Bitdeer Technologies Group (BTDR) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the fifth year fourth quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加第五年第四季（2025 年）收益電話會議。

(Operator Instructions)

（操作說明）

Please be advised that today's conference be recorded and I to end a conference over to your first speaker today, John Ragazino, external investor relations for Bid Deer. Please go ahead.

請注意，今天的會議將被錄製，現在我將把會議交給今天的第一位發言人，Bid Deer 的外部投資者關係代表 John Ragazino。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technologies fourth quarter 2025 earnings conference call.

謝謝接線員，大家早安。歡迎參加 Bitdeer Technologies 2025 年第四季財報電話會議。

Joining me today are Jihan Wu, Chief Executive Officer, Matt Kong, Chief Business Officer, and Harris Basit, Chief Strategy Officer. Harris will provide a high-level overview of Bit Deer's fourth quarter 2025 results and discuss the company's strategy, provide a detailed business update and review the financial results for the quarter. Jehan, Matt, and Harris will be available for questions after the formal remarks.

今天與我一同出席的有執行長吳繼涵、首席商務官馬特·孔和首席策略官哈里斯·巴斯特。Harris 將對 Bit Deer 2025 年第四季業績進行高層次概述，並討論公司的策略，提供詳細的業務更新，並回顧該季度的財務業績。正式演講結束後，Jehan、Matt 和 Harris 將回答提問。

To accompany today's call, we have provided a supplemental investor presentation available on Bitdeer's investor relations website under webcasts and presentations.

為配合今天的電話會議，我們已在 Bitdeer 的投資者關係網站的「網路直播和簡報」欄位下提供補充投資者簡報。

Before management begins their formal remarks, I'd 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 Bitdeer's business, please refer to the company's filings with the SEC.

在管理階層開始正式發言之前，我想提醒大家，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 Bitdeer 業務相關的風險和不確定性的更完整討論，請參閱該公司向美國證券交易委員會提交的文件。

In addition to discussing results calculated in accordance with International Financial Reporting Standards or IFRS, we will also reference certain non-IFRS financial measures such as adjusted EBITDA and adjusted profit and loss. For more detailed information on our non-IFRS financial measures, please refer to our earnings release published earlier today, which can be found on Bitdeer's IR website. With that, I'll now turn the call over to Haris.

除了討論依照國際財務報告準則（IFRS）計算的結果外，我們還將參考一些非IFRS財務指標，例如調整後的EBITDA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。接下來，我將把電話交給哈里斯。

Thank you, John, and good day, everyone. It's great to be with you today.

謝謝你，約翰，大家今天愉快。今天能和你們在一起真是太好了。

The fourth quarter of 2025 marked a defining period of execution and strategic progress for Bitdeer. We achieved critical milestones across our three strategic pillars and positioned the company for sustained growth as a vertically integrated Bitcoin and AI infrastructure company.

2025 年第四季是 Bitdeer 執行和策略發展的關鍵時期。我們在三大戰略支柱領域都取得了關鍵里程碑式的成就，並使公司成為一家垂直整合的比特幣和人工智慧基礎設施公司，從而實現持續成長。

I'll start with a brief overview of our financial performance for the quarter. Fourth quarter total revenue reached SGD225 million up 226% year over year and 33% sequentially. Gross profit totalled SGD10.6 million and adjusted EBITDA was SGD31.2 million for the quarter. While both metrics declined sequentially, the results primarily reflect a combination of lower average bitcoin pricing, modestly higher electricity costs. Substantially higher depreciation expense due to the rapid expansion of our self-mining capacity and further investment in new talent to support our growing AI HPC initiatives.

我將首先簡要概述我們本季的財務表現。第四季總營收達 2.25 億新加坡元，年增 226%，季增 33%。本季毛利總計1060萬新加坡元，調整後EBITDA為3120萬新加坡元。雖然這兩個指標都呈現下降趨勢，但結果主要反映了比特幣平均價格走低和電力成本略有上漲的綜合情況。由於我們自主挖礦能力的快速擴張以及為支持我們不斷增長的 AI HPC 項目而對新人才的進一步投資，折舊費用大幅增加。

I will discuss these factors in greater detail later in the call. Let me begin with a brief review of our power and infrastructure portfolio. We continue to make meaningful progress during the quarter, advancing a global portfolio of sites that we believe are well suited to support both large scale Bitcoin mining and next generation AI and HBC workloads.

我將在稍後的通話中更詳細地討論這些因素。首先，讓我簡單回顧一下我們的電力和基礎設施組合。本季我們持續取得實質進展，推進全球站點組合的建設，我們相信這些站點非常適合支援大規模比特幣挖礦以及下一代人工智慧和HBC工作負載。

Across regions, our focus remains on developing power rich, capital efficient infrastructure that provides flexibility, speed to market, and long-term strategic optionality. From an energy infrastructure perspective, execution during the quarter remained on track. At the end of January, we had over 1.66 gigawatts of capacity online and a total global power pipeline of three gigawatts.

在各個地區，我們的重點仍然是開發電力充足、資本高效的基礎設施，從而提供靈活性、快速上市和長期策略選擇。從能源基礎設施的角度來看，本季執行情況保持正常。截至1月底，我們已在線上發電容量超過1.66吉瓦，全球電力儲備總量達3吉瓦。

We believe this represents one of the most attractive and AI suitable power portfolios in the industry and provides us with a vast opportunity as the demand for such capacity continues to grow.

我們相信，這代表了業內最具吸引力且最適合人工智慧的電力組合之一，並且隨著對這種容量的需求不斷增長，為我們提供了巨大的機會。

Over the past several months, we've seen a significant shift in market dynamics around AI data center development. Demand for large scale co-location capacity has increased substantially and we've responded by refining our approach to better align with this opportunity.

在過去的幾個月裡，我們看到人工智慧資料中心開發領域的市場動態發生了重大變化。對大規模託管容量的需求大幅增加，我們透過改進我們的方法來更好地適應這一機遇，從而應對這一需求。

Therefore, we are currently prioritizing co-location services for sites in Norway and the US that are suitable for large scale AI HPC deployments. Let me walk through a few sites and where we stand with our development plans.

因此，我們目前優先考慮為挪威和美國的站點提供託管服務，這些站點適合大規模人工智慧高效能運算部署。讓我帶大家了解幾個專案地點以及我們目前的開發計畫進度。

First, Tel Norway represents our most near-term co-location opportunity this 225-megawatt facility was originally constructed to Tier three data center specifications. Which puts us in a favourable position for conversion to AI workloads.

首先，Tel Norway 代表了我們近期最有可能的託管機會，這座 225 兆瓦的設施最初是按照 Tier III 資料中心規格建造的。這使我們在向人工智慧工作負載轉型方面處於有利地位。

We estimate the retrofit will require much less incremental capital expenditure to add uninterruptible power supply systems, backup batteries, and generation, as well as some additional cooling capacity compared to industry benchmarks for Greenfield Tier three data center development, which typically run in the SGD8 million to SGD12 million per megawatt range.

我們估計，與新建三級資料中心的行業基準相比，此次改造所需的新增資本支出要少得多，只需增加不間斷電源系統、備用電池和發電設施，以及一些額外的冷卻能力即可。新建三級資料中心的產業基準通常為每兆瓦 800 萬至 1,200 萬新加坡元。

The site benefits from hydropower with attractive economics. Independent 100-megawatt transformers provide redundancy. We are currently in lease discussions with multiple counterparties and expect to be in a position to announce a signed lease agreement for Titel as soon as possible in 2026, although the exact timing is very difficult to predict.

該地擁有水力發電資源，經濟效益顯著。獨立的 100 兆瓦變壓器提供冗餘。我們目前正在與多個交易對手進行租賃談判，預計將在 2026 年盡快宣布與 Titlel 簽署租賃協議，儘管具體時間難以預測。

This site should be capable of supporting initial test GPU deployments in late 2026 and first production GPUs expected in early 2027.

