HIVE Digital Technologies Ltd (HIVE) 2026 Q1 法說會逐字稿

Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended June 30, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I'll be your moderator for today's call. Before we get started on slide 2, we'd 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.

您好，歡迎收聽今天的網路廣播，內容是 HIVE Digital Technologies 截至 2025 年 6 月 30 日的季度財務表現。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。在開始播放第二張投影片之前，我們想先簡單介紹一下今天簡報的內容。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。

Words such as expects, beliefs 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 sec.gov.

期望、信念和類似的表達等詞語可以識別這些陳述。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，請參閱我們在 sec.gov 上提交的最新 SEC 文件。

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 believe they provide investors with additional insight and they are presented for supplemental purposes only and should not be considered in isolation from GAAP results.

除了討論根據 GAAP 計算的結果外，我們還將參考某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的淨收入和自由現金流量。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，它們僅用於補充目的，不應與 GAAP 結果分開考慮。

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, Executive Chairman; Aydin Kilic, President and CEO; Darcy Daubaras, Chief Financial Officer; and Craig Tavares, President and Chief Operating Officer of Buzz HPC.

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。在下一張投影片中，我很高興介紹今天的演講者：執行主席 Frank Holmes；總裁兼執行長 Aydin Kilic；財務長 Darcy Daubaras；以及 Buzz HPC 總裁兼營運長 Craig Tavares。

I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank?

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, for the introduction and it's my honor to be with this great executive team. You know what it's interesting. This executive team is, I think, right now, the longest-standing CEO and CFO in the industry, the turmoil over the past five years of the change in regard of leadership in the crypto-mining companies has been over and over, and we've stayed consistent and reliable and always showing up as most efficient top-tier miner as we've also built out the first to go and build out the AI sector.

謝謝 Nathan 的介紹，我很榮幸能與這個優秀的執行團隊在一起。你知道這有什麼有趣的。我認為，這個執行團隊是目前業內任職時間最長的首席執行官和首席財務官，過去五年來，加密貨幣挖礦公司的領導層變動不斷，但我們始終保持一致和可靠，始終表現為最高效的頂級礦商，同時我們還率先建立了人工智能領域。

So today, I'm going to go through the macro recap of where we have basically had an incredible year and where we're going. So let's hop onto the next slide before we get into the granularity. Well at five, as you can see from this data that every asset class has its only unique DNA of volatility and it's important for investors to understand that. And we'll have 5%-plus or minus daily volatility per HIVE or 16% over 10 days. Moves may seem extraordinary compared to the S&P 500 or Gold.

所以今天，我將從宏觀角度回顧我們度過的不可思議的一年以及我們的未來方向。因此，在深入討論細節之前，讓我們先跳到下一張投影片。好吧，從這些數據中你可以看出，每種資產類別都有其獨特的波動性 DNA，投資人了解這一點很重要。每個 HIVE 的每日波動率將為 5% 左右，10 天內波動率為 16%。與標準普爾 500 指數或黃金相比，這一走勢可能顯得非同尋常。

They are normal in the emergent Bitcoin ecosystem. This volatility is not a flaw. It is a natural byproduct of a high-growth global 24/7 industry and an asset class that is still maturing. For HIVE, it is precisely this volatility combined with operational excellence and strategic growth in a green power infrastructure that creates the, I would say, this unique outsized return, and it's not to become fraught and worried about that DNA of volatility, but use it to your advantage.

在新興的比特幣生態系統中，這是很正常的。這種波動性並不是缺陷。它是全球 24/7 全天候行業高成長的自然副產品，也是仍在成熟的資產類別。對於 HIVE 來說，正是這種波動性與卓越的運營以及綠色電力基礎設施的戰略增長相結合，創造了這種獨特的超額回報，我想說，我們不必為這種波動性的 DNA 而擔憂，而應該利用它來為自己謀利。

As you can see here that Tesla is very, very similar to HIVE's DNA volatility and strategy micro-sellers, Bitcoin holding company is really has a greater volatility. The next is really a recap as this year and 2025 is transformative for HIVE because we are the fastest and biggest growth story in the Bitcoin mining industry. And hopefully, we'll be able to show you that in a short notice where it will also be for next year. But this is huge growth coming from 6 to 15.

正如您在這裡看到的，特斯拉與 HIVE 的 DNA 波動性和策略微賣家非常非常相似，比特幣持有公司確實具有更大的波動性。接下來是真正的回顧，因為今年和 2025 年對 HIVE 來說具有變革意義，因為我們是比特幣挖礦業中成長最快、規模最大的公司。希望我們能夠在短時間內向您展示這一點，明年也將如此。但從 6 到 15，這是一個巨大的增長。

Many people did not expect and anticipate that by August, we would have such great significant growth. But the numbers that are coming in for the quarter end is before we hit 15 EH/s, which is today, so I'd like to hop over the next visual to give you an idea for the comparison of looking at our year-end was March 31, and that 12-month annual revenue, the gross revenue was $115 million and the adjusted EBITDA was about $56 million and the gross operating income was $25 million.

很多人沒有想到，也沒有預料到，到了8月份，我們就會有這麼大的成長。但是，在我們達到 15 EH/s（也就是今天）之前，季度末的數據會出現，因此我想跳過下一個圖表，讓您比較一下我們的年末（3 月 31 日）和 12 個月的年收入，總收入為 1.15 億美元，調整後的 EBITDA 約為 5600 萬美元，總營業收入為 2500 萬美元。

We're very proud of those numbers because they include the halving of Bitcoin. So even with the halving, we were able still to generate a gross operating income of $25 million. And now with the scaling underway this year, in particular, seeing the growth in Paraguay, the quarterly results are starting to populate and they're showing you at the end of June that our top line revenue growth rate was $45 million and the adjusted EBITDA just for the quarter was $44 million, which was almost what 12 months was after that halving, and the gross operating income of $15 million.

我們對這些數字感到非常自豪，因為其中包括比特幣減半。因此，即使產量減半，我們仍然能夠創造 2500 萬美元的總營業收入。現在，隨著今年業務的擴大，特別是巴拉圭的成長，季度業績開始顯現，6 月底的數據顯示，我們的營業收入增長率為 4500 萬美元，本季度調整後的 EBITDA 為 4400 萬美元，幾乎相當於減半後的 12 個月的水平，總營業收入為 1500 萬美元。

Now what happens is I'm going to walk you through is that many analysts then say, well, that's going to be if you forecast that for next four quarters because you're ramping up, these numbers will be much higher and in fact, since now August, we're at 15 EH/s, these numbers are even greater than the numbers you're looking at right now.

現在發生的情況是，我將向您介紹，許多分析師隨後會說，好吧，如果您預測接下來的四個季度，由於您正在加大投入，這些數字將會高得多，事實上，從現在 8 月份開始，我們的 EH/s 為 15，這些數字甚至比您現在看到的數字還要大。

Next, please. So using back of envelope and no past performance is a guarantee for future results. I'm just looking of the revenue for that quarter, it would have a forecast of $182 million top line, EBITDA of $178 million and gross operating income of $63 million. Well, today, it's even higher than these numbers. But you have to remember, we have to wait for the audited numbers that come out at the end of September for this summer quarter and what they will look at. But we did make a press releases this top line revenue growth is running at over $300 million now.

有請下一位。因此，使用信封背面且沒有過去的表現可以保證未來的結果。我只是查看了該季度的收入，預計營業收入為 1.82 億美元，EBITDA 為 1.78 億美元，總營業收入為 6,300 萬美元。而今天，這個數字甚至還要高。但你必須記住，我們必須等待今年夏季季度九月底發布的審計數據以及他們將關注的內容。但我們確實發布了新聞稿，目前營收成長已超過 3 億美元。

Next, please. The largest noncash items for HIVE for the quarter was to -- you could see the revaluation of Bitcoin in our balance sheet and the volatility of Bitcoin can move up and down. These are noncash items, and we saw a swing here of $23 million and depreciation is also another significant as you buy new GPU chips for the AI build-out or ASIC chips for the Bitcoin build-out in the data centers, the depreciation charges are quite high.

有請下一位。HIVE 本季最大的非現金項目是－您可以在我們的資產負債表中看到比特幣的重新估值，而比特幣的波動性可能會上下波動。這些都是非現金項目，我們看到這裡的波動為 2300 萬美元，折舊也是另一個重要因素，因為當您購買用於 AI 構建的新 GPU 晶片或用於數據中心的比特幣構建的 ASIC 晶片時，折舊費用相當高。

Next, please. These are powerful visuals to show you our scaling to put things in perspective in Paraguay. This is 15 EH/s of Bitcoin hashrate as advancement in Paraguay and this has accelerated because of our M&A activity and buying Bitmain -- it's not Bitmain, but Bitfarm's operations in Paraguay and that has allowed us to really accelerate our footprint from 100 megawatts of electricity to 300 megawatts. And the leadership shown by the Country President Gabriel Lamas has been outstanding as we've been able to scale more rapidly than anyone anticipated.

有請下一位。這些都是強而有力的視覺效果，向您展示了我們在巴拉圭的視角。隨著巴拉圭的發展，比特幣哈希率達到了 15 EH/s，由於我們的併購活動和收購比特大陸（不是比特大陸，而是 Bitfarm 在巴拉圭的業務），這一速度得到了加速，這讓我們真正將電力覆蓋範圍從 100 兆瓦加速到 300 兆瓦。國家總統加布里埃爾·拉馬斯 (Gabriel Lamas) 所展現出的領導力非常出色，使我們得以比任何人預期的更快地擴大規模。

But what's really important in the next visual is that price is what you pay, but value is what -- was what you get. And scaling 4 EH/s with discipline and 4 EH/s of hydro online leads into the next visual that we do not forget these communities that we're involved with.

但下一個視覺圖中真正重要的是價格是你付出的，而價值是你得到的。並且，透過紀律將 EH/s 擴大到 4，將水力在線擴大到 4，這將引出下一個視覺現象，即我們不會忘記我們所參與的這些社區。

At HIVE, value goes beyond just record revenue and EBITDA by lasting benefits that we deliver to our communities. We've done this in Sweden with the hockey arena and the hockey team training for kids in Northern Sweden.

在 HIVE，價值不僅在於創紀錄的收入和 EBITDA，還在於我們為社區帶來的持久利益。我們在瑞典做過這樣的事，在瑞典北部設立了冰球場，並組織冰球隊為孩子們訓練。

And in Paraguay, where we're scaling our renewable power data centers, we've invested in the future education of local grade schools, installing air conditioning, which is so key because of temperatures on our average of 100 degrees.

在巴拉圭，我們正在擴大我們的再生能源資料中心，並投資當地小學的未來教育，安裝空調，這一點至關重要，因為這裡的平均溫度為 100 度。

And we've also put street lighting as this visual shows you here that the Mayor put up thanking them because we've lit up 14 streets so that the mothers and parents and kids are safe in the small towns that were located. This is not just an ESG check the box. These are tons of long-term contributions that enhance the quality of life, improve learning conditions and strengthen our partnership with the local communities.

