Bitdeer Technologies Group (BTDR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Bitdeer's fourth quarter and full year 2024 earnings conference call. (Operator Instruction)

您好，感謝您的支持。歡迎參加Bitdeer 2024年第四季和全年財報電話會議。（操作員指令）

I would like to send the conference over to your speaker host Yujia Zhai Investor Relations. Please go ahead.

我想將本次會議轉交給你們的演講主持人翟玉佳投資者關係部。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Bitdeer's fourth quarter and full year 2024 earnings news conference call. Joining me today are Jihan Wu, Chairman and CEO Linghui Kong, Chief Business Officer, Haris Basit, Chief Strategy Officer, and Jeff LaBerge, head of Capital Markets and strategic Initiatives.

謝謝接線員，大家早安。歡迎參加Bitdeer 2024年第四季和全年收益新聞電話會議。今天與我一起出席的還有董事長兼首席執行官吳忌寒、首席商務官孔令輝、首席戰略官哈里斯·巴西特 (Haris Basit) 和資本市場和戰略計劃主管 Jeff LaBerge。

Haris will begin today by providing a high-level overview of Bitdeer's fourth quarter and full year 2024 results and then cover the company's strategy in a detailed business update. After that, Jeff will cover Bitdeer's fourth quarter financial results in more detail, and then we will open the call for questions.

Haris 今天將首先概述 Bitdeer 第四季和 2024 年全年業績，然後在詳細的業務更新中介紹公司的策略。之後，Jeff 將更詳細地介紹 Bitdeer 第四季的財務業績，然後我們將開始提問。

To accompany today's earnings call, we have provided a supplemental investor presentation. This presentation can be found on Bitdeer's investor relations website under webcast and presentations. Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and certainties. Which may cause actual results to differ materially.

為了配合今天的收益電話會議，我們提供了補充投資者介紹。此簡報可在 Bitdeer 投資者關係網站的網路廣播和簡報中找到。在管理階層開始正式發言之前，我們想提醒大家，在今天的電話會議中，我們可能會做出某些前瞻性的陳述。這些聲明是基於管理層目前的預期，並受風險和確定性的影響。這可能會導致實際結果大不相同。

For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business, please refer to its filings with the SEC. Further, in addition to discussing results that are calculated in accordance with International Financial Reporting Standards, or IFRS. We will also make references to certain non-IFRS financial measures such as adjusted EBITDA and adjusted profit. For more detailed information on non-IFRS financial measures, please refer to our earnings release that was published earlier today. Which can be found on Bitdeer's investor relations website.

有關前瞻性陳述以及與 Bitdeer 業務相關的風險和不確定性的更完整討論，請參閱其向美國證券交易委員會提交的文件。此外，除了討論根據國際財務報告準則（IFRS）計算的結果之外。我們也將參考某些非國際財務報告準則的財務指標，例如調整後的 EBITDA 和調整後的利潤。有關非國際財務報告準則財務指標的更多詳細信息，請參閱我們今天早些時候發布的收益報告。該資訊可在 Bitdeer 的投資者關係網站上找到。

Thank you. I will now turn the call over to Haris.

謝謝。現在我將電話轉給哈里斯。

Thank you, Yujia, and good day everyone. Welcome to our Q4 and full year 2024 earnings conference call.

謝謝你，Yujia，大家好。歡迎參加我們的 2024 年第四季和全年財報電話會議。

I'm excited to share the many developments happening at Bitdeer and walk you through the progress we've made since last quarter. Before diving in, I'd like to briefly highlight our Q4 financial results, for which Jeff will provide more details in a few minutes.

我很高興與大家分享 Bitdeer 的許多發展，並向您介紹我們自上個季度以來所取得的進展。在深入探討之前，我想簡要介紹一下我們的第四季度財務業績，Jeff 將在幾分鐘後提供更多詳細資訊。

Starting on slide 3. For Q4 2024, total revenue was $69 million. Gross profit was $5.1 million and adjusted EBITDA was negative $3.8 million. This lower performance compared to Q4 2023 was primarily driven by the impact of the April 2024 having. Increased global network cash rate, lower hosting and cloud mining revenue, and higher R&D costs. These negative impacts were partially offset by higher year over year average self-mining hash rate and higher bitcoin prices.

從投影片 3 開始。2024 年第四季，總營收為 6,900 萬美元。毛利為 510 萬美元，調整後 EBITDA 為負 380 萬美元。與 2023 年第四季相比，這一表現較低主要是受到 2024 年 4 月的影響。全球網路現金率上升，託管和雲端挖礦收入下降，研發成本上升。這些負面影響被同比平均自挖礦哈希率的提高和比特幣價格的上漲部分抵消。

Over the last year, we made a deliberate decision to prioritize resources on the development of our own ASIC technology. This limited our hash rate growth but gives us massive advantages going forward that differentiates our business from the rest of the sector. As our mining machines become available in volume in the coming months, we will be able to rapidly increase our self-mining hash rate at a significant cost advantage, as well as sell our machines to external customers to begin penetrating the $4 billion to $5 billion annual ASIC market.

在過去的一年裡，我們慎重決定優先投入資源開發自己的 ASIC 技術。這限制了我們的哈希率成長，但卻為我們未來帶來了巨大的優勢，使我們的業務有別於該行業的其他業務。隨著我們的採礦機在未來幾個月內批量上市，我們將能夠以顯著的成本優勢迅速提高我們的自採礦哈希率，並將我們的機器出售給外部客戶，開始打入每年 40 億至 50 億美元的 ASIC 市場。

A core pillar of our strategy is to develop internal technologies and capabilities driven by our belief that this is the best way to maximize long term shareholder value. To secure long-term success, we are committed to building a fully vertically integrated business. This includes developing our own power generation assets, globally diversified data centers, and leading-edge mining hardware. As seen on slide five of our supplemental presentation, and in pursuit of our vertical integration initiative.

我們策略的核心支柱是發展內部技術和能力，我們堅信這是實現長期股東價值最大化的最佳方式。為了確保長期成功，我們致力於建立完全垂直整合的業務。這包括開發我們自己的發電資產、全球多元化資料中心和領先的採礦硬體。正如我們的補充簡報第五張投影片所示，我們追求的是垂直整合計畫。

we successfully acquired a 19-acre site that is fully permitted for construction of a 101-megawatt gas-fired power plant. This project is near Fox Creek, Alberta, and was acquired earlier this month for $21.7 million in cash. It also includes approval for a 99-megawatt grid interconnection with Alberta Electric System operator. We plan to develop and construct the power plant in partnership with a leading engineering procurement and construction firm for the completion and energization expected by Q4 2026.

我們成功獲得一塊佔地19英畝的土地，該土地完全有資格建造一座101兆瓦的燃氣發電廠。該項目位於阿爾伯塔省福克斯溪附近，本月稍早以 2,170 萬美元現金收購。它還包括批准與阿爾伯塔電力系統營運商進行 99 兆瓦電網互連。我們計劃與一家領先的工程採購和施工公司合作開發和建造該發電廠，預計於 2026 年第四季完工並投入營運。

In parallel to the gas-fired generator, we plan to develop a 99-megawatt data center for Bitcoin mining as the first phase of this site's development. We estimate the total capital expenditure for constructing the gas-fired power plant to be approximately $190 million with an additional $30 million allocated for electrical and data center infrastructure. Upon completion, we intend to deploy approximately nine Exahash of our steal miner A3 mining machines which are expected to deliver industry-leading efficiency of 11 to 12 joules per tera hash..

在建造燃氣發電機的同時，我們計劃開發一個 99 兆瓦的資料中心，用於比特幣挖礦，作為該站點開發的第一階段。我們估計建造燃氣發電廠的總資本支出約為 1.9 億美元，另外還需 3,000 萬美元用於電力和資料中心基礎設施。完成後，我們打算部署大約 9 台 Exahash Stealth Miner A3 採礦機，預計這些採礦機將達到業界領先的每太拉哈希 11 到 12 焦耳的效率。

We estimate energy production costs at this gas-fired power plant to range between $20 to $25 per megawatt hour based on current gas prices. Additionally, as part of the acquisition, we plan to implement a carbon utilization system that captures CO2, making this project a net zero carbon producer.

