Bitdeer Technologies Group (BTDR) 2026 Q1 法說會逐字稿

Hello, and welcome to Bitdeer Technologies first quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Bitdeer Technologies 2026 年第一季財報電話會議。(接線員指示)

I would now like to hand the conference over to Tesh Dahya. You may begin.

現在我想把會議交給 Tesh Dahya。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's First Quarter 2026 Earnings Conference Call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Matt Kong, Chief Business Officer; and Haris Basit, Chief Strategy Officer. Today's call will begin with Haris providing a review of the company's first quarter results, operational progress and strategic direction, and I will close with an update on our financial performance.

謝謝，接線員，各位早安。歡迎參加 Bitdeer Technology Group 2026 年第一季財報電話會議。今天與我一同出席的有：創辦人、董事長兼執行長吳忌寒；商務長 Matt Kong；以及策略長 Haris Basit。今天的電話會議將先由 Haris 回顧公司第一季業績、營運進展與策略方向，最後我將就我們的財務表現提供更新。

To accompany today's call, we have provided a supplemental investor presentation available on Bitdeer's Investor Relations website under Webcasts and Presentations. Before management begins their formal remarks, I would like to remind everyone that during today's call, we may make certain forward-looking statements.

為配合今天的電話會議，我們已提供補充投資人簡報，並已上傳至 Bitdeer 投資人關係網站的 Webcasts and Presentations（網路直播與簡報）專區。在管理團隊開始正式發言之前，我想提醒各位，今天的電話會議中我們可能會做出若干前瞻性陳述。

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 of forward-looking statements and the risks and uncertainties related to Bitdeer's business, please refer to the company's filings with the US. Securities and Exchange Commission.

這些陳述係基於管理層目前的預期，並受各項風險與不確定性影響，可能導致實際結果出現重大差異。如需更完整的前瞻性陳述說明，以及與 Bitdeer 業務相關的風險與不確定性，請參閱公司向美國證券交易委員會（SEC）提交的文件。

I also want to note that beginning with the first quarter of 2026, Bitdeer has transitioned from International Financial Reporting Standards to US. Generally Accepted Accounting Principles. As part of this transition, Bitdeer has adopted FASB ASU 2023-08, which requires digital assets held to be measured at fair value each reporting period. Changes in the fair value of our digital assets will flow through GAAP net income and may introduce noncash volatility into reported earnings. We will discuss this further during the financial review.

我也想指出，自 2026 年第一季起，Bitdeer 已由國際財務報導準則（IFRS）轉換為美國一般公認會計原則（US GAAP）。作為此轉換的一部分，Bitdeer 已採用 FASB ASU 2023-08，該準則要求所持有的數位資產在每個報導期間以公允價值衡量。我們數位資產公允價值的變動將反映於 GAAP 淨利中，並可能為已揭露的盈餘帶來非現金的波動。我們將在財務回顧中進一步討論。

With that, I will now turn the call over to Haris.

接下來，我把電話會議交給 Haris。

Thank you, Tesh, and good day, everyone. The first quarter of 2026 demonstrated Bitdeer's fundamental strength and resilience. In a challenging environment for the broader mining industry, our vertically integrated platform advanced across our four strategic businesses: Bitcoin mining, ASIC development, AI cloud and colocation data center infrastructure. We are making significant progress in each area.

謝謝你，Tesh，各位好。2026 年第一季展現了 Bitdeer 的基本面實力與韌性。在整體挖礦產業面臨挑戰的環境下，我們的垂直整合平台在四大策略業務上持續推進：比特幣挖礦、ASIC 開發、AI 雲端，以及機房代管（colocation）資料中心基礎設施。我們在各領域都取得顯著進展。

First, our Bitcoin mining production has grown almost 500% year-on-year. Second, we launched the industry-leading SEALMINER A4 series. Third, we are rapidly growing our AI cloud revenue. And fourth, we are well on our way towards converting our Tydal Norway facility into what is expected to be Norway's largest AI data center with a lease tenant in advanced stages of negotiation. The combined strengths we see across our portfolio create optionality that is genuinely differentiated within our industry.

第一，我們的比特幣挖礦產量年增近 500%。第二，我們推出了業界領先的 SEALMINER A4 系列。第三，我們的 AI 雲端營收正在快速成長。第四，我們正穩步推進將挪威 Tydal 設施改造為預期將成為挪威最大 AI 資料中心的計畫，且租賃承租方正處於談判的後期階段。我們在投資組合各項業務所展現的綜合優勢，帶來了在本產業中真正具差異化的策略彈性（optionality）。

We remain committed to Bitcoin mining and see significant opportunity ahead. At the same time, our 3 gigawatt global power capacity is a strategic asset that is increasingly relevant to AI and colocation customers. In Q1, we delivered total revenue of $188.9 million, an increase of approximately 170% year-over-year, with an adjusted EBITDA of $14.4 million, an approximate $60 million increase year-on-year. Tesh will cover additional details of the financials here shortly.

我們仍然致力於比特幣挖礦，並看見前方龐大的機會。同時，我們全球 3 吉瓦的電力容量是一項策略性資產，對 AI 與機房代管客戶而言正變得愈發重要。第一季我們實現總營收 1.889 億美元，年增約 170%；調整後 EBITDA 為 1,440 萬美元，較去年同期增加約 6,000 萬美元。Tesh 稍後將補充更多財務細節。

But first, let's turn to a review of our power and infrastructure portfolio, which remains the foundational asset underlying everything we are building. We continue to make meaningful progress across our global infrastructure footprint during the quarter. As of the end of March, we had approximately 1.7 gigawatts of electrical capacity online and a total global power pipeline of approximately 3 gigawatts. We believe this represents one of the largest and most AI suitable power portfolios among publicly listed companies in our sector, and it continues to provide us with strategic optionality as demand for large-scale compute infrastructure intensifies.

不過首先，讓我們回顧我們的電力與基礎設施投資組合，這仍是支撐我們所有建設的基礎資產。本季我們在全球基礎設施版圖上持續取得實質進展。截至 3 月底，我們約有 1.7 吉瓦的電力容量已上線，全球電力開發管線總計約 3 吉瓦。我們相信，這代表在本產業的上市公司中，屬於規模最大且最適合 AI 的電力投資組合之一；隨著大型算力基礎設施需求升溫，它也持續為我們提供策略彈性。

Our core sites are sizable, dispersed across multiple continents and regulatory jurisdictions. They include access to renewable energy with attractive economics, featuring infrastructure designed to support intensive continuous operations. These are characteristics that are difficult and time consuming to replicate, and they are increasingly what large-scale AI customers are looking for as they pursue power-constrained deployments.

我們的核心場址規模可觀，分布於多個洲別與監管法域。這些場址包含具吸引力經濟性的再生能源取得管道，並配備可支援高強度、連續運作的基礎設施。這些特性難以複製且耗時，而在大型 AI 客戶推動受電力限制的部署時，這些特性正是他們愈來愈重視的。

Over the past several months, we have seen the demand dynamics for AI data center capacity continue to sharpen. The supply and demand imbalance for AI compute has widened, and we expect this shortage to persist well into 2027 and beyond. Time to power remains a critical variable, and we are positioned to serve customers seeking both near-term and midterm capacity in a way that very few operators can match. Against this backdrop, we are prioritizing colocation arrangements for our larger sites, which are best suited to serve hyperscale, Neo cloud and enterprise tenants seeking substantial committed capacity.

