HIVE Digital Technologies Ltd (HIVE) 2025 Q4 法說會逐字稿

Hello, everyone. Welcome to today's webcast on HIVE Digital Technologies financial results for the quarter and year ended March 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE, and I'll be your moderator for today's call. Before we get started, on Slide 2, I would like to briefly note the disclosures for today's presentation. Except for statements of historical fact, this presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Words such as expects, believes and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them, except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at www.sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and free cash flow. Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight, and they are presented for supplemental purposes only and should not be considered in isolation from GAAP results. Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release and Form 8-K furnished to the SEC. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, Chief Financial Officer. I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank?

大家好。歡迎收聽今天的網路廣播，以了解 HIVE Digital Technologies 截至 2025 年 3 月 31 日的季度和年度財務表現。我叫 Nathan Fast，是 HIVE 的行銷和品牌總監，我將擔任今天電話會議的主持人。在我們開始之前，我想在第 2 張投影片上簡要介紹一下今天簡報的揭露內容。除歷史事實陳述外，本簡報還包含美國 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。諸如期望、相信和類似的表達方式可以識別這些陳述。實際結果可能有重大差異，除非法律要求，否則我們不承擔更新結果的義務。有關風險因素的完整討論，請參閱我們最近提交給美國證券交易委員會 (SEC) 的文件，網址為 www.sec.gov。除了討論根據公認會計準則 (GAAP) 計算的績效外，我們還將參考某些非公認會計準則 (Non-GAAP) 財務指標，包括調整後息稅折舊攤銷前利潤 (EBITDA)、調整後淨利潤和自由現金流。管理層使用這些指標來評估營運業績，並相信它們為投資者提供了額外的見解，這些指標僅用於補充目的，不應與 GAAP 結果分開考慮。本簡報的附錄以及提交給美國證券交易委員會的新聞稿和 8-K 表中均包含與最接近的 GAAP 指標的對帳。在下一張幻燈片中，我很高興介紹今天的演講者：董事長弗蘭克·霍姆斯 (Frank Holmes)、總裁兼首席執行官艾登·基利克 (Aydin Kilic) 和首席財務官達西·道巴拉斯 (Darcy Daubaras)。現在，我想將演講交給弗蘭克·霍姆斯先生，讓他對本季進行宏觀回顧。坦率？

Thank you, Nathan. So let's do a macro recap, starting the big picture, the transformative year, the most incredible year in HIVE's history. I -- when it first went public, become the first crypto mining company, and it's really quite impressive how the team is gelling. And let me walk you through why this is a transformative year for HIVE. Next. Next visual really is important for investors to understand the concept that they say that Bitcoiners buy the dip, stack the coins and hold on for dear life. Well, clearly, what you can see here is the daily volatility of HIVE is greater than Bitcoin.

謝謝你，內森。因此，讓我們進行宏觀回顧，從大局開始，這是變革的一年，也是 HIVE 歷史上最不可思議的一年。當它首次上市時，它成為了第一家加密貨幣挖礦公司，而團隊凝聚力確實令人印象深刻。讓我來告訴你們為什麼今年對 HIVE 來說是改變的一年。下一個。接下來的視覺效果對於投資者理解他們所說的比特幣持有者逢低買入、囤積比特幣並堅持持有的概念確實很重要。好吧，很明顯，您可以在這裡看到 HIVE 的每日波動性大於比特幣。

And MicroStrategy, now called Strategy, is double what Bitcoin is on a daily basis. And over 10 days, it's even more so. So it's really important when you look at HIVE, and we have lots of people like to try to trade like Bitcoin, et cetera; it's almost like you want to buy, if it's up 5% in a day, that's not the best day. But if it was down 5%, the math says it's time to buy. And that's really contrary to how most people think, except where I found that the Bitcoin ecosystem has the sort of concept that talks about it so often everywhere, everyday, Reddit, X, LinkedIn.

而 MicroStrategy（現稱為 Strategy）的每日平均價格是比特幣的兩倍。而超過 10 天，情況就更是如此。因此，當你查看 HIVE 時，這一點非常重要，我們有很多人喜歡嘗試交易比特幣等；這幾乎就像你想買一樣，如果一天上漲 5%，那就不是最好的一天。但如果下跌了 5%，那麼數學計算表明現在是買入的時候了。這確實與大多數人的想法相反，但我發現比特幣生態系統有一個概念，人們每天都在Reddit、X、LinkedIn等各處談論它。

Next, please. Well, I mentioned this is a transformative year. But to make it a transformative year, you need great leadership. And HIVE has expanded as senior leadership. And two of the key people that are helping scale our business is Craig Tavares. As Craig has a tremendous experience in Canada and building data centers, in particular, to run Buzz, be the President, which he is the Chief Operating Officer.

有請下一位。嗯，我提到過這是改變的一年。但要讓今年成為改變之年，你需要卓越的領導力。並且 HIVE 已擴大為高階領導層。幫助我們擴大業務的兩位關鍵人物是 Craig Tavares。由於 Craig 在加拿大和資料中心建設方面擁有豐富的經驗，特別是經營 Buzz，他擔任總裁，同時也擔任營運長。

And so we take a look in the past six months, the run rate of our HPC, high-performance computing business, using NVIDIA chips has doubled. The run rate has doubled and it will double again. And you see that we made a serious press release this week on a major acquisition in Toronto, which is the financial capital of Canada, the biggest city in Canada with tremendous infrastructure, intellectual capital, universities. [Noble Lord] for AI last year was from the University of Toronto.

回顧過去六個月，我們發現使用 NVIDIA 晶片的 HPC（高效能運算）業務的運作率翻了一番。運行率已經翻倍，而且還會再翻倍。大家可以看到，我們本週發布了一篇重要的新聞稿，宣布了在多倫多的一項重大收購。多倫多是加拿大的金融之都，也是加拿大最大的城市，擁有雄厚的基礎設施、智力資本和大學。去年，[尊敬的勳爵]在人工智慧領域的研究成果來自多倫多大學。

So having him join our team is just a wonderful statement about HIVE and what we're doing. And then to build and acquire assets in Paraguay and acquire Bitfarms assets and [FastTrack], we were able to have Gabriel Lamas to join the team, electrical engineer, a person with tremendous high-voltage electricity experience and understands the country. And his father's an engineer, so that it's really deep in the bones and muscles of people like Gabriel to lead the charge, and he's been doing a spectacular run so far this year that our growth rates have shocked a lot of people that didn't expect us to be able to scale as fast as we're doing. Next please. I love this video as a short-term -- a short clip of drone going over the new assets that we have, has helped us surpass 11 exahash.

因此，他加入我們的團隊是對 HIVE 和我們所做工作的絕佳證明。然後，為了在巴拉圭建立和收購資產，並收購 Bitfarms 資產和 [FastTrack]，我們邀請了 Gabriel Lamas 加入團隊，他是一名電氣工程師，擁有豐富的高壓電力經驗，並且了解這個國家。他的父親是工程師，所以像加布里埃爾這樣的人骨子裡就有一種領導才能，今年到目前為止，他的業績非常出色，我們的增長率讓很多人感到震驚，他們沒想到我們能夠以如此快的速度擴張。有請下一位。我喜歡這個視頻，因為它是一個短視頻——無人機的短片介紹了我們擁有的新資產，幫助我們超越了 11 exahash。

If you recall a year ago, it was less than four exahash. So it's moving and it's [proving]. And it's very exciting that we're a serious investor in the country of Paraguay, and there's lots of other positive developments happening with the country. So you can see from this other picture with Aydin Kilic, our CEO; and Mr. Lamas -- Gabriel Lamas, big guy, 6'4 and all the muscle that's needed to scale our business. And the other person is a real important wingman for him in running the facilities, is in between Aydin and Gabriel, that's Carlos. So we're really happy where we're taking the business.

如果你還記得的話，一年前，它還不到四艾哈邁德。所以它在移動，而且[證明]。我們很高興成為巴拉圭的認真投資者，而且該國正在發生許多其他積極的發展。因此，您可以從另一張照片中看到我們的執行長 Aydin Kilic 和 Lamas 先生——Gabriel Lamas，身材高大，身高 6 英尺 4 英寸，擁有擴大我們業務所需的所有肌肉。另一個人是他管理設施的真正重要助手，位於艾登和加布里埃爾之間，他是卡洛斯。因此，我們對目前的業務發展感到非常滿意。

Next, please. Scaling. We're doing as hash rate with tremendous discipline, well organized, building beautiful campuses. We've also been adding air conditioning to all the kids schools that are near us because they have electricity, but they do not have the air conditioning that's necessary. So we've gone ahead as part of our strategy to be involved with the community. And we've lit up the downtown of Valenzuela, where we are for 100 megawatts. So now women and children are safe in the streets at night and the mayor has been -- very, very positive response from helping light up the streets.

有請下一位。縮放。我們以極強的紀律性、良好的組織性進行哈希率工作，建造美麗的校園。我們還為附近的所有兒童學校安裝了空調，因為他們有電，但沒有所需的空調。因此，作為我們策略的一部分，我們將繼續參與社區活動。我們為瓦倫瑞拉市中心提供了 100 兆瓦的照明。所以現在婦女和兒童晚上在街上是安全的，市長對幫助照亮街道做出了非常非常積極的反應。

Next, please. So this is another simple visual. HIVE's future hash rate growth is going to double again by American Thanksgiving. And taking from 11 exahash scaling at 25, what's going to happen here is margin expansion. In particular, the revenue will grow substantially and Bitcoin at $100,000, the revenue can be over $400 million on a run rate. But when we look at the margins of what we're having, they will expand substantially. On a historical basis, that's what scaling is about. So it's not to forget what we're doing in the Bitcoin ecosystem.

有請下一位。這是另一個簡單的視覺效果。到美國感恩節時，HIVE 未來的哈希率增長將再次翻倍。從 25 的 11 exahash 擴展來看，這裡將會發生邊際擴張。特別是營收將大幅成長，如果比特幣價格達到 10 萬美元，營收按運行率計算可以超過 4 億美元。但當我們看看我們所擁有的利潤時，它們將大幅擴大。從歷史角度來看，這就是擴展的意義。所以，不要忘記我們在比特幣生態系統中所做的事情。

Bitcoin a year ago was $65,000 average price, now [$100,000]. And two years ago, it was $25,000. So it's interesting to see, it's continued to grow, and we're now scaling with it. Next, please. The HPC, the high-performance computing business, is still exploding. I'm right now in Boston, I'm at MIT with 100 CEOs from 50 countries, Bootcamp AI and seeing how you build a business model what used to take weeks, now take hours. So it's been very exciting. And it is on the backdrop of this visual when [OpenShot] came out in November of '22, it exploded with 1 million users. And very quickly, it was 100 million users. Unprecedented growth at the magnitude.

一年前比特幣的平均價格為 65,000 美元，現在[10萬美元]。兩年前，這個數字是 25,000 美元。所以有趣的是，它一直在持續成長，我們現在也隨之擴大規模。有請下一位。HPC，即高效能運算業務，仍在蓬勃發展。我現在在波士頓，在麻省理工學院，與來自 50 個國家的 100 位 CEO 一起參加 Bootcamp AI，了解如何建立一個商業模式，而過去需要數週時間，現在只需幾個小時。所以這非常令人興奮。正是在這種視覺背景下，當 [OpenShot] 於 2022 年 11 月推出時，它的用戶數量就激增至 100 萬。很快，它的用戶就達到了 1 億。成長幅度之大前所未有。

And now it has a run rate of about 500 million users and so many on the $20 a month. And then there's the enterprise system that OpenAI's annual run rate as of June now is $10 billion and some expect it to be $1 billion a month by December of '25. So HIVE is positioned and HIVE is growing with a spectacular growth in AII. Next, please. So this is a transformative year. HIVE is growing the 4x and revenue to become 3% of the Bitcoin network. HIVE is scaling as HPC AI business, acquiring a 7.2-megawatt Toronto data center, and we'll upgrade that from Bitcoin mining data center because that's all the power that's necessary and all the fiber optics necessary dense fiber to be able to expand that footprint. We made announcement also, we bought more clusters from NVIDIA.

現在它的運行用戶數已達 5 億，其中許多人每月只需支付 20 美元。然後是企業系統，截至 6 月，OpenAI 的年運行率為 100 億美元，有人預計到 25 年 12 月每月運行率將達到 10 億美元。因此，HIVE 定位明確，並且隨著 AII 的驚人增長而不斷成長。有請下一位。所以這是改變的一年。HIVE 的收入成長了 4 倍，佔據了比特幣網路的 3%。HIVE 正在擴展 HPC AI 業務，收購一個 7.2 兆瓦的多倫多資料中心，我們將從比特幣挖礦資料中心升級它，因為這是必要的全部電力和所有必要的光纖密集光纖，能夠擴大該覆蓋範圍。我們也宣布，我們從 NVIDIA 購買了更多叢集。

So I HIVE is also in this transformative year of expansion. It's gone through its move to Texas' head office. But more important, the HIVE has transitioned now from IFRS accounting reporting to US GAAP. And that has been a tremendous amount of work on the accounting team, is transformative for us because it allows you to compare HIVE to mostly other US Bitcoin miners on an equal footing simple basis. Next, please. HIVE value bump in the upside potential. I think by November, targeting 25 exahash. When you look at it, the peer average valuation is $100 million per exahash.

