Fermi Inc (FRMI) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Fermi America's earnings conference call. Today's call will be conducted by Rodrigo Acuna, Fermi America's Director of Investor Relations.

各位女士、先生，感謝您耐心等候，歡迎參加 Fermi America 的財報電話會議。今天的會議將由 Fermi America 投資人關係總監 Rodrigo Acuna 主持。

Before I turn the call over to Mr. Acuna, I'd like to read the company's abbreviated Safe Harbor statements. I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial positions, markets, economic conditions, product releases, partnerships, and any other statements that may be construed as predictions of future performance or events are forward-looking statements which may involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements.

在我把電話交給 Acuna 先生之前，我想宣讀公司精簡版的「安全港」聲明。提醒各位，本次電話會議中關於未來營收、營運結果、財務狀況、市場、經濟情勢、產品發佈、合作夥伴關係，以及任何其他可能被解讀為對未來表現或事件之預測的陳述，均屬前瞻性陳述，可能涉及已知與未知的風險、不確定性及其他因素，致使實際結果與該等陳述所明示或暗示者出現重大差異。

Any non-GAAP measures that may be discussed on the call are supplemental to GAAP results and are intended to provide additional perspective on the company's ongoing operations.

本次電話會議中可能討論的任何非 GAAP 衡量指標，係對 GAAP 結果之補充，旨在就公司持續營運提供額外觀點。

With that said, Mr. Acuna, the floor is yours.

話不多說，Acuna 先生，時間交給您。

Thank you, operator, and good morning, everyone. Welcome to Fermi America's fourth-quarter and full-year 2025 earnings call. Joining me today are Toby Neugebauer, our Co-Founder and CEO; and Miles Everson, our CFO.

謝謝接線員，各位早安。歡迎參加 Fermi America 2025 年第四季及全年財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Toby Neugebauer，以及財務長 Miles Everson。

Before we begin, I want to remind you that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these risks, please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2025, which will be filed with the SEC later today.

在開始之前，我想提醒各位，本次電話會議將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述係基於管理階層目前的預期，並受風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險的詳細討論，請參閱我們截至 2025 年 12 月 31 日止會計年度的 Form 10-K 年報；該報告將於今日稍晚向美國證券交易委員會（SEC）提交。

Today's call will be structured in two parts. First, Toby and Miles will walk you through an operational update on Project Matador. Then, Miles will cover our financial results. We will open it for questions after that.

今天的會議將分為兩個部分。首先，Toby 與 Miles 將帶各位了解 Matador 專案的營運更新。接著，Miles 將說明我們的財務結果。之後我們將開放提問。

And with that, I'll hand it over to Toby.

接下來，我把時間交給 Toby。

Good morning. Thank you for taking the time to join us. This past Saturday, we had our Board meeting where we reviewed all of the accomplishments of the team over the past 100 days. And it's the first time in 30 years of business that I witnessed multiple rounds of applause. In my opinion, the response to the team's accomplishments were well deserved.

各位早安。感謝各位撥冗參與。上週六我們召開董事會會議，檢視團隊在過去 100 天內完成的所有成果。而在我 30 年的從商生涯中，這是我第一次見到多次掌聲。以我個人看法，對團隊成果的回應實至名歸。

Obviously, Fermi heard loud and clear from the market, go get a tenant. Unfortunately, getting the tenant is the easy part. As our shareholders, what you need Fermi to do is to earn the trust of investment-grade counterparties and the investors that provide the financing to fund multibillion dollars per gigawatt construction projects. That requires excellence from engineering to accounting.

顯然，Fermi 很清楚地聽到了市場的聲音：去找一個租戶。不幸的是，找到租戶是比較容易的部分。作為我們的股東，你們需要 Fermi 做的是：贏得投資級交易對手以及提供融資、用以支應每 GW 數十億美元建設專案之投資人的信任。這需要從工程到會計各環節都做到卓越。

At Fermi, we're creating a private community powered by private grid to be the leader in powering artificial intelligence that will shape tomorrow. But it all starts and ends with our tenants trusting us with their business, but just as importantly, their balance sheet to execute on the enormous undertaking in an environment where many are failing.

在 Fermi，我們正在打造一個由私有電網供電的私有社區，目標是成為為塑造未來的人工智慧提供電力的領導者。但一切的起點與終點，都在於租戶是否信任我們、把他們的業務交給我們；同樣重要的是，在許多人都在失敗的環境中，他們也必須信任我們能以其資產負債表為後盾，去執行這項龐大的工程。

At Fermi, we believe the best way to earn this trust is to do, to execute. I invite and almost plead with you all to come to the site. When tenants come to our site, they are blown away with the scale and the speed of which we are executing. 450 million cubic feet of gas pipeline in, 10 million gallons of water pipeline in, grid connect in, substation for an 800-megawatt 60% to 70% completed, foundations for our gen sets either complete or on the verge completions.

在 Fermi，我們相信贏得這份信任的最佳方式就是去做、去落地執行。我邀請、甚至幾乎懇請各位到現場看看。當租戶來到我們的場址時，都會被我們執行的規模與速度所震撼：4.5 億立方英尺的天然氣管線接入、1,000 萬加侖的供水管線接入、電網併網接入、800 兆瓦變電站已完成約 60% 到 70%，以及我們發電機組的基礎工程不是已完成，就是接近完工。

But what really turned our shoppers into buyers was the air permit. When we got the air permit is when the C-suites of our customers got very, very serious about buying. As you know now, we have the 6-gigawatt air permit on Friday. We filed for an additional 5, which we qualify for and that I have a high expectation for us executing.

但真正讓我們把「逛逛的人」變成「買家」的是空氣排放許可。我們拿到空氣許可之後，客戶的高階主管團隊才開始非常、非常認真地推進採購。各位現在也知道，我們在週五取得了 6 GW 的空氣許可。我們也另外申請了 5 GW；我們符合資格，而且我對我們落地執行抱持很高的期待。

But first, I just want you all to understand, the expectation at Fermi is 10x. We need multiple tenants to maximize the use of our power gen sets. I think you have to have multiple tenants because we need diversity of demand to achieve the proper efficiency of what we're creating with this private grid.

但首先，我想讓各位理解，Fermi 的期待是 10 倍成長。我們需要多個租戶，才能最大化我們發電機組的使用。我認為必須有多個租戶，因為我們需要需求的多樣性，才能讓我們以這個私有電網所打造的系統達到適當的效率。

Second, the Board is very concerned about disclosure that in any way impacts the negotiations on transactions that are multiparty and involve tens of billions of dollars. So while we are signing new LOIs, we are in the mode of coffee is for closers. We are not serving coffee until we have a complete close. It's clear that there have been issues with the stock.

第二，董事會非常關切任何可能影響談判的揭露；這些交易往往是多方參與，且金額高達數百億美元。因此，即便我們正在簽署新的 LOI（意向書），我們目前的模式是：咖啡只給成交的人。在完全完成交割之前，我們不會端出咖啡。很明顯，股價確實出現了一些問題。

And as many of my friends and family and all of you all entrusted your capital and being a steward for your capital, I can't overstate how seriously I take it. I also can't be too focused on the day-to-day fluctuations. We are building a consequential company to solve a critical need for our customers, to protect consumers, and to serve our country.

而我的許多朋友、家人，以及在座各位都把資金託付給我們；作為你們資本的受託管理者，我無法言喻我對此有多麼嚴肅看待。但我也不能過度聚焦於每日的波動。我們正在打造一家具有重大影響力的公司，以解決客戶的關鍵需求、保護消費者，並服務我們的國家。

I'm now going to hand it off to Miles Everson, our Chief Financial Officer.

