Bitdeer Technologies Group (BTDR) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Bitdeer's third-quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand thṇe call over to Yujia Zhai , Investor Relations for Bitdeer Please go ahead.

感謝您的耐心等待，歡迎參加 Bitdeer 2025 年第三季財報電話會議。（操作員指示）現在我將把電話交給Bitdeer的投資者關係負責人翟宇佳，請開始。

Thank you operator and good morning everyone. Welcome to Bitdeer's third-quarter2025 earnings conference call. Joining me today are 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 年第三季財報電話會議。今天與我一同出席的有：首席商務長 Matt Kong；首席策略長 Harris Bassett；以及資本市場與策略副總裁 Jeff LaBerge。

Harris will begin today by providing a high level overview of this year's third-quarter2025 results and then covered the company's strategy and a detailed business update. After that, Jeff will cover this year's third-quarterfinancial 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 Bitzer's investor relations website under webcasts and presentations.

哈里斯今天將首先概述今年第三季（2025 年）的業績，然後介紹公司的策略和詳細的業務更新。之後，傑夫將更詳細地介紹今年第三季的財務業績，然後我們將開放提問環節。為配合今天的財報電話會議，我們準備了一份補充投資者簡報。本次簡報可在比澤爾投資者關係網站的「網路直播和簡報」欄位下找到。

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 more complete discussion on forward-looking statements and the risks and uncertainties related to Bittier'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，我們可能會發表一些前瞻性聲明。這些聲明是基於管理層目前的預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。有關前瞻性聲明以及與 Bittier 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。

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 EBITA and adjusted profit and 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 Bitdeer's IR website.

此外，除了討論依照國際財務報告準則（IFRS）計算的結果外，我們還將提及某些非IFRS財務指標，例如調整後的EBITA和調整後的利潤和虧損。有關我們非 IFRS 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盈利報告，該報告可在 Bitdeer 的投資者關係網站上找到。

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

謝謝。現在我將把通話轉給哈里斯。哈里斯？

Thank you, Yujia, and good day everyone. It's great to be with you today. Since our last call, we've made significant progress across all of our strategic priorities, and I'm excited to share how Bitt is growing from a global leader in Bitcoin mining into a vertically integrated Bitcoin infrastructure and AI platform.

謝謝你，餘佳，大家今天愉快。今天能和你們在一起真是太好了。自從上次通話以來，我們在所有策略重點方面都取得了重大進展，我很高興與大家分享 Bitt 如何從比特幣挖礦領域的全球領導者發展成為垂直整合的比特幣基礎設施和人工智慧平台。

Let's start with the numbers on slide 3. Q3 marked a period of rapid growth and strong execution. In the third- quarter, total revenue reached $169.7 million up 173.6% year-over-year, and up 9.1% sequentially. Gross profit came in at $40.8 million and adjusted EBITDA increased to $43 million. Both substantially improved from Q2.

讓我們先來看幻燈片 3 上的數字。第三季是快速成長和強勁執行的時期。第三季總營收達到 1.697 億美元，年增 173.6%，季增 9.1%。毛利為 4,080 萬美元，調整後 EBITDA 增至 4,300 萬美元。兩項指標均較第二季大幅改善。

This performance reflects continued execution in our self-mining business. Mass production of our steel miner Aix drove a 273.1% year-over-year and 105.4% sequential increase in our average operating self-mining hash rate to 29.1 ex hash per second. As of the end of October, we achieved 41.2 ex ahah per second, surpassing our 40 ex a per second target that we set out at the beginning of the year.

這一業績反映了我們在自主採礦業務方面持續取得的成功。我們的鋼鐵礦機 Aix 的大規模生產推動我們的平均自挖礦算力年增 273.1%，季增 105.4%，達到每秒 29.1 ex 算力。截至 10 月底，我們實現了每秒 41.2 ex ahah 的交易量，超過了年初設定的每秒 40 ex a 的目標。

Looking forward, we plan to continue deploying our Steel Miner A6 to fill our substantial global power pipeline. Through a combination of decommissioning older generation rigs and adding new steel miner Aix, we expect meaningful growth throughout 2026, which will ensure we remain one of the world's largest Bitcoin miners.

展望未來，我們計劃繼續部署我們的 Steel Miner A6，以滿足我們龐大的全球電力需求。透過淘汰老一代礦機並增加新的鋼鐵礦機 Aix，我們預計 2026 年將實現顯著增長，這將確保我們繼續保持全球最大的比特幣礦機之一的地位。

In addition to hash rate growth, we expect continual improvement in our fleetwide energy efficiency to drive increased margins and profitability in the quarters ahead. Our investments in chip design, data center infrastructure, and global power portfolio are paying off. Not only in strong financial performance, but also positioning us for the next major wave of demand for compute. Our Bitdeer AI Cloud services business continues to scale, reaching an annualized revenue run rate of $8 million at the end of October.

除了算力成長外，我們預計未來幾季整個資料中心能源效率的持續提高將推動利潤率和獲利能力的提升。我們在晶片設計、資料中心基礎設施和全球電力產品組合方面的投資正在獲得回報。不僅財務表現強勁，也為下一波運算需求高峰做好了準備。我們的 Bitdeer AI 雲端服務業務持續擴張，截至 10 月底，年化收入運行率為 800 萬美元。

As of October 30, we operate 584 GPUs with an 87% utilization rate. Our newest B-200 systems installed late in Q3 are being tested by customers and will drive additional revenue. We are finalizing deployment for Nvidia's GV 200 systems and expect to reach 1,160 GPUs operated by the end of the year. We are also in the process of procuring Nvidia's next generation GB 300 and B 300 systems. And as we look ahead, BitT's growth will be anchored by three strategic pillars, Bitcoin mining, AI development, and HPCAI.

截至 10 月 30 日，我們營運 584 個 GPU，利用率為 87%。我們在第三季末安裝的最新 B-200 系統正在接受客戶的測試，並將帶來額外的收入。我們正在完成英偉達 GV 200 系統的部署，預計今年底將運行 1160 個 GPU。我們目前也正在採購英偉達的下一代 GB 300 和 B 300 系統。展望未來，BitT 的發展將以三大戰略支柱為支撐：比特幣挖礦、人工智慧開發和高效能運算人工智慧。

Together these represent a vertically integrated, highly defensible platform that leverages our technology expertise and extensive power portfolio. To accelerate our AI footprint, we are taking bold, deliberate steps to simultaneously pursue both co-location and cloud services. With respect to co-location, on our last earnings call, we guided the market that we intended to pursue a joint venture model with a development partner.

這些共同構成了一個垂直整合、高度可防禦的平台，充分利用了我們的技術專長和廣泛的電力產品組合。為了加快我們在人工智慧領域的佈局，我們正在採取大膽而審慎的措施，同時推進託管服務和雲端服務。關於機房託管，我們在上次財報電話會議上向市場表示，我們打算與開發合作夥伴採取合資模式。

In September, due to a significant increase in market demand, we let the exclusivity period under our LOI with this development partner expire. This was a strategic decision that gives us greater flexibility and allows us to take a more direct role in the HPCAI data center market and retain more of the economics.

