先生們，感謝你們今天參加我們的電話會議。

Today, I'll walk through our first quarter results and provide key updates across the different business units at the Digital.

今天，我將介紹我們的第一季業績，並提供 Digital 各個業務部門的重要更新。

Let's start with the mining business.

讓我們從採礦業開始。

Our overall top line results were dragged down by our mining segment where first quarter 2025 revenue decreased 64% year over year and 26% sequentially. This contrasts greatly with our HPC business lines which demonstrated solid growth.

我們的整體營業收入受到採礦部門的拖累，該部門 2025 年第一季的營收年減 64%，季減 26%。這與我們的 HPC 業務線所表現出的穩健成長形成了鮮明對比。

Mining results were affected by the 2024 halving event and by our fleet redeployment program as we exited coment facilities at the end of 2024. These factors contributed to an 80% year over year decline in production to 83 Bitcoins for the quarter.

採礦結果受到 2024 年減半事件和我們的船隊重新部署計劃的影響，因為我們在 2024 年底退出了評論設施。這些因素導致本季比特幣產量年減 80%，至 83 枚。

Despite the lower production, our mining operations remained gross margin positive. In fact, mining margins expanded approximately 500 basis points sequentially to 21%, reflecting improvements in fleet efficiency and cost structure.

儘管產量下降，我們的採礦業務仍保持著正毛利率。事實上，採礦利潤率環比擴大約 500 個基點，達到 21%，反映了礦隊效率和成本結構的改善。

Our active hash rate stood at approximately 1.5 exahash by the end of March 2025, and fleet efficiency was approximately 24.5 joules per terahash.

截至 2025 年 3 月底，我們的活躍哈希率約為 1.5 exahash，礦機群效率約為每太拉赫 24.5 焦耳。

We had a shipment of previously ordered S21 miners from Southeast Asia that we paused amid tariff uncertainty as the prescribed import duties would have significantly increased payback periods.

我們從東南亞訂購了一批 S21 礦機，但由於關稅不確定，我們暫停了發貨，因為規定的進口關稅將大大增加回收期。

But we have since begun taking delivery of those units and expect to return to approximately 2.5 exahash with fleet efficiency in the low 20s during June. Mining represented just 31% of our total revenue for the quarter compared to 72% in the same period last year.

但我們此後已開始接收這些設備，並預計 6 月設備效率將恢復到約 2.5 艾哈什，達到 20 多度出頭。本季採礦業僅占我們總收入的 31%，而去年同期這一比例為 72%。

This shift reflects both the growth of our HPC business and the reality that without heavy reinvestment, mining market share naturally declines. And we are fine with that while our hash rate stands to rebound in the second quarter, our primary focus remains on investing in our data center buildout and cloud services business.

這種轉變既反映了我們 HPC 業務的成長，也反映了這樣一個現實：如果沒有大量的再投資，採礦市場份額自然會下降。我們對此感到滿意，儘管我們的哈希率將在第二季度反彈，但我們的主要重點仍然是投資我們的資料中心建設和雲端服務業務。

Turning to cloud services.

轉向雲端服務。

Revenue for the segment increased 84% year over year and 14% sequentially to $14.8 million. Gross margins rebounded, expanding approximately 700 bis sequentially to 59%.

該部門營收年增 84%，季增 14%，達到 1,480 萬美元。毛利率反彈，季增約 700%，達到 59%。

We continue to expect segment margins to improve over time as revenue scales and as the impact from operating lease costs tied to our anchor customer contract is spread across a broader base. Based on our current contracted deployments, we expect stronger sequential revenue growth in the second quarter and continued growth in the third quarter of 2025.

我們繼續預計，隨著收入規模的擴大以及與我們的主要客戶合約相關的經營租賃成本的影響蔓延到更廣泛的領域，分部利潤率將隨著時間的推移而提高。根據我們目前的合約部署，我們預計第二季的營收將實現更強勁的連續成長，並在 2025 年第三季繼續成長。

Several deployments commenced midway through the first quarter. So we expect a recognition of full 25% of revenue contribution in the second quarter.

第一季中期已開始進行多項部署。因此，我們預計第二季的營收貢獻將達到 25%。

Additionally, our initial deployment for a DNA fund, a 576 H200 cluster, began generating revenue in April and represents approximately $10 million in annualized revenue.

此外，我們最初部署的 DNA 基金（576 H200 集群）於 4 月開始產生收入，年收入約 1,000 萬美元。

In May we expanded our relationship with DNA Fund through two new contracts totaling 616,200 GPUs under 2 year terms representing approximately $10.8 million of additional annualized revenue.

5 月份，我們透過兩份新合約擴大了與 DNA Fund 的合作關係，合約為 2 年，總計 616,200 台 GPU，相當於每年額外收入約 1,080 萬美元。

The expansion with this customer reflects our strategy of building trust through execution.

與該客戶的擴張體現了我們透過執行建立信任的策略。

And using that as the foundation for expanding relationships over time.

並以此為基礎，不斷拓展關係。

Our procurement strategy remains focused on aligning GPU purchases with contracted demand rather than taking speculative inventory risk.

我們的採購策略仍然專注於使 GPU 採購與合約需求保持一致，而不是承擔投機庫存風險。

We are effectively sold out of H-200 capacity and have prioritized deployments backed by secured contracts. While overall demand for B200 GPUs remains healthy, uptake through our on-demand distribution partnership of shade form has been impacted by hardware re reliability issues.

我們的 H-200 容量實際上已經售罄，並且已優先部署有擔保合約支援的機型。雖然 B200 GPU 的整體需求仍然健康，但透過我們的按需分銷合作夥伴關係對陰影形式的吸收受到了硬體可靠性問題的影響。

We believe the crux of that issue is tied to the early iterations of servers we received, and we're working with the OEM to address that issue. We expect this dynamic to improve over time as early hardware issues are hopefully resolved.