根據目前的天然氣價格，我們估計這座燃氣發電廠的能源生產成本在每兆瓦時 20 至 25 美元之間。此外，作為收購的一部分，我們計劃實施一個捕獲二氧化碳的碳利用系統，使該專案成為淨零碳生產商。

This initiative is expected to help offset Canadian carbon tax obligations while also creating potential future revenue opportunities through the sale of carbon credits. Further, as part of our energy optimization strategy, we plan to curtail and sell power back to the Alberta grid during periods of peak demand. This approach is expected to enhance cost efficiency while contributing to grid stability with minimal impact on Bitcoin production. We are extremely excited about this acquisition. This newly acquired site and power generation project represents a big step for Bitdeer, positioning us as the world's first fully vertically integrated Bitcoin miner at scale. With this development, we are on a path to achieve one of the lowest bitcoin mining costs in the industry.

預計該舉措將有助於抵消加拿大的碳稅義務，同時透過出售碳信用創造未來的潛在收入機會。此外，作為我們能源優化策略的一部分，我們計劃在高峰需求期間減少電力並將其賣回給阿爾伯塔電網。這種方法可望提高成本效率，同時有助於電網穩定，對比特幣生產的影響最小。我們對此次收購感到非常興奮。這個新收購的場地和發電項目代表著 Bitdeer 邁出了一大步，使我們成為世界上第一個完全垂直整合的比特幣礦工。隨著這一發展，我們正朝著實現業內最低的比特幣挖礦成本之一的目標邁進。

In terms of our ASIC business, which is highlighted on slides six through eight of our supplemental presentation, we continue to execute on our advanced chip roadmap, positioning ourselves for a transformative 2025. Owning and deploying our own mining AIs is an integral part of our full vertical integration strategy. It will provide us distinct advantages, such as a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing steel miner AI allows us to diversify our revenue streams into the rapidly growing AI market. Where we see strong demand for alternative suppliers of ASIC solutions.

就我們的 ASIC 業務而言（這在我們補充簡報的第六至第八張幻燈片中重點介紹），我們將繼續執行我們先進的晶片路線圖，為變革性的 2025 年做好準備。擁有和部署我們自己的採礦人工智慧是我們全面垂直整合策略不可或缺的一部分。它將為我們提供獨特的優勢，例如與整個產業相比，更低的成本結構、更高的資本效率以及顯著改善的供應鏈。此外，鋼鐵礦工人工智慧的商業化使我們能夠將收入來源多元化，進入快速成長的人工智慧市場。我們看到對 ASIC 解決方案替代供應商的強烈需求。

I will now provide a detailed update on our ASIC road map.

我現在將提供有關我們的 ASIC 路線圖的詳細更新。

Starting with SealMiner A1. To date we have energized 0.4 Exahash of our SealMiner A1. And they have demonstrated solid performance. The mass production of the remaining 3.3 Exahash remains on schedule and is expected to be completed in March 2025. For SealMiner A2, this minor represents a significant advancement in our technology roadmap, leveraging our proprietary Seal two chip.

從 SealMiner A1 開始。到目前為止，我們已經為 SealMiner A1 啟動了 0.4 Exahash。他們的表現非常出色。剩餘 3.3 Exahash 的量產仍按計劃進行，預計將於 2025 年 3 月完成。對於 SealMiner A2 來說，這個小版本代表了我們技術路線圖的重大進步，利用了我們專有的 Seal 兩晶片。

In '24, we commenced mass production at TSMC to deliver approximately 35 Exahash of SealMiner A2s by October 2025.This represents a delay of approximately one month compared to our original expectation due to a 6.4 magnitude earthquake that struck Taiwan on January 21, 2025. The SealMiner A2 is our first commercial miner available for sale to external customers. So far, we have allocated seven Exahash of the current 35 Exahash for external sale.

1924 年，我們開始在台積電進行大規模生產，計劃在 2025 年 10 月交付約 35 Exahash 的 SealMiner A2。由於 2025 年 1 月 21 日台灣發生了 6.4 級地震，這比我們最初的預期延遲了大約一個月。SealMiner A2 是我們第一款向外部客戶銷售的商業礦機。到目前為止，我們已經分配了現有 35 個 Exahash 中的 7 個 Exahash 用於對外出售。

Initial customer demand has been extremely strong, with pre-orders for the seven Exahash being oversubscribed by a factor of six. We have already received 20% of the total price as down payments on seven Exahash. Volume shipments to these customers will commence in March 2025. The remaining 28 Exahash of A2 capacity is currently intended to be used for our own self mining. The first batch of air-cooled machines have been delivered to our mining data centers for testing and are running stably.

初期顧客需求十分強勁，七台 Exahash 的預約量已超額六倍。我們已經收到了七台 Exahash 的總價 20% 的首付款。將於 2025 年 3 月開始向這些客戶大量出貨。A2 容量的剩餘 28 Exahash 目前打算用於我們自己的挖掘。首批風冷機器已經運送到我們礦場資料中心進行測試，並穩定運作。

Building on the success of A2, our R&D efforts for SealMiner A3 are progressing smoothly. This next generation model will feature the CL03 chip. Which is expected to deliver industry-leading energy efficiency of 10 joules per terahash at the chip level. Finished wafers from the initial tape out are expected in March 2025, with production readiness targeted for later this year. Achieving 10 joules per terahash chip efficiency would mark a major milestone for the industry, positioning SealMiner A3 as the most advanced and energy efficient ASIC on the market.

在A2成功的基礎上，我們對SealMiner A3的研發工作進展順利。下一代型號將採用 CL03 晶片。預計將在晶片級實現每太赫茲 10 焦耳的業界領先能源效率。首次流片的成品晶圓預計將於 2025 年 3 月推出，並計劃於今年稍後投入生產。實現每太赫茲 10 焦耳的晶片效率將標誌著該行業的重大里程碑，將 SealMiner A3 定位為市場上最先進、最節能的 ASIC。

As energy efficiency remains the most important single metric influencing buying decisions, we believe having the most efficient ASIC is the key factor to winning market share. Unlike other industries such as smartphones, where switching costs include significant ecosystem frictions, Bitcoin mining AIs operate in a highly fluid market where transitioning to alternate machines creates little or no friction. In this space, the most efficient and reliable machines win. With that in mind, we are eagerly awaiting the return of CLO3 sample wafers scheduled for March.

由於能源效率仍然是影響購買決策的最重要單一指標，我們認為擁有最高效的 ASIC 是贏得市場份額的關鍵因素。與智慧型手機等其他行業不同，這些行業的轉換成本包括巨大的生態系統摩擦，而比特幣挖礦人工智慧則在高度流動的市場中運行，轉換到替代機器幾乎不會產生摩擦。在這個領域，最高效、最可靠的機器將獲勝。考慮到這一點，我們熱切地期待定於三月歸來的 CLO3 樣品晶片。

Looking ahead to the second half of this year, our SealMiner A4 project is a testament to our commitment to maintaining technological leadership and pushing past perceived limitations of ASIC design. The CLO4 uses a revolutionary new digital chip architecture that significantly enhances energy efficiency and is projected to have a chip level energy efficiency of 5 joules per terahash.

展望今年下半年，我們的 SealMiner A4 專案證明了我們致力於保持技術領先地位並突破 ASIC 設計的已知限制。CLO4 採用革命性的全新數位晶片架構，顯著提高了能源效率，預計晶片級能源效率將達到每太赫茲 5 焦耳。

Tap out is planned for Q3 2025. We believe SealMiner A4, along with our third-generation chip, will position Bitdeer as the leading supplier of the world's most energy efficient mining machines, significantly strengthening our market position and unlocking substantial value for our customers and shareholders.

預計將於 2025 年第三季投入使用。我們相信，SealMiner A4 和我們的第三代晶片將使 Bitdeer 成為全球最節能挖礦機的領先供應商，大大增強我們的市場地位，並為我們的客戶和股東創造巨大的價值。

As we look to the remainder of 2025. We are fully committed to executing a successful entry into the multi-billion-dollar ASIC market while also rapidly ramping our self-mining hash rate. On slide eight of our supplemental investor presentation, we have laid out our expectations for self-mining hash rate into Q4 of this year. Given the significant amount of power capacity, we have coming online, our plan is to initially prioritize our current ASIC production towards self-mining.

展望 2025 年的剩餘時間。我們全力致力於成功進入價值數十億美元的 ASIC 市場，同時迅速提高我們的自挖礦哈希率。在我們補充投資者簡報的第八張幻燈片中，我們列出了對今年第四季自挖哈希率的預期。考慮到我們即將上線的大量電力容量，我們的計劃是首先優先考慮我們目前的 ASIC 生產，以實現自我挖掘。

We plan to energize the remaining SealMiner A1s and 28 exahash of SealMiner A2s on top of our existing 8.7 exahash of self-mining hash rate as of January 31st, 2025. Therefore, upon deployment of a combined 31.3 exahash of steel miner A1 and A2 machines, we expect our total self-mining hash rate to be approximately 40 exahash. We expect to be able to deliver this with machines fully racked and energized by Q4 2025. Please note that this forecast does not include anticipated additional wafer allocations for CLO2 or for CLO3.

