CleanSpark Inc (CLSK) 2025 Q2 法說會逐字稿

Good afternoon. My name is Jeannie and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark fiscal year second quarter 2025 earnings conference call. (Operator Instructions).

午安.我叫 Jeannie，今天我將擔任您的會議接線生。現在，我歡迎大家參加 CleanSpark 2025 財年第二季財報電話會議。（操作員指令）。

Thank you, Harry, you may begin your conference.

謝謝你，哈利，你可以開始你的會議了。

Thanks, Jeannie, and thank you for joining us today for the second quarter fiscal year financial results for CleanSpark, America's Bitcoin Miner, covering the three and six months ended March 31, 2025. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com.

謝謝，珍妮，感謝您今天參加我們關於美國比特幣礦工 CleanSpark 的第二季度財報，涵蓋截至 2025 年 3 月 31 日的三個月和六個月。我們的新聞稿大約在 30 分鐘前發布，可在我們的網站 www.cleanspark.com 上查閱。

Additionally, the 10-Q will be filed shortly. Today's call is also being webcast, and a replay and transcript will be available on our website. On the call with me are Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer.

此外，10-Q 表格也將很快提交。今天的電話會議也將進行網路直播，重播和文字記錄將在我們的網站上提供。與我一起通話的還有我們的執行長 Zach Bradford；以及我們的財務長 Gary Vecchiarelli。

Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed annual report and 10-Q.

請記住，我們今天所作的一些聲明是前瞻性的，基於我們對當今世界和我們業務的最佳看法。所提供的聲明和資訊仍然受我們最近提交的年度報告和 10-Q 中揭露的風險因素的影響。

We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is also available on our website.

我們還將在今天的電話會議上討論有關我們業績的某些非公認會計準則財務指標。您可以在我們的新聞稿中找到非公認會計準則財務指標的對帳表，該新聞稿也可在我們的網站上找到。

And with that, it's my pleasure to turn the call over to Zach.

現在，我很高興將電話轉給扎克。

Thank you, Harry, and thanks to everyone for joining us today. Our second quarter of fiscal 2025 demonstrated our ability to deliver strong, consistent results across all operating environments.

謝謝你，哈利，也謝謝大家今天加入我們。2025 財年第二季證明了我們有能力在所有營運環境中提供強勁、一致的業績。

Because we focus on the fundamentals, cash on cash returns and managed to margin rather than any single metric, or scale, strategy, and operational excellence resulted in increased cash rates, improved efficiency, higher revenue, and laid the groundwork for continued growth.

因為我們專注於基本面、現金回報率和利潤管理，而不是任何單一指標或規模、策略和卓越運營，從而提高了現金利率、提高了效率、增加了收入，並為持續增長奠定了基礎。

In Q2, revenue increased 12% quarter-over-quarter and 62.5% higher than the same period last year. Gross profit reached nearly $100 million up almost 5% sequentially.

第二季度，營收季增12%，年增62.5%。毛利達到近1億美元，季增近5%。

And more than 24% year-over-year with a gross margin of 53%. While we reported a net loss, this was primarily driven by the quarter and decline in Bitcoin spot price and not by changes in our mining operations.

年成長超過24%，毛利率達53%。雖然我們報告了淨虧損，但這主要是由於本季比特幣現貨價格下跌，而不是由於我們的採礦業務變化。

Our Bitcoin production increased slightly compared to the prior quarter, outpacing difficulties. As a result of our strong margins, our Bitcoin treasury has grown to over 12,000 as of April 30.

我們的比特幣產量與上一季相比略有增加，超過了困難。由於我們利潤率較高，截至 4 月 30 日，我們的比特幣庫存已增長至 12,000 多枚。

Average revenue per Bitcoin was up 10.5% quarter-over-quarter and nearly 69% year-over-year, while our marginal cost per coin rose, reflecting both increased network difficulty and higher nationwide power prices. We remain focused on margin and long term performance rather than any single metric.

每枚比特幣的平均收入環比增長 10.5%，年增近 69%，而每枚比特幣的邊際成本則有所上升，這反映了網路難度的增加和全國電價的上漲。我們仍然關注利潤和長期業績，而不是任何單一指標。

I want to be clear on what that means. That means we do not manage to power prices, and when margins are healthy, we run through slightly elevated power prices as long as this drives more value to the bottom line.

我想清楚地了解這意味著什麼。這意味著我們無法控制電價，當利潤率健康時，只要能為底線帶來更多價值，我們就會稍微提高電價。

As a result, the average power price printed higher while delivering increased gross profits. This resilience is the result of our infrastructure first portfolio-based strategy.

結果，平均電價上漲，同時毛利也增加。這種韌性是我們基礎設施優先投資組合策略的結果。

By operating across four diverse states Georgia, Tennessee, Wyoming, and Mississippi, we are able to balance regional price volatility and maintain consistent operations and production. The rise in power costs this quarter largely stemmed from higher prices in the Southeast, related to elevated demand charges and weather-related increases in January and February due to winter storms.

透過在喬治亞州、田納西州、懷俄明州和密西西比州四個不同的州開展業務，我們能夠平衡區域價格波動並保持一致的營運和生產。本季電力成本的上漲主要源自於東南部地區價格上漲，這與需求費用的增加以及 1 月和 2 月因冬季風暴導致的天氣相關費用上漲有關。

Since March we have experienced improved prices in the region. In addition, we were still implementing software to support a lower blockchain-specific tariff in Wyoming at the end of March, which is now fully implemented and we successfully move to lower pricing in April.

自三月以來，該地區的價格有所上漲。此外，我們在 3 月底仍在實施軟體以支援懷俄明州較低的區塊鏈特定關稅，該軟體現已全面實施，並在 4 月成功降低價格。

As we navigated the quarter, rather than curtailing operations to chase the lower per kilowatt price, we elected to maximize production and bottom line impact, a decision made possible by our leading fleet efficiency and strong revenue per Bitcoin. As a result, we delivered a gross margin exceeding 53%.

在本季度中，我們並沒有削減營運以追求更低的每千瓦價格，而是選擇最大化產量和底線影響，這一決定得益於我們領先的車隊效率和每比特幣的強勁收入。因此，我們的毛利率超過了53%。

We ended the quarter with a total liquidity position of over $1 billion. Given our scale, we've evolved from the near 100% HODL strategy adopted in late 2023 and have begun using a portion of monthly Bitcoin production to support operations.

本季結束時，我們的總流動資金部位已超過 10 億美元。鑑於我們的規模，我們已經從 2023 年底採用的近 100% HODL 策略發展而來，並已開始使用每月比特幣產量的一部分來支援營運。

This marks a deliberate and disciplined shift in contrast to peers who continue to fund operations through equity dilution. I want to reiterate, we concluded our outstanding ATM in November last year and have since not issued a single share to capitalize the business.

與那些繼續透過股權稀釋來為營運提供資金的同行相比，這標誌著深思熟慮且有紀律的轉變。我想重申一下，我們在去年 11 月結束了未完成的 ATM 交易，此後沒有發行一股股票來資本化這項業務。

We have no plans to initiate an equity offering given the accretive opportunities available to a company with a strong balance sheet like ours. We remain committed to Bitcoin as a core long term asset.

考慮到像我們這樣擁有強大資產負債表的公司所擁有的增值機會，我們沒有啟動股票發行的計畫。我們仍然致力於將比特幣作為核心長期資產。

We believe shareholder value is best served by balancing Treasury growth with strategic monetization. To that end, we are continuing to diversify our capital structure and our strong balance sheet gives us the flexibility to act decisively.

我們相信，透過平衡財務成長和策略貨幣化，可以最大程度地實現股東價值。為此，我們將繼續實現資本結構多元化，強勁的資產負債表使我們能夠靈活地採取果斷行動。

As we move beyond 50X a hash, CleanSpark is well positioned to sustain long-term growth and shareholder value through focused execution and prudent capital management. We navigated this quarter not by chasing headlines but by focusing on business fundamentals and delivering results.

隨著我們超越 50 倍哈希值，CleanSpark 已做好準備，透過專注的執行和審慎的資本管理來維持長期成長和股東價值。我們本季的經營不是靠追逐頭條新聞，而是靠關注業務基本面並取得成果。

Some key highlights include revenue increased in both Bitcoin and USD terms, while cash overhead decreased 16% quarter-over-quarter. Although a mark to market adjustment to Bitcoin price created a GAAP net loss, this has since been offset by price recovery in April, and even now, Bitcoin sits above $100,000.