我們還安裝了路燈，正如這張圖所示，市長對他們表示感謝，因為我們照亮了 14 條街道，以便小鎮上的母親、父母和孩子們能夠安全。這不僅僅是 ESG 複選框。這些都是長期貢獻，可以提高生活品質、改善學習條件並加強我們與當地社區的夥伴關係。

It was a poor and rainy day. I was there last week, and these are fresh photographs of us going and visiting the school and being thanked by the kids who are just out of school. And this is -- this is the open form, whereas in Texas or Canada, everything has four walls put behind it, and here it's still open. And this school is almost 80 years old.

那是一個天氣惡劣、陰雨綿綿的日子。我上週去過那裡，這些是我們去參觀學校並受到剛放學的孩子們感謝時拍攝的新照片。這就是——這就是開放的形式，而在德克薩斯州或加拿大，一切都有四面牆在後面，而在這裡它仍然是開放的。這所學校已有近80年歷史。

Next, please. So truly, we believe in social impact investing for building a brighter future in Paraguay. So let's hope to Toronto and the next visual please. So we go -- we operate over nine time zones in five languages and using sourcing hydroelectricity from three countries: Canada, Sweden and now Paraguay.

有請下一位。因此，我們確實相信社會影響力投資能為巴拉圭創造出更美好的未來。因此，讓我們期待多倫多和下一期的視覺盛宴。因此我們開始行動——我們在九個時區使用五種語言開展業務，並使用來自三個國家的水力發電：加拿大、瑞典和現在的巴拉圭。

But coming back to Toronto, what's important is that it's not only Canada's largest city, it is now -- which has surpassed in population Chicago, it's a diverse population from 50 countries. It's a hub of education, research and innovation, leading to inventions and cutting-edge medical research and globally recognized breakthroughs, including the discovery of insulin for diabetes.

但回到多倫多，重要的是它不僅是加拿大最大的城市，現在它的人口已經超過芝加哥，它的人口來自 50 個國家。它是教育、研究和創新的中心，引領發明和尖端醫學研究以及全球公認的突破，包括發現糖尿病胰島素。

This unique mix of scale, talent and innovation makes Toronto one of North America's most vibrant cities for finance, technology, life sciences and live theater. It is a third largest live theater city in the world.

這種規模、人才和創新的獨特組合使多倫多成為北美最具活力的金融、技術、生命科學和現場戲劇城市之一。它是世界第三大現場戲劇城市。

The underground system, the subway system is over 50 miles connecting underground the whole city and the surface transportation buses on every major street and small streets and street cars as almost 750 miles of busing coverage on surface.

地鐵系統全長 50 多英里，連接整個城市的地下通道和每條主要街道和小街道上的地面交通巴士以及有軌電車，地面巴士覆蓋範圍接近 750 英里。

And when we look at the University of Toronto in the next slide, it's played a pivotal role in the development of deep learning and neural networks, including work by Dr. Geoffrey Hinton with his propagation and his other breakthroughs. It was called the Boltzmann machine, which is recognized as foundational for a modern AI.

當我們在下一張幻燈片中看到多倫多大學時，它在深度學習和神經網路的發展中發揮了關鍵作用，包括傑弗裡·辛頓博士的傳播工作和其他突破。它被稱為玻爾茲曼機，被認為是現代人工智慧的基礎。

In essence, the University of Toronto is arguably Canada's, one of the world's most influential hubs for AI. Its impact stacks from academic breakthroughs. And we've seen this as we're based in San Antonio, Texas, that the University of Texas, San Antonio is leading university for cybersecurity.

從本質上講，多倫多大學可以說是加拿大、世界上最具影響力的人工智慧中心之一。其影響源自學術突破。我們在德州聖安東尼奧發現，德州大學聖安東尼奧分校是網路安全領域的領先大學。

So therefore, that leads to NSA having huge operations in San Antonio to be able to tap into the intellectual capital and Toronto's reputation as an AI capital with Geoffrey Hinton receiving a Nobel Prize, next visual, for his AI breakthrough is really quite significant.

因此，美國國家安全局在聖安東尼奧開展大規模業務，以便能夠利用這裡的智力資本和多倫多作為人工智能之都的聲譽，而杰弗裡·辛頓 (Geoffrey Hinton) 因其在人工智能方面的突破而獲得諾貝爾獎，這確實意義重大。

So the University of Toronto foundational research institutional ecosystem over 50 languages, global influence and applied innovation. We said this is so key and the push now globally for sovereign data centers to have a footprint in Toronto.

因此，多倫多大學基礎研究機構生態系統涵蓋 50 多種語言、全球影響力和應用創新。我們說這是非常關鍵的，現在全球都在推動主權資料中心在多倫多落地。

So by building in Toronto, we are leveraging Canada's AI leadership, supporting sovereign data infrastructure and Craig Tavares, our President of Buzz, will give you more information and give you insights on that. But this is a classic what we've seen with data centers for Bitcoin mining is a stepping stone for the AI buildout globally.

因此，透過在多倫多建設，我們將利用加拿大的人工智慧領導地位，支援主權資料基礎設施，我們的 Buzz 總裁 Craig Tavares 將為您提供更多資訊並為您提供見解。但這就是我們所看到的比特幣挖礦資料中心的典型例子，它是全球人工智慧建設的墊腳石。

We're seeing this all over the world. And so we are really happy to see that we've got a 40,000 square foot building that will go from what's called Tier 1 to Tier 3 and then being able to build out our suite of NVIDIA chips, which will be used for our AI business. We are now Downtown Stockholm and in Downtown Montreal and hopefully, in the next short order to be Downtown Toronto.

我們在世界各地都看到這種情況。因此，我們很高興地看到，我們擁有一座 40,000 平方英尺的建築，它將從所謂的 Tier 1 升級到 Tier 3，然後能夠建造我們的 NVIDIA 晶片套件，用於我們的 AI 業務。我們現在位於斯德哥爾摩市中心和蒙特婁市中心，希望不久之後就能到達多倫多市中心。

The next visual, please. So what's really been significant for us and moving to the head office to San Antonio, Texas has been the comfort of regulatory pronouncements. And we've seen this year, the GENIUS Act, a major shift toward regulatory CLARITY, institutional adoption of Bitcoin in the US, and being the world's largest capital market for formally recognizing Bitcoin legal status is setting clear compliance guidelines, and we think it's very significant for the global Bitcoin ecosystem.

請提供下一個視覺效果。因此，對我們來說，將總部遷至德州聖安東尼奧真正重要的是監管聲明的舒適性。而我們今年也看到了《GENIUS法案》的出台，這是監管向清晰化的重大轉變，美國對比特幣的機構採用，以及作為全球最大的資本市場，正式承認比特幣的合法地位，正在製定明確的合規準則，我們認為這對全球比特幣生態系統意義重大。

So what we're -- the next visual, please? So the GENIUS Act of 401(k) Executive Order, Texas Strategic Bitcoin Reserve, all these developments are very important for the global Bitcoin mining revenue and the ecosystem and the credibility of the ecosystem.

那我們的下一個視覺效果是什麼呢？因此，401（k）行政命令的GENIUS法案、德州戰略比特幣儲備，所有這些發展對於全球比特幣挖礦收入和生態系統以及生態系統的可信度都非常重要。

Also these acts are very important for America to push back with a blunt push against China's de-dollarization and China's attack with the BRICs nations against the US dollar for trade around the world. So it's important to see that the CLARITY Act is another important step in this for progress and America is showing this leadership.

這些措施對於美國堅決反擊中國的去美元化以及中國聯合金磚國家在全球貿易中對美元發動的攻擊也至關重要。因此，重要的是要看到《CLARITY法案》是這一進程中另一個重要舉措，美國正在展現這一領導力。

Next, please. Well, price is what you pay is what Warren Buffett likes to say, a value is what you get. And intrinsic value is what is key and intrinsic value is a true worth based on future cash flows, competitive edge and business quality and that's what HIVE is doing. And we're seeing at this stage that we are growing the intrinsic value of HIVE faster than what the price of the stock price is. And historically, there was a snap up.

有請下一位。嗯，正如華倫·巴菲特喜歡說的那樣，價格就是你付出的，價值就是你得到的。內在價值是關鍵，內在價值是基於未來現金流、競爭優勢和業務品質的真正價值，而這正是 HIVE 正在做的事情。現階段我們看到 HIVE 的內在價值成長速度快於股票價格的成長速度。從歷史上看，這曾是個搶購潮。

And I think what this release today of showing what's happened this quarter and the end of September quarter are very significant in HIVE being re-rated by institutions. There's other things that are really important in the capital markets, which happened this year in addition to the Bitcoin regulatory guidelines, but as you're witnessing huge stock buybacks.

我認為今天發布的報告顯示了本季和 9 月底季度發生的情況，對於機構重新評估 HIVE 具有重要意義。除了比特幣監管指南之外，今年資本市場上還發生了其他一些非常重要的事情，但你會看到大規模的股票回購。

Next please, I recently wrote on Forbes and discussed a record at stock buybacks, and I've seen that The Wall Street Journal has also commented and written about stock buybacks. But let's hop to the next visual about the analysts and all the research and coverage we're getting targeting a $6 to $8 stock price. Well, why? Where do they get these numbers from. And I think the big part is proving out that you can grow and scale which we're doing.

接下來，我最近在《富比士》上撰文討論了股票回購的記錄，而且我看到《華爾街日報》也對股票回購進行了評論和撰寫。但是，讓我們跳到下一個關於分析師以及我們得到的所有研究和報告的視覺圖像，目標是 6 至 8 美元的股價。那麼，為什麼呢？他們從哪裡得到這些數字？我認為最重要的是證明你可以成長和擴大規模，而這正是我們正在做的。

And then we've seen some significant mergers and acquisitions take place in the industry. And it's the unlocking of value in the next visual, what recently will say HIVE's worth, CoreWeave, which is a hyperscaler, which has the tremendous support of Microsoft and NVIDIA is to acquire Core Scientific, why are they buying Core Scientific? And what are the value metrics for that.

然後我們看到行業中發生了一些重大的併購事件。這是下一個視覺中價值的釋放，最近會說出 HIVE 的價值，CoreWeave，一個超大規模公司，得到了微軟和 NVIDIA 的大力支持，將收購 Core Scientific，他們為什麼要收購 Core Scientific？它的價值指標是什麼？

They're buying it because they've sourced energy and they have land and they have energy. And these hyperscalers need to have access to both land and electricity. With that, we're seeing a huge build-out and who is first to go into a lot of the sort of areas, where there was stranded electricity or wasted electricity have been Bitcoin miners.

他們購買它是因為他們有能源來源、有土地、有能源。這些超大規模企業需要擁有土地和電力。由此，我們看到了大規模的建設，誰能率先進入那些電力滯留或浪費的地區，誰就是比特幣礦工。

It was Bitcoin miners in West Texas, where for absorbing flared gas, surplus electricity from solar energy and from wind energy. And so now all of a sudden, there's great value being placed on these early adopters. I have been a Bitcoin miners, and I look at HIVE is also being very early being the first crypto-mining company, but very early in sourcing and developing and we look at Paraguay, not only are we helping for the government of getting steady US dollar cash flow every month, helping with the ecosystem and building out the infrastructure. What happens when you go to Tier 3.