因此，I HIVE 也正處於轉型擴張的一年。它已將總部遷至德克薩斯州。但更重要的是，HIVE 現在已經從 IFRS 會計報告過渡到 US GAAP。這對會計團隊來說是一個巨大的工作量，對我們來說具有變革意義，因為它可以讓你以平等、簡單的方式將 HIVE 與大多數其他美國比特幣礦工進行比較。有請下一位。HIVE 價值上漲潛力大。我認為到 11 月，目標是 25 exahash。如果你看一下，你會發現同業的平均估值是每 exahash 1 億美元。

So HIVE's upside potential is 7x, and I think that's why many analysts are calling it $7 to $10 in their forecast for the stock price. Next, please. At a big picture, our year-end is March 31. And Darcy and Aydin will give you a lot of granularity to the quarter. But I want to highlight, it's transformative because we've changed our accounting practices and reporting. And with that, how does it look last year under GAAP? Well, we did about $115 million in revenue, $10 million of that was for the NVIDIA chips. We have for high-performance computing. And that is expanding, as I mentioned, now has a run rate over $20 million, so it's doubled under the leadership of Craig Tavares. And the adjusted EBITDA is around $56 million, and the gross operating margin is about $25 million.

因此 HIVE 的上漲潛力是 7 倍，我認為這就是為什麼許多分析師在預測股價時將其定為 7 至 10 美元。有請下一位。整體來說，我們的年末是 3 月 31 日。Darcy 和 Aydin 將為您提供本季度的詳細資訊。但我想強調的是，它具有變革性，因為我們改變了我們的會計實務和報告。那麼，以 GAAP 計算，去年的情況如何？我們的營收約為 1.15 億美元，其中 1000 萬美元來自 NVIDIA 晶片。我們擁有高效能運算。正如我所提到的那樣，這個數字還在不斷擴大，目前的營運金額已超過 2000 萬美元，在 Craig Tavares 的領導下，這個數字翻了一番。調整後的 EBITDA 約 5,600 萬美元，毛營業利潤約 2,500 萬美元。

Next, please. So some of the largest noncash items in that transformative accounting movement from IFRS to GAAP is depreciation. It's still pretty high, $64 million. And the stock-based compensation was de minimis as compared to our peers, we're a total $11 million. And the revaluation of the digital assets, mark-to-market, will create unrealized losses and gains every quarter in addition to our investments. But some of the stuff is like a $5 million noncash charge for currency volatility. So as we all know, in the past three months, with the tariff war, what's happened to the US dollar, when you're going through these movements in the past year and having operations over nine time zones, five languages, it does create an impact the way GAAP wants you to express those translations. So these are some of those charges, but that's all behind us from an equal footing.

有請下一位。因此，從 IFRS 到 GAAP 的會計轉型中最大的非現金項目之一就是折舊。6400萬美元，這個數字還是相當高的。與我們的同行相比，我們的股票薪酬微不足道，總計 1,100 萬美元。而且數位資產的重新估值，以市價計價，除了我們的投資之外，每季都會產生未實現的損失和收益。但有些東西就像是因貨幣波動而產生的 500 萬美元非現金費用。眾所周知，在過去三個月中，隨著關稅戰的爆發，美元也發生了變化，當你在過去一年中經歷這些變動，並在九個時區、五種語言中開展業務時，它確實會對 GAAP 希望你表達這些翻譯的方式產生影響。這些就是其中的一些指控，但從平等的角度來看，這些指控都已經過去了。

And next, please. So this is the most famous falls. It's in the Western Hemisphere. And very close to it is the largest dam in the Western Hemisphere, partnered between Paraguay and Brazil, and HIVE is leveraging green energy in Paraguay. The movie, The Mission, which made Robert De Niro and Jeremy Irons famous, is one of the top 50 movies by the Vatican to watch because it's based on a true history and has to do with these beautiful, spectacular waterfalls and Catholicism spreading through Latin America. Next, please. So crypto education enthusiasm in Paraguay, there's conferences coming up. The President of the country is also a YPO, member, the Young Presidents' Organization.

接下來有請。這是最著名的瀑布。它位於西半球。而距離它很近的是西半球最大的水壩，由巴拉圭和巴西合作建設，HIVE 正在巴拉圭利用綠色能源。讓羅伯特·德尼羅和傑瑞米·艾恩斯一舉成名的電影《教會》被梵蒂岡列為最值得觀看的 50 部電影之一，因為它取材於真實歷史，並與美麗壯觀的瀑布以及天主教在拉丁美洲的傳播有關。有請下一位。巴拉圭的加密教育熱情高漲，即將召開會議。該國總統也是青年總裁組織 (YPO) 的成員。

And in September, he's hosting event for 150 CEOs around the world on what makes Paraguay interesting and great opportunity to invest in. I've mentioned this before that Paraguay is very much aligned with America in many ways, and the President of the country went to the University of Columbia, New York City, also worked for the World Bank. So he really understands American institutions and global institutions. And he's done a great job in having the country's currency go through an upgrade in the rating and the value of how they're running their country.

9 月份，他將為來自世界各地的 150 位執行長舉辦活動，探討巴拉圭的有趣之處以及絕佳的投資機會。我之前提到過，巴拉圭在許多方面都與美國非常一致，該國總統曾就讀於紐約哥倫比亞大學，也曾在世界銀行工作。所以他確實了解美國機構和全球機構。他出色地完成了工作，提升了該國貨幣的評級，也提升了該國治理水準的價值。

But nothing is greater than right now, is all the money we're putting in. And Bitcoin mining means he's going to get US dollars every month, and that's very important because -- and their utility energy companies owned by the government and having stable fiscal policies come from stable income. And so we're thrilled to be part of that growth. Next, please. In Paris, I recently spoke and I said, HIVE is not here to chase quarters. We're here to build decades of digital infrastructure and decentralized freedom. We mine Bitcoin not for today's price, but for tomorrow's paradigm shift. Now I'd like to turn it over to our CEO, Aydin Kilic. Thank you.

但沒有什麼比現在更偉大的，就是我們投入的所有資金。而比特幣挖礦意味著他每個月都會獲得美元，這非常重要，因為——他們的公用事業能源公司歸政府所有，並且擁有穩定的財政政策，從而獲得穩定的收入。因此，我們很高興能夠成為這一成長的一部分。有請下一位。我最近在巴黎演講時說，HIVE 來這裡不是為了追逐利益。我們在這裡是為了建造數十年的數位基礎設施和分散的自由。我們挖掘比特幣不是為了今天的價格，而是為了明天的典範轉移。現在我想把發言權交給我們的執行長 Aydin Kilic。謝謝。

All right. Thank you, Frank, for that intro. Let's have an overview of the year-to-date as well as some highlights from recent milestones. So it's been a stellar year for HIVE. The headline is $56 million of adjusted EBITDA. We're trading at a $350 million market cap. And by the way, we have over $60 million of Bitcoin on the balance sheet, 610 Bitcoin in the treasury $56 million of adjusted EBITDA on $115 million total revenue. So I think HIVE is an incredibly attractive buy, especially with a strong catalyst to growth this year. Our revenue was $105 million from Bitcoin mining and $10 million of HPC AI revenue. We did hit $20 million ARR in May. So this will continue to grow as we expand our HPC strategy, $25 million in gross operating margin. So it has been a strong year, considering we navigated the halving. This is -- our fiscal year is starting from March 31. So this year are effectively all post-halving economics. So I want to point that out. A lot of our peers had a December 31 year-end, ours is March 31.

好的。謝謝弗蘭克的介紹。讓我們回顧一下今年迄今為止的情況以及近期里程碑的一些亮點。對 HIVE 來說，這是輝煌的一年。標題是調整後的 EBITDA 為 5600 萬美元。我們的市值為 3.5 億美元。順便說一下，我們的資產負債表上有超過 6,000 萬美元的比特幣，國庫中有 610 比特幣，調整後的 EBITDA 為 5,600 萬美元，總收入為 1.15 億美元。因此，我認為 HIVE 是一個非常有吸引力的購買對象，尤其是今年它具有強大的成長催化劑。在我們的收入中，有 1.05 億美元來自比特幣挖礦，1,000 萬美元來自 HPC AI 收入。我們五月的 ARR 確實達到了 2000 萬美元。因此，隨著我們擴大 HPC 策略，這一數字將繼續成長，毛營業利潤將達到 2,500 萬美元。因此，考慮到我們順利度過了減半，這是強勁的一年。我們的財政年度從 3 月 31 日開始。因此，今年其實都是經濟減半後的一年。所以我想指出這一點。我們許多同儕的年末是 12 月 31 日，而我們的年末是 3 月 31 日。

So this is effectively full post-halving mining economics. And by the way, 53% net cash and Bitcoin per share. We're trading at $1.75 today. And we've realized 22% ROIC in the last 12 months. So I think we've done a phenomenal job navigating post-halving economics, which are bearish, of course. And as the industry gets ready to torque up, I think it's going to be a phenomenal year for HIVE. Let's jump into it. So again, how do we realize these numbers? We prioritized ROIC in our capital deployment strategy. We've got prudent stable growth across cycles bear and both. We mined over 1,400 Bitcoin in this fiscal year. By the way, we hit 11.5 exahash in June, and we've been mining 5.5 Bitcoin daily since.

因此，這其實是減半後完整的挖礦經濟學。順便說一下，每股淨現金和比特幣為 53%。我們今天交易的價格是 1.75 美元。過去 12 個月，我們的投資資本回報率 (ROIC) 達到了 22%。因此，我認為我們在應對減半後的經濟狀況方面做得非常出色，當然，這是不利的。隨著產業準備加速發展，我認為這對 HIVE 來說將是非凡的一年。讓我們開始吧。那麼，我們要如何實現這些數字呢？我們在資本配置策略中優先考慮投資資本報酬率 (ROIC)。我們在各個週期和時期都實現了審慎穩定的成長。本財年我們開採了超過 1,400 個比特幣。順便說一句，我們在 6 月達到了 11.5 exahash，從那時起我們每天挖掘 5.5 個比特幣。

So we are doing $600,000 a day revenue right now. We're at a $200 million ARR. That $600,000 is about 550 on the Bitcoin and over $50,000 a day on -- closer to over 60 actually on the HPC business, so $200 million in annualized revenue. We'll be at approximately 3% of the global Bitcoin mining network when we hit 25 exahash. And of course, we've got our vertically integrated HPC strategy, where we're building and operating Tier 3 data centers as well as the GPU cloud, [NVIDIA] cloud partner. We're targeting high-value contracts on our HPC business, we've got over 5,000 GPUs right now in our GPU cloud, and we had that $20 million ARR figure.

所以我們現在每天的收入是 60 萬美元。我們的 ARR 為 2 億美元。這 60 萬美元中，約有 550 萬美元用於比特幣，每天超過 50,000 美元 — — 實際上接近 60 多美元用於 HPC 業務，因此年收入為 2 億美元。當我們達到 25 exahash 時，我們將佔據全球比特幣挖礦網路的約 3%。當然，我們有垂直整合的 HPC 策略，我們正在建置和營運 Tier 3 資料中心以及 GPU 雲端、[NVIDIA] 雲端合作夥伴。我們的目標是 HPC 業務的高價值合同，目前我們的 GPU 雲端中已有超過 5,000 個 GPU，並且我們的 ARR 數字為 2,000 萬美元。

Let's jump into the next slide. Here's an overview of the Bitcoin mining footprint. 440 megawatts of green energy globally between Sweden, Canada and of course, Paraguay. As mentioned, we've been mining 5.5 Bitcoin per day since we hit our 11.5 exahash target. We're over 1% of the network today. That's today. And we're scaling on track to get to 25 exahash by this fall. We're hoping to get the benefit of the [doubt] multiple that some of our peers get because we brought on an exahash per week for 5 weeks in a row as we grew from six exahash to 11 exahash last month. Check out the press releases, we put out a press release every single time we hit an exahash. And again, we've accomplished this with a disciplined ROIC strategy. Last December, we announced our landmark purchase with Bitmain at $14 a terahash for the S21+ Hydro as well as we have some air-cooled units. Those are coming online. We targeted sub-1-year ROI on these ASICs at $55 hash price after a $0.05 cost in our model.