我們計劃在 2025 年 1 月 31 日之前，在現有的 8.7 exahash 自挖哈希率的基礎上，為剩餘的 SealMiner A1 和 28 exahash 的 SealMiner A2 注入活力。因此，在部署總計 31.3 exahash 的鋼製礦機 A1 和 A2 機器後，我們預計我們的總自挖哈希率約為 40 exahash。我們預計能夠在 2025 年第四季之前實現機器全面安裝並投入使用。請注意，該預測不包括預期的 CLO2 或 CLO3 的額外晶圓分配。

Depending on the exact manufacturing schedule, these anticipated additional wafer allocations could increase our self-mining hash rate well above the 40 exahash guidance for Q4 2025. In addition, I'd like to address the recently published US Department of Commerce Bureau of Industry and Security ruling regarding advanced computing integrated circuits.

根據具體的生產計劃，這些預期的額外晶圓分配可能會使我們的自挖哈希率遠高於 2025 年第四季的 40 exahash 指引值。此外，我想談談美國商務部工業和安全局最近公佈的有關先進計算積體電路的裁決。

Based on our preliminary review, we do not expect that the application of the BIS rules will have any impact on the delivery of sealed chips. As the outsourced semiconductor assembly and test OSAT, companies for seal chips are approved OSAT companies under BIS regulations.

根據我們的初步審查，我們預計BIS規則的適用不會對密封晶片的交付產生任何影響。作為外包的半導體封裝測試OSAT，負責封裝晶片的公司都是BIS法規下核准的OSAT公司。

Next, I'd like to talk about our energy infrastructure and pipeline that's highlighted on slides 9 and 10 of our supplemental investor presentation. We have secured one of the largest globally diversified power portfolios in the industry, with over 2.6 gigawatts of total power capacity. About 1 gigawatt is scheduled to be newly energized over the course of 2025. This massive power portfolio allows us to deploy our SealMiner machines for self-mining and also capitalize on the significant demand for HBC and AI data center power. Based on a third-party feasibility study, many of our sites are suitable for HBC and AI data centers. In particular, our Clarington, Ohio site is a strong contender, given its near-term access to power, scale, and fiber and water resources.

接下來，我想談談我們在補充投資者簡報的第 9 張和 10 張投影片中重點介紹的能源基礎設施和管道。我們已擁有業內最大的全球多元化電力組合之一，總發電容量超過 2.6 千兆瓦。2025年期間預計將新增約1千兆瓦發電量。這一龐大的電力組合使我們能夠部署 SealMiner 機器進行自主挖礦，並滿足對 HBC 和 AI 資料中心電力的巨大需求。根據第三方可行性研究，我們的許多站點適合HBC和AI資料中心。尤其是我們位於俄亥俄州克拉靈頓的工廠，由於其近期可以獲得電力、規模以及光纖和水資源，因此是一個強有力的競爭者。

We are actively working with leading data center developers on long-term partnerships for selected sites. The shortage of reliable power for AI data centers is a critical challenge for the industry, and we believe Bitdeer can play a significant role. We look forward to providing an update to our shareholders in the near future. In summary, we made significant strides across all of our strategic initiatives to close out 2024, and we couldn't be more proud of the entire deer team. We expect 2025 to be a pivotal year as our efforts start to bear fruit, and we look forward to sharing updates on our progress.

我們正在積極與領先的資料中心開發商合作，在選定的站點建立長期合作夥伴關係。人工智慧資料中心可靠電力的短缺是產業面臨的關鍵挑戰，我們相信 Bitdeer 可以發揮重要作用。我們期待在不久的將來向股東提供最新消息。總而言之，在 2024 年結束時，我們在所有戰略計劃中都取得了重大進展，我們為整個鹿隊感到無比自豪。我們預計 2025 年將是關鍵的一年，因為我們的努力將開始取得成果，我們期待分享我們所取得的進展。

I'll now turn it over to Jeff LaBerge, our head of capital markets and strategic initiatives, to go over financial results for the quarter.

現在，我將把主題轉移到我們的資本市場和策略計畫主管 Jeff LaBerge 身上，討論本季的財務表現。

Thank you, Harris. Before I go over Bitdeer fourth quarter and full year 2024 results, I'd like to remind everyone that all figures I refer to today are in US dollars and that all comparisons are on a year over year basis unless stated otherwise. I would like to also note that these results are unaudited and preliminary, and we are working to file our 2024 annual report in 20F with the SEC by the end of March 2025.

謝謝你，哈里斯。在介紹 Bitdeer 第四季和 2024 年全年業績之前，我想提醒大家，我今天引用的所有數字都是以美元為單位，並且所有比較都是按同比計算的，除非另有說明。我還想指出，這些結果是未經審計的初步結果，我們正在努力在 2025 年 3 月底之前向美國證券交易委員會提交 20F 格式的 2024 年度報告。

Starting with Q4 results, consolidated revenue was $69 million versus $114.8 million. Self-mining revenue was $41.5 million down 11.5%, primarily due to impact from the April 2024 halving and higher global network cash rate. This was partially offset by an increase in our average self-mining hash rate to 8.4 exahash from 7 exahash and higher year over year Bitcoin prices. Cloud hash rate revenue was $2.3 million versus $16.2 million. This decline was primarily due to long term cloud hash rate contracts rolling off, and our decision to reallocate nearly all of this hash rate to our self-mining operations over the course of 2024.

從第四季業績開始，合併收入為 6,900 萬美元，而去年同期為 1.148 億美元。自挖礦收入為 4,150 萬美元，下降 11.5%，主要原因是 2024 年 4 月減半和全球網路現金利率上升的影響。這在某種程度上被我們平均自挖哈希率從 7 exahash 增加到 8.4 exahash 以及比特幣價格同比上漲所抵消。雲哈希率收入為 230 萬美元，而同期為 1,620 萬美元。這種下降主要是由於長期雲端哈希率合約的到期，以及我們決定在 2024 年期間將幾乎所有哈希率重新分配給我們的自挖礦業務。

General hosting revenue was $8.5 million versus $25.2 million. Membership hosting revenue was $12.4 million versus $23.4 million. The decrease in hosting revenue was mainly due to the expiration of certain hosting contracts, as well as the removal of older and less efficient machines by other hosting customers following the having in April 2024. Compared to Q3 "24, total hosting revenue and gross profit improved by 7.2% and 106.7% respectively, due to higher margins of profit sharing in Q4 and more efficient mining rigs.

一般託管收入為 850 萬美元，而同期數字為 2,520 萬美元。會員託管收入為 1,240 萬美元，去年同期為 2,340 萬美元。託管收入的減少主要是由於某些託管合約到期，以及其他託管客戶在 2024 年 4 月之後拆除較舊、效率較低的機器。與24年第三季相比，由於第四季利潤分成幅度更高且採礦設備效率更高，總託管收入和毛利分別成長了7.2%和106.7%。

Total gross profit for the quarter was $5.1 million versus $27 million and gross margin was 7.4% versus 23.5%. The decrease in our gross margin was primarily a result of the April 2024 halving and the expiration of contracts from our high margin cloud hash rate business. Going forward, as we begin to rapidly grow our hash rate with new, much more efficient seal miners, we expect our margins to improve significantly, assuming all else equal in terms of Bitcoin price and network of difficulty.

本季總毛利為 510 萬美元，去年同期為 2,700 萬美元，毛利率為 7.4% 而去年同期為 23.5%。我們毛利率的下降主要是由於 2024 年 4 月減半以及我們高利潤的雲端哈希率業務的合約到期。展望未來，隨著我們開始使用新的、更有效率的密封礦工快速提高我們的哈希率，我們預計我們的利潤率將大幅提高，假設比特幣價格和網路難度方面的其他條件相同。

Total operating expenses for the quarter were $42.5 million versus $27.4 million. The increase was primarily driven by higher engineering staff and other costs related to the R&D of our ASICs roadmap and non-cash amortization expenses of the tangible assets related to the acquisition of free chain.

