Bitdeer Technologies Group (BTDR) 2025 Q2 法說會逐字稿

Good day and welcome to the Bitdeer second quarter 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded. I would like to turn the call over to Yujia Zhai, Investor Relations. Please go ahead.

大家好，歡迎參加 Bitdeer 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。我想將電話轉給投資者關係部的翟玉佳。請繼續。

Thank you, operator, and good morning everyone. Welcome to Bitdeer's second quarter 2025 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO Matt Kong, Chief Business Officer, Harris Bassett, Chief Strategy Officer, and Jeff LaBerge, VP of Capital Markets and strategy.

謝謝接線員，大家早安。歡迎參加Bitdeer 2025年第二季財報電話會議。今天與我一起出席的還有董事長兼執行長吳忌寒、首席商務官 Matt Kong、首席策略長 Harris Bassett 和資本市場與策略副總裁 Jeff LaBerge。

Harris will begin today by providing a high-level overview of Bigear's second quarter, 2025 results, and then cover the company's strategy in a detailed business update. After that, Jeff will cover a bity's 2nd quarter financial results in more detail, and then we will open the call for questions. To accompany today's earnings call, we have provided a supplemental investor presentation. This presentation can be found on Bigy's investor relations website under webcasts and presentations.

哈里斯今天將首先概述 Bigear 2025 年第二季的業績，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 bity 的第二季財務業績，然後我們將開始提問。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。您可以在 Bigy 投資者關係網站的網路廣播和簡報下找到此簡報。

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 uncertainties, which may cause actual results to differ materially. For a complete discussion on forward-looking statements and the risks and uncertainties related to Bytier's business, please refer to its filings related to Bytier's business. Please refer to its filings with the SEC.

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，並受風險和不確定性的影響，可能導致實際結果存在重大差異。有關前瞻性聲明以及與 Bytier 業務相關的風險和不確定性的完整討論，請參閱與 Bytier 業務相關的文件。請參閱其向美國證券交易委員會提交的文件。

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 or loss. For more detailed information on our non-IFRS financial measures, please refer to our earnings release that was published earlier today, which can be found on 5 years's investor relations website.

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 和調整後的損益。有關我們的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，該報告可在 5 年投資者關係網站上找到。

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

謝謝。現在我將電話轉給哈里斯。哈里斯。

Thank you, Yu Jie, and good day everyone. Thanks for joining our second quarter, 2025 earnings call. Since our last call, we've made significant progress across all of our strategic priorities, and I'm excited to walk you through those updates today. I will begin with a brief overview of our Q2 financial results. Then highlight what we're focused on for the remainder of the year and share a glimpse of our outlook beyond 2025.

謝謝餘傑，大家好。感謝您參加我們的 2025 年第二季財報電話會議。自從上次電話會議以來，我們在所有策略重點上都取得了重大進展，我很高興今天向大家介紹這些最新進展。我將首先簡要概述我們的第二季財務業績。然後重點介紹我們今年剩餘時間的重點，並分享我們對 2025 年以後的展望。

Starting on slide 3. In Q2, total revenue was $155.6 million up 122% sequentially from Q1 and up 57% year over year. Gross profit was $12.8 million and adjusted EBITDA was $17.3 million up materially from Q1. This significant improvement in our results is from strong execution in our self-mining business and commercial sales of our steel miner AI. Mass production of our seal minor A6 enabled us to increase our average operating hash rate by 46% to 14.2 exahash during the quarter from the 9.7 exahash in Q1.

從投影片 3 開始。第二季總營收為 1.556 億美元，季增 122%，年增 57%。毛利為 1,280 萬美元，調整後 EBITDA 為 1,730 萬美元，較第一季大幅成長。我們業績的顯著改善得益於我們自採業務的強勁執行以及鋼鐵礦工 AI 的商業銷售。我們的 Seal Miner A6 的量產使我們能夠將平均運行哈希率從第一季的 9.7 exahash 提高 46% 至本季度的 14.2 exahash。

In addition, we sold and shipped 5.3 exahash of our steel miner A2 mining rig. To external customers. Recognizing that $69.5 million in revenue in Q2. As of the end of July, we further grew our self mining hash rate to 22.3 exahash, representing a 162% increase from the beginning of the year. We also sold and recognized revenue on an additional 0.6 ex hash of steel minor A2s in July.

此外，我們還銷售和運送了 5.3 exahash 鋼製礦工 A2 採礦設備。對於外部客戶。確認第二季的收入為 6,950 萬美元。截至 7 月底，我們的自挖哈希率進一步提升至 22.3 exahash，較年初增長了 162%。7 月份，我們還出售了另外 0.6 份鋼製 A2 小型債券，並確認了收入。

Looking back on the first half of the year, we believe Q1 marked both the bottom and a key inflection point. We are now turning the corner with strong momentum powered by our vertically integrated and technology-driven growth strategy. Our decision to invest aggressively in chip design, supply chain, and manufacturing built a strong foundation that is now enabling us to rapidly scale our own self mining operations while positioning us to capture a meaningful share of the Bitcoin mining ASIC market.

回顧上半年，我們認為第一季既是底部，也是關鍵的轉捩點。憑藉垂直整合和技術驅動的成長策略，我們正以強勁的勢頭迎來轉折點。我們決定大力投資晶片設計、供應鏈和製造，這奠定了堅實的基礎，使我們能夠迅速擴大自己的挖礦業務，同時使我們能夠在比特幣挖礦 ASIC 市場中佔據相當大的份額。

By combining our proprietary technology, in-house hardware manufacturing, and expansive global power portfolio, we've created a highly advantaged and defensible platform for long term growth. Looking forward, our seal miner AIs continue to roll off the production line, and we anticipate continued rapid growth in our self mining hash rate throughout the remainder of the year. We are on track to achieve our previous target of 40X a hash of self mining hash rate by the end of October.

透過結合我們的專有技術、內部硬體製造和廣泛的全球電力組合，我們為長期成長創建了一個極具優勢和可防禦的平台。展望未來，我們的密封礦工 AI 將繼續下線，我們預計在今年剩餘時間內我們的自挖哈希率將繼續快速成長。我們預計在 10 月底之前實現 40 倍自挖哈希率的目標。

Furthermore, Wafer supply allocation at our foundry has improved, and we expect to exceed this target by year end. This will put us on par with the largest publicly traded bitcoin miners in the world. As we continue to scale, our fleetwide energy efficiency will also improve, delivering better mining margins and operating leverage. Upon exiting this year, we anticipate record results on a run rate basis, setting a strong foundation for 2026 and beyond.

此外，我們代工廠的晶圓供應分配已經改善，我們預計到年底將超過這個目標。這將使我們與世界上最大的公開交易的比特幣礦工相提並論。隨著我們規模的不斷擴大，我們整個船隊的能源效率也將提高，從而帶來更好的採礦利潤率和營運槓桿。今年結束後，我們預期業績將創下歷史新高，為 2026 年及以後奠定堅實的基礎。

Last year, when we embarked on our aggressive AI roadmap, we understood that building ships alone wasn't sufficient. To win in this market, we have to achieve industry leadership in performance and energy efficiency. Today, we are proud that our dedicated R&D team has executed this plan with precision, delivering 3 of the 4 ships on schedule and on spec.

去年，當我們開始製定積極的人工智慧路線圖時，我們明白僅僅建造船隻是不夠的。為了在這個市場上取勝，我們必須在性能和能源效率方面取得行業領先地位。今天，我們很自豪，我們敬業的研發團隊已經精確地執行了這項計劃，按時按規格交付了 4 艘船中的 3 艘。

With our latest steal miner A3, we now possess one of the most competitive mining rigs in the market. Built on leading process nodes and optimized for high efficiency deployment at scale. All machine level validation metrics have met or exceeded our internal benchmarks, and we are preparing to initiate mass production. The first batch of Seal miner A3 mining machines are expected to be available for shipment in October. We expect seal miner A3 to contribute to our revenue through both self-mining and external sales in 2026.