我們認為該問題的關鍵與我們收到的早期版本的伺服器有關，我們正在與 OEM 合作解決該問題。我們預計，隨著早期硬體問題得到解決，這種動態將隨著時間的推移而改善。

We are currently marketing this cluster to customers for a multi-year contract. Separately, our anchor customer exercised their right to adjust the start date on their 464 B-200 deployment from June 30th to August 20th, the latest allowable date under the agreement. As a result, this contract represents approximately $15 million of annualized revenue for 18 months.

我們目前正在透過多年合約向客戶推銷該集群。另外，我們的主要客戶行使了他們的權利，將其 464 架 B-200 部署的開始日期從 6 月 30 日調整為 8 月 20 日，這是協議允許的最晚日期。因此，該合約代表著 18 個月內約 1500 萬美元的年收入。

If we don't secure an acceptable customer contract for our existing B200 cluster, we will likely use those GPUs to fulfill our anchored customer contract. We continue to prioritize securing multi-year deployments with credit worthy counterparties as the foundation for our growth strategy.

如果我們無法為現有的 B200 叢集獲得可接受的客戶合同，我們可能會使用這些 GPU 來履行我們已確定的客戶合約。我們繼續優先考慮與信譽良好的交易對手進行多年的部署，作為我們成長策略的基礎。

Looking ahead, we're engaged in several large contract discussions with a focus on securing multi-year agreements that are financeable and aligned with our capital efficiency objectives. Currently, we're conducting diligence and negotiating on 4 separate deployments with creditworthy counterparties.

展望未來，我們正在進行幾項大型合約討論，重點是達成可融資且符合我們資本效率目標的多年協議。目前，我們正在與信譽良好的交易對手就 4 個單獨的部署進行盡職調查和談判。

Each opportunity carries an annualized revenue potential above $ 100 million and a three to five year contract term.

每個機會都具有超過 1 億美元的年收入潛力和三至五年的合約期限。

These are the types of contracts that we believe would support attractive financing structures, and we're working on those financing options in parallel with negotiations. It's too early to say whether we'll ultimately win any of those deals, but we're encouraged by the progress and the fact that we're increasingly included in these processes.

我們相信這些類型的合約將支持有吸引力的融資結構，我們正在談判的同時研究這些融資方案。現在判斷我們最終是否會贏得任何交易還為時過早，但我們對取得的進展以及我們越來越多地參與這些進程的事實感到鼓舞。

We believe this reflects the strength of the platform that we've built and are continuing to build through disciplined investment and execution. Finally, we are investing in proprietary software development to enhance our platform capabilities.

我們相信這反映了我們已經建立的平台的實力，並且正在透過嚴格的投資和執行來繼續建立。最後，我們正在投資專有軟體開發以增強我們的平台能力。

A key milestone was the launch of our API layer for external provisioning of bare metal GPU servers with Shade form as our first integration partner. This development not only expands our ability to integrate with third party platforms but also streamlines operations for our direct customers.

一個重要的里程碑是推出我們的 API 層，用於外部配置裸機 GPU 伺服器，並以 Shade form 作為我們的第一個整合合作夥伴。這項發展不僅擴展了我們與第三方平台整合的能力，而且還簡化了我們直接客戶的營運。

Over time, we expect that this will position white fiber as a premium cloud infrastructure offering focused on maximum performance and reliability. Turning to co-location services with our data centers. Development activity continues across our sites.

隨著時間的推移，我們預計這將使白色光纖成為專注於最高效能和可靠性的優質雲端基礎設施產品。轉向與我們的資料中心共同定位的服務。我們各個站點的開發活動仍在繼續。

While the segment represents a small portion of Q1 revenue, we are laying the foundation for this segment to be a major growth engine in the coming years.

雖然該部門僅佔第一季收入的一小部分，但我們正在為該部門成為未來幾年的主要成長引擎奠定基礎。

At Montreal too Development timelines have shifted modestly, and we now expect initial capacity to come online around early to mid-third quarter.

在蒙特利爾，開發時間表也發生了適度變化，我們現在預計初始產能將在第三季初至中期上線。

The delay is largely due to the timing of debt financing, which we had expected to secure quicker, but we, but we're now in the very final stages. We recently completed the physical installation of a pilot GB 200 liquid cool system at Montreal 2.

延遲主要是由於債務融資的時間安排，我們原本預計能夠更快地獲得融資，但現在我們已處於最後階段。我們最近在蒙特利爾 2 號完成了 GB 200 液體冷卻系統試點的實體安裝。

While not yet operational, the project supports collaboration between our cloud services and co-location teams, providing our cloud team a platform to test next generation hardware and our data center team early exposure to advanced liquid cool systems.

雖然該專案尚未投入運營，但它支援我們的雲端服務和主機託管團隊之間的協作，為我們的雲端團隊提供了測試下一代硬體的平台，並為我們的資料中心團隊提供了早期接觸先進液體冷卻系統的平台。

We secured our 3rd data center site, Montreal 3 in April under a lease to own structure.

我們於 4 月透過租賃自有結構的方式獲得了我們的第三個資料中心站點蒙特利爾 3。

Development remains on track with the cerebrous deployment expected to commence about 2 months from now.

開發工作仍在按計劃進行，預計大約兩個月後開始部署。

As a result, this is a build to suit deployment for a customer with a very sophisticated technology requirements, and we're really proud to partner with them and help accelerate their growth plans.

因此，這是一個為具有非常複雜的技術要求的客戶提供的部署，我們非常自豪能夠與他們合作並幫助加速他們的成長計劃。

We are making progress on both sides and remain confident in our ability to meet key customer commitments.

我們在雙方都取得了進展，並且對我們履行關鍵客戶承諾的能力充滿信心。

In April, we disclosed via an AK filing that we signed the purchase agreement to acquire a roughly 95 acre property in North Carolina intended for data center development.