接下來我把時間交給我們的財務長 Miles Everson。

Thanks, Toby. This is our first Form 10-K as a public company, covering the period from our inception on January 10, 2025, through December 31, 2025. It's approximately 11.5 months. In that time, we moved from formation to IPO and substantially completed the initial phase of Project Matador.

謝謝你，Toby。這是我們作為上市公司提交的第一份 Form 10-K，涵蓋期間為自 2025 年 1 月 10 日公司成立起至 2025 年 12 月 31 日止。約為 11.5 個月。在這段期間，我們從成立走到 IPO，並且基本完成 Matador 專案的初始階段。

I want to frame the financials the way we manage the business internally. A traditional income statement does not fully capture the economics of this company at this stage. We are pre-revenue and in full-scale construction. While our GAAP net loss is significant, it is overwhelmingly non-cash. The more meaningful story is reflected in the balance sheet and cash flow statement, specifically, how nearly $570 million of investor capital has been deployed into physical infrastructure at Matador.

我想用我們內部管理業務的方式來框架這些財務數字。在這個階段，傳統損益表無法完整呈現本公司的經濟實質。我們尚未有營收，且正處於全面施工階段。雖然我們的 GAAP 淨損相當可觀，但其中絕大部分為非現金項目。更有意義的故事反映在資產負債表與現金流量表上，尤其是：將近 5.7 億美元的投資人資金如何被投入 Matador 的實體基礎設施。

Let's talk about the balance sheet. As of December 31, 2025, total assets were approximately $1.4 billion. Property, plant, and equipment totaled $935 million, nearly all of which is construction in progress as no assets have been yet placed into service. Cash and cash equivalents were $409 million at the end of the year. On the liability side, accounts payable and accrued liabilities were $177 million, reflecting the pace of construction and vendor activity.

我們來談資產負債表。截至 2025 年 12 月 31 日，總資產約為 14 億美元。不動產、廠房及設備合計 9.35 億美元，其中幾乎全部為在建工程，因為目前尚無資產投入使用。年底現金及約當現金為 4.09 億美元。負債方面，應付帳款及應計負債為 1.77 億美元，反映施工進度與供應商活動的節奏。

Total stockholders' equity was $1.1 billion. As of March 2026, we had approximately 630 million common shares outstanding.

股東權益總額為 11 億美元。截至 2026 年 3 月，我們約有 6.30 億股普通股流通在外。

If we turn our eye to the income statement and operating activities, for the full year, the net loss was $486 million. Importantly, approximately $445 million of that was non-cash.

如果我們把焦點轉向損益表與營運活動，全年淨損為 4.86 億美元。重要的是，其中約 4.45 億美元為非現金項目。

General and administrative expenses totaled $178 million, of which $133 million was non-cash share-based compensation tied to equity incentive arrangements established at formation and in connection with the IPO. Cash used for G&A was approximately $45 million including $12 million in personnel costs for a lean team of roughly 35 employees, $22 million in professional services, and $11 million in other corporate expenses such as recruiting, travel, and marketing.

一般及行政費用合計為1.78億美元，其中1.33億美元為非現金的股份基礎薪酬，與公司成立時及IPO相關所建立的股權激勵安排掛鉤。用於一般及行政（G&A）的現金約為4,500萬美元，其中包括約35名精簡團隊的1,200萬美元人員成本、2,200萬美元專業服務費，以及1,100萬美元其他公司費用（如招募、差旅與行銷）。

Other expenses net was $312 million was almost entirely non-cash. The primary components were $174 million related to charitable contribution of Class B units prior to the IPO, $61 million of fair value losses on Series B convertible notes, $46 million of losses on embedded derivatives associated with preferred unit financing, and finally, $24 million related to preferred unit issuances.

其他費用淨額為3.12億美元，幾乎全部為非現金。主要組成包括：IPO前捐贈B類單位所致的1.74億美元、B輪可轉換票據公允價值損失6,100萬美元、與優先單位融資相關之嵌入式衍生工具損失4,600萬美元，以及最後與優先單位發行相關的2,400萬美元。

From a cash perspective, operating cash used for the year was $34 million. That represents our true operating cash burn while executing formation, completing the IPO, securing a 99-year ground lease, building the organization, and advancing Phase 0 construction. We view this as a strong demonstration of capital discipline.

從現金角度來看，本年度營運活動使用的現金為3,400萬美元。這代表我們在推進公司成立、完成IPO、取得99年期地上權租約、建立組織、並推進第0期施工時的真實營運現金消耗。我們認為這有力展現了資本紀律。

When we look at investing activities which is the core of our financial story and the deployment of our investors' capital, what we see is net cash used in these activities was $570 million with virtually all of that invested directly into property, plant, and equipment at Project Matador and recorded as construction in progress.

當我們檢視投資活動（這是我們財務故事的核心，也是投資人資本的部署）時，我們看到該等活動的現金淨流出為5.70億美元，幾乎全部直接投資於Matador專案的不動產、廠房及設備，並以在建工程入帳。

More than half of this capital was deployed to natural gas power generation, including turbine procurement across Siemens F class and SGT-800s as well as GE 6B fleets, along with mobile generation and balance of plant equipment. The remainder was deployed across data center infrastructure, substation and electrical interconnection, general construction, land and water development, and early-stage nuclear predevelopment.

其中超過一半的資本部署於天然氣發電，包括採購西門子F級與SGT-800渦輪機，以及GE 6B機隊，並包含移動式發電與廠用平衡設備。其餘資本則部署於資料中心基礎設施、變電站與電力互聯、一般建設、土地與水資源開發，以及早期核能前期開發。

Now let's look at our financing activities. Cash provided by financing activities totaled approximately $1 billion. This included $746 million of net proceeds from our IPO, $108 million of preferred units, $100 million from a Macquarie term loan, $76 million from Series A convertible notes, and $26 million from seed convertible notes.

接著我們看看融資活動。融資活動提供的現金合計約10億美元。其中包括IPO淨募資7.46億美元、優先單位1.08億美元、來自Macquarie定期貸款1.00億美元、A輪可轉換票據7,600萬美元，以及種子期可轉換票據2,600萬美元。

Subsequent to year-end, we executed three equipment financing facilities, a $500 million MUFG non-recourse turbine warehouse to support Siemens F-class procurement, which also fully refinanced a Macquarie term loan; and a $120 million facility with Keystone National Group expandable to $220 million for high-voltage equipment, including transformers and switchgear. And finally, the third one this week for $165 million with Yellowstone to finance additional Siemens SGT-800s.

在年末之後，我們完成了三項設備融資安排：一項5.00億美元的MUFG無追索權渦輪機倉儲融資，用以支持西門子F級設備採購，並同時全額再融資Macquarie定期貸款；以及一項與Keystone National Group簽訂的1.20億美元融資（可擴增至2.20億美元），用於高壓設備（包括變壓器與開關設備）。最後，本週我們與Yellowstone簽訂第三項1.65億美元融資，用於為額外的西門子SGT-800提供融資。

Those facilities, combined with our existing cash, give us the liquidity to satisfy our financial obligations for at least 12 months, but we are being deliberate about what comes next.

這些融資安排加上我們現有現金，讓我們具備至少12個月內履行財務義務的流動性，但我們也在審慎規劃下一步。

The next phase of capital deployment at Project Matador will be timed to two milestones. First, the execution of a definitive tenant agreement; and second the closing of project financing. Those are the gates. Until both are in place, we will not commit significant capital to the next phase of construction. That is how we deliver shareholder value.