一些主要亮點包括以比特幣和美元計算的收入均有所增加，而現金開銷則較上季下降了 16%。儘管比特幣價格的市價調整造成了 GAAP 淨虧損，但這筆虧損已被 4 月的價格回升所抵消，而且即使現在，比特幣的價格仍高於 10 萬美元。

Our scale also continues to yield competitive advantages. Fleet efficiency improved significantly from an average of 18 joules per terah in December to less than 17 joules per terah at the end of April, largely mitigating higher energy prices and rising network difficulty.

我們的規模也持續帶來競爭優勢。機組效率顯著提高，從 12 月的平均每太拉赫 18 焦耳降低到 4 月底的每太拉赫不到 17 焦耳，大大緩解了能源價格上漲和網路難度上升的影響。

Our power under contract is approaching 1 gigawatt, providing opportunities for future expansion. We remain on track to reach 50X a hash by mid-2025 on our position to pursue additional capacity where we see strong ROI, whether through organic growth, site expansion, or opportunistic acquisitions.

我們的合約電力接近1千兆瓦，為未來的擴張提供了機會。我們仍有望在 2025 年中期實現 50 倍哈希值，並透過有機成長、站點擴展或機會性收購等方式在投資回報率較高的地方追求額外的容量。

Beyond our nearly 1 gigawatt of power currently under contract. We also have an extensive pipeline of additional energy opportunities that we believe will support our growth into the future.

超出了我們目前合約規定的近 1 千兆瓦的電力。我們也擁有大量額外的能源機會，我們相信這些機會將支持我們未來的成長。

Our Bitcoin treasury now exceeds 12,100, the third largest among public miners, and every coin was mined by us here in the United States and not bought in the open market. We've begun strategically and systematically monetizing new production to fund operations and are advancing a rigorous, a creative approach to digital asset management, all preserving our commitment to shareholder value.

我們的比特幣金庫現在超過 12,100 個，是公共礦工中第三大，每一枚幣都是我們在美國開採的，而不是在公開市場上購買的。我們已經開始策略性地、系統地將新產品貨幣化以資助運營，並正在推進嚴格、創造性的數位資產管理方法，所有這些都維護了我們對股東價值的承諾。

Our disciplined approach to capital allows us to grow without equity dilution, supported instead by tools like our expanded line of credit with Coinbase. We're especially proud of how our fundamentals held strong amid a triple challenge, rising energy prices, declining bitcoin spot prices, and increasing mining difficulty.

我們對資本採取的嚴謹方法使我們能夠在不稀釋股權的情況下實現成長，並藉助 Coinbase 擴大信貸額度等工具提供支援。我們尤其自豪的是，在能源價格上漲、比特幣現貨價格下跌和採礦難度增加的三重挑戰下，我們的基本面仍然保持強勁。

At quarter end, Bitcoin traded at roughly 81,000, down from 93,000 at the start of the calendar year, requiring a mark to market adjustment to our treasury under GAAP accounting rules. Encouragingly, these unrealized losses were reversed by price appreciation in April.

截至本季末，比特幣交易價格約為 81,000，低於年初的 93,000，需要根據 GAAP 會計規則對我們的資金進行市價調整。令人鼓舞的是，這些未實現的損失因四月份價格上漲而扭轉。

Mining difficulty rose 3.6% during the quarter while power costs increased. Yet thanks to improved fleet efficiency, our gross margin compression nearly matched the difficulty change.

本季採礦難度上升了 3.6%，而電力成本也上升了。然而，由於船隊效率的提高，我們的毛利率壓縮幾乎與難度的變化相符。

Demonstrating our ability to absorb external pressures through operational gains. Our approach has never been about chasing the lowest cost per kilowatt-hour. Instead, we managed to margin, making deliberate decisions, including running through higher price periods when doing so generates positive cash flow.

展現我們透過營運收益吸收外部壓力的能力。我們的方法從來都不是追求每千瓦時最低的成本。相反，我們設法保證利潤，做出深思熟慮的決定，包括在產生正現金流的情況下度過更高的價格時期。

At the core of this capability is our best in class power management team and powered by advanced technology, real-time analytics, and dedicated operation staff. This deep internal expertise allows us to maximize marginal profitability across our diverse portfolio.

這項能力的核心是我們一流的電力管理團隊，並由先進的技術、即時分析和專門的營運人員提供支援。這種深厚的內部專業知識使我們能夠最大限度地提高多元化投資組合的邊際獲利能力。

Only a flexible load like Bitcoin mining can respond with such agility, something traditional data centers simply cannot achieve. It's one of the most compelling advantages of our pure play Bitcoin mining model.

只有像比特幣挖礦這樣的靈活負載才能如此敏捷地回應，這是傳統資料中心根本無法實現的。這是我們的純比特幣挖礦模式最引人注目的優勢之一。

Let me now address tariffs, a topic of increased relevance across all global markets. Thanks to proactive procurement, CleanSpark is well insulated from near-term tariff risks.

現在讓我來談談關稅問題，這是一個在全球所有市場都日益關注的話題。由於積極主動的採購，CleanSpark 能夠很好地抵禦短期關稅風險。

The machines needed to reach our 50 exahash target are already in the US, giving us both certainty and flexibility as trade negotiations worldwide continue to evolve. Well, tariffs could create significant headwinds for less prepared operators.

達到我們 50 exahash 目標所需的機器已經在美國，這為我們在全球貿易談判不斷發展的過程中提供了確定性和靈活性。嗯，關稅可能會給準備不足的業者帶來巨大阻力。

We have positioned ourselves ahead of the curve. Our scale, planning, and disciplined execution allow us to continue expanding towards our near term targets without disruption.

我們已經走在了時代的前端。我們的規模、規劃和嚴格的執行使我們能夠繼續不間斷地向近期目標擴張。

In fact, if tariffs persist, we may see opportunities to acquire smaller miners at attractive valuations. Particularly those unable to afford next generation hardware under the new cost structures.

事實上，如果關稅持續下去，我們可能會看到以有吸引力的估值收購小型礦業公司的機會。特別是那些在新的成本結構下無力購買下一代硬體的人。

This is a clear example of how our infrastructure first countercyclical strategy continues to generate strategic advantages over peers. Now let's turn to growth.

這是一個清晰的例子，顯示我們的基礎設施優先逆週期策略如何繼續產生相對於同業的策略優勢。現在讓我們來談談成長。

Where our portfolio-based approach continues to deliver real advantages. Today we operate 32 mining sites across four geographically diverse states.

我們的基於投資組合的方法繼續帶來真正的優勢。目前，我們在四個地理位置不同的州經營 32 個採礦場。

This footprint helps us mitigate weather-related risk while tapping into reliable power markets. Particularly in states that are net electricity exporters. In Q2 we added more than three exahash of capacity in Wyoming alone.

這種足跡幫助我們減輕與天氣相關的風險，同時進入可靠的電力市場。特別是在電力淨出口國。僅在第二季度，我們就在懷俄明州增加了超過 3 艾哈希的容量。

The remaining exahash needed to deliver on our mid-year target will include the completion of ground up development in Wyoming and Tennessee, paired with the expansion and optimization of several of our operations in Georgia and Mississippi. Looking beyond mid-year, we have active projects ongoing with minors and infrastructure paid for that will push us over for 57 exahash.

實現年中目標所需的剩餘工作包括完成懷俄明州和田納西州的全面開發，以及擴大和優化我們在喬治亞州和密西西比州的幾項業務。展望年中之後，我們正進行多項活躍的項目，其中包括已支付的小型項目和基礎設施，這些項目將推動我們實現 57 exahash 的目標。

For long-term expansion, we have already secured infrastructure in hand or under contract to support growth beyond 60 exahash. We intend to put this infrastructure into use and the lowest cost and most advantageous areas.

對於長期擴張，我們已經確保現有或已簽訂合約的基礎設施，以支援超過 60 exahash 的成長。我們打算把這項基礎建設投入使用成本最低、優勢最大的地區。

We currently view Tennessee and Wyoming as particularly attractive places to continue to grow. Looking ahead, we intend to modify how we provide growth guidance. We will reduce the use of time-bound guidance related to hash rate expansion.

我們目前認為田納西州和懷俄明州是特別具有吸引力、可以繼續發展的地方。展望未來，我們打算修改提供成長指導的方式。我們將減少使用與哈希率擴展相關的有時限的指導。

Our growth will remain disciplined and opportunistic, pursued where and when we see strong ROI positive potential, primarily funded through non-dilutive sources. This approach aligns with our proven countercyclical strategy and reflects our commitment to preserving shareholder value.