讓我們進入下一張投影片。以下是比特幣挖礦足跡的概述。瑞典、加拿大，當然還有巴拉圭，全球共有 440 兆瓦的綠色能源。如上所述，自從我們達到 11.5 exahash 目標以來，我們每天挖掘 5.5 個比特幣。目前我們的網路覆蓋率已超過 1%。這就是今天。我們正在按計劃擴大規模，力爭在今年秋天達到 25 艾哈希。我們希望獲得一些同行所獲得的 [懷疑] 倍數優勢，因為我們連續 5 週每週帶來 1 exahash，而上個月我們從 6 exahash 增長到 11 exahash。查看新聞稿，我們每次達到 exahash 時都會發布新聞稿。再次，我們透過嚴謹的 ROIC 策略實現了這一目標。去年 12 月，我們宣布與比特大陸達成具有里程碑意義的收購，以每太拉什 14 美元的價格購買了 S21+ Hydro，並且我們還購買了一些風冷裝置。這些都即將上線。在我們的模型中，我們的目標是在 0.05 美元的成本之後，以 55 美元的哈希價格實現這些 ASIC 不到 1 年的投資回報。

So we are very much primed to have a lucrative next three years ahead of us as we mine. We have modeled to be profitable up to $21 hash price. And so we very strategically and selectively deployed our capital, not only for high ROI, but for positive cash flow through to the next halving. And by the way, we accomplished this by having the lowest G&A per Bitcoin mine in the sector, of course, which is shored up by our best-in-class uptime. Next slide. So a beautiful overview. This is our Paraguay site. It was a 200 megawatts. You actually see the substation in the bottom right-hand corner. And then above, you've got 10 air cooled buildings, and you see all the civil work has been completed for the 100 megawatts of hydro miners. So the air cooled is done. That got us to 11.5 exahash a few weeks ahead of schedule. And the second 100 megawatts is the hydro on the left, and that will come online this summer. I was actually just in Paraguay a couple of weeks ago to oversee the progress, very exciting. Our first few containers are actually being installed. I mean the hydro mining containers, both the dry chillers and actual hydro containers are on site. We put that in a press release a couple of days ago. And so that's ramping up. We're expecting that hash rate to start coming online next month. So it will be very, very exciting, standby for updates there. And of course, the 300 megawatts is in Valenzuela, our other site. Civil work has also completed. So we're fully funded for the 25 exahash, I want to highlight that.

因此，我們已做好充分準備，迎接未來三年採礦業的豐厚回報。我們已經模擬了高達 21 美元的哈希價格的盈利情況。因此，我們非常有策略性和選擇性地部署了我們的資本，不僅是為了獲得高投資回報率，而且是為了在下一次減半時實現正現金流。順便說一句，我們之所以能實現這一目標，是因為我們的比特幣礦場擁有業內最低的 G&A 成本，當然，這要歸功於我們一流的正常運行時間。下一張投影片。這是一個美麗的概述。這是我們的巴拉圭網站。其發電量為200兆瓦。您實際上可以在右下角看到變電站。上面有 10 棟空氣冷卻建築，你會看到 100 兆瓦水力發電礦工的所有土木工程都已完成。這樣空氣冷卻就完成了。這使我們比計劃提前幾週達到了 11.5 exahash。第二個 100 兆瓦是左側的水力發電，將於今年夏天投入使用。事實上，幾週前我剛去過巴拉圭監督進度，非常令人興奮。我們的前幾個貨櫃實際上正在安裝。我的意思是水力採礦容器，乾式冷卻器和實際的水力容器都在現場。我們幾天前在新聞稿中提到了這一點。所以這種情況正在不斷增加。我們預計該哈希率將於下個月開始上線。所以這將非常非常令人興奮，請等待那裡的更新。當然，300兆瓦位於我們的另一個站點瓦倫瑞拉。土建工程也已完工。因此，我想強調的是，我們已經為 25 exahash 獲得了充足的資金。

We're fully funded for our growth to 25 exahash. We fully paid for all the ASICs to get to 18 exahash. And so those are just arriving week-over-week throughout the summer. And we have all the deposits in place for the 25 exahash as well. Again, we're fully funded for that. So I'm very proud of our team. It's now we're just bringing the hash rate online we've effectively executed on the infrastructure. Let's talk to the next slide. So here's a layout for all the analysts out there of how our 440 megawatts is allocated between Canada, Sweden and of course, Paraguay. And on the right-hand side is our Tier 3 footprint. So we have GPU cloud running in Stockholm, Montreal.

我們已獲得充足的資金支持，可以實現成長至 25 exahash。我們全額支付了所有 ASIC 的費用，以達到 18 exahash。因此，整個夏天，這些東西每週都會到達。我們也已為 25 exahash 準備好了所有存款。再次強調，我們已為此做好了充分的資金準備。所以我為我們的團隊感到非常自豪。現在我們只是將哈希率上線，並在基礎設施上有效執行。我們來討論下一張投影片。因此，這裡為所有分析師提供了一個佈局，說明我們的 440 兆瓦電力是如何在加拿大、瑞典和巴拉圭之間分配的。右側是我們的 Tier 3 足跡。因此我們在斯德哥爾摩、蒙特婁都有運行 GPU 雲端。

And now with the announcement of the data center in Toronto we're acquiring, it's a 7.2 megawatt infrastructure load and a 5.5 megawatt IT load, assuming 1.3 PUE. What this does is this additional 5.5 megawatts of Tier 3 compute will effectively 3.5 times our HPC footprint. So we just announced the acquisition of this site. We have a binding purchase agreement. We hope to close on it very quickly, and we will upgrade this Toronto site to be liquid cooled for next-generation GPU compute. Of course, we're an NVIDIA NCP partner. So very exciting as we scale our HPC business to go from $20 million to $100 million. More details on that later in the presentation.

現在，我們宣布收購多倫多的資料中心，其基礎設施負載為 7.2 兆瓦，IT 負載為 5.5 兆瓦，假設 PUE 為 1.3。這樣做的目的是，額外的 5.5 兆瓦的 Tier 3 計算將有效地使我們的 HPC 佔用空間增加 3.5 倍。所以我們剛剛宣布收購該網站。我們有一份具有約束力的購買協議。我們希望盡快完成這項工作，並將升級多倫多的這個站點，採用液體冷卻方式，以適應下一代 GPU 運算。當然，我們是 NVIDIA NCP 合作夥伴。當我們將 HPC 業務規模從 2000 萬美元擴大到 1 億美元時，我們感到非常興奮。稍後的演示中將詳細介紹這一點。

Next slide. This is the ramp on the Bitcoin mining business, of course. As mentioned, we've successfully completed the first phase of air cooled, 11.5 exahash. Our global fleet efficiency is 20 joules a terahash today. That will incrementally increase as we bring on our hydro-powered S21+ miners from Bitmain that are 15 joules a terahash. It'll bring our global average down to 18.4 joules per terahash efficiency as Phase 2 completes this summer, and we'll get down to 17.5 joules per terahash efficiency this fall as we fully ramp. Very exciting time to be a HIVE shareholder.

下一張投影片。當然，這是比特幣挖礦業務的上升通道。如上所述，我們已經成功完成了風冷的第一階段，11.5 exahash。目前，我們的全球艦隊效率為每太拉赫 20 焦耳。隨著我們引入比特大陸每太赫茲 15 焦耳的水力驅動 S21+ 礦機，這一數字將逐步增加。隨著第二階段在今年夏天完成，我們的全球平均效率將降至每太赫茲 18.4 焦耳，而隨著我們在今年秋天全面提升，我們的全球平均效率將降至每太赫茲 17.5 焦耳。成為 HIVE 股東是非常令人興奮的時刻。

I'd like to describe this moment in time as an elbow as a hockey stick ramps up. Again, this is a four-year overnight success. We scoured the globe for cheap hydro energy at scale, and we found it in Paraguay. We have been very active as well in Paraguay. We're electrifying 18 schools in the rural regions of Valenzuela. In fact, we've completed six of these 18 schools. I met with the Chief Technology Officer, ANDE, which is a national power provider. We'll be attending a YPO event that the President of the country will be throwing in September. In fact, the President of the country, Santiago Peña, is a YPO member. Him and our Chairman, Frank Holmes, have a personal rapport. So we're very much engaged at the geopolitical level, at the infrastructure level with the national power provider and of course, in the community. It's just how we like to do business at HIVE.

我想將這一時刻描述為曲棍球棒向上傾斜時的肘部。再一次，這是四年來一夜之間的成功。我們在全球範圍內尋找大規模的廉價水力能源，最終在巴拉圭找到了。我們在巴拉圭也非常活躍。我們正在為瓦倫瑞拉農村地區的 18 所學校通電。事實上，我們已經完成了這 18 所學校中的 6 所。我會見了國家電力供應商 ANDE 的首席技術長。我們將參加該國總統於九月舉辦的 YPO 活動。事實上，該國總統聖地亞哥·培尼亞 (Santiago Peña) 就是 YPO 成員。他和我們的主席弗蘭克·霍姆斯 (Frank Holmes) 關係很好。因此，我們在地緣政治層面、基礎設施層面與國家電力供應商以及社區都進行了廣泛的合作。這正是我們喜歡在 HIVE 開展業務的方式。

Next slide. So taking into consideration the improving efficiency of our global fleet, once we're at 25 exahash, here's a snapshot of what it looks like at 900 petahash -- sorry, 900 exahash network efficiency -- sorry, 900 exahash of global network hash rate, $126 trillion network difficulty is what we're modeling here. Once we're at 25 exahash, that works out to 12.5 Bitcoin a day. And at today's Bitcoin price, that's $1.3 million a day. That's over $400 million of annualized revenue. It works out to over $250 million of gross mining margin at $100,000 Bitcoin. Our cost to produce a Bitcoin will be about $42,000. If Bitcoin rallies to $150,000 later this year, which a lot of people are speculating it might go from $150,000 to $200,000, but $150,000 Bitcoin, we will be doing almost $2 million a day, roughly $700 million of annualized revenue and almost $500 million of annualized gross mining margin.

下一張投影片。因此，考慮到我們全球礦機群效率的提高，一旦我們達到 25 exahash，這裡就是 900 petahash（抱歉，是 900 exahash 網路效率）的快照——抱歉，是 900 exahash 的全球網路哈希率，126 萬億美元的網路難度是我們在這裡建模的。一旦達到 25 exahash，每天就相當於 12.5 個比特幣。以今天的比特幣價格計算，這一數字是每天 130 萬美元。年收入超過 4 億美元。以 10 萬美元的比特幣計算，其總採礦利潤超過 2.5 億美元。我們生產一枚比特幣的成本約為 42,000 美元。如果比特幣在今年稍後上漲至 15 萬美元，但如果比特幣價格為 15 萬美元，我們每天的收入將接近 200 萬美元，年化收入約為 7 億美元，年化採礦利潤接近 5 億美元。

Again, we're fully funded for this growth at these 25 exahash this fall, 18 exahash this summer, and our market cap is $350 million. So I think HIVE is an incredible value right now. We have 600 Bitcoin on the balance sheet. But we also have a pledge to buy back 1,300 Bitcoin at $87,000. So as our market cap increases, moreover our enterprise value increases, our free cash flow increases; our cost of capital will come down. We can either use free cash flow from operations to buy back Bitcoin at $87,000 or utilize proceeds from our ATM in an accretive manner to buy back Bitcoin.

再次重申，我們為今年秋天 25 exahash、今年夏季 18 exahash 的成長做好了充分的資金準備，我們的市值為 3.5 億美元。所以我認為 HIVE 現在具有令人難以置信的價值。我們的資產負債表上有 600 比特幣。但我們也承諾以 87,000 美元的價格回購 1,300 比特幣。因此，隨著我們的市值增加，我們的企業價值增加，我們的自由現金流增加；我們的資本成本將會下降。我們可以使用營運產生的自由現金流以 87,000 美元的價格回購比特幣，或以增值的方式利用 ATM 的收益回購比特幣。

So our strategy is to get our HODL back over 2,000 Bitcoin by buying back our pledge by the end of this year, fueled by a lower cost of capital as our free cash flow from operations increases as we've had this moment to scaling. Next slide. We've got the biggest growth in this sector this year. Some of our peers who have hit super scale of 50 exahash have tapered off and they won't be expanding. Aside from Cipher that's got 1.6x growth, HIVE has got 2.2x growth for the balance of the year. And by the way, we started the year off with 4x growth and we're executing on that beautifully.

因此，我們的策略是在今年年底前回購我們的承諾，使我們的 HODL 超過 2,000 個比特幣回歸，隨著我們擴大規模，我們的營運自由現金流增加，從而降低資本成本。下一張投影片。今年我們在這個領域取得了最大的成長。我們的一些同行已經達到了 50 exahash 的超級規模，但他們已經逐漸減少規模，不會再擴張。除了 Cipher 成長了 1.6 倍之外，HIVE 在今年剩餘時間內成長了 2.2 倍。順便說一句，我們今年年初就實現了 4 倍的成長，我們做得非常出色。

So we've got the biggest growth profile of the entire industry this year. It's a huge headline. Next slide. We're also trading at the best multiple in the sense that we're trading effectively at $10 an exahash when you look at our enterprise value and where we're at end of this year. Our peers are trading at $30, $40, even upwards of $50 an exahash. We have moved our principal office to San Antonio. We are looking at a US domicile. And we believe that as we hit $500 million market cap and $1 billion market cap, we're due for a re-rating. As some buy-side funds have a mandate based on market cap or liquidity, we are a very liquid stock. Our three-month average is over 10 million shares a day. We've hit almost 20 million shares of volume on some days. So I really think 2025 is year of HIVE as we scale to 25 exahash.