今年 4 月，我們透過 AK 文件揭露，我們簽署了購買協議，將收購北卡羅來納州一塊約 95 英畝的土地，用於資料中心開發。

This transaction remains subject to customary closing conditions, and we're actively working through those processes.

此交易仍需滿足慣例成交條件，我們正積極完成這些流程。

While it is too early to provide additional details, we are very excited about the potential strategic significance of the site of this for our platform, and we look forward to providing further updates as appropriate.

雖然現在提供更多細節還為時過早，但我們對該網站對我們的平台的潛在戰略意義感到非常興奮，並期待在適當的時候提供進一步的更新。

In addition to our active projects, our broader development pipeline remains robust.

除了我們正在進行的項目外，我們更廣泛的開發管道仍然強勁。

We continue to pursue additional data center opportunities across Canada and the US with over 500 megawatts of potential capacity under evaluation or negotiation.

我們將繼續在加拿大和美國尋求更多的資料中心機會，正在評估或協商超過 500 兆瓦的潛在容量。

Customer demand for high performance, AI optimized co-location remains strong, and we're engaged in multiple active discussions that could drive incremental leasing at our existing and planned sites.

客戶對高效能、人工智慧優化共置的需求依然強勁，我們正在進行多項積極討論，以推動我們現有和計劃中的站點的增量租賃。

On the financing side, we are now nearing finalization of a mortgage financing package for our Montreal 2 facility with a leading global banking partner.

在融資方面，我們目前正與一家全球領先的銀行合作夥伴敲定蒙特婁 2 號設施的抵押融資方案。

We expect to be in a position to announce the terms shortly.

我們預計很快就能宣布這些條款。

We believe this financing will validate the scalability and capital efficiency of our data center development model and provide a very strong foundation for future growth.

我們相信，此次融資將驗證我們資料中心開發模式的可擴展性和資本效率，並為未來的成長奠定堅實的基礎。

Our data center platform is a critical pillar of our strategy to build a durable, diversified, and high margin infrastructure platform.

我們的資料中心平台是我們建構持久、多樣化、高利潤基礎設施平台策略的重要支柱。

We're very excited about the opportunities ahead as we continue to expand capacity and deepen relationships with high quality customers.

隨著我們繼續擴大產能並深化與高品質客戶的關係，我們對未來的機會感到非常興奮。

I'll now hand over the line to Erke, who will discuss our financial results.

現在我將電話交給鴻星爾克，他將討論我們的財務表現。

Thank you, SAM. I will now walk through our financial results for the first quarter of 2025.

謝謝你，SAM。現在我將介紹我們 2025 年第一季的財務表現。

Total revenue for the quarter was $25.1 million a 17% decrease compared to the same quarter last year, and slightly below the $26.1 million reported in the first quarter of 2024.

本季總營收為 2,510 萬美元，與去年同期相比下降 17%，略低於 2024 年第一季的 2,610 萬美元。

The decline was primarily due to the lower Bitcoin mining revenue, which was partially offset by growth in our cloud services business, and a full quarter of co-location revenue.

下降的主要原因是比特幣挖礦收入下降，但我們的雲端服務業務成長以及整個季度的主機託管收入部分抵消了這一下降。

Bitcoin mining revenue was $7.8 million down 64% year over year and 26% sequentially.

比特幣挖礦收入為 780 萬美元，年減 64%，季減 26%。

This decline reflects the impact of April 2024 happening, increased network difficulty, and a temporary decrease in operational hash rate as we exceeded. I mean facilities. We also retired and replaced older units to optimize fleet efficiency.

這種下降反映了 2024 年 4 月發生的事情的影響、網路難度的增加以及我們超出時操作哈希率的暫時下降。我指的是設施。我們也淘汰並更換了老舊設備，以優化車隊效率。

Cloud services revenue was $14.8 million increase of 84% compared to the first quarter of 2024 and 14% sequentially.

雲端服務營收為 1,480 萬美元，與 2024 年第一季相比成長 84%，比上一季成長 14%。

Growth was supported by new crowd contracts signed in both late 2024 and during the first quarter of 2025. Okay Contributed $1.6 million in revenue, up from $1.4 million in the fourth quarter. This reflects a full quarter of operations following our acquisition of Enova in late 2024.

2024 年末和 2025 年第一季簽署的新眾籌合約推動了成長。奧凱貢獻了 160 萬美元的收入，高於第四季的 140 萬美元。這反映了我們在 2024 年底收購 Enova 之後整個季度的營運情況。

If you're mistaken, revenue was $0.6 million slightly lower than the prior quarter. Our cost of revenue excluding depreciation was $12.8 million down from $16.2 million in the same period last year, and flat compared to the first quarter. This included $6.1 billion in cloud services costs and $6.1 million in mining costs.

如果你沒有記錯的話，收入比上一季略低 60 萬美元。扣除折舊後的收入成本為 1,280 萬美元，低於去年同期的 1,620 萬美元，與第一季持平。其中包括 61 億美元的雲端服務成本和 610 萬美元的採礦成本。

Gross profit was $12.3 million representing a total gross margin of 49%. That compares to 47% in the same quarter last year and 40% in the first quarter of 2024. Cloud services gross margin expanded to 59% from 52% last quarter, reflecting improved utilization and scale. Co-location services gross margin improved modestly to 67%.

毛利為 1,230 萬美元，總毛利率為 49%。相較之下，去年同期這一比例為 47%，2024 年第一季這一比例為 40%。雲端服務毛利率從上一季的 52% 擴大至 59%，反映出利用率和規模的提高。主機託管服務毛利率小幅提升至67%。

General and administrative expenses were $8.2 million up from $6 million in 2024, which reflects an increase in headcount as we invest in our HPC business volumes.