過去幾個月，我們看到 AI 資料中心容量的需求動態持續升溫。AI 算力供需失衡進一步擴大，我們預期此短缺將持續到 2027 年甚至更久。「通電時間」（time to power）仍是關鍵變數，而我們具備服務同時尋求短期與中期容量客戶的能力，能與之匹配的營運商屈指可數。在此背景下，我們正優先為較大型場址推動機房代管安排，這些場址最適合服務超大規模（hyperscale）、新型雲（Neo cloud）與企業級租戶，滿足其對大量承諾容量的需求。

For our smaller facilities, we continue to pursue AI cloud opportunities, deploying capacity on a contract-backed basis. This tiered approach reflects a disciplined allocation of capital across our portfolio, matching the appropriate commercial model to the scale and characteristics of each site.

對於較小型的設施，我們持續尋求 AI 雲端機會，以合約支撐的方式部署容量。此分層策略反映我們在投資組合中對資本的紀律性配置，依各場址的規模與特性，匹配適當的商業模式。

Let me walk through where we stand on key development sites. Tydal Norway remains our highest priority colocation opportunity. On March 30, 2026, our subsidiary, Tydal Data Center AS, entered into a formal agreement with Data Center Installation AS, a specialized Norwegian contractor, to develop and convert the Tydal facility into an AI data center.

接下來我說明幾個關鍵開發場址的最新進度。挪威 Tydal 仍是我們最優先的機房代管機會。2026 年 3 月 30 日，我們的子公司 Tydal Data Center AS 與挪威專業承包商 Data Center Installation AS 簽署正式協議，將 Tydal 設施開發並改造為 AI 資料中心。

The project will deliver 180 megawatts of gross installed capacity and the first phase is expected to be completed as early as December 2026. Upon completion, the Tydal facility is expected to be Norway's largest operational AI data center and one of the largest in Europe by installed capacity. This facility is being built primarily for colocation usage. Designed in accordance with NVIDIA guidelines and closely following NVIDIA reference designs, it is intended to support deployment of both GB300s and NVIDIA's latest Vera Rubin AI technology.

該專案將提供 180 兆瓦的總裝置容量，第一期預計最早於 2026 年 12 月完工。完工後，Tydal 設施預期將成為挪威最大、已投入營運的 AI 資料中心，並以裝置容量計算成為歐洲最大之一。此設施主要為機房代管用途而建。其設計依循 NVIDIA 指引並緊密遵循 NVIDIA 參考設計，旨在支援 GB300s 與 NVIDIA 最新的 Vera Rubin AI 技術部署。

What makes Tydal particularly compelling to prospective tenants is a combination of attributes that are genuinely rare, stable baseload power enabled by 100% renewable sources and an excellent power usage effectiveness, or PUE, of approximately 1.1 enabled by the cold climate and chilled water available from a nearby lake. Furthermore, the site was built such that it substantially reduces retrofit capital requirements relative to a greenfield build. We expect our remaining CapEx costs to complete the Tydal site to be significantly lower than typical greenfield data center development costs.

Tydal 對潛在租戶特別具吸引力之處，在於其結合了多項真正稀有的特性：由 100% 再生能源提供的穩定基載電力，以及在寒冷氣候與鄰近湖泊可取得冷卻水的條件下，實現約 1.1 的優異電力使用效率（PUE）。此外，該場址的既有建置方式，使其相較於從零開始的新建（greenfield）專案，可大幅降低改造所需資本支出。我們預期完成 Tydal 場址所需的剩餘資本支出，將顯著低於典型 greenfield 資料中心開發成本。

Orders for most long lead equipment have been placed and decommissioning of Bitcoin mining rigs at the site is already underway. Upcoming near-term milestones include finalization of key equipment installation contracts and technical installation work in several of our data halls. Lastly, we have also begun technical due diligence work on behalf of our future tenant. We are in advanced stages of negotiations with a potential colocation tenant for Tydal. These discussions, when completed, would result in highly regarded and well-recognized end users.

多數長交期設備的訂單已下達，且場址內比特幣挖礦設備的除役作業已在進行中。近期里程碑包括完成關鍵設備安裝合約的定案，以及在我們數個機房廳（data halls）內進行技術安裝工程。最後，我們也已代表未來租戶啟動技術盡職調查工作。我們正就 Tydal 與一位潛在機房代管租戶進行後期階段的談判。這些討論一旦完成，將帶來備受推崇且高度知名的終端用戶。

Morgan Stanley has been retained as our financial adviser for this project. Signing the Tydal lease agreement is management's highest priority. At Clarington, Ohio, we have 570 megawatts of power under contract with AEP. This is one of the largest AI data center development opportunities in the United States among publicly listed companies in our sector. Design and preparation work is continuing for the site. As we have disclosed, litigation filed by a neighboring company could affect the timing of construction.

摩根士丹利已受聘擔任本專案的財務顧問。簽署 Tydal 租賃協議是管理層的最高優先事項。在俄亥俄州克萊靈頓（Clarington），我們與 AEP 簽約的電力為 570 兆瓦。這是我們產業中公開上市公司在美國所面臨的最大型 AI 資料中心開發機會之一。該場址的設計與前期準備工作仍在持續進行。如我們先前揭露，鄰近公司提起的訴訟可能影響施工時程。

Our attorneys feel strongly that we have a well-founded case and that the litigation has limited merit. On the business side, we are evaluating plans that can mitigate the impact on our overall development time line. We remain optimistic about the potential for the site, and we continue to build strong relationships with the local community and government officials at all our Ohio sites.

我們的律師堅信我們的主張具備充分依據，且該訴訟的實質理由有限。在業務層面，我們正在評估可降低對整體開發時程影響的方案。我們仍對該場址的潛力保持樂觀，並持續在我們位於俄亥俄州的所有場址與當地社區及政府官員建立穩固關係。

At Rockdale, Texas, we are pursuing a dual-track strategy that maintains our existing Bitcoin mining operation while developing new AI infrastructure on adjacent land. In addition, we are working with ERCOT on incremental power capacity of 179 megawatts targeted for energization by year-end. This will bring our total power capacity at Rockdale to over 740 megawatts. We are actively engaged in discussions with several prospective colocation tenants for this site.

在德州羅克代爾（Rockdale），我們採取雙軌策略：在開發鄰近土地上的新 AI 基礎設施的同時，維持既有的比特幣挖礦營運。此外，我們正與 ERCOT 合作，推進新增 179 兆瓦的電力容量，目標於年底前送電。這將使我們在 Rockdale 的總電力容量提升至超過 740 兆瓦。我們正積極與多家潛在的機房代管（colocation）租戶就該場址進行洽談。

The Rockdale site benefits from its location in the ERCOT market and will be designed from the ground up to support AI workloads. This approach allows us to maintain revenue-generating mining operations throughout the development period rather than interrupting them. Beyond these three primary sites, conversion projects are advancing at Wenatchee, Washington, and at Knoxville, Tennessee. Both sites are undergoing design and permitting work for AI data center conversion with the Wenatchee site and first phase of our Knoxville site targeted for completion in the fourth quarter.

Rockdale 場址受惠於其位於 ERCOT 市場的地理位置，並將自零開始設計，以支援 AI 工作負載。此作法使我們能在開發期間維持可創收的挖礦營運，而非中斷營運。除上述三個主要場址外，位於華盛頓州韋納奇（Wenatchee）及田納西州諾克斯維爾（Knoxville）的轉換專案亦在推進中。兩個場址皆正進行 AI 資料中心轉換的設計與許可申請工作，目標於第四季完成韋納奇場址以及我們諾克斯維爾場址的第一期工程。

At Niles, Ohio, we are actively working towards the development of our 300-megawatt grid interconnected site with a target energization time line of the fourth quarter of 2028. We also plan to break ground on our 101-megawatt Fox Creek, Alberta, Canada site in June of this year. Furthermore, we continue to aggressively look for additional opportunities to invest in land and power capacity, and we will share these updates as appropriate.