這是西德州的比特幣礦工，他們在那裡吸收火炬氣、太陽能和風能產生的剩餘電力。因此現在突然之間，這些早期採用者就變得非常有價值。我曾經是一名比特幣礦工，而且我發現 HIVE 也是第一家加密貨幣挖礦公司，而且在採購和開發方面也處於非常早期的階段，我們關注巴拉圭，我們不僅在幫助政府每月獲得穩定的美元現金流，還幫助其建立生態系統和基礎設施。當你進入第 3 層時會發生什麼事。

What is the valuation metrics? Well, if you look at data center on the next visual, it's a simple back of envelope, the data center peer average is about 9 times enterprise value to sales, HIVE trades at 1.5. If you look at enterprise value to EBITDA, it's 3.2, but the data center average is 21. And so therefore, there's lots of upside where price catches up to the intrinsic value that the management team is creating for the HIVE shareholder, long-term sustainable value creation.

估值指標是什麼？嗯，如果你看一下下圖中的資料中心，它就像一張簡單的信封，資料中心同業的平均企業價值與銷售額的比率約為9倍，HIVE的交易價格為1.5倍。如果你看一下企業價值與EBITDA的比率，它是3.2倍，但資料中心的平均水準是21倍。因此，當價格趕上管理團隊為 HIVE 股東創造的內在價值，即長期可持續的價值創造時，就會有很大的上漲空間。

The next visual is sort of articulate to explain to investors Stargate, which is in West Texas, in Abilene, where there's this massive epic $500 billion AI mega project. There's been wonderful coverage on this in Bloomberg, and on YouTube that if you're really curious you go and take a look at, it's over 2,000 acres.

下一個視覺圖像可以清楚地向投資者解釋星際之門，它位於德克薩斯州西部的阿比林，那裡有一個耗資 5000 億美元的龐大人工智慧項目。彭博社和 YouTube 對此進行了精彩報道，如果你真的很好奇，可以去看看，它的面積超過 2,000 英畝。

It has over 2,500 construction workers and it is tapping into surplus wind, surplus solar and natural gas energy to build up for the secular bull market in AI. So stay tuned to HIVE as it participates being early in capturing energy and building out data centers in Bitcoin mining and AI.

該公司擁有超過 2,500 名建築工人，並正在利用過剩的風能、太陽能和天然氣能源為人工智慧的長期牛市做準備。因此請繼續關注 HIVE，因為它早期參與了比特幣挖礦和人工智慧領域的能量獲取和資料中心的建設。

Next, please. I'll welcome Aydin Kilic, our CEO, who will give you more granularity on what's happening in the global Bitcoin and AI build-out. Thank you.

有請下一位。我歡迎我們的執行長 Aydin Kilic，他將向您詳細介紹全球比特幣和人工智慧建設的最新動態。謝謝。

Thank you, Frank. That was an excellent macro summary, great insights into the industry and our growth. I just want to add that for the past 10 years, we've really seen Bitcoin mining emerge as a unique catalyst and unlocking (inaudible), otherwise unused energy resources. By monetizing surplus power, for example, it allows utilities at a higher base load and then sell energy to miners when grid demand is low.

謝謝你，弗蘭克。這是一個出色的宏觀總結，對產業和我們的成長有著深刻的見解。我只想補充一點，在過去的 10 年裡，我們確實看到比特幣挖礦成為一種獨特的催化劑，並釋放了（聽不清楚）原本未使用的能源資源。例如，透過將剩餘電力貨幣化，它允許公用事業以更高的基本負載運行，然後在電網需求較低時將能源出售給礦工。

Really miners provide a flexible, location-agnostic and reliable demand source that transforms isolated or excess energy into economic value. And this model incentivizes the build-out of renewable projects by turning intermittent output into steady revenue.

真正的礦工提供靈活、與位置無關且可靠的需求來源，將孤立或多餘的能源轉化為經濟價值。這種模式將間歇性產出轉化為穩定的收入，從而激勵了再生能源項目的建設。

We believe that financial markets are increasingly recognizing the positive climate and economic benefits of such operations. And so the infrastructure that has been built for digital asset mining becomes ripe for new layers, notably, HPC and for AI due to parallel requirements for dense power and robust cooling.

我們相信，金融市場越來越認識到此類操作的正面環境和經濟效益。因此，為數位資產挖掘而建造的基礎設施已為新的層級做好了準備，特別是 HPC 和 AI，因為它們同時需要密集的電力和強大的冷卻能力。

So with that being said, let us jump into my summary for HIVE's Q1 2026. So it was a phenomenal quarter, record quarter for us really over $45 million in total revenue. Of that, approximately 90% came from Bitcoin mining operations from our green energy global footprint and approximately 10% from our HPC AI business, which is very exciting.

話雖如此，讓我們來看看我對 HIVE 2026 年第一季的總結。所以這是一個非凡的季度，對我們來說創下了總收入超過 4500 萬美元的紀錄。其中約 90% 來自我們綠色能源全球足跡的比特幣挖礦業務，約 10% 來自我們的 HPC AI 業務，這非常令人興奮。

Of that $45.6 million in revenue, we did approximately 38% of the gross operating margin, yielding about $15.8 million of cash flow from operations and very remarkably, a super strong quarter, $35 million of net income with $44.6 million of adjusted EBITDA.

在這 4560 萬美元的收入中，我們實現了約 38% 的毛營業利潤，產生了約 1580 萬美元的經營現金流，而且非常值得注意的是，本季度業績非常強勁，淨收入為 3500 萬美元，調整後 EBITDA 為 4460 萬美元。

We ended the quarter with 435 Bitcoin on the balance sheet. And again, we have the Bitcoin pledge strategy where we have pledged a large quantity of Bitcoin at $87,000, and we have the ability to purchase that Bitcoin back before the end of the year, zero interest.

本季結束時，我們的資產負債表上有 435 個比特幣。再次強調，我們有比特幣質押策略，我們以 87,000 美元的價格質押了大量比特幣，我們有能力在年底之前以零利息回購這些比特幣。

And that's very exciting, and that's a strategy that will allow us to increase our HODL as the year goes on in our free cash flow from operations growth. And we felt that this was a very accretive way to scale our Bitcoin mining business because if we pledge almost $200 million of Bitcoin, that otherwise would have required share issuance or taking on debt.

這是非常令人興奮的，這項策略將使我們能夠隨著時間的推移增加我們的 HODL，從而增加我們來自營運成長的自由現金流。我們認為這是擴大我們的比特幣挖礦業務的一種非常有增值作用的方式，因為如果我們承諾近 2 億美元的比特幣，那麼就需要發行股票或承擔債務。

So without dilution and without taking on debt, we've been able to scale approximately $200 million worth of CapEx using this pledge strategy, which by the way, is now profitable. Approximate estimates for over $40 million in the money on our pledge strategy right now if we were to look at the value of the Bitcoin that we pledged relative to its current market price today.

因此，在不稀釋股權、不承擔債務的情況下，我們能夠利用這種質押策略擴大價值約 2 億美元的資本支出，順便說一句，這種策略現在已經盈利。如果我們看一下我們承諾的比特幣相對於其當前市場價格的價值，我們目前的承諾策略的資金約為 4000 萬美元。

So I think the HIVE, in addition to having great uptime, low G&A and best in the sector, ROIC, we've been very strategic in growing our business in what we believe is an accretive manner for our shareholders. And the last highlight here is 15% trailing 12-month ROIC, which again leads the sector, and we'll get into more detail shortly.

因此，我認為 HIVE 除了擁有出色的正常運作時間、較低的 G&A 和業內最佳的 ROIC 之外，我們還以非常有策略的方式發展我們的業務，我們認為這是一種為股東帶來增值的方式。最後一個亮點是過去 12 個月的 ROIC 為 15%，再次領先該行業，我們將很快詳細介紹。

By the way, I would also want to add that I do think that HIVE stands out in this new era of vertically integrated AI infrastructure, we're lightly leveraged. We have a very transparent growth model, we're powered by renewable energy, and we provide regular reporting of our exahash milestones.

順便說一句，我還想補充一點，我確實認為 HIVE 在這個垂直整合的 AI 基礎設施新時代脫穎而出，我們的槓桿率很低。我們擁有非常透明的成長模式，我們採用再生能源作為動力，並定期報告我們的 exahash 里程碑。

Our model proven through scalable mining in Canada, Paraguay and Sweden is rapidly being adapted now for sovereign AI in HPC as well. The recent Toronto data center deal, which we'll talk more about and the prior acquisition of Bitfarm's Paraguay assets really position HIVE to hyperscale its footprint precisely as the market begins to appreciate that the infrastructure built for Bitcoin is now amongst the most coveted asset class for the AI super cycle and the ongoing global HPC land grab.

我們的模型已透過在加拿大、巴拉圭和瑞典的可擴展採礦得到驗證，現在也迅速應用於 HPC 中的主權 AI。我們將詳細討論最近的多倫多資料中心交易，以及先前對 Bitfarm 巴拉圭資產的收購，真正使 HIVE 能夠擴大其業務範圍，因為市場開始意識到，為比特幣構建的基礎設施現在是人工智慧超級週期和正在進行的全球 HPC 土地爭奪中最令人垂涎​​的資產類別之一。

Let's jump to the next slide. So it is also worth noting that our earnings per share grew 206% year over year, $0.18 earnings per share on a diluted basis. And while our diluted shares outstanding increased to $192 million, which is a 74% increase, you could see that our earnings per share outpaced that significantly.

讓我們跳到下一張投影片。因此值得注意的是，我們的每股盈餘年增 206%，攤薄後每股收益為 0.18 美元。雖然我們的稀釋流通股數增加至 1.92 億美元，增幅達 74%，但您可以看到我們的每股盈餘大幅超過了這一增幅。

And we had significant growth when we completed our construction project in Paraguay, the Phase 2 -- sorry, Phase 1 and 2, 200 megawatts of our expansion in Paraguay, and we've talked about this before. It was a phenomenal deal.

當我們完成巴拉圭的建設項目，即第二階段——抱歉，是第一階段和第二階段，即我們在巴拉圭的擴建項目 200 兆瓦時，我們取得了顯著的增長，我們之前已經談過這個問題。這是一筆非凡的交易。

Our all-in cost to acquire and complete the construction work up to [$400,000] megawatt. Well, 200 megawatts, that's an $80 million CapEx as well our 100 megawatts in Valenzuela, similar costs another $40 million, that's $120 million in construction CapEx.