我們的成長仍將保持紀律和機會性，當我們看到強勁的投資回報率正潛力時，我們將追求成長，主要透過非稀釋性來源提供資金。這種方法符合我們行之有效的逆週期策略，並體現了我們維護股東價值的承諾。

In today's more volatile market environment, strategic flexibility is essential, and we are focused on avoiding unnecessary time-bound commitments that could undermine long-term value creation. To be clear, CleanSpark will continue to grow, and our current projects are expected to increase hash rate towards 57 exahash, and our vendor option can support growth to 65 exahash.

在當今更動盪的市場環境中，策略靈活性至關重要，我們專注於避免可能損害長期價值創造的不必要的有時限的承諾。需要明確的是，CleanSpark 將繼續成長，我們目前的專案預計將哈希率提高到 57 exahash，而我們的供應商選項可以支援成長到 65 exahash。

And I look forward to providing more updates in the months and quarters to come. While we hold ourselves in high internal standards, we're also proud to be recognized externally for our growth and leadership.

我期待在未來幾個月和幾個季度提供更多更新。我們對自己有著很高的內在標準，同時也為我們的成長和領導力得到外部認可而感到自豪。

CleanSpark was recently ranked number 35 in the Financial Times 2025 list of the 500 fastest growing companies in the Americas. This is a reflection of our growth over the past five years and shows the value of our strategic discipline and our team's grit and adaptability in a rapidly evolving sector.

CleanSpark 最近在英國《金融時報》2025 年美洲 500 家發展最快的公司榜單中名列第 35 位。這是我們過去五年成長的體現，體現了我們的策略紀律以及我們團隊在快速發展的行業中的勇氣和適應能力的價值。

We were also added to the S&P small cap 600 index, a milestone that enhances our visibility in public markets and broadens access to our business model for institutional investors. Following our inclusion, institutional ownership and our common stock increased to nearly 64%.

我們也被納入標準普爾小型股 600 指數，這一里程碑提高了我們在公開市場的知名度，並擴大了機構投資者對我們商業模式的存取權。在我們被納入之後，機構所有權和我們的普通股增加到近 64%。

A strong vote of confidence from some of the world's most respected asset managers. While others may focus on headlines, we remain committed to substance. Building a resilient, vertically integrated Bitcoin mining company, grounded in operational discipline and long-term vision.

來自一些全球最受尊敬的資產管理公司的強烈信任。儘管其他人可能關注標題，但我們仍然致力於實質內容。建立一家有韌性、垂直整合的比特幣挖礦公司，以營運紀律和長期願景為基礎。

As the only remaining public pure play vertically integrated Bitcoin mining company, we're building an enduring business, applying traditional discipline to one of the world's newest industries and most important assets. Because of the investments and decisions we have made, we are well positioned to capitalize on the improving landscape.

作為唯一剩下的公開純垂直整合比特幣挖礦公司，我們正在建立一項持久的業務，將傳統學科應用於世界上最新的行業和最重要的資產之一。由於我們所做的投資和決策，我們已做好準備，充分利用不斷改善的情況。

We've established a strong track record of market leadership. Queens Park has consistently led with foresight. We invested early in infrastructure. We pioneered a capital strategy that will minimize pollution.

我們已經建立了強大的市場領導地位。皇后公園一直以遠見卓識引領潮流。我們很早就對基礎設施進行了投資。我們率先提出了最大限度減少污染的資本策略。

We secured ASICs through countercyclical buying, and now we're setting the standard for responsible digital asset management. Each of these moves has delivered real measurable value, and we are confident our latest steps now and in the future will do the same.

我們透過逆週期購買獲得了 ASIC，現在我們正在為負責任的數位資產管理制定標準。每一個舉措都產生了真正可衡量的價值，我們相信我們現在和未來的最新舉措也會產生同樣的作用。

I often use the term escape velocity to describe CleanSpark's current trajectory. In a business context, it means we've reached a critical inflection point. Where our scale, operational performance, and financial discipline combined to generate sustainable, positive cash flow, well in excess of our cost.

我經常使用術語「逃逸速度」來描述 CleanSpark 的當前軌跡。從商業角度來看，這意味著我們已經到達了一個關鍵的轉捩點。我們的規模、營運績效和財務紀律相結合，產生了可持續的正現金流，遠遠超過我們的成本。

Our operations anchored by market leading data centers and energy infrastructure powered by best in class miners are not only profitable but also self-funding. This marks our transition from growth dependent on external capital to a model capable of being driven by internally generated returns.

我們的營運以市場領先的數據中心和由一流礦工提供支援的能源基礎設施為基礎，不僅盈利，而且能夠自籌資金。這標誌著我們的成長模式從依賴外部資本轉向由內部產生的回報所驅動的成長模式。

It also reflects a deeper momentum. We are expanding our lead in operational efficiency, capital stewardship, and market adaptability, and that separation from the pack is accelerating. As the last pure play Bitcoin miner, we are creating a durable, competitive advantage and reinforcing strong market fit.

這也體現出一種更深層的動力。我們正在擴大在營運效率、資本管理和市場適應性方面的領先優勢，而這種領先優勢正在加速擴大。作為最後一個純粹的比特幣礦工，我們正在創造持久的競爭優勢並增強強大的市場契合度。

Our role as a flexible energy load adds even more strategic value, enabling us to support power grids while scaling nationwide. Escape velocity for us means optionality.

我們作為靈活能源負載的角色具有更多的戰略價值，使我們能夠在全國範圍內擴展的同時支持電網。對我們來說，逃逸速度意味著可選性。

The ability to invest in ourselves, adapt to changing conditions, and compound growth without compromising our core. We are achieving disruption through discipline and we're just getting started.

有能力投資自己，適應不斷變化的條件，並在不損害我們的核心的情況下實現複合成長。我們正在透過紀律來實現顛覆，而這才剛開始。

Finally, I want to recognize the incredible work of the CleanSpark team across the country. Your execution, dedication, and belief in our mission continue to set us apart one block at a time.

最後，我要表彰全國各地 CleanSpark 團隊的出色工作。你們的執行力、奉獻精神以及對我們使命的信念使我們不斷脫穎而出。

With that, I'll turn it over to Gary for a closer look at the financials. Gary?

說完這些，我將把問題交給加里 (Gary) 來仔細研究一下財務狀況。加里？

Thank you, Zach. Zach mentioned, our second fiscal quarter was solid for CleanSpark, despite some of the challenges we face. Let's look at the numbers.

謝謝你，扎克。札克提到，儘管面臨一些挑戰，但 CleanSpark 的第二財季表現穩健。讓我們看看這些數字。

Our revenues to the quarter were $181.7 million, an increase of $69.9 million, or 62.5% over the same quarter last year. We produced 1,957 Bitcoin for the quarter, 74 less than the same quarter last year, only 3.6% fewer despite block rewards being cut in half in late April 2024.

本季我們的營收為 1.817 億美元，比去年同期增加 6,990 萬美元，即 62.5%。本季我們生產了 1,957 個比特幣，比去年同期減少了 74 個，儘管 2024 年 4 月下旬區塊獎勵減少了一半，但僅減少了 3.6%。

We are almost at the same number of Bitcoin produced as pre-having due to our increasing exahash and increased fleet efficiency from our best in class miners. It is also important to note that our average revenue recognized per Bitcoin produced in Q2 was $92,811 which is an increase of approximately $38,000 or 69% over the same quarter last year.

由於我們的 exahash 不斷增加，並且我們一流礦工的礦機效率不斷提高，我們生產的比特幣數量幾乎與之前相同。值得注意的是，我們第二季每比特幣的平均收入為 92,811 美元，比去年同期增加約 38,000 美元，即 69%。

When compared to the immediately preceding first quarter, our revenues increased 12%. As Zach has pointed out, this is primarily due to the increase in average revenue per Bitcoin and growing hash rates.

與上一季相比，我們的營收成長了 12%。正如扎克所指出的，這主要是由於每比特幣平均收入的增加和哈希率的提高。

Looking at our margins, our gross profit increased by $18.8 million year-over-year with a profit margin of 53% for this quarter. When compared to the immediately preceding first quarter, our gross profit increased $4.3 million, or 5% during the periods.