9 月份，由於市場需求大幅成長，我們與該開發合作夥伴簽訂的意向書規定的獨家合作期到期。這是一個策略決策，它賦予我們更大的靈活性，使我們能夠更直接地參與高效能運算人工智慧資料中心市場，並保留更多的經濟利益。

We intend to develop data centers using our own internal development team, which will be significantly augmented through strategic hiring alongside highly experienced EPCs and general contractors on a fee basis. Regarding our cloud services business, over the past 18 months, we have developed a fully vertically integrated AI infrastructure platform in Singapore that includes bare metal GPUs as well as orchestration, networking, and managed services.

我們計劃利用我們自己的內部開發團隊開發資料中心，並透過策略性招募以及按收費方式聘請經驗豐富的EPC和總承包商，大幅增強我們的實力。關於我們的雲端服務業務，在過去的 18 個月裡，我們在新加坡開發了一個完全垂直整合的 AI 基礎設施平台，其中包括裸機 GPU 以及編排、網路和託管服務。

These additional services are highly sought after by small and mid-sized enterprise customers who require more than just bare metal offerings and are being underserved in today's market. Now that we have a proven concept in Singapore, we are ready to expand this business line into Malaysia, the US, and Europe.

這些附加服務深受中小企業客戶的青睞，他們需要的不僅僅是裸機產品，而這些服務在當今市場上並未得到充分滿足。現在我們在新加坡已經擁有了成熟的商業模式，我們準備將這項業務拓展到馬來西亞、美國和歐洲。

Our current customer discussions range from early to mid-stage startups in the biomedical, robotics, and gaming industries to more traditional US enterprise customers seeking to expand their footprint. We will provide additional details as this business model develops over the coming months.

我們目前的客戶洽談範圍涵蓋了生物醫學、機器人和遊戲產業的早期到中期創業公司，以及尋求擴大業務範圍的更傳統的美國企業客戶。隨著該商業模式在未來幾個月的發展，我們將提供更多細節。

Moving now to our HPCAI infrastructure plans. For our 570 megawatt Clarington, Ohio site, we have already begun the design and procurement process for an HPCAI suitable substation which is expected to be energized in the first half of 2027. The local utility at Clarington has confirmed the full 570 megawatts will be available by the end of Q3 2026. Nearly a year earlier than expected. Given its size, the Clarington site could be utilized for our cloud services business or co-location.

接下來我們來談談高效能運算人工智慧（HPCAI）基礎設施規劃。對於我們在俄亥俄州克拉靈頓的 570 兆瓦電站，我們已經開始設計和採購適合 HPCAI 的變電站，預計將於 2027 年上半年投入使用。克拉靈頓當地電力公司已確認，全部 570 兆瓦電力將於 2026 年第三季末投入使用。比預期提早了將近一年。鑑於其規模，克拉靈頓站點可用於我們的雲端服務業務或託管服務。

At the same time, we have made the decision to convert our 175 megawatt Tidal site in Norway into an AI data center by Q4 2026. Given the announcement of Stargate Norway in July, we have seen a significant increase in inbound interest from potential tenants. So we believe this site could be used for either our cloud services business or co-location. The site was designed by our local Norway team with HPCAI in mind as the end use, so it already includes liquid cooling capabilities and a more robust electrical infrastructure. Furthermore, it utilizes a substation that is powered by 18 hydropower generators and 1 wind farm, giving it a high degree of reliability.

同時，我們決定在 2026 年第四季之前將我們在挪威的 175 兆瓦潮汐發電站改建為人工智慧資料中心。自 7 月 Stargate Norway 宣布成立以來，我們看到潛在租戶的諮詢量顯著增加。因此，我們認為該網站可用於我們的雲端服務業務或託管服務業務。該站點由我們挪威當地團隊設計，以高效能運算人工智慧 (HPCAI) 為最終用途，因此它已經具備液冷功能和更強大的電力基礎設施。此外，它還利用一個由 18 台水力發電機和 1 個風力發電場供電的變電站，使其具有很高的可靠性。

Our current analysis indicates that the site could be ready to accept GPUs by the second half of 2026 with conversion costs well below US and European AI Data Center benchmark. Additionally, we plan to expand our Singapore cloud services business into Malaysia. Through a combination of owned and leased opportunities, we anticipate activating up to 15 megawatts of cloud services capacity in Malaysia during 2026, with the ability to expand significantly beyond that if demand persists.

我們目前的分析表明，該網站到 2026 年下半年即可接受 GPU，轉換成本遠低於美國和歐洲人工智慧資料中心的基準。此外，我們計劃將新加坡的雲端服務業務拓展到馬來西亞。透過自有和租賃相結合的方式，我們預計在 2026 年在馬來西亞啟動高達 15 兆瓦的雲端服務容量，如果需求持續，我們還有能力大幅擴展。

We are also upgrading our 13 megawatt Wenatchee, Washington site using a proprietary modular data center technology. This conversion is expected to be completed by Q4 2026. Further, we have initiated the conversion of 10 megawatts of power capacity at our Knoxville, Tennessee site into an AI data center with targeted completion in Q4 2026. We are evaluating potential US data center rental opportunities to bring our AI cloud services online domestically as early as Q1 2026.

我們也正在使用專有的模組化資料中心技術升級位於華盛頓州韋納奇的 13 兆瓦資料中心。預計此次轉換將於 2026 年第四季完成。此外，我們已啟動將位於田納西州諾克斯維爾的 10 兆瓦電力容量改造成人工智慧資料中心的項目，目標是在 2026 年第四季完成。我們正在評估在美國租用資料中心的潛在機會，以便最早在 2026 年第一季將我們的 AI 雲端服務在國內上線。

In summary, the supply and demand imbalance for AI compute continues to widen, and we expect this shortage to persist well into 2027. Based on our estimates, under the most optimistic scenario, converting 200 megawatts of our power capacity fully towards AI cloud services could generate an annualized revenue run rate exceeding $2 billion by the end of 2026.

總而言之，人工智慧運算的供需失衡狀況持續擴大，我們預計這種短缺狀況將持續到 2027 年。根據我們的估計，在最樂觀的情況下，將我們 200 兆瓦的電力容量全部轉化為人工智慧雲端服務，到 2026 年底，年化收入運行率可超過 20 億美元。

Turning to our ASIC business. When we launched our aggressive ASIC roadmap last year, our goal was clear, industry leadership in performance and energy efficiency. Our R&D team has delivered on that promise. In September we launched the Seal Miner A3 series, now among the most energy efficient products in the market. Mass production has started and initial shipments are expected this month. We anticipate the A3 series will generate meaningful revenue in 2026.

接下來談談我們的ASIC業務。去年我們推出雄心勃勃的 ASIC 路線圖時，我們的目標很明確，那就是在性能和​​能源效率方面引領產業。我們的研發團隊兌現了這項承諾。9 月我們推出了 Seal Miner A3 系列，目前該系列產品已成為市場上最高效能的產品之一。批量生產已經開始，預計本月將開始首批發貨。我們預計A3系列將在2026年產生可觀的收入。

Looking ahead, our focus shifts to our SEAL 04 chip. To de-risk the development and ensure success, we are pursuing two distinct design approaches. The tape out for the first Seal 04 design was completed in September, and latest sample verification demonstrated approximately 6 to 7 joules per teraha power efficiency at the chip level under low voltage ultra power saving mode.