該網站應該能夠在 2026 年底支援初步測試 GPU 部署，並預計在 2027 年初支援首批生產 GPU。

Second, our 570-megawatt site in Clarington represents one of the larger AI data center development opportunities in the United States. We've made progress on two fronts here. First, the local utility has accelerated our interconnection timeline.

其次，我們在克拉靈頓的 570 兆瓦站點代表了美國較大的人工智慧資料中心開發機會之一。我們在兩個方面都取得了進展。首先，當地電力公司加快了我們的併網時間表。

Second, we are currently in discussion with multiple prospective tenants. These are well recognizable companies in the space, and the discussions are progressing. While litigation has recently been filed that could potentially delay development at this location, we believe that we have meritorious claims and a strong defense and will pursue an expedient solution.

其次，我們目前正在與多個潛在租戶進行洽談。這些都是業內知名的公司，討論正在進行中。雖然最近提起的訴訟可能會延緩該地點的開發，但我們相信我們有充分的理由和強有力的辯護，並將尋求迅速的解決方案。

Given the scale of this site, even a partial or first phase lease would represent a significant milestone for Bittier and would provide substantial contracted revenue while de-risking our development capital. Third, at Rockdale, we're pursuing a strategy that allows us to maintain our current Bitcoin mining operations while developing new HPC capacity.

鑑於該地塊的規模，即使是部分或第一階段的租賃也將代表 Bittier 的一個重要里程碑，並帶來可觀的合約收入，同時降低我們開發資本的風險。第三，在羅克代爾，我們正在推行一項策略，使我們能夠在開發新的高效能運算能力的同時，維持我們目前的比特幣挖礦業務。

We are evaluating the acquisition of adjacent land to our existing facility where we could potentially construct a purpose-built HPC data center. This approach would minimize disruption during data center development to our 563-megawatt mining operation, which continues to generate revenue.

我們正在評估收購現有設施相鄰土地的可能性，我們有可能在那裡建造一個專用的高效能運算資料中心。這種方法可以最大限度地減少資料中心開發對我們 563 兆瓦採礦業務的干擾，該業務將繼續產生收入。

The Greenfield HPC build would be designed from the ground up for AI workloads. The Rockdale site benefits from its location in the Urquhart market, which provides operational flexibility.

新建的高效能運算中心將從零開始設計，專門用於人工智慧工作負載。Rockdale 工廠受益於其位於 Urquhart 市場的地理位置，這為其營運提供了靈活性。

We are currently talking with prospective co-location tenants for this site. The dual track approach, maintaining Bitcoin mining while developing HPC capacity reflects our commitment to both businesses and our ability to optimize our power portfolio across use cases.

我們目前正在與該站點的潛在託管租戶洽談合作事宜。我們採取雙軌制方法，在發展高效能運算能力的同時，維持比特幣挖礦業務，這體現了我們對兩項業務的承諾，以及我們優化跨用例電力組合的能力。

While we're prioritizing co-location for our larger sites, we continue to see opportunity in GPU as a service for targeted markets. We're expanding our cloud platform in Malaysia by 10 to 15 megawatts, building on the success we've had in Singapore serving customers in biomedical, robotics, and gaming sectors who need fully managed, orchestrated infrastructure.

雖然我們優先考慮為大型網站提供託管服務，但我們仍然看到 GPU 即服務在特定市場中的機會。我們正在馬來西亞將雲端平台容量擴大 10 至 15 兆瓦，以鞏固我們在新加坡為生物醫學、機器人和遊戲產業的客戶提供完全託管、協調的基礎設施服務所取得的成功。

In the United States, we're planning to add 10 megawatts of GPU capacity in Washington state and are evaluating a partial conversion of our Knoxville site from Bitcoin mining to GPU cloud.

在美國，我們計劃在華盛頓州增加 10 兆瓦的 GPU 容量，並且正在評估將我們在諾克斯維爾的網站從比特幣挖礦部分轉換為 GPU 雲端。

I want to be clear that the scale of our long-term US GPU as a service expansion is predicated on signing customer contracts. We do not anticipate deploying large speculative capacity. We expect all major GPU deployments will be backed by committed revenue from enterprise customers who are seeking meaningful capacity with comprehensive managed services.

我想明確指出，我們長期在美國擴展 GPU 即服務規模的前提是與客戶簽訂合約。我們預計不會部署大量投機性產能。我們預計所有主要的 GPU 部署都將得到企業客戶的承諾收入支持，這些客戶正在尋求具有強大容量和全面管理服務的解決方案。

This disciplined approach ensures we're deploying capital where we have revenue certainty. A key element of our strategy is how we're approaching data center development. We built an internal development team with experience in very large data center construction, and we're augmenting that team through strategic hires.

這種嚴謹的方法確保我們將資金投入有收入保障的領域。我們策略的關鍵要素之一是我們如何進行資料中心開發。我們組建了一支在大型資料中心建置方面經驗豐富的內部開發團隊，並且我們正在透過策略性招募來擴充團隊。

We're working with experienced EPT contractors and general contractors on a fee basis rather than through joint venture arrangements.

我們與經驗豐富的EPT承包商和總承包商以收費方式合作，而不是透過合資安排。

This gives us greater control over timelines and specifications, and importantly, it allows us to retain more of the economic value these assets generate.

這使我們能夠更好地控制時間安排和規格，更重要的是，這使我們能夠保留這些資產所產生的更多經濟價值。

As we look ahead, Bitdeer's growth will continue to be anchored by our three strategic pillars, Bitcoin mining, basic development, and HPCAI. Together, these represent a vertically integrated, highly defensible platform that leverages our deep technology expertise, proprietary chip design capabilities, and extensive global power portfolio.

展望未來，Bitdeer 的發展將繼續以三大戰略支柱為支撐：比特幣挖礦、基礎開發和高效能運算人工智慧 (HPCAI)。這些共同構成了一個垂直整合、高度防禦性的平台，充分利用了我們深厚的技術專長、專有的晶片設計能力和廣泛的全球電源產品組合。

The supply demand imbalance for AI compute continues to widen, and we expect this shortage to persist well into 2027. Time to power is a critical variable, and we believe Bitdeer is exceptionally well positioned to serve customers seeking both near-term and mid-term capacity.

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。供電時間是一個關鍵變量，我們相信 Bitdeer 在滿足客戶對近期和中期容量的需求方面具有得天獨厚的優勢。

On the Bitcoin mining side, the rapid expansion of our self-mining platform continues. We exited the year with more than 55 ex has per second of self-mining hash rate.

在比特幣挖礦方面，我們的自挖礦平台仍在快速擴張。年底時，我們的自挖礦算力超過了每秒 55 倍。

And in the month of January alone, we brought another 8 ex has per second online, exiting the month of January at over 63 ex has per second.

光是 1 月份，我們就新增了每秒 8 個 ex 的上線量，1 月份結束時，上線量超過了每秒 63 個 ex。

This firmly establishes Bitdeer as one of the largest publicly listed Bitcoin miners by total hash rate underman supported by the disciplined rollout of our seal miner fleet.

這鞏固了 Bitdeer 作為全球最大的上市比特幣礦工之一的地位，其總算力由我們精心部署的礦機群提供支援。

The accelerated deployment of Seal Miner rigs has driven material improvements in fleetwide efficiency. The Seal Miner A2 and A3, being actively deployed in our self-mining business, operate at approximately 15 to 16.5 joules per teraha and 12.5 to 14 joules per teraha respectively and represent industry leading power efficiency.

Seal Miner鑽機的加速部署顯著提高了整個船隊的效率。Seal Miner A2 和 A3 正在我們自主採礦業務中積極部署，其能耗分別為每太哈約 15 至 16.5 焦耳和每太哈約 12.5 至 14 焦耳，代表了行業領先的能源效率。

As these next generation rigs replace legacy third-party equipment, our blended fleet efficiency continues to improve, with our overall fleetwide efficiency currently standing at 17.5 joules per teraha as of January 31, 2026.