因此，我們今年取得了整個行業中最大的成長。這是一個巨大的標題。下一張投影片。從我們的企業價值和今年年底的狀況來看，我們的交易價格實際上是每艾哈邁德 10 美元，從這個意義上講，我們的交易價格也是最好的。我們的同業交易價格為每艾哈什 30 美元、40 美元，甚至 50 美元以上。我們已將總部遷至聖安東尼奧。我們正在尋找美國住所。我們相信，當我們的市值達到 5 億美元和 10 億美元時，我們就應該重新評級。由於一些買方基金的授權是基於市值或流動性的，因此我們的股票流動性非常強。我們的三個月平均每天銷售超過 1000 萬股。有幾天我們的交易量就達到了近2000萬股。因此我真的認為 2025 年是 HIVE 年，因為我們的規模將達到 25 exahash。

Again, we're trading at a very attractive multiple to our peers. Our market cap is under $350 million. And with $65 million of Bitcoin on the balance sheet, I think that we're a very attractive multiple. And by the way, again, we also have the $20 million of annualized revenue on the HPC business. Let's go to the next slide. So these are some of the merits of how we run the business. Again, disciplined capital allocation. We always try to source ASICs at the lowest cost. We try to buy spot, so we get immediate delivery. We lead the sector in uptime. We run our ASICs for their full life cycle to maximize free cash flow, lowest G&A in the sector. And what does that yield? Best-in-class ROIC.

再次，我們的市盈率相對於同行來說非常有吸引力。我們的市值低於3.5億美元。而且資產負債表上有 6500 萬美元的比特幣，我認為我們的本益比非常有吸引力。順便說一句，我們的 HPC 業務年收入也達到了 2000 萬美元。我們來看下一張投影片。這些就是我們經營業務的一些優點。再次，嚴格資本配置。我們總是嘗試以最低的成本採購 ASIC。我們盡量購買現貨，以便立即交貨。我們在正常運行時間方面處於行業領先地位。我們運行 ASIC 的整個生命週期，以最大化自由現金流，實現業內最低的 G&A。這會產生什麼結果？一流的 ROIC。

Next slide. And here it is by the numbers, huge numbers, 22% annualized ROIC -- or sorry, 22% ROIC for the last 12 months. And you could see how this compares to our peers. We are effectively double the next contending companies, [indiscernible] 12%. And from there, it sort of drops off [mirror and hot] 2% and 5%. Again, we walk the walk, we talk the talk. It's about having discipline. We focus on ROI when we deploy our capital. If you're going to buy $100 million of ASICs, you've got to make well over $100 million after cost. Otherwise, you shouldn't even be mining, right? You should be buying Bitcoin if you can't make money from mining. So we lead the sector.

下一張投影片。從數字上看，這是一個巨大的數字，年化 ROIC 為 22%——或者抱歉，過去 12 個月的 ROIC 為 22%。您可以看到這與我們的同行相比如何。我們實際上是接下來的競爭公司的兩倍，[音訊不清晰] 12%。從那時起，它就下降了 [鏡面和熱] 2% 和 5%。再說一遍，我們言行一致，說到做到。這關乎紀律。我們在部署資本時注重投資報酬率。如果您要購買價值 1 億美元的 ASIC，扣除成本後您必須賺得超過 1 億美元。否則，你甚至不應該挖礦，對嗎？如果您不能透過挖礦賺錢，您應該購買比特幣。因此我們處於該領域的領先地位。

We target under 1-year ROI. Again, we targeted -- we effectively have an 11-month ROI from the Bitmain ASIC after cost that we announced our purchase of at $55 hash price. That means if we run those for three years, we're free cash flowing for years two and three. And this is just how we run the business at high. We want to be smart, we want to build shareholder value by having free cash flow from operations. So we could scale our business with free cash flow and not have to rely on dilutive financings. I think the cheat code that emerging capital markets over the last two, three years as dilution was ramping. A lot of companies were just buying new machines, running them, upgrading them before their end of life just so that they could show high inter-quarter margin.

我們的目標是實現 1 年以下的投資回報。再次，我們的目標是——在我們宣布以 55 美元的哈希價格購買比特大陸 ASIC 之後，我們實際上獲得了 11 個月的投資回報。這意味著如果我們運作三年，那麼第二年和第三年我們就會獲得自由現金流。這就是我們高效率經營業務的方式。我們希望變得聰明，我們希望透過營運產生的自由現金流來創造股東價值。因此，我們可以利用自由現金流擴大業務規模，而不必依賴稀釋性融資。我認為，新興資本市場在過去兩三年稀釋的秘訣正在不斷增強。許多公司只是購買新機器，運行它們，並在其使用壽命結束之前對其進行升級，以便能夠顯示較高的季度間利潤率。

So I'm going to take a moment to describe this. If you're constantly just buying the newest best machines, in the moment, you could show that you have a high margin because guess what, the latest ASIC has a better machine efficiency, it has a lower breakeven. Okay. So you've got a good margin for the quarter. But have you ever repaid the investment of all these new ASICs you're buying? And that's what's really hard to track. Well, this slide shows the difference. If you actually maximize and get ROI on your ASICs, it's going to show up in the numbers here. And you can see we lead the sector by a long shot. Next slide, please. Lowest G&A per Bitcoin mined as a function of revenue for the last 12 months.

所以我要花一點時間來描述這一點。如果您經常購買最新最好的機器，那麼在當下，您可以表明您擁有較高的利潤，因為您猜怎麼著，最新的 ASIC 具有更好的機器效率，它的盈虧平衡點更低。好的。因此本季您的利潤率不錯。但是，您購買的所有這些新 ASIC 的投資是否已經得到回報了？而這正是真正難以追蹤的。嗯，這張投影片展示了差異。如果您確實最大化並獲得 ASIC 的投資回報率，它就會顯示在這裡的數字中。您可以看到我們在該領域遙遙領先。請看下一張投影片。在過去 12 個月內，按收入計算的每枚比特幣的最低 G&A。

Next slide. So it's low cost, but it's also high performance. We've got the best uptime in terms of Bitcoin mined per exahash in the whole sector, third-party analysts is from Anthony Power's power mining analysts is. Next slide, please. And of course, the AI business, the recent announcement of the 7.2 megawatt data center in Toronto, this will provide 5.5 megawatts of liquid-cooled compute. We plan to undertake this conversion.

下一張投影片。因此它成本低，但性能也高。就每 exahash 挖出的比特幣而言，我們擁有整個產業中最佳的正常運行時間，第三方分析師來自 Anthony Power 的電力挖礦分析師。請看下一張投影片。當然，還有人工智慧業務，最近宣佈在多倫多建立 7.2 兆瓦的資料中心，這將提供 5.5 兆瓦的液冷計算。我們計劃進行這項轉換。

We look forward to closing on this facility in the very near future. We just announced the binding purchase. This will grow our effective HPC footprint by 3.5 times. Again, we currently have over 5,000 NVIDIA GPUs operating. That's over 4,000 A-Series cards, 344 H200s -- sorry, H100s and 504 H200s. We hit the $20 million ARR target, and we are looking to hit $100 million ARR. If we were to populate the Toronto facility 5.5 megawatts with H200s, using current market utilization and market rates for H200s that we're seeing, it would add approximately $80 million ARR to our top line.

我們期待在不久的將來完成該設施的建設。我們剛剛宣布了具有約束力的購買。這將使我們的有效 HPC 佔用空間增加 3.5 倍。再次重申，我們目前有超過 5,000 個 NVIDIA GPU 在運行。總共有超過 4,000 張 A 系列卡、344 張 H200（抱歉，是 H100）和 504 張 H200。我們實現了 2000 萬美元的 ARR 目標，並且希望實現 1 億美元的 ARR。如果我們為多倫多工廠提供 5.5 兆瓦的 H200 電力，按照我們看到的當前市場利用率和 H200 市場價格，這將為我們的營業收入增加約 8,000 萬美元的 ARR。

So it's a very exciting time to be a HIVE shareholder. And we are having our HPC business in Buzz. And so Buzz is a fully owned subsidiary of HIVE, and it will be a pure-play HPC focused, vertically integrated business where we will build, own and operate the Tier 3 data centers along with the GPU cloud. Next slide. This shows the growth and how we've got there.

因此，現在成為 HIVE 股東是非常令人興奮的時刻。我們在 Buzz 開展 HPC 業務。因此，Buzz 是 HIVE 的全資子公司，它將是一家專注於 HPC 的垂直整合企業，我們將建立、擁有和營運 Tier 3 資料中心以及 GPU 雲端。下一張投影片。這顯示了我們的成長以及我們如何取得這樣的成就。

Again, we scaled up. We had the 4,000 -- actually, it's closer to 4,200 NVIDIA A-Series GPUs, 344 H100s. We hit $13 million ARR. We brought on the NVIDIA H200s. That actually got us to $23 million ARR. And of course, with the advent of the Toronto data center, we'll be able to scale, build GPU cloud and get to our 20 -- sorry, $100 million ARR in 2026. Very exciting time. Next slide. And so I'll turn it over to the longest-standing CFO in the crypto mining industry, Mr. Darcy Daubaras.

我們再次擴大了規模。我們擁有 4,000 個 —— 實際上，接近 4,200 個 NVIDIA A 系列 GPU，344 個 H100。我們的 ARR 達到了 1300 萬美元。我們帶來了 NVIDIA H200s。這實際上使我們的 ARR 達到了 2300 萬美元。當然，隨著多倫多資料中心的出現，我們將能夠擴展、建立 GPU 雲端並在 2026 年達到 20——抱歉，是 1 億美元的 ARR。非常激動人心的時刻。下一張投影片。因此，我將把這個機會交給加密採礦業任職時間最長的財務長達西·道巴拉斯 (Darcy Daubaras) 先生。

Thank you, Aydin. Good morning, everyone, and thank you for joining us today. This reporting period marks a significant milestone for our company as we have transitioned our financial reporting framework from IFRS to US GAAP. This change aligns with our strategic objectives, enhances comparability with US-listed peers and supports our potential growth ambitions in US capital markets. As this is our first earnings release under US GAAP, I want to emphasize that while the core fundamentals of our business remain unchanged, certain financial metrics and disclosures may look different due to accounting presentation differences. We remain committed to transparency and will continue to provide clear, consistent reporting as we move forward. As this is the first time reporting under US GAAP for HIVE, I want to highlight three key US GAAP adjustments that will be seen in these newly presented statements compared to what we've had in other years. Those are functional currency, digital assets and leases. So functional currency change, HIVE changed its functional currency from Canadian dollars to US dollars for the parent company. This was driven primarily by a shift in financing activities to US capital markets. This change aligns with US GAAP, which prioritizes financing indicators. The adjustment affects several areas, including warrant and convertible debt classification. One of the bigger ones is digital assets. Under US GAAP, HIVE now records digital assets at fair value with gains and losses recognized directly in profit or loss. This contrast with IFRS where only losses were recorded in profit or loss, and gains flowed through other comprehensive income unless reversed, this will greatly assist the markets in comparability between ourselves and our peers. The third one is leases. While leases remain on the balance sheet under both standards, US GAAP requires different income statement treatment. Rent expense for operating leases and amortization plus interest for financing leases, this is similar to the IFRS treatment for finance leases. Fiscal 2025 has been a transformational year for HIVE. Over the past year, HIVE has executed on a strategic plan to scale massively from 4.7 exahash at the end of March 31, 2024 to six exahash at the end of this year and now where we're sitting at 11 exahash, moving towards 15 by mid-2025 and 25 exahash by late year. We continue to leverage our green energy hydroelectricity with our expansion into Paraguay. We're also growing our Bitcoin production through the upgrading and purchase of cutting-edge ASIC machines throughout the year and the exahash growth that we have experienced. We are also modernizing -- modernized. We have now improved our structure with our US GAAP headquarters, US GAAP reporting and improved governance structure. Also, our high-performance computing diversification. Buzz's HPC growth into sovereign AI and liquid-cooled GPU clusters had a high-margin digital infrastructure vertical and aligns with national and enterprise demand for secure, scalable compute. Collectively, these milestones mark a transformation from a modest digital mining firm to a globally scaled green-first Bitcoin infrastructure and high-performance computing leader. With that said, let's walk through the results. We are providing certain non-GAAP measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance prepared in accordance with US GAAP, provides investors an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under US GAAP and therefore, may not be comparable to other issuers. Further details are found in the management discussion and analysts is for the 3 and 12 months ended March 31, 2025. As you can see, HIVE ended the March 31 year with 165.6 million common shares, 3.3 million options, 7.1 million RSUs and 3.2 million warrants outstanding. On to the next slide. For the fiscal year, ended March 31, 2025, HIVE recorded $115.3 million of revenue and a $56.2 million profit measured in adjusted EBITDA. This is driven by a production of 1,414 Bitcoin equivalent produced. Moving on to the next slide, we take pride in maintaining a healthy balance sheet as always. Our cash position was $23.4 million as of March 31, 2025, in addition to $181.1 million in digital currencies, consisting primarily of Bitcoin. This is down slightly from the prior period due to the strategic use of our Bitcoin to fuel our accelerated operation expansion in Paraguay. We also had $15.3 million in amounts receivable of prepaid, an increase from the prior period. Total market value of our strategic investments remained strong at $24.1 million. We have a strong net cash position and healthy working capital to support our operations and growth objectives with a current ratio of 3.7, calculated as current assets divided by current liabilities. And on to the next slide, let's shift our focus to our gross operating margin on a year-over-year basis, comparing the annual results of this year compared to last year. Our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and high-performance computing service fees, decreased in absolute terms to $25.1 million in the most recent year, compared to $37.5 million in the prior-year results. One significant factor to consider is the impact of the halving event that incurred in Bitcoin in April of 2024. This event led to rewards earned by miners in the current year being halved compared to the prior year. The gross mining margin is influenced by several additional external factors. These include the high mining difficulty currently being experienced, the reduced amount of digital currency rewards received by miners, which is now half what it was a year ago; and the market price of the digital currencies at the time of mining, which has been higher compared to the prior period. In the most recently completed year, we are reporting a net loss of $0.02 per share compared to a net profit of $0.29 per share reported for the year ending March 31, 2024. In looking at our gross operating margin on the next slide, on a Q4 quarter-over-quarter basis, Q4 quarterly results of this March 31, 2025 period compared to the prior year March 31, 2024 period. Our gross operating margin, which is calculated again as total revenues minus direct operating and maintenance costs and high-performance computing service fees, decreased in absolute terms to $8.8 million in the most recent year compared to $15.6 million in the prior year Q4 results. Again, a significant factor to consider is the impact of the halving event that occurred in April of 2024 and also as has been discussed, the difficulty impact and the mining margins that we are experiencing. In the most recently completed March 31, 2025 quarter, we are reporting a net loss of $0.34 per share compared to the net profit of $0.55 per share reported for the Q4 period ending March 31, 2024. On to the next slide. Taking a look at our year-over-year revenue, we generated total revenue in fiscal 2025, of $115 million versus $114.5 million in the previous year. The strong, stable revenues compared to the fiscal year 2024 was assisted by much higher average Bitcoin prices compared to last year. This is despite the reduction of bitcoin mined as a result of the halvening in April of 2024 and also from the increase in contributions from a HIVE performance computing revenue, which has increased close to 300% compared to last year. We were also able to overcome the industry pressures due to the continuing rise in Bitcoin difficulty hash rates over the past year. As mentioned previously, our gross mining margin decreased in absolute dollars to $25.1 million or 22% in the most recent year compared to $37.5 million or 33% in the prior year. And on to the next slide, looking at our quarter-over-quarter revenue, we generated total revenue in the fourth quarter of fiscal 2025 of $31.2 million versus $36.9 million in the previous year's fourth quarter. The revenues compared to the same period in fiscal 2024 can primarily be attributable to the higher average Bitcoin price, currently, which is more than double what it was in the comparative quarter last year. However, this increase is offset by a rise in Bitcoin difficulty hash rates over the past year as well as the impact of the halvening event on the current period's results. As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and HPC computing service fees, decreased in absolute dollars to $8.8 million or 28% in the most recent quarter compared to $15.6 million or 42% in the prior-year comparative quarter. Moving on to the next slide. Comparing our current fiscal Q4 quarter to the previous Q3 quarter, we generated revenue in this quarter of fiscal 2025 of $31.2 million versus $29.2 million in the previous quarter. The slight increase in revenues versus the prior quarter was impacted by an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining and also higher high-performance computing.

