Hut 8 Corp (HUT) 2024 Q4 法說會逐字稿

Good morning, and welcome to Hut 8's full year 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded, and a transcript will be available on Hut 8's website. In addition to the press release issued earlier today, you can find Hut 8's annual report on Form 10-K on the company's website at www.hut8.com, under the company's EDGAR profile at www.sec.com, and under the company's SEDAR+ profile at www.sedarplus.ca. Unless otherwise noted, all numbers referred to during this call are denominated in US dollars.

早安，歡迎參加 Hut 8 2024 年全年財務業績電話會議。（操作員指示）請注意，此活動正在被記錄，並且記錄將在 Hut 8 的網站上提供。除了今天稍早發布的新聞稿外，您還可以在公司網站 www.hut8.com、公司 EDGAR 簡介 www.sec.com 和公司 SEDAR+ 簡介 www.sedarplus.ca 上找到 Hut 8 的 10-K 表格年度報告。除非另有說明，本次電話會議中提到的所有數字均以美元計價。

Comments made during this call may include forward-looking statements within the meaning of applicable securities laws regarding Hut 8 Corp., and its subsidiaries. The statements may reflect current expectations and as such, are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations.

本次電話會議中的評論可能包括有關 Hut 8 Corp. 及其子公司的適用證券法所定義的前瞻性陳述。這些聲明可能反映當前的預期，因此受各種風險和不確定性的影響，可能導致實際結果與當前預期有重大差異。

These risks and uncertainties include, but are not limited to, factors discussed in Hut 8's Form 10-K for the 12 months ended December 31, 2024, as well as the company's other continuous disclosure documents. Except as required by applicable law, Hut 8 undertakes no obligation to update or review any forward-looking statements.

這些風險和不確定性包括但不限於 Hut 8 截至 2024 年 12 月 31 日的 12 個月的 10-K 表格中討論的因素以及公司的其他持續披露文件中。除適用法律要求外，Hut 8 不承擔更新或審查任何前瞻性聲明的義務。

During the call, management may also make references to certain non-GAAP measures that are not separately defined under GAAP, such as adjusted EBITDA. Management believes that non-GAAP measures taken in conjunction with GAAP financial measures provide useful information for both management and investors. Reconciliations between GAAP and non-GAAP results are presented in the tables accompanying the press release, which can be viewed on Hut 8's website.

在電話會議中，管理階層也可能提及某些未在 GAAP 下單獨定義的非 GAAP 指標，例如調整後的 EBITDA。管理階層認為，非公認會計準則指標與公認會計準則財務指標結合可以為管理階層和投資者提供有用的資訊。新聞稿附帶的表格中列出了 GAAP 和非 GAAP 結果之間的對帳情況，您可以在 Hut 8 的網站上查看。

I would now like to turn the call over to Asher Genoot, CEO of Hut 8.

現在我想把電話轉給 Hut 8 執行長 Asher Genoot。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝大家今天加入我們。

Just over a year ago, when I stepped into the role of CEO, I made a commitment to our Board, our shareholders, and our team to set Hut 8 on a new trajectory. Today, I'll discuss how we delivered on that commitment in 2024 through a comprehensive transformation that we believe has positioned our business for profitable growth and long-term value creation. A transformation of this scale does not happen overnight, nor does it happen without deliberate design. Executing on our commitment required a clear vision, rigorous planning, and the conviction to make tough but necessary decisions.

就在一年多前，當我擔任執行長時，我向董事會、股東和團隊承諾，將帶領 Hut 8 走上新的發展軌道。今天，我將討論我們如何透過全面轉型在 2024 年兌現這項承諾，我們相信這已為我們的業務帶來了獲利成長和長期價值創造。這種規模的轉變不是一朝一夕就能實現的，也不是沒有經過精心設計就能實現的。履行我們的承諾需要清晰的願景、嚴謹的規劃以及做出艱難但必要的決定的信念。

Guided by these principles, we focus relentlessly on execution and built the foundation for what we intend to grow into an enduring generational business at the intersection of energy and technology. Before I discuss the key objectives that drove this transformation and the impact it has had on our business, I want to take a step back to something more fundamental, an idea about who we are and what we are building. Next slide, please.

在這些原則的指導下，我們堅持不懈地專注於執行，並為我們打算發展成為能源和技術交匯處的持久世代企業奠定了基礎。在我討論推動這一轉變的關鍵目標及其對我們業務的影響之前，我想先回顧一下更基本的問題，即我們是誰以及我們正在建立什麼。請看下一張投影片。

At the heart of everything we do is a simple conviction. We believe the value of energy will continue to rise as the technologies fueling both daily life and world-changing innovation place ever-greater demands on a constrained electrical grid.

我們所做的一切的核心都是一個簡單的信念。我們相信，隨著推動日常生活和改變世界的創新的技術對受限的電網提出越來越大的要求，能源的價值將繼續上升。

Over the past year, this dynamic has accelerated as AI catalyzed a surge in demand for power in the digital infrastructure sector. Our ambition is to build a platform that can meet this demand at scale across energy-intensive technologies for decades to come. But conviction alone is not enough. If the past year has reinforced anything, it is that execution is the bridge between conviction and reality. And execution requires people, a team with the discipline and grid required to make tough decisions, navigate volatile markets, and turn strategy into results.

在過去的一年裡，隨著人工智慧催化數位基礎設施領域對電力的需求激增，這種動態進一步加速。我們的目標是建立一個平台，能夠在未來幾十年內大規模滿足能源密集技術的需求。但僅有信念是不夠的。如果說過去的一年強化了什麼，那就是執行是信念與現實之間的橋樑。而執行需要人才，需要一支紀律嚴明、敢於做出艱難決策、應對動盪市場並將策略轉化為成果的團隊。

It also requires the trust and conviction of shareholders, analysts, and partners who believe in what we are building and stand with us in making it a reality. So before we turn to the year behind us, I want to recognize the people who have made our progress possible. Some of you have been with us since the very beginning when we first set out to pioneer a power-first approach to digital infrastructure development. Others have joined us more recently, recognizing the scale of the opportunity ahead. Regardless of when you came on board, we're grateful for your trust and conviction. Next slide, please.

它還需要股東、分析師和合作夥伴的信任和信念，他們相信我們正在建立的事業，並與我們站在一起，將其變為現實。因此，在我們回顧過去的一年之前，我想感謝那些讓我們進步的人。你們中的一些人從我們最初開始倡導以電力為先的數位基礎設施建設方法時就一直與我們在一起。最近，其他人也加入了我們，並認識到了未來機會的規模。無論您何時加入我們，我們都感謝您的信任和信念。請看下一張投影片。

Today, I'll discuss how we delivered on our commitment to set Hut 8 on a new trajectory in 2024. Then Sean will review our financial results and explain how we've refined our reporting structure to better reflect how we operate today and where we're heading next. Finally, I'll outline how we are building on the foundation in 2025. Next slide, please.

今天，我將討論我們如何兌現承諾，讓 Hut 8 在 2024 年走上新的發展軌道。然後，肖恩將回顧我們的財務結果，並解釋我們如何改進報告結構，以更好地反映我們目前的運作方式以及下一步的發展方向。最後，我將概述我們如何在 2025 年的基礎上繼續發展。請看下一張投影片。

Over the past year, we executed on a comprehensive transformation of the legacy Hut 8 business, driving measurable improvements in key areas of business performance while setting what we believe is a resilient foundation for profitable long-term growth. This transformation was driven by three objectives: first, optimizing operations through a comprehensive restructuring program. Second, fortifying our capital strategy to support balanced risk-adjusted growth. And third, developing a high-velocity utility scale power origination pipeline. Let's discuss each in turn.

在過去的一年裡，我們對傳統的 Hut 8 業務進行了全面轉型，推動了關鍵業務績效領域的可衡量改進，同時為我們認為的長期盈利增長奠定了堅實的基礎。此次轉型由三個目標驅動：首先，透過全面的重組計畫優化營運。第二，加強資本策略，支持平衡的風險調整成長。第三，開發高速公用事業規模電力傳輸管道。讓我們依序討論一下。

Next slide, please. Optimization was the foundation of our transformation. We use the term optimize deliberately. Our restructuring program was driven by calculated trade-offs designed to drive sustained profitability while setting a foundation for growth rather than indiscriminate cost cutting. Data-driven analysis informed the shutdown of our underperforming Drumheller site, the energization of our new Salt Creek site, the relocation of our fleet from hosted to owned facilities and the rollout of our proprietary energy curtailment software, reactor, across the legacy Hut 8 portfolio acquired in the business combination.