隨著這些新一代鑽機取代傳統的第三方設備，我們的混合車隊效率不斷提高，截至 2026 年 1 月 31 日，我們整個車隊的效率目前為每太哈 17.5 焦耳。

As steel miner penetration increases throughout 2026, we expect our overall fleetwide efficiency to continue to improve, enhancing our mining margins. Looking ahead, our self-mining operations are not plateauing. Our investments in chip design are delivering tangible results. During the quarter, we commenced mass production of the Seal Miner A3 series. Initial shipments began in November, and we have deployed a total of 8.7 ex of our seal miner A3s to date.

隨著鋼鐵礦商滲透率在 2026 年持續提高，我們預計我們整體車隊的效率將繼續提高，從而提高我們的採礦利潤率。展望未來，我們的自主採礦業務並未達到瓶頸。我們在晶片設計方面的投資正在帶來實際的成果。本季度，我們開始大量生產 Seal Miner A3 系列產品。首批貨物於 11 月開始交付，迄今為止，我們已部署了 8.7 台 A3 型密封採礦機。

As we continue to retire older generation third-party rigs, we expect the A3 series to continue to meaningfully contribute to our fleet efficiency improvements and growth throughout 2026. On the R&D front, our CL 04-1 chip was completed back in September. The CLO4-1 represents a meaningful step forward in efficiency and position spit gear to maintain technological leadership as the industry continues its relentless drive towards lower power consumption per unit of hash rate.

隨著我們不斷淘汰老一代第三方鑽機，我們預計 A3 系列鑽機將在 2026 年繼續為我們車隊的效率提升和成長做出有意義的貢獻。在研發方面，我們的 CL 04-1 晶片早在 9 月就完成了。CLO4-1 代表在效率和定位分流裝置方面邁出了意義重大的一步，以保持技術領先地位，因為該行業正不斷努力降低單位哈希率的功耗。

Mass production of mining rigs based on the CalO4-1 chip will begin in Q1 2026. Seal 04-2 chip design remains under development at our US based Design Center.

基於 CalO4-1 晶片的礦機將於 2026 年第一季開始量產。Seal 04-2 晶片設計仍在我們位於美國的設計中心進行開發。

Additionally, we have successfully taped out a new Litecoin chip, Seal-DL1, designed for doge and Litecoin mining. The initial test results of Seal-DL1 have exceeded comparable rigs in both energy efficiency and hash rate. Based on the recent market conditions, the Seal DL1 generates higher fiat-based returns per megawatt than our Seal Miner A2.

此外，我們已成功流片出一款新的萊特幣晶片 Seal-DL1，該晶片專為狗狗幣和萊特幣挖礦而設計。Seal-DL1 的初步測試結果顯示，其在能源效率和雜湊率方面均超過了同類設備。根據最近的市場情況，Seal DL1 每兆瓦產生的法幣收益比我們的 Seal Miner A2 更高。

Preparations for USA seal miner manufacturing remain in progress. This initiative is a core component of our vertically integrated strategy and aligns with both operational resilience objectives and evolving trade and supply chain dynamics.

美國海豹礦工製造的準備工作仍在進行中。這項措施是我們垂直整合策略的核心組成部分，符合營運韌性目標以及不斷變化的貿易和供應鏈動態。

Now, let me walk through our detailed financial results for the quarter. Before I begin, I'd like to remind everyone that all figures I refer to today are in US dollars. Fourth quarter consolidated revenue was SGD224.8 million up 225.8% year over year, and up 32.5% sequentially.

現在，讓我來詳細介紹一下我們本季的財務表現。在開始之前，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。第四季合併營收為2.248億新加坡元，年增225.8%，季增32.5%。

Year over year growth and sequential growth in revenue was primarily driven by significantly higher self-mining hash rates as a result of continued seal miner deployment, as well as contributions from seal miner sales offset in part by slightly lower Bitcoin prices for the quarter. Self-mining revenue was SGD168.6 million compared to SGD41.5 million in Q4 2024 and SGD130.9 million in Q3 2025.

營收年增率成長和環比成長主要得益於自挖礦算力的大幅提高，這得益於持續部署海豹礦機，以及海豹礦機銷售帶來的貢獻，但部分被本季比特幣價格略微走低所抵消。自挖礦收入為 1.686 億新加坡元，而 2024 年第四季為 4,150 萬新加坡元，2025 年第三季為 1.309 億新加坡元。

Representing year over year growth of 306% and a sequential growth of 28.7%. The continued growth from Q3 2025 levels reflects a significant increase in average operating hash rates and associated Bitcoin production during the quarter, offset in part by 13% lower average Bitcoin prices quarter on quarter. Kill Miner sales revenue was SGD23.4 million, up 105.4% over the SGD11.4 million reported in Q3, 2025.

年增 306%，季增 28.7%。2025 年第三季以來的持續成長反映了該季度平均運行哈希率和相關比特幣產量的顯著增長，但部分被比特幣平均價格環比下降 13% 所抵消。Kill Miner 的銷售收入為 2,340 萬新加坡元，比 2025 年第三季報告的 1,140 萬新加坡元成長了 105.4%。

Total gross profit for the quarter was SGD10.6 million, reflecting a gross margin of 4.7% versus 7.4% in Q4 2024 and SGD40.8 million or 24.1% in Q3 2025. The significant decline in gross margin reflects the combined impact of several drivers during the quarter. First, obviously we experienced 13% lower Bitcoin prices during the quarter, along with the gradual increase of the global hash rate.

本季總毛利為 1,060 萬新加坡元，毛利率為 4.7%，而 2024 年第四季為 7.4%，2025 年第三季為 4,080 萬新加坡元，毛利率為 24.1%。毛利率大幅下降反映了本季多種因素的綜合影響。首先，很明顯，本季比特幣價格下跌了 13%，同時全球哈希率也逐漸上升。

Second, on the cost side, we experienced an approximately 5% increase in average electricity costs per unit during the quarter when compared to Q3 2025, mainly due to the seasonal winter pricing dynamics at Norway sites. Third, the growth in our self-mining hash rate comes with a concurrent non-cash appreciation expense associated with this fleet of new miners.

其次，在成本方面，與 2025 年第三季相比，本季平均每單位電力成本上漲了約 5%，這主要是由於挪威站點的季節性冬季價格波動所致。第三，我們自挖礦算力的成長伴隨著與這批新礦機相關的非現金增值支出。

Additionally, during the quarter, we changed our methodology for calculating depreciation expense to reflect a more conservative approach. We now depreciate rigs using a three-year straight-line method versus our prior assumption of a five-year depreciable life for hardware.

此外，本季我們改變了折舊費用的計算方法，以體現更保守的做法。我們現在採用三年直線法對鑽孔機進行折舊，而先前我們假設硬體的折舊年限為五年。

Total operating expenses for the quarter were SGD66.3 million compared to SGD42.5 million in Q4 2024 and SGD60.5 million in Q3 2025. The sequential increase in operating expenses was primarily driven by the following factors compared to Q3.

本季總營運支出為 6,630 萬新加坡元，而 2024 年第四季為 4,250 萬新加坡元，2025 年第三季為 6,050 萬新加坡元。與第三季相比，營運費用季增主要受以下因素驅動。

We added more headcount to support both mining site operations and our AI infrastructure expansion, incurred additional holiday season compensation, along with an increase in year-end general corporate activities.

我們增加了人手以支援礦場營運和人工智慧基礎設施的擴展，並支付了額外的假期補償，同時也增加了年末一般公司活動支出。

These expenditures reflect the operational requirements of our growing infrastructure footprint and the resources necessary to execute on our strategic initiatives other operating expenses for the quarter rises SGD43.8 million compared to SGD3.7 million in Q4 2024 and other operating income of SGD26.5 million in Q3 2025.

這些支出反映了我們不斷增長的基礎設施規模的營運需求，以及執行我們策略性舉措所需的資源。本季其他營運支出為 4,380 萬新加坡元，而 2024 年第四季為 370 萬新加坡元；2025 年第三季其他營運收入為 2,650 萬新加坡元。

This was largely attributable to the fair value change of Bitcoins pledged for the Bitcoin collateralized loan since Q3 2025 other net gain for the quarter was SGD208.9 million compared to other net loss of SGD479.8 million in Q4 2024 and SGD238.5 million in Q3 2025.