謝謝你，艾登。大家早安，感謝大家今天加入我們。本報告期間標誌著我們公司的一個重要里程碑，因為我們已經將財務報告框架從 IFRS 過渡到 US GAAP。這項變化符合我們的策略目標，增強了與美國上市同行的可比性，並支持我們在美國資本市場的潛在成長目標。由於這是我們根據美國公認會計準則首次發布收益，我想強調的是，雖然我們業務的核心基本面保持不變，但由於會計列報的差異，某些財務指標和披露可能看起來有所不同。我們將繼續致力於透明度，並將在未來繼續提供清晰、一致的報告。由於這是 HIVE 首次根據美國公認會計準則進行報告，因此我想強調一下與其他年份的報表相比，這些新提交的報表中將出現的三項關鍵美國公認會計準則調整。這些是功能貨幣、數位資產和租賃。因此功能貨幣發生變化，HIVE 將其母公司的功能貨幣從加元更改為美元。這主要是由於融資活動轉向美國資本市場。這項變更與優先考慮融資指標的美國公認會計準則相符。此次調整影響多個領域，包括認股權證和可轉換債務分類。其中較大的一個是數位資產。根據美國公認會計準則，HIVE 現在以公允價值記錄數位資產，收益和損失直接計入損益。這與國際財務報告準則形成鮮明對比，國際財務報告準則僅將損失記錄在損益中，除非逆轉，否則收益將流入其他綜合收入，這將極大地幫助市場對我們與同行進行比較。第三個是租賃。雖然根據這兩項準則，租賃仍保留在資產負債表上，但美國公認會計準則要求對損益表進行不同的處理。經營租賃的租金費用和融資租賃的攤銷加利息，這與國際財務報告準則對融資租賃的處理類似。2025 財年對 HIVE 來說是轉型之年。在過去的一年裡，HIVE 執行了一項戰略計劃，從 2024 年 3 月 31 號的 4.7 exahash 大幅擴展至今年年底的 6 exahash，目前為 11 exahash，到 2025 年中期將達到 15 exahash，到年底將達到 25 exahashash。我們將繼續利用綠色能源水力發電向巴拉圭擴張。我們還透過全年升級和購買尖端 ASIC 機器以及我們所經歷的 exahash 成長來增加我們的比特幣產量。我們也正在現代化——現代化。我們現在已經透過美國公認會計準則總部、美國公認會計準則報告和改進的治理結構改善了我們的結構。此外，我們的高效能運算也多樣化。Buzz 的 HPC 發展成為自主 AI 和液冷 GPU 集群，擁有高利潤的數位基礎設施垂直領域，並符合國家和企業對安全、可擴展運算的需求。總的來說，這些里程碑標誌著該公司從小型數位挖礦公司轉型為全球規模的綠色優先比特幣基礎設施和高效能運算領導者。話雖如此，讓我們來看看結果。我們在今天的演示中提供了一些非公認會計準則衡量指標。該公司認為，這些指標雖然不能取代依照美國公認會計準則所編製的績效指標，但卻能幫助投資人更好地評估公司的基本績效。這些措施不具有美國公認會計準則規定的任何標準化含義，因此可能無法與其他發行人進行比較。更多詳情請參閱管理層討論和分析師針對截至 2025 年 3 月 31 日的 3 個月和 12 個月的討論。如您所見，截至 3 月 31 日，HIVE 共有 1.656 億股普通股、330 萬份選擇權、710 萬份 RSU 和 320 萬份認股權證未償還。轉到下一張投影片。截至 2025 年 3 月 31 日的財政年度，HIVE 的營收為 1.153 億美元，調整後 EBITDA 利潤為 5,620 萬美元。這是由 1,414 比特幣當量的產量所推動的。進入下一張投影片，我們為一如既往地保持健康的資產負債表而感到自豪。截至 2025 年 3 月 31 日，我們的現金狀況為 2,340 萬美元，此外還有 1.811 億美元的數位貨幣，主要包括比特幣。由於我們策略性地使用比特幣來推動我們在巴拉圭的業務加速擴張，這一數字比上一時期略有下降。我們的應收預付款項也為 1,530 萬美元，較上一期間增加。我們的策略投資總市值仍保持強勁，達到 2,410 萬美元。我們擁有強大的淨現金狀況和健康的營運資本來支持我們的營運和成長目標，流動比率為 3.7（流動資產除以流動負債）。在下一張投影片中，讓我們將重點轉移到同比毛營業利潤率上，將今年的年度業績與去年的年度業績進行比較。我們的毛營業利潤率（計算方法為總收入減去直接營運和維護成本以及高效能運算服務費）在最近一年絕對值下降至 2,510 萬美元，而前一年則為 3,750 萬美元。需要考慮的一個重要因素是 2024 年 4 月比特幣減半事件的影響。這事件導致礦工當年獲得的獎勵與前一年相比減少了一半。採礦毛利受到幾個額外的外部因素的影響。其中包括目前挖礦難度較高，礦工獲得的數位貨幣獎勵減少，目前僅為一年前的一半；挖礦時數位貨幣的市場價格也較前期上漲。在最近完成的一年中，我們報告每股淨虧損 0.02 美元，而截至 2024 年 3 月 31 日的年度報告每股淨利潤為 0.29 美元。在查看下一張投影片中的毛營業利潤率時，以第四季度環比計算，2025 年 3 月 31 日第四季的季度業績與去年同期的 2024 年 3 月 31 日相比。我們的毛營業利潤率（再次計算為總收入減去直接營運和維護成本以及高效能運算服務費）與去年第四季的 1,560 萬美元相比絕對值下降至最近一年的 880 萬美元。再一次，需要考慮的一個重要因素是 2024 年 4 月發生的減半事件的影響，以及正如已經討論過的，我們正在經歷的難度影響和挖礦利潤率。在最近完成的 2025 年 3 月 31 日季度中，我們報告每股淨虧損 0.34 美元，而截至 2024 年 3 月 31 日的第四季度報告的每股淨利潤為 0.55 美元。轉到下一張投影片。回顧我們的年比收入，我們在 2025 財年的總收入為 1.15 億美元，而前一年為 1.145 億美元。與 2024 財年相比，強勁而穩定的收入得益於比特幣平均價格較去年大幅上漲。儘管由於 2024 年 4 月減半導致比特幣開採量減少，而且 HIVE 性能計算收入的貢獻也增加了，與去年相比增長了近 300%。由於過去一年比特幣難度哈希率持續上升，我們也能夠克服產業壓力。如前所述，我們最近一年的採礦毛利潤以絕對美元計算下降至 2,510 萬美元或 22%，而前一年則為 3,750 萬美元或 33%。在下一張投影片中，我們看一下季度環比收入，2025 財年第四季我們的總收入為 3,120 萬美元，而去年同期第四季的總收入為 3,690 萬美元。與 2024 財年同期相比，營收的成長主要歸因於目前比特幣的平均價格較高，該價格是去年同期的兩倍多。然而，這一增長被過去一年比特幣難度哈希率的上升以及減半事件對本期業績的影響所抵消。如前所述，我們的採礦毛利潤（等於我們的收入減去直接營運和維護成本以及 HPC 計算服務費）在最近一個季度以絕對美元計算下降至 880 萬美元或 28%，而去年同期則為 1560 萬美元或 42%。繼續下一張投影片。將我們目前的財政第四季與上一季的第三季進行比較，我們在 2025 財年本季的營收為 3,120 萬美元，而上一季的營收為 2,920 萬美元。與上一季相比，收入略有增加，這是受到比特幣價格上漲的影響，導致數位貨幣挖礦收入增加以及高效能運算收入增加。

Are there any questions guys?

大家還有問題嗎？

Yes. It's Bill Papanastasiou from KBW. Can you hear me?

是的。我是 KBW 的 Bill Papanastasiou。你聽得到我嗎？

Yes. I got you loud and clear.

是的。我聽清楚你的意思了。

Congrats on the sequential margin expansion and strong execution at Paraguay. I was just hoping to get some more color on the recent data center acquisition. Seems like a nice bolt-on addition to the portfolio. Any chance you happen to have a timeline of when you expect to get the liquid cooling installed and when the site will ultimately come online?

祝賀巴拉圭的利潤率連續擴大且執行力強勁。我只是希望對最近的資料中心收購有更多的了解。看起來這似乎是對投資組合的一個不錯的補充。您是否碰巧有一個預計安裝液體冷卻系統以及站點最終上線時間的時間表？

Yes. So that site, 7.2 megawatts would yield about 5.5 megawatts of compute, assuming 1.3 PUE and something like a 9- to 12-month retrofit with liquid cooling to bring that compute online. And it effectively would triple the megawatt footprint of HPC compute currently today. And yes, that's kind of the outlook for it. So it's very exciting.

是的。因此，該站點的 7.2 兆瓦將產生約 5.5 兆瓦的計算能力，假設 PUE 為 1.3，並且需要 9 到 12 個月的液體冷卻改造才能使該計算能力上線。它實際上將使目前 HPC 計算的兆瓦佔用空間增加兩倍。是的，這就是它的前景。所以這非常令人興奮。

Awesome. And apologies if I missed this. I can't really see the slide deck on my end, but was there any discussion in terms of the type of hardware that you guys are considering? I think there may have been some mention of NVIDIA Blackwell in the past. Just curious, how you're weighing, deploying kind of latest versus next-generation equipment?

驚人的。如果我錯過了這一點，我深感抱歉。我真的看不到我這邊的幻燈片，但是你們有沒有討論過你們正在考慮的硬體類型？我認為過去可能曾提到 NVIDIA Blackwell。只是好奇，您如何權衡部署最新設備和下一代設備？

Yes, exactly. That's a great question. So it will be a function of what -- yes, the slides were off, but it's a function of what will be available on the market at that point. So for example, today, you can order B200, but there's talk that in Q1 2026, you'll have B300 available. So it will sort of be an economic analysts is because as you know, when the newest model comes out, we've heard that B200 fetching over $5 an hour right now. And so if there's a B300 that's out, typically, you'll want to gravitate towards getting the latest model GPU that's available. So that's why we haven't specified that. It's more of sort of an exercising capacity and analysts is knowing, for example, a [1,000] cluster of Blackwell, so 1,028 GPUs, is a little over 1.5 megawatts, a little bit more power intensive than, say, an H200 cluster, which is a little under 1.5 megawatts. So yes, once -- as we sort of get closer to locking in the PO, then we'll provide more specificity on exactly which model GPU that we intend to operate.