展望未來，我們的重點將轉移到 SEAL 04 晶片上。為了降低開發風險並確保成功，我們正在採取兩種不同的設計方法。第一個 Seal 04 設計的流片工作已於 9 月完成，最新的樣品驗證表明，在低電壓超節能模式下，晶片級功率效率約為每太哈 6 至 7 焦耳。

We're targeting mass production to begin in Q1 2026. In the meanwhile, development of the next generation CLO4 is significantly delayed. Next, let's turn to our energy infrastructure shown on slides 7 through 11 in the supplemental investor presentation. In Q3 we continued our rapid buildout of our global power and data center portfolio.

我們的目標是在2026年第一季開始量產。同時，下一代CLO4的研發工作卻嚴重落後。接下來，讓我們來看看補充投資者簡報第 7 至 11 頁所示的能源基礎設施。第三季度，我們持續快速拓展全球電力和資料中心業務。

As of October 2025, we fully energized the Tedel Norway site and the full 500 megawatts in Jigmeling, Bhutan. This brings our total available electrical capacity to approximately 1.6 gigawatts and our total global power pipeline to approximately 3 gigawatts. For our AI cloud services and co-location strategy, we believe we have one of the most attractive power portfolios in the industry.

截至 2025 年 10 月，我們已全面啟用挪威 Tedel 電站和不丹吉格梅林 500 兆瓦電站。這使得我們可用的總電力容量達到約 1.6 吉瓦，全球電力管道總容量達到約 3 吉瓦。對於我們的人工智慧雲端服務和託管策略，我們相信我們擁有業內最具吸引力的實力組合之一。

Across our sites in Clarington, Ohio, Tedel, Norway, and Wenatchee, Washington, we will have over 1.3 gigawatts of HPC suitable power by Q2 2027. This gives us a significant advantage in time to power and the ability to deploy massive GPU capacity rapidly. In September, we announced a new 300 megawatt site in Niles, Ohio. The project remains on track for energization in Q1 2029. The site spans 41.8 acres and includes an interconnection agreement with First Energy.

到 2027 年第二季度，我們在俄亥俄州克拉靈頓、挪威特泰爾和華盛頓州韋納奇的各個站點將擁有超過 1.3 吉瓦的高效能運算適用電力。這使我們在供電時間和快速部署大規模 GPU 容量方面擁有顯著優勢。9 月，我們宣佈在俄亥俄州奈爾斯新建一座 300 兆瓦的發電廠。該項目仍按計劃於 2029 年第一季投入營運。該場地佔地 41.8 英畝，並與 First Energy 簽訂了互聯協議。

It is located about 75 miles from our Matalin, Ohio site and 125 miles from our Clarington, Ohio site. We continue to secure low costs power sites globally, reinforcing our competitive advantage in both mining and AI infrastructure. In summary, We are proud of our team's execution this quarter. These efforts are already reflected in our financial results and have established a scalable foundation for long-term growth.

它距離我們在俄亥俄州馬塔林的基地約 75 英里，距離我們在俄亥俄州克拉靈頓的基地約 125 英里。我們持續在全球取得低成本電力設施，從而鞏固我們在採礦和人工智慧基礎設施領域的競爭優勢。總而言之，我們對團隊本季的表現感到自豪。這些努力已經體現在我們的財務表現中，並為長期成長奠定了可擴展的基礎。

Thank you. 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.

謝謝。現在我將把發言權交給我們的資本市場和策略副總裁傑夫·拉伯格，讓他詳細介紹我們本季的財務表現。

Thank you, Harris. Before I go over fifth year's third-quarter financial results, I'd like to remind everyone that all figures I refer to today are in US dollars. Q3 consolidated revenue was $169.7 million up from $62 million in Q3 2024, and $155.6 million in Q2 2025, or up 173.6% year-over-year and 9.1% sequentially.

謝謝你，哈里斯。在介紹第五年第三季的財務業績之前，我想提醒大家，我今天提到的所有數字都是以美元計價的。第三季合併收入為 1.697 億美元，高於 2024 年第三季的 6,200 萬美元和 2025 年第二季的 1.556 億美元，年增 173.6%，季增 9.1%。

Self-mining revenue was $130.9 million versus $31.5 million in Q3 2024 and $59.3 million in Q2 2025, or up 315.6% year-over-year and up 120.7% sequentially. These results were primarily due to a 273.1% year-over-year and 105.4% sequential increase in self-mining hash rate as well as higher Bitcoin prices. These increases were partially offset by higher mining difficulty.

自挖礦收入為 1.309 億美元，而 2024 年第三季為 3,150 萬美元，2025 年第二季為 5,930 萬美元，年增 315.6%，季增 120.7%。這些結果主要歸功於自挖礦算力年增 273.1% 和季增 105.4%，以及比特幣價格上漲。這些增長被更高的採礦難度部分抵消了。

C minor sales revenue was $11.4 million compared to $0 in Q3 2024 and $69.5 million in Q2 2025. Total gross profit for the quarter was $40.8 million versus $2.8 million in Q3 2024 and $12.8 million in Q2 2025. Gross margin was 24.1% versus 4.5% in Q3 2024 and 8.2% in Q2 2025. The year-over-year and sequential increase in our gross margin was primarily driven by higher self-mining revenue and improved fleet efficiency. We expect to continued gross margin improvements over the coming quarters as our hash rate ramps up and overall fleet efficiency improves.

C 小調的銷售收入為 1,140 萬美元，而 2024 年第三季為 0 美元，2025 年第二季為 6,950 萬美元。本季總毛利為 4,080 萬美元，而 2024 年第三季為 280 萬美元，2025 年第二季為 1,280 萬美元。毛利率為 24.1%，而 2024 年第三季為 4.5%，2025 年第二季為 8.2%。我們的毛利率年比和環比成長主要得益於自營採礦收入增加和船隊效率提高。我們預計，隨著算力提升和整體運維效率提高，未來幾季毛利率將持續改善。

Total operating expenses for the quarter were $60.5 million versus $42.9 million in Q3 2024 and $42.3 million in Q2 2025. The year-over-year and sequential increase was primarily driven by the one-off R&D costs for the C 04 chip development and tape out and non-cash amortization expenses of intangible assets related to the acquisition of free chain.

本季總營運支出為 6,050 萬美元，而 2024 年第三季為 4,290 萬美元，2025 年第二季為 4,230 萬美元。年比和環比成長主要由 C 04 晶片開發和流片的一次性研發成本以及與收購自由鏈相關的無形資產的非現金攤銷費用所驅動。

Other operating income was $26.5 million primarily due to a $22.2 million mark to market adjustment to our cryptocurrency receivables. As a reminder, under IFRS, Bitcoin and other cryptocurrencies are classified as intangible assets and are measured at cost less any accumulated impairment losses, with no subsequent upward revaluation permitted.