在俄亥俄州奈爾斯（Niles），我們正積極推進開發我們 300 兆瓦、已與電網互聯的場址，目標送電時程為 2028 年第四季。我們也計畫於今年 6 月在加拿大阿爾伯塔省福克斯溪（Fox Creek）101 兆瓦場址動工。此外，我們仍持續積極尋找更多投資土地與電力容量的機會，並將在適當時機分享相關更新。

The US continues to be the primary hub for Bitdeer's global operations, bolstered by our confidence in pro-business, pro-innovation policies that support the growth of AI and digital assets. We remain firmly committed to scaling our presence in the US.

美國仍是 Bitdeer 全球營運的主要樞紐，這得益於我們對支持 AI 與數位資產成長之親商、鼓勵創新政策的信心。我們仍堅定承諾擴大在美國的布局。

On the Bitcoin mining side, the expansion of our self-mining platform continued throughout the quarter. Self-mining hash rate grew from 55.2 exahash per second at the end of December 2025 to approximately 65 exahash per second exiting March. 65 exahash per second represents a year-over-year increase of more than 400%. We mined 668 Bitcoin in January, 705 Bitcoin in February and 661 Bitcoin in March. The modest decline in March relative to February reflects seasonal factors at our Norway and Bhutan facilities rather than any underlying deterioration in fleet performance as witnessed by our April production of 783 Bitcoin. We expect to see continued momentum in the months ahead.

在比特幣挖礦方面，我們的自營挖礦平台擴張在本季持續推進。自營挖礦算力由 2025 年 12 月底的每秒 55.2 艾赫（EH/s）提升至 3 月底約每秒 65 艾赫。每秒 65 艾赫代表年增幅超過 400%。我們於 1 月挖出 668 枚比特幣、2 月挖出 705 枚、3 月挖出 661 枚。3 月相較 2 月的小幅下滑反映的是我們挪威與不丹設施的季節性因素，而非礦機群效能的任何根本性惡化；此點亦可由我們 4 月產量達 783 枚比特幣所印證。我們預期未來數月仍將延續成長動能。

Our mining operations are not plateauing. The SEALMINER A4 series officially launched on April 7, 2026, represents the most efficient mining rigs anyone has delivered. The flagship A4 Ultrahydro model operates at 9.45 joules per terahash. The A4 series also includes the A4 Pro Hydro and the A4 Pro Air at 10.9 joules per terahash. These machines provide deployment flexibility across different site configurations and cooling environments. The A4 Pro Air is one of the most efficient air-cooled mining rigs in the world.

我們的挖礦營運並未進入停滯期。SEALMINER A4 系列於 2026 年 4 月 7 日正式上市，代表目前市場上任何廠商所推出的最高能效挖礦設備。旗艦款 A4 Ultrahydro 的能效為每太赫 9.45 焦耳（J/TH）。A4 系列亦包含 A4 Pro Hydro 與 A4 Pro Air，能效為每太赫 10.9 焦耳。這些機型可在不同場址配置與冷卻環境下提供部署彈性。A4 Pro Air 是全球最高能效的風冷挖礦機之一。

SEAL04-2 chip development continues at our US-based design center. Importantly, our internal manufacturing capability means we are not subject to third-party hardware markups on these rigs when deploying them into our own fleet. This is a structural cost advantage over other mining operations. The inclusion of these new machines will continue to improve our fleet efficiency of approximately 16.4 joules per terahash as of March 31, 2026. That efficiency improvement, combined with our advanced chip design and supply chain resources, translates directly into lower cost per unit of hash rate produced, which means better mining margins at any given hash price level.

SEAL04-2 晶片研發仍在我們位於美國的設計中心持續進行。重要的是，我們具備內部製造能力，將這些礦機部署至自有機群時，不會受到第三方硬體加價的影響。相較其他挖礦營運商，這構成結構性的成本優勢。納入這些新機型後，將持續改善我們截至 2026 年 3 月 31 日約每太赫 16.4 焦耳的機群能效。該能效提升結合我們先進的晶片設計與供應鏈資源，將直接轉化為每單位產出算力的更低成本，意味著在任何既定的算力價格水準下都能取得更佳的挖礦利潤率。

Over the next several quarters, we plan to leverage our growing fleet of SEALMINERS beyond our existing mining data center capacity and work with third parties to deploy incremental co-mining capacity at their facilities. This will allow us to maximize mining economics in the near term while maintaining flexibility to opportunistically drive SEALMINER sales into the second half of the year, depending on market conditions. On the SEALMINER manufacturing front, preparations for our Reno, Nevada factory are progressing. The facility lease has been signed and construction permit applications have been submitted to local municipal authorities, and we anticipate starting construction by Q3.

在未來數個季度，我們計畫將日益擴大的 SEALMINER 機群運用至超越既有挖礦資料中心容量的範圍，並與第三方合作，在其設施部署新增的共同挖礦（co-mining）容量。此舉將使我們在短期內最大化挖礦經濟效益，同時保有彈性，以便視市場狀況在下半年把握機會推動 SEALMINER 銷售。在 SEALMINER 製造方面，我們位於內華達州里諾（Reno）的工廠籌備工作正持續推進。廠房租約已簽署，且已向地方市政主管機關提交施工許可申請，我們預期將於第三季開始施工。

US-based manufacturing is a core component of our vertically integrated strategy and aligns with both our operational resilience objective and the evolving trade and supply chain environment. Our AI cloud business has matured from a pilot service into a commercially distinct, structurally attractive business segment with rapidly growing revenue and a deepening enterprise customer base. For the AI cloud business, annual recurring revenue, which was approximately $10 million at the end of January, grew to approximately $21 million by the end of February and reached approximately $43 million at the end of March.

以美國為基地的製造是我們垂直整合策略的核心組成，並同時符合我們提升營運韌性的目標，以及不斷演變的貿易與供應鏈環境。我們的 AI 雲端業務已從試點服務成熟為商業上獨立、結構上具吸引力的業務分部，營收快速成長，企業客戶基礎亦持續加深。就 AI 雲端業務而言，年度經常性收入（ARR）在 1 月底約為 1,000 萬美元，至 2 月底成長至約 2,100 萬美元，並於 3 月底達到約 4,300 萬美元。

GPU utilization climbed from 41% in January to 94% in March. At quarter end, we had 2,128 GPUs deployed, including H100s, H200s, B200s and GB200s with 1,948 under active external subscription. More recently, in our April production update, we announced annual recurring revenue has now reached approximately $69 million with over 4,000 GPUs deployed.

GPU 使用率由 1 月的 41% 攀升至 3 月的 94%。截至季度末，我們已部署 2,128 顆 GPU，包括 H100、H200、B200 與 GB200，其中 1,948 顆處於對外訂閱的活躍使用狀態。近期在我們 4 月的產量更新中，我們宣布年度經常性收入現已達到約 6,900 萬美元，且已部署超過 4,000 顆 GPU。

Customers are committing to longer durations, which improves revenue visibility and cash flow stability. Since late 2025, we have seen hourly pricing of H100s increase by approximately 40%. This is in direct response to demand levels, and the market is absorbing this increase without meaningful friction. This pricing power reflects the strong fundamentals of our AI cloud business. In January, we deployed our initial NVIDIA GB200 NVL72 infrastructure at our Cyberjaya, Malaysia facility. This marks the first phase of an accelerated expansion designed to support enterprise-grade training workloads on the Grace Blackwell architecture.