我們購置和完成建設工程的總成本高達 [$400,000] 兆瓦。嗯，200 兆瓦，這是 8000 萬美元的資本支出，而我們在瓦倫瑞拉的 100 兆瓦，類似的成本又為 4000 萬美元，這是 1.2 億美元的建設資本支出。

So of course, you're going to have some equity that goes towards acquiring and building out that infrastructure, but [$400,000] megawatt is incredibly attractive, and we effectively acquired the 200 megawatts Yguazú at cost, and that allowed us to bring our hashrate online very rapidly. So even though we issued shares, we believe it was accretive in the end as we've seen our revenue per share and now our earnings per share grow.

因此，當然，您將擁有一些股權，用於收購和建設該基礎設施，但 [400,000 美元] 兆瓦的價格極具吸引力，我們有效地以成本價收購了 200 兆瓦的 Yguazú，這使我們能夠非常迅速地將我們的哈希率上線。因此，儘管我們發行了股票，但我們相信最終它會帶來增值，因為我們已經看到每股收入和每股盈餘都在成長。

Ultimately, we want to demonstrate the best ROIC for our shareholders. If we are deploying capital, we have to make more money back from what we spent, and that's just how we strive to do business at HIVE. And I think the numbers show it.

最終，我們希望為股東展示最佳的投入資本報酬率。如果我們部署資本，我們必須從所花費的資金中賺回更多的錢，這就是我們在 HIVE 努力開展業務的方式。我認為數字已經證明了這一點。

Let's go on to the next slide. So it was a phenomenal quarter for Bitcoin mining. We did 4.5 Bitcoin per day on average, 406 Bitcoin mined for the quarter and our average exahash, again, this is period end June 30, was 8.7 EH/s.

我們繼續看下一張投影片。因此，對於比特幣挖礦來說，這是一個非凡的季度。我們平均每天開採 4.5 個比特幣，本季共開採了 406 個比特幣，截至 6 月 30 日，我們的平均 exahash 為 8.7 EH/s。

Keep in mind, we scaled during this quarter, and we brought online our first stage of Yguazú, the first 100 megawatts. And since then, what's very remarkable, like in the first week of August, we've continued to scale the business.

請記住，我們在本季度擴大了規模，並上線了 Yguazú 第一階段，即第一個 100 兆瓦。從那時起，非常了不起的是，例如在八月的第一周，我們繼續擴大業務規模。

We're today operating at 15 EH/s doing 7.5 Bitcoin per day on average today. So again, we've grown our production by over 65% from where we were this fiscal reporting quarter to where we are today in the first week of August.

我們今天的營運速度為 15 EH/s，平均每天處理 7.5 個比特幣。因此，從本財政報告季度到 8 月第一週的今天，我們的產量增加了 65% 以上。

So looking forward and where we are today, really, we've continued to deliver growth and scale. Once fully built out, we'll have a 440-megawatt green energy footprint for Bitcoin mining. And again, we do this all with our capital allocation strategy optimized for ROIC. And moreover, we accomplished this all having the lowest G&A per Bitcoin mined in the industry and best-in-class uptime.

因此，展望未來，就我們目前的情況而言，我們確實繼續實現成長和擴大規模。一旦完全建成，我們將擁有 440 兆瓦的綠色能源足跡用於比特幣挖礦。再次強調，我們透過針對 ROIC 進行最佳化的資本配置策略來實現這一切。此外，我們實現了業內最低的每比特幣 G&A 成本和一流的正常運行時間。

Let's go to the next slide. An overview of our expansion in Paraguay, we've talked about this a lot. This is just an update of where we are. Again, 2025 has been a landmark year for HIVE as we scale the 25 EH/s. Keep in mind, we started the year at 6 EH/s, and that's over 4x growth getting to '25.

我們來看下一張投影片。關於我們在巴拉圭擴張的概述，我們已經討論過很多次了。這只是我們目前情況的更新。再一次，2025 年對 HIVE 來說是一個里程碑，因為我們將擴展至 25 EH/s。請記住，我們今年年初的速度是 6 EH/s，而到 25 年則成長了 4 倍以上。

We're at over 15 EH/s a day, you could see that we've been consistently executing on our strategy and showing to TheStreet that HIVE really is a top-performing Bitcoin miner. We're experts in the game, I believe, pound for pound we're the best, and I think the numbers show that.

我們每天的速度超過 15 EH/s，您可以看到我們一直在執行我們的策略，並向 TheStreet 證明 HIVE 確實是一款表現最佳的比特幣礦工。我相信，我們是這項運動的專家，就實力而言，我們是最棒的，我認為數據證明了這一點。

So Phase 1 was completed ahead of schedule, the first 100 megawatts at Yguazú, 5 EH/s are air cooled. Phase II, 6.5 EH/s of hydro miners, [S21+] from Bitmain 15 joules per terahash, you could see the aerial photo here. We are over 2/3 done. It's 4.5 EH/s operating today at 6.5 EH/s in the next few weeks, Phase 2 will be 100% complete.

因此，第一階段提前完成，Yguazú 的前 100 兆瓦、5 EH/s 採用風冷。第二階段，水力礦工 6.5 EH/s，比特大陸 [S21+] 15 焦耳/太赫茲，您可以在此處看到空拍照片。我們已經完成了 2/3 以上。目前運行速度為 4.5 EH/s，未來幾週將達到 6.5 EH/s，第 2 階段將 100% 完成。

And moreover, the third phase of construction, construction -- sorry, the third phase in Paraguay, which is Valenzuela, the construction is essentially complete, and we will start installing ASICS in September. So super exciting.

此外，第三階段的建設，建設——抱歉，巴拉圭的第三階段，也就是巴倫瑞拉，建設基本上完成，我們將在 9 月開始安裝 ASICS。太令人興奮了。

Again, we're operating over 15 EH/s a day. And another big piece of news. We are fully funded, and we have fully paid for all our ASICs to get to 25 EH/s. So between now and American Thanksgiving, we have ASICs arriving on an almost weekly basis to scale us from 15 to 25 EH/s. That's it. We've deployed the capital. The CapEx is deployed. We're fully funded.

再次強調，我們每天的運行速度超過 15 EH/s。還有另一則重大消息。我們的資金充足，並且已全額支付所有 ASIC 的費用，以達到 25 EH/s。因此，從現在到美國感恩節之間，我們幾乎每週都會收到 ASIC，將我們的算力從 15 EH/s 擴展到 25 EH/s。就是這樣。我們已經部署了資金。資本支出已部署。我們的資金充足。

And from here, it's just continued growth as ASICs have been fully funded and paid for arrive and get installed. So it's a very exciting time and we've talked about using our free cash flow from operations to pay for all OpEx. And our Bitcoin CapEx has been taken care of. So we're very excited about that.

從現在開始，隨著 ASIC 得到充分資助和支付，它將持續成長。所以這是一個非常令人興奮的時刻，我們已經討論了使用來自營運的自由現金流來支付所有營運支出。我們的比特幣資本支出已處理。所以我們對此感到非常興奮。

Next slide. A metric showing our growth. So on an ARR basis, you could see how we are scaling the business here. And so we're at $315 million ARR today and our fleet efficiency continues to improve because we are bringing on the S21+ hydro in Phase 2 and 3 of our growth in Paraguay. So that actually improves our energy efficiency from 19 to 18.4, ultimately 17.5 J/TH by calendar Q4 this year and to see how our ARR scales with that. So it's very exciting.

下一張投影片。顯示我們成長的指標。因此，從 ARR 角度來看，您可以看到我們如何擴大業務規模。因此，我們今天的 ARR 為 3.15 億美元，而且我們的船隊效率持續提高，因為我們在巴拉圭發展的第 2 和第 3 階段引入了 S21+ 水力發電。因此，這實際上將我們的能源效率從 19 提高到 18.4，最終在今年第四季達到 17.5 J/TH，並觀察我們的 ARR 如何隨之擴展。所以這非常令人興奮。

And let's hop to the next slide. So you can sort of summarize that into two major catalysts. The completion of Phase 2 gets us to 18 EH/s. And said differently, it's about nine Bitcoin per day of production at current difficulty. By the way, difficulties at 129 trillion. So we've updated our slides here just to reflect current mining economics. And of course, with 25 EH/s by American Thanksgiving, we are looking at producing approximately 12 Bitcoin per day of current difficulty.

讓我們跳到下一張投影片。因此，您可以將其總結為兩個主要催化劑。第 2 階段完成後，我們達到 18 EH/s。換句話說，以目前的難度，每天大約可以生產 9 個比特幣。順便說一句，129兆的困難。因此，我們在此更新了幻燈片，以反映當前的採礦經濟狀況。當然，到美國感恩節時，如果 EH/s 達到 25，我們預計在當前難度下每天可以產出約 12 個比特幣。

I'm here, of course, of Gabriel Lamas, our Country President; Luke Rossy, our Global COO and Carlos Torres, our Site Operations Director. I was just in Paraguay in June. I'm going to be back there in a few weeks and super excited, big smiles on all our faces, as you can see, a lot of heavy machinery, a lot of earth being moved, a lot of ASICs being installed.

當然，我在場的還有我們的國家總裁加布里埃爾·拉馬斯 (Gabriel Lamas)、我們的全球首席營運長盧克·羅西 (Luke Rossy) 和我們的現場營運總監卡洛斯·托雷斯 (Carlos Torres)。我六月剛去過巴拉圭。我將在幾週後回到那裡，非常興奮，我們每個人的臉上都掛著燦爛的笑容，正如你所看到的，很多重型機械，很多泥土被搬運，很多 ASIC 被安裝。

Let's hop to the next slide. So as a result of those catalysts, you can see here what does that look like. So let's use a $60 hash price scenario as our efficiency increases our gross line margin also improves, right? And so as we get to 18 EH/s, that's roughly $390 million ARR, will that be $230 million of mining margin.

讓我們跳到下一張投影片。因此，在這些催化劑的作用下，您可以看到它是什麼樣子的。因此，讓我們採用 60 美元的哈希價格情景，隨著效率的提高，我們的毛利率也會提高，對嗎？因此，當我們達到 18 EH/s 時，這大約是 3.9 億美元的 ARR，這將是 2.3 億美元的採礦利潤。

At 25 EH/s -- and we're talking in a few weeks here, right? Like the target summer, we're on track. We put out press releases every time we hit exahash just to let the investors and all the analysts know we are hitting our milestones on schedule. So 18 EH/s is slated to come online in the next few weeks. That will be $230 million of gross mining margin on an annualized basis.

速度為 25 EH/s——我們討論的是幾週後的事情，對吧？就像我們設定的夏季目標一樣，我們的進度正在順利進行中。每次我們達到 exahash 時，我們都會發布新聞稿，只是為了讓投資者和所有分析師知道我們正在按計劃實現我們的里程碑。因此，18 EH/s 預計將在未來幾週內上線。以年率計算，採礦毛利潤將達到 2.3 億美元。

And by American Thanksgiving, $335 million of annualized mining margin at today's economics. So very exciting. And I think that we're barging right now, our market cap is $500 million, and we have over 400 Bitcoin on the balance sheet.