是的，確實如此。這是一個很好的問題。所以它將是一個函數——是的，幻燈片是關閉的，但它是一個函數，取決於當時市場上有什麼可用的東西。例如，今天您可以訂購 B200，但有傳言稱，到 2026 年第一季度，您將可以獲得 B300。因此它將有點像經濟分析師，因為如你所知，當最新型號問世時，我們聽說 B200 現在每小時的售價超過 5 美元。因此，如果有 B300 上市，通常您會傾向於購買可用的最新型號 GPU。這就是我們沒有具體說明的原因。這更像是一種鍛鍊能力，分析師知道，例如，一個 [1,000] Blackwell 集群（即 1,028 個 GPU）的功耗略高於 1.5 兆瓦，比 H200 集群（略低於 1.5 兆瓦）的功耗要高一點。是的，一旦——當我們越來越接近鎖定採購訂單時，我們就會提供更多關於我們打算操作哪種型號 GPU 的具體資訊。

And then just lastly, you're making all this progress on bitcoin mining gains, getting buybacks in [ASH] before the end of November and now scaling to the $100 million kind of annualized run rate on AI, HPC. Is there a particular revenue mix that the team is trying to achieve? And how could that differ going forward once you kind of execute on both of those businesses and scale?

最後，您在比特幣挖礦收益方面取得了所有進展，在 11 月底之前獲得了 [ASH] 的回購，現在在 AI、HPC 方面的年化運行率已達到 1 億美元。團隊是否正在努力實現特定的收入組合？一旦你同時執行這兩項業務並擴大規模，未來的情況會有什麼不同？

That's a good question. I wouldn't call it so much of a revenue mix because we're positioning Buzz as a pure-play HPC company that will sort of be 100% HPC AI revenue and then HIVE moreover be -- I mean that's a wholly owned subsidiary of HIVE. And so how do we unlock shareholder value for that entity, we will evaluate. And of course, HIVE is operating Bitcoin mining data centers globally. So we're sort of bifurcating, I think it's perhaps a good way to think of it rather than looking at it as a mix. But as you could see from last year's financials, it was about 90-10. If we did get to next year and we hit $100 million on Buzz and $400-plus million on HIVE, like even at $55 cash price of 25 exahash, you're well over $400 million of ARR just on the Bitcoin mining. And so it's still in 80/20 mix if you did want to kind of have a ratio based on those projections.

這是個好問題。我不會稱之為收入組合，因為我們將 Buzz 定位為純粹的 HPC 公司，其 100% 的收入將來自 HPC AI，而 HIVE 則是——我的意思是它是 HIVE 的全資子公司。那麼，我們將評估如何為該實體釋放股東價值。當然，HIVE 在全球經營比特幣挖礦資料中心。所以我們有點分裂，我認為這也許是一種很好的思考方式，而不是將其視為一種混合。但從去年的財務數據可以看出，這一比例約為 90-10。如果我們真的到了明年，Buzz 的價值達到 1 億美元，HIVE 的價值達到 4 億多美元，那麼即使 25 exahash 的現金價格為 55 美元，僅比特幣挖礦的 ARR 就將遠遠超過 4 億美元。因此，如果您確實想根據這些預測得出一個比例，那麼它仍然是 80/20 的混合。

Awesome. Appreciate all the color, and congrats on all the progress.

驚人的。欣賞所有的色彩，並祝賀所有的進步。

Yes. It's been an awesome year so far -- look forward to continued momentum.

是的。到目前為止，這是非常棒的一年——期待繼續保持這樣的勢頭。

Thanks for those to questions, Bill. Our next question comes from the line of Mike Colonnese from H.C. Wainwright. Mike?

謝謝你的提問，比爾。我們的下一個問題來自 H.C. Wainwright 的 Mike Colonnese。麥克風？

Congrats on all the progress in Paraguay and the recent hash rate ramp, great to see. Just following up on Bill's question around the 7.2-megawatt Tier 3 data center in Toronto, can you just share what the cost of acquisition was and what the related cost to do the full retrofit will be?

祝賀巴拉圭的所有進展以及最近哈希率的上升，很高興看到。我只是想回答比爾關於多倫多 7.2 兆瓦 Tier 3 資料中心的問題，您能否分享一下收購成本是多少，以及進行全面改造的相關成本是多少？

So we haven't -- good questions, Mike, we haven't publicly commented on that yet. So we'll be providing that color in the near future. So stay tuned.

所以我們還沒有——很好的問題，麥克，我們還沒有公開評論這個問題。因此我們將在不久的將來提供這種顏色。敬請關注。

Got it. Fair enough. I appreciate that. And as it relates to monetizing the 5.5 megawatt of critical IT load there once you're fully up and running, how should we think about that as it relates to customer demand? Are you looking at more on-demand type deals or contracted revenue streams? Just trying to think through the revenue of that additional $80 million that's projected to come online as it relates to timeline and underlying contracts.

知道了。很公平。我很感激。一旦全面啟動並運行，它就與將 5.5 兆瓦的關鍵 IT 負載貨幣化有關，我們應該如何考慮它與客戶需求的關係？您是否在尋找更多按需類型的交易或合約收入來源？只是想思考一下預計將上線的額外 8000 萬美元的收入與時間表和基本合約的關係。

Yes. So right now, I mean, we've got 5,000 GPUs to about 5,100 actually, 4,300 A-Series cards and 344 H100s and 504 H200s. And those are, for the most part, rented, I think it's about 80% utilization, and that includes some GPUs that are on longer-term contracts, for six months and longer, and some are on aggregators. So it's -- we're looking to -- with the sovereign strategy, as we sort of discussed that more in our most recent press release, we're really looking to embrace enterprises in Canada and working with the government as well as researchers to take on more long-term contracts, and that's sort of what we're alluding to with the sovereign strategy. As you know, there's a large AI grant in Canada. And so that's one of the initiatives. And so working -- we've got -- and by the way, we haven't opined on the price of the data center yet for competitive reasons, but we'll be providing more color on that at the right juncture. So yes, we've really sort of seen strong demand, and that was how we cross that $20 million threshold. And so if you think about it, with the, say -- it looks like a B300 cluster and say that's 1.8 megawatts for 1,028 GPUs, you effectively can fit 3,000 B300s in that cluster. And so we're actually renting out 5,000 GPUs now. So if you think of the quantum of GPUs, we're already ranking out a lot. The A-Series cards, of course, are much less power intensive than the Blackwell. So we're confident it's sort of within our ramp in footprint. You just kind of have more power-intensive cards that drive more revenue per unit. But in terms of the total quantity of cards, bringing on that additional 5.5 megawatts of IT load is actually less than what we have online in terms of number of GPUs. Is that helpful?

是的。所以現在，我的意思是，我們有 5,000 個 GPU，實際上大約有 5,100 個，4,300 個 A 系列卡和 344 個 H100 和 504 個 H200。其中大部分都是租用的，我認為利用率約為 80%，其中包括一些簽訂了長期合約（六個月或更長時間）的 GPU，還有一些是在聚合器上租用的。因此，正如我們在最近的新聞稿中討論的那樣，我們希望透過主權戰略，真正希望擁抱加拿大的企業，並與政府和研究人員合作，簽訂更多的長期合同，這就是我們在主權戰略中所暗示的。如你所知，加拿大有大量的人工智慧資助。這就是其中一項舉措。所以我們正在努力——順便說一句，由於競爭原因，我們還沒有對資料中心的價格發表意見，但我們會在適當的時候提供更多細節。所以是的，我們確實看到了強勁的需求，這就是我們突破 2000 萬美元門檻的方式。所以如果你考慮一下，比如說——它看起來像一個 B300 集群，並且假設 1,028 個 GPU 的功耗為 1.8 兆瓦，那麼你實際上可以在該集群中安裝 3,000 個 B300。因此我們現在實際上出租了 5,000 個 GPU。因此，如果您考慮 GPU 的量子，我們的排名已經很高了。當然，A系列卡的功耗比Blackwell低很多。因此，我們相信它在我們的足跡範圍內。你只是擁有了更多耗電的卡，從而帶來了更多的單位收入。但就卡片的總量而言，額外增加的 5.5 兆瓦 IT 負載實際上比我們在線的 GPU 數量要少。這樣有幫助嗎？

That's very helpful. I appreciate the detail. And just last one for me. Could you remind us of the cutoff point as to when you can repurchase those pledge Bitcoin with Bitmain?

這非常有幫助。我很欣賞這個細節。對我來說這只是最後一個。您能否提醒我們何時可以向比特大陸回購那些質押的比特幣？

Yes, it's to the end of this year, a little bit past the end of this year. We didn't specify who the vendor is with the pledge, though. That's only a clarification.

是的，到今年年底了，今年年底稍晚。不過，我們並沒有具體說明承諾的供應商是誰。這只是一個澄清。

Thank you, Mike. Next, we'll go to Tom [Senske] from Cantor. Thomas, please unmute.

謝謝你，麥克。接下來，我們請 Cantor 的 Tom Senske 發言。湯瑪斯，請取消靜音。

This is Tom on for Brett. First, I just wanted to touch on the regulatory situation in Paraguay. I know, as of June of last year, they put through a tariff against crypto mining companies. I wanted to see if there was any impact there and how the cost of power through your Paraguay sites compares to the facilities elsewhere.

我是湯姆，取代布雷特。首先，我只想談談巴拉圭的監管情況。我知道，自去年 6 月起，他們就對加密採礦公司徵收關稅。我想看看那裡是否有任何影響，以及巴拉圭站點的電力成本與其他地方的設施相比如何。

Yes. So things are sort of in a holding pattern until 2027, but we're actively evaluating the landscape but also working closely with ANDE, which is a national power company. I was just there 2 weeks ago and met their CTO. We're going down again in September for actually a YPO event. The President of the country is in YPO's, and he's actually hosting a YPO event. So we sort of embrace the government and utility company and just the regulatory framework in Paraguay at different levels. We meet with governors and mayors when we go down there. And so I think there's an education process. Actually, I just met with the Ministry of Industry and Commerce when I was there a couple of weeks ago as well. And so I think as they understand the industry more, they we're optimistic they'll sort of embrace it more, and we have a long-term view that we expect with them embracing it to sort of have a more attractive -- power pricing trending in the right direction, if you will, is probably a good way to put it. And yes. So I would say that even with the citation of the June tariff, the power prices there are still more attractive than a lot of jurisdictions we've looked at. So yes, it's good. And I think that the revenue or so I should say, the gross mining margin reflecting the hash rate from Paraguay, stay tuned, it won't be too long because it's this current quarter, which will be reported in about six weeks. So yes, you'll see -- you'll sort of see the gross mining margins from this current quarter as we brought on those five exahash for period-end June, which I believe is reported in about, yes, six weeks from now.

是的。因此，直到 2027 年，情況都處於一種等待狀態，但我們正在積極評估形勢，同時也與國家電力公司 ANDE 密切合作。我兩週前剛去過那裡並見到了他們的首席技術長。我們將於 9 月再次前往那裡參加 YPO 活動。該國總統是 YPO 的成員，而且他實際上正在主持 YPO 活動。因此，我們在不同層面上接受了巴拉圭政府和公用事業公司以及監管框架。我們去那裡時會見了州長和市長。所以我認為這裡有一個教育過程。實際上，幾週前我去那裡時也剛與工商部會面。因此，我認為，隨著他們對這個行業有更多的了解，我們樂觀地認為他們會更多地接受它，並且我們有一個長期的觀點，我們期望他們接受它，以便有更具吸引力的 - 電力定價趨勢朝著正確的方向發展，如果你願意的話，這可能是一個好的說法。是的。因此我想說，即使引用六月的電價，那裡的電價仍然比我們考察過的許多司法管轄區更具吸引力。是的，這很好。我認為收入，或者我應該說，毛採礦利潤反映了巴拉圭的哈希率，請繼續關注，不會太久，因為這是本季度，將在大約六週後報告。是的，您會看到 - 您會看到本季度的毛採礦利潤率，因為我們在 6 月底帶來了 5 個 exahash，我相信這將在大約六週後報告。

Awesome. That was very helpful. And then just one more, if I may, on this general CapEx throughout fiscal 2026. As we think about ramping to 25 exahash and also potential expansion within HIVE cloud business, how should we think about cadence of CapEx throughout '26? And how much of that should we attribute to the potential expansion of the cloud business versus getting to 25 exahash by Thanksgiving?