請看下一張投影片。優化是我們轉型的基礎。我們特意使用「優化」這個術語。我們的重組計劃是經過深思熟慮的權衡後製定的，旨在推動持續盈利，同時為增長奠定基礎，而不是不加區別地削減成本。數據驅動的分析幫助我們關閉了表現不佳的 Drumheller 工廠，為我們新的 Salt Creek 工廠通電，將我們的機組從託管設施遷移到自有設施，並在業務合併中收購的傳統 Hut 8 產品組合中推出了我們專有的能源削減軟體和反應器。

These initiatives delivered measurable impact, including a 30% reduction in our average energy cost per megawatt hour from Q4 2023 to Q4 2024. They supported an approximately 8-point increase in gross margin per Bitcoin mined over that same period. And earlier in 2024, our continued focus on value engineering enabled us to complete our latest Salt Creek project in an all-in cost of approximately $250,000 per megawatt, approximately $100,000 per megawatt less than our first greenfield development site in ERCOT.

這些措施產生了可衡量的影響，包括從 2023 年第四季到 2024 年第四季度，每兆瓦時平均能源成本降低了 30%。他們支持在同一時期內將每枚比特幣的毛利率提高約 8 個百分點。2024 年初，我們繼續注重價值工程，這使我們能夠以每兆瓦約 250,000 美元的總成本完成最新的 Salt Creek 項目，比我們在 ERCOT 的第一個綠地開發站點每兆瓦約低 100,000 美元。

Beyond metric impact, we institutionalized decision-making rigor and operational discipline at every level of our organization. We restructured our team, optimized head count, and recruited veteran leaders from the energy and digital infrastructure sectors.

除了指標影響之外，我們還在組織的各個層面將決策嚴謹性和營運紀律制度化。我們重組了團隊，優化了員工人數，並招募了來自能源和數位基礎設施領域的資深領導者。

In parallel, we expanded our in-house development program, enhanced our proprietary operating technology and established a data science function to optimize energy consumption across our portfolio. We believe these investments have extended our competitive advantage in rapid, cost-efficient infrastructure development. Yet optimization is not static. The optimal solution will evolve as decision variables shift. So while we believe we have built a solid foundation, we are committed to driving value through continuous improvement in the years to come.

同時，我們擴大了內部開發計劃，增強了專有營運技術，並建立了數據科學功能，以優化我們整個產品組合的能源消耗。我們相信這些投資擴大了我們在快速、經濟高效的基礎建設方面的競爭優勢。然而最佳化並不是靜態的。隨著決策變數的變化，最佳解決方案也會隨之演變。因此，雖然我們相信我們已經建立了堅實的基礎，但我們致力於在未來幾年透過持續改進來推動價值。

Next slide, please. Our second objective was to fortify our capital strategy. A well-designed capital structure should not only provide resilience against market volatility, but also enable agile, flexible growth. In a capital-intensive business-like digital infrastructure development, these are critical advantages. To reinforce these advantages, we executed an integrated capital strategy focused on risk reduction, market access, liquidity expansion, proactive treasury management, and institutional alignment.

請看下一張投影片。我們的第二個目標是加強我們的資本策略。精心設計的資本結構不僅應具備抵禦市場波動的能力，還應實現敏捷、靈活的成長。在資本密集的商業數位基礎設施開發中，這些都是關鍵優勢。為了鞏固這些優勢，我們實施了以降低風險、市場准入、擴大流動性、積極主動的資金管理和機構協調為重點的綜合資本策略。

Strategic deleveraging was central to our approach. We converted the $37.9 million balance of our Anchorage Digital loan to equity and unencumbered 827 Bitcoin initially pledged under our Coinbase loan. Thoughtfully structured debt continues to serve as a valuable tool to fuel our growth. This includes our existing project level financing at the TZRC joint venture, which is ring-fenced at the subsidiary level with no recourse to the parent entity and our Coinbase loan, which was amended this year to, among other things, remove the parent guarantee. In addition, in 2024, we entered into a strategic partnership with Coatue, whose convertible note investment reflects their conviction in our long-term value creation potential.

策略性去槓桿是我們方法的核心。我們將 Anchorage Digital 貸款的 3,790 萬美元餘額轉換為股權，並兌換為 Coinbase 貸款中最初質押的 827 枚無抵押比特幣。精心建構的債務持續成為推動我們成長的寶貴工具。這包括我們在 TZRC 合資企業的現有專案級融資，該融資在子公司層面受到嚴格保護，無法向母公司追索，以及我們的 Coinbase 貸款，該貸款於今年進行了修改，其中包括取消了母公司的擔保。此外，2024 年，我們與 Coatue 建立了策略合作夥伴關係，其可轉換票據投資反映了他們對我們長期價值創造潛力的信心。

Expanding market access and deepening liquidity were equally critical. Together with our inclusion in the Russell 3000, shelf eligibility broadened our investor base and created new capital pathways, enabling us to launch a $500 million ATM program, which we announced alongside a $250 million stock repurchase program.

擴大市場准入和增強流動性同樣重要。加上我們被納入羅素 3000 指數，擱置資格擴大了我們的投資者基礎並創造了新的資本途徑，使我們能夠啟動一項 5 億美元的 ATM 計劃，該計劃是我們與一項 2.5 億美元的股票回購計劃一起宣布的。

Together, these programs support a robust capital formation toolkit that bolsters our ability to navigate the volatile markets in which we operate. Further strengthening our capital position, we introduced a proactive treasury management framework designed to enhance capital efficiency and generate risk-adjusted returns that outperform idle cash. Under this framework, we expanded our strategic Bitcoin reserve with the purchase of 990 Bitcoin, growing our strategic Bitcoin reserve to more than 10,000 Bitcoin with a market value of approximately $950 million at year-end.

這些計劃共同支持強大的資本形成工具包，增強了我們應對營運所在動盪市場的能力。為了進一步加強我們的資本狀況，我們引入了主動的資金管理框架，旨在提高資本效率並產生優於閒置現金的風險調整回報。在此框架下，我們透過購買 990 比特幣擴大了我們的戰略比特幣儲備，使我們的戰略比特幣儲備增長到 10,000 多個比特幣，年底的市值約為 9.5 億美元。

Together with cash on hand, our liquidity position enables us to act decisively to capture compelling growth opportunities while instilling counterparty confidence in our ability to execute on large-scale development initiatives. The strength of our capital structure is increasingly reflected in our shareholder base. Institutional ownership of Hut 8 increased from approximately 12% at the end of Q1 2024 to approximately 55% at year-end, a testament to our focus on long-term value creation.

加上手頭上的現金，我們的流動性狀況使我們能夠果斷採取行動，抓住引人注目的增長機會，同時讓交易對手對我們執行大規模開發計劃的能力充滿信心。我們的資本結構實力日益體現在我們的股東基礎中。Hut 8 的機構持股比例從 2024 年第一季末的約 12% 增加到年底的約 55%，證明了我們專注於長期價值創造。

The institutionalization of our business was marked by key milestones like a strategic investment from Coatue and the conversion of our Anchorage loan to equity. Today, we continue to engage actively with strategic capital partners to strengthen our financial and competitive position.

我們的業務制度化具有一些關鍵里程碑，例如來自 Coatue 的策略性投資以及將我們的安克雷奇貸款轉換為股權。今天，我們繼續積極與策略資本合作夥伴合作，以加強我們的財務和競爭地位。

In summary, we believe the integrated capital strategy we have implemented is now aligned with the scale of our ambition. Looking ahead, we will continue to focus on optimizing our capital structure, exploring non-dilutive sources of funding whenever possible. Our long-term aim is to drive down our cost of capital, minimize enterprise risk, and maximize shareholder value as we build our business.

總而言之，我們相信我們實施的綜合資本策略現在與我們的雄心規模一致。展望未來，我們將繼續致力於優化資本結構，盡可能探索非稀釋性融資來源。我們的長期目標是在發展業務的同時降低資本成本、最大限度地降低企業風險並最大限度地提高股東價值。

Next slide, please. The final pillar of our transformation was building the engine of our power-first strategy, a high-velocity utility scale power origination pipeline. In a supply-constrained market, access to power is a competitive advantage. Outsized value creation, however, requires a disciplined strategic approach to site selection and portfolio construction. This level of rigor is only possible with a development pipeline of institutional scale and velocity.