這主要歸因於自 2025 年第三季以來用於比特幣抵押貸款的比特幣的公允價值變化；該季度其他淨收益為 2.089 億新加坡元，而 2024 年第四季度其他淨虧損為 4.798 億新加坡元，2025 年第三季其他淨虧損為 2.385 億元。

This is largely attributable to non-cash fair value change of derivative liabilities related to the convertible senior notes issued in November 2024, June 2025, and November 2025.

這主要歸因於與 2024 年 11 月、2025 年 6 月和 2025 年 11 月發行的可轉換優先票據相關的衍生負債的非現金公允價值變動。

Adjusted net loss was SGD82.6 million versus SGD37.4 million in Q4 2024 and SGD36.3 million in Q3 2025. The increase in loss was primarily due to higher energy and depreciation costs, higher operating and interest expense, partially offset by the year over year higher revenue adjusted EBITDA was SGD31.2 million versus negative SGD4.3 million in Q4 2024 and positive SGD39.6 million in Q3 2025.

經調整後的淨虧損為 8,260 萬新加坡元，而 2024 年第四季為 3,740 萬新加坡元，2025 年第三季為 3,630 萬新加坡元。虧損增加主要是由於能源和折舊成本上升、營運和利息支出增加，部分被年收入成長所抵銷。調整後 EBITDA 為 3,120 萬新加坡元，而 2024 年第四季為負 430 萬新加坡元，2025 年第三季為正 3,960 萬新加坡元。

The sequential decline is primarily driven by higher energy costs and higher operating expenses attributed to salaries and wages for recent additions to our headcount, as well as a number of elevated costs associated with year-end holiday allowance and year-end general corporate activities.

環比下降的主要原因是能源成本上升和營運費用增加，這主要是由於最近新增員工的薪資和薪金，以及與年末假期津貼和年末一般公司活動相關的多項成本上升。

To provide a better sense of our G&A expense on a run rate basis, our Q4 2025 results reflect approximately SGD3 million of salary, wage, and benefits expense, which will largely be recurring, as well as another SGD6million to SGD7 million in consulting, legal and travel expenses, which can vary significantly from quarter to quarter.

為了更了解我們的 G&A 費用按運行率計算的情況，我們 2025 年第四季度的業績反映了約 300 萬新加坡元的工資、薪金和福利支出（其中大部分是經常性支出），以及另外 600 萬至 700 萬新加坡元的諮詢、法律和差旅費用（這些費用每個季度可能會有很大差異）。

Net cash used for operating activities was SGD599.5 million, primarily driven by steel miners, supply chain, and manufacturing costs, electricity costs from the mining business, general corporate overhead, and interest expense.

經營活動所用現金淨額為 5.995 億新加坡元，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。

Net cash generated from investing activities was SGD97.9 million which includes SGD50.7 million of capital expenditures relating to data center infrastructure construction, GPU equipment procurement, and tariffs and freight for mining rigs delivered to the data centers, and SGD150.6 million of proceeds from the disposal of cryptocurrencies.

投資活動產生的淨現金為9,790萬新加坡元，其中包括與資料中心基礎建設、GPU設備採購以及運往資料中心的礦機關稅和運費相關的資本支出5,070萬新加坡元，以及處置加密貨幣所得的1.506億新加坡元。

Net cash generated from financing activities for the quarter was SGD 454.5 million which resulted primarily from SGD388.5 million of proceeds from the issuance of convertible senior notes, SGD168 million in borrowings from a related party, and SGD141.5 million of proceeds from shares sold under our ATM and ELO program actually offset by SGD171.1 million of repayments of borrowers.

本季融資活動產生的淨現金為 4.545 億新加坡元，主要來自發行可轉換優先票據所得款項 3.885 億新加坡元、從關聯方借款 1.68 億新加坡元以及根據我們的 ATM 和 ELO 計劃出售股份所得款項 1.415 億新加坡元，但實際上被償還人所得款項 1.711 億人所得款項 1.711 億新加坡元所抵銷。

For the full calendar year 2025, capital expenditures for the continued buildout of our global power and data center infrastructure totalled SGD176 million.

2025 年全年，用於持續建設全球電力和資料中心基礎設施的資本支出總額為 1.76 億新加坡元。

Looking to full year 2026, we anticipate total infrastructure spend in the range of SGD180million to SGD200 million for crypto mining data center construction. Please note that this guidance covers power and crypto mining data center infrastructure only and does not include CapEx for steel miners and GPU.

展望 2026 年全年，我們預期加密貨幣挖礦資料中心建置的總基礎設施支出將在 1.8 億至 2 億新加坡元之間。請注意，本指南僅涵蓋電力和加密貨幣挖礦資料中心基礎設施，不包括鋼製礦機和 GPU 的資本支出。

AI cloud and co-location capital expenditures are also not included.

AI雲端和託管服務的資本支出也不包括在內。

Turning to our balance sheet and financial position, we exited the year with SGD149.4 million in cash and cash equivalents, SGD83.1 million in cryptocurrencies held at cost less impairment SGD135.6 million in cryptocurrency receivables held at fair market value, and SGD1.0 billion in borrowings excluding derivative liabilities. Derivative liabilities were SGD501.1 million, which relate to the November 2024, June 2025, and November 2025 convertible senior notes.

從資產負債表及財務狀況來看，截至年底，我們持有現金及現金等價物1.494億新元，以成本減去減損計算持有的加密貨幣8,310萬新元，以公允市價計算持有的加密貨幣應收款1.356億新元，以及不包括衍生負債的借款10億新元。衍生負債為 5.011 億新加坡元，與 2024 年 11 月、2025 年 6 月和 2025 年 11 月到期的可轉換優先票據有關。

This represents SGD171.4 million reduction compared to the prior quarter, reflecting a non-cash fair value adjustment driven by the change in our stock price and settlement for partial principal of November 2024 convertible senior notes. As I mentioned earlier, this does not impact our liquidity or operations. Regarding our outstanding ATM and EOC facility, we received approximately SGD143.6 million in gross proceeds during the quarter, with approximately SGD6.7 million additional shares issued.

與上一季相比，這代表減少了 1.714 億新加坡元，反映了由於股價變動和 2024 年 11 月可轉換優先票據部分本金結算而導致的非現金公允價值調整。正如我之前提到的，這不會影響我們的流動性或營運。關於我們未償還的 ATM 和 EOC 貸款，本季我們收到了約 1.436 億新加坡元的總收益，並額外發行了約 670 萬新加坡元的股份。

We have exercised disciplined capital allocation throughout the year using the ATM and EOC opportunistically to support our growth initiative while minimizing dilution. As a final note to our financial update, we wish to note that starting in Q1 2026, we will begin to use GAAP instead of IFRS as our accounting standard.

我們全年都實行了嚴格的資本配置，選擇性地利用 ATM 和 EOC 來支持我們的成長計劃，同時最大限度地減少股權稀釋。作為財務更新的最後一點說明，我們希望指出，從 2026 年第一季開始，我們將開始使用 GAAP 而不是 IFRS 作為我們的會計準則。

In summary, we are proud of our team's execution this quarter and throughout 2025. I want to express my deep pride in what our team has accomplished this year. We've established Bitdeer as one of the world's largest publicly listed Bitcoin mining operators by total hash rate under management.

總而言之，我們對團隊本季以及2025年全年的執行感到自豪。我對我們團隊今年的成就深感自豪。我們已將 Bitdeer 打造成為全球最大的上市比特幣挖礦營運商之一，其總算力管理規模位居前列。

Our leadership position in self-mining and our proprietary seal miner technology provide multiple paths to value creation that few, if any, competitors can match. Our pipeline of developed and contracted power capacity gives us a meaningful competitive edge in serving a variety of customers.