驚人的。這非常有幫助。如果可以的話，我再說一點關於 2026 財年總體資本支出的問題。當我們考慮將運算能力提升至 25 exahash 以及 HIVE 雲端業務的潛在擴張時，我們應該如何考慮 26 年期間的資本支出節奏？我們應該將其中的多少歸因於雲端業務的潛在擴張，而不是在感恩節前達到 25 exahash？

Yes, you bet. So the 25 exahash is fully funded. As you know, there was 610 Bitcoin on the balance sheet, as of our May production report, right, so that's sort of more current than the fiscal year-end. So that's approximately a little over $60 million. And so yes, we've effectively fully paid for all the ASICs that have been arriving, and that will continue to arrive through to 18 exahash. And so that's why we have shipments arriving weekly and deposits are in place. You sort of deploy your capital and you make those final payments for ASICs right before they ship, right? So the summer inventory that's all fully paid for and that's shipping. And so final deposits for the fall inventory, right, the third phase going from 18 to 25 exahash, those will be made in the fall. So it's all fairly near term. And I believe on the -- and that's on the ASIC side of things. And again, we're using the strategic upside strategy for that. And then on the construction, I believe, it was discussed that we actually had a sort of VTB arrangement, where $31 million of the $55 million purchase price was actually spread out over six months with $5 million monthly payments, five and change, right, 31 divided by six. And so those continue from, I believe, April when we close the deal into about October. So that's nice and spread out. So yes, that addresses the Bitcoin. And as for the cloud we -- as mentioned, we haven't discussed the purchase price yet, although it was very attractive, I can -- I believe I can say that confidently. And the -- as with any construction project, right, you'll have -- you'll preorder some equipment and then the rest of the CapEx will sort of be spread out over that nine-month term. So we can provide more color on that. But really, as with the GPU business, you don't actually need to pay for the GPUs until you receive them on like crypto mining. And in fact, we have net 30 with -- I think it's fairly well known, we work with Dell and Super Micro as preferred OEMs. And we have net 30 payment terms. So if the GPUs don't arrive in nine months, we don't need to pay for them until 10 months, right? So the CapEx on the HPC specifically to Toronto data center, I would say, is sort of further down the road? And in the interim, we're fully funded for the 25 with ASIC effectively arriving weekly between now and the fall with 25 exahash on the horizon.

是的，沒錯。因此 25 exahash 已獲得全額資助。如您所知，截至我們 5 月的生產報告，資產負債表上有 610 個比特幣，所以這比財政年度結束時的更為及時。所以這大約是 6000 萬美元多一點。是的，我們已經為所有已經到貨的 ASIC 支付了全部費用，而這些 ASIC 將繼續到貨，直到 18 exahash。這就是為什麼我們每週都有貨物到達並且有押金的原因。您會部署您的資金並在 ASIC 發貨之前支付最後的款項，對嗎？夏季庫存已全部付清，並且正在發貨。因此，秋季庫存的最終存款，對，第三階段從 18 到 25 exahash，將在秋季進行。所以這一切都是相當短期的。我相信 — — 這是 ASIC 方面的事。再次強調，我們正在採用策略上行策略來實現這一目標。然後關於建設，我相信，我們討論過，我們實際上有一種 VTB 安排，其中 5500 萬美元的購買價格中的 3100 萬美元實際上分攤到六個月，每月支付 500 萬美元，五年後再找零，對吧，31 除以六。所以我相信這些會從四月開始持續下去，到十月左右我們會完成交易。所以這很好，而且傳播開來。是的，這解決了比特幣問題。至於雲，正如我們所提到的，我們還沒有討論購買價格，儘管它非常有吸引力，但我可以 - 我相信我可以自信地說這一點。與任何建築項目一樣，您需要預訂一些設備，然後其餘的資本支出將分攤到這九個月的期限內。因此我們可以提供更多相關資訊。但實際上，與 GPU 業務一樣，您實際上並不需要為 GPU 付費，直到您像加密挖掘一樣收到它們。事實上，我們與戴爾和 Super Micro 合作已有 30 年，我認為這是眾所周知的，我們與戴爾和 Super Micro 合作作為首選 OEM。我們有 30 天淨付款條件。所以，如果 GPU 在九個月內沒有到貨，我們就不需要在十個月內付款，對嗎？那麼我想說，特別是多倫多資料中心的 HPC 資本支出還會更長遠嗎？在此期間，我們已經為 25 做好了充分的準備，從現在到秋季，ASIC 每週都會有效地到達，25 exahash 即將到來。

Next, we'll take a question from Fedor from B. Riley. Fedor, the floor is yours.

接下來，我們將回答來自 B. Riley 的 Fedor 提出的問題。費多爾，現在請你發言。

Yes. Frank and the team. First of all, congratulations, strong progress you're making on both HPC and Bitcoin mine in France. And going back to your slide with Robert De Niro, Frank, I'm hoping institutional crypto adoption continues at the same pace we saw with catholicism spreading for Latin America. But anyway, I wanted to dive deep a little bit kind of follow-up question on Toronto HPC data center. Stepping back to bigger picture, it would be helpful if you could share us scale in the road map for this data center particularly? Kind of what does growth look like from here? And how you're thinking about expansion of composition of your fleet at this location? And also, how should we think about financing in terms of preferred options, maybe equity or debt split for the overall HPC segment?

是的。弗蘭克和他的團隊。首先，恭喜您在法國的 HPC 和比特幣挖礦方面都取得了長足的進步。回到你關於羅伯特·德尼羅的幻燈片，弗蘭克，我希望機構加密貨幣的採用能夠繼續以天主教在拉丁美洲傳播的速度進行。但無論如何，我想深入探討有關多倫多 HPC 資料中心的後續問題。回到更大的角度來看，如果您能與我們分享這個資料中心的具體路線圖規模，這將會很有幫助嗎？從現在來看，成長情況是什麼樣的？您如何考慮擴大此處的船隊組成？此外，我們應該如何從優先選項的角度考慮融資，也許是整個 HPC 部門的股權或債務分割？

Yes. So the HPC can be financed in different ways. For example, there's -- as you mentioned, there's debt some -- we've not done this, but just sort of providing color on how others in the industry have approached it, sometimes you can do not quite a vendor financing, but like it's no secret, Dell has DFS, which is Dell Financial Services. So they'll actually sort of lease you the hardware, the GPUs, right, which are the most CapEx intensive. And by the way, like just rough numbers, GPUs, latest-generation GPUs broadly are roughly about $30 million a megawatt, right, for HPC. And so there are different mechanisms to -- I mean you can buy them outright in cash, which is what we've done in the past for the GPUs that we have. And then as far as the data center construction financing, again, we sort of haven't disclosed the exact budget acquisition cost yet. It will be attractive and competitive, which is why we love this acquisition. And we're really excited about bringing it to the market. And as I mentioned earlier, Fedor, I think part of your question was scale or capacity. So 1.3 PUE, it's effectively 5.5 megawatts of IT load, which effectively, I think it's on one of the slides in my section, the exact page number. I don't recall. But it's effectively 3.5 times of what our current capacity is, right? So that's really exciting. And then I believe I was addressing Mike's question just in terms of capacity of number of GPUs. So if you have like an H -- well, I mean, people would be buying H200 instead of H100 now, but that's -- those are a 100 cluster, again, 1,028 GPUs or 128 nodes with the [HPs] per node. And it's actually N minus 1. So you always have to have 1 node for switches. So you'd have 127x -- anywhere, just over 1,000 GPUs. That's about 1.3 megawatts for H-Series. And Blackwell B300 is expected to be a little more power-intensive, closer to 1.8. So you just sort of take your IT load -- so you always think your sort of gross utility load, right, at 7.2 megawatts, divide that by 1.3. And then if you want to say, well, how many Blackwells could I fit in there, you sort of divide by, conservatively, 1.8 megawatts. And again, it depends as can be B200, B300. So that all matters as well and -- or if it's going to be in a H200 cluster, then divide by 1.3 megawatts and then multiply you GPUs by the prevailing market rate on what they're renting per hour, like H200s are renting at $3 an hour right now on demand. So yes, I hope that was helpful.

是的。因此，HPC 可以透過不同的方式獲得融資。例如，正如您所提到的，有一些債務——我們沒有這樣做過，但只是提供一些業內其他人如何處理它的信息，有時您可以不完全進行供應商融資，但這不是什麼秘密，戴爾有 DFS，即戴爾金融服務。所以他們實際上會租硬體給你，也就是 GPU，這是資本支出最密集的部分。順便說一下，粗略估計一下，GPU，最新一代的 GPU，對於 HPC 來說，價格大約是每兆瓦 3000 萬美元。因此有不同的機制——我的意思是你可以直接用現金購買它們，這就是我們過去對我們擁有的 GPU 所做的。至於資料中心建設融資，我們還沒有揭露確切的預算收購成本。它將具有吸引力和競爭力，這就是我們喜歡這次收購的原因。我們非常高興能夠將它推向市場。正如我之前提到的，費多爾，我認為你的問題的一部分是關於規模或容量的。因此，1.3 PUE 實際上是 5.5 兆瓦的 IT 負載，實際上，我認為它在我的部分中的一張幻燈片上，確切的頁碼。我不記得了。但它實際上是我們目前容量的 3.5 倍，對嗎？這真的非常令人興奮。然後我相信我只是從 GPU 容量數量的角度回答了 Mike 的問題。因此，如果你有一個 H 之類的集群——嗯，我的意思是，人們現在會購買 H200 而不是 H100，但那是——那是一個 100 個集群，同樣，有 1,028 個 GPU 或 128 個節點，每個節點都有 [HP]。實際上是 N 減 1。因此，您始終必須有 1 個節點用於切換。因此您將擁有 127 倍——任何地方，超過 1,000 個 GPU。對於 H 系列來說，這大約是 1.3 兆瓦。預計 Blackwell B300 的功耗會更高一些，接近 1.8 兆瓦。所以，你只需要計算一下你的 IT 負載——也就是你通常所說的總電力負載，7.2 兆瓦，然後除以 1.3。然後，如果你想知道那裡能裝多少台 Blackwell 的伺服器，保守估計，就除以 1.8 兆瓦。再次，這取決於 B200 或 B300。所以這一切也很重要——或者如果它將在 H200 集群中，那麼除以 1.3 兆瓦，然後將你的 GPU 乘以他們每小時租用的現行市場價格，例如 H200 現在按需租用的價格為每小時 3 美元。是的，我希望這有幫助。

This is super helpful. And my second is about your customer profile and contracted dynamics. Can you kind of paint a picture of what your average HPC client looks like primarily serving on-demand, smaller scale customers? Or do you have a mix that includes some large enterprise clients as well? And kind of what's the typical duration you've seen on your HPC agreements, at least mostly short-term flexible arrangements? Or are you starting to lock in longer-term commitments with scale in Toronto? And kind of looking forward, how are you thinking about the evolution of your customer base? Is it fair to assume you're actively pursuing larger capacity contracts and trying to move up market to bigger enterprise clients, who can commit to, say, more sustainable and longer-duration agreements?

這非常有幫助。第二個問題是關於您的客戶概況和合約動態。您能否大致描述一下您的普通 HPC 客戶是什麼樣的，主要為按需、小規模客戶提供服務？還是你們還擁有包含一些大型企業客戶在內的組合？您所看到的 HPC 協議的典型期限是多久？至少大部分是短期彈性安排嗎？或者您開始在多倫多鎖定長期規模承諾？展望未來，您如何看待客戶群的演變？是否可以假設您正在積極尋求更大容量的合約並試圖將市場推向更大的企業客戶，這些客戶可以承諾更永續和更長期的協議？

Yes. Generally, the answer is yes to the sort of numerous questions. That's sort of underlying by the sovereign strategy, and that's what we're getting out by working with governments and research institutes throughout Canada, viewing data really is a sovereign asset and working with those enterprises and research institutes that want to keep that compute with in the country. We actually have -- obviously, I can't say who, but there is a sort of a former Google deep mine guy that's training a foundational model on a six-month contract right now on some of our GPUs. And so yes, we're absolutely targeting more longer-term contracts. We've done some compute with researcher out of NYU Stern, Colombia as well as Berkeley. And so they're all sort of doing very novel things. Some are -- I mean, in most of those specific cases, it's foundational model work. One, I believe, is actually a vision -- like a computer vision. So yes, it's a lot of really cool, fun stuff. And then, of course, the balance of the compute is with aggregators, some aggregators are really flourishing. And the -- it's also like having a -- like when you're working with the end users, like we've got a great team and so it's giving in the -- making sure the users have a good experience with the GPUs. It's not just the raw compute but making sure that they have a good experience as well. That's sort of another key thing because at the other end, is an actual user that's implementing and utilizing this compute. So it's just key that overall they're having a good user experience, and that's sort of a key takeaway if you talk to NVIDIA, that matters a lot to them as well. And so that's where we aim to please, and we're really excited about the direction that Buzz is going.

是的。一般來說，對於這類眾多問題，答案都是肯定的。這是主權策略的基礎，也是我們透過與加拿大各地政府和研究機構合作實現的目標，我們將數據視為真正的主權資產，並與那些希望將運算能力保留在國內的企業和研究機構合作。我們實際上有——顯然，我不能說是誰，但有一位前谷歌深度挖掘人員目前正在我們的一些 GPU 上根據一份為期六個月的合約訓練基礎模型。是的，我們絕對瞄準的是更多長期合約。我們與紐約大學斯特恩分校、哥倫比亞大學以及柏克萊分校的研究人員一起做了一些計算。所以他們都在做一些非常新穎的事情。有些是——我的意思是，在大多數特定情況下，這是基礎模型工作。我認為，一個實際上是一種願景——就像電腦視覺一樣。是的，有很多非常酷、有趣的東西。當然，計算的平衡在於聚合器，有些聚合器確實蓬勃發展。而且 — — 這也就像當你與最終用戶合作時，我們有一個很棒的團隊，因此它可以確保用戶在使用 GPU 時擁有良好的體驗。這不僅僅是原始計算，還要確保他們擁有良好的體驗。這是另一個關鍵因素，因為在另一端，是一個實際使用者正在實施和利用這種計算。因此，關鍵在於他們整體上擁有良好的使用者體驗，如果你與 NVIDIA 交談，你會發現這是一個關鍵點，這對他們來說也很重要。這就是我們的目標，我們對 Buzz 的發展方向感到非常興奮。

Time for a few more questions. Dylan from ROTH, if you would kindly unmute yourself and proceed.