請看下一張投影片。我們轉型的最後一個支柱是建立我們的電力優先策略的引擎，即高速公用事業規模的電力來源管道。在供應受限的市場中，獲得電力是一種競爭優勢。然而，創造超額價值需要對選址和投資組合建構採取嚴謹的策略方法。只有透過機構規模和速度的開發流程才能達到這種程度的嚴謹性。

Over the past year, we have engineered our origination strategy around these interdependent pillars. Increasing scale has expanded and diversified our opportunity set, allowing us to secure what we believe to be the right assets under the right conditions at the right time.

在過去的一年裡，我們圍繞著這些相互依存的支柱制定了我們的起源策略。規模的擴大擴大並多樣化了我們的機會集，使我們能夠在正確的時間和正確的條件下獲得我們認為正確的資產。

Meanwhile, increasing velocity has brought in deal flow visibility, equipping us with the market context and conviction required to rapidly advance high potential opportunities to exclusivity. Together, these pillars enable disciplined capital allocation to opportunities we believe will drive superior risk-adjusted returns. At year-end, our pipeline of development capacity under diligence had more than quadrupled to 12,000 megawatts, while capacity under exclusivity had more than doubled to 2,800 megawatts.

同時，速度的提高帶來了交易流程的可見性，使我們具備了快速推進高潛力機會至獨家所需的市場背景和信念。這些支柱共同促成了我們對那些將帶來卓越風險調整回報的機會進行嚴格的資本配置。截至年底，我們經過盡職調查的開發容量增加了四倍多，達到 12,000 兆瓦，而獨家開發容量增加了一倍多，達到 2,800 兆瓦。

Securing exclusivity is a critical milestone in our development process because it defines a clear pathway to ownership, either through exclusivity agreements that prevent the sale of designated land and power capacity to another party or through a tendered interconnection agreement. Origination is above all a matter of people and execution.

確保排他性是我們開發過程中的關鍵里程碑，因為它定義了一條明確的所有權途徑，要么通過排他性協議來阻止將指定的土地和電力容量出售給另一方，要么通過招標的互連協議。起源首先是人和執行的問題。

It is a highly specialized discipline that requires deep market expertise, regulatory insight, commercial acumen, and industry credibility. These capabilities are neither widely held nor easily acquired, which is why building the right team has been one of my highest priorities since the early days of building our business.

這是一門高度專業的學科，需要深厚的市場專業知識、監管洞察力、商業敏銳度和行業信譽。這些能力並非普遍擁有，也不容易獲得，這就是為什麼自我們創立公司之初，建立合適的團隊一直是我的首要任務之一。

Today, our Power native team has many decades of collective experience across the development value chain, led by former senior executives and team members from some of North America's largest generation owners, utilities, energy investment firms, infrastructure developers and trading desks. It is the foundation of our utility scale origination platform. More than that, we believe it is a source of durable competitive advantage that positions us to scale with uncommon speed and discipline.

如今，我們的電力本土團隊在整個開發價值鏈中擁有數十年的集體經驗，由來自北美一些最大的發電企業、公用事業公司、能源投資公司、基礎設施開發商和交易部門的前高級管理人員和團隊成員領導。它是我們公用事業規模起源平台的基礎。更重要的是，我們相信它是持久競爭優勢的源泉，使我們能夠以非凡的速度和紀律擴大規模。

With that said, our focus now shifts to execution as we continue to advance the highest potential opportunities in our pipeline. I'll return to this later. Next slide, please. Today, we operate from a position of strength. We have optimized our operations, built a world-class team and embedded institutional discipline at every level of the organization.

話雖如此，我們現在的重點轉移到執行上，因為我們將繼續推進我們管道中最具潛力的機會。我稍後會再討論這個問題。請看下一張投影片。今天，我們憑藉實力開展業務。我們優化了運營，建立了世界一流的團隊，並在組織的各個層面嵌入了製度紀律。

We have fortified our capital strategy to drive balanced risk-adjusted growth, and we have built a high-velocity utility scale origination pipeline spanning 12,000 megawatts, setting the foundation for disciplined long-term value creation.

我們強化了資本策略，以推動平衡的風險調整成長，並建立了一條跨越 12,000 兆瓦的高速公用事業規模起源管道，為嚴格的長期價值創造奠定了基礎。

Next slide, please. Before I turn it over to Sean, I want to set the stage for what comes next. The transformation we executed over the past year is meaningful only to the extent that it drives long-term shareholder value. Maximizing shareholder value requires us to not only deliver on our strategic priorities, but also to communicate our outcomes under a framework that enables investors to accurately assess our financial performance, operational efficiency, risk management and long-term growth strategy.

請看下一張投影片。在將其交給肖恩之前，我想先為接下來的事情做好準備。我們在過去一年實施的轉型只有在推動長期股東價值的範圍內才有意義。最大化股東價值不僅要求我們實現策略重點，還要求我們在一個框架下傳達我們的成果，使投資者能夠準確評估我們的財務表現、營運效率、風險管理和長期成長策略。

A key enabler of this clarity is our reporting structure. It functions as a critical bridge between the internal reality of our business and how that reality is understood and evaluated by the market. A well-structured reporting framework should provide investors, management and the broader market with the transparency and insight needed to make informed benchmarking, valuation and investment decisions.

實現這種清晰度的關鍵因素是我們的報告結構。它充當著我們業務內部現實與市場如何理解和評估該現實之間的重要橋樑。結構良好的報告框架應為投資者、管理層和更廣泛的市場提供做出明智的基準測試、估值和投資決策所需的透明度和洞察力。

Over the past year, as we executed our transformation, it became clear that our legacy reporting structure did not adequately align with our transformed business. Built around narrow operational capabilities like Bitcoin mining and managed services, it did not reflect the power-first strategy and platform-driven business model through which we manage and assess the performance of the business.

在過去的一年裡，當我們實施轉型時，很明顯地我們的傳統報告結構與我們轉型後的業務並沒有足夠的一致性。它圍繞著比特幣挖礦和託管服務等狹窄的營運能力構建，並未反映出我們管理和評估業務績效的電力優先策略和平台驅動的業務模式。

Instead, it elevated specific activities within each layer of our platform, such as Bitcoin mining and managed services to stand-alone segments while underrepresenting distinct and fundamental value drivers like power acquisition and digital infrastructure development. Ultimately, it no longer aligned with how we deploy capital, scale our platform and drive sustainable returns.

相反，它將我們平台每一層內的特定活動（例如比特幣挖掘和託管服務）提升到獨立的部分，同時低估了電力獲取和數位基礎設施開發等獨特而根本的價值驅動因素。最終，它不再符合我們如何部署資本、擴展平台和實現永續回報。

With that, I'll turn it over to Sean to explain how our new reporting structure addresses these challenges.

接下來，我將請肖恩解釋我們的新報告結構如何應對這些挑戰。

Thanks, Asher, and good morning, everyone. It's a privilege to be here today as we reflect on a year of transformation and growth. As outlined by Asher, we've refined our reporting structure to provide a clearer, more comprehensive view of how each layer of our platform contributes to growth, profitability and value creation in the context of our overall business. This structure more accurately reflects how we think about cost of capital, capital allocation and risk management as well as how we scale our business with the goal of maximizing long-term shareholder value. Let's take a closer look at this new reporting structure before turning to our results.

謝謝，阿舍爾，大家早安。今天我們很榮幸能夠在這裡回顧過去的一年的變革和成長。正如 Asher 所概述的，我們改進了報告結構，以便更清晰、更全面地了解我們平台的每一層如何在整體業務背景下促進成長、獲利能力和價值創造。這種結構更準確地反映了我們如何看待資本成本、資本配置和風險管理，以及如何擴大業務規模以實現長期股東價值最大化。在討論結果之前，讓我們先仔細看看這個新的報告架構。

Next slide, please. Going forward, we will report under three core segments or layers as we'd like to call them internally, power, digital infrastructure and compute, each corresponding to a component of our integrated energy infrastructure platform. A fourth segment, Other, will capture revenue from activities that fall outside the framework of our core platform. Aligning our financial reporting with how we manage the business operationally will deliver four key benefits.

請看下一張投影片。展望未來，我們將根據三個核心部分或層面進行報告（我們內部稱之為電力、數位基礎設施和運算），每個部分都對應我們綜合能源基礎設施平台的一個組成部分。第四部分「其他」將獲取核心平台框架以外的活動收入。將我們的財務報告與我們的業務營運管理方式結合將帶來四個主要好處。

First, it will enhance financial transparency by offering more granular insights into revenue composition, cost structures and profitability dynamics at each layer of our platform.