客戶正承諾更長的合約期間，進而提升營收可視性與現金流穩定性。自 2025 年末以來，我們觀察到 H100 的每小時計價上升約 40%。此為需求水準的直接反映，市場在吸收此漲幅時並未出現顯著阻力。此定價能力反映了我們 AI 雲端業務強勁的基本面。1 月，我們在馬來西亞賽城（Cyberjaya）設施部署了首批 NVIDIA GB200 NVL72 基礎設施。這標誌著加速擴張的第一階段，旨在支援基於 Grace Blackwell 架構的企業級訓練工作負載。

In February, we launched a managed Kubernetes service with GPU-native orchestration, providing enterprise customers with scalable infrastructure for AI training and inference. Our model studio platform now supports more than 50 leading open source models, enabling clients to deploy everything from basic inference to advanced multimodal applications through a single managed environment. In March, we showcased our integrated AI solutions at the NVIDIA GTC Conference, generating incremental business opportunities and strengthening our brand presence within the AI infrastructure ecosystem.

2 月，我們推出具備 GPU 原生編排的託管 Kubernetes 服務，為企業客戶提供可擴展的 AI 訓練與推論基礎設施。我們的模型工作室（model studio）平台現已支援超過 50 個領先的開源模型，使客戶能在單一託管環境中部署從基礎推論到進階多模態應用的各類工作負載。3 月，我們在 NVIDIA GTC 大會展示了整合式 AI 解決方案，帶來新增商機，並強化我們在 AI 基礎設施生態系中的品牌能見度。

We are actively evaluating US, data center leasing opportunities and expect to bring GPU capacity and AI cloud services online for US, customers in 2026. Consistent with our stated approach, any large-scale US GPU expansion will be backed by committed customer contracts.

我們正在積極評估美國的資料中心租賃機會，並預期於 2026 年為美國客戶上線 GPU 容量與 AI 雲端服務。依照我們既定的方法，任何大規模的美國 GPU 擴張都將以已承諾的客戶合約作為支撐。

Turning to our balance sheet. In February, Bitdeer successfully priced an upsized offering of $375 million in 5% convertible senior notes due in 2032. We ended Q1 with cash, cash equivalents and restricted cash of $298 million. We expect that the bulk of our fiscal year '26 total financing needs will be addressed through project-level debt financing following a signed lease agreement for our Tydal, Norway site.

接著談談我們的資產負債表。2 月，Bitdeer 成功為一筆加碼後的 3.75 億美元、票面利率 5%、2032 年到期的可轉換優先票據定價。我們在第一季結束時的現金、約當現金及受限制現金為 2.98 億美元。我們預期 2026 財政年度的大部分總融資需求，將在挪威 Tydal 場址簽署租賃協議後，透過專案層級的債務融資來滿足。

Now I will hand it back to Tesh to go over the detailed financials.

現在我把時間交還給 Tesh，請他說明更詳細的財務數據。

Thanks, Haris, and good day, everyone. It's great to be here, and I look forward to meeting many more of our shareholders in the coming months. Let me walk through our detailed financial results for the first quarter. Before I begin, I would like to remind everyone that all figures are in US dollars. And as noted earlier, this is our first quarter reporting under US, GAAP.

謝謝你，Haris，各位大家好。很高興在此與各位交流，也期待在接下來幾個月能與更多股東見面。我將帶各位回顧第一季的詳細財務結果。在開始之前，我想提醒大家所有數字均以美元計價。另外，如先前所述，這是我們首次依照美國 GAAP 進行季度報告。

In addition to discussing results calculated in accordance with US, GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA. Adjusted EBITDA excludes noncash fair value changes on our digital assets and convertible note derivative liabilities, along with certain other items, and we believe it provides the most consistent basis for assessing core operational performance. For a full reconciliation of non-GAAP measures, please refer to our earnings release published earlier today on Bitdeer's Investor Relations website.

除了討論依照美國 GAAP 計算的結果外，我們也會引用若干非 GAAP 財務衡量指標，包括調整後 EBITDA。調整後 EBITDA 排除我們數位資產及可轉換票據衍生負債的非現金公允價值變動，以及其他若干項目；我們認為它提供了評估核心營運表現最一致的基礎。如需非 GAAP 指標的完整調節表，請參閱我們今天稍早發布於 Bitdeer 投資人關係網站的財報新聞稿。

First quarter consolidated revenue was $188.9 million, an increase of approximately $119 million year-over-year. The year-over-year growth was driven primarily by the significant expansion of our mining hash rate and associated Bitcoin production, reflecting the continued SEALMINER deployment throughout 2025 and into 2026. Sequentially, revenue declined from $224.8 million in the fourth quarter of 2025, reflecting lower average Bitcoin prices during the first quarter relative to the fourth quarter as well as a larger portion of our manufacturing output going towards self-mining deployment rather than external SEALMINER sales.

第一季合併營收為 1.889 億美元，年增約 1.19 億美元。年增主要由我們挖礦算力的大幅擴張及相應的比特幣產量提升所帶動，反映 SEALMINER 在 2025 年並延續至 2026 年的持續部署。與前一季相比，營收自 2025 年第四季的 2.248 億美元下滑，反映第一季比特幣平均價格低於第四季，以及我們更多的製造產出用於自營挖礦部署，而非對外銷售 SEALMINER。

Total gross profit was negative $39 million, reflecting a gross margin of negative 20.7%. Three converging factors drove the outcome. First, Bitcoin prices remained under pressure throughout the quarter. Second, our mining fleet carries substantial noncash depreciation expense amounting to $70 million, given our rapid expansion. As a reminder, we now depreciate mining rigs on a three-year straight-line basis, and the pace of SEALMINER deployment throughout 2025 and into 2026 generates a significant concurrent charge. Third, a seasonal power cost dynamics at our Norway and Bhutan facilities weighed on energy costs in the first quarter.

總毛利為負 3,900 萬美元，對應毛利率為負 20.7%。此結果由三項因素同時作用所致。第一，比特幣價格在整個季度持續承壓。第二，鑑於我們快速擴張，我們的礦機機隊承擔了高額的非現金折舊費用，金額達 7,000 萬美元。提醒一下，我們目前以三年直線法折舊礦機，而 2025 年並延續至 2026 年的 SEALMINER 部署速度，帶來了顯著的同期折舊費用。第三，挪威與不丹設施的季節性電力成本變化，使第一季能源成本上升。

Looking ahead, the path to gross margin recovery is straightforward. A4 Series deployment lowers our cost per Bitcoin mined, spring and summer rate normalization reduces electricity costs and the scaling of AI cloud revenue improves margin composition as that segment grows.

展望未來，毛利率回升的路徑很清楚。A4 系列的部署將降低每枚比特幣的挖礦成本；春夏季費率正常化將降低電力成本；而隨著 AI 雲端營收規模擴大，該業務的擴張也將改善整體利潤結構。

Adjusted EBITDA was $14.4 million for the quarter, an increase of approximately $60 million year-on-year. The sequential decline from $24.3 million in the fourth quarter of 2025 reflects the gross margin dynamics described earlier. Operating loss in the quarter was negative $159.5 million and earnings per share was negative $0.68. Net cash used in operating activities was $346.9 million, a 42% reduction versus the Q4 net cash used in operations of $594.7 million. The primary drivers of the sequential reduction were lower SEALMINER supply chain and manufacturing costs, partially offset by higher electricity costs.