一般及行政開支從 2024 年的 600 萬美元增加到 820 萬美元，這反映了隨著我們對 HPC 業務量的投資，員工人數增加。

Depreciation and amortization was $7.2 million up slightly from the prior quarter, meaning due to a larger GPU fleet.

折舊和攤提費用較上一季略有增加，為 720 萬美元，這是由於 GPU 數量增加所致。

As a note, we adjusted our depreciation schedule for cloud services for three years from three years to five years, which we believe better reflects the useful lives of these assets.

值得注意的是，我們將雲端服務的折舊計畫從三年調整為五年，我們認為這更能反映了這些資產的使用壽命。

This accounting change decreased DNA by approximately $2.5 million for the quarter.

這項會計變更導致本季 DNA 減少約 250 萬美元。

Adjusted EBITA was negative $44.5 million compared to a positive $58.5 million in the first quarter of 2024. This decline was primarily due to a $49.2 million month to market loss on digital asset holdings, reflecting lower BTC and ACH prices and quarter end. These were non-cash charges and do not reflect changes in operating performance.

調整後的 EBITA 為負 4,450 萬美元，而 2024 年第一季為正 5,850 萬美元。這一下降主要是由於數位資產持有量當月市場損失 4,920 萬美元，反映了 BTC 和 ACH 價格下跌以及季度末的因素。這些是非現金費用，並不反映經營績效的變動。

GAAP net loss per share was $0.32 on a fully diluted basis compared to earnings of $0.43 per share in the first quarter of 2024.

以完全稀釋後計算，每股 GAAP 淨虧損為 0.32 美元，而 2024 年第一季每股收益為 0.43 美元。

Now turning to the balance sheet.

現在轉向資產負債表。

As of March 31, we held $57.6 million in cash and cash equivalents and $3.7 million in restricted cash.

截至 3 月 31 日，我們持有 5,760 萬美元的現金和現金等價物以及 370 萬美元的受限現金。

The very market value of our digital assets was approximately $80 million as of that date.

截至該日，我們的數位資產的市值約為 8,000 萬美元。

Total liquidity, including digital assets and USDC was approximately $141 million as of that date.

截至該日期，包括數位資產和 USDC 在內的總流動性約為 1.41 億美元。

Since then, the price of Bitcoin has increased by 25%, and the price of Ethereum has increased by 40%.

此後，比特幣價格上漲了25%，以太幣價格上漲了40%。

The market value of digital asset position has appreciated on the market to market basis.

數位資產部位的市場價值已逐年升值。

Total assets were $485 million and the shareholders' equity was $4170 million. We remain debt-free.

總資產為4.85億美元，股東權益為41.70億美元。我們仍然沒有債務。

Capexx for the quarter was $65 million. Approximately $36 million for the CapEx was spent on the GPUs, including our B200 deployment. With the remainder spent on data center infrastructure, networking and storage equipment, and Bitcoin mining units.

Capexx 本季的銷售額為 6,500 萬美元。我們在 GPU 上的資本支出約為 3,600 萬美元，包括我們的 B200 部署。其餘資金用於資料中心基礎設施、網路和儲存設備以及比特幣挖礦設備。

I will now hand it back to Sam for closing remarks.

現在我將把發言權交還給 Sam，請他作最後發言。

Thank you, Erke.

謝謝你，爾克。

Before opening the line for questions, I want to address our financing strategy and recent capital activity.

在開始提問之前，我想先談談我們的融資策略和最近的資本活動。

We remain firmly committed to pursuing non-diluted financing structures to support the expansion of our HPC platform. We're actively working to finalizing our first commercial mortgage financing. And we're confident that this will provide a strong foundation for scaling our data center business efficiently.

我們仍然堅定地致力於尋求非稀釋融資結構來支持我們的 HPC 平台的擴展。我們正在積極努力完成我們的第一筆商業抵押融資。我們相信這將為有效擴展我們的資料中心業務奠定堅實的基礎。

We have also initiated the process for commercial mortgage financing in the US. Regarding the filing of a new ATM registration, I want to emphasize that this was a mechanical renewal of our shelf capacity. It doesn't reflect any change in our philosophy.

我們也啟動了美國商業抵押貸款融資流程。關於提交新的 ATM 註冊，我想強調的是，這是對我們貨架容量的機械更新。這並不反映我們理念的任何改變。

We continue to view equity assurance as a tool to be used selectively and strategically with a strong preference for non-diluted financing wherever possible.

我們繼續將股權保證視為一種選擇性和策略性使用的工具，並盡可能優先考慮非稀釋融資。

During the first quarter, we raised approximately $10 million through our ATM program as part of our normal course of operations. Subsequent to quarter end, we raised approximately $48 million through the ATM. These proceeds strengthen our liquidity position and support certain strategic growth initiatives that we believe will be transformative for our business.

在第一季度，我們透過 ATM 計劃籌集了大約 1000 萬美元，這是我們正常運作的一部分。季度末之後，我們透過 ATM 籌集了大約 4800 萬美元。這些收益增強了我們的流動性狀況，並支持了我們認為將改變我們業務的某些策略成長舉措。

We look forward to providing additional updates on these certain initiatives at the appropriate time. In parallel, we also sold approximately $32 million worth of Bitcoin Holdings during the quarter to help fund growth while managing our use of equity issuance.

我們期待在適當的時候提供有關這些特定舉措的更多更新資訊。同時，我們也在本季出售了價值約 3,200 萬美元的比特幣控股，以幫助資助成長，同時管理我們的股權發行使用。

We did not sell any e during the quarter, but transferred $3400 into an internally managed fund which we did not count as Treasury Holdings.

我們在本季度沒有出售任何 e，但將 3400 美元轉入內部管理基金，我們並未將其算作財政控股。

Maintaining a strong liquidity position is critical not just for executing on our expansion plans. But also for building trust with our customers.