首先，它將透過提供我們平台各層的收入組成、成本結構和盈利動態的更細緻的洞察來提高財務透明度。

Second, it will establish a link between our power-first model and the outcomes driven by it, enabling investors to better understand platform synergies across power, digital infrastructure and compute.

其次，它將在我們的電力優先模型和其驅動的結果之間建立聯繫，使投資者能夠更好地了解電力、數位基礎設施和計算之間的平台協同作用。

Third, it will support more effective benchmarking by structuring our disclosures in a way that allows investors to assess our performance relative to other market participants across the value chain.

第三，透過建立我們的資訊揭露結構，讓投資人能夠評估我們相對於整個價值鏈上其他市場參與者的表現，它將支持更有效的基準測試。

And fourth, it will enhance our capital allocation framework by aligning our disclosures with how we deploy capital across the business lines addressed by our platform. With that said, let's turn to our results for the full year of 2024. As a reminder, the current period reflects the performance of the combined company, while the comparison period reflects 11 months of US Bitcoin Corp.'s performance as a stand-alone business prior to the merger and one month of the combined company's performance.

第四，透過使我們的資訊揭露與我們平台所涉及的業務線上的資本配置方式保持一致，它將增強我們的資本配置框架。話雖如此，讓我們來看看 2024 年全年的業績。提醒一下，當前期間反映了合併後公司的業績，而比較期反映了美國比特幣公司在合併前作為獨立業務的 11 個月的業績以及合併後公司一個月的業績。

Note that our results for the comparison period have been restated under our new reporting structure. Next slide, please. Our revenue grew 69% year-over-year to $162.4 million for the 12 months ended December 31, 2024. Net income was $331.4 million, net of income tax provision of $113.5 million versus $21.9 million in the prior year. And adjusted EBITDA was $555.7 million versus $85.7 million in the prior year.

請注意，我們的比較期結果已根據新的報告結構重述。請看下一張投影片。截至 2024 年 12 月 31 日的 12 個月，我們的營收年增 69%，達到 1.624 億美元。淨收入為 3.314 億美元，扣除所得稅準備金 1.135 億美元，而上年為 2,190 萬美元。調整後的 EBITDA 為 5.557 億美元，而去年同期為 8,570 萬美元。

Both net income and adjusted EBITDA reflect a gain on digital assets of $509.3 million in accordance with the new FASB fair value accounting rules. As we continue to scale our business, a strong balance sheet will be a crucial foundation for disciplined, agile capital allocation while enabling us to withstand and thrive across market cycles. We closed the year with a strong liquidity position, supported by a strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million, reinforcing our ability to deploy capital efficiently and pursue growth initiatives from a position of strength.

根據新的 FASB 公允價值會計規則，淨收入和調整後的 EBITDA 均反映數位資產收益 5.093 億美元。隨著我們不斷擴大業務規模，強勁的資產負債表將成為嚴謹、靈活的資本配置的重要基礎，同時使我們能夠承受市場週期並蓬勃發展。我們以強勁的流動性狀況結束了這一財年，這得益於我們擁有 10,171 比特幣的戰略儲備（市值為 9.495 億美元），增強了我們有效配置資本和以優勢地位追求增長計劃的能力。

Now let's take a deeper look at our business through the lens of our new reporting structure, beginning with our Power segment. Next slide, please.

現在，讓我們透過新的報告結構來更深入地了解我們的業務，從電力部門開始。請看下一張投影片。

The Power segment corresponds to the power layer of our platform, where we acquire, develop and manage critical energy assets such as interconnects and powered land. As of year-end, our power layer comprised 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada. We generate revenue from our power assets through our power generation and managed services businesses.

電力部門對應於我們平台的電力層，我們在此取得、開發和管理關鍵能源資產，例如互連和供電土地。截至年底，我們的電力層已管理美國和加拿大 15 個站點的 1,020 兆瓦能源容量。我們透過發電和託管服務業務從電力資產中獲取收入。

In power generation, we own and operate four natural gas power plants in Ontario, Canada with 310 megawatts of total capacity under a joint venture with Macquarie. These facilities generate revenue through capacity contracts and merchant energy sales within the independent energy electricity system operator, which manages the Ontario electrical grid.

在發電方面，我們與麥格理合資在加拿大安大略省擁有並營運四座天然氣發電廠，總容量為 310 兆瓦。這些設施透過管理安大略電網的獨立能源電力系統營運商的容量合約和商業能源銷售產生收入。

In managed services, we provide end-to-end energy infrastructure development, construction and operation services to third-party power asset owners. Managed services agreements are typically structured under a fixed fee model based on power capacity under management with cost reimbursements for certain pass-through expenses. Some agreements include incentive bonuses and energy management services that enable us to further monetize our expertise in power management and optimization.

在託管服務方面，我們為第三方電力資產所有者提供端到端能源基礎設施開發、建置和營運服務。託管服務協議通常採用基於管理的電力容量的固定費用模式構建，並對某些轉嫁費用進行成本補償。一些協議包括獎勵獎金和能源管理服務，使我們能夠進一步將我們在電力管理和優化方面的專業知識貨幣化。

Power segment revenue more than doubled year-over-year to $56.6 million, driven by an $11.4 million increase in power generation revenue and a $22.4 million increase in managed services revenue. Growth in managed services revenue was driven by the full ramp-up of our MSA with Ionic Digital, which was terminated in December 2024, along with proceeds from a $13.5 million termination fee from Marathon related to exiting the Kearney and Granbury sites.

電力部門營收年增一倍以上，達到 5,660 萬美元，其中發電收入增加 1,140 萬美元，託管服務收入增加 2,240 萬美元。託管服務收入的成長得益於我們與 Ionic Digital 的 MSA 的全面提升（該協議於 2024 年 12 月終止），以及 Marathon 因退出 Kearney 和 Granbury 工廠而支付的 1,350 萬美元終止費的收益。

Next slide, please. The second segment of our new reporting structure is digital infrastructure. This segment corresponds to the digital infrastructure layer of our platform, where we design, build, monetize and operate purpose-built facilities for energy-intensive applications. Our objective in this segment is to maximize long-term returns from our power layer by developing and monetizing infrastructure that supports high-value compute applications for third-party customers. As of year-end, our digital infrastructure layer comprised five Bitcoin mining data centers, five traditional data centers and one non-operational site.

請看下一張投影片。我們新報告結構的第二部分是數位基礎設施。此部分對應於我們平台的數位基礎設施層，我們在其中設計、建造、貨幣化和運營用於能源密集型應用的專用設施。我們在此領域的目標是透過開發和貨幣化支援第三方客戶高價值計算應用程式的基礎設施，最大限度地提高我們的電力層的長期回報。截至年底，我們的數位基礎設施層包括五個比特幣挖礦資料中心、五個傳統資料中心和一個非營運站點。

As markets and technologies evolve, we expect this layer to expand beyond its current focus areas, supporting emerging applications and diversifying our portfolio into new infrastructure verticals such as AI and other large-scale HPC data centers. The Digital Infrastructure business segment consists of CPU Colocation and ASIC Colocation services.

隨著市場和技術的發展，我們預計這一層將超越目前的重點領域，支援新興應用，並將我們的產品組合多樣化到新的基礎設施垂直領域，如人工智慧和其他大型 HPC 資料中心。數位基礎設施業務部門包括 CPU 主機代管和 ASIC 主機代管服務。

We monetize these services through agreements structured under fixed fee or consumption-based models, some of which incorporate profit sharing and cost reimbursements for pass-through expenses such as electricity. While contract structures and margin profiles vary across workloads, the underlying drivers of infrastructure profitability are fundamentally similar. Key cost drivers, including power costs, cooling, facility utilization and operational efficiency apply across workloads and applications.

我們透過固定費用或基於消費的模式構建的協議將這些服務貨幣化，其中一些協議包括利潤分享和電力等轉嫁費用的成本補償。雖然合約結構和利潤率狀況因工作量而異，但基礎設施獲利能力的潛在驅動因素基本上相似。關鍵成本驅動因素包括電力成本、冷卻成本、設施利用率和營運效率，適用於工作負載和應用程式。

A key advantage of our application-agnostic approach to digital infrastructure development is its inherent flexibility. We retain the ability to monetize our power on an asset-by-asset basis, accounting for market dynamics and risk return trade-offs before deploying capital. This approach allows us to optimize risk-adjusted returns by monetizing each power asset with what we believe to be the highest value use case at any given time while mitigating the risk of underutilized or stranded assets.