本季總營運費用為 4,250 萬美元，而去年同期為 2,740 萬美元。成長的主要原因是工程人員費用增加、與我們的 ASIC 路線圖研發相關的其他成本以及與收購自由鏈相關的有形資產的非現金攤銷費用。

Sequentially versus Q3 '24, total operating expenses decreased by approximately 1%. This is primarily due to no takeout costs in Q4, which was almost entirely offset by increases in the non-cash amortization expense related to the acquisition of free chain, year-end bonuses, and consulting expenses for capital markets activities and compliance activities.

與 24 年第三季相比，總營運費用較上季下降約 1%。這主要由於第四季度沒有外帶費用，但幾乎完全被收購自由連鎖相關的非現金攤銷費用、年終獎金以及資本市場活動和合規活動的諮詢費用的增加所抵消。

Other net gain loss for the quarter was a net loss of $479.8 million versus a net gain of $1.1 million due to a $55.8 million-dollar non-cash derivative loss on the tether warrants and a $413.7 million-dollar non-cash derivative loss on the convertible notes issued in August and November. This loss was caused by the significant increase in our stock price during the quarter. IFRS net loss for the quarter was $531.9 million versus $5 million. Adjusted profit and adjusted EBITDA for the quarter was negative $36.9 million and $3.8 million respectively. This quarter's losses were primarily due to the year over year revenue declines in our cloud hash rate and hosting businesses and lower gross profit margins in our self-mining business as a result of the April 2024 having and higher R&D expenses as described previously.

本季的其他淨損益為淨虧損 4.798 億美元，而淨收益為 110 萬美元，原因是 8 月和 11 月發行的認股權證的非現金衍生品損失為 5,580 萬美元，可轉換票據的非現金衍生品損失為 4.137 億美元。該損失是由於本季我們股價大幅上漲所造成的。本季 IFRS 淨虧損為 5.319 億美元，而 IFRS 淨虧損為 500 萬美元。本季調整後利潤和調整後 EBITDA 分別為負 3,690 萬美元和 380 萬美元。本季的虧損主要由於我們的雲端哈希率和託管業務收入同比下降，以及由於 2024 年 4 月的收購和前面所述的研發費用增加導致我們的自挖礦業務毛利率下降。

Quickly touching on our full year 2024 results. Revenue was $349.8 million gross profit was $66.4 million and adjusted EBITDA was $39.4 million. A detailed breakdown of our full year results by business line can be found in our earnings press release that was issued today. In terms of Q4 2024 ending balance sheet, there were several notable items that I would like to highlight. Pre-payments and other assets were $310.2 million up from $97.1 million. This change was primarily driven by our advanced payments to TSMC for our CLO2 mass production. Inventories were $64.9 million up from essentially zero. This mainly included wafers, chips, whip, and finished seal miner inventory. Intangible assets of $83.2 million and goodwill of $35.8 million are mainly from our 2024 acquisition of Norway and free chain.

快速了解我們 2024 年全年業績。營收為 3.498 億美元，毛利為 6,640 萬美元，調整後 EBITDA 為 3,940 萬美元。我們今天發布的收益新聞稿中可以找到按業務線劃分的全年業績詳細分類。就 2024 年第四季期末資產負債表而言，我想強調幾個值得注意的項目。預付款和其他資產從 9,710 萬美元增加到 3.102 億美元。這項改變主要是因為我們向台積電預付了 CLO2 量產費用。庫存從幾乎為零增加了 6,490 萬美元。這主要包括晶圓、晶片、鞭子和成品密封礦工庫存。8,320 萬美元的無形資產和 3,580 萬美元的商譽主要來自我們 2024 年對挪威和自由連鎖的收購。

In liabilities, derivative liabilities were $763.9 million which relates to the tether warrants in August and November convertible senior notes. These are non-cash fair value adjustments driven by the significant increase in our stock price and do not impact our liquidity or operations. Under IFRS, certain derivative instruments such as warrants, and convertible debt are required to be revalued at fair market value each reporting period. As our stock price increases, the fair value of these instruments rise, resulting in a higher reported liability. The recorded liability will ultimately be netted at settlement either upon conversion to equity or expiration of the underlying securities and do not represent an actual cash outflow.

在負債方面，衍生負債為 7.639 億美元，與 8 月的認股權證和 11 月的可轉換優先票據有關。這些都是由於我們股價大幅上漲而推動的非現金公允價值調整，不會影響我們的流動性或營運。根據國際財務報告準則，某些衍生性工具（例如認股權證和可轉換債務）需要在每個報告期間以公平市場價值重新估價。隨著我們的股價上漲，這些工具的公允價值也隨之上升，導致報告的負債增加。記錄的負債最終將在轉換為股權或基礎證券到期時結算時進行淨額結算，並不代表實際的現金流出。

With respect to liquidity, we ended the year in a strong financial position with $476.3 million in cash and cash equivalents, $77.5 million in cryptocurrencies, and $208.1 million in borrowings excluding derivatives. In Q4, we began to hold a portion of our Bitcoin mind, and we anticipate continuing this strategy for the foreseeable future at management's discretion. Please note our P&L and adjusted EBITDA does not include any fair value gains or losses related to cryptocurrencies on our balance sheet due to IFRS accounting rules that require cryptocurrencies holdings to be accounted for on a cost basis, net of impairments rather than fairer value basis.

在流動性方面，我們今年的財務狀況強勁，擁有 4.763 億美元的現金和現金等價物、7,750 萬美元的加密貨幣以及 2.081 億美元的（不包括衍生品）借款。在第四季度，我們開始部分考慮比特幣，我們預計在可預見的未來將根據管理層的判斷繼續實施這項策略。請注意，我們的損益表和調整後的 EBITDA 不包括資產負債表上與加密貨幣相關的任何公允價值收益或損失，因為 IFRS 會計規則要求加密貨幣持有量按成本基礎（減去減值）而不是公允價值基礎進行核算。

Moving on to our cash flow statement, Q4 2024 cash used in operations was $325.1 million compared to $67.1 million. This material change was primarily driven by payments of $190.6 million to TSMC for CLO2 wafers, which represent more than half of the required wafers. For the previously announced 35 exahash and payments of $52.8 million to TSMC for takeout of CLO3, including initial risk wafers. Please note that while the CLO3 tape out costs were paid in Q4 2024, it will be expensed on the Q1 2025 P&L.

繼續查看我們的現金流量表，2024 年第四季營運所用現金為 3.251 億美元，去年同期為 6,710 萬美元。這一重大變化主要是由於向台積電支付 1.906 億美元的 CLO2 晶圓費用，這筆費用佔所需晶圓數量的一半以上。對於先前宣布的 35 exahash 和向台積電支付 5,280 萬美元用於收購 CLO3，包括初始風險晶圓。請注意，雖然 CLO3 流片成本已於 2024 年第四季支付，但它將在 2025 年第一季的損益表中計入費用。

Further, I think it's important to highlight that our cash inflow from the sale of Bitcoin related to our Bitcoin mining business are classified in the investing section of our cash flow statement. Net cash used in investing activities was $10 million including $48.4 million of capital expenditure for infrastructure construction and mining rigs offset by $38.8 millions of proceeds from the sale of cryptocurrencies received from our principal business. Net cash generated from financing activities for the quarter was $522.8 million and was primarily related to the proceeds from our convertible note issued in November and our ATM program.

此外，我認為有必要強調的是，與我們的比特幣挖礦業務相關的比特幣銷售產生的現金流入被歸類在我們的現金流量表的投資部分。投資活動所使用的淨現金為 1000 萬美元，其中包括基礎設施建設和採礦設備的資本支出 4840 萬美元，抵消了我們從主要業務中出售加密貨幣所得的 3880 萬美元。本季融資活動產生的淨現金為 5.228 億美元，主要與我們 11 月發行的可轉換票據和 ATM 計畫的收益有關。

In terms of our 2025 capital expenditures, we anticipate CapEx, including Fox Creek, Alberta, to be in the range of $340 to $370 million and could be fully funded by the existing balance sheet. It should be noted that this infrastructure spend assumes the sites are developed for bitcoin mining and does not include CapEx for SealMiner used for self-mining.