保持強大的流動性狀況不僅對於執行我們的擴張計劃至關重要。同時也是為了與我們的客戶建立信任。

Prospective co-location tenants view financial strengths as a key factor in selecting infrastructure partners, and our balance sheet reinforces our ability to deliver projects reliably.

潛在的共置租戶將財務實力視為選擇基礎設施合作夥伴的關鍵因素，而我們的資產負債表增強了我們可靠地交付專案的能力。

Our focus remains on executing our growth strategy, scaling our infrastructure platform, and pursuing disciplined, shareholder friendly capital deployment.

我們的重點仍然是執行我們的成長策略、擴大我們的基礎設施平台以及追求有紀律的、對股東友好的資本配置。

As our business continues to evolve, we are actively evaluating corporate structure and strategic initiatives to maximize long term shareholder value.

隨著業務的不斷發展，我們正在積極評估公司結構和策略舉措，以最大化長期股東價值。

With that, I would like to turn the call over to the operator for Q&A, but as a note, we have Billy Crossopoulos who leads our data center business, and Ben Lamson, head of revenue for our cloud business, on the line for Q&A.

有了這些，我想將電話轉給接線員進行問答，但需要注意的是，我們的資料中心業務負責人 Billy Crossopoulos 和雲端業務收入主管 Ben Lamson 在線上進行問答。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

We can take our first question from George Sutton with Craig Hallam.

我們可以從克雷格·哈勒姆的喬治·薩頓那裡得到第一個問題。

Thank you Ben.

謝謝你，本。

I'd like to address my question to you if I could on the white fi rebranding, can you just, give us an update of how that's been received in the market and then I know you're, working on a lot of platform, initiatives that are somewhat, new to the market. Can you just give us any updates there?

我想向您提出一個問題，關於白色 fi 品牌重塑，您能否向我們介紹市場對此的接受程度，然後我知道您正在研究很多平台和計劃，這些對市場來說都是比較新的。您能提供我們一些最新消息嗎？

Yeah, happy to. So, the rebrand has been, really well received. We actually have gone through a few iterations on the website as we've gotten feedback from customers and partners, you may have seen we've recently launched a new version of the website about two weeks ago,

是的，很高興。因此，品牌重塑確實受到了熱烈歡迎。實際上，根據客戶和合作夥伴的回饋，我們已經對網站進行了幾次迭代，您可能已經看到，我們大約兩週前推出了新版本的網站，

A week and a half ago, and the reviews have been fantastic, so really happy with how that's been panning out for us, in terms of on the platform layer, I want to be careful not really anything a little too soon we will have some news coming out here, in the next couple weeks that will be really exciting, some first to market technology that we're going to be releasing.

一個半星期前，評論都非常棒，所以真的很高興看到我們的進展，就平台層面而言，我想小心，不要太快發布任何消息，我們將在接下來的幾週內發布一些非常令人興奮的消息，一些我們將要發布的首批上市技術。

We're just waiting on some independent third parties to publish some benchmarks around that, so look out for that that's going to be coming in the coming weeks and then we've got some other developments coming later this year on the platform side around, cross data center workloads which we believe is going to be a really a revolutionary technology, in terms of. Us being first to market to productize that, so I don't want to say too much just because I want to allow some of these independent third parties to release some of this data and we'll be able to leverage that the media splash there appropriately, but just stay tuned in the next few weeks for some announcements.

我們只是在等待一些獨立的第三方發布一些相關的基準測試，所以請關注未來幾週內即將發布的內容，然後我們將在今年晚些時候在平台方面推出一些其他開發成果，我們相信跨數據中心工作負載將是一項真正的革命性技術。我們是第一個將其產品化並推向市場的公司，所以我不想說太多，因為我想允許一些獨立的第三方發布一些數據，我們將能夠適當地利用媒體的宣傳，但請在接下來的幾週內繼續關註一些公告。

Understand, thank you.

明白了，謝謝。

Thank you. Our next question comes from Brian Dobson with Clear Street.

謝謝。我們的下一個問題來自 Clear Street 的 Brian Dobson。

Thanks very much for taking my question this morning. Do you think that we could take maybe a step back and you could provide a 30,000 ft view on how you see demand from hyper scalers and enterprise users evolving over the next 6 months or so?

非常感謝您今天上午回答我的問題。您是否認為我們可以退一步，從 30,000 英尺的高度來觀察未來 6 個月左右超大規模用戶和企業用戶的需求變化？

Would that be for the data center side so Billy please feel free to weigh in. Is that just to clarify that's that's with respect to data centers co-location correct? Yeah, that's right.

這是否適用於資料中心方面，所以 Billy 請隨意發表意見。這只是為了澄清關於資料中心共置的說法是否正確？是的，沒錯。

Okay. Billy, would you like to take that?

好的。比利，你想接受這個嗎？

We're seeing very strong and positive demand from not only hyper scales, but medium sized neo clouds as well for capacity that we're evaluating and looking to come online later on this year.

我們看到，不僅超大規模，而且中型新雲端對容量的需求都非常強勁和積極，我們正在評估這些容量，並希望在今年稍後上線。

We should have some news in the next couple of months, about that.

我們應該會在接下來的幾個月內得到一些有關此事的消息。

That's very exciting. Thank you very much.

這非常令人興奮。非常感謝。

Thank you. Our next question comes from Mike Grandl with Northland Securities.

謝謝。我們的下一個問題來自 Northland Securities 的 Mike Grandl。

Hey guys, good morning, I think what you were describing is a delay for customer one from June 30 to August 20.

嘿，大家早上好，我認為您所描述的是客戶一從 6 月 30 日到 8 月 20 日的延遲。

One, can you talk a little bit about why, and then I think you were saying how you were going to use maybe those GPUs for your.