憑藉我們最新的 Stealth Miner A3，我們現在擁有市場上最具競爭力的採礦設備之一。基於領先的流程節點，並針對大規模高效部署進行了最佳化。所有機器級驗證指標均已達到或超過了我們的內部基準，我們正準備開始大規模生產。首批Seal miner A3礦機預計將於10月出貨。我們預計密封礦工A3將在2026年透過自挖和外部銷售為我們的收入做出貢獻。

Looking ahead, our R&D efforts have now pivoted to the CalO4 chip. You're taking a dual track approach to seal 04 with two completely independent designs to ensure success. The first CLO 4 chip using a more traditional circuit architecture has already been taped out, and we expect initial sample wafers to come back in Q3 2025.

展望未來，我們的研發工作現已轉向 CalO4 晶片。您採用雙軌方式密封 04，使用兩個完全獨立的設計來確保成功。第一款採用更傳統電路架構的 CLO 4 晶片已經流片，我們預計初始樣品晶圓將於 2025 年第三季回歸。

Our second CLO 4 chip will be a completely new next generation architecture targeting breakthrough efficiency of approximately 5 joules per tera hash at the chip level. This chip is a full redesign that uses new digital circuit architectures that enable breakthrough improvements in energy efficiency. We believe the digital chip architecture utilized by our CLO 4 chip. We set a new standard for Bitcoin mining and also have application to a broader class of high performance energy intensive compute applications. We have begun the process of finding patents on our technology.

我們的第二款 CLO 4 晶片將是一種全新的下一代架構，目標是在晶片層級實現每太拉哈希約 5 焦耳的突破性效率。該晶片經過了徹底的重新設計，採用了新的數位電路架構，實現了能源效率的突破性提升。我們相信我們的 CLO 4 晶片所採用的數位晶片架構。我們為比特幣挖礦設立了新標準，並且也將其應用於更廣泛的高效能高能耗運算應用。我們已經開始為我們的技術尋找專利。

Furthermore, in July, we made major progress with the successful development of customized silicon design software necessary to fully exploit this new architecture. We have also expanded the senior engineering and software team in the US to support the CLO4 chip development. As well as added senior roles in legal and IP licensing.

此外，7月份，我們取得了重大進展，成功開發了充分利用這項新架構所需的客製化矽片設計軟體。我們也擴大了美國的高級工程和軟體團隊，以支援CLO4晶片的開發。並增加了法律和知識產權許可方面的高級職位。

We are extremely excited about the CLO 4. Together with our Calinr A3 mining rig, we believe these two chips will firmly position bit deer as a leading supplier with the most energy efficient mining rigs in the industry, significantly enhancing our competitive position and unlocking substantial value for both our customers and shareholders.

我們對 CLO 4 感到非常興奮。我們相信，這兩款晶片與我們的 Calinr A3 採礦設備一起，將使比特鹿牢牢佔據業內最節能採礦設備的領先供應商地位，顯著增強我們的競爭地位，並為我們的客戶和股東釋放巨大的價值。

Next, I'd like to provide a quick update on our energy infrastructure that's highlighted on slides 8 and 9 of our supplemental investor presentation. In 2 We continued our rapid build out of our global power and data center infrastructure. As of July 2025, we energized 361 megawatts of data center capacity for self mining. Of which 126 megawatts was at Arteo, Norway site, and 235 megawatts in Jigmeling, Bhutan, bringing our total available electrical capacity to approximately 1.3 gigawatts.

接下來，我想簡要介紹我們的能源基礎設施，這在我們的補充投資者簡報的第 8 和第 9 張幻燈片中重點介紹了。2 我們持續快速建置全球電力和資料中心基礎設施。截至 2025 年 7 月，我們已為 361 兆瓦的資料中心通電，用於自主採礦。其中 126 兆瓦位於挪威阿爾特奧 (Arteo)，235 兆瓦位於不丹吉格梅林 (Jigmeling)，使我們的總可用電力容量達到約 1.3 千兆瓦。

We expect the remaining 49 megawatts in Tel and 265 megawatts in Xigming to be energized in Q3. Which will bring our total available power capacity to nearly 1.6 gigawatts. In May We achieved a key milestone by signing the letter of agreement with AEP Ohio for the 2nd phase of power at the Clarington site. This LOA advances the final stages of the contracting process for the full 570 megawatts of capacity.

我們預計 Tel 剩餘的 49 兆瓦和 Xigming 剩餘的 265 兆瓦將在第三季通電。這將使我們的總可用電力容量達到近1.6千兆瓦。五月，我們與 AEP Ohio 簽署了克拉靈頓電廠第二階段電力供應協議書，實現了一個重要的里程碑。該 LOA 推進了全部 570 兆瓦容量合約簽訂過程的最後階段。

Critically, this document was executed before the Public Utilities Commission of Ohio issued a ruling to classify data centers under an industry-specific billing structure. This new structure would have imposed substantially higher collateral requirements and minimum demand charges.

至關重要的是，該文件是在俄亥俄州公共事業委員會發布根據行業特定計費結構對資料中心進行分類的裁決之前執行的。這種新結構將會實施更高的抵押要求和最低需求費用。

Locking in our position ahead of this monumental regulatory shift allows us to proceed with plans for the full build out of this strategic data center with significantly lower cost structure. With regard to our HBCAI initiative in Clarington, Ohio, we have entered into advanced negotiations with our development partner that has significant expertise and customer relationships. We are optimistic that we will be able to share more details in the coming quarter.

在這一重大監管轉變之前鎖定我們的地位使我們能夠以顯著降低的成本結構繼續全面建立這一戰略資料中心。關於我們在俄亥俄州克拉靈頓的 HBCAI 計劃，我們已經與擁有豐富專業知識和客戶關係的開發合作夥伴進行了深入談判。我們樂觀地認為我們將能夠在下個季度分享更多細節。

Lastly, On slide 10 of our supplemental investor presentation. We would like to reemphasize our guidance for our self mining hash rate. Given the steady rollout of our steal miner A2 mining rig, we remain on track to reach 40 X a hash by October. Furthermore, as I mentioned earlier, wafer supply has improved for both our CLO2 and CLO3 chips, leading us to believe we will surpass this target by year end. Given the significant amount of power capacity we have coming online, our near term plan is to prioritize our current AI production towards self mining.

最後，這是我們補充投資者簡報的第 10 張投影片。我們想再次強調我們對自我挖掘哈希率的指導。鑑於我們的 Steal Miner A2 採礦設備的穩定推出，我們預計在 10 月達到 40 倍哈希值。此外，正如我之前提到的，我們的 CLO2 和 CLO3 晶片的晶圓供應都有所改善，這讓我們相信我們將在年底前超越這一目標。鑑於我們即將上線的大量電力容量，我們的近期計劃是優先考慮當前的 AI 生產，以實現自我挖掘。

In summary, we are pleased with our team's execution across all our strategic priorities. We have successfully met our initial targets for our aggressive ASIC roadmap, our self-mining infrastructure and deployment plan, and our entry into the massive ASIC market opportunity. We have also made significant strides in our HBCAI strategy. As we move into the second half of 2025, we expect these efforts to be reflected in our financial results, and we look forward to sharing updates on our progress.