就我們 2025 年的資本支出而言，我們預計包括阿爾伯塔省 Fox Creek 在內的資本支出將在 3.4 億至 3.7 億美元之間，並且可以完全由現有資產負債表資助。值得注意的是，該基礎設施支出假設這些場地是為比特幣挖礦而開發的，並不包括用於自行挖礦的 SealMiner 的資本支出。

Finally, I'd like to provide some context on the $1 billion dollar ATM shelf registration that we filed on January 3rd, 2025. I want to emphasize that we will continue to utilize our ATM in a disciplined manner that we believe will add value to existing shareholders. Our management team's ownership in the company is among the highest in the industry, thus aligning our interests with our shareholders. On slide 12 of our supplemental investor presentation, you can see our ATM usage for 2024 in January of 2025. Notably, we did not begin meaningfully utilizing our ATM until the fourth quarter of 2024 when our stock price had risen significantly. As a result, our total ATM usage in 2024 plus January 2025 accounted for only 14.4% of our shares outstanding as of January 31, 2025.

最後，我想提供一些有關我們於 2025 年 1 月 3 日提交的 10 億美元 ATM 擱置註冊的背景資訊。我想強調的是，我們將繼續以規範的方式使用我們的 ATM，我們相信這將為現有股東增加價值。我們的管理團隊對公司的所有權是業界最高的，從而使我們的利益與股東的利益一致。在我們的補充投資者簡報的第 12 張投影片上，您可以看到 2025 年 1 月我們 2024 年的 ATM 使用情況。值得注意的是，直到 2024 年第四季度，當我們的股價大幅上漲時，我們才開始真正利用我們的 ATM。因此，截至 2025 年 1 月 31 日，我們 2024 年加上 2025 年 1 月的 ATM 總使用量僅占我們已發行股票的 14.4%。

The primary objective of this ATM is to enhance balance sheet flexibility and provide us with the necessary liquidity to secure additional wafer allocations from TSMC, which typically require large advance payments. This flexibility will enable us to significantly scale C minor production to meet growing demand and position us to capture significant market share in the multi-billion-dollar ASIC market.

該 ATM 的主要目標是增強資產負債表的靈活性，並為我們提供必要的流動性，以確保從台積電獲得額外的晶圓分配，這通常需要大量的預付款。這種靈活性將使我們能夠顯著擴大 C 小調的生產以滿足不斷增長的需求，並使我們能夠在價值數十億美元的 ASIC 市場中佔據重要的市場份額。

Thank you everyone. That concludes the prepared remarks sections of our earnest call operator, please open the call for questions.

謝謝大家。這就是我們熱切電話接線員的準備好的評論部分，請開始提問。

Ladies and gentlemen, (Operator Instruction)

女士們，先生們，（操作員指令）

First question coming from the line up my calling is Mike Collins H.C. Wainwright the line is now open.

第一個提問的是 Mike Collins H.C.溫賴特 (Wainwright) 該線路現已開通。

Hi, good morning, guys. Great update today and thank you for taking my question. And we're going to be focused on the mining rigs here. So, there have been several media reports out there that suggest some US-based miners are experiencing delays in receiving their ASICs, from your biggest competitor, amid the trade tensions between the US and China here. It'd be great to hear your thoughts on this and if this has changed the demand for your SealMiner.

大家早安。今天的更新很棒，感謝您回答我的問題。我們將重點放在這裡的採礦設備。因此，有幾份媒體報導稱，在美國和中國之間的貿易緊張局勢下，一些美國礦工在從其最大的競爭對手那裡收到 ASIC 時遇到了延誤。我很高興聽到您對此的想法，並了解這是否改變了您對 SealMiner 的需求。

So, I'll take a quick. That we are just watching the news the same as you for in terms of what's happening with other folks' miners. We have not. Had, any direct experience of that ourselves, so, I don't know if Jihan, if you want to elaborate on that.

因此，我會快速行動。我們和您一樣都在關注新聞，了解其他礦工的動態。我們沒有。我們自己有沒有直接經歷過這樣的事情，所以，我不知道 Jihan 是否願意詳細說明這一點。

Well. I think that this issue, according to the recent news has been solved. Quite a good. Like the by the lobbyists and by other, Industrial association's efforts to communicate with the. I think we consider this issue as well because, our money rake. We'll need to explore the market of the United States. Hopefully that, this issue can be resolved, quite smoothly.

出色地。我認為根據最近的消息，這個問題已經解決了。相當好。就像遊說者和其他工業協會所做的努力一樣。我想我們也考慮過這個問題，因為我們的錢是用來賺的。我們需要開拓美國市場。希望這個問題能夠順利解決。

Got it. Thanks for the color there and you're staying on the proprietary mining rigs here. So how should we think about manufacturing capacity you have available to produce your next batch of A2s in the next gen A3 rig? I know you're shipping 35 exahashh A2s this year. Just trying to think through total capacity to produce your next batch of rigs here.

知道了。感謝您提供的顏色，您將繼續使用這裡的專有採礦設備。那麼，我們應該如何考慮您在下一代 A3 鑽機上生產下一批 A2 的製造能力呢？我知道你今年要出貨 35 exahashh A2。只是想思考這裡生產下一批鑽孔機的總產能。

We do expect the capacity to continue to go up. TSMC is really a trusted and very good partner for us on this, but. We don't really pre-announce any of those and so as we get more allocation from TSMC, we will, we'll make those announcements in the future. We're optimistic, and our relationship with TSMC remains strong.

我們確實預期產能將持續上升。在這方面，台積電確實是我們值得信賴的非常好的合作夥伴，但是。我們實際上並沒有預先宣布任何這些，因此，當我們從台積電獲得更多分配時，我們將在未來宣布這些消息。我們很樂觀，我們與台積電的關係依然牢固。

Got it. Helpful. And just one more to to slip in, how do we think about the revenue recognition and basic sales? I know you received a 20% payment for the full seven exahashh , but how do the payments progress, through the stages of the delivery?

知道了。很有幫助。最後再問一句，我們如何看待收入確認和基本銷售？我知道您已收到全部 7 exahashh 的 20% 付款，但在交付的各個階段，付款是如何進展的？

Sure, so I'll take that. So, our revenue is typically going to be recognized upon delivery of the A6. So, the down payments right now are being held on just on the balance sheet and will be recognized once they're fully delivered to the customer.

好的，我接受。因此，我們的收入通常在 A6 交付時確認。因此，目前的首付款僅保留在資產負債表上，一旦全部交付給客戶就會被確認。

Great, thank you for. Taking my question.

太好了，謝謝你。回答我的問題。

Thank you. Our next question coming from the lineup, Nick Giles with B. Riley. Your line is now open.

謝謝。我們的下一個問題來自陣容，B. Riley 的 Nick Giles。您的線路現已開通。

Good morning, everyone. This is Fedor Shabalin asking questions on behalf of Nick Giles. I want to touch on Capek's outlook for 2025. You, Jeff, you mentioned. Some number, but could you outline the allocation just kind of if you want, if you may specify the sites involved, for visa this part and and intended uses of this, funds for, so what is the breakdown between self-mining CapEx and say HPC or AI spending. Thank you.

大家早安。這是 Fedor Shabalin 代表 Nick Giles 提出的問題。我想談談恰佩克對2025年的展望。你，傑夫，你有提到過。一些數字，但如果您願意的話，您能否概述一下分配情況，如果您可以指定所涉及的站點，用於簽證這部分以及這部分資金的預期用途，那麼自挖礦資本支出和 HPC 或 AI 支出之間的細目是什麼。謝謝。

Sure. So, the CapEx numbers that we discussed on the call are specifically for assuming the sites are used for Bitcoin mining and that reflects the just the infrastructure cost of those. So, that infrastructure cost could obviously change if we were to pivot it to, for example, HPC, AI it also does not include the cost of the steel miners that we would put in the, there, for self-mining. So, of the numbers that we referenced earlier, those would cover our expansions in Rockdale, Texas, the hydro expansion there. Build out in full build out in Bhutan. Maslin, Ohio. And the phase one of Clarington, Ohio, and we also cover the generation portion of the new facility in Alberta, and again, assumes all those will be going to Bitcoin mining, obviously if one of them were to be pivoted to something else that would change.

當然。因此，我們在電話會議上討論的資本支出數字是專門假設這些站點用於比特幣挖掘，並且這反映了這些站點的基礎設施成本。因此，如果我們將其轉向例如 HPC、AI，基礎設施成本顯然會發生變化，而且它還不包括我們在那裡投入用於自我採礦的鋼鐵礦工的成本。因此，我們之前提到的數字將涵蓋我們在德克薩斯州羅克代爾的擴張以及那裡的水電擴張。在不丹全面建設。俄亥俄州馬斯林。在俄亥俄州克拉靈頓的第一階段，我們還介紹了位於阿爾伯塔省的新設施的發電部分，再次假設所有這些都將用於比特幣挖礦，顯然，如果其中一個轉向其他東西，情況就會改變。

Good, thank you for that and then the and then on Clarington's side. What will be ready by the outlined date in pre-2025, so this year, and the same question from Maslan side, just, infrastructure wise what will be done by this.