本季調整後 EBITDA 為 1,440 萬美元，年增約 6,000 萬美元。相較 2025 年第四季的 2,430 萬美元，季減主要反映前述毛利率動態。本季營業損失為負 1.595 億美元，每股盈餘為負 0.68 美元。營運活動使用的淨現金為 3.469 億美元，較第四季營運使用淨現金 5.947 億美元減少 42%。季減的主要原因是 SEALMINER 供應鏈與製造成本下降，但部分被較高的電力成本所抵銷。

Turning to the balance sheet. We exited the first quarter with $297.7 million in cash, cash equivalents and restricted cash compared to $177.9 million at year-end 2025. Total borrowings at the end of Q1 were approximately $1.92 billion. For the full year 2026, we reiterate our guidance for total infrastructure capital expenditures in the range of $180 million to $200 million for crypto mining data center construction.

接著看資產負債表。我們在第一季末的現金、約當現金及受限制現金為 2.977 億美元，較 2025 年底的 1.779 億美元增加。第一季末的總借款約為 19.2 億美元。對於 2026 全年，我們重申加密挖礦資料中心建設的基礎設施資本支出指引為 1.8 億至 2.0 億美元。

This guidance covers crypto mining infrastructure only and does not include CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development. Additionally, we anticipate a continuation of growth in our mining hash rate, albeit at a more moderate pace than we have seen throughout the prior two quarters.

此指引僅涵蓋加密挖礦基礎設施，不包含 SEALMINER 硬體、GPU、AI 雲端或機房代管（colocation）開發的資本支出。此外，我們預期挖礦算力將持續成長，但增速會較前兩個季度更為溫和。

In summary, the first quarter of 2026 was a quarter of execution and strategic advancement. Gross margins were under pressure from a combination of low Bitcoin price, the depreciation accounting impact of our fleet expansion and seasonal power costs. These factors are transitory and the forward catalysts for margin recovery are tangible and progressing, A4 deployment, power cost normalization, colocation and scaling our AI cloud. Against that backdrop, we delivered on the key elements that will define the value creation we expect to deliver over the coming quarters.

總結而言，2026 年第一季是執行落地與策略推進的一季。毛利率受到比特幣價格偏低、機隊擴張帶來的折舊會計影響，以及季節性電力成本等因素的壓力。這些因素屬於短期性，而推動毛利率回升的前瞻催化劑明確且正在推進，包括 A4 部署、電力成本正常化、機房代管以及擴大 AI 雲端規模。在此背景下，我們完成了多項關鍵要素，這些要素將界定我們在未來幾季預期帶來的價值創造。

We launched the SEALMINER A4. We grew AI cloud ARR by 105% in a single month. We engaged a construction partner for Norway's largest AI data center, and we strengthened our balance sheet with $375 million in new capital. The colocation pipeline ahead of us is substantial, and we are pursuing it with full organizational focus.

我們推出了 SEALMINER A4。我們在單月內將 AI 雲端 ARR 提升 105%。我們為挪威最大 AI 資料中心引入了施工合作夥伴，並以 3.75 億美元新資金強化了資產負債表。我們面前的機房代管管線相當可觀，我們正以全組織的專注力積極推進。

We entered the second quarter with strong operational momentum, a differentiated asset base and a team that has demonstrated its ability to execute at scale. We are energized about what lies ahead and remain committed to delivering long-term value for our shareholders.

我們以強勁的營運動能、具差異化的資產基礎，以及一支已證明具備規模化執行能力的團隊，進入第二季。我們對未來充滿期待，並將持續致力於為股東創造長期價值。

Thank you. Operator, please open the call for questions.

謝謝。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Yeah, hey, thank you, and good morning and good afternoon, and thanks for taking my questions. Haris, I appreciate we're in advanced discussions on Tydal in Norway. That being said, kind of curious how you're thinking about that. I noticed in the comments, we talk about the design and planning. Like how much design knowing that there is some similarities between certain customers and what they expect from a data center, but there are some differences. How far in the process of the final design can we get? Is that something that we then need to wait for the customer to kind of move forward?

是的，嗨，謝謝，早安、午安，也謝謝讓我提問。Haris，我知道我們正在就挪威 Tydal 進行深入討論。話雖如此，我有點好奇你們是如何思考這件事的。我注意到在評論中我們提到設計與規劃。例如，在某些客戶之間，對資料中心的期待有一些相似之處，但也存在差異。我們在最終設計流程中能推進到什麼程度？這是否是我們需要等客戶某種程度上往前推進之後才能繼續的事情？

And just as we think about the opportunity in Norway, like I know we're talking about hyperscalers. But like -- how important is that? I know there's some big tech scandy companies maybe that we wouldn't think are traditional hyperscale -- that some people might not think are traditional hyperscalers, but are kind of big tech companies in Northern Europe. Just kind of curious if you could provide any color around some of those questions on that opportunity.

另外，當我們思考挪威的機會時，我知道我們在談超大規模雲端業者（hyperscalers）。但這有多重要？我知道北歐可能有一些大型科技公司——也許不是傳統意義上的超大規模業者——有些人可能不會把它們視為傳統 hyperscalers，但它們確實是北歐的大型科技公司。想請你就該機會的這些問題提供一些補充說明。

Okay. Sure. Thank you, Greg. So with regards to the exact technical specifications, and there are differences between customers because different customers want to put in different machines versus GB300s versus Vera Rubin and the mix of those machines. And so -- but we have, I would say, the vast majority, almost entirely of the design in hand. We're still communicating with the most likely tenant here, the one that we're very close to signing, to make sure that all the design elements meet what their requirements are, which turn out to be very close to what the NVIDIA reference designs are.

好的。當然。謝謝你，Greg。關於精確的技術規格，不同客戶之間確實存在差異，因為不同客戶希望導入不同的機器配置——例如GB300、Vera Rubin，以及這些機器的組合。因此——但我會說，我們已經掌握了絕大多數、幾乎全部的設計。我們仍在與這裡最可能的承租方溝通，也就是我們非常接近簽約的那一位，以確保所有設計要素都符合他們的需求；而這些需求結果顯示與NVIDIA的參考設計非常接近。

So we think we have that well in hand. There's ongoing discussions, but just over very detailed type of stuff at present. And then with regard to the type of tenant, the two most important things here are that there would be a very sound credit, an investment-grade client or a very good credit wrapper. And so that's important. And then, of course, the economics of it are important.

所以我們認為這方面已經掌握得很到位。目前仍有持續討論，但主要是一些非常細節的事項。至於承租方的類型，這裡最重要的兩點是：第一，必須具備非常穩健的信用條件——投資級客戶或非常良好的信用增信/擔保架構。因此這點很重要。其次，當然，經濟條件也很重要。

And we're focusing on those two things. We think we've -- if it goes through the way we expect -- in the time frame we expect, I think investors should be relatively pleased with both of those issues. And I can't say too much more about the tenant, but it won't be too long before I think we can announce that deal.

我們正聚焦在這兩件事上。我們認為——如果事情按我們預期的方式推進——並在我們預期的時間框架內完成，我想投資人對這兩個面向都會相對滿意。至於承租方我不能透露太多，但我想再過不久我們就能宣布那筆交易。

Understood. And then I did want to touch on the Clarington. In the press release, you mentioned -- and then actually in the prepared remarks, we mentioned the -- maybe some of the delays that are going on, realizing that, that is active. Could you kind of at least provide like some broad strokes around what is actually happening? I mean, yes, just kind of like that was news to us. So I just want to understand...