首先，您能否稍微談談原因，然後我想您說過您將如何使用這些 GPU。

Own book, just kind of walk us through the options you have there.

自己的書，只是向我們介紹那裡有哪些選擇。

Yeah, I think the the maximum allowable date is the date they've exercised and as you mentioned, Mike, we have the cluster to honor what they're looking for so that's a, that's a good thing since we already have that cluster and we could just use that if we don't score a multi-year contracts for that current inventory. Is your question about why they shifted?

是的，我認為允許的最長日期是他們行使的日期，正如你提到的，邁克，我們有集群來滿足他們的要求，所以這是一件好事，因為我們已經有了那個集群，如果我們沒有為當前庫存獲得多年期合同，我們可以使用它。您的問題是他們為何轉變？

Yeah, why they shifted.

是啊，為什麼他們要轉移。

And then if so what you're saying is, hey, the GPUs might not sit idle until August if you can put them in a new customer win.

如果是這樣，那麼您說的是，嘿，如果您可以將 GPU 用於贏得新客戶，那麼 GPU 可能要到 8 月才會閒置。

Correct.

正確的。

Got it. But as for the reasons for shifting, I, I'm not familiar. Eric, do you have any color on the reasons they're shifting the start date for two months?

知道了。但至於轉變的原因，我並不了解。艾瑞克，你能解釋一下他們將開始日期推遲兩個月的原因嗎？

Yeah, I think it has some internal, product development schedule change. So I like to, they still want those computes, but they like to, you exercise the option to extend. At a little, later date. And we had installed and deployed those equipments in our Atlantic, data center already. So right now, we can sell those computes, and I know B is working on that. There's a few kind of parties we're negotiating with for multi-year contracts, and On top of that, we're putting this B20 compute on on demand, platform through shape form as well. So it's already generating some revenue.

是的，我認為它有一些內部產品開發計劃的變化。所以我喜歡，他們仍然想要那些計算機，但他們喜歡，你行使擴展的選擇。稍後再說。我們已經在大西洋資料中心安裝並部署了這些設備。所以現在，我們可以銷售這些計算機，我知道 B 正在努力做到這一點。我們正在與一些團體就多年期合約進行談判，除此之外，我們還將按需、透過形狀形式將 B20 運算放在平台上。所以它已經產生了一些收入。

Okay.

好的。

Great, thank you.

太好了，謝謝。

Thank you. Our next question comes from Nick Giles with BR Riley Securities.

謝謝。我們的下一個問題來自 BR Riley Securities 的 Nick Giles。

Hi Nick. Thank you.

你好，尼克。謝謝。

Operator. Good morning, everyone. Guys, it's good to see you further expand into the US, with the North Carolina agreement. So my first question is how should we think about your desire to, continue that expansion in the US versus Canada? And secondly, apologies if I missed this, but can you just outline when those megawatts could be available, what the ramp will ultimately look like, and CapEx expectations.

操作員。大家早安。夥計們，很高興看到你們透過與北卡羅來納州的協議進一步向美國擴張。所以我的第一個問題是，我們應該如何看待您繼續在美國和加拿大擴張的願望？其次，如果我錯過了這一點，請原諒，但您能否概述一下這些兆瓦何時可以使用，最終的坡道是什麼樣子，以及資本支出預期。

Yeah, well, look, as we disclosed in an AK that we signed the purchase agreement to acquire a roughly 95 acre property in in North Carolina. The transaction remains subject to some closing conditions, so it's too early for us to provide additional detail until it closes, but, I can tell you I'm deeply excited about its potential strategic significance.

是的，嗯，看，正如我們在 AK 中披露的那樣，我們簽署了購買協議，以收購位於北卡羅來納州的一塊約 95 英畝的土地。該交易仍需滿足一些成交條件，因此在交易完成之前我們提供更多細節還為時過早，但我可以告訴你，我對其潛在的戰略意義感到非常興奮。

And we will definitely update you and the markets as soon as if this closes. The deal isn't closed, so there isn't much we can say, or frankly or what you know what we want to say until something is finalized in either in either direction.

一旦結束，我們一定會盡快向您和市場通報最新情況。交易尚未完成，因此在任何一方最終敲定之前，我們能說的並不多，或者坦率地說，您知道我們想說的是什麼。

But to your question about the broader co-location development pipeline.

但對於您關於更廣泛的共置開發管道的問題。

We're evaluating and negotiating over 500 megawatts of additional potential capacity across Canada and the US. These sites range from small sites in the 5 to 2020 megawatt range to sites with over 100 megawatts, and we continue to target those sites in adjacent to market cities or improving corridors of customer demand. That's really important for us geographically.

我們正在評估和協商加拿大和美國超過 500 兆瓦的額外潛在容量。這些站點的範圍從 5 至 2020 兆瓦的小型站點到超過 100 兆瓦的站點，我們將繼續瞄準那些毗鄰市場城市或正在改善客戶需求走廊的站點。從地理位置上來說這對我們來說非常重要。

We focus on retrofits, so we look at sites that aren't currently configured as data centers but would lend themselves well to redevelopment and reduce costs and timelines relative to a greenfield site and the team that we have.

我們專注於改造，因此我們會考慮那些目前尚未配置為資料中心但適合重新開發的站點，並減少相對於綠地站點和我們擁有的團隊的成本和時間表。

When we acquired any of them, last year, it wasn't just about an acquisition of a tier 3 data center, but more importantly, it was about a team that's been doing this their entire careers and also a huge pipeline that they've identified through LOIs and through a lot of work, but 500 500 megawatts worth. So they, the secret sauce with respect to that particular acquisition. Was their experience in retrofit and how they could do it faster and cheaper and they have a track record of doing it faster and cheaper and this is really the secret sauces we're we're not trying to sort of figure it out as we go. We have acquired a team that's been doing this for a long time before this sector got hot.