其他營業收入為 2,650 萬美元，主要原因是我們的加密貨幣應收款進行了 2,220 萬美元的市值調整。提醒一下，根據國際財務報告準則，比特幣和其他加密貨幣被歸類為無形資產，並按成本減去任何累積減損損失計量，不允許後續向上重估。

However, during the quarter we entered into a $100 million Bitcoin backed loan facility, pledging approximately 1,400 bitcoin as collateral. As a result, these bitcoins were reclassified as cryptocurrency receivable. IFRS requires that any cryptocurrency held as a receivable or payable be marked to market, which led to this adjustment. Other net loss for the quarter was $238.5 million versus $14.7 million in Q3 2024 and $108.5 million in Q2 2025.

然而，在本季度，我們獲得了一筆 1 億美元的比特幣擔保貸款，並抵押了約 1400 個比特幣作為擔保。因此，這些比特幣被重新歸類為加密貨幣應收款。國際財務報告準則要求將任何作為應收帳款或應付帳款持有的加密貨幣按市值計價，這導致了此次調整。本季其他淨虧損為 2.385 億美元，而 2024 年第三季為 1,470 萬美元，2025 年第二季為 1.085 億美元。

The net loss was due to the non-cash derivative losses 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 loss was $266.7 million versus $50.1 million in Q3 2024 and $147.7 million in Q2 2025. Adjusted loss was $32.8 million versus $25.6 million in Q3 2024 versus $24.4 million in Q2 2025. The increase in loss was primarily due to higher operating expenses and interest expense related to the increased borrowings partially offset by the year-over-year higher revenue and gross profit margins.

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，我將在負債部分更詳細地討論這些損失。根據國際財務報告準則 (IFRS)，2024 年第三季淨虧損為 5,010 萬美元，2025 年第二季淨虧損為 1.477 億美元。經調整後的虧損為 3,280 萬美元，而 2024 年第三季為 2,560 萬美元，2025 年第二季為 2,440 萬美元。虧損增加主要是由於營運費用和與借款增加相關的利息支出增加，但部分被同比更高的收入和毛利率所抵銷。

Adjusted deeper dot was $43 million versus negative $7.9 million in Q3 2024 and $17.3 million in Q2 2025. The year-over-year growth was primarily driven by significantly higher self-mining hash rates as a result of the company's mass production and deployment of seal miners A1 and A2 during 2025. Note that both the adjusted loss and adjusted EBITDA figures for the quarter do not include the $22.2 million favorable mark to market gain from Bitcoin pledged as collateral.

經調整後的深層點數為 4,300 萬美元，而 2024 年第三季為負 790 萬美元，2025 年第二季為負 1,730 萬美元。年成長主要得益於公司在 2025 年大規模生產和部署 Seal 礦機 A1 和 A2，從而顯著提高了自挖礦算力。請注意，本季的調整後虧損和調整後 EBITDA 數據均未包含因比特幣作為抵押品而獲得的 2,220 萬美元有利市值加價收益。

This quarter's higher year-over-year and sequential top-line and non-GAAP bottom line performance was mainly driven by higher self-mining hash rate, seminor sales, and higher Bitcoin prices. These were partially offset by higher global network cash rate and higher R&D costs as previously described.

本季同比及環比營收及非GAAP利潤成長主要得益於自挖礦算力提升、半礦銷售成長以及比特幣價格上漲。如前所述，這些不利因素被更高的全球網路現金利率和更高的研發成本部分抵消。

Net cash used for operating activities was $520 million primarily driven by steel miners, supply chain, and manufacturing costs, electricity costs from the mining business, general corporate overhead, and interest expense. Net cash generated from investing activities was $27 million which was driven.

經營活動所用現金淨額為 5.2 億美元，主要受鋼鐵礦商、供應鏈和製造成本、採礦業務的電力成本、一般公司管理費用和利息支出的影響。投資活動產生的淨現金流為 2,700 萬美元，主要由下列因素驅動：

By $60 million of capital expenditure, of which $32 million was related to data center infrastructure and related construction. Proceeds from disposal of cryptocurrencies from our primary business was $89 million. Net cash generated for financing activities for the quarter was $388 million which resulted primarily from approximately $320 million of borrowing from a related party and $91 million of proceeds from shares sold under our ATM program, partially offset by $48 million of repayments of borrowings.

資本支出 6000 萬美元，其中 3,200 萬美元與資料中心基礎設施及相關建設有關。我們主要業務處置加密貨幣所得收益為 8,900 萬美元。本季融資活動產生的淨現金為 3.88 億美元，主要來自向關聯方借款約 3.2 億美元，以及根據我們的 ATM 計劃出售股票所得 9,100 萬美元，部分被償還借款 4,800 萬美元所抵銷。

Moving to our 2025 infrastructure spend. We expect CapEx for the continued buildout of our global power and data center infrastructure to be in the range of $210 million to $240 million for calendar year 2025. This range includes reported infrastructure CapEx from the previous nine months of approximately $168 million. The remaining projected CapEx is expected to fund the completion or near completion of our data centers in T Tieel, Norway. Jigmeling, Bhutan, Maslin, Ohio, and Ethiopia, as well as the partial completion of the 101 megawatt gas-fired power plant in Alberta, Canada.

接下來談談我們2025年的基礎建設支出。我們預計，到 2025 年，用於持續建造全球電力和資料中心基礎設施的資本支出將在 2.1 億美元至 2.4 億美元之間。該範圍包括前九個月報告的基礎設施資本支出，約為 1.68 億美元。剩餘的預計資本支出預計將用於完成或接近完成我們在挪威 T Tieel 的資料中心。吉格梅林（不丹）、馬斯林（俄亥俄州）和衣索比亞，以及加拿大艾伯塔省 101 兆瓦燃氣發電廠的部分竣工。

Please note that this guidance only factors in power and data center and does not include CapEx for Cel miners and GPUs. In terms of our balance sheet, we ended the quarter in a strong financial position with $196.3 million in cash and cash equivalents. $82.2 million in cryptocurrencies held at cost less impairment.

請注意，本指南僅考慮電力和資料中心，不包括 Cel 礦機和 GPU 的資本支出。就資產負債表而言，本季末我們的財務狀況穩健，持有現金及現金等價物1.963億美元，另持有價值8,220萬美元的加密貨幣（已扣除減損損失）。

$163.9 million in cryptocurrency receivable held at fair market value and $824.3 million in borrowings excluding derivative liabilities. Please note the $82.2 million in cryptocurrencies is accounted for according to IFRS rules and is currently below its market value. Derivative liabilities were $672.5 million. Which relate to the November 2024 and June 2025 convertible senior notes representing a $234.6 million increase compared to the last quarter.

持有 1.639 億美元的加密貨幣應收款（以公允市價計算）和 8.243 億美元的借款（不包括衍生負債）。請注意，這 8,220 萬美元的加密貨幣是按照國際財務報告準則 (IFRS) 進行核算的，目前低於其市場價值。衍生性商品負債為 6.725 億美元。其中包括 2024 年 11 月和 2025 年 6 月到期的可轉換優先票據，與上一季相比增加了 2.346 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 rises, resulting in a higher reported liability and vice versa.

這是由於股價上漲而導致的非現金公允價值調整，不會影響我們在國際財務報告準則下的流動性或營運。某些衍生性工具，如認股權證和可轉換債券，需要在每個報告期間以公允市價重新估價。隨著我們股價上漲，這些工具的公允價值也隨之上升，導致報告負債增加，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. Finally, regarding our outstanding ATM facility. We've sold 6.2 million additional shares during the quarter.