Matador專案下一階段的資本部署將取決於兩個里程碑的時點。第一，簽署具約束力的最終租戶協議；第二，完成專案融資交割。這些就是關卡。在兩者都到位之前，我們不會對下一階段施工投入重大資本承諾。這就是我們為股東創造價值的方式。

We are advancing both work streams in parallel. On the tenant side, we have potential tenants competing for initial power. We are in active negotiations with multiple counterparties. But as of today, we've not executed a definitive lease agreement. Tenant revenues are expected to commence in 2027, but even when they do, they will not be sufficient to fund our full operating capital requirements until Matador is built out in operating at scale.

我們正同步推進這兩條工作線。在租戶方面，有潛在租戶正在競逐初期電力。我們正與多個交易對手進行積極談判。但截至今日，我們尚未簽署具約束力的最終租賃協議。預期租戶收入將於2027年開始，但即便開始，也不足以在Matador全面建成並達到規模化營運之前，支應我們全部的營運資金需求。

On the financing side, we are in active discussions with multiple lenders and progressing technical diligence now so that we are positioned to move quickly once definitive lease agreements are executed.

在融資方面，我們正與多家貸方積極討論，並正在推進技術盡職調查，以便在最終租賃協議簽署後能迅速行動。

The project level financing is underwritten to the future cash flows that a tenant commitment unlocks. We expect both Phase 0 and Phase 1 of Project Matador will exceed $3 billion in total aggregate capital deployment.

專案層級融資的承作基礎，是租戶承諾所解鎖的未來現金流。我們預期Matador專案第0期與第1期的總計資本部署將超過30億美元。

The path forward depends on our ability to execute tenant leases, raise project-level debt, and bring in strategic equity where necessary. We believe this is achievable. However, these financings are not certain to occur. If capital is not available in amounts, timing or terms we need, we could be forced to delay investments, amend purchase commitments or potentially surrender collateral to preserve liquidity.

未來的路徑取決於我們能否簽訂租戶租約、籌措專案層級債務，並在必要時引入策略性股權資金。我們相信這是可達成的。然而，這些融資並非必然會發生。若資本無法以我們所需的金額、時點或條件取得，我們可能被迫延後投資、修訂採購承諾，或為維持流動性而可能交出擔保品。

We're telling you that directly because it's the reality of building a multibillion-dollar infrastructure platform from a standing start and because we believe investors deserve to hear it, not just read it in a risk factor. The bottom line, we have the liquidity to meet our obligations, we are being strategic in how and when we deploy capital, the next phase of capital deployment at Project Matador will be sequenced with the execution of definitive tenant agreements and the related project financing that follows. There is more work to do and we are doing it every day.

我們直接告訴各位，因為這就是從零開始打造數十億美元基礎設施平台的現實，也因為我們相信投資人應該聽到這些，而不只是從風險因素中讀到。總結而言，我們具備履行義務所需的流動性；我們在資本部署的方式與時點上採取策略性作法；Matador專案下一階段的資本部署將依序配合最終租戶協議的簽署，以及隨後相關的專案融資。仍有許多工作要做，而我們每天都在推進。

I want to touch on the REIT election. As we've previously disclosed, we intend to elect REIT status for US federal income tax purposes beginning with our short taxable year ended December 31, 2025. We believe this structure aligns well with the long-duration infrastructure-oriented real estate assets we are developing. Given the level of expected non-cash depreciation, we do not anticipate generating material REIT taxable income in the near term. And therefore, we do not expect to pay dividends until such time as taxable income requires it.

我想談一下REIT選擇。如我們先前揭露，我們擬自截至2025年12月31日止的短課稅年度起，就美國聯邦所得稅目的選擇成為REIT。我們認為此架構與我們正在開發的長年期、以基礎設施為導向的不動產資產相當契合。鑑於預期的非現金折舊水準，我們預期短期內不會產生重大的REIT應稅所得。因此，在應稅所得要求之前，我們預期不會發放股利。

Finally, I want to highlight for those pre-IPO investors that were subject to a lockup agreement, that lockup agreement expires today. Thanks.

最後，我想提醒那些受鎖定期協議約束的IPO前投資人，該鎖定期協議於今日到期。謝謝。

Operator, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions)

（接線員指示）

Paul Golding, Macquarie.

Macquarie的Paul Golding。

Congrats on all the progress on the site. I wanted to ask two near-term questions. One being, what the key discussion points are with prospective tenants that are being negotiated as you try to work to a definitive agreement, and secondly, more specifically on the near-term energization milestones. As you look to the SGT-800 frame that you've received in Houston, now that you have the equipment on hand, how is the time line coming together for deployment of those assets and how that might relate to your negotiations with prospects.t

恭喜你們在場址方面取得的所有進展。我想問兩個短期問題。第一，在你們努力推進至最終協議的過程中，與潛在租戶談判的關鍵討論點是什麼；第二，更具體地關於短期送電（energization）里程碑。就你們已在休士頓收到的SGT-800機組而言，既然設備已到手，這些資產的部署時程如何逐步成形，以及這可能如何與你們與潛在客戶的談判相關？t

Paul, the number one issue, the number two issue, and the number three issue with our tenants is they want all of our power and they want it all forever. But for our model to work, we need to have multiple tenants so that you deal with the differences in lows. So that really is the issue. And so from, when they get out there to the site, they're blown away by the site and they realize this is a place you can generate significant amount of power and they want it all. In terms of the SGT-800s, we've had quite a bit of luck.

Paul，對我們的租戶而言，第一大議題、第二大議題、第三大議題都是：他們想要我們所有的電力，而且想永遠都要。但要讓我們的模式運作，我們需要有多個租戶，這樣才能應對不同的低谷差異。所以這確實就是問題所在。因此，當他們到現場時，會被場址震撼到，並意識到這是一個可以產生大量電力的地方，所以他們想要全部。至於SGT-800，我們運氣相當不錯。

And I'm going to come back to tenants, The units came as you're aware of, to Houston, we kept them in a free trade zone and hoping maybe we could get a break while we are waiting for our environmental permit. And literally, the second, the Supreme Court had a ruling on the tariffs, we check them into the country. We saved ourselves by $27 million to $30 million.

我會再回到租戶的話題。你們知道，這些機組運到休士頓後，我們把它們放在自由貿易區，希望在等待環評許可期間也許能獲得一些優惠。而且真的就在最高法院對關稅作出裁決的那一刻，我們就把它們報關進口。我們因此省下了2,700萬到3,000萬美元。

And we may -- I haven't put the picture. You can see the SGT-800 foundations already to pour. But on the tenant side because I know that's what everybody is focused on what we can share is that we're in the contracting phase with multiple new potential tenants. But everyone needs to understand these transactions are complex they're multiparty and Macquarie, as you know better than anybody, they involve billions of dollars.

而且我們可能——我還沒把照片放上來。你可以看到 SGT-800 的基礎已經準備要澆置了。但在承租戶端，因為我知道大家都聚焦在這一塊，我們能分享的是：我們正與多個新的潛在承租戶處於簽約洽談階段。但大家需要理解，這些交易很複雜，是多方參與的，而且如你所知，Macquarie 這類交易牽涉到數十億美元。

So Paul, it's Miles. I would just add that -- and we've said this all along, The other thing, it's not a tension point, but it's one of our things we're holding firm on is we want investment-grade wraps. That's why Toby earlier referred to the fact that this is really companies saying, are they going to put their balance sheet up? And when we say companies, we're talking about investment-grade companies that wrap these things.