從我們的利潤率來看，本季我們的毛利年增 1,880 萬美元，利潤率為 53%。與上一季相比，我們的毛利增加了 430 萬美元，增幅為 5%。

This quarter we recognize a net loss of $138.8 million a change primarily driven by the decrease in the mark to market adjustment in Bitcoin value between December 31 and March 31. Our adjusted EBITDA was a negative $57.8 million for the quarter, also driven by the mark to market adjustment.

本季我們確認淨虧損 1.388 億美元，此變更主要是由於 12 月 31 日至 3 月 31 日期間比特幣價值的市價調整下降所致。本季我們的調整後 EBITDA 為負 5,780 萬美元，這也是受到市價調整的影響。

However, I want to point out that when normalized and adjusting for the market to market item, our operations produce approximately $70 million of positive EBITDA. On a normalized basis, $70 million represents 39% net margins, which is representative of the cash on cash returns we seek.

然而，我想指出的是，當標準化並根據市場情況進行調整時，我們的營運將產生約 7,000 萬美元的正 EBITDA。以正常標準計算，7000 萬美元代表 39% 的淨利潤率，這代表了我們所尋求的現金回報。

Notably, our marginal cost per coin was approximately $42,600, a 26% increase over the first quarter. The increase in our marginal cost per coin, can be attributed both to an increase in mining difficulty as well as rising power prices.

值得注意的是，我們每枚硬幣的邊際成本約為 42,600 美元，比第一季增加了 26%。每枚硬幣邊際成本的增加，可以歸因於採礦難度的增加以及電價的上漲。

Our average cost per kilowatt-hour increased during the quarter to $0.06, and as Zach mentioned, this was a result of intentionally managing to a margin rather than to a specific cost per kilowatt hour. I want to again emphasize we manage our operations based on margin rather than a specific unit price of energy.

本季度，我們的每千瓦時平均成本增加至 0.06 美元，正如 Zach 所提到的，這是有意管理利潤率而不是每千瓦時特定成本的結果。我想再次強調，我們根據利潤而不是特定的能源單價來管理我們的營運。

We ended the quarter with $97 million in cash and 11,869 Bitcoin, representing a fair value of approximately $980 million. In total, the company had almost 1.1 billion of liquidity at the end of Q2.

本季末，我們擁有 9,700 萬美元現金和 11,869 比特幣，公允價值約 9.8 億美元。總體而言，該公司第二季末的流動資金接近 11 億美元。

When it comes to our Bitcoin treasury, I want to note one change on our balance sheet for the quarter ended March 31. You will see our Bitcoin value split between short term and long term classifications.

當談到我們的比特幣資金時，我想指出 3 月 31 日結束的季度資產負債表上的一項變化。您將看到我們的比特幣價值分為短期和長期分類。

This classification meets accounting requirements as the company expects to hold at least 15% of its treasury in deep cold storage for at least the next 12 months. The portions classified as short term will be used to sustain growth and for strategic treasury purposes.

此分類符合會計要求，因為該公司預計在未來至少 12 個月內將至少 15% 的資金存放在深度冷藏庫中。歸類為短期的部分將用於維持成長和策略財務目的。

I'll have more on that in a few moments, but it's important to note that all Bitcoin on the balance sheet as of quarter end remains liquid and available for us to utilize. Total debt, as of the end of the quarter stands at $647.2 million. Note that this amount is net of debt issuance costs of approximately $16 million.

稍後我將對此進行更多介紹，但需要注意的是，截至季度末，資產負債表上的所有比特幣仍保持流動性並可供我們使用。截至本季末，總負債為 6.472 億美元。請注意，該金額已扣除約 1,600 萬美元的債務發行成本。

Which were incurred as part of the company's $650 million convertible transaction in December. As a reminder, this issuance has a 0% coupon and an effective conversion price of $24.66 per share.

這是該公司 12 月 6.5 億美元可轉換交易的一部分。提醒一下，本次發行的票面利率為 0%，有效轉換價格為每股 24.66 美元。

Looking deeper into the balance sheet, there are some other details I would like to highlight. Our capital strategy has matured significantly, enabling us to pursue non-dilutive funding options that support both our operations and long-term growth.

深入研究資產負債表，我還想強調一些其他細節。我們的資本策略已經成熟，使我們能夠尋求支持我們的營運和長期成長的非稀釋性融資選擇。

CleanSpark has achieved escape velocity. We have the ability to self-fund operations and grow our Bitcoin balance while enhancing shareholder value.

CleanSpark 已達到逃逸速度。我們有能力自行籌措資金並增加我們的比特幣餘額，同時提高股東價值。

In April we were proud to expand our relationship with Coinbase through their Bitcoin collateralized lending program as part of our broader strategic approach to capital management and increasing our line of credit with Coinbase Prime to $200 million. Our Bitcoin holdings of 12,101 at the end of April represents over $1.2 billion at today's Bitcoin price, more than reversing the prior quarter's marked market unrealized losses.

今年 4 月，我們很榮幸透過 Coinbase 的比特幣抵押貸款計畫擴大與 Coinbase 的合作關係，這是我們更廣泛的資本管理策略方針的一部分，同時我們將與 Coinbase Prime 的信用額度提高至 2 億美元。截至 4 月底，我們持有 12,101 枚比特幣，以今天的比特幣價格計算，價值超過 12 億美元，足以彌補上一季明顯的市場未實現損失。

We believe this is the right time to evolve from a nearly 100% huddle strategy adopted in late 2023 to using a portion of our multi-production to support operations. This represents a meaningful strategic distinction from many of our peers who continue to rely on equity dilution to fund operating costs or increase leverage to grow their Bitcoin reserves.

我們認為，現在是時候從 2023 年底採用的近 100% 的集體協作策略轉變為使用部分多生產來支援營運了。這與我們的許多同行有著顯著的策略區別，他們仍然依賴股權稀釋來支付營運成本或增加槓桿來增加比特幣儲備。

We view our approach as deliberately strategic rather than ideological, particularly now that we've reached our current scale. While we remain committed to Bitcoin as a long-term hardened asset, we believe a more effective way to increase shareholder value is through a balanced approach between monetizing new production and growing and monetizing our treasury.

我們認為我們的方法是深思熟慮的策略而非意識形態，特別是現在我們已經達到了目前的規模。雖然我們仍然致力於將比特幣作為長期堅固的資產，但我們認為增加股東價值的更有效方法是透過在新產品貨幣化與資金成長和貨幣化之間採取平衡的方法。

As part of this strategy, we tend to further diversify our capital stack. As we have consistently emphasized, our focus is on ROI and our ability to make real-time decisions in the market.

作為該策略的一部分，我們傾向於進一步實現資本多元化。正如我們一直強調的那樣，我們的重點是投資回報率以及我們在市場上做出即時決策的能力。

Given today's market environment, we view the revolving line of credit as the most efficient and responsible path to supporting a creative growth, and our strong balance sheet positions us to take full advantage of that opportunity. It is our intention to use proceeds from the revolver for creative CapEx purposes.

鑑於當今的市場環境，我們認為循環信貸額度是支持創造性成長的最有效和最負責任的途徑，而我們強勁的資產負債表使我們能夠充分利用這一機會。我們打算將循環信貸的收益用於創造性的資本支出目的。

Furthermore, we are conscious of adding leverage to our balance sheet and expect that we will rapidly pay down the line of credit and not hold high balances for extended periods of time. We intend to manage the business on a net debt basis to ensure proper liquidity to cover all debt obligations.

此外，我們意識到要增加資產負債表的槓桿，並預計我們將迅速償還信用額度，而不是長期持有高餘額。我們打算以淨債務為基礎管理業務，以確保有足夠的流動性來償還所有債務。

On the topic of CapEx, all infrastructure and machines required to get to 50 exahash is fully funded. I want to take a moment to discuss our investment in growth past 50 exahash.

關於資本支出，達到 50 exahash 所需的所有基礎設施和機器都已獲得全額資助。我想花點時間討論一下我們對 50 exahash 以上成長的投資。

We have paid approximately $100 million towards additional infrastructure supporting almost 200 megawatts. We've also paid approximately $135 million for state of the art ASICs, which equates to approximately 7 exahash above and beyond our 50 exahash target, and importantly, the vast majority of these are already stateside.

我們已經花費了大約 1 億美元來支援近 200 兆瓦的額外基礎設施。我們還花了大約 1.35 億美元購買最先進的 ASIC，這相當於比我們的 50 exahash 目標高出約 7 exahash，重要的是，其中絕大多數已經在美國本土生產。

On the topic of tariffs, I'd like to discuss a unique transaction we recently completed. In April, we exercised a portion of our option with our vendor for 13,200 of the latest generation miners.