了解。另外我也想談一下Clarington。在新聞稿中你們提到——其實在事先準備的講稿裡我們也提到——可能有一些正在發生的延遲，並且了解到那個項目仍在推進中。你能否至少用比較概括的方式說明一下實際上發生了什麼？我的意思是，是的，這對我們來說算是新消息。所以我只是想了解一下……

I'm sorry, what-

不好意思，什麼—

Some of those headwinds are that you're going to have to deal with?

你們將不得不面對的那些逆風因素是什麼？

Which location are you referring to?

你指的是哪個地點？

I'm sorry, Clarington.

不好意思，Clarington。

Clarington. Well, we announced earlier about the litigation at that site. And we're still working through that, and we expect that, that will have an impact on the construction schedule. There's not really a lot more I can say about that. We are looking at ways of mitigating those impacts, but-

Clarington。嗯，我們之前已經宣布過該場址的訴訟事宜。我們仍在處理當中，並且預期這將對施工進度表造成影響。關於這點我實在沒有太多可以補充的。我們正在尋找降低這些影響的方法，但—

I mean I guess what I would ask is the power is approved, so it would have to be something more around like the land user. Is that how -- is that kind of-

我的意思是，我想問的是電力已經獲批了，所以應該會是更偏向土地使用方面的問題。是這樣嗎——大概是這種—

Yeah, it's not really a question of the power.

對，這其實不是電力的問題。

Okay. All right. Thank you, guys.

好的。好。謝謝各位。

Thank you, Greg.

謝謝你，Greg。

Mike Colonnese, H.C. Wainwright

Mike Colonnese，H.C. Wainwright

Good morning, guys. Thank you for taking my questions. And nice to see all the progress across your business lines here. So it sounds like SEAL is progressing nicely. I was wondering if you could provide a little bit more color around Rockdale. It sounds like you're going to simultaneously construct a new AI data center alongside your Bitcoin mining operations there.

各位早安。謝謝你們回答我的問題。也很高興看到你們各條業務線都有所進展。聽起來SEAL進展得很順利。我想請你們多補充一些關於Rockdale的情況。聽起來你們將在那裡的比特幣挖礦業務旁，同步建設一座新的AI資料中心。

Can you talk about the level of client demand for that specific asset? It sounds like a really unique opportunity given the power capacity and really what the development time lines could ultimately be for that part of the portfolio for an AI colocation opportunity?

你能談談針對那個特定資產的客戶需求程度嗎？考量到電力容量，以及就AI機櫃代管（colocation）機會而言，該投資組合那部分最終可能的開發時程，這聽起來是一個非常獨特的機會？

Yeah, I think it's a little early to predict the exact development time line for that. It's a very attractive site for AI. And one of the things to make it even more attractive would be to have more land, which is what we're working on at that site. But the power is there, and it's going to be expanded to even a larger envelope of power over 700 megawatts. So it's a good location for AI.

是的，我認為現在要預測那個項目的確切開發時程還有點早。那是一個非常適合AI的場址。而讓它更具吸引力的一件事是擁有更多土地，這也是我們正在該場址推進的工作。不過電力條件已經具備，而且還會擴增到更大的供電規模，超過700兆瓦。所以那是一個很適合AI的地點。

We're speaking with several potential tenants there. They span from hyperscalers to Neo clouds and even some others. But the level of demand, I think, is very high. I think the -- I can't really put a good time frame on the execution of that site yet. But we're moving forward on at least making sure that we have an appropriate land space where we can develop the AI data center while the Bitcoin mines are still operating.

我們正在與幾個潛在承租方洽談。他們涵蓋從超大規模雲服務商（hyperscalers）到新型雲（Neo clouds），甚至還有其他一些。但我認為需求水準非常高。我目前還無法對該場址的落地執行給出一個明確時間表。但我們至少正推進確保有合適的土地空間，使我們能在比特幣礦場仍在運作的同時，開發AI資料中心。

Got it. Very helpful color, Haris. Appreciate that. And then just sticking on the AI side, but more on the cloud business, that is seeing really strong growth here between GPU deployments, utilization rates. Just curious to get a sense as to how durable that revenue stream is here. Obviously, the utilization rates are helping, but to the extent you could share more information around the contracted element to it?

了解。Haris，這些補充非常有幫助。謝謝。接著仍然聚焦在AI，但更偏向雲端業務；你們在GPU部署與使用率方面都呈現非常強勁的成長。我想了解這條收入來源的持續性有多高。顯然使用率在帶動表現，但如果你們能分享更多關於其中「合約化」部分的資訊？

And then also, if there are any sort of internal benchmarks you guys are looking to grow that business this year? Obviously, you have multiple business lines you're working through, but thinking about GPU expansion from the around 4,000 that you guys have today, the best way for investors to think about that?

另外，你們內部是否有任何今年要把這項業務成長到什麼程度的基準或目標？顯然你們同時在推進多條業務線，但就GPU擴張而言——從目前大約4,000張GPU往上——投資人應該如何看待？

Yeah, I think there's tremendous demand for GPUs. And it's really on our part, limited by how quickly we can bring up these GPUs and AI cloud sites. But the demand is there. It's across the board. It's -- we mentioned we were able to raise the rates on our H100s by 40% and have no problem booking those. So we're also starting to get longer-term contracts. I don't know, Jihan, did you want to add anything to that? Maybe-

是的，我認為GPU的需求非常龐大。對我們而言，主要限制在於我們能多快把這些GPU與AI雲端站點建置上線。但需求確實存在。而且是全面性的需求。我們提到過，我們把H100的費率提高了40%，仍然能毫無問題地把產能訂滿。所以我們也開始拿到更長期的合約。我不知道，Jihan，你要不要補充一下？也許—

You're on mute, John.

你靜音了，John。

Okay. I muted myself. Okay. Right now, most of our contract is a long-term contract right now. It takes majority of our machines in long-term contract. And right now, customers will need to agree with us on such terms in three to five years.

好的。我把自己靜音了。好的。目前，我們大多數合約都是長期合約。長期合約涵蓋了我們大部分的機器。而且目前客戶需要同意與我們簽訂三到五年的條款。

Got it. Very helpful. Call you guys. Appreciate you taking my questions.

了解。非常有幫助。各位辛苦了。謝謝你們回答我的問題。

Thank you, Mike.

謝謝你，Mike。

Mike Grondahl, Northland Capital Markets.

Mike Grondahl，Northland Capital Markets.

Hey guys, This is Logan on for Mike. First, can you just provide some insight into the conversations around pricing and terms at Norway and also some color on just what the remaining hurdles are to getting a lease signed at the site? Thanks.

各位好，我是 Logan，代替 Mike 上線。首先，能否請你們就挪威那邊關於定價與條款的討論提供一些見解，另外也請補充一下目前要在該場址簽署租約，剩下的主要障礙是什麼？謝謝。

Yeah, I don't think we're going to give you satisfaction on the pricing other than we think it's at the -- near the top of the market of what we've seen announced. So it's -- we think it's going to be quite good. Let's see. For what's left, there's just a lot of detailed work. We are in the late stages or advanced stages of negotiating the lease, and there's just a lot of small details.

是的，我想除了我們認為定價大概——接近我們所看到已公告交易中的市場高端之外，恐怕沒辦法在定價上讓你滿意。所以——我們認為會相當不錯。我看看。至於還剩下什麼，就是大量細節性的工作。我們正處於租約談判的後期或更進階階段，還有很多小細節。

There's no one big thing that stands in the way. But -- all these small things do have to get handled before we can have a finished signed lease. So there's no one thing that's standing in the way here. We're trying to move as fast as we can. It's our highest priority within the management chain here. And we're applying a tremendous amount of resources to it. There's just a lot of detail that needs to get covered here.