到美國感恩節時，以今天的經濟情勢，採礦業的年利潤將達到 3.35 億美元。非常令人興奮。我認為我們現在正在進行討價還價，我們的市值為 5 億美元，我們的資產負債表上有超過 400 個比特幣。

So you could do the math, right? That's almost $50 million of Bitcoin on the balance sheet. By the way, we have that call option that allows us to get our bottle back to over 2,000 Bitcoin. And our cash flow from operations will be over $300 million in the next couple of months here as we anticipate our third and final phase to complete on schedule.

所以你可以算一下，對嗎？這意味著資產負債表上的比特幣價值接近 5,000 萬美元。順便說一句，我們有那個看漲期權，可以讓我們的瓶子回到 2,000 多比特幣。我們預計第三階段也是最後一階段將按計劃完成，未來幾個月我們的營運現金流將超過 3 億美元。

Let's look at the next slide. Here's an update to our annualized mining margin scenario analysis with Bitcoin at $100,000, $125,000, $150,000. Now the update is because we see a new all-time high with Bitcoin 129 trillion -- sorry, Bitcoin difficulty. And we've also seen new all-time high of Bitcoin price of $123,000 this week. So that's exciting.

我們來看下一張投影片。以下是我們對比特幣年度化採礦利潤率情境分析的更新，其中比特幣價格分別為 100,000 美元、125,000 美元、150,000 美元。現在更新是因為我們看到比特幣的難度達到了 129 萬億，創下了歷史新高——抱歉，是比特幣難度。本週我們也看到比特幣價格創下 123,000 美元的歷史新高。這很令人興奮。

And really, what you're looking at is $49 hash price, $61 hash prices, $73 hash price. So we look at it as miners if you sort of use $100,000, $125,000, $150,000 Bitcoin price. So with that being said, all this information is at the top of the chart, really, what we are looking at.

實際上，您看到的是 49 美元的哈希價格、61 美元的哈希價格、73 美元的哈希價格。因此，如果您使用 100,000 美元、125,000 美元、150,000 美元的比特幣價格，我們就會將其視為礦工。話雖如此，所有這些資訊都在圖表的頂部，實際上，這就是我們正在查看的內容。

If Bitcoin trends in the midrange here, I'd say, around $125,000 through the end of this quarter, our mining margin is about $345 million on an annualized basis. And again, this is based on the 25 EH/s in the next few months. If the Bitcoin does rally to $150,000, we are looking at over $450 million in mining margin, considering our market cap is $500 million today.

如果比特幣價格趨勢處於中間區間，我想說，到本季末，比特幣價格將在 125,000 美元左右，那麼按年率計算，我們的採礦利潤約為 3.45 億美元。再次強調，這是基於未來幾個月的 25 EH/s。如果比特幣確實上漲至 15 萬美元，考慮到我們目前的市值為 5 億美元，我們將獲得超過 4.5 億美元的採礦利潤。

And by the way, we have about $50 million of Bitcoin on the balance sheet. It's a very attractive time, I think, to be a HIVE shareholder. Again, we've worked really hard to scale quickly and bring this hashrate online and you can't perfectly time the market, but when the wind is at your back, it's obviously a nice situation to be in.

順便說一下，我們的資產負債表上有大約 5000 萬美元的比特幣。我認為，現在是成為 HIVE 股東非常有吸引力的時機。再說一次，我們非常努力地快速擴大規模，並將這個哈希率上線，你無法完美地掌握市場時機，但當順風順水時，這顯然是一個很好的局面。

So anyways, we obviously plan for downside and we manage risk, but this is what it's looking like based on different Bitcoin price points, so that being said, let's talk to the next slide. From today, where we're at 15 EH/s growing at '25 by American Thanksgiving, we still have 67% growth between now and then.

所以無論如何，我們顯然為下行做好了計劃並管理風險，但這是基於不同的比特幣價格點得出的結論，所以話雖如此，讓我們討論下一張投影片。從今天起，我們的 EH/s 成長率為 15，到美國感恩節時成長率為 25，從現在到那時我們仍然有 67% 的成長率。

And the rest of the industry has really kind of tapered off. I mean CleanSpark and Iren have hit superscale maybe as got a bit growth 10%, Bitfarm, Cipher and Riot, 5% to 8%, not too significant. So again, 2025 is really the year of HIVE. That's why we're so excited, obviously, 300-megawatt growth in Paraguay has been transformative for us.

而該行業的其他部分確實已經逐漸萎縮。我的意思是 CleanSpark 和 Iren 已經達到了超大規模，可能增長了 10%，Bitfarm、Cipher 和 Riot 增長了 5% 到 8%，不是太顯著。所以，2025 年確實是 HIVE 之年。這就是我們如此興奮的原因，顯然，巴拉圭 300 兆瓦的成長對我們來說具有變革意義。

And I think that, again, with where we are today and where we're going, it's very exciting. And that, again, is 15 to 25 EH/s. So let's go to the next slide. As mentioned, 435 Bitcoin held as of quarter end. As of today, we've deployed all our CapEx for the ASICs, and so we have ASICs steadily arriving between now and 25 EH/s, we mined 406 Bitcoin for the quarter.

我認為，就我們目前的狀況和未來的發展方向而言，這是非常令人興奮的。這又是 15 到 25 EH/s。那我們來看下一張投影片。如上所述，截至季度末，持有 435 比特幣。截至今天，我們已經為 ASIC 部署了所有資本支出，因此從現在到 25 EH/s，我們的 ASIC 一直在穩定地到達，我們在本季度開採了 406 個比特幣。

Right now, we are trading at the most attractive enterprise value to adjusted EBITDA. And as mentioned, we're currently mining as in first week of August, 7.5 Bitcoin a day plus again, we have over 5,000 NVIDIA GPUs in Canada and Sweden. We hit our $20 million ARR target, which is very exciting. And of course, we're going to be a cloud partner.

目前，我們的企業價值與調整後 EBITDA 比率最具吸引力。正如所提到的，我們目前正在進行挖礦，就像 8 月第一周一樣，每天挖礦 7.5 個比特幣，另外，我們在加拿大和瑞典擁有超過 5,000 個 NVIDIA GPU。我們實現了 2000 萬美元的 ARR 目標，這非常令人興奮。當然，我們將成為雲端合作夥伴。

Next slide. So we've talked about having an optimized ROIC strategy, and you will see that we lead the sector again in that metric. But it's not just about that, right? We're very disciplined with capital allocation that's we realize these yields invest ROIC, it's all data driven. It's very mathematical.

下一張投影片。因此，我們討論了優化的 ROIC 策略，您會發現我們在該指標上再次領先於該行業。但事情不僅如此，對吧？我們對資本配置非常嚴格，我們意識到這些收益率投資 ROIC，都是由數據驅動的。這非常數學化。

We look at -- we're constantly scanning the market for ASIC prices, which as you know, very -- ASIC prices are commodities. It's all really a mathematically or again looking at ROI, understanding hash price, looking at your machine efficiency and then performing sensitivity analysis on a multivariate basis because, again, you really have to plan for your downside.

我們不斷關注市場上的 ASIC 價格，正如你所知，ASIC 價格是商品。這實際上都是從數學角度或再次查看投資回報率，了解哈希價格，查看機器效率，然後在多變量基礎上執行敏感性分析，因為，再次強調，你必須為你的不利因素做好計劃。

Everybody looks like a rock star in a bull market. It's about how you do in a bear market. And again, we've mined profitably every single quarter since the bull market of 2021 through the bankruptcies of Celsius and FTX and all that sort of stuff.

在牛市中，每個人都看起來像搖滾明星。這是關於你在熊市中的表現。而且，自 2021 年牛市以來，儘管 Celsius 和 FTX 破產了，我們每季的挖礦都實現了盈利。

We mined profitably, and again, that is how we realize -- we optimize our ROIC, and we do mine our ASIC at end of their economic life cycle. That we maximize your yield on those investments, right? You don't dismantle or unplug ASICs if there's still cash flowing.

我們進行了獲利性的開採，再次強調，這就是我們實現的目標——我們優化了我們的投資資本回報率 (ROIC)，並且在 ASIC 的經濟生命週期結束時對其進行開採。我們會最大化這些投資的收益，對嗎？如果仍有現金流，您就不會拆除或拔掉 ASIC。

And of course, we'll do things like optimize firmware under clock, whatever need to be based on hashes at any given time to make sure we truly maximize the life of an ASIC and upgrade when we see a signal in the market that we could get a sub one-year ROI after operating costs.

當然，我們會做一些事情，例如優化時鐘下的固件，無論需要什麼，在任何給定時間基於哈希值，以確保我們真正最大化 ASIC 的使用壽命，並在我們看到市場信號時進行升級，我們可以在扣除運營成本後獲得不到一年的投資回報。

Next slide. So here's what it looks like. Trailing 12 months, we've realized 15% ROIC, and we lead the sector by a long shot. I expect this figure to grow further as more cash flow comes online of this current quarter. Again, we hit 15 EH/s.

下一張投影片。它看起來是這樣的。過去 12 個月，我們實現了 15% 的 ROIC，遙遙領先該產業。我預計，隨著本季有更多的現金流投入，這個數字還會進一步成長。我們再次達到了 15 EH/s。

The previous quarter, which we're reporting on here, was an average of 8.7 EH/s. You could see how our peers there is sort of in the 0% to 3% range is where a lot of our peers are and even Cipher, we double that figure, they're 7.3% or 15.3%. And CleanSpark are respectable 11.2%, but it's still trailing significantly.

我們在此報告的上一季平均為 8.7 EH/s。您可以看到，我們的同行處於 0% 到 3% 的範圍內，我們的許多同行也處於這個範圍內，甚至 Cipher，我們的數字也翻了一番，他們是 7.3% 或 15.3%。CleanSpark 的比例達到了可觀的 11.2%，但仍遠遠落後。

Let's go to the next slide. Lowest G&A. This is done on a cash basis. And by the way, our revenue right now, again, we're $315 million ARR. And so we are looking at to date, if we were to represent this bar chart, our G&A as a function of revenue would be significantly less than what we're showing.

我們來看下一張投影片。最低的一般及行政開支。這是以現金為基礎進行的。順便說一下，我們現在的收入是 3.15 億美元的 ARR。因此，就我們目前的情況來看，如果我們要表示這個長條圖，我們的 G&A 作為收入的函數將明顯低於我們所顯示的數字。

But again, this is based on our quarterly financials $45 million of revenue. So that's roughly $180 million ARR based on the quarter, and we're standing at 12%, right? So if we were at over $300 million ARR, that will be closer to 8%. But anyways, you can see we lead the sector.

但同樣，這是基於我們季度財務 4500 萬美元的收入。那麼根據本季的數據，ARR 大約是 1.8 億美元，我們的利率是 12%，對嗎？因此，如果我們的 ARR 超過 3 億美元，那麼這個數字將接近 8%。但無論如何，您可以看到我們在該領域處於領先地位。

And again, some of our peers have really high cash G&A. We actually stripped out the share-based comp here just to look at cash basis. And again, this is after direct operating costs, this is just corporate G&A, right?