我們在自主採礦領域的領先地位以及我們專有的海豹採礦技術，為創造價值提供了多種途徑，幾乎沒有競爭對手能夠匹敵。我們已開發和已簽約的電力產能儲備使我們在服務各類客戶方面擁有顯著的競爭優勢。

The co-location opportunity ahead of us is immense, and we are pursuing it proactively. We entered 2026 with strong operational momentum. A differentiated asset base and a team that has proven its ability to execute at scale. We're excited about what lies ahead and remains committed to delivering long-term value for our shareholders.

我們面前的共同工作機會非常巨大，我們正在積極尋求這個機會。我們以強勁的營運勢頭進入了2026年。差異化的資產基礎和一支已證明其具備大規模執行能力的團隊。我們對未來充滿期待，並將繼續致力於為股東創造長期價值。

Thank you operator.

謝謝接線生。

Please open the call for questions.

請開放提問環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Nick Giles of B. Riley Securities, your line is not open.

B. Riley Securities 的 Nick Giles，您的線路未開通。

Yeah, thank you so much operator. Good morning everyone.

是的，非常感謝接線生。大家早安。

Haris, really appreciate the comprehensive update, especially on the co-location side, and my first question was just, I'm sure you're speaking to a range of customers and at this point of negotiations or discussions, what's really the main items that are being discussed? Is it, down to price, duration, timing?

哈里斯，非常感謝你提供的全面更新，尤其是在託管方面。我的第一個問題是，我相信你正在與許多客戶溝通，在目前的談判或討論階段，真正討論的主要事項是什麼？是價格、長度還是時機決定的？

Is there's still a lot of work ongoing around design, just any additional color on where you stand in the process.

設計方面還有很多工作正在進行中，請問您能否進一步說明您目前所處的位置？

Well, it's different with different, potential counterparties and we're all of those things that you mentioned are being discussed, maybe not with the same counterparty, but I hesitate to say too much about these discussions. They're sensitive and, very active at this time. So, we feel pretty confident that we're going to get, Co-location deals done in the near future. Predicting that time frame is going to be hard, and the discussions are pretty intense with several counterparties.

嗯，不同的潛在交易對手情況就不同了，你提到的那些事情我們都在討論，也許不是和同一個交易對手，但我不太想過多談論這些討論。它們現在很敏感，而且非常活躍。因此，我們很有信心在不久的將來達成託管交易。預測具體時間框架將很困難，而且與幾個交易對手的討論非常激烈。

No, understood. That's helpful and just my second question was, when we think about financing, you made some important comments there on, having a larger share of the economics, but what should we be expecting in terms of debt, cost of capital, and what credit enhancements are you looking at, if any?

不，明白了。這很有幫助。我的第二個問題是，當我們考慮融資時，您剛才提到了一些關於擁有更大經濟份額的重要評論，但是我們應該對債務、資本成本以及您正在考慮的信用增級措施（如果有的話）抱有什麼樣的預期呢？

Costs of capital for these projects, for the co-location projects will be, very, much determined by the counterparties and the exact terms of the deal. So I think that that's hard to predict right now until we, announce which of these deals are done with which counterparties. Was that responsive to your question? I'm not sure if that's what you were asking.

這些項目（即託管項目）的資本成本將很大程度上取決於交易對手和交易的特定條款。所以我覺得，在公佈哪些交易與哪些交易對手達成之前，現在很難預測結果。這樣回答你的問題了嗎？我不確定這是否是你想要問的。

Yeah, no, that, that's very fair. I was just curious, if what type of credit enhancements you might be looking at or which ones you might be prioritizing, whether it be, we've seen a lot of, different backstops out there and other ways which you can lower the cost of capital.

是的，沒錯，這很公平。我只是好奇，您正在考慮哪些類型的信用增級措施，或者您會優先考慮哪些措施，例如，我們看到市面上有很多不同的擔保措施以及其他可以降低資金成本的方法。

I mean, that that's an important part of any deal. And, because it does determine the cost of development to a large extent and so we are, we're looking at many different approaches here. It's a very important part of getting the deal done right. So, it is something that we're focusing on as well.

我的意思是，這是任何交易的重要組成部分。而且，因為它在很大程度上決定了開發成本，所以我們正在研究許多不同的方法。這是確保交易順利完成的重要環節。所以，這也是我們關注的重點之一。

I can't really say which ones are better or worse. It depends a lot on the counterparty and it depends on there's a number of ways to do this. Most of them have been already done in the marketplace. And I don't think you'll see anything too dramatically different from those, when we, announce.

我真的說不出哪個更好哪個更差。這很大程度上取決於交易對手，而且有很多方法可以做到這一點。其中大部分產品已經在市場上銷售了。我認為，當我們正式宣佈時，你們不會看到與這些有太大不同的地方。

Got it understood. Well, again, I appreciate the update and continue best of luck.

明白了。再次感謝您的更新，祝您一切順利。

Thank you.

謝謝。

Thank you.

謝謝。

Mike honest of HC [Winwri coworker] line is now open.

HC（Winwri 同事）的 Mike honest 的線路現在已開通。

Hi, good morning, guys.

大家好，早安。

Thank you for taking my questions today. First one for me on the, infrastructure piece. It sounds like you're pretty far along in negotiations for a potential colo deal, at the teal site. Curious what type of customers you're in discussions with specifically at that, campus and Harris, if I heard correctly, it sounds like the full retro fit for the 225-megs could be completed by the end of this year. Is there a PUE you guys are singing that number? I know it's built with tier three standards in mind, but any additional color would be helpful there.

感謝您今天回答我的問題。對我來說，這是基礎設施的第一個問題。聽起來你們在與 teal 網站洽談潛在的伺服器託管協議方面進展相當順利。我很好奇你們具體在和哪些類型的客戶進行洽談，比如校園和哈里斯，如果我沒聽錯的話，225兆的全面改造工程可能在今年年底完成。你們唱這首歌的時候有PUE嗎？我知道它的設計理念是達到三級標準，但如果能增加一些顏色就更好了。

Yeah, that is correct. We do expect completion of that, Title Norway site in at the end of this year and then installation of production GPUs at the beginning of next year and the P/E at that site is actually very low, which is one of the big advantages of that site. It's 100% hydropower. It's a nice cold climate, and there's chilled water available from a nearby lake. So, the PUE there, for estimation purposes is around 1.1. It's dramatically better than, most locations.

是的，沒錯。我們預計 Title Norway 工廠將於今年年底竣工，然後在明年年初安裝生產用 GPU，該工廠的市盈率實際上非常低，這是該工廠的一大優勢。它100%是水力發電。這裡氣候涼爽宜人，附近湖泊還有冰湖水可供飲用。因此，據估計，那裡的 PUE 值約為 1.1。這比大多數地方都要好得多。

Got it and a typical customer profile for that site specifically. I know you're in discussions with a range of customers across the portfolio. I'm just curious, with that international facility, the type of customers you're looking at.

明白了，這是該網站的典型客戶畫像。我知道您正在與旗下各公司的眾多客戶進行洽談。我只是好奇，有了這家國際機構，你們的目標客群是什麼類型的？

Yeah, I mean, there's some difference, but there's still a lot of overlap with the customers there versus customers in the US. So, but there's I really don't want to say too much about who we're talking to and the exact nature of those deals. That they're, fairly sensitive negotiations at this point.

是的，我的意思是，雖然有一些不同之處，但那裡的客戶和美國的客戶仍然有很多重疊之處。所以，我真的不想過多透露我們正在與哪些人洽談以及這些交易的具體性質。目前來看，這些談判相當敏感。

Understood. And then, as it relates to the Bitcoin mining business, you guys are one of the few public miners that continue to rapidly expand yourself mining capacity. How should we think about growth of this business in 2016, particularly as you look to pursue these AI infrastructure deals, across parts of the portfolio?

明白了。而且，就比特幣挖礦業務而言，你們是少數幾個持續快速擴大自身挖礦能力的公共礦商之一。我們應該如何看待這項業務在 2016 年的成長，尤其是在您尋求在投資組合的各個部分達成這些人工智慧基礎設施交易的情況下？

So, one thing to say is that we are long-term believers in Bitcoin and, of course, Bitcoin is in a little bit of a down cycle right now, but long-term, we believe in Bitcoin, and we will continue to invest in our Bitcoin mining capacity.