去年，當我們收購任何一家公司時，這不僅是收購一個三級資料中心，更重要的是，這是收購一個整個職業生涯都在從事這項工作的團隊，以及他們透過意向書和大量工作確定的龐大管道，價值 500 兆瓦。所以，他們知道這次收購的秘密。他們在改造方面的經驗是什麼？他們如何能夠更快、更便宜地完成改造？他們有更快、更便宜地完成改造的記錄，這真的是秘密武器，我們不會邊做邊想。在該領域變得熱門之前，我們已經招募了一支長期從事該領域的團隊。

So, we're really looking forward to developing that co-location pipeline. And, there'll be some exciting, definitely some exciting announcements in the medium term future, if not the near term future.

因此，我們非常期待開發該共置管道。而且，即使不是在短期內，在中期，也肯定會有一些令人興奮的公告。

Same, I appreciate.

同樣，我很感激。

All the color and.

所有顏色和。

Look forward to the updates.

期待更新。

Likewise.

同樣地。

Thank you for asking.

謝謝你的詢問。

Thank you. Our next question comes from Joe Gomes with Noble Capital.

謝謝。我們的下一個問題來自 Noble Capital 的 Joe Gomes。

Good morning, just wanted to kind of.

早上好，只是想問。

Get your your thoughts and if I look through the 10 this morning and.

了解你的想法，如果我今天早上瀏覽這 10 個。

You, you've got 33 million on the balance sheet of investments, and at the same time you're raising equity, and just trying to get, your thought on, how do you weigh that is it.

您的投資資產負債表上有 3300 萬美元，同時您正在籌集股權，只是想了解您的想法，您如何權衡這一點。

More is it a better opportunity to to liquidate those investments and not have to sell so many shares in the ATMs, just trying to get your thought process on that.

這是一個更好的機會來清算這些投資，而不必在 ATM 上出售那麼多股票，只是想讓你思考這一點。

Yeah, absolutely. So the recent filing was a mechanical renewal just to maintain flexibility and optionality. It doesn't reflect the change in our posture towards selective and strategic use of equity issuance. We understand, I completely understand, the optics are not great given the size of the ATM relative to our market cap. The market cap is transitory. Having the ATM on file is really just a tool we have access to. It's worth more to have that optionality in future years than to forego in favor of optics. But look, liquidity is critical for executing strategic initiatives and building customer confidence as mentioned on my, on the call earlier. We do balance raising equity with selling digital assets to fund growth responsibly. We did sell some Bitcoin. Fortunately, we did not sell any E.

是的，絕對是如此。因此，最近的申請只是一次機械性的更新，只是為了保持靈活性和可選性。它並沒有反映出我們對選擇性和策略性使用股票發行的態度的改變。我們理解，我完全理解，考慮到 ATM 相對於我們市值的規模，這種光學效果並不好。市值是暫時的。記錄 ATM 其實只是我們可以使用的工具。在未來幾年中，擁有這種可選性比放棄光學更有價值。但是，正如我之前在電話中提到的那樣，流動性對於執行策略性舉措和建立客戶信心至關重要。我們確實在籌集股權和出售數位資產之間取得​​平衡，以負責任地為成長提供資金。我們確實賣了一些比特幣。幸運的是，我們沒有賣出任何 E。

As that EE has had a really great run.

因為 EE 已經取得了非常大的進展。

And we're still pretty strong believers. There's a lot of juice in there, but.

我們仍然堅信這一點。裡面有很多果汁，但是。

We also are very excited to announce mortgage financing, which is really inexpensive capital in order to fund the growth of our data center business, and we look forward to announcing the terms of that mortgage financing very soon and that will really help with respect to how we.

我們也非常高興地宣布抵押融資，這是一種真正廉價的資本，用於資助我們資料中心業務的成長，我們期待很快宣布抵押融資的條款，這將對我們的業務發展真正有幫助。

Fund our growth. We want to use cheap sources of financing. We do not want to use the ATM.

資助我們的成長。我們希望利用廉價的融資來源。我們不想使用 ATM。

But it has to be an option.

但這必須是一個選擇。

Thanks.

謝謝。

Thank you.

謝謝。

Before we take our next question, just a reminder to our audience that is one to ask a question. Our next question comes from Kevin Dee with HC Wainwright.

在我們回答下一個問題之前，請提醒我們的聽眾，這是一個可以提問的問題。我們的下一個問題來自 HC Wainwright 的 Kevin Dee。

Hi, Kevin.

你好，凱文。

Hi, good morning, SAM, Eric, thanks for having me on the call.

嗨，早上好，SAM，Eric，感謝你們邀請我參加電話會議。

Apart, Eric mentioned changing the depreciation schedule, but apart from that, SAM, can you walk through.

除此之外，Eric 提到了改變折舊計劃，但除此之外，SAM，您能詳細介紹一下嗎？

The levers that you can pull or the variables that you see changing the gross margin profile of your cloud and colo business and maybe layer in a little discussion on the GPU procurement strategy and filling the shade form and DNA fund business.

您可以利用的槓桿或您看到的改變雲和託管業務毛利率狀況的變量，也許可以稍微討論一下 GPU 採購策略以及填寫陰影表格和 DNA 基金業務。

There's a few questions there. Let me rephrase a couple of those questions with respect to.

這裡有幾個問題。讓我重新表達一下其中幾個問題。

I'm not sure if it was a question or a comment about changing the depreciation schedule, but 3 years was just overly conservative and way too aggressive. If you look at others in the industry, they do 5, some even do more than 5, so even being at 5 at this point is still, we believe, responsible and conservative. I think the next question you had in there was.