總而言之，我們對團隊在所有策略重點上的執行感到滿意。我們已經成功實現了積極的 ASIC 路線圖、自我挖掘基礎設施和部署計劃以及進入巨大 ASIC 市場機會的初始目標。我們的 HBCAI 策略也取得了重大進展。隨著進入 2025 年下半年，我們預計這些努力將反映在我們的財務表現中，我們期待分享我們的進度更新。

I'll now turn it over to Jeff LaBerge, our VP of Capital Markets and Strategy, to go over our detailed financial results for the quarter.

現在，我將把時間交給我們的資本市場和策略副總裁 Jeff LaBerge，來介紹我們本季的詳細財務表現。

Thank you, Harris. Before I go over 50 2nd quarter financial results, I'd like to remind everyone that all figures I refer to today are in US dollars. Q2 consolidated revenue was $155.6 million up from $99.2 million in Q2 2024 and $70.1 million in Q1 2025, or up 56.8% year over year and 121.9% sequentially. Self mining revenue was $59.3 million versus $41.6 million in Q2 2024 and $37.2 million in Q1 2025 or up 42.5% year over year and up 59.4% sequentially.

謝謝你，哈里斯。在我介紹 50 家公司第二季的財務表現之前，我想提醒大家，我今天提到的所有數字都是以美元為單位的。第二季綜合營收為 1.556 億美元，高於 2024 年第二季的 9,920 萬美元和 2025 年第一季的 7,010 萬美元，年增 56.8%，季增 121.9%。自採營收為 5,930 萬美元，而 2024 年第二季為 4,160 萬美元，2025 年第一季為 3,720 萬美元，年成長 42.5%，季增 59.4%。

These results were primarily due to a 103.3% year over year and 45.5% sequential increase in self-mo hash rate as well as higher Bitcoin prices. These increases were partially offset by the April 2024 halving event and higher mining difficulties. Palmer sales revenue was $69.5 million compared to $0 in Q2 2024 and $4.1 million in Q1 2025.

這些結果主要歸因於自有哈希率同比增長 103.3% 和環比增長 45.5% 以及比特幣價格上漲。這些增長被 2024 年 4 月的減半事件和更高的挖礦難度部分抵消。Palmer 的銷售收入為 6,950 萬美元，而 2024 年第二季為 0 美元，2025 年第一季為 410 萬美元。

Cloud half rate revenue was $0 versus $12.2 million in Q2 2024 and $0.1 million in Q1 2025. This decline was due to the expiration of long-term cloud hash rate contracts and the subsequent reallocation of this hash rate to our self mining operations. General hosting was $9.3 million versus $20.6 million in Q2 2024 and $9.6 million in Q1 2025. Membership hosting revenue was $14.6 million versus $22.1 million in Q2 2024 and $16.3 million in Q1 2025.

雲端半價營收為 0 美元，而 2024 年第二季為 1,220 萬美元，2025 年第一季為 10 萬美元。這種下降是由於長期雲哈希率合約到期以及隨後將該哈希率重新分配給我們的自我挖掘操作。一般託管費用為 930 萬美元，而 2024 年第二季為 2,060 萬美元，2025 年第一季為 960 萬美元。會員託管收入為 1,460 萬美元，而 2024 年第二季為 2,210 萬美元，2025 年第一季為 1,630 萬美元。

This year over year decrease in hosting revenue was mainly caused by two factors. First, we converted 100 megawatts of hosting capacity at our Texas facility to self-mining, which has been equipped with steel miner hydrocooled mining rigs. Second, some hosting customers removed less efficient mining rigs after the halving event in April 2024.

今年託管收入年減主要有兩個因素造成。首先，我們將位於德州的工廠的 100 兆瓦託管容量轉換為自挖礦，並配備了鋼製礦工水冷挖礦設備。其次，一些託管客戶在 2024 年 4 月減半事件後拆除了效率較低的採礦設備。

Some of this extra capacity is currently being replenished by new hosted mining rigs. Total gross profit for the quarter was positive $12.8 million versus $24.4 million in Q2 2024 and negative $3.2 million in Q1 2025. Gross margin was 8.2% versus 24.6% in Q2 2024 and negative 4.6% in Q1 2025. This year over year decrease in our gross margin was primarily driven by the April 2024, having events impact on self-mining, higher mining difficulty, and lower hosting and cloud hash rate revenues.

目前，部分額外容量正在由新託管的採礦設備補充。本季總毛利為正 1,280 萬美元，而 2024 年第二季為 2,440 萬美元，2025 年第一季為負 320 萬美元。毛利率為 8.2%，而 2024 年第二季為 24.6%，2025 年第一季為負 4.6%。我們的毛利率年減主要是由於 2024 年 4 月發生的事件影響了自挖礦、挖礦難度增加以及託管和雲端哈希率收入下降。

Sequentially, our gross margin improved due to the increase in our self-mining hash rate, improvements in our fleet efficiency, and commercialization of our CO mr A6. Going forward, we expect gross margin to improve over the coming quarters as our hash rate ramps and our overall fleet efficiency improves. Total operating expenses for the quarter were $42.3 million versus $26.1 million in Q2 2024 and $75.8 million in Q1 2025.

隨後，由於我們自挖哈希率的增加、礦機隊效率的提高以及 CO mr A6 的商業化，我們的毛利率有所提高。展望未來，隨著哈希率的提升和整體礦機效率的提高，我們預計未來幾季的毛利率將會提高。本季總營運費用為 4,230 萬美元，而 2024 年第二季為 2,610 萬美元，2025 年第一季為 7,580 萬美元。

The year over year increase was primarily driven by R&D costs for our CO minor roadmap and higher GNA. The sequential decrease was primarily driven by our R&D costs due to the absence of the takeout cost for CLO3 that occurred in Q1 2025. Other operating income was $3.7 million primarily due to the reverse of non-cash impairments of Bitcoin.

年成長主要得益於我們的 CO 次要路線圖的研發成本和更高的 GNA。環比下降主要是由於 2025 年第一季沒有發生 CLO3 的收購成本而導致的研發成本。其他營業收入為 370 萬美元，主要由於比特幣非現金減損的逆轉。

As a reminder, under IFRS, Bitcoin is classified as an intangible asset and is measured at cost less any accumulated impairment losses with no subsequent upward revaluation permitted. Other net gain for the quarter was negative $108.5 million versus negative $15.5 million in Q2 2024 and $503.1 million in Q1 2025.

提醒一下，根據國際財務報告準則，比特幣被歸類為無形資產，按成本減去任何累積減損損失計量，隨後不允許向上重估。本季其他淨收益為負 1.085 億美元，而 2024 年第二季為負 1,550 萬美元，2025 年第一季為 5.031 億美元。

The net loss was due to the non-cash derivative loss on the convertible senior notes issued in August 2024, November 2024, and June 2025, which I will discuss in more detail in the liability section. IFRS net income was negative $147.5 million versus negative $17.7 million in Q2 2024 and $409.5 million in Q1 2025.

淨虧損是由於 2024 年 8 月、2024 年 11 月和 2025 年 6 月發行的可轉換優先票據的非現金衍生性商品損失造成的，我將在負債部分詳細討論。IFRS 淨收入為負 1.475 億美元，而 2024 年第二季為負 1,770 萬美元，2025 年第一季為 4.095 億美元。

Adjusted profit was negative $24.4 million versus $3.2 million in Q2 2024 and negative $89.8 million in Q1 2025. Adjusted EBITDA was positive $17.3 million versus positive $23.5 million in Q2 2024 and negative $56.1 million in Q1 2025. This quarters hired year over year and sequential top line and non-gap bottom line performance was mainly driven by higher self mining hash rates, steel miner sales, and higher Bitcoin prices.