關於關稅問題，我想討論一下我們最近完成的一項獨特交易。今年 4 月，我們向供應商行使了部分選擇權，購買了 13,200 台最新一代礦機。

The total amount due under this exercise was approximately $76.6 million. However, we negotiated a favorable payment arrangement using Bitcoin. Or by the vendor accepted Bitcoin as consideration with an exchange rate at 150%, of Bitcoin's spot price on the date of payment.

此項工作應付總額約為 7,660 萬美元。然而，我們協商了一個使用比特幣的有利付款安排。或由賣方接受比特幣作為對價，匯率為付款日比特幣現貨價格的 150%。

This means we transferred 691 Bitcoin with a fair value of approximately $66.7 million or a spot rate of $96,600 per Bitcoin. This resulted in savings of approximately $10 million as the vendor applied a Bitcoin price of $110,941 or 15% higher than spot towards the purchase.

這意味著我們轉移了 691 個比特幣，其公允價值約為 6,670 萬美元，或每比特幣的現貨價格為 96,600 美元。由於供應商在購買時採用的比特幣價格為 110,941 美元，比現貨價格高出 15%，因此節省了約 1,000 萬美元。

Additionally, as part of the transaction, we received a free call option to repurchase 691 Bitcoin at the $110,000 price on a date later this fall. We expect to exercise this option if the fair value of Bitcoin is greater than this amount.

此外，作為交易的一部分，我們獲得了免費看漲期權，可以在今年秋季晚些時候以 110,000 美元的價格回購 691 比特幣。如果比特幣的公允價值高於該金額，我們預計將行使此選項。

If the fair value is less, we essentially have locked in our miners at a lower price and more than offset any potential tariff impacts. Now we want we want to provide an update on our Bitcoin treasury efforts.

如果公允價值較低，我們基本上就以較低的價格鎖定了我們的礦工，並且足以抵消任何潛在的關稅影響。現在我們想提供有關我們的比特幣財務工作的最新進展。

On the past two calls, we've provided a brief glimpse of how we have been building an institutional grade digital asset management function. As of today, we're in the final stages of negotiating and executing ISDA agreements which will govern how trades will be settled and the amount of collateral we will need to post.

在過去的兩次電話會議中，我們簡要介紹了我們如何建立機構級數位資產管理功能。截至今天，我們正處於談判和執行 ISDA 協議的最後階段，該協議將規定交易的結算方式以及我們需要提供的抵押品金額。

Additionally, we have identified strategies complementary to our operations and capital strategy for the first phase in which we have referred to as the crawl, walk, run process. Overall, when it comes to execution, we're in the crawl phase and we'll soon be implementing our strategies to rapidly advance to the walk phase and continue scaling from there.

此外，我們已經確定了與我們的營運和資本策略互補的第一階段的策略，我們稱之為「爬行、行走、奔跑」過程。總體而言，在執行方面，我們正處於爬行階段，我們很快就會實施我們的策略，快速推進到行走階段，並從那裡繼續擴展。

I will tell you, however, that based on the modeling and indicative pricing we're monitoring in real time, the opportunity is quite exciting. If it seems as if this has taken some time, that's right. This has been a very deliberate process.

然而，我要告訴你，根據我們即時監控的模型和指示性定價，這個機會相當令人興奮。如果這看起來好像花了一些時間，那是對的。這是一個非常慎重的過程。

We've been engaged in rigorous evaluations of treasury strategies and the counterparties we choose to work with. We are also very conscious of collateral requirements in order to maximize returns and minimize counterparty risk.

我們一直對財務策略和我們選擇合作的交易對手進行嚴格的評估。我們也非常清楚抵押品要求，以便最大化回報並最小化交易對手風險。

Despite our deliberate pace, we have led the rest of the industry when it comes to establishing this function, performing proper diligence and are now prepared to maximize performance of our Bitcoin treasury. In many of the conversations we've had with potential counterparties, the message has been the same. We are the first public minor to have a professional and thorough RFP and due diligence process.

儘管我們步伐謹慎，但在建立此功能、進行適當的盡職調查方面，我們已領先於其他行業，現在我們準備最大限度地提高比特幣金庫的績效。在我們與潛在交易對手進行的許多對話中，我們傳達的訊息都是相同的。我們是第一家擁有專業且全面的 RFP 和盡職調查流程的公立小型公司。

We appreciate the partnerships, we have developed and the willingness to lean into this due diligence process. Together, we all agree reducing counterparty risk is important for the industry as a whole.

我們重視已建立的合作關係，並願意參與此盡職調查流程。我們都同意，降低交易對手風險對整個產業來說非常重要。

To those partners we have selected at this time, we look forward to working with you. As we enter our next phase, growing beyond 50 exahash, we believe CleanSpark is uniquely positioned to deliver sustained long-term shareholder value as we continue to execute on our strategic vision and evolve.

對於我們此次選定的合作夥伴，我們期待與您合作。隨著我們進入下一階段，規模超過 50 exahash，我們相信，隨著我們繼續執行策略願景並不斷發展，CleanSpark 具有獨特的優勢，能夠為股東提供持續的長期價值。

With that, I'll turn the call back over to Harry to open the floor for questions.

說完這些，我將把電話轉回給哈里，讓他開始提問。

Thanks, Gary, for that detailed financial overview. We will now open the floor to questions from the analyst community. Operator, please provide instructions and manage the queue for the Q&A session.

謝謝加里提供的詳細財務概述。我們現在開始回答分析師群的提問。操作員，請提供說明並管理問答環節的佇列。

(Operator Instructions)

（操作員指示）

Mike Colonnese, H.C. Wainwright.

麥克·科隆內斯（H.C.）溫賴特。

Good afternoon and great quarter from an operating standpoint, guys. First one for me, maybe to Zach, it'd be great to get your outlook for the growth in the network cash rate in 2025 and how you're thinking about CleanSpark's market share within that context, especially now with the tariffs and some of your peers pivoting over to HPC AI?

大家下午好，從營運角度來看，這是一個非常棒的季度。首先對我來說，也許是對 Zach 來說，很高興能了解您對 2025 年網絡現金利率增長的展望，以及您如何看待 CleanSpark 在這種背景下的市場份額，尤其是現在有關稅，而且您的一些同行正在轉向 HPC AI？

Hey, Mike, great question. Thanks for joining the call today. What we've seen, I think, is a little bit of a plateau effect that's kind of interspersed with some growth. And so, I think that the limited growth we've seen on the network is likely due to upgrade cycles that are naturally occurring in the space.

嘿，麥克，這個問題問得好。感謝您今天參加電話會議。我認為，我們看到的是某種平台效應，其中夾雜著某種成長。因此，我認為我們在網路上看到的有限成長可能是由於該領域自然發生的升級週期所造成的。

But I don't know that we're seeing a lot of meaningful new investments, which is a great thing for us, we're sitting at about 5% of market share and growing. And our intention is to maintain and grow that market share, and we think all things considered with how we're monitoring kind of global movement going that we will, that we're incredibly well positioned to do so.

但我不知道我們是否看到了很多有意義的新投資，這對我們來說是一件好事，我們的市佔率約為 5%，而且還在成長。我們的目的是保持並擴大市場份額，我們認為，考慮到我們對全球動向的監控，我們已做好充分的準備來實現這一目標。

Great, appreciate you telling, Zack, and maybe one for you, Gary. If you could just talk about how you envision, the digital asset management team, generating shareholder value over time and how that treasury approach differentiates you from some of your peers out there.

太好了，謝謝你告訴我，扎克，也許還有一個告訴你，加里。如果您可以談談您對數位資產管理團隊的設想，如何隨著時間的推移創造股東價值，以及這種財務方法如何使您與其他同行區分開來。

Yeah, thanks for the question, Mike. So we've been, as I mentioned in my comments, we've been hard making sure that we select the right counterparties and partners on this journey and we feel confident that we've really chosen the best of the best.

是的，謝謝你的提問，麥克。因此，正如我在評論中提到的那樣，我們一直在努力確保在此過程中選擇正確的交易對手和合作夥伴，並且我們相信我們確實選擇了最好的。

And I'll tell you, there's a number of strategies that we're looking at, the ones you've heard me talk over the past couple of years is something as vanilla has covered calls. Let me share some information that I pulled this this morning because we monitor this in real time and I really can't think of any other word to use other than, these premiums are rather juicy.