而且，我們的一些同行的現金一般及行政開支確實很高。實際上，我們在這裡剔除了基於股票的補償，只是為了看看現金基礎。再說一次，這是扣除直接營運成本後的企業一般行政費用，對嗎？

And so you see a lot of the peers are north of 20% just on G&A. So huge executive cash comp, tons of staff, huge marketing budget, huge sponsorships. We'd like to get to all the conferences, we will sponsor, we'll have a presence to get the HIVE being out there, but we're not spending $2 million on a booth or doing anything like that.

因此，您會看到許多同行的一般及行政費用就已超過 20%。因此，主管現金補償金額龐大，員工數量眾多，行銷預算龐大，贊助金額龐大。我們希望參加所有的會議，我們會贊助，我們會出席並讓 HIVE 在那裡亮相，但我們不會花費 200 萬美元來搭建攤位或做類似的事情。

And over time, those numbers really add up and you sort of see here. And some of our peers have huge top line revenues, too. So take that into consideration when you reflect the percentage that's going towards corporate G&A.

隨著時間的推移，這些數字確實會累積起來，你就會在這裡看到。我們的一些同行也擁有龐大的營業收入。因此，當您考慮用於公司一般及行政費用的百分比時，請考慮這一點。

Next slide. A little summary of our data center footprint. So again, 440 megawatts of green energy mining hydro for the Bitcoin mining business. And of course, we recently announced the acquisition of our 7.2 megawatt site in Toronto, which is sort of a 5.5 megawatt IT load. And this recent acquisition in Toronto is a perfect example of how legacy Bitcoin mining infrastructure does really provide an invaluable launch pad for the AI area -- AI era.

下一張投影片。我們的資料中心足跡的簡要概述。因此，再次強調，440 兆瓦的綠色能源採礦水力發電將用於比特幣採礦業務。當然，我們最近宣布收購位於多倫多的 7.2 兆瓦站點，這相當於 5.5 兆瓦的 IT 負載。而最近在多倫多的這項收購完美地證明了傳統的比特幣挖礦基礎設施確實為人工智慧領域——人工智慧時代提供了一個寶貴的發射台。

This new facility is going to be our first wholly owned Tier 3 quality data center. We're going to leverage liquid cooling infrastructure. It's going to power our sovereign AI strategy for Canadian enterprises and government initiatives. Operating one of America's -- North America's densest, fiber optic and research hubs. I mean, the Vector Institute based in Toronto, Godfather of AI, Geoffrey Hinton.

這個新設施將成為我們第一個全資擁有的 Tier 3 品質資料中心。我們將利用液體冷卻基礎設施。它將為加拿大企業和政府計劃提供自主人工智慧戰略支援。經營美國－北美最密集的光纖和研究中心之一。我是說位於多倫多的 Vector Institute，人工智慧教父 Geoffrey Hinton。

At HIVE, we're really feature-proofing our business model by transforming existing sites built for proof of work in the sovereign high-density GPU clusters, really position ourselves in the explosive growth of the AI industry.

在 HIVE，我們透過改造在主權高密度 GPU 集群中為工作量證明而構建的現有站點，真正證明了我們的商業模式的功能，真正地在人工智慧行業的爆炸式增長中佔據一席之地。

Let's go to the next slide. We are operating at scale today, again, over 5,000 GPUs, which includes one of Canada's first supercomputer H200 clusters at 63 node, over 500 H200 GPUs and all with InfiniBand, and again, we hit that $20 million ARR, it's a very exciting standby. We've talked about that Toronto Data Center that will house next-generation liquid cold compute. Here is a beautiful photo of our GPU clusters here. And we're developing an enterprise tech stack to power sustainable compute, some really exciting things happening.

我們來看下一張投影片。我們今天再次大規模運營，擁有超過 5,000 個 GPU，其中包括加拿大首批 63 個節點的超級電腦 H200 叢集之一、超過 500 個 H200 GPU，並且全部採用 InfiniBand，而且我們再次達到了 2000 萬美元的 ARR，這是一個非常令人興奮的待定數字。我們討論過將容納下一代液體冷計算的多倫多資料中心。這是我們 GPU 叢集的一張漂亮照片。我們正在開發企業技術堆疊來支援永續運算，一些非常令人興奮的事情正在發生。

And the way our GPU clusters are set up now through strategic partners, they've got over 10,000 monthly unique accounts, right? So it's about operating and being able to serve a lot of clients. So there's a lot that goes on the back end of the complexity such the software level. So standby for super exciting news from Buzz HPC as we've branded our GPU pure-play HPC business, Craig Tavares will be providing some more color on that.

我們的 GPU 叢集現在透過策略合作夥伴建立，他們每月有超過 10,000 個獨立帳戶，對嗎？因此，這關乎營運並能夠為大量客戶提供服務。因此，在軟體層面等複雜性的後端還有很多事情要做。因此，請期待來自 Buzz HPC 的超級令人興奮的消息，因為我們已經將我們的 GPU 純 HPC 業務品牌化，Craig Tavares 將提供更多詳細資訊。

Next slide. And our revenue growth the $100 million target for 2026. We believe that the Toronto Data Center with Blackwell GPUs will get us to that target until standby. It's about a one-year retrofit to bring that Toronto Airport site to liquid cooled infrastructure that would house either B200s or B300s, but market rates we're seeing that would get us -- that would add about $80 million ARR to our current existing. So it's very exciting and standby for updates as Buzz provides more press releases as that project advances and Craig will be providing more color.

下一張投影片。我們的營收成長目標是到 2026 年達到 1 億美元。我們相信，配備 Blackwell GPU 的多倫多資料中心將幫助我們實現這一目標，直到達到待命狀態。將多倫多機場場地改造成可容納 B200 或 B300 的液冷基礎設施大約需要一年時間，但我們看到市場價格會讓我們獲得 - 這將為我們現有的 ARR 增加約 8000 萬美元。因此，這非常令人興奮，隨著該項目的進展，Buzz 將提供更多新聞稿，而 Craig 將提供更多細節，因此請等待更新。

Let's look at the next slide. So let's just zoom out and look at HIVE as a stock trading against our peers. So our enterprise value relative to our hashrate puts us at a very attractive price. If you were to look at the average, the peer average enterprise value to exahash is about $66. And that HIVE had a $1 billion market cap today.

我們來看下一張投影片。因此，讓我們縮小範圍，將 HIVE 視為與同業進行交易的股票。因此，相對於我們的哈希率，我們的企業價值使我們的價格非常有吸引力。如果看一下平均值，那麼同業對 exahash 的平均企業價值約為 66 美元。如今，HIVE 的市值為 10 億美元。

And people say, oh, yeah, but some of these guys have HPC strategies, so do we. We've got a pack to $100 million of ARR for 5,000 NVIDIA GPUs. Buzz is buzzing and it's super exciting. So actually I believe the first, if not one of the first, Bitcoin miners to actually have HPC revenue on our income statement two years ago. So we've been doing this for scaling and standby for huge and exciting news.

人們會說，哦，是的，但是其中一些人有 HPC 策略，我們也有。我們已為 5,000 個 NVIDIA GPU 獲得了高達 1 億美元的 ARR。嗡嗡嗡嗡，超級刺激。因此，實際上我相信，我們是第一個（如果不是最早的幾個）在兩年前就在我們的損益表中獲得了 HPC 收入的比特幣礦工。因此，我們一直在這樣做，以擴大規模並等待重大而令人興奮的消息。

And of course, next slide, as we get to our 25 EH/s, and then you look at where the peer average is based on projected year-end, it puts a sort of $1.3 billion market cap based on the peer group average again looking at that exahash to enterprise value multiples.

當然，在下一張幻燈片中，當我們達到 25 EH/s 時，您可以查看基於預計年底的同行平均值，它會根據同行平均值得出 13 億美元的市值，再次查看該 exahash 與企業價值倍數。

So I think that we are doing great things at HIVE. I think that we're building a lot of shareholder value as our cash flow continues to grow. I think that our stock is due for a re-rating as we hit that critical mass, and we hit that critical scale. So it's been a great quarter since June 30. We've continued to grow again, we've gone from [4.5 to 7.5] Bitcoin per day. A lot of exciting things happening at Buzz and Bitcoin is looking strong this sector.

所以我認為我們在 HIVE 做得很好。我認為，隨著現金流的不斷增長，我們正在創造大量的股東價值。我認為，當我們達到臨界質量和臨界規模時，我們的股票就應該重新評級。因此，自 6 月 30 日以來，這是一個出色的季度。我們繼續成長，每天的交易量從 [4.5] 比特幣增加到 [7.5] 比特幣。Buzz 上發生了很多令人興奮的事情，比特幣在這個領域表現強勁。

And by the way, we had increased mining margins, I wanted to point out. Hash prices actually down quarter over quarter about $51 a period in June, and it was $54 a period ending March and our operating margins actually increased by 10%. It went from 28% gross operating margins to 38% gross operating margins.

順便說一句，我想指出的是，我們提高了採礦利潤率。6 月哈希價格實際上環比下降了約 51 美元，而截至 3 月的價格為 54 美元，而我們的營業利潤率實際上增加了 10%。毛營業利益率從 28% 上升至 38%。

Again, our average cost of power in Paraguay brings down our global average cost, so that's trending in the right direction, of course, with the new generation hydro ASIC improving our energy efficiency, bringing down the average cost to produce Bitcoin coins, and that will continue to be scaled 25 EH/s.

再一次，巴拉圭的平均電力成本降低了我們的全球平均成本，所以這當然是朝著正確的方向發展的，新一代水力 ASIC 提高了我們的能源效率，降低了生產比特幣的平均成本，並且將繼續以 25 EH/s 的速度增長。

And now, I will turn it over to the longstanding CFO in the Bitcoin mining industry. Mr. Darcy?

現在，我將把話題交給比特幣挖礦業的長期財務長。達西先生？

Thank you, Aydin. Good morning, everyone, and thank you for joining us today. For the first quarter, I'll be walking through the results. As a reminder, we are providing certain non-GAAP measures in our presentation today.

謝謝你，艾登。大家早安，感謝大家今天加入我們。對於第一季度，我將介紹結果。提醒一下，我們在今天的演示中提供了某些非 GAAP 指標。

The company believes these measures while not a substitute for measures of performance, prepared in accordance with US GAAP, provide 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 analysis for the three months ended June 30, 2025.

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制定的績效指標，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。更多詳情請參閱截至 2025 年 6 月 30 日的三個月的管理層討論與分析。

Moving on to the next slide. HIVE ended the year June 30, 2025 quarter with 204.3 million common shares, 2.7 million options, 9.9 million RSUs and 32 -- or sorry, 3.2 million warrants outstanding. And on the next slide, let's start with the key highlights for the quarter.

繼續下一張投影片。截至 2025 年 6 月 30 日的財年季度，HIVE 共有 2.043 億股普通股、270 萬份選擇權、990 萬份 RSU 和 32（或更準確地說是 320 萬份）未償還認股權證。在下一張幻燈片中，讓我們從本季的主要亮點開始。

For Q1, we generated $45.6 million in revenue and delivered $44.6 million in adjusted EBITDA. Production for the quarter was 406 Bitcoin equivalent, supported by stable operations and strong uptime across our sites. These numbers reflect disciplined cost management, a focus on efficiency and the benefit of our diverse global footprint.