很好，謝謝你，然後是克拉靈頓那邊。到 2025 年之前，也就是今年，什麼將會準備就緒，而 Maslan 方面也提出了同樣的問題，只是基礎設施方面將會做些什麼。

So, the Claritin site, the phase one of 266 megawatts is expected to be available in 2025. Same with Maslin, Ohio, the full 221 megawatts should be available there as well.

因此，Claritin 電廠第一期工程預計發電容量為 266 兆瓦，將於 2025 年投入使用。俄亥俄州馬斯林的情況也一樣，那裡也應該能夠提供 221 兆瓦的電力。

Yeah, I mean, yeah, but it's just going to be energized or subs substation in place or what about the shell data center.

是的，我的意思是，是的，但它只是會被通電或變電站到位，或者外殼資料中心怎麼樣。

So that that would just cover the infrastructure, the power infrastructure. So again, we are under construction in Maslin, Ohio, that will be ready that is targeted for the second half of this year. Again, if we continue with down with Bitcoin mining, we should have that completed by the end of the year. And the Claritin sub decision we are is currently still in the development stage right now, so we would expect construction on the substation this year.

這樣就只涵蓋基礎建設、電力基礎設施。再次重申，我們正在俄亥俄州馬斯林進行建設，預計今年下半年完工。再說一次，如果我們繼續進行比特幣挖礦，我們應該在年底前完成。目前，我們對 Claritin 變電站的決策仍處於開發階段，因此我們預計今年將建造該變電站。

Got it. Thank you for calling. I turn it over for now. Thanks, best of luck.

知道了。感謝您打電話。我暫時把它翻過來。謝謝，祝你好運。

Thank you. Our next question coming from the line of Darren Ata with broad capital, your line is now open.

謝謝。我們的下一個問題來自大寫的達倫·阿塔 (Darren Ata)，您的電話現在可以接通了。

Hey, good morning, good evening, thanks for taking my questions. I'm just kind of curious with the full verticalization with the acquisition in Alberta, how are you guys' kind of strategically thinking about Bitcoin mining, for sites you currently have where you're maybe. I guess the question is in the in the vein of full verticalization of behind the mirror versus, not, and then my second question, how do we kind of think about your strategic decisions about self-mining versus selling those rigs to third parties just giving Harris your comments about the six time over subscription thanks.

嘿，早上好，晚上好，感謝您回答我的問題。我只是有點好奇，隨著在阿爾伯塔省的收購，你們對比特幣挖礦的戰略思考是什麼，對於你們目前可能所在的站點。我想問題在於鏡子後面的完全垂直化，而不是，然後我的第二個問題是，我們如何看待你關於自我挖掘的戰略決策，而不是將這些鑽機出售給第三方，只是給哈里斯你關於六倍超額認購感謝的評論。

Okay, I think I can take a first crack at that, so. With regards to our existing sites, we haven't changed our position there. We're still very bullish on Bitcoin mining and for the most part you can assume that we will continue allocating Bitcoin mining resources to our existing sites as we pivot any one of those sites, we'll definitely announce that, but. It hasn't really the acquisition of the site in Canada or Alberta has not really changed our thoughts on the other sites.

好的，我想我可以先嘗試一下，這樣。就我們現有的站點而言，我們並沒有改變那裡的立場。我們仍然非常看好比特幣挖礦，並且大多數情況下，你可以假設我們將繼續將比特幣挖礦資源分配給我們現有的站點，因為我們會調整任何一個站點，我們肯定會宣布這一點，但是。對加拿大或阿爾伯塔省的收購實際上並沒有改變我們對其他地點的看法。

The allocation between selling the machines versus using them, until we have satisfied most of our own spare capacity, we will have a strong preference for using the machines for self-mining. But as our capacity fills up and especially with the A3, we will lean further and further towards sales versus self-usage so you can expect that transition, to happen sometime. '26 probably where we'll have more emphasis on sales than on self-usage, but for now we're focusing very much on using the A2s in particular for our self-mining.

在出售機器與使用機器之間的分配，在我們滿足了大部分自己的閒置產能之前，我們會強烈傾向於使用機器進行自我挖礦。但隨著我們的產能填滿，特別是 A3 的填滿，我們將越來越傾向於銷售而不是自用，所以你可以期待這種轉變會在某個時候發生。 '26 我們可能會更加重視銷售而不是自用，但目前我們非常注重使用 A2 進行自我開採。

Helpful, thank you.

很有幫助，謝謝。

Thank you. Our next question coming from the line of Kevin Cassidy with Frozen Ba Securities line is now open.

謝謝。我們的下一個問題來自 Frozen Ba Securities 熱線的 Kevin Cassidy。

Thanks. Thank you for taking my question. And my question also is around the steel mining rigs. You're going to start shipping in March for the A2. How long will it take your customers to qualify it and say, that they'll, they have accepted it, and You know what, what's the next phase after that.

謝謝。感謝您回答我的問題。我的問題也是有關鋼製採礦設備。您將於三月開始出貨 A2。您的客戶需要多長時間才能確認其資格並表示他們已經接受了它，您知道嗎，之後的下一個階段是什麼。

So, typically it doesn't take very long for mining rig to be qualified, but maybe I'll ask either Matt or Jihan to, who are closer to some of these customers that are qualifying it if they have a timeframe in mind.

因此，通常來說，採礦設備的鑑定並不需要花費很長時間，但如果他們心中有一個時間表，也許我會請 Matt 或 Jihan 來鑑定，因為他們與一些進行鑑定的客戶更接近。

I think the time we committed has already included, the time, to do everything. Including the qualification. Required we committed the time with shipping out the mining rig.

我認為我們承諾的時間已經包括了做所有事情的時間。包括資格。我們需要投入時間運送採礦設備。

Okay, maybe as a follow up. Yeah, I was just wondering as you go to the A3 if that's going to be the larger model for. Sales is that a quicker, qualification stage.

好的，也許作為後續。是的，我只是想知道當你談到 A3 時這是否會是更大的型號。銷售是一個更快、更合格的階段。

From verification of the chip to mass production. To really happens, usually it will take six months. I think this is quite fast. Speed in the industry to Bring the chip into that production.

從晶片的驗證到量產。要真正實現，通常需要六個月的時間。我認為這已經相當快了。加快產業將晶片投入生產的速度。

Okay, great. And maybe just one other question. How many customers have you, will you be shipping to The A2.

好的，太好了。也許還有一個問題。您有多少客戶，您會出貨到 A2 嗎？

So, I think we have said in earlier earnings call that it was more than 60 customers.

所以，我認為我們在早些時候的財報電話會議上說過，客戶數量超過 60 位。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. Our next question coming from the line of Brian Krislinger with Alliance Global Partners. Your line is now open.

謝謝。我們的下一個問題來自 Alliance Global Partners 的 Brian Krislinger。您的線路現已開通。

Great thanks so much for taking my questions.

非常感謝您回答我的問題。

As it relates to external sales for CO minor. How are you thinking about the short-term pricing strategy and medium term given the efficiency and then can you call out the maybe total expected tape out cost by quarters if you know them roughly for 2025.

因為它與 CO minor 的外部銷售有關。考慮到效率，您如何考慮短期定價策略和中期定價策略？如果您大致知道 2025 年的成本，能否按季度估算出預期的總流片成本？

Okay, our existing pricing for the A2s we announced earlier was $15 per tera hash, and we think that's a very competitive price based on being a new entrant into the market and you know just wanting to be. Get a large market presence initially, so. I think as we get our A3s and our energy efficiency is leading of any other vendor, we have much more flexibility in our pricing, and we expect that our pricing will reflect the energy efficiency of the machine. So, you can expect to see that. And then what was the second part of your question.

好的，我們之前宣布的 A2 現行定價為每太哈希 15 美元，我們認為，作為市場新進入者，這是一個非常有競爭力的價格。最初獲得較大的市場佔有率，因此。我認為，隨著我們的 A3 的推出，我們的能源效率領先於其他任何供應商，我們的定價將更加靈活，我們希望我們的定價能反映機器的能源效率。因此，您可以期待看到這一點。那麼你的問題的第二部分是什麼？

It was just, the tape out cost I think you mentioned the first quarter is when you'll see some, just maybe for modeling purposes you can kind of discuss what you already know.