我們的與應用程式無關的數位基礎設施開發方法的一個主要優勢是其固有的靈活性。我們保留根據每項資產將我們的權力貨幣化的能力，在部署資本之前考慮市場動態和風險回報權衡。這種方法使我們能夠透過將每項電力資產貨幣化（我們認為在任何給定時間都是最高價值的用例）來優化風險調整後的回報，同時降低未充分利用或擱淺資產的風險。

Beyond capital efficiency, our model is designed to reduce exposure to sector-specific volatility. By diversifying our Digital Infrastructure segment revenue mix across ASIC, CPU, and potentially other emerging workloads, we aim to decrease our reliance on any single market while smoothing earnings fluctuations inherent to high-growth, technology-driven end markets.

除了資本效率之外，我們的模型還旨在減少特定產業波動的風險。透過將我們的數位基礎設施部門收入組合多樣化，涵蓋 ASIC、CPU 和其他潛在的新興工作負載，我們的目標是減少對任何單一市場的依賴，同時平滑高成長、技術驅動的終端市場固有的獲利波動。

This enables us to capture upside in fast-growing markets while maintaining the flexibility to scale back exposure to more cyclical sectors as needed. Ultimately, we believe this framework positions our Digital Infrastructure segment for scalable long-term value creation by ensuring each asset in our power portfolio is optimized for risk-adjusted returns, maintaining operational flexibility, and reinforcing capital efficiency.

這使我們能夠在快速成長的市場中抓住機遇，同時保持靈活性，根據需要縮減對更具週期性的行業的投資。最終，我們相信，透過確保我們電力組合中的每項資產都針對風險調整後的回報進行優化、保持營運靈活性並提高資本效率，該框架將使我們的數位基礎設施部門能夠實現可擴展的長期價值創造。

Digital Infrastructure segment revenue more than doubled year-over-year to $17.5 million, driven primarily by a $5.2 million increase in CPU Colocation revenue, which reflects a full year of revenue recognition at our five traditional data centers in Canada, where we provide cloud and colocation services to more than 250 customers across government, financial services, media and other industries.

數位基礎設施部門營收年增一倍以上，達到 1,750 萬美元，主要原因是 CPU 主機託管收入增加了 520 萬美元，這反映了我們在加拿大的五個傳統資料中心全年的收入確認，我們在這些資料中心為政府、金融服務、媒體和其他行業的 250 多個客戶提供雲端和主機託管服務。

Top line growth also reflects a $4 million increase in ASIC Colocation revenue related to our agreement with Ionic Digital, which was terminated effective November 8, 2024. In the coming quarters, our Digital Infrastructure segment will reflect revenue from our ASIC Colocation agreement with BITMAIN, which is expected to generate approximately $125 million in annualized revenue upon full ramp.

營收成長也反映了與我們與 Ionic Digital 的協議相關的 ASIC 主機託管收入增加 400 萬美元，該協議於 2024 年 11 月 8 日終止。在接下來的幾個季度中，我們的數位基礎設施部門將反映我們與比特大陸 (BITMAIN) 簽訂的 ASIC 主機託管協議的收入，預計該協議全面啟動後將產生約 1.25 億美元的年化收入。

Development of our Vegas site, where the agreement will be launched remains on track for energization in the second quarter of 2025. Next slide, please. The third segment of our new reporting structure is compute. This segment corresponds to the compute layer of our platform, where we acquire, monetize and operate specialized hardware for energy-intensive technologies like ASIC compute for Bitcoin mining and GPU compute for AI workloads. As of year-end, our compute layer comprised 5.5 exahash per second of ASIC compute capacity for Bitcoin mining and 1,000 NVIDIA H100 GPUs for AI compute, operated through our GPU-as-a-Service subsidiary, Highrise AI.

該協議將在拉斯維加斯工廠啟動，工廠的開發工作仍在按計劃進行，預計將於 2025 年第二季投入營運。請看下一張投影片。我們新報告結構的第三部分是計算。此部分對應於我們平台的計算層，我們在其中獲取、貨幣化和操作用於能源密集型技術的專用硬件，例如用於比特幣挖掘的 ASIC 計算和用於 AI 工作負載的 GPU 計算。截至年底，我們的運算層包括用於比特幣挖礦的每秒 5.5 exahash ASIC 運算能力和用於 AI 運算的 1,000 個 NVIDIA H100 GPU，透過我們的 GPU 即服務子公司 Highrise AI 運作。

We also provided CPU-based cloud solutions through our five traditional data centers in Canada. Our compute segment is designed to capture the economics of compute markets. It also enables us to develop deep firsthand operational expertise in the technologies we support in our digital infrastructure layer. By operating specialized hardware such as ASICs for Bitcoin mining and GPU for AI workloads, we generate data-driven insights that inform infrastructure design, development, and operation strategies designed to enhance long-term returns in our digital infrastructure layer. While Bitcoin mining, AI compute, and other emerging technologies serve distinct end markets, they share investment risk characteristics.

我們也透過位於加拿大的五個傳統資料中心提供基於 CPU 的雲端解決方案。我們的計算部門旨在捕捉計算市場的經濟狀況。它還使我們能夠在數位基礎設施層所支援的技術方面積累深厚的第一手營運專業知識。透過操作專用硬體（例如用於比特幣挖礦的 ASIC 和用於 AI 工作負載的 GPU），我們可以產生數據驅動的洞察，為基礎設施設計、開發和運營策略提供信息，旨在提高我們數位基礎設施層的長期回報。雖然比特幣挖礦、人工智慧運算和其他新興技術服務於不同的終端市場，但它們具有相同的投資風險特徵。

Revenue in both ASIC and GPU compute markets, for example, is closely tied to supply-demand volatility, rapid hardware evolution, and short obsolescence cycles. These dynamics necessitate aggressive capital recovery and yield similar risk return profiles. Compute segment revenue increased 24% year-over-year to $80.7 million. driven by a $7.3 million increase in Bitcoin mining revenue, a $6.7 million increase in recurring data center cloud revenue, which reflects a full year of revenue recognition at our five traditional data centers in Canada and a $1.8 million contribution from our GPU-as-a-Service business.

例如，ASIC 和 GPU 運算市場的收入與供需波動、硬體的快速發展和較短的淘汰週期密切相關。這些動態需要積極的資本回收並產生類似的風險回報狀況。計算部門營收年增 24% 至 8,070 萬美元。這得歸功於比特幣挖礦收入增加 730 萬美元、經常性資料中心雲端收入增加 670 萬美元，這反映了我們在加拿大的五個傳統資料中心全年的收入確認以及我們的 GPU 即服務業務貢獻的 180 萬美元。

Given the capital-intensive nature of compute, where hardware requires significant upfront investment and depreciates rapidly, we will continue to prioritize capital-efficient strategies to maximize returns and minimize risk as we scale this segment. This discipline is exemplified by our structured purchase option at Vega for 15 exahash of Bitcoin mining capacity, which reduces capital exposure versus an outright hardware acquisition and the launch of Highrise AI as a subsidiary business targeting the GPU-as-a-service market.

鑑於計算的資本密集性質，其中硬體需要大量的前期投資並且會迅速貶值，我們將繼續優先考慮資本高效的策略，以在擴大這一領域時最大化回報並最小化風險。這項原則的體現是，我們在 Vega 選擇了結構化的購買選項，購買了 15 exahash 的比特幣挖礦能力，與直接收購硬體相比，這降低了資本風險，並推出了 Highrise AI 作為針對 GPU 即服務市場的子公司。

Next slide, please. The fourth segment of our new reporting structure, Other, comprises revenue generated from operating activities outside the core scope of our platform model. While our primary focus remains on the three core layers of our platform, we continually evaluate opportunities to leverage our expertise in power, digital infrastructure and compute to enhance risk-adjusted returns. Over time, we may expand into complementary business lines that align with our strategic capabilities.

請看下一張投影片。我們新報告結構的第四部分「其他」包括平台模型核心範圍之外的營運活動產生的收入。雖然我們的主要關注點仍然是我們平台的三個核心層，但我們不斷評估機會，利用我們在電力、數位基礎設施和計算方面的專業知識來提高風險調整後的回報。隨著時間的推移，我們可能會擴展到與我們的策略能力相符的互補業務線。

Full year other segment revenue was $7.6 million, consisting of Bitcoin mining equipment sales and repairs. Next slide, please. Over the past year, we set out to build a stronger, more resilient Hut 8, one capable of executing at scale, navigating volatility and driving long-term shareholder value. We accelerated our pipeline, securing high potential power assets at a pace that reflects our growing conviction in energy and digital infrastructure. We refined our capital strategy to balance growth with prudent risk management, enabling us to act decisively without compromising stability.