所以 Paul，我是 Miles。我只想補充——而且我們一直都這麼說，另外一件事，這不是緊張點，但我們堅持的一點是：我們希望有投資級的擔保包裝（investment-grade wraps）。這就是為什麼 Toby 先前提到，這其實是公司在說：他們是否願意拿出資產負債表來背書？而當我們說公司時，我們指的是提供這些擔保包裝的投資級公司。

So then the second thing I would add is that it's not just what we do and what we control, but the ultimate offtakers also or development partners need to look at this and say, can they get their side of the equation up, in other words, all their MEP and the racks, et cetera.

第二點我想補充的是，這不只是我們做什麼、我們能控制什麼；最終的承購方（offtakers）或開發合作夥伴也需要看這件事並說：他們能不能把他們那一端的條件準備好，也就是他們所有的 MEP（機電管線）和機櫃（racks）等等。

And so we're doing more I'll say, reverse due diligence than I expected we were going to have to do to make sure that they can have their stuff up in time to take our power because our power is ahead of most people's ability to get the other stuff in place.

因此我們正在做的——我會說——比我原本預期更多的「反向盡職調查」（reverse due diligence），以確保他們能及時把他們的設備架設完成來接我們的電，因為我們的供電進度領先於多數人把其他配套建置到位的能力。

That has been one of the bigger surprises is, if you say Fermi in the fall was worried whether convincing people that we could have the power, we now want to be convinced they had the MEP because we do have the power and we need to put it to work.

這是比較大的意外之一：如果說去年秋天在 Fermi 還在擔心能否說服大家我們能供電，那現在我們反而想確認他們是否具備 MEP，因為我們確實有電，而且需要把電力投入使用。

If I could just sneak one more in then on the back of the discussion seeming to be pretty robust around demand. Are you able to give any color on pricing directionally relative to where you expected to be when you first started considering sort of the financial approach to the first gigawatt of power.

如果我可以再插問一個，延續剛才看起來對需求相當強勁的討論。你們能否就定價方向提供一些說明，相對於你們最初開始考慮第一個 1GW 電力的財務方案時，價格走向是否符合或偏離你們當時的預期？

Worth of saying. And we're talking to (inaudible) for more, but we're definitely ready to say we're at the same.

值得一提的是。而且我們也在和（聽不清）談更多，但我們確實已準備好說：我們處於相同水準。

Vikram Malhotra, Mizuho.

Vikram Malhotra，Mizuho。

Congrats on your full fiscal year. I guess I just want to dig deeper, if you can on kind of the tenant discussions. And I'm wondering if there are different sticking points for sort of Fermi as a landlord versus your potential tenants and kind of how those sticking points may result in, I guess, delays in signings. I think you cited 12 months in your share over the next 12 months. And I just want to get a bit better understanding what the sticky points from either side. And from a time line perspective, should we think over 12 months or could it be sooner?

恭喜你們完成整個會計年度。我想更深入了解一下你們與承租戶的討論。我想知道，對於 Fermi 作為房東與你們的潛在承租戶而言，是否存在不同的卡點（sticking points），以及這些卡點如何導致——我想——簽約延後。我記得你們在分享中提到未來 12 個月。我只是想更清楚了解雙方各自的卡點是什麼。從時間線角度看，我們應該以 12 個月為基準，還是可能更早？

Again, I know it comes across (inaudible) they get to the site, it really is they want the power and they're trying to lock in all of our power at a price today because I think our tenants really appreciate the scarcity of the gen sets and that the price of energy for them will be increasing. So they are rightfully focused on locking in as much power at today's prices as possible. That really is it.

再說一次，我知道聽起來（聽不清），他們到現場後，重點真的就是他們想要電力，而且他們試圖以今天的價格把我們所有的電力都鎖定下來，因為我認為我們的承租戶非常清楚發電機組（gen sets）的稀缺性，以及他們的能源價格將會上升。所以他們理所當然地專注於盡可能以今天的價格鎖定更多電力。基本上就是這樣。

And like I said, we're in we're in the contracting phase of this process. In terms of providing guidance on the time, the Board the coaching, I've got the really great -- Fermi has a really great Board all can to look at it. Their point is when we provide guidance on timing or expectations that changes the dynamics of the negotiations to Fermi's disadvantage.

而且如我所說，我們正處於這個流程的簽約階段。至於提供時間上的指引，董事會——我得到非常好的——Fermi 有一個非常好的董事會，大家都能一起看這件事。他們的觀點是：當我們對時程或預期提供指引時，會改變談判動態，對 Fermi 不利。

And so the Board was pretty firm with me on Saturday that we're not going to discuss the timing because what we're doing is it changes the dynamics of -- these aren't $1 billion transactions. These are multibillion dollar transactions, and they just want to keep the dynamics as flat as possible.

因此董事會在週六對我相當堅定：我們不會討論時程，因為我們正在做的事情會改變談判動態——這些不是 10 億美元的交易。這些是數十億美元的交易，他們只想讓談判動態盡可能保持平穩。

Okay. And then just two things to clarify. One, the shareholder letter mentioned sort of term sheets and various agreements. I just want to clarify One, is there an actual LOI in place with any of these five, six, seven tenants that you're negotiating? Or is that sort of the next step?

好的。那再澄清兩點。第一，股東信提到某種條款清單（term sheets）和各種協議。我想確認一下：你們與正在洽談的這五、六、七個承租戶之中，是否有任何一家已經有實際的意向書（LOI）？還是那是下一步？

And number two, if you could just clarify any of the near-term financings like from MUFG. Is there a stipulation in any of these financings that you must have a lease signed by XYZ period? I think our comment on that we're comfortable with signing new LOIs, it will be a normal course of our business, and we won't be commenting on them post that, I think it's kind of one of the lessons that we've learned so far is, we do not want to change the negotiating dynamics. Each one of these financing is separate. And I'm sure we disclosed it, Miles, I just don't want to comment on the --

第二，如果你能澄清任何近期融資，例如來自 MUFG 的。這些融資中是否有任何條款規定：你們必須在某個期限前與某某簽署租約？我想我們的說法是：我們對簽署新的 LOI 感到自在，這會是我們業務的正常流程，而在那之後我們不會再對外評論；我想這算是我們目前學到的其中一個教訓：我們不希望改變談判動態。每一筆融資都是獨立的。而且我確定我們已經揭露過了，Miles，我只是不想評論--

Yes. We don't have any tenant signing covenants, if you will, Vikram, on our financing arrangements. And the other thing to remember that these financings are nonrecourse to the parent, which I think is really important when you think of the overall public company. And then the thing that hasn't changed is that -- we do have an agreement with Texas Tech that will have a tenant by the end of 2026. That remains the same, and we're working collaboratively with them to advance that.

是的。Vikram，我們的融資安排中沒有任何承租戶簽約的契約條款（covenants），如果你要這麼說的話。另外要記得的是，這些融資對母公司是無追索權（nonrecourse）的，我認為從整體上市公司角度來看這點非常重要。還有一點沒有改變的是——我們與 Texas Tech 有一項協議，會在 2026 年底前有一位承租戶。這點仍然不變，我們也正與他們協作以推進進度。

So that's probably what's most important right now is to understand that we're still full on, and we feel really good about where we're at to be candid.

所以現在最重要的大概就是要理解：我們仍然全力以赴，而且坦白說，我們對目前的進展感覺非常好。

That's only a 200 megawatts. And I don't want to call that -- I don't want it to mean it but that should be putting. That's not as expectation is like we don't have a tenant that wants 200 megawatts. That's not our problem. If we had to have a call, you only could have a 200-megawatt tenant, we would -- that would be a problem for us. The problem is they want gigawatts.