我認為您提到的第一季的流片成本是您會看到一些的，也許出於建模目的，您可以討論您已經知道的內容。

Yeah, so the tape out cost for A2 and A3 are already paid for so that those have obviously already been paid. The tape out cost looking forward are primarily for the A4 and so we, that should be in line with A2 and A3 cost. We will incur that most likely in Q3. There may be other small tape out costs for other things, but I don't think those are going to be as meaningful as what we've already incurred for the A2 and A3.

是的，A2 和 A3 的流片成本已經支付了，顯然這些成本已經付了。未來的流片成本主要針對 A4，因此，這應該與 A2 和 A3 成本一致。我們很可能會在第三季遭遇這一情況。可能還有其他小額的流片成本用於其他產品，但我認為這些成本不會像我們已經為 A2 和 A3 產生的那樣有意義。

Great, so.

太好了。

Sorry, for the A3 we taped out two couple of designs simultaneously. So, for the A3, R&D, the Maybe an extra spending expenditure on the design and R&D cost. I'm not sure whether this has been delivered to theAladis Quaternary or not. So, I we spend the two masks on the expenses.

抱歉，對於 A3，我們同時設計了兩組設計。所以，對於A3來說，研發方面，可能還需要額外花費設計和研發成本。我不確定這是否已經交付給Aladis Quaternary。所以，我把兩個口罩的費用都花在這上面了。

Just to emphasize that that A3 we had two different competing designs and so the the. tape out costs for the A3 were almost double because of that.

只是為了強調一下，A3 我們有兩種不同的競爭設計，所以。因此，A3 的流片成本幾乎翻倍。

Makes sense and then my other question I guess a larger HPCAI question that I'm sure investors are thinking about. Since the deep seek moment if you will. Obviously suggesting any anyway that they were able to perform with unusually low cost and power and then we've seen some of the hyper scalers kind of have some uncertainty about their plans. Have you seen any changes in conversations about HPCAI opportunities or has there been zero change.

這是有道理的，然後我的另一個問題，我想這是一個更大的 HPCAI 問題，我相信投資者正在思考。從深度探索的時刻起如果你願意的話。顯然，無論如何，他們都能夠以異常低的成本和功耗來實現這一目標，然後我們看到一些超級擴展器對他們的計劃存在一些不確定性。您是否看到有關 HPCAI 機會的對話有任何變化，或者沒有任何變化。

So, we have, after each of those events, queried, our connections and the people that we're discussing partnerships with, and we have not seen any pullback from the people that we're speaking with.

因此，在每次活動之後，我們都向我們的聯絡人和正在討論合作事宜的人員進行了詢問，我們沒有看到與我們交談的人員有任何退縮。

Great thank you so much.

太好了，非常感謝。

Thank you. Our next question coming from the lineup, Mike Grondahl with Northland Capital Markets, line is now open.

謝謝。我們的下一個問題來自 Northland Capital Markets 的 Mike Grondahl，現在在線。

Hey guys, two questions at a high level. How would you describe the demand environment for HPCAI. And specifically, how many megawatts of your power are you offering. And then two, Post the 35 exahash for A2. do you have a rough season when we should expect the next batch or when you'll get some insight as to when you'll get another batch.

嘿夥計們，有兩個高層次的問題。您如何描述HPCAI的需求環境。具體來說，您提供多少兆瓦的電力。然後第二步，為 A2 發布 35 exahash。你們是否遇到了一個艱難的季節，我們什麼時候可以期待下一批產品，或者你什麼時候可以知道什麼時候可以得到下一批產品。

I, I'll take the first part of that. For how many megawatts we're looking at for HPCAI, it's more about whether which sites we're looking at. And once the site is allocated to HPCAI, it's likely to be the entire site. One of the first sites we're really looking at is our Clarington, Ohio site. So you can, you, the size of that site, the initial phase is 266 megawatts. The total is. 266 plus 304, so 570 megawatts, those are still in discussion, so it's really site by site basis rather than. Partitioning of the megawatts. And I think that your next question was about the next allocation of A2 or A3.

我，我將討論第一部分。對於我們為 HPCAI 尋找多少兆瓦電力，更重要的是取決於我們正在尋找哪些站點。一旦該站點分配給HPCAI，很可能就是整個站點。我們真正關注的首批站點之一是俄亥俄州克拉靈頓站點。所以您可以知道，該站點的規模，初始階段是 266 兆瓦。總數是。 266 加 304，即 570 兆瓦，這些仍在討論中，因此這實際上是根據站點逐一進行的。兆瓦的劃分。我認為您的下一個問題是關於 A2 或 A3 的下一個分配。

Is that correct? When do you, I mean, is it a spring, summer? I know you don't know exact timing, but I don't know how you're thinking about it at a high level.

那正確嗎？我的意思是，現在是春天還是夏天？我知道您不知道確切的時間，但我不知道您在高層次上是如何考慮這個問題的。

So, we have said that we could have 40 exahash by the end of this year and that we're optimistic that that might be increased. So, we expect that there may be more allocation that hits. Even this year in in order to increase that so. But as we said earlier, we really don't want to pre-announce anything until we have it securely in hand.

因此，我們表示，到今年年底，我們的運算能力可以達到 40 Exahash，而且我們樂觀地認為，這個數字還可能繼續增加。因此，我們預計可能會有更多的分配。甚至今年也為了增加這一點。但正如我們之前所說，在我們確定確切消息之前，我們確實不想預先宣布任何事情。

And Mike, just to clarify that that 48 exahash includes the 35 and the 3.5 or 4 of the A1s that we already have allocated and that allocation is already. Given to us and those are in production right now.

麥克，需要澄清的是，48 exahash 包括 35 和我們已經分配的 3.5 或 4 個 A1，而且該分配已經完成。給了我們，現在正在生產中。

Got it. Okay.

知道了。好的。

Thank you. Our next question coming from the line of Greg Lewis with BTIG. Your line is now open.

謝謝。我們的下一個問題來自 BTIG 的 Greg Lewis。您的線路現已開通。

Hey, thank you and good morning and good evening, everybody and thanks for taking my question you know I just was hoping to talk a little bit more about the decision to go vertically integrated with the acquisition in Alberta. I guess as you think about building out your you know your Bitcoin mining footprint and maybe your HPC footprint should we kind of look at this as kind of a one off or. Is this something where you know that this was the first one that kind of you know met all of our wants and needs and you know but don't be surprised if we're back in the market acquiring more infrastructure to do this longer term.

嘿，謝謝大家，早安，晚上好，感謝你們回答我的問題，我只是希望多談一點關於在阿爾伯塔省進行垂直整合收購的決定。我想，當你考慮建立你的比特幣挖礦足跡以及你的 HPC 足跡時，我們應該將其視為一次性的。您是否知道這是第一個滿足我們所有需求的項目，但是如果我們回到市場並收購更多基礎設施來長期實現這一目標，請不要感到驚訝。

When we look at the Canadian site, what attracts us is that this site is not only about the 100 megawatts, but we are also quite sure right now. We can build. We already got the license. Well, almost everything ready. We just need to, spend money and time and, team, on the site to construction it, but, we are also very passionate about the potential future to build a gigawatt level of power plants and data center or mining facility, infrastructures on the site because, that site got lots of gas productions that right now, have low ready pipe to sell to outside the world. So, potentially we can expand the side to really large operations. Our strategy, we like A very large. like a giga mining operation or a giga site to gain the economic upscale. So, I think we will be quite careful to expand into new sites, but I think we will always be interested in looking for new sites to develop.

當我們查看加拿大站點時，吸引我們的是，該站點不僅涉及 100 兆瓦，而且我們現在也相當確定。我們可以建造。我們已經獲得許可證。好了，一切準備就緒。我們只需要投入金錢、時間和團隊在現場進行建設，但是，我們也對未來在該現場建設千兆瓦級發電廠和數據中心或採礦設施等基礎設施的可能性非常熱衷，因為該現場生產了大量天然氣，目前已經有少量準備好的管道可以銷往世界各地。因此，我們有可能將其擴展到真正大規模的操作。我們的策略是，我們喜歡非常大的 A。就像千兆採礦作業或千兆站點一樣，可以獲得經濟升級。因此，我認為我們會非常謹慎地擴展到新的站點，但我認為我們會始終有興趣尋找新的站點進行開發。

Okay, great, super helpful thanks oh go.