調整後利潤為負 2,440 萬美元，而 2024 年第二季為 320 萬美元，2025 年第一季為負 8,980 萬美元。調整後的 EBITDA 為正 1,730 萬美元，而 2024 年第二季為正 2,350 萬美元，2025 年第一季為負 5,610 萬美元。本季的年比僱用和連續的頂線和非差距底線表現主要受到更高的自挖哈希率、鋼鐵礦機銷售和更高的比特幣價格的推動。

These were primarily offset by higher global cash rates, lower hosting and cloud mining revenue, higher R&D costs, and GNA expenses as previously described. Net cash used for operating activities was $334.9 million primarily driven by $230 million of payments for seal miner wafers and related production costs, and $27 million for the initial takeout of Seal 04.

這些主要被先前描述的更高的全球現金利率、更低的託管和雲端挖掘收入、更高的研發成本和 GNA 費用所抵消。經營活動所用淨現金為 3.349 億美元，主要由於支付了 2.3 億美元的 Seal Miner 晶圓和相關生產成本，以及支付了 2,700 萬美元的 Seal 04 初始收購費用。

The remainder was driven by electricity costs from the mining business and general corporate overhead. Please note, a large portion of the $27 million TLO4 cap cost is expected to be expensed in Q3. Net cash used for investment activities was $12.6 million which was driven by $106.5 million of capital expenditure, of which $76 million was related to data center infrastructure and related construction. Proceeds from disposal of cryptocurrency from our primary business was $100.1 million.

其餘部分則來自採礦業務的電力成本和一般企業管理費用。請注意，2700 萬美元的 TLO4 上限成本中的大部分預計將在第三季支出。投資活動所用淨現金為 1,260 萬美元，由 1.065 億美元的資本支出推動，其中 7,600 萬美元與資料中心基礎設施和相關建設有關。我們主營業務中加密貨幣處置所得收益為 1.001 億美元。

Net cash generated from financing activities for the quarter was $431.5 million which resulted primarily from $364.3 million of net proceeds from the convertible senior notes issued in June 2025 $180 million of borrowings from a related party, and $50 million of proceeds from the issuance of shares in connection with the exercise of the tether warrants.

本季融資活動產生的淨現金為 4.315 億美元，主要來自 2025 年 6 月發行的可轉換優先票據的淨收益 3.643 億美元、從關聯方借款 1.8 億美元，以及行使認股權證發行股票所得 5,000 萬美元。

This is partially offset by $129.6 million used for the purchase of a zero strike call option in connection with the convertible senior notes issued in June 2025, a payment of $33.8 million in connection with the extinguishment of a portion of the convertible senior notes issued in August 2024. There were no shares issued under our ATM during the quarter.

這部分被用於購買與 2025 年 6 月發行的可轉換優先票據相關的零執行價看漲期權的 1.296 億美元以及與 2024 年 8 月發行的部分可轉換優先票據的清償相關的 3,380 萬美元所抵消。本季我們的 ATM 沒有發行任何股票。

Moving on to our 2025 bitcoin mining infrastructure spend, we continue to expect CapEx for the continued build out of our global power and data center infrastructure to be in the range of $260 million to $290 million for calendar year 2025. This range includes reported infrastructure CapEx in Q1 and Q2 of approximately $118 million.

談到我們 2025 年比特幣挖礦基礎設施支出，我們繼續預計，2025 日曆年繼續建設全球電力和資料中心基礎設施的資本支出將在 2.6 億美元至 2.9 億美元之間。該範圍包括第一季和第二季報告的約 1.18 億美元的基礎設施資本支出。

The remaining projected CapEx is expected to fund the completion or near completion of our data centers in Kiel, Norway, Jigaling Bhutan, Mazlin, Ohio, and Ethiopia, as well as partial completion of the 101 megawatt gas-fired power plant in Alberta, Canada. Please note that this guidance only factors in power and data center spend for Bitcoin mining and does not include CapEx for steal miners.

剩餘的資本支出預計將用於資助我們在挪威基爾、不丹吉加林、俄亥俄州馬茲林和埃塞俄比亞的數據中心的完工或接近完工，以及位於加拿大阿爾伯塔省的 101 兆瓦燃氣發電廠的部分完工。請注意，本指南僅考慮比特幣挖礦的電力和資料中心支出，不包括竊取礦工的資本支出。

In terms of our balance sheet, we ended the quarter in a strong financial position with $299.8 million in cash and cash equivalents. $169.3 million in cryptocurrencies and $533.1 million in borrowings excluding derivative liabilities. Please note the $169.3 million in cryptocurrencies is accounted for according to IFRS rules and is currently below its market value. Derivative liabilities were $438 million which relate to the August 2024, November 2024, and June 2025 convertible notes representing a $181.2 million dollar increase compared to the last quarter.

就我們的資產負債表而言，本季結束時我們的財務狀況強勁，擁有 2.998 億美元的現金和現金等價物、1.693 億美元的加密貨幣和 5.331 億美元的借款（不包括衍生負債）。請注意，1.693 億美元的加密貨幣是根據 IFRS 規則進行核算的，目前低於其市場價值。衍生負債為 4.38 億美元，與 2024 年 8 月、2024 年 11 月和 2025 年 6 月的可轉換票據有關，與上一季相比增加了 1.812 億美元。

This is a non-cash fair value adjustment driven by the increase in our stock price and does 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 and vice versa.

這是由我們股價上漲所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價重新估價。隨著我們股價上漲，這些工具的公允價值也會上升，導致報告的負債增加，反之亦然。

The recorded liability will ultimately be netted at settlement either upon conversion to equity or expiration and does not represent an actual cash outflow. In June, we successfully closed a $375 million convertible senior note through an oversubscribed private placement offering. The note bearers interest at 4.875% and is due in 2031. Finally, regarding our outstanding ATM facility, we have not sold any additional shares in Q2 2025.

記錄的負債最終將在轉換為股權或到期時結算，並不代表實際的現金流出。6 月份，我們透過超額認購的私募發行成功發行了價值 3.75 億美元的可轉換優先票據。該票據的持有人利息為 4.875%，將於 2031 年到期。最後，關於我們未償還的 ATM 設施，我們在 2025 年第二季沒有出售任何額外股份。

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

謝謝大家。我們的收益電話會議接線員的準備好的評論部分到此結束，請打開電話回答問題。

(Operator Instructions)

（操作員指示）

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, hi, thank you and good morning, good afternoon, good evening, and thanks for taking my questions. I did want to touch on the prepared remarks around the data center opportunity, realizing I guess it sounds like you're in active negotiations, with that, so understanding what you can and cannot say, but kind of curious as we think about it, one of the things that I think the market's trying to understand. As you kind of pursue with a partner. Is it like how are we, how is 5th year thinking about, the risk around construction, it sounds like in the past we've talked about financing being done with the partner, in terms of sourcing.

是的，嗨，謝謝你，早上好，下午好，晚上好，謝謝你回答我的問題。我確實想談談有關資料中心機會的準備好的評論，我意識到這聽起來像是您正在積極談判，因此了解您可以說什麼和不能說什麼，但當我們思考它時有點好奇，我認為這是市場試圖了解的事情之一。就像你和伴侶一起追求的那樣。這就像我們第五年如何考慮建設風險一樣，聽起來我們過去曾討論過與合作夥伴在採購方面進行的融資。

General contractors to do the work, any kind of color you can provide around that and then as this is the the Clarington site, are we pursuing something similar at, I know in the past we've talked about potentially Rockdale and even Norway is this partner, is this a multi Do we think this could be a multi partner relationship across multiple sites or are we got is this potentially a one off?

總承包商來做這項工作，您可以提供任何類型的顏色，然後因為這是克拉靈頓站點，我們是否在追求類似的東西，我知道過去我們曾談論過潛在的羅克代爾甚至挪威是這個合作夥伴，這是一個多方合作夥伴嗎？我們認為這可能是跨多個站點的多方合作夥伴關係，還是這可能是一次性的？

Hey, thanks, Greg, for the question. So, the Focus right now is on the Clarington site. However, as we've reported in the past, we have had inbound requests for both. The sites in Norway and Rochdale, and we're, in discussions there, but they're much less advanced than the Clarington site.