那只有 200 兆瓦。我不想把它稱作——我不希望它被解讀成那樣，但那應該是放在一邊。我們的問題不是「沒有承租戶想要 200 兆瓦」。那不是我們的問題。如果我們不得不說，你只能有一個 200 兆瓦的承租戶，那對我們會是個問題。問題在於他們想要的是 GW 等級。

Ryan Gravett, UBS.

Ryan Gravett，UBS。

Miles, you touched on this earlier, but what additional development at the site are you planning at this point before a first tenant lease is signed and any secured project financing, is there anything you can share in terms of more precise CapEx spending or cash burn that you're expecting this year?

Miles，你先前提到過這點，但在第一位承租戶租約簽署以及任何有擔保的專案融資到位之前，你們目前計畫在現場進行哪些額外開發？另外，就今年你們預期的資本支出（CapEx）或現金消耗（cash burn），有沒有什麼可以分享得更精確一些？

Yes. So we are going to be very diligent about matching our development with the signing of a project financing as well in our tenant leases, but as far as we'll go -- and look, these things change. This is a long-term project, not a 30-day project. But what we'll do is have the site ready to receive our power generation equipment. It's largely there today.

是的。所以我們會非常謹慎，讓我們的開發進度與專案融資的簽署以及承租戶租約相匹配；但我們能說到的程度就到這裡——而且你看，這些事情會變。這是一個長期專案，不是 30 天的專案。但我們會讓場址準備好接收我們的發電設備。目前基本上已經大致就緒。

There's a little incremental work that needs to be done, so that we can place those generation assets into service as soon as we see that we've got tenant agreements to line up with the timing of that installation.

還需要做一些小幅的增量工作，這樣一來，一旦我們看到租戶協議能與該安裝時程相匹配，我們就能盡快將那些發電資產投入使用。

Yes, I think what we were talking about Fermi -- not skeptical, but we definitely want to see that the timing of our development matches the MEP that our tenants can acquire. And if you say, is there a change in how we as a company have viewed it as we've become where, I would say, last year, we were focused on people being able to do great due diligence on us. We have pivoted and actually made hires. We picked up a really great person from Meta that helps us due diligence on the pace of execution of our potential tenants.

是的，我想我們在談的 Fermi——不是懷疑，但我們確實希望看到我們的開發時程能與租戶可取得的 MEP 相匹配。如果你問，隨著我們公司發展到現在，我們看待這件事的方式是否有改變，我會說，去年我們的重點是讓大家能對我們做很好的盡職調查。我們已經轉向，並且實際上也進行了招募。我們從 Meta 延攬了一位非常優秀的人才，協助我們就潛在租戶的執行速度進行盡職調查。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Good morning, everybody. I apologize if there's any noise -- I'm in an airport. But -- so when we think about like your tenants need for power and sort of the various tenants and the timing of kind of when they're -- when their data centers are up and running and when they need power. What's -- like when you're talking to the customers, how far out are they thinking about securing power relative to where the data center becomes fully operational?

各位早安。如果有任何噪音我先致歉——我人在機場。不過——當我們思考你們租戶的用電需求、不同租戶，以及他們資料中心何時上線運轉、何時需要電力的時點。想請教——你們在與客戶溝通時，他們通常會在資料中心完全投入營運之前多早開始思考並鎖定電力供應？

First of all, that differs between each tenant and it's the number one -- not the number one, but it's in the top three diligent items we have or how we prioritize tenant. It is obviously are you financeable, i.e., are you investment grade is number one, but the number two thing is we actually -- unlike most companies in the world are sitting on a whole heck of a lot of power generation that we are very anxious to put to work.

首先，這會因每個租戶而異，而且這是我們盡職調查的重點項目之一——不是第一名，但在我們優先排序租戶的前三項之內。顯然，第一是你是否具備融資性，也就是是否為投資等級；但第二點是，我們其實——不同於世界上大多數公司——手上握有大量發電能力，我們非常急於讓它投入運作。

And so it is each -- that is -- there's no one answer to it. But when you think about how we're running the business and prioritizing people that we would contract, that's probably our number two things. how fast we're not -- we can have the power because of all the work we did at the site to date.

所以這件事——沒有單一答案。但當你從我們如何經營業務、以及如何優先選擇要簽約的對象來看，這大概是我們第二重要的考量：我們能多快提供電力——因為截至目前我們在場址已完成大量工作，所以電力是可以到位的。

We're going to have the power what we now realize probably faster than some of them can have the NEP. So that becomes how we prioritize who we track with.

我們將擁有電力，而我們現在意識到，電力到位的速度可能會比他們取得 NEP 的速度更快。因此，這就成為我們優先選擇要跟進合作對象的方式。

And the follow-up is like -- just kind of going back to the first potential tenant and the negotiations that were terminated or at least just maybe terminated the delayed at least -- like when did they actually need power? Because I'm just sort of thinking if there's a lack of power, what are they doing for power if they're not doing it with you.

追問一下——回到第一個潛在租戶，以及那場已終止的談判，或至少是終止／延後——他們實際上是什麼時候需要電力？因為我在想，如果電力不足，那他們若不跟你們合作，電力要從哪裡來？

What I look back, and again, I don't believe that I hope that the first tenant is a tenant. So I just want one to convey that. When we look at when they be power, it definitely brought -- our attention is -- we have to really make sure that these tenants have the MDP. I think it's a bigger bottleneck than we originally anticipated.

我回頭看——再次強調，我希望第一個租戶仍然會成為租戶。我只是想先傳達這一點。當我們看他們何時需要電力時，確實讓我們注意到——我們必須非常確定這些租戶具備 MDP。我認為這是一個比我們原先預期更大的瓶頸。

Miles, I mean you were involved in that -- so they originally were looking at they would have power that they could deploy and revenue themselves off of in 2027, okay? But I think it's two parts to your overall question, which is when you off-takers need power -- and if you look at their planned portfolios, most of them are into '27, '28, where they need to consume the power, however, and this is an important point.

Miles，你也參與其中——他們最初的規劃是：在 2027 年他們會有可部署的電力，並且能以此產生收入，好嗎？但我想你的整體問題有兩個部分：其一是承購方何時需要電力——如果你看他們規劃的投資組合，多數是在 2027、2028 年需要消耗電力；不過，這裡有一個重要點。

You can read it in the news papers. There's other sites that are not capable of delivering on the power that they've committed to these. So we do expect and we've seen some potential reallocations of where they're going to get their power that they thought they already had and they actually don't have. We're a really special -- we are in a special spot we have a lot of power and the world recognizes it.

你在報紙上也看得到。有其他場址無法交付他們承諾給這些客戶的電力。因此，我們確實預期、也已看到一些潛在的重新分配：他們原本以為已經到手的電力來源，其實並沒有。我們非常特別——我們處在一個特殊的位置，因為我們有大量電力，而且全世界都認可這一點。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Just wanted to touch -- I guess just given kind of multiple new LOIs in process in addition to the original one. I just wanted to kind of get some sense. Has there been any kind of potential -- the potential scope of those tenants increased meaning like different types of tenants? Or is it still more or less those hyperscales? Obviously, investment grade, but just kind of trying to see if those horizons broadened a little bit.