好的，太好了，非常有幫助，非常感謝。

Greg, I would just add to that too. What's unique about this site also is that not only do we have the ability to produce behind the meter for ourselves, but it also comes with the interconnection to the grid, which is increasingly more difficult to find. So that gives us the ability to sell power back to the grid, help balance the Alberta grid and potentially reduce our power costs even further there. So, we think it's a very unique asset.

格雷格，我也想補充一點。這個站點的獨特之處還在於，我們不僅擁有為自己生產電錶的能力，而且還具備與電網的互連，而這越來越難找到。這樣我們就有能力將電力賣回給電網，幫助平衡阿爾伯塔電網，並可能進一步降低我們的電力成本。所以，我們認為這是一項非常獨特的資產。

Yeah, and I can just chime in there that Alberta is a location that has really a surplus of engineering and construction talent related to the to the energy industry and so it's a very easy place to build these kinds of assets because there's a lot of engineering and construction talent available locally.

是的，我可以順便說一下，阿爾伯塔省確實擁有大量與能源行業相關的工程和建築人才，因此這裡非常適合建造此類資產，因為當地擁有大量工程和建築人才。

Okay, great. And then just, one quick one for me, you, you've mentioned all the customers that were are going to be getting, the SealMiner is there plans or are their thoughts around selling rigs to companies which then you will then host, or is it really just going to be third party other companies that are going to go then take those rigs and mine them elsewhere.

好的，太好了。然後，我只想快速問一個簡單的問題，您提到了我們將要獲得的所有客戶，SealMiner 是否有計劃或考慮將礦機出售給公司，然後由您來託管，或者實際上只是第三方其他公司會將這些礦機拿去其他地方開採。

Yeah, we have no objection to that, too, but those are two separate businesses and we, there's some advantage in this vertical integration that we can, in many cases, sell mining rigs and possibly host them as well. I don't think it's going to be a major thrust that we're going to TRY to get a lot of that business, but I think that we're open to it.

是的，我們對此也不反對，但這是兩個獨立的業務，這種垂直整合具有一定優勢，在許多情況下，我們可以銷售採礦設備並可能託管它們。我不認為我們會大力嘗試獲得大量業務，但我認為我們對此持開放態度。

Okay, great, super helpful thank you very much.

好的，非常好，非常有幫助，非常感謝。

Thank you. Our next question coming from the lineup, Brian Britton would need having company. Your line is now open.

謝謝。我們的下一個問題來自陣容，布萊恩·布里頓需要有人陪同。您的線路現已開通。

Great, thanks guys for the purchase orders for new ASICs, could you remind us just how much folks are paying for the deposits, maybe what's come in so far and then on HPC. Would you guys be open. To partnering with another peer in the space to develop the Ohio sites HPC Thank you.

太好了，謝謝你們訂購新的 ASIC，你能提醒我們一下大家付了多少錢作為押金嗎，也許到目前為止已經賺了多少錢，然後是 HPC。你們能不能開誠佈公一點。與該領域的另一位同行合作開發俄亥俄州站點 HPC 謝謝。

Yeah, so, we collected 20% deposit from all, everybody that's ordered. So that's already been collected and again we'll collect the balance before shipment. And, on the HBC side, I mean, look, we're always open to any strategic opportunity that makes sense, that would add value to our shareholders. So we, I don't think we've closed out any potential partnerships.

是的，所以我們向所有訂購的人收取了 20% 的訂金。這些錢我們已經收齊了，我們會在出貨前再次收取餘款。而從 HBC 方面來說，我的意思是，我們始終對任何有意義的、能夠為我們的股東增加價值的策略機會持開放態度。因此，我認為我們還沒有結束任何潛在的合作關係。

Thank you. Our next question coming from the line of Rocky Wang with Youngronng HK Asset Management. Your line is now open.

謝謝。我們的下一個問題來自 Youngronng HK Asset Management 的 Rocky Wang。您的線路現已開通。

Okay, thank you. Good morning and good evening. So, my first question is, could you tell how long is the waiter, prepayment cycle to the TSMC? I mean, how many months does your, 200 million and one payment correspond to the TSMC V3?

好的，謝謝。早安，晚上好。所以，我的第一個問題是，您能告訴我台積電的預付款週期是多久嗎？我的意思是，你的2億零一筆對應台積電V3是幾個月？

Can you repeat that one more time? I kind of broke up. I mean.

你能再重複一次嗎？我有點崩潰了。我是說。

I mean, how, I mean, how long is your, premium payment cycle to the TSMC.

我的意思是，你向台積電支付保費的週期是多長。

is four months.

是四個月。

So, you are 200 million at one payment. It's for four months, wafer in plant.

所以，你一次付款就有2億。晶圓在工廠裡已經待了四個月了。

Yes. The TFS schedule. So we have the payment advance by four.

是的。TFS 時間表。因此，我們已提前四天支付了款項。

So, okay, thank you. So my second question is, so I see you have 1 billion, ATM plan. So, just from the current, your, stock price, it seems that if you want to get all the financing from the ATM plan, it will dilute the stock price correctly. So will your ability to obtain cash. affect your process in acquiring the wafer capacity from TSMC. So, and what are the main factors, considered by TSMC when you obtain wafer capacity from TSMC.

那麼，好的，謝謝你。所以我的第二個問題是，我看到你有 10 億美元的 ATM 計畫。因此，僅從目前的股價來看，如果您想從 ATM 計劃中獲得全部融資，那麼它就會正確稀釋股價。您獲取現金的能力也將如此。影響你從台積電取得晶圓產能的過程。那麼，當你從台積電取得晶圓產能時，台積電主要考慮哪些因素呢？

I guess with respect to the ATM is your question, are we planning to use the ATM to finance this.

我想您的問題是關於 ATM 的，我們是否計劃使用 ATM 來融資？

I mean you are you are you are, you are recently and. Your stock price will that affect your obtain the money from the market, and will that be, affect your ability to acquire the capacity from TSMC. I mean, if you don't have that much cash, you can't get the capacity from TSMC.

我的意思是你是你是你是，你最近和。你的股價會影響你從市場上獲得的資金，也會影響你從台積電獲得產能的能力。我的意思是，如果你沒有那麼多現金，你就無法從台積電獲得產能。

The way we finance, the wafer. It's not the owning. One way I guess selling shares at the market. We've got multiple ways to finance it. We can in comparable bonds, we can borrow money. We already got 170 million of credit line from Singapore Bank.

我們的融資方式，晶圓。這不是擁有。我猜想的一種方法是在市場上出售股票。我們有多種方式來融資。我們可以透過類似的債券借錢。我們已經從新加坡銀行獲得了1.7億的信用額度。

We can also sell our money ricks as we showcase that we already got 30,000 units of Minerix from market. And we can also deploy those Minerix and the mine Bitcoin and sell on the market, and then we can call the cash flows to finance future, with the ordering from. Only, we have more than one way to finance, the wafer ordering. And so. I think essentially is because if you look at the mining activity with our advanced design and super effective mining rate production, it's a very high rating assets business.

我們還可以出售我們的貨幣儲備，因為我們展示我們已經從市場上獲得了 30,000 個 Minerix 單位。我們還可以部署那些 Minerix 並挖掘比特幣並在市場上出售，然後我們可以調用現金流來為未來提供資金，並按照順序進行。只是，我們有多種方式來融資，晶圓訂購。所以。我認為本質上是因為如果你從我們先進的設計和超有效的採礦率生產的角度來看採礦活動，這是一個非常高評級的資產業務。

I think, of course there can be challenges, for example, if the Bitcoin price crashes and the stock price crashes. But the, but if you look at our cash balance of, at the end of the year, we already finance a lot of money and, I, and we already build up inventories, and then we already have a lots of, many capacitors ready. So, I think it will be okay for us to venture into the future and to see how the situation goes.

我認為，當然可能會有挑戰，例如，如果比特幣價格崩潰，股票價格崩潰。但是，但是如果你看看我們年底的現金餘額，我們已經籌集了很多資金，而且我們已經建立了庫存，然後我們已經準備好了很多電容器。所以，我認為我們可以探索未來並看看情況如何發展。

Definitely we will need to, finance, the money through Moos, but by the way, we're not solely rely on the ATM.

當然，我們需要透過 Moos 來融資，但順便說一句，我們並不完全依賴 ATM。

Alright, thank you that's all my questions.

好的，謝謝，這就是我所有的問題。

Thank you. And there are no further questions at this time. This concludes today's conference call. Thank you all for participation. And you may now disconnect.

謝謝。目前沒有其他問題。今天的電話會議到此結束。感謝大家的參與。現在您可以斷開連線了。