沒有任何一件大事阻礙進展。但是——這些小事項都必須處理完，我們才能完成並簽署租約。所以這裡沒有單一事項卡住。我們正盡可能加快速度。這是我們管理團隊內部的最高優先事項。我們也投入了大量資源。只是這裡需要涵蓋的細節很多。

Got it. And that's great to hear on the favorable pricing. And then one more. In your April update, you mentioned that various other sites outside of Norway, Clarington and Rockdale are in advanced stage negotiations. Are you guys at a point to be able to formally call out those sites by name? And if not, can you just provide some color around how demand for your sites has changed over the last 90 days? Thank you.

了解。而且很高興聽到定價有利。再問一個。在你們 4 月的更新中提到，挪威、Clarington 和 Rockdale 以外的其他場址也在進階談判階段。你們現在是否已經可以正式點名那些場址？如果不行，能否補充一下過去 90 天你們場址需求的變化情況？謝謝。

Yeah, I mean I think the last 90 days has stayed. It's pretty much -- it stayed very strong. I don't know how to quantify whether it's gotten a little stronger or not, but we haven't seen any diminishment, that's for sure. And yes, we are not in a position to announce the schedule for any of the other sites in terms of the colocation. The AI cloud sites, we have announced Q4 of this year for Wenatchee and the first phase of the Knoxville, Tennessee site. So is there something different than that you were looking for?

是的，我的意思是，我認為過去 90 天大致維持不變。基本上——一直非常強勁。我不知道要怎麼量化是否又更強了一點，但我們確實沒有看到任何減弱。另外，是的，我們目前還不便公布其他任何場址在機房代管（colocation）方面的時程。至於 AI 雲端場址，我們已宣布今年第四季啟用 Wenatchee，以及田納西州 Knoxville 場址的第一期。所以你想問的是不同於這些的資訊嗎？

No, that's all good. Got it. Thank you, guys, and congrats on an impressive start to 2026.

沒有，這樣就很好。了解。謝謝各位，也恭喜 2026 年開局表現亮眼。

Excellent.

很好。

Kevin Cassidy, Rosenblatt.

Kevin Cassidy，Rosenblatt。

Yes, thanks for taking my question, and congratulations also on all the progress you have. Just going back to the AI cloud, very impressive that you're able to raise hourly rates by 40% on the H100. What's the trend as you go to the higher performance GPUs? What kind of rate increase should we expect on the hourly rate?

是的，謝謝讓我提問，也恭喜你們取得的所有進展。回到 AI 雲端，你們能把 H100 的每小時費率提高 40%，非常令人印象深刻。當你們轉向更高效能的 GPU 時，趨勢如何？每小時費率大概還能期待多少幅度的提升？

Maybe I'll ask Jihan to answer that question since I don't have a good feel for that.

也許我請 Jihan 來回答這個問題，因為我對這部分沒有很好的掌握。

Well, because previously, we have mostly signed with a short-term contract. So after those contract ends, we have -- we had an opportunity to raise the rates. But right now, most of our GPU cost is in kind of a long-term contract. So the rate will be relatively stable from now.

嗯，因為先前我們多數簽的是短期合約。所以在那些合約到期後，我們——就有機會調高費率。但目前我們大部分 GPU 成本是以某種長期合約形式鎖定。因此從現在起費率會相對穩定。

Okay.

好的。

I get your question.

我理解你的問題。

Alright, thank you.

好，謝謝。

How it how the rate differs from the high-end machines to the 1800 tried, something like that, or?

是指高階機型相對於 1800 tried 之類的，費率差異怎麼看，或是？

Yeah, and yeah, we get better leverage, yes, if we go into higher-end GPU, that means we are deploying new GPU, and right now all those contracts are negotiation where we are preparing the data centers and installation work.

對，是的，如果我們轉向更高階的 GPU，我們確實能取得更好的議價能力；那代表我們在部署新的 GPU，而目前這些合約都還在談判中，同時我們也在準備資料中心與安裝作業。

Generally, we can feel that the customers are quite competitive, and we need to definitely to choose our clients so they can be stable and also profitable.

整體而言，我們感覺客戶之間競爭相當激烈，我們也必須確實挑選客戶，讓他們能夠穩定，同時也能帶來獲利。

That's the that's what we are where we need to wait, So, I actually, generally, I'm quite optimistic about the profitability of the GP renting Air Cloud business, because the customers are quite willing to pay good price to get the GP.

這就是——我們目前需要再等等的地方。所以其實整體來說，我對 GPU 租賃 AI 雲端業務的獲利能力相當樂觀，因為客戶非常願意為了取得 GPU 而支付不錯的價格。

I see okay, thank you, and just maybe it wouldn't be a bit of your conference call if I didn't ask about the seal for the-

了解，謝謝。那再問一下——如果我不問一下 seal 的話，這場法說好像就不完整——

Second version, can you mentioned you're still working on it, but do you have any timing and are we what the targeted joules per tera hash is?

第二版，你提到仍在進行中，但是否有任何時程？以及目標的每太哈希焦耳數（joules per terahash）是多少？

We haven't changed the target, but and we're not ready to announce new timing on that yet, so sorry about that.

我們沒有改變目標，但我們也還沒準備好公布新的時程，所以很抱歉。

Okay, just obliged to ask that question.

好的，我只是有義務問這個問題。

I was surprised that wasn't.

我很驚訝剛剛竟然沒人問。

Yeah, okay. Thank you. Congratulations.

是的，好。謝謝。恭喜。

Thanks.

謝謝。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Thanks, operator. Good morning, everyone. Maybe just to follow-up from an earlier question around, to what stage across some of these other sites, would you be willing to-

謝謝接線員。各位早安。我想延續先前的問題，關於在其他一些場址目前進展到什麼階段，你們會願意——

Kind of build for co-location purposes and what level of CapEx would be associated with that? And then, do you have a rough estimate of how much CapEx you've deployed to date towards co-location conversions across the platform?

以機房代管用途來進行建置？以及相關的資本支出（CapEx）大概會是多少？另外，你們是否能粗估一下，截至目前為止在整個平台上用於機房代管轉換的 CapEx 已投入多少？

We haven't announced or revealed our CapEx for co-location conversion. Other than to say that the amount of capital required in Norway is remarkably less than the normal amount of CapEx required. We expect that the CapEx requirements at other sites, the US. Sites, will be closer to the typical amount needed to build an AI data center, but we will be able to. Get some of the savings that we had in Norway at other sites, but not to the same extent.

我們尚未公布或揭露機房代管轉換的 CapEx。我們只能說，挪威所需的資金明顯低於一般所需的 CapEx。我們預期其他場址、也就是美國的場址，其 CapEx 需求會更接近建置 AI 資料中心所需的典型水準，但我們仍然可以在其他場址取得部分如同挪威的節省，只是不會到同樣的程度。

Understood. I appreciate that, Harris. Maybe switching gears, just on the Reno Nevada site, the facility, the ASIC facility. Any kind of preliminary estimates on what CapEx could be there, and then how would this change your margin profile in that business, if at all?

了解。謝謝你，Harris。換個話題，關於內華達州 Reno 的場址，也就是那個 ASIC 設施。對那裡的 CapEx 是否有任何初步估計？以及這是否會改變該業務的毛利率結構（margin profile），如果會的話？

Yeah, I think that, just to remind everyone, that's the site where we're assembling ASIC mining rigs. John, do you have an answer for that question? Oh, no.