所以，我們想說的是，我們長期看好比特幣，當然，比特幣目前正處於一個略微下行的周期，但從長遠來看，我們仍然看好比特幣，並將繼續投資於我們的比特幣挖礦能力。

We haven't given any projections for what the total hash rate for our company might be by the end of this year or in any future quarter yet. We're still evaluating that and we may Project that at a later time, but at this time, we don't have any projections to share publicly for future growth of our hash rate.

我們尚未對公司今年年底或未來任何季度的總哈希率做出任何預測。我們仍在評估這一點，以後可能會做出預測，但目前，我們沒有任何關於哈希率未來成長的預測可以公開分享。

Got it. Thanks for the color of Harris, and best of luck with these opportunities.

知道了。感謝你分享哈里斯的色彩，祝你在這些機會中一切順利。

Thank you, Mike.

謝謝你，麥克。

Thank you.

謝謝。

Kevin Cassidy of Rosenblatt Securities. Your line is now open.

羅森布拉特證券公司的凱文·卡西迪。您的線路已開通。

Yes, thanks for taking my question and, congratulations on all this capacity you've activated. But, maybe along those lines that was asked before, the, with the lower Bitcoin prices, is there a price where you slow your mining activity, because costs are higher, versus what the hash price would be?

是的，謝謝你回答我的問題，也恭喜你啟動了這麼多資源。但是，也許可以沿著先前提出的問題思路來討論，在比特幣價格較低的情況下，是否存在一個價格區間，使得挖礦活動放緩，因為成本高於哈希價格？

I'm sure there is such a price, so we just haven't reached it yet, so, the, our efficiency of our fleet keeps improving and, so it also, as price goes down, it wouldn't be, the entire fleet. Some parts of the fleet, because of the efficiency and because of the energy price at that location can continue to operate for quite some, in quite some Even further decrease beyond here.

我相信一定存在這樣的價格，只是我們還沒達到而已。因此，我們車隊的效率不斷提高，而且，隨著價格下降，也不會影響整個車隊。由於效率高，加上當地能源價格低廉，部分船隊可以繼續運作相當長一段時間，甚至在此之後還會進一步減少。

And then, some of the older machines that have been around for several years, those Could be turned off first, right? In fact, just in our normal upgrade cycle, we will be replacing those. So, there's we haven't reached that point now, and I don't anticipate that we will, but of course, there is such a price. It's much lower than what what we're at now.

然後，一些已經使用了好幾年的老舊機器，可以先把它們關掉，對吧？事實上，在我們正常的升級週期中，我們將會更換這些零件。所以，我們現在還沒有到那個地步，而且我也不認為我們會到那個地步，但當然，這樣做是有代價的。比我們現在的水平低得多。

Okay, great, that's good information and I guess as you keep lowering your costs then you can handle lower Bitcoin prices, but, just as another topic is the GPU as a service, is there a good market for the, say minus one GPU clusters, rather than spending money on the very leading edge of GPUs? Is there still a need for GPU as a service for the older, GPUs?

好的，太好了，這是很有用的信息。我想隨著成本的不斷降低，你們就能應付比特幣價格的下跌。但是，就像另一個主題——GPU 即服務一樣，與其把錢花在最先進的 GPU 上，不如考慮一下減少一個 GPU 的集群，這樣是否有良好的市場？對於舊款GPU來說，是否仍需要GPU即服務？

Yes, there is. We are though, however, typically, pursuing the latest and greatest GPUs. But, yeah, I mean, we still get demand for, even our, oldest H100s that we have in Singapore.

是的，有。不過，我們通常都會追求最新最好的GPU。但是，是的，我的意思是，即使是我們新加坡最老的 H100，仍然有需求。

Okay, great. Thanks.

好的，太好了。謝謝。

Thank you one moment for our next question.

請稍等片刻，我們下一個問題。

Darren of Tahi of Ross, your line is now open.

來自羅斯的塔希的達倫，您的線路已開通。

Yeah, good morning, good evening, thanks for checking my questions. Haris, could you dive a little bit more into, sort of the scale and scope of the hires you've made for digital infrastructure towards the end of the year that you spoke to, and then the cadence of continued investment in maybe Q1 and in the 2026. I guess at what point do you feel like you have an adequate team to attack this opportunity?

是的，早上好，晚上好，謝謝你們查看我的問題。哈里斯，您能否更深入地談談您在今年年底為數位基礎設施所做的招聘規模和範圍，以及您提到的第一季和 2026 年的持續投資節奏？我想問的是，你覺得什麼時候才能擁有一個夠強大的團隊來抓住這個機會？

Yeah, I mean, we're very pleased with some of our recent hires. We've hired people with direct expertise in AI in in cloud services, and a lot of those folks have been in the United States, but also in Asia. The team is, the number of people dedicated to this has grown dramatically.

是的，我們對最近招募的一些員工非常滿意。我們聘請了在人工智慧和雲端服務方面擁有直接專業知識的人員，其中許多人來自美國，也有來自亞洲。團隊的確如此，而且致力於此的人數也大幅增加。

I don't think I have an exact number, but, we continue to hire. I don't think we've, Reached, a place where we think we have enough folks yet. So, we're still looking for people, especially on the side of, The engineering part of building data centers so it's still open wrecks there. So, I expect that we will continue to hire throughout the year and a lot of those folks will be in the US, but we, we've also, done significant AI hiring in Asia.

我沒有確切的數字，但是，我們仍在繼續招募。我認為我們還沒有達到我們認為人手充足的程度。所以，我們仍在尋找人才，尤其是在資料中心建設的工程方面，這方面仍然有很多空缺。因此，我預計我們今年將繼續招聘，其中許多人會在美國，但我們也在亞洲進行了大量的 AI 人才招聘。

Got it and then, second question on the Rockdale site is sort of twofold, in terms of land acquisition for that where you are and what's the timeline on process and then I know Encore supposed to put another substation in, and I think you guys have spoken to additional capacity there. I think it's in the 100 some plus megawatts.

明白了。關於 Rockdale 站點的第二個問題有兩個方面，一是你們那裡的土地徵用情況，二是流程的時間表；三是我知道 Encore 應該在那裡再建一個變電站，我想你們也談到過那裡的額外容量。我認為功率應該在100兆瓦以上。

But in light of the seesaw that's going on with ERCO and decision on batching, I'm just curious about your thoughts about, prospects of, Rockdale actually growing as a site.

但鑑於 ERCO 目前搖擺不定的局面以及批量生產的決定，我很好奇您對 Rockdale 作為一個生產基地的發展前景有何看法。

Thanks.

謝謝。

The recent, information around ERCO and, power allocation in that region. We don't believe that applies to the growth at Rockdale. So, the 179, up to 179 megawatts that we anticipate we could add there should not be affected by that. And I say it that way because, of course, we don't know what the exact regulations will be. They're just still under discussion. So, we do expect that we will get most of that, if not all of that additional capacity.

最近有關ERCO和該地區電力分配的資訊。我們認為這並不適用於羅克代爾的成長。因此，我們預計在那裡可以增加的 179 兆瓦電力應該不會受到影響。我這樣說是因為我們當然不知道具體的規定會是什麼。目前這些問題仍在討論中。所以，我們預期我們將獲得大部分，甚至全部新增產能。

The land acquisition there is moving forward, it's not done until it's done, but we are Where, I'm not sure how to characterize where we are in that process, but, we're actively pursuing it and We expect that we will finish it, but, until we do, it's hard to say exactly when that's going to happen.

那裡的土地收購工作正在推進，不到完成就不能算完成，但我們現在所處的位置，我不太確定該如何描述我們在這個過程中的進展，但我們正在積極推進，我們預計會完成，但在完成之前，很難確切地說何時會完成。

Great, appreciate the insights.

非常感謝您的見解。

Thanks.

謝謝。

Thank you. One moment for our next question.

謝謝。請稍等片刻，我們來問下一個問題。

Craig Lewis of PDIG the line is not open.