我會告訴你，我們正在研究多種策略，過去幾年你聽到我談論的那些策略就是香草備兌買權。讓我分享一些我今天早上得到的信息，因為我們實時監控這一點，我真的想不出除了這些保費相當誘人之外還有什麼其他詞可以形容。

I know it might be a little hard to model juicy sometimes, but let me give you an idea of what excites us here. Bitcoin's trading around 101,000 right now. So if we were to issue covered calls at the money, so with the strike price of $101,000.01 week out, that's a premium of a little over $2400 or 2.4%. Analyze that's 97%.

我知道有時候要模仿多汁的東西可能有點困難，但讓我告訴你是什麼讓我們興奮。比特幣目前的交易價格約為 101,000。因此，如果我們發行價內備兌買權，那麼一週後的執行價格為 101,000.01 美元，溢價將略高於 2,400 美元或 2.4%。分析一下，是97%。

Now, naturally we wouldn't put the entire Bitcoin balance at risk at the money, but at least the cover call at the money would allow us to always stay ahead of spot by at least a couple points, and we've always been confident we'd be able to do that with this basic strategy. And since we're sellers now of Bitcoin to help pay for operating expenses, that's going to be very important for us to stay ahead of spot.

現在，我們自然不會將整個比特幣餘額置於價內風險之中，但至少價內補倉看漲期權可以讓我們始終保持領先至少幾個點，而且我們始終相信，透過這一基本策略，我們能夠做到這一點。由於我們現在是比特幣賣家，以幫助支付營運費用，因此這對我們保持領先地位非常重要。

Additionally, when you start to ladder this out, I mean, if you were even to look at, a two week strike at $101,000 it's like 3.4%, you go to $102,000 or so $1000 out of the money, it's about 3%. So again, those are pretty interesting premiums and again, juicy yields for such short dated options.

此外，當你開始逐步計算時，我的意思是，如果你看一下，兩週的執行價格為 101,000 美元，它就像 3.4%，如果你達到 102,000 美元左右，那麼 1,000 美元的價外收益大約是 3%。所以，對於這種短期選擇權來說，這些都是相當有趣的溢價，而且收益率也相當可觀。

But that's just one example of what we're looking at and ultimately this is going to generate what we're internally calling this this flywheel, this treasury flywheel that will allow us to generate some cash that we can then have optionality and flexibility as to whether we then further reduce the reliance on selling a production. And apply towards operating expenses, we could pay down debt or we could roll it into other instruments and maybe even into Bitcoin.

但這只是我們正在考慮的一個例子，最終這將產生我們內部稱為飛輪的東西，這個財政飛輪將使我們能夠產生一些現金，然後我們可以擁有選擇性和靈活性，以進一步減少對銷售產品的依賴。並將其用於營運費用，我們可以償還債務，或將其轉化為其他工具，甚至比特幣。

Okay, thank you for taking my question.

好的，感謝您回答我的問題。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Thank you and good afternoon and thanks for taking my question. I wanted to follow up on Mike's comment kind of questioning, but in a different way around. I mean, CleanSpark, you guys have kind of stayed true to Bitcoin mining and have really kind of, move this forward as other companies explore, other opportunities elsewhere outside of Bitcoin.

謝謝，下午好，謝謝您回答我的問題。我想以不同的方式跟進邁克的評論問題。我的意思是，CleanSpark，你們一直堅持比特幣挖礦，隨著其他公司探索比特幣以外的其他機會，你們也確實推動了這一進程。

Has that had any impact? These other less appetite for rigs from some of these other larger players, has that had any noticeable impact on the price, pricing of mining rigs and just, given the fact of, CleanSpark and a couple others real focus on just Bitcoin mining.

這樣有什麼影響嗎？其他一些大型參與者對礦機的興趣減少，這對礦機的價格、定價產生了明顯的影響，考慮到 CleanSpark 和其他一些公司真正專注於比特幣挖礦。

I mean, I imagine that, pretty much any rig OEM, is looking to really to increase or build that relationship with you. I mean, is that something that, I guess in that question really what is happening with rig pricing just given the lack of, the slowdown in buying from some of your larger competitors? Has there been any impact?

我的意思是，我想幾乎任何鑽孔機 OEM 都希望真正增加或建立與您的關係。我的意思是，我猜這個問題真的是這樣嗎？由於一些較大的競爭對手的購買量放緩，鑽機定價究竟發生了什麼變化？有沒有影響？

Yeah, hey, great question. I appreciate you joining the call. It has, I think it's what created the opportunity for that unique transaction that led to a 15% decrease in what was already an industry leading best price. And so we've always prided ourselves for the capital that we're deploying, especially to rigs, as being market leading.

是的，嘿，好問題。感謝您參加此通話。我認為，正是它為那筆獨特的交易創造了機會，導致原本就處於行業領先地位的最佳價格下降了 15%。因此，我們一直為我們投入的資本（尤其是鑽井平台）在市場領先的地位而感到自豪。

So we've always attempted to have the very best price that rigs are being purchased at. But I think what we're seeing now is because there are less buyers in certain pockets of the market.

因此，我們一直致力於以最優惠的價格購買鑽孔機。但我認為我們現在看到的情況是因為市場某些領域的買家減少了。

It's a supply and demand question that we have the answer to, and so it does give us a great opportunity to acquire more rigs at a lower cost. So we are seeing some. I think that, the 15% discount down is probably step one of many because I think, if you think of how this market really works.

這是一個供需問題，我們已經找到了答案，因此它確實為我們提供了以較低成本獲得更多鑽機的絕佳機會。所以我們看到了一些。我認為，15% 的折扣可能是眾多舉措中的第一步，因為我認為，如果你想想這個市場實際上是如何運作的。

They have to print chips, six to nine months in advance, then assemble it into the final units that ultimately then get delivered to customers.

他們必須提前六到九個月列印晶片，然後將其組裝成最終單元，最終交付給客戶。

So this slowdown in buying that's happened, I believe the shock to the minor and ASIC market has not yet been felt, and I think we'll continue to see prices pushing down even on, potentially even the next generation beyond this one. I would expect to see price improvement that we would stand to benefit from greatly.

因此，我認為，對於這種購買放緩的情況，小型礦機和 ASIC 市場尚未感受到衝擊，而且我認為我們將繼續看到價格下跌，甚至可能持續到下一代礦機。我希望看到價格上漲，這將為我們帶來巨大的利益。

Okay, great, super helpful, Zach, and then Gary, cognizant of the announcement to kind of be covering our expenses, through Bitcoin mining sales if I were to just look at, Q1, it looks like you're, kind of OpEx, between SG&A and services, et cetera.

好的，太好了，非常有幫助，扎克，然後是加里，意識到通過比特幣挖礦銷售來支付我們的費用的公告，如果我只看第一季度，看起來你的運營支出有點像銷售、一般及行政費用和服務等之間的支出。

Is like in the, low $30 million dollar range, basically in April you sold. It looks like around $35 million of Bitcoin, like, without putting pigeon hole in you, did we just did we just cover the CapEx for the quarter with a month of sales or put another way, did we just cover the CapEx for Q2 with April sales? Like is that a fair way to think about it Gary?

大概在 3000 萬美元左右，基本上是在 4 月賣出的。看起來大約是價值 3500 萬美元的比特幣，就像，不給你設限，我們是否只是用一個月的銷售額覆蓋了本季度的資本支出，或者換句話說，我們是否只是用 4 月份的銷售額覆蓋了第二季度的資本支出？就像加里那樣，這是一種公平的思考方式嗎？

Yeah, this is how to think about it, essentially take the inverse of our margin. And that's ultimately what we have to pay. I mean, obviously plus overhead, but that nut is monthly about $35 million give or take, right, because you have some, payables that come and go.

是的，這就是思考的方式，本質上取我們保證金的倒數。這最終也是我們必須付出的代價。我的意思是，顯然還要加上管理費用，但這個開銷每月大約是 3500 萬美元左右，對吧，因為你有一些來來去去的應付款項。

So but on average it's about $35 million a month. Anything that we raise above that could go towards CapEx or servicing the line of credit as you may notice at least on the April, a monthly production we've drawn down a little over $100 million for the line of credit, 100% of which is being used for a Creative CapEx.

但平均每月約 3500 萬美元。我們籌集的任何資金都可能用於資本支出或信用額度服務，正如您可能注意到的，至少在 4 月份，我們每月為信用額度提取了略超過 1 億美元的資金，其中 100% 用於創意資本支出。

And obviously we'll have to pay down, we'll have to sell some Bitcoin to service that, but with Bitcoin price rising and the fact that we have, more ash coming online, that just means that we have to sell less Bitcoin every month just to cover the month of net.