第一季度，我們的營收為 4,560 萬美元，調整後 EBITDA 為 4,460 萬美元。本季的產量相當於 406 比特幣，這得益於我們各個站點的穩定運作和強大的正常運作時間。這些數字反映了嚴格的成本管理、對效率的關注以及我們多元化全球業務的優勢。

Let's now on the next slide, take a look at how this operational performance translates into our balance sheet strength. We take pride in maintaining a very healthy balance sheet as of June 30. We held $24.6 million in cash, $47.3 million in digital currencies and $34.5 million in receivables and prepaid. That totals $180.6 million in current assets against $52.8 million in current liabilities. We also maintained $33.7 million in strategic investments. This liquidity allows us to manage market cycles, invest in expansion opportunities and avoid over-leveraging the company.

現在讓我們來看看下一張投影片，看看這種營運績效如何轉化為我們的資產負債表實力。我們為截至 6 月 30 日保持非常健康的資產負債表感到自豪。我們持有 2,460 萬美元現金、4,730 萬美元數位貨幣和 3,450 萬美元應收帳款和預付款。流動資產總計 1.806 億美元，流動負債總計 5,280 萬美元。我們也維持了 3,370 萬美元的策略投資。這種流動性使我們能夠管理市場週期、投資擴張機會並避免公司過度槓桿化。

With that context, let's now look at how our earnings metrics have evolved starting on the next slide. Shifting our focus to our gross operating margin on a year-over-year basis, comparing the results of this quarter to Q1 last year, our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and high-performance computing service fees increased to $15.8 million in the most current quarter compared to $10.7 million in Q1 last year.

在這樣的背景下，讓我們從下一張投影片開始看看我們的獲利指標是如何演變的。將我們的重點轉移到同比毛營業利潤率上，將本季度的結果與去年第一季進行比較，我們的毛營業利潤率（計算方法為總收入減去直接運營和維護成本以及高性能計算服務費）從去年第一季的 1070 萬美元增加到本季度的 1580 萬美元。

In this most recently completed quarter, we are reporting a basic income per share of $0.19 compared to a net loss of $0.17 per share reported for Q1 last year. Taking a look at our revenue increases year over year on the next slide.

在最近完成的這個季度中，我們報告每股基本收入為 0.19 美元，而去年第一季報告的每股淨虧損為 0.17 美元。下一張投影片展示了我們的收入逐年成長。

We generated total revenue in the first quarter of fiscal 2026 of $45.6 million versus $32.2 million in the previous year's first quarter. The revenues compared to the same quarter in fiscal 2025 can primarily be attributed to the expanded hashrate that we are experiencing from the Paraguay expansion that is well underway.

我們在 2026 財年第一季的總營收為 4,560 萬美元，而去年同期第一季的總營收為 3,220 萬美元。與 2025 財年同期相比，營收的成長主要歸因於我們正在順利進行的巴拉圭擴張所帶來的哈希率的擴大。

As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and high-performance computing service fees increased to $15.8 million or 35% in the most recent quarter, compared to $10.7 million or 33% in the prior year comparable quarter, that's a direct result of our optimization of our mining fleet, the expansion in Paraguay and improving overall operational efficiency.

如前所述，我們的採礦毛利潤（即我們的收入減去直接營運和維護成本以及高效能運算服務費）在最近一個季度增加到 1,580 萬美元或 35%，而去年同期為 1,070 萬美元或 33%，這是我們優化採礦船隊、在巴拉圭擴張以及提高整體營運效率的直接結果。

Now if we zoom in to just the last two quarters, you'll see an even bigger improvement on the next slide. Comparing our current fiscal Q1 quarter to the previous Q4 quarter, we generated revenue in this Q1 quarter of fiscal 2026 of $45.6 million versus $31.2 million in the previous quarter.

現在，如果我們放大到最近兩個季度，您會在下一張投影片中看到更大的改進。將我們目前的財政第一季與上一季的第四季進行比較，我們在 2026 財年第一季的營收為 4,560 萬美元，而上一季的營收為 3,120 萬美元。

The increase in revenues versus the prior quarter was impacted by increased exahash capacity with the Paraguay expansion, an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining and we also had higher high-performance computing revenues.

與上一季相比，收入的成長受到巴拉圭擴張帶來的 exahash 容量增加、比特幣價格上漲的影響，從而導致數位貨幣挖礦收入增加，並且我們的高效能運算收入也有所增加。

Our gross operating margin increased to $15.8 million or 35% in the most recent quarter compared to $8.8 million or 28% in the prior year's comparative. This increase in gross operating margin versus the prior quarter was greatly due to the comparative BCC prices and resulting revenues and increased exahash.

我們的毛營業利潤率在最近一個季度增至 1,580 萬美元或 35%，而去年同期為 880 萬美元或 28%。與上一季相比，毛營業利潤率的成長很大程度上是由於 BCC 價格的比較以及由此產生的收入和 exahash 的增加。

And on the next slide, I'd like to remind our stakeholders that our net income is comprised of our operational earnings or cash flow plus our investment earnings, which includes realized and unrealized earnings, which often includes noncash charges.

在下一張投影片中，我想提醒我們的利害關係人，我們的淨收入由我們的營業收入或現金流量加上我們的投資收入組成，其中包括已實現和未實現的收益，其中通常包括非現金費用。

Our adjusted EBITDA in this quarter ended June 30, 2025, was $44.6 million versus adjusted EBITDA of negative $8 million in the June 30, 2024 period. I will highlight, again, that adjusted EBITDA is a non-GAAP figure.

截至 2025 年 6 月 30 日的本季度，我們的調整後 EBITDA 為 4,460 萬美元，而 2024 年 6 月 30 日的調整後 EBITDA 為負 800 萬美元。我要再次強調，調整後的 EBITDA 是一個非 GAAP 資料。

For this completed quarter, we experienced net income of $35 million, compared to a net loss of $18.3 million in the previous year comparative. On the next slide, the quarter-over-quarter view tells a similar story. Our adjusted EBITDA in the first quarter of fiscal 2026 was a profit of $44.6 million versus an adjusted EBITDA loss of $30.7 million in the previous 2025 Q4 quarter.

本季我們的淨收入為 3,500 萬美元，而去年同期的淨虧損為 1,830 萬美元。在下一張投影片中，季度環比視圖講述了類似的故事。我們 2026 財年第一季的調整後 EBITDA 利潤為 4,460 萬美元，而 2025 年第四季的調整後 EBITDA 虧損為 3,070 萬美元。

In the first quarter of fiscal 2026, we experienced net income of $35 million compared to a net loss of $52.9 million in the previous Q4 quarter. Q1 fiscal 2026 was a solid quarter for HIVE. We delivered strong revenue, expanded margins and maintained a robust balance sheet.

2026 財年第一季度，我們的淨收入為 3,500 萬美元，而上一季第四季的淨虧損為 5,290 萬美元。2026 財年第一季對 HIVE 來說是一個穩健的季度。我們實現了強勁的收入、擴大了利潤率並維持了穩健的資產負債表。

Our operational discipline and cost control measures continue to position us well to compete in a challenging environment, and capture opportunities for growth. I want to thank our loyal stakeholders, encourage them to follow our expansion efforts over the next six months.

我們的營運紀律和成本控制措施繼續使我們在充滿挑戰的環境中保持有利競爭，並抓住成長機會。我要感謝我們忠實的利害關係人，鼓勵他們在未來六個月內專注於我們的擴張努力。

Hi, everyone. My name is Craig Tavares. I'm President and COO of Buzz High-Performance Computing. I'd like to just do a quick introduction on Buzz. We're a fully owned subsidiary of HIVE Digital Technologies. We're actually one of the first Canadian sovereign AI cloud providers.

大家好。我的名字是 Craig Tavares。我是 Buzz High-Performance Computing 的總裁兼營運長。我想簡單介紹一下 Buzz。我們是 HIVE Digital Technologies 的全資子公司。實際上，我們是加拿大首批主權 AI 雲端供應商之一。

And I'll explain that a little bit more later, but we essentially own and operate large GPU clusters in vertically integrated data centers around the world. Our legacy as a crypto miner provide us stepping stone to become one of the leading AI cloud providers as we deployed our HPC and AI business early last year. Bitcoin in general has actually become that large catapult for AI in general.

稍後我會進一步解釋，但我們基本上在世界各地的垂直整合資料中心擁有並經營大型 GPU 叢集。我們作為加密礦工的傳統為我們成為領先的人工智慧雲端供應商之一奠定了基礎，因為我們在去年年初部署了 HPC 和人工智慧業務。總體而言，比特幣實際上已經成為人工智慧的巨大彈射器。

And if you look at the large data center providers and GPU cloud providers in the market today, you could see that Bitcoin had become that catalyst for those that had access to power and land to develop data centers of those large GPU clusters that consume the data centers.

如果你看看當今市場上的大型資料中心供應商和 GPU 雲端供應商，你會發現比特幣已經成為那些擁有電力和土地的人的催化劑，以開發那些消耗資料中心的大型 GPU 叢集的資料中心。

So Buzz in general, is very different than a lot of the other providers in the market because we focus on delivering a full suite of infrastructure services and solutions for AI. And we do it by offering a local touch in the domestic markets that we operate in, but we maintain a global reach.

因此，Buzz 總體上與市場上的許多其他供應商有很大不同，因為我們專注於為 AI 提供全套基礎設施服務和解決方案。我們透過在經營的國內市場提供在地化服務來實現這一目標，但我們仍保持全球影響力。

We currently operate in Sweden and Canada with a fleet of over 5,000 GPUs. We're certified in NVIDIA cloud partner, really building to the highest performance standards. And we are redeveloping a powered facility that we own in Sweden to become a new Tier 3 data center. It's strategically located down the street from a metadata center, which means that we have rich network access.

我們目前在瑞典和加拿大經營，擁有超過 5,000 個 GPU。我們已獲得 NVIDIA 雲端合作夥伴認證，真正按照最高效能標準建置。我們正在重新開發我們在瑞典擁有的一座供電設施，使其成為一個新的 Tier 3 資料中心。它位於元資料中心街道下方，具有戰略意義，這意味著我們擁有豐富的網路存取權限。

And that's important when you look at the large number of platforms and applications that you want to host in your data center, but we offer a wide range of infrastructure and professional services catering to that AI development that we hear about in the market today and being able to really accelerate the AI development is important because it requires that accelerate compute infrastructure at scale.

當您考慮要在資料中心託管的大量平台和應用程式時，這一點很重要，但我們提供廣泛的基礎設施和專業服務，以滿足我們今天在市場上聽到的人工智慧發展，並且能夠真正加速人工智慧發展非常重要，因為它需要大規模加速運算基礎設施。

We hit a revenue growth ramp at record speed this year. And it's really layered in with a positive cash flow and now rapidly, we're scaling to $100 million ARR. Being sovereign really means that we secure and guarantee your data that also means that, that data resides on your nation soil and immune to foreign policy. This is a large part of our go-to-market.