全年其他部門收入為 760 萬美元，包括比特幣挖礦設備銷售和維修。請看下一張投影片。在過去的一年裡，我們著手打造一個更強大、更有韌性的 Hut 8，一個能夠大規模執行、應對波動並推動長期股東價值的 Hut 8。我們加快了管道建設步伐，以確保高潛力電力資產的安全，這一步伐反映了我們對能源和數位基礎設施日益增長的信心。我們完善了資本策略，以平衡成長與審慎的風險管理，使我們能夠在不損害穩定性的情況下果斷採取行動。

And we invested in the people, processes and technology required to scale with uncommon speed and discipline, embedding institutional rigor at every level of the business. Today, we stand on a foundation that feels markedly stronger than it did just a short while ago. Our strategy is clear, our balance sheet is fortified and our team is built to execute. The best is yet to come, and I look forward to sharing our continued progress in the year ahead.

我們投資於所需的人員、流程和技術，以非同尋常的速度和紀律實現擴展，在業務的各個層面嵌入製度嚴謹性。今天，我們所站的基礎比不久前明顯更加堅固。我們的策略清晰，資產負債表穩健，我們的團隊執行力強。最好的還在後頭，我期待在來年分享我們不斷的進步。

Asher, back to you.

阿舍爾，回到你身邊。

Thanks, Sean. Before outlining our road map for 2025 and the early progress we've made against our strategic priorities, I want to take a step back and put everything into context. In 2024, we fundamentally transformed the legacy Hut 8 business, optimizing operations, fortifying our capital strategy, and developing a high velocity utility-scale power origination pipeline.

謝謝，肖恩。在概述我們的 2025 年路線圖以及我們在策略重點方面取得的早期進展之前，我想先回顧一下背景。2024 年，我們從根本上改變了傳統的 Hut 8 業務，優化了運營，強化了資本策略，並開發了高速公用事業規模的電力供應管道。

To enhance transparency and investor insight, we also realigned our financial disclosures to more accurately reflect our business model and long-term strategy. Now that this transformation is complete, we can channel the foundation and the momentum we've created into a new phase of growth and expansion.

為了提高透明度和投資者洞察力，我們也重新調整了財務揭露，以更準確地反映我們的商業模式和長期策略。現在，這項轉變已經完成，我們可以將我們所創造的基礎和動力帶入新的成長和擴張階段。

It's an incredibly exciting time for our business, and I'm eager to share how we're thinking about what lies ahead. Next slide, please.

對於我們的業務來說，這是一個令人難以置信的令人興奮的時刻，我渴望分享我們對未來的看法。請看下一張投影片。

It all begins here with our development flywheel; a framework designed to compound returns and drive long-term value creation as we scale. In 2025, our goal is to accelerate this flywheel by advancing four drivers of value creation: origination, investment, monetization and optimization. Each of these drivers plays a distinct yet interdependent role in our power-first strategy.

一切都始於我們的開發飛輪；一個旨在隨著規模擴大而複合回報並推動長期價值創造的框架。2025 年，我們的目標是透過推動四大價值創造驅動力來加速這一飛輪：起源、投資、貨幣化和優化。在我們的「電力優先」策略中，每個驅動因素都發揮著獨特而又相互依存的作用。

First, I'll outline the function of each driver and its role in our 2025 road map. Then I'll illustrate this model in action by discussing River Bend, a large-scale campus in Louisiana that we recently acquired. The first driver of our development flywheel is origination. A scaled, diversified pipeline is essential to the expansion of our power layer and enables us to capture demand in high-growth segments like AI data centers, where power access is the gating factor for infrastructure development. Last year, we built a high velocity utility scale origination pipeline spanning 12,000 megawatts under diligence, enabling us to take a disciplined strategic approach to site selection and portfolio construction.

首先，我將概述每個驅動因素的功能及其在我們的 2025 年路線圖中的作用。然後，我將透過討論我們最近收購的位於路易斯安那州的大型校園 River Bend 來說明該模型的實際應用。我們的發展飛輪的第一個驅動力是起源。規模化、多樣化的管道對於我們電力層的擴展至關重要，並使我們能夠滿足人工智慧資料中心等高成長領域的需求，在這些領域，電力獲取是基礎設施發展的決定性因素。去年，我們在盡職調查下建立了一條跨越 12,000 兆瓦的高速公用事業規模起源管道，使我們能夠採取嚴謹的策略方法進行選址和投資組合建構。

In 2025, we will continue to prioritize near-term access to scarce power by seeking to source both front-of-the-meter and behind-the-meter assets while diversifying our pipeline across geographies and use cases. Within this framework, our origination strategy will focus on securing high-value power assets that can immediately support AI or other HPC applications as well as assets where Bitcoin mining can serve as a transitional load to monetize the site while we secure AI or HPC customers.

2025 年，我們將繼續優先考慮近期獲取稀缺電力，尋求取得電錶前和電錶後資產，同時跨地域和使用案例實現管道多元化。在此框架內，我們的發起策略將專注於保護可以立即支援 AI 或其他 HPC 應用的高價值電力資產，以及在我們保護 AI 或 HPC 客戶的同時，比特幣挖礦可以作為過渡負載以使網站貨幣化的資產。

By increasing both the scale and velocity of our origination pipeline, we aim to enhance our ability to execute quickly and capitalize on development opportunities across a range of end markets and customer profiles. The next driver of our development flywheel is investment. Investment converts pipeline assets into tangible value-accretive components of our platform.

透過擴大我們的發起管道的規模和速度，我們旨在提高快速執行的能力並利用一系列終端市場和客戶群的發展機會。我們發展飛輪的下一個驅動力是投資。投資將管道資產轉化為我們平台的有形增值組件。

Our capital allocation framework is designed to optimize for risk-adjusted returns by balancing capital efficiency with scalable long-term value creation. In 2025, our investment strategy will prioritize lower cost of capital segments like colocation while leveraging creative financing mechanisms such as our purchase option at Vega and our Bitcoin pledge financing model for fleet upgrades to optimize cost of capital and mitigate enterprise risk.

我們的資本配置框架旨在透過平衡資本效率和可擴展的長期價值創造來優化風險調整後的回報。2025 年，我們的投資策略將優先考慮主機託管等資本成本較低的領域，同時利用創新融資機制（例如我們在 Vega 的購買選擇權和用於機隊升級的比特幣質押融資模式），以優化資本成本並降低企業風險。

Given the substantial capital requirements for digital infrastructure development, particularly in HPC, we will continue to deepen our engagement in project level financing markets, cultivate strategic capital partnerships and actively evaluate financing structures to advance high potential developments like River Bend. Above all, we will maintain a disciplined yet opportunistic approach to capital allocation, aiming to deploy capital only when projected returns meet or exceed our thresholds for value creation. We now turn to monetization, the third driver of our development flywheel.

鑑於數位基礎設施開發（尤其是 HPC）的大量資本需求，我們將繼續深化參與專案級融資市場，培養策略資本合作夥伴關係，並積極評估融資結構，以推動 River Bend 等高潛力開發專案。最重要的是，我們將保持嚴謹而又投機的資本配置方式，只有當預期回報達到或超過我們的價值創造門檻時，我們才會部署資本。我們現在來談談貨幣化，這是我們發展飛輪的第三個驅動力。

Monetization transforms our power assets into revenue-generating infrastructure. In 2025, we will continue to take a power-first approach to digital infrastructure development, monetizing each power asset with the use case we believe will deliver the highest risk-adjusted returns at present than maximizing portfolio yield over time by transitioning suitable assets to higher return use cases. This means leveraging Bitcoin mining infrastructure to underwrite acquisitions and rapidly monetize power assets, particularly when they are not immediately viable for traditional data center workloads like AI compute.

貨幣化將我們的電力資產轉化為創造收入的基礎設施。2025 年，我們將繼續以電力優先的方式進行數位基礎設施開發，利用我們認為目前能夠帶來最高風險調整回報的用例將每項電力資產貨幣化，而不是透過將合適的資產轉換為更高回報的用例來最大化投資組合收益。這意味著利用比特幣挖礦基礎設施來承保收購併快速將電力資產貨幣化，特別是當它們不適用於人工智慧運算等傳統資料中心工作負載時。

As demonstrated by our Vegas data center development, suitable sites can begin their lives as Bitcoin mining data centers with the potential to be repurposed for other higher-return workloads in the future. We believe our phased value creation model provides a structural advantage over markets with more complex commercialization dynamics.