記錄在案的負債最終將在結算時透過轉換為股權或到期的方式進行抵消，並不代表實際的現金流出。最後，關於我們出色的ATM設施。本季我們額外售出了 620 萬股股票。

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

謝謝大家。以上就是我們財報電話會議的準備發言部分。接線員，請開啟提問環節。

Thank you, sir. (Operator Instructions)

謝謝您，先生。（操作說明）

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yes, hi, thank you, and good morning and good afternoon and thanks for taking my questions. Harris, thanks for the update on kind of the progression of the HPC opportunity as you guys think about it. I wanted to talk a little bit about that, you called out a few of the sites. I mean, it sounds like that Washington and maybe Tennessee could be, maybe move up in the queue just given their size.

是的，您好，謝謝，早安，下午好，謝謝您回答我的問題。Harris，感謝你更新了你們對高效能運算 (HPC) 專案進度的思考。我想稍微談談這件事，你提到了其中幾個網站。我的意思是，聽起來華盛頓州，或許還有田納西州，鑑於它們的規模，可能會在排隊順序上向前移動。

So I guess one as we think about, beyond, I guess first if you could talk a little bit more how you see the opportunity in Asia progressing and then as we kind of continue to gain momentum in Asia, how we're able to kind of expand that into the US.

所以我想，當我們思考未來發展時，首先，如果您能再多談談您如何看待亞洲的發展機遇，以及隨著我們在亞洲持續獲得發展勢頭，我們如何才能將這種勢頭擴展到美國，那就太好了。

Hello.

你好。

You can hear me? You can't. You can hear me? Okay.

你聽得到我說話嗎？你不能。你聽得到我說話嗎？好的。

(Operator Instructions)

（操作說明）

Okay, can.

好的，可以。

Hey Harris, I just heard you, but there was an echo.

嘿，哈里斯，我剛才聽到你說話了，但有迴音。

Yeah. Yeah. Let me see if I can get this fixed.

是的。是的。我看看能不能解決這個問題。

Hey, Jeff, if you're on the line, I guess I'd be curious to know about, it looked like we added a site in Ohio, Niles, Ohio, are you there? No, okay, let's wait.

嘿，傑夫，如果你在線的話，我想問一下，我們好像在俄亥俄州奈爾斯市新增了一個站點，你在那裡嗎？不，好吧，我們等等。

Yeah. Okay, can you hear me okay? Yes, sir, please proceed. Yeah, okay, so sorry about that. I don't, I'm not sure what was going on. So Greg, let me answer your question. I answered it once, but I think nobody heard me. So, it's not that we're going to do Malaysia first and then go to the US. We're doing both simultaneously. We're definitely moving forward in Malaysia and also in a number of locations outside of the US. So That's I think the answer to your first question. Do you have a second question? I can't remember what it was.

是的。好的，你聽得到我說話嗎？好的，先生，請繼續。哦，好吧，真抱歉。我不知道，我不確定發生了什麼事。格雷格，讓我來回答你的問題。我回答過一次，但我覺得沒人聽到。所以，我們並不是先去馬來西亞，然後再去美國。我們正在同時進行這兩項工作。我們在馬來西亞以及美國以外的許多地方都在穩步發展。所以，我想這就是你第一個問題的答案了。您還有其他問題嗎？我記不清那是什麼了。

Yeah, I mean, and I guess I was curious like are these are all these sites going to be Nvidia? Are you only looking at it sounds like we're focused on the 3. Hundreds is is that kind of kind of or could we see it it seems like some of these other data center potential suppliers are are looking beyond the video. I know at one point you were also looking to develop, something beyond just an a chip as well.

是的，我的意思是，我很好奇，這些網站是不是都屬於英偉達旗下？你是不是只關注這一點？聽起來我們好像只會專注在3。數百個就是那種類型的，或者我們可以看到，似乎其他一些資​​料中心潛在供應商正在關注影片之外的內容。我知道你一度也想開發一些不只是晶片的東西。

So right now everything that we're doing in AI is largely in video based so the we're not looking at developing our own AI chip at the moment if that's what your question was.

所以目前我們在人工智慧領域所做的一切主要都是基於視訊的，因此，如果你的問題是關於我們是否正在開發自己的人工智慧晶片，那麼我們目前並沒有這樣的計劃。

Okay, and then my other question was around the. I guess we acquired a new site in Niles, Ohio, I'd be curious, you know what was kind of the the process in that at that it was that a site that, we've been looking at I'm trying to understand, I guess a couple things. One is, realizing every site's different. How should we think about the timing of incremental site allocations, and I, I'd be curious about that.

好的，我的另一個問題是關於…我想我們在俄亥俄州奈爾斯收購了一個新網站，我很好奇，你知道，收購過程是怎麼樣的？我們一直在關注那個網站，我試著去了解一些事情。第一點是，要意識到每個網站都不一樣。我們應該如何考慮增量站點分配的時機？對此，我很感興趣。

Yeah, I agree. Yeah, so the Niles, Ohio site was actually acquired a few months ago. We just, finalized it and made the announcement last month. So strategic. Acquisition, it's, less than 100 miles from both of our sites, other sites in Ohio. Energization does not come until Q1 of 2029, so it's a little ways out. So I think we just think that it's like it's this additional optionality depending on how we, what direction we go with the Clarington and the Maslin site long-term. So, just long-term optionality that's how we're thinking about that.

是的，我同意。是的，位於俄亥俄州奈爾斯的那個網站實際上是幾個月前收購的。我們上個月剛剛敲定並宣布了此事。真是高明的策略。收購地點距離我們在俄亥俄州的兩個其他地點均不到 100 英里。預計要到 2029 年第一季才能通電，所以還有一段時間。所以我覺得，這就像是另一個選擇，取決於我們長期如何發展克拉靈頓和馬斯林基地。所以，我們考慮的只是長期選擇權。

And in general we are in a mode of actively looking for sites that might be useful, so you know we're. We are we have a group that's actively doing that.

總的來說，我們正積極尋找可能有用的網站，所以你知道我們正在這樣做。我們有一個團隊正在積極地做這件事。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Hi, this is Chris Meyers on for Kevin Cassidy, and I'm just looking if you guys could. Provide some additional specifics on the reason for the delay of the 04 Steel minership.

大家好，我是克里斯·邁耶斯，替凱文·卡西迪，我想問你們能不能幫忙。請提供一些關於 04 號鋼鐵礦項目延期原因的具體細節。

Yeah, so it's just to be clear, it's a, it's the new generation of architecture. Well, we're very confident in the technology still. It's really just that the implementation of it is, quite a bit more difficult than we originally anticipated and does involve, significant changes to the design flow and the EDA tools and so we're just working through those things to do that and that that's really the the source of the delay.

是的，所以說清楚點，這是，這是新一代的建築。我們對這項技術仍然非常有信心。實際上，它的實施比我們最初預想的要困難得多，而且確實涉及到設計流程和EDA工具的重大改變，所以我們正在努力解決這些問題，這才是造成延誤的真正原因。

Thank you. And if I could ask a follow-up, are there any additional R&D expenses as those come to market as the seal minor 04 comes to market?