PDIG的Craig Lewis說，線路未開通。

Hey, thank you and good morning, good afternoon, for taking my questions. How's you, hey, I guess first, I mean, based on published numbers, I guess you guys are the largest Bitcoin miner of the listed companies by Xash, so congrats on that. I did want to talk a little bit about the GPU business. You noted about potential expanse.

嘿，謝謝你們回答我的問題，早安，下午好。嘿，你好嗎？首先，我的意思是，根據公佈的數據，我猜你們是 Xash 列出的公司中最大的比特幣礦工，所以恭喜你們。我確實想稍微談談GPU業務。您提到了潛在的擴張。

You should the mouthful, the potential expansion in Malaysia, just curious, is that infrastructure that we that that we're building, are we leasing, and then just how we should think about. The rollout of that, I guess I think you mentioned 15 megawatts in Malaysia for the GPUs.

你應該了解馬來西亞的潛在擴張計劃，我很好奇，我們正在建造的基礎設施，我們是租賃的，那麼我們應該如何考慮呢？關於那項部署，我想你之前提到馬來西亞的GPU需要15兆瓦的電力。

Yeah, that, that's infrastructure that we're leasing. I, I'm welcome Matt or Jehan to add to that if they want. But what was the second part of your question?

是的，那是我們租賃的基礎設施。我，我歡迎 Matt 或 Jehan 來補充，如果他們願意的話。但你的問題的第二部分是什麼？

How should we think about the rollout of bringing those 15 megawatts online and generating revenue from that?

我們該如何考慮將這 15 兆瓦電力併網發電並從中獲利？

I mean, we have proactively purchased some, I think the GB 200 NVL 72, and installed it just recently there. So that, that's in place right now in terms of additional machines there, I don't think we've made any announcements at present. So, that's actually okay, but.

我的意思是，我們已經主動購買了一些，我想是 GB 200 NVL 72，並且最近在那裡安裝了它。所以，就目前而言，關於增加機器設備方面，我認為我們目前還沒有發布任何公告。所以，其實這樣也行，但是。

It sounds like it sounds like we could start seeing revenue maybe in the second quarter and then maybe that scales up sequentially for a couple quarters.

聽起來我們可能在第二季開始看到收入，然後收入可能會在接下來的幾季逐季成長。

Yeah, I think John and Matt are closer to that than I am, so I don't know if, is that a correct statement?

是的，我覺得約翰和馬特比我更接近那種境界，所以我不知道這種說法是否正確？

I think we will be able to deploy GPUs into those infrastructures at the fourth quarter or third quarter of this year. It depends on when that infrastructure will be ready. We were test it will be ready around June, but you need there will be one- or two-month delays, so I think Q0 Q4 can be more conservative estimation.

我認為我們可以在今年第三季或第四季將 GPU 部署到這些基礎架構中。這取決於基礎設施何時能夠準備就緒。我們預計測試將在 6 月左右完成，但可能會有一到兩個月的延誤，所以我認為 Q0 到 Q4 可能是一個更保守的估計。

Okay, super helpful.

好的，非常有幫助。

All right, hey everybody, thanks for the time and have a great day.

好了，大家好，感謝各位抽出時間，祝大家今天過得愉快。

Thank you, Craig.

謝謝你，克雷格。

Thank you. One moment for our next question.

謝謝。請稍等片刻，我們來問下一個問題。

John Todaro of Needham. Your line is now open.

來自尼德姆的約翰·托達羅。您的線路已開通。

Hey, great, thanks for taking my question and the, all the extra hash growth, I guess can we just get a bit more color on Clarington, like, do you need litigation resolved before signing an HPC customer there? Do you view that differently, maybe any guard rails on timeline there, and then I have a follow-up on the mining piece.

嘿，太好了，謝謝你回答我的問題。至於額外的哈希增長，我想我們能不能再了解一下克拉靈頓的情況，例如，在與那裡的高效能運算客戶簽約之前，是否需要解決訴訟問題？你對此有不同的看法嗎？或許在時間線上有什麼限制？然後我還有一個關於採礦部分的後續問題。

So, because there's litigation, we have to be sort of, more careful in what we say here. Our attorneys feel very strongly that, we have a very good case here and, the litigation has little merit, and we will, prevail here and on the business side, we are, exploring alternatives that can mitigate the impact of the litigation. I don't really want to say a lot more than that, as we said.

所以，因為有訴訟，我們在這裡說話就必須更加謹慎。我們的律師堅信，我們勝算很大，這場訴訟沒什麼意義，我們一定會贏。在商業方面，我們正在探索可以減輕訴訟影響的替代方案。正如我們所說，我不想再多說什麼了。

In our, Scripted remarks. We do anticipate that there will be, some potential delay, but it, we're still confident in the site overall, but it's early days and we, we're looking at, Some significant alternatives

在我們的腳本式發言中。我們預計可能會出現一些延誤，但我們仍然對網站整體充滿信心，不過現在下結論還為時過早，我們正在考慮一些重要的替代方案。

Yeah, I think the alternative here we have multiple alternative options creating alternative options is to solve these problems. I believe it's very critical for solving that problem and at a company level, Claritin, Rock dial, and, on the side.

是的，我認為解決這些問題的另一種方法是提出多種替代方案，創造替代方案。我認為這對於解決這個問題至關重要，而且在公司層面，Claritin、Rock dial 以及其他方面都非常重要。

We believe we have lots of alternatives other than Claritin, this is the complete level and under the Lartin level, we believe we have several solutions. So, I don't think that we are really colored by this litigation.

我們相信除了開瑞坦之外，我們還有很多其他選擇。開瑞坦是目前市面上最全面的藥物，而在開瑞坦之下，我們相信我們還有幾個解決方案。所以，我認為我們並沒有真正受到這場訴訟的影響。

Okay, understood.

好的，明白了。

Thank you for that and then on the that that latest tape out for the Dogecoin and Litecoin mining, do you anticipate mining some of these other assets, alongside Bitcoin and maybe I was looking at some of the margin profile it looks like there's still some margin there, but maybe the opportunity in those as well.

謝謝。關於狗狗幣和萊特幣挖礦的最新數據，您是否打算挖礦這些其他資產，以及比特幣？我查看了一些保證金情況，看起來還有一些利潤空間，但也許這些資產也存在機會。

Well, I think 99% or 98% will still be Bitcoin mining. This autocon, mining operations, cannot really be scalable very much, due to the market cap. So, we can only do very small size operations, but, on those capacity, we deploy those, mics.

我認為99%或98%的人仍然會從事比特幣挖礦。由於市值限制，這種自動化採礦作業的規模化程度無法很高。所以，我們只能進行非常小規模的操作，但是，在這些能力範圍內，我們部署了這些麥克風。

The yield out of, out from those capacity will be significantly improved. So I think it's worth the effort to add some. As some minings and by the way, this is our first Bitcoin mining chip and the mining machines that are designed and manufactured, totally depends on our Singapore and Malaysia office, and the Malaysia supply chain as well. Malaysia supply chain we started to build since, last year or earlier.

這些產能的產出將顯著提高。所以我認為值得花點功夫去添加一些。順便說一句，這是我們的第一款比特幣挖礦晶片，而挖礦機的設計和製造完全依賴我們在新加坡和馬來西亞的辦事處，以及馬來西亞的供應鏈。我們從去年或更早開始建立馬來西亞供應鏈。

I think that this product is also means that our supply chain, new supply chain center in Malaysia has been quite mature. So, Malaysia and Vietnam, we will have two supply chain center for companies. I think it's a very strategic and important, for the resilience of our business in the future.

我認為這款產品也意味著我們的供應鏈，以及我們在馬來西亞的新供應鏈中心已經相當成熟。因此，馬來西亞和越南將分別成為企業的兩個供應鏈中心。我認為這對我們業務未來的韌性來說，是一個非常具有戰略意義且非常重要的舉措。

Understood that's helpful.

明白了，這很有幫助。

Thank you, gentlemen. I appreciate it.

謝謝各位先生。謝謝。

Thanks, John.

謝謝你，約翰。

Thank you one moment for the next question.