嘿，格雷格，謝謝你提出這個問題。因此，目前的焦點是克拉靈頓站點。然而，正如我們過去所報導的，我們收到了針對這兩項的入站請求。我們正在討論挪威和羅奇代爾的場址，但它們的先進程度遠不及克拉靈頓場址。

Our current thinking around the Clarington site is that our capital requirements would be very minimal, that it would be provided, through the partner and then of course construction loans. On top of that. Does that answer your question?

我們目前對克拉靈頓工廠的想法是，我們的資本需求將非常少，將透過合作夥伴提供，當然還有建造貸款。除此之外。這回答了你的問題嗎？

You know that's super helpful and then my other question was, just as we look at, as Bitcoin basic production becomes more important to the company. It looked like maybe pricing improved a little bit for your sales. Is that maybe a sign, is there some strength in the market or is that more of a shift in you selling more efficient rigs is and maybe it's a little bit of both.

您知道這非常有幫助，然後我的另一個問題是，正如我們所看到的，比特幣的基本生產對公司變得越來越重要。看起來定價可能對你們的銷售有一點改善。這是否是一個跡象，表明市場存在某種實力，或者這更多的是您在銷售更高效的鑽機方面的轉變，或者兩者兼而有之。

So I think pricing was fairly consistent to last quarter. We are seeing increased demand, obviously increase in strength due to, rise in hash price. Bitcoin price obviously has helped that out as well. So the demand is definitely, increased, and we think the demand for seal minor A3 will obviously be much higher as well.

所以我認為定價與上一季相當一致。我們看到需求在增加，由於哈希價格上漲，強度顯然也在增加。比特幣價格顯然也起了推動作用。因此需求肯定會增加，我們認為對 Seal Mining A3 的需求顯然也會更高。

Okay, thank you. Thanks.

好的，謝謝。謝謝。

Dillon Heslin, Roth Capital Partners.

狄龍·赫斯林，羅斯資本合夥人。

Hey, good morning. Thanks for taking my question. To follow up on some of the HBC comments in Clarington. I mean. Have you sort of solidified with your partner at all the approach you're going to take in terms of what that could look like? Would that be a co-location deal like a lot of the peers have done? Would you TRY to do a powered shell or given your experience running? The GPU clusters, would you TRY to do more of a full stack just how are you thinking about that opportunity?

嘿，早安。感謝您回答我的問題。跟進克拉靈頓的一些 HBC 評論。我是說。您是否已經與您的合作夥伴就將要採取的措施達成了一致？這會像許多同行所做的那樣是一項共置協議嗎？您是否會嘗試做一個動力外殼或根據您的運作經驗？GPU 集群，您是否會嘗試做更多全端工作，您如何看待這個機會？

The Clarington site is quite large, 570 megawatts gross power, and so a full stack is not currently in our thoughts. We're really looking at trying to focus on a bill to suit. However, the main thing to remember here is that you know we're flexible and that as we move forward, it will depend to a large part on which tenant we end up with who's the final, customer for the site. So. It's hard to answer those questions definitively other than our target is to do a build to suit.

克拉靈頓電廠規模相當大，總發電量為 570 兆瓦，因此我們目前還沒有考慮建造全套電廠。我們確實在努力集中精力製定一項適合的法案。然而，這裡要記住的主要一點是，您知道我們是靈活的，並且隨著我們的前進，這在很大程度上取決於我們最終與哪個租戶合作，誰是該網站的最終客戶。所以。除了我們的目標是進行適當的建造之外，很難明確回答這些問題。

Got it, thank you. And just as as a follow up on the wafer availability. Like what is the sort of timeline when you get better clarity as to the chip or the way first you're going to be allocated?

知道了，謝謝。這只是對晶圓可用性的後續關注。例如，當您對晶片或首先分配的方式有了更清晰的了解時，時間表是什麼樣的？

Well, we get we we're in sort of constant communication with TSMC and it's hard to, predict exactly when we get allocations of new wafers, but we're also not really publicizing our wafer allocations ahead of time, so, or even as we get them, we we. We report the amount of machines that we produce and use internally and that we sell in, as the quarter or the month ends, but not in advance.

嗯，我們一直與台積電保持著持續的溝通，很難準確預測何時能獲得新晶圓的分配，但我們也不會提前公佈我們的晶圓分配情況，所以，即使我們獲得了分配，我們也不會。我們會在季度末或月末報告內部生產和使用的機器數量以及銷售的機器數量，但不會事先報告。

Great. Thank you.

偉大的。謝謝。

Mike Collins, H. C. Wainwright.

麥克‧柯林斯、H.C. 溫賴特。

Hi, good morning, guys. Thanks for taking my questions today. First one for me, and Jeff, you alluded to a bit of this on the demand side, but if you could provide more color around some of the early demand you're seeing for the sea miner A3 and how that matches up against expected manufacturing capacity. Harris, I think you mentioned that the first batch will be ready to ship sometime in October.

大家好，早安。感謝您今天回答我的問題。首先我要問的是，傑夫，您剛才提到了需求方面的一些問題，但您是否可以提供更多關於您所看到的海上採礦機 A3 的早期需求以及這與預期製造能力的匹配情況的信息？哈里斯，我想您提到過第一批產品將在十月份的某個時候準備好發貨。

That's correct. So we are planning to have the first batch available this year. Again, we've not given any guidance on the total hash rate that will be available. We can't say that we likely will be. Using a large portion of that internally, but we'll plan to sell some of those as well.

沒錯。因此我們計劃今年推出第一批產品。再次強調，我們還沒有給出有關可用總哈希率的任何指導。我們不能說我們可能會這樣做。其中很大一部分在內部使用，但我們也計劃出售其中一部分。

We are not actively marketing the A3 at this point, so at least not extensively for our external use.

目前我們還沒有積極推銷 A3，因此至少沒有廣泛地用於外部用途。

Got it. Thanks for the guys, and the follow up for me, just curious to get your general outlook for ASIC prices based on current Bitcoin market dynamics and the broader competitive, landscape right now, and really how that A3 chip, or ASIC will stack up on pricing compared to what some of your peers are charging for their most efficient AIs out there in the market today.

知道了。謝謝你們，也感謝你們對我的後續關注，我只是好奇，想了解一下你們根據當前比特幣市場動態和更廣泛的競爭格局對 ASIC 價格的總體看法，以及與目前市場上一些同行對其最高效的 AI 收取的費用相比，A3 晶片或 ASIC 的定價究竟如何。

Well, I mean, we always have to be competitive on pricing. The A3 is, it's a great product. It has significant efficiency advantages and so we haven't determined pricing, as I said, we're not going out there really pushing it as an external sales right now where our plan is to use the bulk of the initial batches to for internal use, so I mean I can't really say what our external pricing will be. It will be better than the A2, of course it'll be higher than the A2 because it's a much more efficient machine. But we haven't set that price yet, and it's probably premature. That's all for me. Thanks.

嗯，我的意思是，我們必須在定價上保持競爭力。A3 是一款很棒的產品。它具有顯著的效率優勢，因此我們還沒有確定價格，正如我所說，我們現在不會真正地將其作為外部銷售來推動，我們的計劃是將大部分初始批次用於內部使用，所以我的意思是我真的不能說出我們的外部定價是多少。它會比 A2 更好，當然它會比 A2 更高，因為它是一台更有效率的機器。但我們尚未確定價格，現在可能還為時過早。對我來說就這些了。謝謝。

Mark Palmer, The Benchmark Company.