正如我們在拉斯維加斯的數據中心開發所證明的那樣，合適的場地可以作為比特幣挖礦數據中心開始其使用，並有可能在未來重新用於其他更高回報的工作負載。我們相信，我們的分階段價值創造模式比商業化動態更複雜的市場具有結構優勢。

Our ability to rapidly deploy capital, energize sites and generate revenue enables us to scale our power footprint often faster and more cost effectively than developers bound by traditional data center development cycles. Ultimately, this strategy accelerates payback periods, enhances capital efficiency and generates re-investable cash flows that fuels further expansion of our platform.

我們能夠快速部署資本、為站點供電並創造收入，這使我們能夠比受傳統資料中心開發週期約束的開發商更快、更經濟地擴大我們的電力覆蓋範圍。最終，該策略加快了回報期，提高了資本效率並產生了可再投資的現金流，從而推動了我們平台的進一步擴展。

The final driver of our development flywheel is optimization. In 2025, we will continue applying our first principles approach to innovation and digital infrastructure design, development and operations to optimize capital efficiency while driving long-term infrastructure flexibility and scalability. Historically, our extensive in-house development capabilities have enabled us to design, build and scale Bitcoin mining infrastructure at a fraction of the cost and time of traditional outsourced models.

我們發展飛輪的最終驅動力是最佳化。2025 年，我們將繼續運用我們的首要原則方法進行創新和數位基礎設施設計、開發和運營，以優化資本效率，同時推動長期基礎設施的靈活性和可擴展性。從歷史上看，我們廣泛的內部開發能力使我們能夠以傳統外包模式的一小部分成本和時間設計、建造和擴展比特幣挖掘基礎設施。

This structural advantage has shortened payback periods, accelerated speed to revenue, enhanced capital efficiency and driven superior returns on invested capital. As we expand our digital infrastructure layer, we intend to extend these efficiencies across a broader range of infrastructure verticals and form factors, reinforcing our ability to scale rapidly and sustain capital-efficient growth.

這種結構優勢縮短了投資回收期，加快了收入成長速度，提高了資本效率，並帶來了優異的投資報酬率。隨著我們數位基礎設施層的擴展，我們打算將這些效率擴展到更廣泛的基礎設施垂直領域和形式因素，增強我們快速擴展和維持資本高效增長的能力。

Beyond cost and operational efficiencies, optimization also means rethinking traditional infrastructure models to expand addressable markets and drive long-term asset value. Our integrated platform model drives deep insight into the technical and commercial challenges that inform infrastructure design and performance, enabling us to develop and implement innovations that enhance performance, reduce costs and enhance the flexibility of our digital infrastructure assets.

除了成本和營運效率之外，優化還意味著重新思考傳統的基礎設施模型，以擴大可尋址市場並推動長期資產價值。我們的整合平台模型深入了解了基礎設施設計和性能所面臨的技術和商業挑戰，使我們能夠開發和實施創新，以提高效能、降低成本並增強數位基礎設施資產的靈活性。

Take Vega, for example, where we apply this approach to develop a new data center form factor that helps bridge the gap between Bitcoin mining and HPC data center architecture while retaining the cost advantages and rapid deployment timelines that define our model.

以 Vega 為例，我們採用這種方法開發一種新的資料中心外形，有助於彌合比特幣挖礦和 HPC 資料中心架構之間的差距，同時保留定義我們模型的成本優勢和快速部署時間表。

By integrating high-density racks, liquid-to-chip cooling and HVAC-supported air cooling, we optimize the site for high-density ASIC deployments while incorporating design elements that enhance flexibility for future workloads. This balance of performance, efficiency and capital discipline exemplifies our approach to optimization and value creation.

透過整合高密度機架、液體到晶片冷卻和 HVAC 支援的空氣冷卻，我們優化了高密度 ASIC 部署的場地，同時融入了增強未來工作負載靈活性的設計元素。這種績效、效率和資本紀律的平衡體現了我們的最佳化和價值創造方法。

As we scale, we will continue to challenge legacy design assumptions, drive cost advantages and create infrastructure that is more flexible, efficient and monetizable across evolving digital workloads. By aligning origination, investment, monetization and optimization under a single power first framework, we can rapidly transform opportunities into tangible value. To see how this model operates in practice, let's turn to a recent addition to our portfolio, River Bend, where our integrated approach enabled us to identify and secure a high potential power asset in an emerging data center market.

隨著規模的擴大，我們將繼續挑戰傳統的設計假設，推動成本優勢，並創建在不斷發展的數位工作負載中更靈活、高效和可貨幣化的基礎設施。透過在單一電力優先框架下整合發起、投資、貨幣化和優化，我們可以迅速將機會轉化為有形價值。為了了解該模型在實踐中如何運作，讓我們來看看我們投資組合中最近新增的一個專案 River Bend，我們的綜合方法使我們能夠在新興資料中心市場中識別和保護高潛力電力資產。

Next slide, please. Last quarter, I noted that three projects in our development pipeline, together representing over 430 megawatts of capacity held promise for large-scale AI data center projects. River Bend, a 300-megawatt utility scale power asset in Louisiana with 200 megawatts of dedicated IT load was among those that I highlighted.

請看下一張投影片。上個季度，我注意到我們開發中的三個專案合計容量超過 430 兆瓦，預計將成為大型人工智慧資料中心專案。我重點介紹的其中之一就是位於路易斯安那州的 River Bend，它是一座 300 兆瓦的公用事業規模電力資產，擁有 200 兆瓦的專用 IT 負載。

Last week, we secured this campus and the process that led to the acquisition exemplifies both our team's power sector expertise and the rigorous approach we take to identify, evaluate and commercialize new development prospects. It also illustrates how we systematically analyze markets to find regions and sites that can support large-scale digital infrastructure over the long term.

上週，我們獲得了這個園區，此次收購的過程體現了我們團隊在電力領域的專業知識以及我們識別、評估和商業化新發展前景的嚴謹方法。它還說明了我們如何系統地分析市場以找到能夠長期支援大規模數位基礎設施的地區和站點。

Seeking to expand beyond our mature Texas footprint, we surveyed the country for regions with abundant power availability, resilient infrastructure and pro-business regulatory frameworks. Our Power native team, which includes former utility executives, generation developers and energy traders then conducted a thorough analysis of grid dynamics and generation pockets.

為了拓展我們在德克薩斯州的成熟業務，我們對全國進行了調查，尋找電力供應充足、基礎設施靈活且監管框架有利於商業的地區。我們的電力本土團隊由前公用事業高管、發電開發商和能源貿易商組成，對電網動態和發電區域進行了徹底的分析。

Drawing on deep regulatory insight and commercial acumen, we identified three key factors that made Louisiana particularly appealing for large-scale digital infrastructure. First, the state's diverse fuel mix provided cost competitive, reliable energy. Second, new governor-led tax incentives and strong local support fostered a business-friendly environment. Finally, the state's strategic position between Dallas-Fort Worth and Atlanta offered a dual benefit. It could serve as an overflow market for tenants in Texas or as a cost-effective alternative to the more saturated Southeastern corridor.

憑藉著深厚的監管洞察力和商業敏銳度，我們確定了路易斯安那州對大規模數位基礎設施特別具有吸引力的三個關鍵因素。首先，該州多樣化的燃料結構提供了具有成本競爭力的可靠能源。其次，新州長主導的稅收激勵措施和強有力的地方支持創造了有利於商業的環境。最後，該州位於達拉斯-沃斯堡和亞特蘭大之間的戰略位置提供了雙重優勢。它可以作為德州租戶的溢流市場，或作為更飽和的東南走廊的經濟高效的替代方案。

Once we recognize the potential of Louisiana, we assessed numerous properties statewide to find a suitable campus. That diligence led us to West Feliciana Parish, where we acquired 592 acres of land now known as our River Bend campus. This site features direct access to the Mississippi River, providing for abundant water resources and sits at an elevation of 100 feet, well above the 500-year flood level at 67 feet.