請稍等片刻，下一個問題。

Brett Noblo of Cantor Fitzgerald. Your line's not open.

Cantor Fitzgerald公司的Brett Noblo。您的線路未開通。

Hi guys, thank you for taking my question. Maybe now that we are, several weeks into the year, I'm curious if you have any insights into what wafer allocation is going to look like this year compared to last year and on the back of that, with Bitcoin price coming down, network cash staying resilient, hash price going to near all time lows, does that.

大家好，感謝你們回答我的問題。現在，新年已經過去幾週了，我很好奇您是否對今年的晶圓分配情況與去年相比有何見解，以及在此背景下，比特幣價格下跌，網絡現金保持韌性，哈希價格接近歷史最低點，這是否會產生影響。

More incentivize you guys to use manufacturing capacity for call internal use rather than sell external, or how should we look at the split between what you guys will manufacture for yourselves versus sell this year?

我們該如何激勵你們將生產能力用於內部使用而不是對外銷售？或者我們該如何看待你們今年自用和銷售產品之間的比例？

Thank you.

謝謝。

We cannot, tell the exact number or situation with, distances allocation, but, we have a really good relationships and, Even though the We all know that the demand for AI. Business is huge several times than TSMC really have, but we will get some quota from the same capacity, and the hash price drops to, Historically, do recently?

我們無法確切說明距離分配的具體數量或情況，但是，我們擁有非常好的關係，而且，儘管我們都知道對人工智慧的需求。業務規模比台積電實際規模大好幾倍，但我們將從相同的產能中獲得一些配額，哈希價格也會下降，從歷史數據來看，最近是這樣嗎？

And it became very difficult for sending the money works with profit. But we have our own capacities, our electricity costs. Is one of the lowest on the market and our caps tax.

而且，透過匯款獲利變得非常困難。但我們有自己的產能，也有自己的電力成本。是市面上價格最低的價格之一，而且我們的上限稅也較低。

Combined together, we are the lowest on the market. So, self-mining definitely can very defensive, very A safe strategy for companies to make sure that even though it's this environment our people com mining operations will be profitable so, Self-deployment will be a very important strategy.

綜合來看，我們的價格是市面上最低的。因此，自挖礦絕對可以是一種非常具有防禦性、非常安全的策略，可以確保即使在這種環境下，我們的人員的挖礦操作也能盈利，因此，自部署將是一種非常重要的策略。

In 2026, especially in this a very bearish marketplace i think our Market share for the Bitcoin mining Output will continue to grow in 2027.

2026年，尤其是在當前非常疲軟的市場環境下，我認為我們在比特幣挖礦產量方面的市佔率將在2027年繼續成長。

Perfect thank you.

非常感謝。

Thank you one moment for our next question.

請稍等片刻，我們下一個問題。

Mike Grondahl of Northland. Your line is now open.

來自諾斯蘭的麥克·格朗達爾。您的線路已開通。

Hey, thank you, hey, Harris, I just wanted to ask on the November call. There was a significant emphasis on, GPU rental, and that's what Bitdeer wanted to do and now it seems like you're adjusting that a little bit on some of the larger sites, co-location.

嘿，謝謝，嘿，哈里斯，我只是想問一下關於11月份的電話會議。之前你們非常重視 GPU 租賃，這也是 Bitdeer 想做的，現在看來你們似乎在一些較大的網站上對託管服務進行了一些調整。

Can you just talk about the pivot away or why you're seem seemingly deemphasizing GPU rental at some of those large sites?

您能否談談這種轉變，或者為什麼您似乎在一些大型網站上不再重視 GPU 租賃？

Maybe Jihan, do you want to, do that answer first and then I can chime in and.

或許吉漢，你想先回答這個問題嗎？然後我再插話。

There's still.

還有。

Yes, I think on the very large site colocation. It's a very natural, good choice for our company and for GPO rental, we have a smaller sites like Washington State and Tennessee state. We can absolutely handle that by ourselves and maybe a larger hyperscale's for a lot of interested in sites like 10 megawatts or 50 megawatts. They want the larger sites anyway, and the larger sites in for company better to have some coefficient deal.

是的，我認為是在非常大的網站託管上。對於我們公司和 GPO 租賃來說，這是一個非常自然、不錯的選擇，我們在華盛頓州和田納西州等較小的地區也有業務。我們完全可以自己處理，或許還可以為許多感興趣的站點提供更大的超大規模資料中心，例如 10 兆瓦或 50 兆瓦。他們反正想要的是規模更大的網站，而規模更大的網站最好能有一些優惠協議。

Do you have another question, Mike?

麥克，你還有其他問題嗎？

No, so, hey, just so I understand, you just sort of the larger sites you'll go co-location, the smaller ones you go GPU rental. I guess that was my takeaway. Is that.

不，所以，嘿，我只是想確認一下，規模較大的網站你會選擇託管服務，規模較小的網站你會選擇GPU租賃。我想這就是我最大的收穫。就是這樣。

Fair? Yes, that's correct. Got it.

公平的？是的，沒錯。知道了。

Okay, thank you.

好的，謝謝。

Thank you. One moment for our next question.

謝謝。請稍等片刻，我們來問下一個問題。

Stephen Glagola of KBW line is now open.

KBW 線路的 Stephen Glagola 現已開通。

Hey, thanks for the question. I have two, first for Haris, I would like to clarify whether Bitdeer US AI cloud expansion and potential expansion in Washington and Tennessee is dependent on, securing multi-year reserve capacity agreements, and if so, one of those commitments would primarily be for, bare metal deployments that's one.

嘿，謝謝你的提問。我有兩個問題，首先是問 Haris，我想澄清一下 Bitdeer 美國 AI 雲的擴張以及在華盛頓州和田納西州的潛在擴張是否取決於獲得多年儲備容量協議，如果是的話，其中一項承諾主要是為了裸機部署，這是其中之一。

And then second, for Jihan and Matt, it'd be helpful to hear your perspective on why US AI cloud expansion is strategically attractive at this stage. How do you think about sort of BT's long-term competitive advantages in AICloud as you broaden beyond your current Asia centric footprint?

其次，對於 Jihan 和 Matt 來說，我們很想聽聽你們的看法，為什麼美國人工智慧雲的擴張在現階段具有戰略吸引力。隨著BT的業務範圍從目前的亞洲中心擴展到其他地區，您如何看待BT在AICloud領域的長期競爭優勢？

Thank you.

謝謝。

So, the first part, our expansion of GPU in the US is dependent on, signing contracts. At least any significant large-scale expansion is, we can speculatively be e to a small expansion in the US. But, as we said in the statement, anything significant would be backed by contracts.

因此，我們在美國擴展 GPU 業務的第一部分取決於簽訂合約。至少任何重大的大規模擴張，我們可以推測，在美國可能是小規模擴張。但正如我們在聲明中所說，任何重大舉措都將有合約保障。

And we have our own data centers i think that's a very important advantage right now in the US market. Which means that, At the end of this year, we will be able to deploy the extra 300 and the Bitdeer with our own data centers, and the US right now is the center of AI innovation globally.

而我們擁有自己的資料中心，我認為這在目前美國市場是一個非常重要的優勢。這意味著，到今年年底，我們將能夠利用我們自己的資料中心部署額外的 300 台設備和 Bitdeer，而美國目前是全球人工智慧創新的中心。

The demand in US market is so much stronger than any other market and lots of the US customers also just want capacity on US soil. So, we have this capacity in US and we're going to build it, and we can build it, we will finish it. I think this will be the most important advantage, on the market right now.

美國市場的需求遠強於其他任何市場，許多美國客戶也希望產能位於美國本土。所以，我們在美國有這樣的產能，我們將要建造它，而且我們能夠建造它，我們將完成它。我認為這將是目前市場上最重要的優勢。

Thank you

謝謝

Thank you. I'm showing no further questions at this time.

謝謝。我目前沒有其他問題要問。

Thank you for your participation in today's conference. This does include the program. You may now disconnect.

感謝您參加今天的會議。這其中就包括該程序。您現在可以斷開連線了。