馬克·帕爾默，基準公司。

Yes, good morning and thanks for taking my questions. With regard to the use of the production of various seal miners going forward, how are you thinking about the balance between use for self-mining versus external sales and, what are the factors that are going to enter into that, including obviously the price of Bitcoin on the one hand, but also demand. A for those units on the other.

是的，早上好，感謝您回答我的問題。關於未來各種密封礦工生產的比特幣的使用，您如何看待自我開採和外部銷售之間的平衡，以及哪些因素會影響到這一平衡，顯然一方麵包括比特幣的價格，另一方面也包括需求。另一側的單位為 A。

So, as we've said, we are prioritizing our internal use and that's driven by the fact that we don't want idle capacity, that the margins for self mining are actually quite high and that we think we are, still in the early stages of of a Bitcoin boom cycle. So we're certainly prioritizing that. Our internal capacity will start to fill up, in the coming months and quarters. And so you'll see naturally a transition from Using these mining rigs internally to selling more and more externally. Long term, of course, our goal is to be a major vendor of these to the overall market and not just for internal use.

因此，正如我們所說的，我們優先考慮內部使用，這是因為我們不希望閒置產能，自我開採的利潤實際上相當高，而且我們認為我們仍處於比特幣繁榮週期的早期階段。所以我們當然會優先考慮這一點。在未來的幾個月和幾個季度裡，我們的內部產能將開始填滿。因此，你自然會看到從內部使用這些採礦設備到越來越多地向外部銷售的轉變。當然，從長遠來看，我們的目標是成為整個市場的主要供應商，而不僅僅是內部使用。

Yeah, market, I would just add to that, we want to be in a position where we can always be very market-based in our in our approach, that we will be able to have a home for every AI that we ever manufacture and be able to decide what's really what the highest and best use for it is, whether it's using it internally or selling it to third parties. As of right now because we have significant capacity coming online, we obviously don't want that sitting idle, so we are prioritizing that, but moving forward, we will be able to have that much more. Market-based approach.

是的，市場，我只想補充一點，我們希望能夠始終以市場為基礎，為我們製造的每一個人工智慧提供一個家，並能夠決定它的最高和最佳用途，無論是內部使用還是出售給第三方。截至目前，由於我們有大量產能上線，我們顯然不希望這些產能閒置，因此我們優先考慮這些產能，但展望未來，我們將能夠擁有更多產能。基於市場的方法。

And kind of along the same lines in terms of the options on the table, what is your current thinking with regard to the use or non use of the Bitcoin on the company's balance sheet, in terms of accumulation versus liquidation and funneling the proceeds from that into the development of the company's platform. Thank you.

就目前面臨的選擇而言，您目前對於在公司資產負債表上使用或不使用比特幣有什麼想法，是累積還是清算，以及將收益投入到公司平台的開發中。謝謝。

Yeah. So I think you know we started our policy had been to sell most or all the Bitcoin that we mine up until I would say and toward the end of last year where we did start start holding. Obviously we do see value in holding Bitcoin on the balance sheet. We're very bullish on it long term, I don't think it's something that we're necessarily idealistic about, but Jihan, do you have any other comments on that?

是的。所以我想你知道我們開始的政策是出售我們開採的大部分或全部比特幣，直到去年年底我們才開始持有。顯然，我們確實看到了在資產負債表上持有比特幣的價值。我們對其長期發展非常看好，我不認為這是我們理想化的事情，但 Jihan，您對此還有其他評論嗎？

Yeah, basically, we are taking a kind of a Binance approach. We sell some and we hold on. We need to sell some Bitcoin to make sure that our Binance sheet in the accounting perspective in US dollar. The long term can be balanced, right, because we borrow money, we will borrow US dollars and we raise US dollars through equity.

是的，基本上，我們採取了一種幣安的方法。我們賣掉一些並持有。我們需要出售一些比特幣，以確保我們的幣安表在會計角度上以美元計算。長期來看是可以平衡的，對吧，因為我們藉錢，我們會藉美元，我們透過股權來籌集美元。

So anyway, one day we need to return the capital to our investors in equity or in our debt, so, sell the, some of the Bitcoin, I think it's necessary, but also, whole Bitcoin into the long term. I believe it's a good activity, could deploy capital because, I believe that, like in 80 years, the Bitcoin can grow up to like $1 million. That's like 10 times from 10 or 8 times from now that's almost a 30% IRR investment. So I think that's also a thing good for investors, but during this kind of a turbulence of market, we need to take a kind of a Binance approach. So that's our philosophy here.

所以無論如何，有一天我們需要以股權或債務的形式將資本返還給我們的投資者，所以，出售部分比特幣，我認為這是必要的，但從長遠來看，出售全部比特幣也是必要的。我認為這是一個很好的活動，可以部署資本，因為我相信，在 80 年內，比特幣可以成長到 100 萬美元。這就相當於從現在起 10 倍或 8 倍的回報率，這幾乎是一項 30% 的 IRR 投資。所以我認為這對投資者來說也是一件好事，但在這種市場動盪期間，我們需要採取一種幣安的方式。這就是我們的理念。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Thanks for taking my question. To me it was a surprise how much, Steel miners, you sold externally. Can you say where they were sold geographically? Was the tariffs at all involved?

感謝您回答我的問題。鋼鐵礦工們，你們對外銷售的數量之多令我驚訝。你能說出它們的銷售地區嗎？是否涉及關稅？

We've not disclosed specifically where where they were sold from a geographic location, we can say they were sold really throughout the world, some of the US, some obviously ex US, so, but we've not disclosed the. Fires or actual geography.

我們沒有透露具體銷售地點，我們可以說它們確實銷往了世界各地，有些在美國，有些顯然在美國以外，但是，我們沒有透露。火災或實際地理。

What was the last part of your question, Kevin was what?

你的問題的最後一部分是什麼，凱文是什麼？

Yeah, reference to tariffs in the US if there were high tariffs on equipment sold into the US.

是的，如果對銷往美國的設備徵收高額關稅，則參考美國的關稅。

So the tariffs over the last 90 days have still been on the pause. So any there we Wouldn't expect him to have significant tariff exposure at least in the last quarter.

因此，過去 90 天的關稅仍處於暫停狀態。因此，我們預計他至少在最後一個季度不會面臨重大關稅風險。

Okay, great. And I understand the strategy is to use the equipment more for internal, but would we expect that this is a run rate for. For equipment sales each quarter.

好的，太好了。我知道我們的策略是更多地將設備用於內部，但我們是否預期這是一個運行率。每季的設備銷售情況。

Not necessarily. So again, I mean this, it will come down to allocation we have from TSMC and really just the cadence of the of our power coming online. So we are expecting quite a bit of power this quarter and we are expecting to ramp to that 40 eggs a hash target that we've set and possibly beyond that by year end as we kind of roll into the 2026 1st half of 2026.

未必。所以，我再說一遍，這意味著這將取決於我們從台積電獲得的分配，以及我們的電力上線的節奏。因此，我們預計本季會有相當大的產量，我們預計將產量提升至我們設定的 40 個雞蛋哈希目標，並且可能在年底前超越這一目標，因為我們將進入 2026 年上半年。

You will expect to have the Maslin Ohio site come on, that's another 221 megawatts. So there will be quite a bit of additional new capacity that we want to fill it with steal miners. So it really will come down to allocation, but I think we'll always want to keep a bit of a balance between internal use and sales, but in this kind of short term period over the next, let's say 2 to 4 quarters.