謝謝。如果可以的話，我想問一下，隨著密封件小部件 04 的上市，是否會產生額外的研發費用？

I mean, I don't think there's going to be any especially, unusual R&D expenses. Of course there are R&D expenses associated with any chip. Right.

我的意思是，我認為不會有任何特別的、不尋常的研發費用。當然，任何晶片的研發都涉及費用。正確的。

And. Then I guess if I could ask one last follow-up. If you could describe the cost difference between assembling these steel miners in the US versus outside of the US. Provide a little detail on that would be great.

和。那麼，我可以再問最後一個問題嗎？請描述在美國組裝這些鋼鐵礦機與在美國以外組裝這些鋼鐵礦機的成本差異。如果能提供一些細節就太好了。

So there'll be obviously be a slight increase in the production costs for for ones done in in the US. So if you think about the cost of the of of a steel miner, about 70 to 75% of the cost is the chip. So the remaining 25 to 30% is the balance of manufacturing is really where the delta will be on. So yes, we would expect that to be higher in most cases, but again depending on what the tariff is for exporting countries, we don't have an exact number for you at this time.

因此，在美國生產的產品，其生產成本顯然會略有增加。所以，如果你考慮鋼鐵礦機的成本，大約 70% 到 75% 的成本都是晶片。因此，剩餘的 25% 到 30% 的製造業份額才是真正的差距所在。所以，是的，我們預計在大多數情況下，這個數字會更高，但同樣，這取決於出口國的關稅，我們目前無法為您提供確切的數字。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Yeah, hey guys, two questions. One, How will you decide whether you'll go the cloud service provider route versus the co-location route? Any insight there would be helpful. And then two, could you talk a little bit about the demand you're seeing in Norway and how that compares to the demand for some of your US sites?

嘿，各位，我有兩個問題。第一，您將如何決定選擇雲端服務提供者方案還是選擇託管方案？任何見解都將不勝感激。其次，您能否談談您在挪威看到的需求，以及這種需求與您在美國的一些網站的需求有何不同？

Yeah, so, with respect to AI cloud versus co-location, we are definitely putting our emphasis on the AI cloud space. We will opportunistically use co-location where it might make sense, but our primary focus is on AI cloud. With regards to Norway, Yeah, I mean that site, the demand is largely driven by that site being one of the few places in Europe where you can get a large site with low power and in the very specific case of our site, it's very much developed towards already being a tier 3 type of data center, so it doesn't take much effort to or as much resources to change it as it would a normal Bitcoin mining site. So there was a lot of interest, there is a lot of interest in that site for those reasons.

是的，所以，就 AI 雲端與託管伺服器而言，我們肯定會把重點放在 AI 雲端領域。我們會在適當的時候利用託管服務，但我們的主要重點是人工智慧雲端。關於挪威，是的，我指的是那個站點，需求很大程度上是因為它是歐洲少數幾個可以建設大型低功耗站點的地方之一，而且就我們站點而言，它已經發展成為三級數據中心，因此改造它不需要像改造普通比特幣挖礦站點那樣投入太多精力和資源。所以，基於這些原因，很多人對那個網站很感興趣。

Is the demand greater for that site as compared to maybe a US site?

與美國網站相比，該網站的需求量是否較大？

I don't know. I mean, if it perhaps because it's so close to being a fully developed Tier 3 site, the answer is probably yes. It just takes less effort to turn it into an AI data center than our US sites. Yeah.

我不知道。我的意思是，如果是因為這個網站離成為一個完全成熟的三級網站如此之近，那麼答案很可能是肯定的。把它改造成人工智慧資料中心比改造我們的美國站點要容易得多。是的。

I think time to power has really been what's been driving the demand for it. Obviously the site, as said, has a lot of attractive attributes that make the time to power much shorter, we think we could have this up and running. Sometime in the second half of next year possibly so I think that's driving a lot of it.

我認為真正推動這種需求的因素是獲得權力的時間。顯然，正如前面所說，該網站有​​很多吸引人的特點，大大縮短了上線時間，我們認為我們可以讓它運作起來。可能要等到明年下半年，我認為這是主要原因。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Good morning, everyone.I apologize for the noise in the background in front. I wanted to -- I have questions regarding your finances options for for development of the HPCA capacity. So kind of to what extent do you expect sort of cap to be funded by your G&D partner? And additionally.

各位早安。很抱歉前面背景有點吵。我想問—我有一些關於貴公司為HPCA能力發展提供的融資方案的問題。那麼，你預期你的G&D夥伴會在多大程度上為此上限提供資金？另外。

Is there any impact on your cost of capital from your PTC holdings given that they could potentially use as collateral and help bring the rates? Thank you.

考慮到您的 PTC 持有量有可能用作抵押品並有助於降低利率，這會對您的資本成本產生什麼影響？謝謝。

So you've got a lot of background noise there. Can I'm not sure we got that. Were you asking about a development partner. Yeah, Jeff, I apolo apologize in the transit.

所以那裡有很多背景噪音。我不確定我們是否明白了。您是在詢問開發合作夥伴嗎？是的，傑夫，我在路上道歉。

So question is basically on your financing options for the development of HPC and AI. So I would wonder to what extent do you expect total cap to be funded by your JV partner and is there any impact on your cost of capital from Bitcoin Holdings because I would assume they could potentially be used as collateral and help bring the rate down. Thank you.

所以問題基本上是關於您在高效能運算和人工智慧開發方面的融資選擇。因此，我想知道您預計合資夥伴會在多大程度上為您的總資本提供資金，以及比特幣控股是否會對您的資本成本產生任何影響，因為我假設它們有可能被用作抵押品並有助於降低利率。謝謝。

So, at the present time, we don't have a JV partner in in this development of HBCAI. So we'd initially guided that we were going to approach it using a joint venture partner development partner. We did have an LOI with a group previously this year. We let that LOI expire, in favor of. Basically pursuing the opportunity more on our own using fee based CPC contractors and augmenting our own internal development team so we are not to say we we may not pursue it in the future but at this at the present time our our our strategy is to pursue it more on our own.

所以，目前我們在HBCAI的開發過程中還沒有合資夥伴。因此，我們最初就決定採用合資夥伴開發夥伴的方式進行開發。今年早些時候，我們確實與一個團體簽訂了意向書。我們讓那份意向書失效，轉而支持其他方案。基本上，我們正​​在更多地依靠自身力量，利用按收費的 CPC 承包商和擴充我們自己的內部開發團隊來尋求這個機會。所以，我們並不是說我們將來不會尋求這個機會，但就目前而言，我們的策略是更多地依靠自身力量來尋求這個機會。

Thanks, that's clear. But, and my follow-up is about regarding the most optimistic scenario where you applying 200 megawatts of AI cloud capacity could you provide more detail on how this capacity will be allocated across your site if possible?

謝謝，明白了。但是，我的後續問題是，在最樂觀的情況下，您應用了 200 兆瓦的 AI 雲端容量，您能否盡可能詳細地說明這些容量將如何在您的網站上分配？

Thank you. I'm having trouble understanding the question. Sorry about that. I mean, it is about 200 megawatts of AI cloud capacity, but if your client has, yeah, so, yeah.