我不確定這是一個關於改變折舊計劃的問題還是評論，但 3 年太保守了，也太激進了。如果你看看這個行業中的其他人，他們做了 5 個，有些甚至做了 5 個以上，所以即使現在處於 5 個，我們認為，仍然是負責任和保守的。我認為您接下來的問題是。

Or how, what are the different levers to increase the margins of our cloud business and our data center business? Is that what I, is that correct?

或者說，有哪些不同的槓桿可以提高我們的雲端業務和資料中心業務的利潤率？這是我的意思嗎，對嗎？

Yes, absolutely, SAM, thank you very much. I apologize for the the the connection that I'm working with here.

是的，絕對的，SAM，非常感謝。我對於我在這裡工作的關係深表歉意。

Yeah, no, all good, I mean, besides charging more, of course, to the customers, I'd love for, Billy to weigh in on the different levers, to increase, margins.

是的，不，一切都很好，我的意思是，除了向顧客收取更多費用之外，我希望比利能夠權衡不同的槓桿，以增加利潤。

And then I go ahead I can.

然後我就可以繼續前進了。

Jump in SAM, I mean Kevin, the biggest thing on the cloud side, is really just spreading the operating lease for for our anchor customer over a larger revenue base because that's one of the major.

加入 SAM，我的意思是 Kevin，雲端最重要的事情實際上是將我們主要客戶的經營租賃擴展到更大的收入基礎，因為這是主要的事情之一。

COGS items right now and it's, effectively a financing structure but it's above the line, so just getting more revenue.

目前，COGS 專案實際上是一種融資結構，但它高於標準線，因此可以獲得更多收入。

Like the absorption across that will naturally drive gross margin up. So any increase in revenues, broadly gross margin accretive, bill can add in on the data center side, but I think the way we look at it is pretty much every leading edge contract that we sign and revenue that goes on will lift gross margins as well.

就像吸收那樣，自然會提高毛利率。因此，任何收入的增加，廣泛的毛利率的增加，都可以在資料中心方面增加，但我認為我們看待它的方式是，幾乎我們簽署的每一份前沿合約和產生的收入也會提高毛利率。

On the data on the data center side, margins are very predictable, and can be relied on long-term contracts with clients who are very sticky.

在資料中心方面的資料方面，利潤率非常可預測，並且可以依靠與非常黏性的客戶簽訂的長期合約。

Give us great insight on what the numbers will be over the next couple of years. We're aiming for minimum 5 year contracts on that segment. So, the predictability and the reliability of those are very certain.

請向我們詳細介紹一下未來幾年的數字。我們的目標是在該領域簽訂至少 5 年的合約。因此，這些的可預測性和可靠性是非常確定的。

Yes SAM could you just touch on your procurement thinking your GPU procurement thinking? I mean, I know in the past you both.

是的，SAM，您能否談談您的採購想法，您的 GPU 採購想法？我的意思是，我過去認識你們兩個。

Bought and leased. I'm just wondering if that thinking and philosophy is altered in any way.

購買和租賃。我只是想知道這種思維和哲學是否發生了任何改變。

I think Eric is closer to that work stream than I am, so I'd love to.

我認為 Eric 比我更接近那個工作流程，所以我很樂意這麼做。

The procurement for on the cloud side just to clarify which side of the business are you referring to procurement for equipment for data centers or procurement for the GPUs.

雲端的採購只是為了澄清您指的是資料中心裝置採購還是 GPU 採購。

Yeah yeah GP yeah GPU for cloud, right, because you're.

是的，是的，GP，是的，用於雲端的 GPU，對，因為你是。

Big digital is responsible providing a compute for both shade form and DNA at least as I understand it.

至少據我所知，大數字負責為色相和 DNA 提供計算。

Yeah.

是的。

Yeah we do yeah.

是的，我們確實如此。

Yeah, we still remain, the same strategy, TRY to, sign contracts and tied to a procurement, so that you minimize our exposure to speculative procurement. But at the same time, we did, And procure some GPUs prior of signing a deficit, definitive agreements, that would allow us to do some R&D and do some, benchmarking and testing, as well. So we had completed our deployments in Iceland. Right now, there's a couple of deployment we're working on in Canada, and, different sites, as well.

是的，我們仍然保持相同的策略，嘗試簽訂合約並與採購掛鉤，以便最大限度地減少我們受到投機性採購的影響。但同時，我們在簽署最終協議之前確實採購了一些 GPU，這將使我們能夠進行一些研發以及基準測試和測試。這樣我們就完成了在冰島的部署。目前，我們正在加拿大和不同的地點進行一些部署。

And the higher level, if I may, add, and a higher level, if I may add, we tend to procure those, most advanced, technologies or GPUs, and which are more attractive to end users at early stage as well. And we had those relationships with the OEMs and the media, to get those chips at a faster or more accelerated timeline.

而且，如果我可以補充的話，在更高層次上，如果我可以補充的話，在更高層次上，我們傾向於採購那些最先進的技術或 GPU，這些技術或 GPU 在早期階段對最終用戶也更具吸引力。我們與 OEM 和媒體建立了關係，以便以更快或更快的時間表獲得這些晶片。

Right, thank you, appreciate it.

好的，謝謝，感激不盡。

Thanks, SAM.

謝謝，SAM。

Yeah, thank you.

是的，謝謝。

Thank you.

謝謝。

It appears that we have no further questions at this time, Mr. Tabar. I'll hand the call back to you for closing remarks.

塔巴爾先生，目前我們似乎沒有其他問題了。我會把電話交還給您，請您做最後發言。

Okay, well then, that's it then.

好的，那就這樣吧。

Thank you for joining us on the call today, everybody. We appreciate your continued interest and support. We look forward to speaking with you again in the next quarter. This officially concludes our call and have a great day, everybody.

感謝大家今天參加我們的電話會議。我們感謝您一直以來的關注與支持。我們期待下個季度再次與您交談。我們的通話到此正式結束，祝大家有個愉快的一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。