您將期望俄亥俄州馬斯林電廠能夠投入使用，這將產生另外 221 兆瓦的發電量。因此，我們希望透過竊取礦工來填補相當多的額外新產能。所以這實際上取決於分配，但我認為我們總是希望在內部使用和銷售之間保持一定的平衡，但在接下來的短期內，比如說 2 到 4 個季度。

2 to 3 quarters.

2至3個季度。

It will likely see a higher, balance or higher. Allocation to.

它可能會看到更高的平衡或更高。分配至。

Self mining. So while the numbers are still relatively small, there'll be more volatility and how much gets sold externally, but going if you go past the 3 or 4 quarters, then you'll see that become a more steady and predictable number.

自行挖掘。因此，雖然數字仍然相對較小，但波動性會更大，而且外部銷售量也會更大，但如果你超過 3 或 4 個季度，你會看到這個數字變得更加穩定和可預測。

Okay, thanks for that clarification.

好的，謝謝你的澄清。

Mike Grondahi, Northland.

麥克‧格隆達希 (Mike Grondahi)，北地人。

Hey guys, how would you describe the demand environment and sort of pricing based on your discussions over the summer for Clarington, I don't know, did that pick up? Did it moderate, just kind of curious the cadence.

嘿夥計們，根據你們夏天對克拉靈頓的討論，你們如何描述需求環境和定價，我不知道，情況有好轉嗎？它是否適度，只是有點好奇節奏。

So, we haven't seen any decline at all, and so, it's hard to say if it's, how much it's picked up. It's been hot the whole time, I think it's fair to say. Yeah, I think.

所以，我們根本沒有看到任何下降，因此，很難說它是否有所回升，回升了多少。一直都很熱，我想可以這麼說。是的，我認為。

We've seen a lot of folks back back in the market over the last several months, at least last couple of months. The market has definitely picked up from a demand standpoint. So overall, yeah, we've not seen any slowdown by any means.

我們看到過去幾個月，至少最近幾個月，很多人重返市場。從需求角度來看，市場肯定已經回升。所以總的來說，是的，我們沒有看到任何放緩。

And, you've mentioned Rockdale in Norway. Do you have a priority as to which you think you develop.

而且，您提到了挪威的 Rockdale。您是否對於自己要開發的領域有優先考慮？

Not necessarily. I mean, I think we're going to see where the market goes. We think the opportunity in Norway is a very interesting one because The EU is is quite a ways behind where we are in the US from an adoption standpoint, so we think that opportunity may have a longer tail to it. We think it's it's just an advantage for us. I think more price discovery that happens, but we do think that's going to be a very interesting asset given that it is 100% hydropower. Norway is very well interconnected from a from a latency standpoint, good fiber that runs right adjacent to our property. And obviously a good climate for cooling, so we're very bullish about that opportunity.

未必。我的意思是，我認為我們將會看到市場走向何方。我們認為挪威的機會非常有趣，因為從採用的角度來看，歐盟遠遠落後於美國，所以我們認為這個機會可能會持續很長一段時間。我們認為這對我們來說只是一個優勢。我認為會發生更多的價格發現，但我們確實認為這將是一項非常有趣的資產，因為它是 100% 的水力發電。從延遲角度來看，挪威的互聯互通非常好，優質的光纖就在我們的房產旁邊。顯然，氣候有利於降溫，因此我們對這個機會非常看好。

Okay, thank you.

好的，謝謝。

Brett Knoblauch, Equity Research Analyst.

Brett Knoblauch，股票研究分析師。

Hi guys, thanks for for taking my question. On maybe just the performance of the of the A2s that you guys have, sold and also just used internally, I guess how is that both standing up to your expectations in terms of of of up time and overall availability.

大家好，感謝你們回答我的問題。就你們所銷售的和內部使用的 A2 的性能而言，我想它在正常運行時間和整體可用性方面是否符合你們的期望。

Well, so I think the up time and reliability are quite good and it's about what we expected based on the early results, but maybe I'll ask Jihan. I think he has more direct interaction with the customers if he wants to add to that.

嗯，所以我認為正常運行時間和可靠性都相當不錯，這與我們根據早期結果所預期的差不多，但也許我會問問 Jihan。我認為如果他想增加這一點的話，他會與客戶進行更直接的互動。

It's excellent. I.

非常好。我。

Would say. All right, well said, and then maybe just on the development partner kind of advanced negotiations, I guess what's the the next step in that process? Is it formalizing an agreement with the development partner? Is it looking to find maybe a JB partner after that or what should we be thinking the cadence is for Claritin?

會說。好的，說得好，那麼也許只是關於開發合作夥伴類型的高階談判，我想這個過程的下一步是什麼？它是否與開發夥伴正式達成協議？此後是否正在尋找 JB 合作夥伴，或者我們應該如何看待 Claritin 的節奏？

So the next step in the talking about the Clarington, Ohio site. Yes, yeah, the formalizing the agreement with the development partner is the next step. And then after that Well, then, the immediate next step is to identify a tenant and to sign a lease with that tenant. There will be some work done while that's going on, but that would be, the highest priority. Yeah, concurrent.

下一步我們來談談俄亥俄州克拉靈頓的工廠。是的，是的，下一步就是與開發夥伴正式達成協議。那麼，接下來的下一步就是確定租戶並與該租戶簽訂租約。在此期間將會有一些工作完成，但這將是最高優先事項。是的，並發。

To that, we could see. Horizontal construction on the property as well.

對此，我們可以看到。該物業上也有水平建築。

Awesome thank you guys.

太棒了，謝謝你們。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Hey guys, thanks for.Taking my question. Not sure if I missed this on the seal minor sales, do we, have the units like is pricing the same as, we were kind of, guided to before, anything kind of.

嘿，大家好，感謝你們回答我的問題。不確定我是否錯過了關於密封小額銷售的這個信息，我們是否有這樣的單位，定價是否與我們之前指導的一樣，任何類型的。

Change.

改變。

On that and then I have a follow up on the HPC side of the business.

關於這一點，我將跟進業務的 HPC 方面。

Yeah, no, pricing remains relatively consistent, from last quarter, I think from the, obviously sales increased the amount of rate we sold was quite a bit higher, but pricing was pretty consistent.

是的，不，定價保持相對一致，從上個季度開始，我認為從銷售額明顯增加來看，我們的銷售率要高得多，但定價相當一致。

Got it. Understood, thanks for that, Jack, and then. On the HPCar part of the business, so still need to finalize the agreement with the development partner. The development partner I wouldn't assume also is financing, so then you get the tenant, you get some debt financing, but then you bring a JV partner in for an equity piece as well like should we anticipate some equity given up in in this process?

知道了。明白了，謝謝你，傑克，然後。關於HPCar部分的業務，因此仍需要與開發合作夥伴最終確定協議。我認為開發夥伴不會也提供融資，所以你會得到租戶，你會得到一些債務融資，但你也會引入合資夥伴來獲得股權，我們是否應該預期在這個過程中放棄一些股權？

So yeah, so the development partner we're looking to work with, we're looking for a partner that would actually bring the project equity to the table as well. So our goal is to finance the whole. The majority of the project at the project level, whether you know both project equity obviously as well as project finance debt.

是的，我們正在尋找與之合作的開發夥伴，我們正在尋找一個實際上能夠帶來專案股權的合作夥伴。因此我們的目標是提供全部資金。專案層面的大多數項目，無論你是否了解專案股權以及專案融資債務。

Got it. Understood.

知道了。明白了。

Thank you for that. Appreciate it.

謝謝你。非常感謝。

Yeah, thanks for the question.

是的，謝謝你的提問。

Brian Kinstlinger, Alliance Global Partners.

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

Great, thanks. A little bit of a follow up on Clarington after an agreement with a development partner is in place, do you think any other actions need to be completed before a tenant moves forward with their own negotiations?