我想稍微談一下——考量到除了原本那份之外，現在還有多份新的 LOI 正在進行中。我想了解一下大概的情況。這些租戶的潛在範疇是否有所增加——也就是說，租戶類型是否更不同？還是仍然大致上是那些 hyperscale 客戶？當然要是投資等級，但我只是想看看視野是否有稍微拓寬一些。

I think the only thing that I would say is a significant engagement by chip makers, not some directly, not directly. I think they are getting really concerned that the -- those chips are only worth the power behind us. So in terms of scope, that would be the only change I would highlight, Miles?

我認為我唯一要說的，是晶片製造商有顯著的參與度——不是某些直接參與，不是直接。我想他們開始非常擔心——那些晶片的價值只取決於背後是否有電力支撐。所以就範疇而言，這是我唯一會強調的變化，Miles？

That's how I would describe it as well as the chipmakers are more directly engaged in where is the power going to come from? And frankly, where the whole consumption of their chip is going to come from is really what they're focused on.

我也會這樣描述：晶片製造商更直接地投入在「電力要從哪裡來？」這件事上。坦白說，他們真正關注的是，他們晶片的整體用電消耗將從哪裡來。

I think you are off the markets where that the leading chipmakers are now realizing they're getting behind a number of companies. And so that changes the dynamic does broaden it. For us, it's the key thing is, and you know this as well as anybody, we do need a diversity of load to maximize the efficiency of our gen sets. So I think what you're seeing us do is a little more math -- not a little more, a lot more math. We are better off with a more diversified load base maximize the efficiency of this private grid that we're building.

我認為你在市場上也看到，領先的晶片製造商現在意識到，他們在某些公司後面落後了。因此這改變了互動態勢，也確實拓寬了範圍。對我們而言，關鍵是——你也很清楚——我們確實需要負載的多樣性，才能把我們發電機組的效率最大化。所以我想你看到我們正在做的是更多的數學——不只是多一點，而是多很多的數學。我們若能擁有更分散多元的負載基礎，將更有利於把我們正在建置的這個私有電網效率最大化。

The other thing I would just add in terms of market dynamics, what's happening is increasingly on the MEP side. The emergence, if you will, of modular MEP, which if you think of it as a chip maker, what you're really concerned about is speed to token. And so you look through the whole value chain and you say, where do I have places to speed up there's opportunities to speed up the timing of MEP. And so you see more modular players coming in to help make that happen, which is a huge positive for us because we got the power.

另外我想補充一下市場動態：越來越多的事情發生在 MEP 端。也就是所謂模組化 MEP 的興起；如果你把它類比成晶片製造商，你真正關心的是 token 的速度。因此你會檢視整個價值鏈，問自己：哪些環節可以加速？在 MEP 的時程上確實有機會加快。所以你會看到更多模組化業者進場協助促成這件事，這對我們是很大的利多，因為我們有電力。

Yes. That is another thing that we've become hyper focused on. And one of the great things that we've had exposure to from the oil and gas business is modularization. And again, it does in terms of hiring, we are bringing people in that can help us diligence and engage on our client supply chain for MEP. That have been a real focus for us the last month.

是的。這也是我們變得高度聚焦的另一件事。而我們從油氣業務接觸到的一個很棒的經驗就是模組化。同樣地，就招募而言，我們正在引進能協助我們對客戶的 MEP 供應鏈進行盡職調查並參與協作的人才。這在過去一個月一直是我們的重點。

Great. And then, Miles, you had mentioned, obviously, today, kind of the locked -- IPO lockup expires and the intention is still to follow as a REIT for 2025. Just want to see, are there any specific management sales that either need to occur that we should be on a lookout for to satisfy that status?

很好。另外，Miles，你今天提到，IPO 的鎖定期到期，而公司仍打算在 2025 年以 REIT 身分運作。我想確認一下：為了符合該身分，是否有任何特定的管理層出售需要發生、我們應該留意？

Yes. So there's not a management sale necessarily required for the -- at the time of this expiration of the lockup. However, to meet the REIT 550 rules, there will be, what I would say, an orderly sell-down that we're working to make that happen. And then that -- we have a few months to make that happen. And we're in -- we got an adviser we've retained a help with that.

是的。所以，在這次鎖定期到期時，並不一定需要管理層出售。不過，為了符合 REIT 550 規則，我們會進行我所說的有秩序的減持（sell-down），我們正在推動讓這件事發生。而且——我們有幾個月的時間可以完成。我們也已聘請顧問協助處理。

And so I fully expect that, that will be done in an orderly fashion. Nick, but that's been there from day one. And now is the time that we're focusing on getting that executed. Obviously, I'm the -- my family is the problem. Today, we own about 38% of the company.

因此我完全預期，這件事會以有序的方式完成。Nick，但這從第一天起就一直存在。而現在正是我們專注把它落實執行的時候。顯然，我——我的家族才是問題所在。今天，我們持有公司約38%的股份。

what I would hope to achieve can't promise that if our family has to sell down it needs to be to an accretive buyer. And what I mean by that is I want 1 plus 1 on the sell-down to equal 3 or 4. And that's why we've hired an adviser to help us find which acquirer of a block. And frankly, I don't want to sell down hardly anything at all, especially at these levels. But if we're going to do it, I want it to be something that adds something to the brand of Fermi.

我希望達成的目標——我不能保證——如果我們家族必須減持，那必須賣給能帶來增值的買方。我的意思是，我希望這次減持能做到1加1等於3或4。這也是為什麼我們聘請了顧問來協助我們尋找適合承接這一大筆股份的收購方。坦白說，我幾乎一點都不想減持，尤其是在目前這個價位水準。但如果我們要做，我希望它能為Fermi的品牌帶來加值。

So that is our goal there. And we did -- I don't know if we signed it, but we definitely verbally agreed to hire an adviser to run a process that, again, becomes an accretive transaction that all are excited about versus the dilutive sell-down of my family's position.

所以這就是我們在這方面的目標。而且我們確實——我不確定是否已簽字，但我們肯定已口頭同意聘請顧問來主導一個流程，使其再次成為一筆能帶來增值、讓各方都感到興奮的交易，而不是我家族持股被稀釋式的減持。

Skye Landon, Rothschild & Company.

Skye Landon，Rothschild & Company。

Coming back to the tenant questions. Clearly, a few months ago, we were talking about kind of one client taking the full first kickoff. And now it seems like you're potentially balancing trying to keep multiple parties happy. So just wondering if that first gigawatt maybe split into multiple multiple tenants taking smaller kind of megawatt numbers or not or kind of what you see the base goes from here?

回到租戶的問題。很明顯，幾個月前我們還在談，某一個客戶可能會承接第一階段的全部啟動容量。而現在看起來你們可能在平衡、試圖讓多方都滿意。所以我想問，第一個1吉瓦是否可能拆分給多個租戶、每個租戶承接較小的兆瓦數，還是不會？或者你們認為接下來的基礎配置會怎麼走？

And then secondly, you mentioned that pricing was remaining in the same ballpark as previously, but just wondering if the structure of rental revenue is kind of ahead of operational shelves is still going to be the same structure as previously? Or if various different conversations with new potential tenants is potentially changing this.

第二，你提到定價仍大致維持在先前的區間，但我想問租金收入的結構——也就是相對於營運機櫃（shelves）的提前程度——是否仍會維持與先前相同的結構？或者與新的潛在租戶進行的各種不同對話，是否可能正在改變這一點。

My strong -- first of all, there's no one that wants less than 200 megawatts. I mean we're trying to talk them down. We'd rather do 500, 200-megawatt deals. If you ask us when we run our calculations that is the right -- that's great. And the problem we get -- not problem, the opportunity we've got is we've got 2.3 gigawatts with the F-class units on their way.