今年我們的營收成長速度創下了歷史新高。它確實與正現金流緊密相關，現在我們正在迅速擴大到 1 億美元的 ARR。主權實際上意味著我們保護並保證您的數據，這也意味著數據位於您的國家領土上並且不受外交政策的影響。這是我們進入市場的很大一部分。

In addition to that, it also means that the infrastructure and operations are all domestically owned. So we operate at scale as a sovereign provider, and we are the experts at building and optimizing large GPU supercompute clusters. We like to really help promote the development AI by democratizing access to this accelerated computer hardware. And it really has become a unique thing because it's not easy to manage. It's not easy to maintain.

除此之外，這也意味著基礎設施和營運全部歸國內所有。因此，我們作為主權提供者大規模運營，並且我們是建立和優化大型 GPU 超級運算叢集的專家。我們希望透過民主化存取這種加速電腦硬體來真正幫助促進人工智慧的發展。而且由於它不易管理，因此它確實已成為一種獨特的事物。維護起來並不容易。

Only the few that have that experience knowledge that now to do it will survive in the market and be able to scale in the market. We also do it in a very sustainable way. So we launched green GPUs in the market some time ago based on the fact that all the data centers are powered by renewable energy. And our data center, as an example, operates with the highest efficiency.

只有少數擁有經驗和知識的企業才能在市場中生存並擴大規模。我們也以一種非常永續的方式來實現這一目標。因此，基於所有資料中心都採用再生能源這一事實，我們不久前在市場上推出了綠色 GPU。以我們的資料中心為例，其運作效率是最高的。

So we run some of the lowest PUEs in the market, which stands for power usage effectiveness, and that just means that we're using power in the most effective way so that reduces the amount of power consumption to cool and operate the data center, but also creates higher margins in our business.

因此，我們的 PUE 是市場上最低的，PUE 代表電源使用效率，這意味著我們以最有效的方式使用電力，從而減少冷卻和運行資料中心的電力消耗，同時也為我們的業務創造更高的利潤。

So ultimately, when you look at all those vectors, we're bridging the gap between AI and sustainability. And the last thing that I want to talk about is really the customer service that we deliver and solutions that we deliver.

因此，最終，當你審視所有這些載體時，我們正在彌合人工智慧與永續性之間的差距。我最後想談的是我們提供的客戶服務和解決方案。

So first is customer service. We have some of the quickest onboarding times into our platform in the market. We have some of the fastest response times, and we're well known in the market to deliver an amazing customer experience, but we back it up by performance guarantees as well too.

首先是客戶服務。我們的平台擁有市場上最快的入職時間。我們的回應時間是最快的，並且在市場上以提供出色的客戶體驗而聞名，但我們也透過效能保證來支援它。

So if you do business with Buzz, we support that with SLA or a service level agreement, to back up those guarantees for response time, uptime and at the end of the day, making sure that, again, your environment stays performing to the highest level.

因此，如果您與 Buzz 開展業務，我們將透過 SLA 或服務等級協定為您提供支持，以支援回應時間、正常運行時間的保證，並最終確保您的環境保持最高水準的效能。

When we think about sovereign, and you think about the solution set to deliver sovereign, it's become a new standard in the market. And some customers may not need sovereign because we cater to a broad set of customers, whether you're a researcher, a startup, scale-up and then across the other side of the spectrum to mid-market, enterprise and government, all of those customer segments can use our platform and do use our platform.

當我們考慮主權時，您會考慮實現主權的解決方案，它已成為市場上的新標準。有些客戶可能不需要主權，因為我們迎合了廣泛的客戶群體，無論您是研究人員、新創公司、擴大規模的企業，還是另一端的中端市場、企業和政府，所有這些客戶群體都可以使用我們的平台，並且確實使用我們的平台。

And at the end of the day, sovereign has just become again, a new standard that defines what we call enterprise-grade platform. And enterprise-grade platform means we maintain the highest security level, resiliency level, reliability and high performance that we can offer to the market. Starting with our data centers, we operate in Tier 3+ data centers, again, maintaining that high-performance resiliency in the markets that we operate in.

最終，主權再次成為定義我們所謂的企業級平台的新標準。企業級平台意味著我們保持著向市場提供的最高安全等級、彈性等級、可靠性和高效能。從我們的資料中心開始，我們在 Tier 3+ 資料中心運營，再次在我們營運的市場中保持高性能彈性。

Inside the data centers, we deploy the high-performance clusters and I spoke about earlier, which is based on NVIDIA GPUs, InfiniBand networking and vast data storage. On the virtualization layer, we delivered bare metal servers or if you want containers, we deliver managed Kubernetes and DevPods. Perhaps you need virtual machines to run your environment layered with Slurm.

在資料中心內部，我們部署了我之前提到的高效能集群，它基於 NVIDIA GPU、InfiniBand 網路和海量資料儲存。在虛擬化層，我們提供裸機伺服器，或者如果您需要容器，我們提供託管的 Kubernetes 和 DevPods。也許您需要虛擬機器來運行具有 Slurm 分層的環境。

But whatever it is, we can customize and tailor that environment for you. On the tooling side, being able to build data pipelines support for AI. So we offer all the tools for data pipeline, data prepping. And then if you're training a model, tuning a model and running inference endpoint, we have the capability to support that as well, too.

但無論它是什麼，我們都可以為您自訂和調整該環境。在工具方面，能夠建立對 AI 的資料管道支援。因此，我們提供用於資料管道和資料準備的所有工具。然後，如果您正在訓練模型、調整模型和運行推理端點，我們也有能力支援這一點。

And then we've really started to build out our agentic workflows of all, too. So if you're developing agentic AI, you can do it on our platform. Equally as important as scaling out our sovereign AI cloud strategy is investing into our own data center assets.

然後我們也真正開始建立我們的所有代理工作流程。因此，如果您正在開發代理 AI，您可以在我們的平台上進行。與擴展我們的主權 AI 雲端策略同樣重要的是投資我們自己的資料中心資產。

So where we own land and power, we really looked at developing data centers in those markets. Boden is an example of that. So in Sweden, we have owned land and power with a shell in a building that we're developing into a Tier 3 high-performance computer data center.

因此，在我們擁有土地和電力的地方，我們確實考慮在這些市場開發資料中心。博登就是一個例子。因此，在瑞典，我們擁有土地和電力，我們正在將一棟建築開發成 Tier 3 高性能電腦資料中心。

It will be liquid cooled with high-density racks so it can support the most demanding workloads possible in the market. So we'll be able to scale our GPU infrastructure out within that facility. And in Toronto, we just did a recent acquisition of a 7-megawatt facility that can scale higher and Toronto again was a key market for us because really, when you look at data center development, it comes down to three major things.

它將採用高密度機架進行液體冷卻，以便能夠支援市場上最苛刻的工作負載。因此我們將能夠在該設施內擴展我們的 GPU 基礎設施。在多倫多，我們最近收購了一個可以擴大規模的 7 兆瓦設施，多倫多再次成為我們的關鍵市場，因為實際上，當你看到資料中心發展時，它歸結為三個主要因素。

One is access to the power to scale, the type of power cost of power. And then the other one is really a geographic location based on its network connectivity. So really having that low latency to the net highway is super important to support many different applications that we see today whether the traditional applications or AI applications for inference. You really want to maintain the fastest network access possible to that data center.

一是權力的取得要有規模，權力的類型要有成本。另一個實際上是基於網路連接的地理位置。因此，擁有低延遲的網路高速公路對於支援我們今天看到的許多不同應用程式（無論是傳統應用程式還是用於推理的 AI 應用程式）非常重要。您確實希望保持對該資料中心最快的網路存取。

And then the last thing is really being in a market where we have rich ecosystems built around AI. And that's what Canada is in general and especially being in Toronto where at the center of the epicenter to some of the world-class leading institutions for AI such as Vector, Mila, Scale AI, Amie.

最後一件事是，我們真正進入了一個圍繞著人工智慧建立了豐富生態系統的市場。這就是加拿大的整體情況，尤其是多倫多，這裡是一些世界級人工智慧領先機構的中心，例如 Vector、Mila、Scale AI、Amie。

So again, being in that market was super important for us. Both of these facilities will go live next year. In summary, we really achieved maximum utilization across other GPU clusters earlier this year, so that we ensured we had an ability to really hit that ROI, maintain a high level of profitability, achieving again just [amazing] EBITDA on the infrastructure that we deploy and monetize. And outside of that, we've built amazing pipelines of customer demand. So it's prompting us again to expand as rapidly as we can in a lot of the local markets we operate in.

所以，再次強調，進入該市場對我們來說非常重要。這兩個設施都將於明年投入使用。總而言之，我們在今年早些時候確實實現了其他 GPU 集群的最大利用率，因此我們確保我們有能力真正實現投資回報率，保持高水平的盈利能力，並在我們部署和貨幣化的基礎設施上再次實現[驚人的] EBITDA。除此之外，我們也建立了令人驚嘆的客戶需求管道。因此，這再次促使我們在經營的許多本地市場盡可能快速地擴張。

But we leverage all our existing power facilities and access large-scale power to accelerate the growth of our data center footprint, again, within Canada and Sweden, because it gives us access to the North American markets to the European markets, and it allows us to maintain really the capacity at scale when the market needs it, deploying the latest and greatest cutting edge and video GPUs is one of the things that, again, we've done really well over the last couple of years and then really continue to do that in the future.

但是，我們利用所有現有的電力設施並獲得大規模電力來加速我們在加拿大和瑞典的數據中心足蹟的增長，因為它使我們能夠進入北美市場和歐洲市場，並且它使我們能夠在市場需要時真正保持規模產能，部署最新和最好的尖端視頻 GPU 是我們在過去幾年中做得非常好的事情之一，並且在未來會繼續這樣做。

But we're continuing to build out, really, again, this compute infrastructure in the market that caters again to the sovereign markets and also the global markets. This is not trivial because it's something that even the largest cloud providers haven't quite figured out as yet.

但我們確實仍在繼續建立市場上的運算基礎設施，以滿足主權市場和全球市場的需求。這並不是一件小事，因為即使是最大的雲端供應商也還沒有完全弄清楚。

And we do a fraction of the costs compared to some of the largest players in the market. But in the end, the cloud has evolved and sovereign is a new standard. So Buzz is really the solution to this new shift, and we're helping to provide the digital infrastructure to accelerate AI innovation domestically and around the world.

與市場上一些最大的參與者相比，我們的成本只是其中的一小部分。但最終，雲端已經發展並且主權是一個新的標準。因此，Buzz 確實是這項新轉變的解決方案，我們正在協助提供數位基礎設施，以加速國內和全球的人工智慧創新。

Thank you, Craig. That concludes our Q1 2026 earnings call. Thank you for joining, and we look forward to speaking to you again soon.

謝謝你，克雷格。這就是我們 2026 年第一季財報電話會議的結束。感謝您的加入，我們期待很快再次與您交談。