是的，我想先提醒大家，那個場址是我們組裝 ASIC 挖礦設備的地方。John，你能回答這個問題嗎？喔，不行。

Yeah, so I don't think we've we haven't reported the amount of capital required for that site. It's, significantly smaller than the amount of capital required for like a data center or even a Bitcoin mining site.

是的，所以我想我們——我們尚未對外報告那個場址所需的資本金額。它明顯小於像資料中心、甚至比特幣礦場那種場址所需的資本金額。

What was the other part of that question?

那個問題的另一部分是什麼？

Really, I was just curious, the margin profile of that business, yeah.

其實，我只是好奇，那個業務的毛利結構，是的。

Well, it will be a little bit more expensive to build in Reno than it will be in Asia or to assemble there. But, most of the cost of our mining rigs is really embedded in the silicon itself, which is, still made by TSMC in the same location.

嗯，在雷諾建置會比在亞洲建置或在那邊組裝稍微貴一些。不過，我們礦機的大部分成本其實都內含在矽晶本身，而矽晶仍然是由台積電在同一地點製造。

So, we think that the incremental cost of assembling in the US will not be. Covered by, for example, tariffs and things like that. So we think it will be a very good location for us and within a reasonable price increment of building in Asia, especially if you account for tariffs.

所以，我們認為在美國組裝所增加的成本不會——例如，被關稅之類的因素所抵銷。因此我們認為這會是對我們非常好的地點，而且相較於在亞洲建置，價格增量在合理範圍內，特別是把關稅因素納入考量時。

Understood. All right. Thanks a lot.

了解。好。非常感謝。

Thank you.

謝謝。

John Todaro, Needham.

Needham 的 John Todaro。

Hey, guys. Thanks for taking my question. Congrats on the progress so far. I guess just going back to Rockdale and Clarington, obviously, some pieces need to still be completed there to get development moving along. I think my understanding is it's mostly acreage. I guess just what are some of the limiting factors there? Are we just kind of in negotiation processes for that? Do you need some additional cash to get those items done? I guess just trying to understand that a little bit better to see how far along we can be.

嗨，各位。謝謝讓我提問。恭喜目前的進展。我想回到 Rockdale 和 Clarington，顯然那邊還有一些部分需要完成，才能讓開發持續推進。我理解主要是土地面積（acreage）。想請問那邊有哪些限制因素？我們只是正在進行談判流程嗎？你們是否需要額外現金來把那些事項完成？我只是想更清楚理解，以便判斷我們能推進到什麼程度。

Well, I think one way to think about it is that the amount of power, say, in Rockdale is much larger than the amount of land, right? So that's something that we want to rectify. And it's really around those kinds of issues that we want to make sure we're able to fully utilize all of the power that we have at those locations. And of course, in Clarington, there's the additional complication of the litigation.

嗯，我想有一種思考方式是：以 Rockdale 來說，電力的規模遠大於土地的規模，對吧？所以這是我們想要修正的地方。而這主要就是圍繞這類議題，我們希望確保能在那些地點把我們擁有的所有電力充分利用起來。當然，在 Clarington 還有訴訟帶來的額外複雜性。

Okay. Understood. And then shifting to Bitcoin mining machine sales. So obviously, a lot of the US public miners are pulling back as they shift towards AI HPC. You guys have had a little bit more external sales in international markets. So wondering how does that change the sales strategy? Is it actually a benefit versus a negative that there's more public US-focused miners pulling back and maybe that shifts more opportunity to do sales internationally? I guess just trying to frame up how that shifts for external sales a bit longer term here.

好的。了解。接著談到比特幣礦機銷售。很明顯，許多美國上市礦商在轉向 AI HPC 的同時正在收縮。你們在國際市場的對外銷售稍微多一些。所以想問這會如何改變銷售策略？相較於負面影響，是否反而是一個好處：更多以美國為主的上市礦商收縮，可能讓國際銷售機會增加？我想從長期角度理解，這對對外銷售會帶來什麼樣的變化。

So one thing I just want to remind you is that we're not really pushing that hard for external sales at this point. We -- almost all of the output is being used internally by our own data centers. We do, as you mentioned, sell internationally. So the fact that a lot of the US mining companies are pulling back is not -- has a little mitigated impact based on that. Then -- I don't know, Jihan, do you want to make any additional comments on Bitcoin mining ASIC sales or demand?

有一點我想先提醒你：我們目前其實沒有很積極推動對外銷售。我們——幾乎所有產出都由我們自家的資料中心內部使用。如你所提，我們確實有做國際銷售。所以，許多美國礦業公司收縮這件事，對我們的影響——因為上述原因——相對被緩和。另外——我不知道，Jihan，你要不要就比特幣挖礦 ASIC 的銷售或需求補充幾點？

Right now, because of the constrained supply of the semiconductor fabrication service, we intend to do more self-mining. And self-mining is also -- I believe it's a profitable business. So we still have some Bitcoin mining sites. We haven't filled it. And we also have a lot of partners that want to do co-mining partnership with us, which means that we provide the Bitcoin mining rigs and they provide the Bitcoin mining farm, so we can share the Bitcoin mining hash rate, and we will get the majority out of it.

目前因為半導體晶圓代工服務供給受限，我們打算做更多自營挖礦。而自營挖礦——我相信——也是一門有利可圖的生意。所以我們仍然有一些比特幣礦場。我們還沒有把它填滿。同時也有很多合作夥伴希望與我們做聯合挖礦合作，意思是我們提供比特幣礦機，他們提供比特幣礦場，這樣我們可以共享比特幣挖礦算力，而我們會取得其中的大部分。

And the electricity bill is to be transparent and no markup from the mining partnership side. It's quite scalable. So we are not very aggressive on selling the mining rig right now. Right now, the Bitcoin price is still in its bearish situation. And if we sell the mining rigs, we will have to do it at a very bad price, I think. So I think to expand our self-mining is the best economical decision for our company.

而且電費會透明呈現，合作方不加價。這個模式相當可擴展。所以我們目前並不積極銷售礦機。目前比特幣價格仍處於偏空的狀態。如果我們賣礦機，我認為就必須以非常差的價格出售。因此我認為擴大自營挖礦，對我們公司而言是最符合經濟效益的決策。

Understood. So the focus is, yes, almost primarily on internal.

了解。所以重點是，是的，幾乎主要都以內部為主。

(Operator Instructions) Our next question comes from the line of Brian Kinstlinger with Alliance Global Partners. All right. I don't have a response from Brian.

(接線員指示) 下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。好的。我沒有收到 Brian 的回應。

All right. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Haris for closing remarks.

好的。各位女士先生，我這邊顯示隊列中沒有其他問題。現在我想把電話交回給 Haris 做結語。

Well, I think actually, it's Tesh, do you have some closing remarks, Tesh?

嗯，我想其實是 Tesh，你有一些結語要說嗎，Tesh？

Yeah, I think we just want to thank everyone for joining the call. We're exiting the first quarter with clear operational momentum here, a focused strategy, and we're really executing decisively on our AI infrastructure pipeline. Thank you for joining us today, and we look forward to driving sustainable long-term value creation.

是的，我想我們只是想感謝大家參與這通電話會議。我們在第一季結束時展現出明確的營運動能、聚焦的策略，並且正果斷地執行我們的 AI 基礎設施管線。感謝今天加入我們，我們期待推動可持續的長期價值創造。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。