我強烈——首先，沒有任何一方想要少於200兆瓦。我的意思是，我們反而在試著把他們談下來。我們寧可做500、200兆瓦的交易。如果你問我們，從我們的測算來看，那是正確的——那很好。而我們遇到的問題——不是問題，是我們擁有的機會——是我們有2.3吉瓦，且F級機組正在運送途中。

Our team was in Germany the other day, and two of them were in the loading dock. So hey, our goal is I don't think we get away with three tenants for the first two would be victory. And I think we only get away with two.

我們團隊前幾天在德國，其中兩台已經在裝卸碼頭了。所以，嘿，我們的目標是：我不認為第一階段能做到三個租戶；前兩個能拿下就算勝利。而且我認為我們大概只會做到兩個。

Skye, it's Miles. I would just -- I would put it this way. We will likely only do deals 500 plus, and we can do that. So it's allocation can allocate the initial commitments, right, over that 2-point-plus thing about that Toby referred to. The real question for me in these discussions is -- they all want rofers on future quantum of energy, and you got to not just look at the initial allocation, but also ore you allocating the ROFR so that you comply with any ROCs that we would commit to.

Skye，我是Miles。我會這樣說。我們很可能只會做500以上的交易，而且我們做得到。所以在配置上，可以把初始承諾分配到Toby提到的那個2點多吉瓦的容量上，對吧。對我而言，這些討論中的真正問題是——他們都想要未來能源量的優先承購權（ROFR），你不能只看初始配置，還要看你如何配置ROFR，才能符合我們可能承諾的任何ROCs。

And in terms of the pricing, it's the same as we said. I think we're getting more involved in the MEP -- I'm not saying we're getting in the MEP business, but we are wanting to make sure we're solving all of our clients' problems. So not a change in strategy, but enhancing the services that we provide to our customers.

至於定價，跟我們之前說的一樣。我認為我們在MEP方面會更深入參與——我不是說我們要進入MEP業務——但我們希望確保能解決客戶的所有問題。所以策略沒有改變，而是強化我們提供給客戶的服務。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

And congrats on your progress today. With respect to your prospective tenant list, could you add -- could you perhaps add color on how this list has evolved since your air permit was finalized?

也恭喜你們今天的進展。就你們的潛在租戶名單而言，你能否——能否補充一些細節，說明自從你們的空氣許可（air permit）定案後，這份名單是如何演變的？

I didn't hear the last part. I heard air permit. That's my favorite word.

我沒聽清最後那部分。我聽到空氣許可。那是我最喜歡的詞。

Yes. No, just could you speak to how list has evolved since your air permit has been finalized?

是的。不，我是想問你能否談談，自從空氣許可定案後，名單是如何演變的？

The tenant list didn't change. The engagement changed dramatically. And basically, the best way I can describe it is shoppers became buyers, mean it is one of the largest air permits ever. I think the largest gastrogen project is in Florida. It's only 3.5 gig.

租戶名單沒有變。互動程度則發生了巨大變化。基本上，我能形容的最佳方式是：逛逛的人變成了買家；這是史上最大的空氣許可之一。我認為最大的燃氣發電專案在佛羅里達。也只有3.5吉瓦。

We're at 6. I think, as you all know, we filed for an additional 5. I mean we're looking at being the place where you can have the largest gas generation set on the planet. And I think the C-suites across all of our customers immediately got concerned is, hey, we better get why they're getting is good to use our West Texas freight.

我們是6。我想各位都知道，我們又申請了額外的5。我的意思是，我們正在朝向成為地球上可以部署最大燃氣發電組合的地方。我認為我們所有客戶的高層（C-suite）立刻就擔心：嘿，我們最好趁他們目前的優勢還在時趕快卡位，利用我們西德州的運力。

Great. And then for my follow-up, with regard to the emergence of modular MEP development, what is the base unit in general on this module operations? And to what degree can they accelerate time to power?

很好。那我的追問是，關於模組化MEP開發的興起，這些模組化營運的一般基礎單元是什麼？以及它們在多大程度上能加速通電（time to power）？

I went to the Schlumberger factory in Shreveport, gosh, Fermi. Six weeks doesn't sound like that long ago, but Fermi six weeks, six years at most companies. But I think it's game changing. And I think it's going to dramatically -- dramatic. I don't believe we're going to be talking stick building MEP in a year.

我去過位於什里夫波特（Shreveport）的斯倫貝謝（Schlumberger）工廠，天啊，Fermi。六週聽起來不算久，但在Fermi，六週在大多數公司相當於六年。但我認為這將改變遊戲規則。而且我認為它會大幅——非常顯著。我不相信一年後我們還會在談用傳統工地現場搭建（stick building）的方式來做MEP。

I really don't. It's just such a transformational way and a much more cost-effective way to build an EP. We're going to plug and play MEP into power shell. That's what the business is going to go to. I'm sure if I say I'll let you go see their factory, and I know there's a couple of other companies.

我真的不這麼認為。這是一種極具變革性、而且成本效益高得多的方式來建造EP。我們會把MEP以即插即用（plug and play）的方式接入電力外殼（power shell）。這就是這個行業將走向的方向。我敢肯定，如果我說我會讓你去參觀他們的工廠，而且我知道還有幾家其他公司。

But I mean, (inaudible) one minute to realize, wow, We're trying to get (inaudible) to build a factory next to us.

但我的意思是，（聽不清）只要一分鐘就會意識到：哇，我們正試著讓（聽不清）在我們旁邊建一座工廠。

Joe Brent, Liberum.

Joe Brent，Liberum。

Two questions, if I may. Firstly, you talked earlier about cash burn, and I understand there are different scenarios. But can you just give us the parameters of what the cash burn might be in FY '26? And secondly, related to that, I think you've got $885 million of equipment financing percent, which I understand is currently non-recourse -- could you indicate at what point, if ever, that comes on to the balance sheet? And then related to both those reminders of the funding structure.

如果可以的話兩個問題。第一，你先前談到現金消耗（cash burn），我理解有不同情境。但你能否給我們FY '26現金消耗可能的區間參數？第二，相關地，我想你們有8.85億美元的設備融資，我理解目前是無追索權（non-recourse）——你能否說明在什麼時點（如果有的話）它會進入資產負債表？然後也請就這兩點，提醒一下整體資金結構。

Well, first of all, on the cash burn, I'd like to tell people that I'm an aggressive personality but a financial (inaudible). And we do have a standing call every day at 4:00, Eastern (inaudible) where we review the cash position on a daily basis on the recourse. And I focus on it pre-tenant, meaning again, gross of personality, financial (inaudible). Miles, I don't -- I'm not aware that any of it comes on to the balance sheet.

嗯，首先，關於現金消耗，我想告訴大家，我個性很強勢，但在財務上是（聽不清）。我們每天東部時間4點都有一通固定電話會議（聽不清），我們會以每日為頻率檢視有追索權部分的現金部位。而且我在租戶進來之前就會盯緊它，也就是說，再次強調，撇開個性，我在財務上（聽不清）。Miles，我不知道其中任何一部分會進入資產負債表。

It doesn't come on to the holdco balance sheet. And then on the cash burn, we're running what does it look like? Cash burn from a pre tenant signing perspective, and we've got plenty of cash from that perspective. And then once we have the tenant will be the project finance and obviously, at that point, there's plenty of cash to finance the first tenant contract and finish out the deployment and commissioning of the gen sets.