顯然，我們必須償還債務，我們必須出售一些比特幣來償還債務，但隨著比特幣價格上漲以及我們有更多的比特幣上線，這意味著我們每個月必須出售更少的比特幣才能彌補當月的淨損失。

Yeah, no doubt. All right, super helpful. Thank you very much.

是的，毫無疑問。好的，非常有幫助。非常感謝。

Thank you.

謝謝。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Yeah, thanks very much for taking my question. I think avoiding dilutive capital raises is pretty impressive and given where the shares are probably a smart thing. If you think about the evaluation of your public equity, would you ever consider using some of your huddle to repo the shares?

是的，非常感謝您回答我的問題。我認為避免稀釋性資本籌集是相當令人印象深刻的，而且考慮到股票的情況，這可能是明智之舉。如果您考慮對您的公開股權的評估，您是否會考慮使用部分資金來回購股票？

Yeah, I'll take that one. Zack, chime me if you have any input. I'll tell you, look, we look at all levers available to us. I mean, that's why we're a public company, right? And as we mature and we talk about building out this capital stack, there's other instruments and new instruments that become available to us.

是的，我要那個。扎克，如果你有任何意見請告訴我。我會告訴你，看，我們會考慮所有可用的槓桿。我的意思是，這就是我們成為上市公司的原因，對吧？隨著我們逐漸成熟並開始建立這個資本堆疊，我們可以使用其他工具和新工具。

And I'll tell you right now when we look at the fact that our book value is greater than our market cap, that really nudges us towards not utilizing equity. And so when you have, a billion dollars plus sitting on the balance sheet of Bitcoin, we just think that's a whole lot easier capital and of course lower cost capital to access.

我現在就告訴你，當我們看到我們的帳面價值大於我們的市值時，這確實促使我們不利用股權。因此，當你在比特幣的資產負債表上擁有十億美元以上時，我們認為這是更容易獲得的資本，當然也是更低成本的資本。

So that's just how we think about it. I mean, if we were to get a premium on the equity, we would consider that. But at the end of the day, driving shareholder value remains one of our top priorities, and the way that we're doing that is to continually grow the balance sheet by paying down debt and growing the Bitcoin balance.

這就是我們的想法。我的意思是，如果我們要獲得股權溢價，我們會考慮這一點。但歸根結底，提高股東價值仍然是我們的首要任務之一，而我們實現這一目標的方式是透過償還債務和增加比特幣餘額來不斷擴大資產負債表。

And Brian, to add on that the tail end of the comment was, about buying back shares and from our point of view with a 53% margin to produce Bitcoin, which we think is current, if I'm going to step back. The way we think about Bitcoin is there's going to be half the amount of Bitcoin produced every day in the world in three years.

布萊恩，我要補充一點，評論的最後部分是關於回購股票，從我們的角度來看，以 53% 的利潤率生產比特幣，我認為這是目前的情況，如果我要退一步來說的話。我們對比特幣的看法是，三年內全球每天生產的比特幣數量將減少一半。

And as a result, there's no better time to acquire Bitcoin than right now. And so we are prioritizing that. Yes, we are putting some of that back in the market, but we really believe that Bitcoin is the right place to do it.

因此，現在是購買比特幣的最佳時機。因此我們優先考慮這一點。是的，我們確實將其中一部分重新投入市場，但我們確實相信比特幣是實現這一目標的正確場所。

And as we roll Bitcoin into more Bitcoin, the Investing in CapEx, that of course then gives us more Bitcoin is the way we're thinking about it. So as of right now, at the current market price of Bitcoin, we're going to continue investing in things that get us more Bitcoin.

當我們將比特幣轉化為更多的比特幣時，投資資本支出當然會為我們帶來更多的比特幣，這就是我們的想法。因此，截至目前，以比特幣的當前市場價格，我們將繼續投資可以獲得更多比特幣的項目。

It's always an option and optionality is one of the things I referenced in my talking points. That's how we view it. We have flexibility, we have optionality. There's nothing that says we can't do it, but as we sit here today, that's how we're thinking about it.

它始終是一種選擇，可選性是我在談話要點中提到的事情之一。我們就是這樣看待它的。我們有彈性，我們有選擇性。沒有什麼說我們做不到，但今天我們坐在這裡，我們就是這樣思考的。

Yeah, very good, and just as a follow up to some of the comments that you made on the facility, do you think we'll see more Bitcoin backed facilities in the future and as mining operations proceed to the next having, do you think this is, called the way forward for the business, not just your business but the sector in general.

是的，非常好，作為對您在該設施所做的一些評論的跟進，您是否認為我們將來會看到更多由比特幣支持的設施，並且隨著採礦作業的進行，您是否認為這被稱為業務的前進方向，不僅是您的業務，而且是整個行業。

Yeah, look, we had a market clearing exercise when we went out and looked at really upsizing the Coinbase line of credit. They had the really the best cost of capital and we received a lot of inbounds after our press release. So I would tell you that yes, there's a lot of capital that wants to be deployed out there using Bitcoin as collateral.

是的，我們出去進行了一次市場清算活動，並考慮真正提高 Coinbase 的信用額度。他們確實擁有最佳的資本成本，我們在新聞稿發布後收到了很多回饋。所以我會告訴你，是的，有很多資本想要用比特幣作為抵押品。

Great. And just one final one, if I may, as you look out in the market, there are many of your competitors that are, they're trying to trying to pivot to HPC.

偉大的。最後我想問一下，如果可以的話，當你觀察市場時，你會發現許多競爭對手都在試圖轉向 HPC。

What is the market look like for bolt on acquisitions and you know M&A in general for mining operations? Is that something that would interest you?

附加收購的市場情況如何？您了解採礦業務的併購嗎？這會讓你感興趣嗎？

Yeah, absolutely. We were the most active acquirer for the last couple of years. Last year it was mostly private companies. We of course did do one public company last year, but in addition to grid, we did six private acquisitions.

是的，絕對是如此。過去幾年裡，我們是最活躍的收購者。去年主要是私人公司。當然，去年我們確實成立了一家上市公司，但除了電網之外，我們還進行了六次私人收購。

So bolt on acquisitions are something we're always open to, especially when valuations are advantageous. And we do think that, depending on how the market goes and, if there's tariffs and different tariff pressures on the cost of aqua mining rigs in any area, great opportunity for us to come and capture some of that market share with, as we said earlier, beyond 50 we already have 7 exahash of rigs that we've largely brought stateside.

因此，我們始終對附加收購持開放態度，尤其是在估值有利的情況下。我們確實認為，這取決於市場的發展情況，如果任何地區的水產採礦設備成本存在關稅和不同的關稅壓力，那麼這對我們來說是一個很好的機會來佔領部分市場份額，正如我們之前所說的那樣，除了 50 台以外，我們已經擁有 7 艾哈希的採礦設備，大部分都已在美國銷售。

So absolutely just like always our highest and best interest is of empty shelves and high quality infrastructure. So I do think that there will be opportunities. So and we look forward to, some of our peers as the exit, we're always willing to take the phone call.

因此，絕對像往常一樣，我們最關心的是空置的貨架和高品質的基礎設施。所以我確實認為會有機會。因此，我們期待著，我們的一些同行在退出時，總是願意接聽電話。

Great, thanks very much.

太好了，非常感謝。

Paul Golding, Macquarie Capital.

麥格理資本的保羅·戈爾丁。

Thanks so much for Zach or Gary. I just wanted to drill down a little bit more on the incremental capacity that you've paid for ahead of or past the 50 exahash goal. How much of that capacity is liquid cooled versus air cooled, and are you making new or different determinations as to the type of infrastructure and cooling that you're rolling out because of the tariff dynamics.

非常感謝 Zach 或 Gary。我只是想更深入地了解您在達到或超過 50 exahash 目標之前支付的增量容量。其中有多少容量是液體冷卻，有多少是空氣冷卻，您是否根據關稅動態對所推出的基礎設施和冷卻類型做出新的或不同的決定。

Not to say that that is a hindrance to deploying the capacity, but just how you're thinking about that and whether that might have an impact on efficiency going forward or any other impact operationally. Congrats on the quarter or otherwise. Thanks.