謝謝。我不太明白這個問題。抱歉。我的意思是，這大約是 200 兆瓦的 AI 雲端容量，但如果你的客戶有，是的，所以，是的。

If you can provide the fleet between your side would be helpful. So of the 200 megawatts, right, that includes, Malaysia, includes Singapore, includes, Wenatche, includes, Title in Norway, and we expect the vast majority of that to be. An AI cloud as opposed to co-location. So is that the Question that did I answer your question?

如果您能提供貴方的艦隊信息，那就太好了。所以，這 200 兆瓦中，包括馬來西亞、新加坡、韋納奇、挪威的泰特爾，我們預計其中絕大部分將用於此計畫。與託管伺服器不同的是，這是一個人工智慧雲端平台。所以，這就是你要問的問題嗎？我回答你的問題了嗎？

Yeah, thank you very much. I apologize once again for that that.

是的，非常感謝。我再次為此道歉。

Mike Grondahl, HC Wainwright and Company.

Mike Grondahl，HC Wainwright and Company。

Hey. Good morning guys. I appreciate all the updates today, just a couple for me. First one, as an ASIC manufacturer with better visibility into chip availability. Do you foresee any procurement risks with regards to securing some of the latest gen GPUs from Nvidia, for the broader AI infrastructure industry?

嘿。各位早安。感謝今天的所有更新，其中有幾個是給我的。首先，作為一家ASIC製造商，我們對晶片供應情況有更清晰的了解。您認為在為更廣泛的人工智慧基礎設施產業購買英偉達最新一代GPU時，是否有任何採購風險？

We haven't seen anything. So far, I mean it's, I don't, I'm not sure that Jeff and I are well positioned to answer that question right now because we're not directly in the procurement. We're getting what we require, for a bit, but our, initial orders are relatively small, so I'm not sure if they're indicative of the industry as a whole.

我們什麼也沒看到。就目前而言，我的意思是，我不確定我和傑夫現在是否能夠回答這個問題，因為我們沒有直接參與採購工作。我們暫時得到了所需的東西，但我們最初的訂單相對較小，所以我不太確定它們是否能代表整個行業的情況。

Got it. Got it. And Harris, you mentioned in your prepared remarks, that you intend to continue to deploy your seal miner ais across your sites, continue to build up the Bitcoin mining business in 2026. I guess, how should we think about growth, coming out of this year and looking into next year for Bitcoin mining?

知道了。知道了。哈里斯，你在事先準備好的演講稿中提到，你打算繼續在你的各個站點部署你的密封挖礦機，並在 2026 年繼續發展比特幣挖礦業務。我想，我們該如何看待比特幣挖礦在經歷了今年的發展之後，並展望明年的發展？

We haven't released any estimates on that yet, but it will be significant, we're not plateauing at the level that we're at now. We're still on a very steep upward trajectory.

我們尚未公佈任何相關預測，但結果將非常顯著，我們不會停滯在目前的水平。我們仍然處於非常陡峭的上升趨勢中。

Yeah, Mike, I would say I think we've got a lot of leverage to pull there. We've got new capacity coming online in Maslin, Ohio, 221 megawatts. Ethiopia's 50 megawatts, we have some unused capacity in some of our current sites right now, and we have also have a couple 100 megawatts that is dedicated to. Older generation miners that we'll be looking to to to replace in the coming months so it'll really be a capacity and you know a manufacturing will be sort of the bottleneck not not power.

是的，麥克，我認為我們在這方面有很多籌碼。我們在俄亥俄州馬斯林新增了 221 兆瓦的發電容量。衣索比亞擁有 50 兆瓦的裝置容量，我們目前在一些現有站點還有一些未使用的容量，此外，我們還有幾個 100 兆瓦的專用容量。我們將在未來幾個月內更換老一代的礦機，因此真正的瓶頸將是產能，你知道，製造將成為瓶頸，而不是電力。

Got it. Helpful color. Appreciate you taking my questions.

知道了。有用的顏色。感謝您回答我的問題。

Dillon Heslin, Roth Capital Partners.

狄龍·赫斯林，羅斯資本合夥人。

Hey, thanks. Good morning. To follow-up on some of the AI cloud things about the $2 billion ARR, how do you sort of expect your customer base to be across that $2 billion? I know you mentioned some of the industries you're working in, but do you expect it to be multiple customers, like multiple big customers, or are we talking 1,020, 30, or 30 plus small contracts?

嘿，謝謝。早安.關於人工智慧雲端和 20 億美元的年度經常性收入 (ARR) 的一些後續問題，您預計您的客戶群將如何覆蓋這 20 億美元？我知道你提到了一些你正在從事的行業，但你預計會有多個客戶，例如多個大客戶，還是說1020個、30個，或者30多個小合約？

So I think it'll be a combination of both. So in places like Asia, we are seeing a lot of demand from that. I'd say small to middle market companies that are looking to to to stand up some AI models in some of those industries that that we mentioned. We're also seeing demand from larger, called medium and large size enterprise customers that, are looking to deploy, high double, low triple digit megawatts in GPUs, so. I think that to get to that number as we kind of laid out as our most optimistic scenario would likely involve a combination of both, smaller middle market and, maybe one or two larger enterprise customers.

所以我認為會是兩者的結合。因此，在亞洲等地，我們看到了這方面的巨大需求。我認為，對於那些希望在我們提到的某些行業中建立人工智慧模型的中小型企業來說，這是一個不錯的選擇。我們也看到來自規模較大的企業客戶（稱為中型和大型企業客戶）的需求，他們希望部署高達兩位數、低三位數兆瓦的 GPU。我認為，要達到我們最樂觀設想中的目標數字，可能需要結合兩者：較小的中型市場客戶，以及一兩個較大的企業客戶。

Got it, thanks. And as a follow-up on the data center build side of things, how are you guys seeing build cost and supply chain trending, as you sort of get closer to finishing, I guess a lot of these sites are in the pipeline.

明白了，謝謝。關於資料中心建設方面，隨著專案接近尾聲，你們如何看待建造成本和供應鏈的趨勢？我想很多這樣的站點都正在建設中。

Yeah, look, I think the long lead time items are still the same ones as, we know from before it's a lot of the electrical equipment, transformers, switch gears, breakers, things like that. Look, I think they're they're they're out there to be found, we've got a very experienced procurement team, this is not the first time where this type of equipment has been in high demand and shortages, and we've had success sourcing it in the past. I think some of the, potential tenants and other, EPCs that we may be working with, there's a possibility that they have, some of that stuff kind of queued up as well. So I think there's avenues to get it, but, I think the supply chain still remains, stressed to some extent.

是的，你看，我認為交貨週期長的物料仍然和以前一樣，我們都知道，主要是電氣設備、變壓器、開關設備、斷路器之類的東西。你看，我認為它們肯定能找到，我們有一支經驗豐富的採購團隊，這也不是第一次出現這類設備需求量大、供應短缺的情況了，我們過去也成功地採購過。我認為，我們可能正在合作的一些潛在租戶和其他能源性能證書持有者，他們可能也有一些類似的事項需要處理。所以我認為還是有辦法獲得它的，但是，我認為供應鏈在某種程度上仍然面臨壓力。

Great. Thanks for taking my question.