它不會出現在控股公司（holdco）的資產負債表上。然後關於現金消耗（cash burn），我們目前的狀況看起來如何？從尚未簽署租戶的角度來看，我們的現金消耗情況，而且就這個角度而言，我們有充足的現金。而一旦我們有了租戶，就會採用專案融資（project finance），而且顯然在那個時間點，會有足夠的資金來支應第一份租戶合約，並完成發電機組（gen sets）的部署與試運轉（commissioning）。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So Miles, early on in the call, you addressed potential for asset relinquishment to reserve cash flow. Can you provide a little bit more color on how that might play out assets that are sort of on that list? Anything more you can add to that topic.

所以 Miles，在電話會議一開始，你提到為了保留現金流而可能放棄資產的可能性。你能否再多補充一些細節，說明這可能會如何發展、哪些資產大概會在那份清單上？關於這個主題，你還能補充些什麼嗎。

Yes. Let's be clear, Rich. That is not our intention whatsoever, and we don't see that happening. But when you think through all potential scenarios, right, you say, what are the levers I have to pull that would be one lever if we had to. But right now, we don't have any plans to do it, but it would -- if you had to do it, you would do it with a gen set or two because there's plenty of demand.

是的。Rich，我們先講清楚。那完全不是我們的意圖，我們也不認為會發生。但當你把所有可能情境都想過一遍時，對吧，你會說，我有哪些可以拉動的槓桿？如果真的不得已，那會是一個槓桿。但目前我們沒有任何計畫要這麼做；不過如果你非做不可，你可能會用一兩台發電機組來做，因為需求非常充足。

I mean we get lots of inbound calls as to whether or not we would move our equipment to somebody else with no interest in doing that. I only mentioned it because well, and it's only prudent to say what are the levers if you got to pull different levers, what do I have?

我的意思是，我們收到很多主動來電，詢問我們是否願意把設備移到別人那裡，我們完全沒有興趣這麼做。我之所以提到，只是因為——嗯——審慎起見，你得想如果必須拉不同的槓桿，我有哪些槓桿可用？

So I would not want anyone to think that that's on our list of things to do. at this juncture given what we see on the tenant front, the timing of everything. But I don't even like talking about it. These genset are incredibly valuable. And I would auction off my two boys first before I would let one of these gen sets go.

所以我不希望任何人以為那是我們待辦清單上的事項，在目前這個階段，考量我們在租戶端看到的情況以及整體時程。但我甚至不喜歡談這個。這些發電機組（genset）非常有價值。在我放掉其中一台發電機組之前，我會先把我兩個兒子拿去拍賣。

And probably the dumbest thing I've ever done is even before we got the tech lease, my family basically committed to buy those SGT 800s. So I did basically auction off my children's future for that. So it's the worst thing that -- like I said, my boys will be auctioned off first, and then we'll look at the gen sets.

而且可能是我做過最蠢的事：甚至在我們拿到科技租約（tech lease）之前，我的家人基本上就承諾要買那些 SGT 800。所以我等於是把我孩子的未來拿去拍賣來做這件事。所以這是最糟的——就像我說的，我會先拍賣我兒子，然後才會考慮發電機組。

Well, that's love. Okay. Second question is on the land lease -- ground lease. What must be in place by this date or that date from a power resource perspective or tenant or whatever it is that satisfies any sort of requirements around maintaining your position --

嗯，那是真愛。好。第二個問題是關於土地租約——地面租約（ground lease）。從電力資源、租戶或其他角度來看，在某個日期之前必須具備哪些條件，才能滿足任何關於維持你們權益地位的要求——

It is a notice to proceed to begin construction. So we don't have to have anything built which means we're further ahead. But yes, we don't have to have an actual data center. We have to have a tenant and an agreement with that tenant, and it has to be 200 megawatts. And I'm not going to diminish that -- it would be hard to get 200-megawatt deal because no one wants that little power -- to be clear, that's by 12:30 on two.

那是一份開工通知（notice to proceed）以開始施工。所以我們不必先把任何東西建好，這表示我們其實更超前。但沒錯，我們不需要有一座實際的資料中心。我們必須有一個租戶，並且與該租戶簽有協議，而且必須是 200 兆瓦。我不會淡化這件事——要拿到 200 兆瓦的案子會很難，因為沒有人想要那麼小的電力——講清楚，是在 2 號 12:30 之前。

Andrew Fisher, Berenberg.

Andrew Fisher，Berenberg。

A few has already been answered, but I just had one follow-up just on the sort of re-tenant cash or investment requirements. Could you maybe just give a little bit more color of, say, the turbines that you already have in your possession, where you've already got the foundations being installed.

有幾個問題已經被回答了，但我還有一個追問，主要是關於重新引入租戶（re-tenant）所需的現金或投資需求。你能否再多補充一些細節，例如你們已經持有的渦輪機，以及你們已經在安裝基礎的那些。

Could you give us a rough idea about what remaining CapEx is needed just to get those installed to sort of get you there ready for the first tenant or if you can't give an absolute number, maybe an idea of the sort of percentage of the overall capital cost of those projects. I assume most of the heavy lifting has already been done, but it would just be good to get an idea, please.

你能否大致說明，為了把那些安裝完成、讓你們準備好迎接第一個租戶，還需要多少剩餘資本支出（CapEx）？或者如果你不能給出絕對數字，能否提供一個大概占整體資本成本的百分比概念。我假設大部分繁重工作已經完成，但如果能有個概念會很有幫助，謝謝。

Okay. We're working on the the actual calculations on the foundations for the Flash units. Again, two of them, it's a wonderful picture. I hope we put it on the website so people can see the the F-class units, I want to get those foundations installed. The site's cleared, the Geotech done, there are only 1,300 of square feet per generator.

好的。我們正在進行 Flash 機組基礎的實際計算。同樣地，是兩台，畫面非常棒。我希望我們把它放到網站上，讓大家可以看到那些 F 級（F-class）機組；我想把那些基礎裝好。場地已清理、地工（Geotech）也完成了，每台發電機只需要 1,300 平方英尺。

I don't have the numbers for those. We have those out for bid literally right now. And if you're over here after this call, we're going to be the day how much money does as the foundation we need to complete the SGT-800s -- and let me -- I don't think it should cost more than $10 million. But I would put that one in a source of consternation and debate at Fermi America.

我手上沒有那些數字。我們現在真的正在招標。而且如果你在這通電話後到我們這邊來，我們今天就會討論：完成 SGT-800 所需的基礎到底要多少錢——我先說——我認為成本不應該超過 1,000 萬美元。但我會把這個列為 Fermi America 內部令人憂心與爭論的來源之一。

I'd like to get those SGT-800 instead of sitting in Houston, they need to come home to Amarillo and it makes no sense to have those have class units sitting in an expensive storage facility. I'm really zoned in on the foundations -- we've got an additional extension on our deal with Excel that I think is kind of $8 million or $10 million-ish. I think it should cost $4. I think you're going to get a theme that the CEO says everything should cost out of what he's currently being quoted.

我希望那些 SGT-800 不要再放在休士頓，它們需要回到阿馬里洛（Amarillo）；把那些 H 級（H class）機組放在昂貴的倉儲設施裡毫無意義。我真的把重點放在基礎上——我們與 Excel 的合約又延長了一段，我覺得大概是 800 萬或 1,000 萬美元左右。我覺得應該只要 400 萬。我想你會看到一個主題：CEO 覺得所有事情都應該比他目前拿到的報價更便宜。

(Operator Instructions)

（接線員指示）

Ladies and gentlemen, this does conclude today's Q&A session and will also conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

各位女士、先生，今天的問答環節到此結束，今天的電話會議也將結束。您現在可以掛斷電話線，感謝各位的參與。