並不是說這會阻礙部署產能，而是您如何看待這個問題，以及這是否會對未來的效率或營運產生任何其他影響。恭喜本季或其他情況。謝謝。

Hey, thank you, Paul, for joining. I would say, when you look at the pre-paid amount on the infrastructure, it really all relates to emerging cooling. We think that it is still the best path forward.

嘿，保羅，謝謝你的加入。我想說，當你查看基礎設施的預付金額時，它實際上都與新興的冷卻有關。我們認為這仍然是最好的前進道路。

The majority of the rigs that we've also brought in country related to that are also immersion cooled. Now we have brought over, a portion of latest and also air cooled to, fit into tuck in acquisitions and other similar opportunities because that's often what is readily available on the market.

我們引進的與此相關的大多數鑽孔機也都採用了浸入式冷卻。現在，我們引進了一部分最新的、風冷的產品，以適應收購和其他類似的機會，因為這些通常是市場上容易買到的。

But on our, ground up builds, we are committed into the future, into immersion cool because we think it provides the optionality that will be necessary in the next three to five years in particular into the next happening.

但是，從頭開始建造時，我們致力於未來，致力於沉浸式冷卻，因為我們認為它提供了未來三到五年特別是下一次發生所必需的可選性。

Thanks, and I guess this is just a quick follow up. Are you seeing any impact to pricing on that as, maybe not the emerging tanks given more direct to chip liquid cooling for AI.

謝謝，我想這只是一個快速的跟進。您是否看到了對定價的任何影響，因為也許新興的水箱不會更直接地為 AI 晶片提供液體冷卻。

But, some of the infrastructure around heat exchanging and pumps, are you seeing any price impact from the demand that we're seeing in HPC and how that might be pressuring the products to enable this functionality in the space?

但是，對於熱交換和泵浦周圍的一些基礎設施，您是否看到 HPC 中的需求對價格產生任何影響，以及這可能會如何迫使產品在該領域實現此功能？

You know what I can say is in our supply chain we are still the largest buyer because of our growth. A lot of, if you're an HPC group that wants to announce something you're going to do tomorrow, you're probably not purchasing still for a while as you work on your permits, your designs, your plans.

你知道我可以說的是，由於我們的成長，我們仍然是供應鏈中最大的買家。很多時候，如果你是一個 HPC 團隊，想要宣布明天要做的事情，那麼在你處理許可證、設計和計劃的時候，你可能不會再進行採購。

As we all know, most HPC data centers take three to five years to build, so we are still well ahead of the curve, and we do buy our supply chain in advance. That has given us an advantageous place in line is probably the way to say it, as we have demand for infrastructure.

眾所周知，大多數 HPC 資料中心需要三到五年的時間來建設，因此我們仍然處於領先地位，並且我們確實提前購買了供應鏈。可以說，這讓我們處於有利地位，因為我們對基礎設施有需求。

Great color. Thanks so much.

顏色很棒。非常感謝。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Hey guys, thanks for taking my question and appreciate the commitment to limiting dilution. First question, just going back to Gary, some of your comments on the yield you could generate on Bitcoin, the treasury strategy.

嘿，大家好，感謝您回答我的問題，也感謝您對限制稀釋的承諾。第一個問題，回到加里，您對比特幣和財務策略所能產生的收益有何評論？

I mean, do you think we're getting to a point where it's fair for us to start forecasting out a yield on that, any kind of guard rails? I know you laid out some, but it seems like it's still kind of up in the air.

我的意思是，您是否認為我們已經到了可以開始預測收益率的公平點，以及任何類型的護欄？我知道你已經列出了一些，但似乎仍懸而未決。

And then my next question is, and I guess I frame it almost the opposite way that other peers have asked it but do you actually think, we keep hearing that major hyperscale's like Microsoft are actually kind of pulling back spend. Have you noticed it might be actually getting easier to find power in sights now, whether it's kind of a weekly or month over month basis, any commentary that would be appreciated.

然後我的下一個問題是，我想我的提法幾乎與其他同行的問法相反，但您是否真的認為，我們不斷聽到微軟等大型超大規模企業實際上正在削減支出。您是否注意到，現在在視線中找到電力實際上變得越來越容易，無論是每週還是每月，任何評論都將不勝感激。

Alright, hey, John, thanks for the question. I'll take the first part of that. When it comes to the yield, I mean, we're not prepared to give any guidance here. Again, we're in the crawl phase of the process, but I believe on the last call we said that we're targeting like mid-single digits on an annualized basis for the entire Bitcoin balance.

好的，嘿，約翰，謝謝你的提問。我將討論第一部分。說到收益率，我的意思是，我們還沒有準備好給任何指導。再說一次，我們正處於這個過程的爬行階段，但我相信在上次電話會議上我們說過，我們的目標是將整個比特幣餘額的年化增長率設定在中等個位數。

I think that's a reasonable yield to expect again on an annualized basis because again we want to make sure that the risk reward relationship is well and balanced and we're not taking, unnecessary risks and not getting a lot of reward for that. We want to make sure that it's very strategic and precise and really conservative. So internally we're looking at that 4% to 6% range.

我認為以年率計算，這是一個合理的收益率預期，因為我們再次希望確保風險回報關係良好且平衡，並且我們不會承擔不必要的風險，也不會因此獲得很多回報。我們希望確保它非常具有戰略性、精確性並且真正保守。因此，我們內部正在考慮 4% 到 6% 的範圍。

And I want to sort of address the access to power at HPC. I think it's important when you read in between the lines of what those headlines actually say, the hyper scalers are still committed to investing and building in that space.

我想談談 HPC 的電力取得問題。我認為，當你讀懂這些標題的字裡行間時，你會發現超大規模企業仍然致力於在該領域進行投資和建立。

What they're spending less on is in co-location contracts, which is why we see it as incredibly dangerous for anybody and, frankly reckless for anyone that goes out there and plans to build it without a customer that is ready to take that rack-space because they're already, canceling the soft commitments they have. And again it's because they're doubling down on their bills.

他們在主機代管合約上花費較少，這就是為什麼我們認為這對任何人來說都是極其危險的，坦白說，對於任何在沒有準備好佔用該機架空間的客戶的情況下就去那裡建造它的人來說都是魯莽的，因為他們已經取消了他們已有的軟承諾。再一次，這是因為他們的帳單金額增加了一倍。

This is important to note because NVIDIA, for example, has come forward and they've been very clear that the data center of yesterday is not a data center that works tomorrow. And I think that's what's driving the cancellations is the hyper scalers are well positioned to make the right investments and the right technology to build in what is going to be a new normal for data centers into the future.

這一點很重要，因為 NVIDIA 已經明確表示，昨天的資料中心不是明天可用的資料中心。我認為導致取消的原因在於超大規模企業已經做好準備，進行正確的投資，採用正確的技術來建立未來資料中心的新常態。

Density is getting to a point where there's no, there's going to be hundreds of thousands and even millions of square feet of empty data centers because the density can be tucked off into the corner. And if you built a data center five years ago, it's already obsolete.

密度正在達到一個點，將會有數十萬甚至數百萬平方英尺的空置資料中心，因為密度可以隱藏在角落。如果你五年前建造了一個資料中心，它就已經過時了。

That is the reason why hyperscale's we believe are canceling their spend in co-location. So again, I don't think it's the power demand is going to go away. It's just where and how that demand comes to the market.

我們認為這就是超大規模資料中心取消其共置支出的原因。所以，我再說一遍，我認為電力需求不會消失。問題只是需求從哪裡以及如何進入市場。

Now what we are seeing is in the areas we're operating, we are still finding access to power readily available and prevalent, and it's because how we find power in rural America in the areas that the freeway went around and the rest of America forgot about. That is what makes our strategy successful.

現在我們看到的是，在我們運營的地區，我們仍然可以輕鬆獲得電力，這是因為我們在美國農村地區找到了電力，這些地區被高速公路繞過，而美國其他地區卻忘記了。這就是我們的策略成功的原因。

Great, thank you guys. I appreciate it.

太好了，謝謝大家。我很感激。

There are no further questions at this time, Harry, I turned the call back over to you.

現在沒有其他問題了，哈利，我把電話轉回給你。

Thank you again, Jeannie, and thanks to everybody for joining today's earnings call. We look forward to staying in touch and sharing future results with you in the coming quarters. Stay tuned for more groundbreaking achievements from the CleanSpark team, America's Bitcoin miner.

再次感謝你，珍妮，也感謝大家參加今天的財報電話會議。我們期待在未來幾季與您保持聯繫並分享未來的成果。請關注美國比特幣礦工 CleanSpark 團隊的更多突破性成就。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。