還剩幾個問題。ROTH 的 Dylan，請您取消靜音並繼續。

Just to start on the Canadian data center, would there be any reason that those megawatts would come on in tiers? Or would you expect to energize all 7.2/5.5 critical IT load at once?

就拿加拿大資料中心來說，這些兆瓦電力為什麼要分層次發放呢？還是您希望一次為所有 7.2/5.5 關鍵 IT 負載供電？

Yes, that would mostly be a function of the retrofit process Dylan. And so as I sort of commented on earlier, you'd kind of bring that online in roughly a nine-month process, and that would be -- you could do it all at once, absolutely because you're sort of retrofitting. And by the way, I should comment, one important thing is it's actually a working active data center today. But if we want to bring that to do liquid cooled, that's where the retrofit comes in.

是的，這主要是改造過程的功能，Dylan。正如我之前評論的那樣，你需要大約九個月的時間才能將其上線，而且你可以一次完成所有工作，因為你正在進行某種改造。順便說一句，我應該評論一下，重要的一點是它實際上是一個今天正在運行的活躍資料中心。但如果我們想採用液冷，就需要進行改造。

Got it. And just as a follow-up, where do you stand with some of your existing sites? Are you still considering potentially retrofitting any of those to HPC AI? Or are they going to stay Bitcoin mining for the near term?

知道了。另外，作為後續問題，您對一些現有的網站有何看法？您是否仍在考慮將其中任何一個改造為 HPC AI？還是他們近期會繼續進行比特幣挖礦？

Yes. Yes, our site in Sweden, we did a trip out there with some analysts, and I believe Darren saw it, we call it Little Boden. It's sort of -- there's data data centers that we have that are across the street for each other. And the smaller one, it's roughly six megawatts. We've identified that as a near-term candidate as well for HPC conversion. It was originally built as a GPU data center. So it's got a really good level of finish. And so yes, we've identified that one as well, and we'll be providing more color on that. So stay tuned.

是的。是的，我們在瑞典的站點，我們和一些分析師一起去了那裡，我相信達倫看到了它，我們稱之為小博登。有點像——我們的資料中心彼此位於街對面。較小的一個大約有六兆瓦。我們已經將其確定為 HPC 轉換的近期候選方案。它最初是作為 GPU 資料中心建造的。因此它的完成度確實很高。是的，我們也確定了這一點，並且我們將提供更多詳細資訊。敬請關注。

Thanks, Dylan. Our next question comes from the line of Mike from Northland.

謝謝，迪倫。我們的下一個問題來自 Northland 的 Mike。

If you could just talk a little bit about the demand you're seeing for that 5.5 megawatts. Is it basically already spoken for? Or do you still kind of have to source the demand?

您能否簡單談談對這 5.5 兆瓦的需求？基本上已經說完了嗎？還是你仍然需要尋找需求？

Yes. I mean right now, Mike, we just announced the data center. So we'll be providing updates on its conversion and bringing it to market. So we're doing -- as I sort of, in an earlier question, pointed out, it's roughly 3,000 Blackwell B300s if you were going to go that route, and we're already managing and renting out 5,100 GPUs. So although it effectively tripling our footprint when you just look at the number of GPUs because they're, again, more profit dense and power hungry as time marches forward. By the way, like the GB200 130 kilowatts per rack, and that's only 72 GPUs, right? So the GPUs directionally are getting more power intensive. So we're actually managing more GPUs today than the GPs that we would be bringing online. So we would provide guidance under that, but we're -- it's a great bit what we really like about this site, it's functioning today as a data center. And so it's operational. And it's a bite-sized deal that we're very confident that we could bring to market, and it will fit very well within our demand pipeline. And we are entertaining numerous -- like our H200s are overcommitted right now in terms of there's numerous groups or end users, if you will, that want to rent them with fixed contracts. And so that over demand, which is great, will tie in nicely to future capacity that we bring online.

是的。我的意思是，麥克，我們剛剛宣布了資料中心。因此，我們將提供有關其轉換和將其推向市場的最新消息。所以我們正在做——正如我在之前的問題中指出的那樣，如果要走這條路的話，大約需要 3,000 台 Blackwell B300，而我們已經在管理和出租 5,100 個 GPU。因此，儘管從 GPU 的數量來看，它實際上使我們的佔用空間增加了兩倍，但隨著時間的推移，它們的利潤更加密集，功耗也更高。順便說一句，像 GB200 每機架 130 千瓦，而且只有 72 個 GPU，對嗎？因此，GPU 的功耗會逐漸增加。因此，我們今天管理的 GPU 實際上比我們將要上線的 GP 還要多。因此，我們將在此基礎上提供指導，但我們——我們真正喜歡這個網站的一點是，它現在作為資料中心運行。因此它可以運行。這是一個小型交易，我們非常有信心可以將其推向市場，並且它將非常適合我們的需求管道。我們正在招待眾多人——例如我們的 H200 目前已被過度承諾，因為有許多團體或最終用戶（如果你願意的話）希望透過固定合約租用它們。因此，這種過度需求是很好的，它將與我們未來上線的產能完美結合。

Mike, thanks again. Time for one final question. We will go to the line of Chris Brendler from Rosenblatt.

麥克，再次感謝。現在是最後一個問題的時間了。我們將轉到羅森布拉特 (Rosenblatt) 的克里斯布倫德勒 (Chris Brendler) 的路線。

And congrats on the results. I wanted to ask just a quick question since we're running a little long here on the mining gross margin, a nice sequential improvement I'm calculating here. Obviously, the Paraguay coming online, but it feels like that was only a partial quarter of impact. Can you give us any sort of sense on how much the mining margin can improve in the fiscal first quarter as you fully ramp the site and maybe a little bit of an outlook for the rest of -- or the beginning of, I guess, of fiscal '26? Because you've got a lot of low-cost power coming online, as more efficient machines as well, and we've also seen a recent improvement in the network hash rate. So any color there would be great.

並對所取得的成果表示祝賀。我想問一個簡單的問題，因為我們在採礦毛利率方面討論的時間有點長，我在這裡計算出一個很好的連續改善。顯然，巴拉圭隊正在上線，但感覺這只是影響的一部分。您能否告訴我們，隨著您全面擴大採礦規模，第一財季的採礦利潤率能提高多少，以及對剩餘時間（或我猜是 26 財年年初）的展望？因為有大量低成本電力上線，還有更有效率的機器，而且我們也看到網路哈希率最近有所提高。所以任何顏色都很棒。

Yes, totally. Great question, Chris. So actually, I did comment on this in a press release not too long ago as sort of in my quote section. And it's a really, really good question because it sort of highlights the improving fleet efficiency. So this quarter, right? Like again, I'm extremely proud of the team and I was still thrilled when I went down to Paraguay a couple of weeks ago to see the completed first 100 megawatts. And just everyone -- and by the way, like thanks, everyone, great show, like 60 people dialed in to this call. And I know all the analysts that follow the story so closely and kind of such deep insight. As you guys all know, we brought on five exahash five weeks in a row, right? It was extremely momentous. And so -- but to that end, all of that hash rate growth is in the last five weeks. So that's all in this quarter, right? So two things. First of all, the fleet efficiency, a big portion of that five exahash was S21+, air cooled units at 16.5 joules per terahash, right? And so our global efficiency sort of this current quarter is now 20 joules a terahash that will drop down to 18.4 joules per terahash when Phase 2 comes online and then 17.5 joules per terahash when Phase III is completed this fall. So you're sort of having this graduated improvement because the hydros that we're bringing online in Phase II, like Phase II is going to be all S21+ hydros. And by the way, like I think we put some really nice photos in the recent press release that commemorates 11 exahash, those containers are on site now, and they're being installed, which is super exciting. So that will all be 15 joule per terahash. Hydros, the hydros are more efficient than air cooled. Hydros are 15 joules per terahash. S21+ air cooled are 16.5 joules per terahash. So as we bring that -- those hydros online, that's what continues to improve the overall global fleet efficiency and will land -- it's actually closer to 17.3, but just about 17.5 in your models, to be conservative. And yes, so if you go from -- I believe we were coming in about 20 to 23 coming into this quarter, right? And so bringing on all those S21+ gets us to 20. So that in and of itself sort of from period-end March 31 to period-end June, right, quarter-over-quarter is a [10%] improvement in -- 10% to 15%, I guess, percent improvement in efficiency, right? And then with power costs, power costs were actually seeing really, really good power in New Brunswick, like interim spot pricing was as low as like CAD 0.02 on some days. Now New Brunswick is 70 megawatts, half of that is fixed and half of that is spot. So I'm anticipating -- and we've commented that spot price in New Brunswick have been attractive. So I think we're looking forward to better energy prices as well. I don't want to put a number on it, but I can comment, of course, on the efficiency. I mean we've disclosed all that. But I think directionally, with Paraguay coming online and spot prices, generally being more attractive in the summer compared to the winter historically. Yes, it's going to be looking forward to a good quarter. And as you noted difficulties dropping, which is nice. That's definitely everybody likes that. So yes, it's looking good, Chris.

是的，完全正確。很好的問題，克里斯。事實上，不久前我確實在一份新聞稿中對此發表了評論，就像在我的引言部分中一樣。這是一個非常非常好的問題，因為它凸顯了車隊效率的提升。那麼是這個季度嗎？再次強調，我為這個團隊感到非常自豪，幾週前我去巴拉圭看到第一個 100 兆瓦發電廠竣工時，我仍然感到很激動。順便說一句，謝謝大家，這場演出非常精彩，大約有 60 個人撥打了電話。我知道所有分析師都密切關注此事，並且有著如此深刻的見解。大家都知道，我們已經連續五週帶來了五場 exahash，對吧？這是極其重大的一件事。所以 — — 但為此，所有哈希率的增長都發生在過去五週內。這就是本季的全部內容，對嗎？所以有兩件事。首先，艦隊效率，那五艾哈什中很大一部分是 S21+，風冷裝置，每太哈什 16.5 焦耳，對嗎？因此，本季我們的全球效率排序現在是每太赫茲 20 焦耳，當第二階段上線時，將下降到每太赫茲 18.4 焦耳，而當第三階段於今年秋季完成時，將下降到每太赫茲 17.5 焦耳。因此，您將獲得這種逐步的改進，因為我們在第二階段上線的水力發電廠，例如第二階段將全部是 S21+ 水力發電廠。順便說一句，我認為我們在最近紀念 11 exahash 的新聞稿中放了一些非常漂亮的照片，這些集裝箱現在已經在現場，正在安裝，這非常令人興奮。所以總共是每太拉赫 15 焦耳。水冷式發動機，水冷式發動機比風冷式發動機效率更高。Hydros 為每太赫哈希 15 焦耳。S21+ 風冷功率為每太拉赫 16.5 焦耳。因此，當我們將這些水力發電機投入使用時，這將持續提高全球整體船隊效率，並且最終會實現這一目標——實際上它更接近 17.3，但在您的模型中，保守地說，大約是 17.5。是的，所以如果你從——我相信我們進入本季時大約有 20 到 23 個，對嗎？因此，加上所有這些 S21+，我們的數字就達到了 20。因此，從 3 月 31 日期末到 6 月期末，季度環比增長 10%——我猜 10% 到 15%，效率提高了，對吧？然後就電力成本而言，新不倫瑞克省的電力成本實際上非常好，例如臨時現貨價格在某些日子低至 0.02 加幣。現在新不倫瑞克省的發電量為 70 兆瓦，其中一半是固定發電，一半是現貨發電。所以我預計——而且我們已經評論說新不倫瑞克省的現貨價格很有吸引力。所以我認為我們也期待更好的能源價格。我不想給出具體數字，但我當然可以對其效率進行評論。我的意思是我們已經披露了這一切。但我認為，從方向來看，隨著巴拉圭上線，現貨價格在夏季通常比冬季更具吸引力。是的，我們期待一個好的季度。正如您所指出的，困難正在減少，這很好。這絕對是每個人都喜歡的。是的，看起來不錯，克里斯。

Looking forward to it. It's going to be interesting to see how much it improves in that fiscal first quarter. Thanks so much. Congrats again.

非常期待。看看第一財季的情況會有多大改善，這將會很有趣。非常感謝。再次恭喜。

You bet. Thank you.

當然。謝謝。

Thank you, Chris. That concludes our Q&A session and our Q4 and full year 2025 earnings call. Thank you, everyone, for joining. We look forward to speaking to you again soon.

謝謝你，克里斯。我們的問答環節以及 2025 年第四季和全年財報電話會議到此結束。謝謝大家的參與。我們期待很快再次與您交談。