太好了，謝謝。在與開發合作夥伴達成協議後，對克拉靈頓進行一些跟進，您認為在租戶推進自己的談判之前還需要完成其他什麼行動嗎？

Well, whether they need to be completed or not, we will be doing other actions, there will be sort of Engineering work done, we'll order long lead time items, so what's called horizontal work, things like that, so. A lot of that stuff that's sort of Agnostic to who the end tenant is and it's relatively low cost. We will very likely start on that immediately.

好吧，無論它們是否需要完成，我們都會採取其他行動，會完成一些工程工作，我們會訂購長交貨期的物品，也就是所謂的水平工作，諸如此類的事情。很多東西都與最終租戶是誰無關，而且成本相對較低。我們很可能會立即開始這項工作。

In parallel with looking for and finding the tenant, finding the identifying and finding the tenant is, doesn't take that long but actually finalizing the lease with the tenant can take, quite a while just because the leases tend to be quite complicated.

在尋找和找到租戶的同時，尋找、識別和找到租戶並不需要那麼長時間，但實際上與租戶敲定租約可能需要相當長的時間，因為租約往往相當複雜。

Yeah, I mean, in an ideal scenario, we would have a, we would finalize an agreement and then start that horizontal construction and and ideally be ready to go vertical, once we had a a tenant identified.

是的，我的意思是，在理想的情況下，我們會達成最終協議，然後開始水平建設，理想情況下，一旦我們確定了租戶，就可以準備垂直建設。

Great. And then Harris, you mentioned when your comments was that the results will get stronger sequentially. Was that a comment on total revenue adjusted EBITDA the, or is that commentary just on self mining, given, it doesn't sound like the third quarter will produce as much in external sales.

偉大的。然後哈里斯，您在評論時提到結果會逐漸變得更好。這是對總收入調整後的 EBITDA 的評論嗎？還是只是對自我開採的評論？鑑於聽起來第三季的外部銷售不會那麼高。

I could say just generally speaking, obviously we're going to, we're looking at a much higher run right now, 40 eggs a hash going into the, 4th quarter versus the 9 we're at coming into the to the beginning of this year. So, the run rate, I think we have I think set a new bar on. On the self-mining side, as Harris said earlier, the sales side might be a little choppier just given the allocation versus from self-mining versus external sales that will kind of vary a little bit more over the next 2 to 4 quarters. After that, like we said we would expect it to be. Have more heavily weighted potentially towards sales after that.

我可以說，總體而言，顯然我們現在看到了更高的增長，進入第四季度時每份雜燴雞蛋的數量為 40 個，而今年年初時每份雜燴雞蛋的數量為 9 個。因此，我認為我們已經為運行率設定了新的標準。在自挖方面，正如哈里斯之前所說，由於自挖與外部銷售的分配在未來 2 到 4 個季度內會有較大差異，因此銷售方面可能會有些波動。此後，正如我們所說的，我們期望它會發生。此後，銷售可能會受到更大影響。

Okay, thank you.

好的，謝謝。

Absolutely.

絕對地。

(Operator Instructions)

（操作員指示）

Nick Giles, B Riley Securities.

尼克吉爾斯 (Nick Giles)，B Riley 證券。

Thank you very much. Operator, and good. Morning, everyone. This is Fedor Shabalin on Nick Giles. My first one. Is, regarding Clarington. So you mentioned. Can you provide a bit more color on what advanced stage of negotiations means and when should we expect, an incremental update on the process. Thank you.

非常感謝。操作員，很好。大家早安。我是 Nick Giles 的 Fedor Shabalin。我的第一個。是的，關於克拉靈頓。所以你提到了。您能否更詳細地說明談判進入高級階段的含義以及我們何時可以期待有關該進程的逐步更新。謝謝。

So I mean, advanced stages means the final legal documents and final due diligence, things like that. We are hoping that in this quarter 23, we will have something to announce. Thanks for that and follow up question regarding the A4ch, what is the likelihood that this cheap design could be adopted for applications beyond Bitcoin mining? So if such adoptions are feasible.

所以我的意思是，高級階段意味著最終的法律文件和最終的盡職調查等等。我們希望在第 23 季能夠宣布一些事情。謝謝你，關於 A4ch 的後續問題，這種廉價設計被比特幣挖礦以外的應用採用的可能性有多大？那麼，如果這種收養是可行的。

What specific applications or use cases would be would be the most suitable? Thank you.

哪些特定的應用程式或用例是最合適的？謝謝。

So the A4, is split now into 2 A4s and so if you're talking about the one using the new technology. We need to do a lot more work to validate this, but the initial indications are that it should work quite well in many digital applications, where, there's very energy intensive usage. So chips that have a lot of compute compared to other so if the chip is very high IO intensive and most of its power is through IO.

因此，A4 現在被分成 2 個 A4，所以如果你談論的是使用新技術的那個。我們需要做更多的工作來驗證這一點，但初步跡象表明，它在許多數位應用中應該能夠很好地工作，而這些應用的能源使用非常密集。因此，與其他晶片相比，晶片具有很大的運算能力，因此如果晶片的 IO 密集度非常高，那麼它的大部分功率都來自 IO。

Then it will be less beneficial if it's very compute intensive. That's where this technology helps the most and also, but so this is sort of a long term thing, for using this technology on other non-bitcoin chips, you're talking a couple of years out at least in order to get this adopted by other applications. I just want to make sure you're aware of that timeline.

如果計算量非常大，那麼它的益處就會減少。這就是這項技術最有幫助的地方，但這也是一項長期工作，要在其他非比特幣晶片上使用這項技術，至少需要幾年時間才能被其他應用程式採用。我只是想確保你知道這個時間表。

Yeah, thank you very much, Harry and Jeff and team, continue, best of luck. Thanks.

是的，非常感謝 Harry、Jeff 和團隊，繼續，祝你好運。謝謝。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Yeah, good morning. Thank you for taking my questions and congrats on a strong equipment sales performance this quarter. Maybe you could just speak to the customer composition as you're selling the different series of seal miners. Are you seeing a lot of customer retention and repurchasing of some of the newer. Series or is. That kind of distributed towards. New. Customers. Curious to hear how that's performing and kind of your. Expectations. Thank you.

是的，早安。感謝您回答我的問題，並祝賀本季設備銷售業績強勁。也許您可以談談客戶組成，因為您正在銷售不同系列的密封礦工。您是否看到許多客戶保留並重新購買一些新產品？系列或是。那種分佈。新的。顧客。好奇地想聽聽它的表現如何以及您的感受。期望。謝謝。

Hey Bill, yeah, thanks for the question. So again, we've not really disclosed the exact composition of the names of customers. What we can say though is that it has been a good mix of both public, private miners, large and small. Our goal really was to get this. The C 12 in the hands of as many end users as we can to get just to get more, market feedback. So while some of the larger, pubcos we believe will likely be more interested in the same A3, we have been able to distribute some of the A2s for testing as well.

嘿，比爾，是的，謝謝你的提問。因此，我們實際上並沒有揭露客戶姓名的具體構成。但我們可以說的是，它是公共和私人礦工、大型和小型礦工的良好組合。我們的目標確實就是要實現這一點。我們希望讓盡可能多的最終用戶使用 C 12，以便獲得更多的市場回饋。因此，雖然我們認為一些較大的酒吧公司可能會對 A3 更感興趣，但我們也能夠分發一些 A2 進行測試。

Great, I appreciate that color. My other questions have already answered. Thanks.

太好了，我很喜歡這個顏色。我的其他問題已經回答。謝謝。

Thanks, Bill.

謝謝，比爾。

Thank you for your participation. There are no further questions at this time. You may now disconnect. Everyone, good day.

感謝您的參與。目前沒有其他問題。您現在可以斷開連線。大家好。