偉大的。謝謝您回答我的問題。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Hey guys. Thanks for taking my question.I just wanted to confirm stuff from earlier. So one it does seem like the focus is more on AI Cloud. So GPU is a service versus HPC. Is you, are you seeing a lot more demand, in that area? And, should we also expect the Ohio sites would be, more geared for AI cloud versus a Colo lead? And then I have a follow-up.

嘿，大家好。謝謝你回答我的問題。我只是想確認一下之前的一些事情。所以，從目前來看，重點似乎更放在了人工智慧雲端。所以GPU是一種服務，而HPC則是一種服務。您是否注意到該地區的需求大幅增加？我們是否也應該預期俄亥俄州的站點會更傾向於人工智慧雲端而不是託管伺服器？然後我還有一個後續問題。

The Ohio site, yes, I think the answer is yes, it could be more for AICloud, but it's a large enough site where it could be divided as well. So the final determination of that site is not clear at the moment. Would you have a follow-up question, you said?

俄亥俄州的站點，是的，我認為答案是肯定的，它可能更適合 AICloud，但它是一個足夠大的站點，也可以進行分割。因此，目前尚不清楚該地點的最終歸屬。您說您還有後續問題嗎？

Yeah. Yes, so, but also just within that, I guess is there, are you seeing more customer demand for AI cloud versus color. And then I guess my follow-up would be, just as you think about procuring more megawatts out there. We have heard from some peers that there is kind of a stranded power, available. Just, is there a kind of a guardrail of how.

是的。是的，所以，但同時，我想，您是否看到客戶對 AI 雲端的需求比對色彩的需求更大？然後，我想我的後續問題是，就像你考慮從外面購買更多兆瓦電力一樣。我們從一些同行那裡聽說，有一種閒置的電力資源。只是，有沒有什麼指導原則之類的？

Much additional capacity maybe annually. You guys think you could procure? We're seeing a lot of demand for both Kolo and AICloud, so it's hard to quantify which one is more or less, but we're seeing a lot for both.

每年可能新增大量產能。你們覺得能搞到手嗎？我們看到 Kolo 和 AICloud 的需求都很大，所以很難量化哪一個更大或更小，但兩者都很受歡迎。

Yeah, and then, yeah, I would agree with that. I mean, I don't think it's it's just different demand. I mean, obviously different types of customers are looking for sometimes same customers are, but I think that the demand right now is robust time to power, I think it's the most critical.

是的，那我也同意。我的意思是，我不認為只是需求不同而已。我的意思是，很明顯，不同類型的客戶有時有不同的需求，有時是相同的客戶，但我認為目前的需求強勁，供電時間至關重要。

Yeah, I think and and most recurring theme we're hearing, so 2026 early 20,207 power is desirable right now. So I think for both business models, on the power procurement side, yeah, I mean, look, I think we, we're seeing that too. I mean there is some strain of power. I think we're seeing also more of a willingness to for your tenants and users to be more accepting of that type of power, behind the meter power potentially, and.

是的，我認為我們聽到的最反覆出現的主題是，2026 年初的電力現在很受歡迎。所以我覺得對於這兩種商業模式來說，在電力採購方面，是的，我的意思是，你看，我認為我們也看到了這一點。我的意思是，權力方面存在一些緊張局勢。我認為我們也看到，租戶和用戶越來越願意接受這種類型的電力，即電錶後的電力。

So we're seeing that and we're, like I said, we've got a great procurement team that's been able to, acquire low cost power sites, in the past and you know we're confident in their ability to continue to do so.

所以我們看到了這一點，而且正如我所說，我們有一個很棒的採購團隊，他們過去能夠獲得低成本的電力站點，我們對他們繼續這樣做的能力充滿信心。

Great, thanks guys appreciate it.

太好了，謝謝各位，感激不盡。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Bill Papanastasiou, Keefe Bruyette & Woods.

Bill Papanastasiou、Keefe Bruyette 和 Woods。

Thank you for taking my questions. With respect to the delayed development of the C4 minor, where would you say the confidence level sits today? With respect to this AI having industry leading specs when it gets released, just trying to understand the extent of the delay.

謝謝您回答我的問題。關於 C4 小調的延遲發展，您認為目前大家的信心程度如何？鑑於這款人工智慧產品發佈時將擁有業界領先的規格，我只是想了解一下延遲的程度。

The confidence is high that the architecture is the right one to go for in future designs. So I don't think there's any real lack of confidence in that. And that, for subsequent designs we would be using and architecture like this where the confidence is lowest is the exact timing of the release.

人們非常有信心，這種建築風格是未來設計中應該採用的正確方案。所以我認為在這方面並不存在真正的信心不足。而對於後續的設計，我們將採用類似這樣的架構，其中信心最低的是發布的具體時間。

Bill, did you have a follow-up question?

比爾，你還有後續問題嗎？

No, just that question. Thank you for the color.

不，就問這個問題。謝謝你提供的色彩。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Great, thanks so much for taking my question. I'm just wondering if you can help. Provide some sort of estimates or how you see return on invested capital for cloud service provider versus co-location services.

太好了，非常感謝您回答我的問題。我只是想問你是否能幫上忙。請提供一些估算數據，說明您如何看待雲端服務提供者與託管服務提供者相比的投資報酬率。

Yeah, look, I think they're, it's a different return profile, so, obviously we've seen some of our peers out there, putting numbers out, and I think those numbers are largely, accurate, depending on how you're looking at it with I would say both the, if you're looking at both the. GPUs and the data center costs in there and and an IR specific to both you know I think they can be you know obviously different we're seeing you know co-location obviously the rates you know very similar to what what others have reported recently.

是的，你看，我認為它們的收益情況有所不同，所以，顯然我們看到一些同行公佈了一些數據，我認為這些數據在很大程度上是準確的，這取決於你如何看待它，我會說，如果你同時考慮這兩個方面。GPU 和資料中心成本，以及兩者特有的 IR，你知道，我認為它們顯然會有所不同，我們看到，託管顯然價格與其他人最近報告的價格非常相似。

So you know that's a, typically a yield on cost. So I think it's just going to depend on your construction costs, where you're constructing, and I think the end user, I think, we're seeing a lot of variance in end user requirements as far as infrastructure needs, where the backup powers required, where they, they'll be providing some of the kind of key infrastructure there. So that on the co-location side especially, I think it's going to really affect your return on invested capital or or any of your other return metrics.

所以你知道，這通常是指成本收益率。所以我認為這將取決於你的建造成本、建造地點，以及最終用戶。我認為，我們看到最終用戶對基礎設施的需求有很大差異，例如所需的備用電源，以及他們將提供的一些關鍵基礎設施。因此，尤其是在託管方面，我認為這將真正影響您的投資回報率或任何其他回報指標。

Okay, thanks.

好的，謝謝。

And ladies and gentlemen, that does conclude the Q&A portion of our call and Ber's conference for today. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議和貝爾的會議的問答環節到此結束。感謝您的參與。您現在可以斷開連線了。