一旦我們認識到路易斯安那州的潛力，我們就會評估全州範圍內的眾多房產以找到合適的校園。正是這種勤奮讓我們來到了西費利西亞納教區，在那裡我們獲得了 592 英畝的土地，現在被稱為河灣校區。該地點可直接通往密西西比河，水資源豐富，海拔 100 英尺，遠高於 500 年一遇的洪水水位 67 英尺。

Working in close coordination with Entergy Louisiana, the Governor's office, local developers and Parish officials, we confirmed land use feasibility, culminating in zoning and planning approval in January 2025. Our River Bend campus is located 1.5 miles from a 1-gigawatt nuclear plant and 7 miles from a 300-megawatt solar facility. We believe existing high-voltage transmission lines on site create a viable path to scale beyond 1 gigawatt of capacity.

透過與 Entergy Louisiana、州長辦公室、當地開發商和教區官員的密切協調，我們確認了土地使用的可行性，並最終於 2025 年 1 月獲得分區和規劃批准。我們的 River Bend 校區距離一座 1 千兆瓦核電廠 1.5 英里，距離一座 300 兆瓦太陽能發電廠 7 英里。我們相信，現場現有的高壓輸電線路可以實現容量超過 1 千兆瓦的可行擴展。

The site further benefits from 3.6 gigawatts of existing 230 kV lines and substantial fiber capacity, including seven distinct campus entrances and 30-year IRU dark fiber linking major hubs like San Francisco and Northern Virginia. We believe these converging strengths, ample space, robust transmission lines and diverse connectivity are essential prerequisites for large-scale data center operations.

該站點還受益於現有的 3.6 千兆瓦 230 kV 線路和大量光纖容量，包括七個不同的校園入口和連接舊金山和北弗吉尼亞等主要樞紐的 30 年 IRU 暗光纖。我們相信，這些融合的優勢、充足的空間、強大的傳輸線路和多樣化的連接是大型資料中心營運的必要先決條件。

Throughout the entire process, our extensive collaboration with Entergy Louisiana and various government stakeholders not only mitigated acquisition risk, but also demonstrated our ability to operate at a utility level. While Meta's subsequent announcement underscored Louisiana's rising potential for digital infrastructure development, I'll emphasize that River Bend is just one example of the rigorous approach to power origination we take to build a scaled pipeline of highly attractive development opportunities.

在整個過程中，我們與 Entergy Louisiana 和各政府利益相關者的廣泛合作不僅降低了收購風險，而且還展示了我們在公用事業層面運作的能力。雖然 Meta 隨後的聲明強調了路易斯安那州數位基礎設施發展的潛力，但我要強調的是，River Bend 只是我們為建立大規模極具吸引力的發展機會管道而採取的嚴謹電力來源方法的一個例子。

Ultimately, River Bend exemplifies our distinct power-first approach to digital infrastructure development, illustrating the rigor of origination, investment, monetization and optimization that underpins our entire development flywheel. As we advance through 2025, we will continue to leverage our deep power sector expertise to identify other high potential sites that enable us to address surging demand for load capacity across emerging applications like AI compute. This disciplined approach underpins our commitment to delivering outsized returns and building an enduring generational business at the intersection of energy and technology.

最終，River Bend 體現了我們獨特的以電力為先的數位基礎設施開發方法，體現了支撐我們整個開發飛輪的起源、投資、貨幣化和優化的嚴謹性。隨著我們邁向 2025 年，我們將繼續利用我們在電力領域的深厚專業知識來尋找其他高潛力站點，使我們能夠滿足人工智慧運算等新興應用對負載容量的激增需求。這種嚴謹的方法鞏固了我們致力於提供超額回報和在能源和技術交匯處建立持久的世代業務的承諾。

Next slide, please. I'll take one final step back as I conclude my remarks. Everything we've discussed today from the transformation of our business to the refinement of our reporting structure and our road map for 2025 is anchored in a principle I shared when I first outlined the early impact of our restructuring program several months ago. We prioritize fundamentals above all else, and we invest capital only when we believe it will create enduring shareholder value.

請看下一張投影片。在結束我的發言之前，我將最後退一步。我們今天討論的所有內容，從業務轉型到報告結構的完善以及 2025 年的路線圖，都基於我幾個月前首次概述重組計劃的早期影響時所分享的一個原則。我們將基本面放在首位，並且只有當我們相信能夠創造持久股東價值時，我們才會投資。

Looking ahead to 2025 and beyond, this principle will guide us forward. While others may fixate on short-term metrics or fleeting trends, we will continue to take a power-first innovation-driven approach to develop, commercialize, and operate the critical infrastructure that underpins the breakthrough technologies of today and tomorrow.

展望2025年及以後，這項原則將引導我們前進。雖然其他人可能關注短期指標或短暫的趨勢，但我們將繼續採取以電力為先的創新驅動方式來開發、商業化和營運支撐當今和未來突破性技術的關鍵基礎設施。

The market will not always agree with our approach, but there is a simple conviction at the heart of everything we do. And we will continue to follow that conviction because we believe it is the path to building a generational business at the intersection of energy and technology. Thank you again for your continued support. It has been an honor to lead Hut 8 as CEO over the past year.

市場並不總是同意我們的做法，但我們所做的一切的核心都是一個簡單的信念。我們將繼續堅持這一信念，因為我們相信這是在能源和技術的交匯處建立世代業務的道路。再次感謝您一直以來的支持。在過去的一年裡，我很榮幸能夠擔任 Hut 8 的執行長。

Operator, please open the line for Q&A.

接線員，請開通問答專線。

(Operator Instructions) Mike Colonnese, H.C. Wainwright.

（操作員指示）Mike Colonnese，H.C.溫賴特。

Congrats on all the progress you made in 2024 with the business and the plans here for 2025. I was wondering if we could start -- if you could provide more detail around your capital allocation priorities for 2025. You obviously have this large development pipeline in now River Bend, an exciting new site for you. So it would be great to get a better sense as to how you plan to deploy capital either to develop Bitcoin mining infrastructure or HPC AI data centers. And also how you're thinking about acquiring additional Bitcoin in the open market following the purchase you made back at the end of last year?

恭喜您在 2024 年的業務上取得的所有進展以及 2025 年的計劃。我想知道我們是否可以開始——您是否可以提供有關 2025 年資本配置重點的更多細節。顯然，你們現在在 River Bend 擁有這個大型開發管道，這對你們來說是一個令人興奮的新地點。因此，如果您能更了解規劃如何部署資金來開發比特幣挖礦基礎架構或 HPC AI 資料中心，那就太好了。另外，繼去年年底購買比特幣之後，您如何考慮在公開市場上購買更多比特幣？

Thanks, Mike. Really appreciate that. As we look at the layers of our business and we think about power, digital infrastructure and compute, we'll continue to invest into the power layer because we believe that's the foundation that drives value across the rest of the business. And so you'll see right now with our fleet upgrade coming in this quarter, that will bring our fleet efficiency on the Bitcoin mining side of the business from 32 joules per terahash to around 20.5 joules per terahash with about 10.3 exahash online. And then with the fleet upgrade and the potential BITMAIN option, there's a path towards 25 exahash as well, bringing efficiency down to 16 joules per terahash.

謝謝，麥克。真的很感激。當我們審視業務層面並考慮電力、數位基礎設施和運算時，我們將繼續投資於電力層，因為我們相信這是推動其他業務價值的基礎。因此，您現在將看到，隨著我們本季的礦機群升級，這將使我們在比特幣挖礦業務方面的礦機群效率從每太赫茲 32 焦耳提高到每太赫茲 20.5 焦耳左右，在線算力約為 10.3 艾赫茲。然後，隨著機隊升級和潛在的 BITMAIN 選項，也有一條通往 25 exahash 的道路，將效率降至每太赫茲 16 焦耳。

When we look on the other side of the business, which is data center development and HPC development, we're extremely excited by the potential of what's possible and the scale. When we look at these large project sites, every 100 megawatts is about $1 billion of development and capacity development. With the right investment-grade counterparties, we can pull about 70% to 80% project level financing on the construction loan.

當我們從業務的另一面，即資料中心開發和 HPC 開發的角度看時，我們對其潛力和規模感到非常興奮。當我們查看這些大型專案現場時，每 100 兆瓦的開發和容量開發成本約為 10 億美元。有了合適的投資等級交易對手，我們可以從建設貸款中獲得約 70% 到 80% 的專案級融資。

And we've seen in the spread between SOFR plus 200 bps or up to SOFR plus 450 bps for non-IG counterparties. And so we will use different mechanisms of project-level financing, subsidiary financing in addition to parent level financing to drive growth across all layers of the infrastructure stack and continue to accelerate growth with the foundation being on power development.

我們已經看到，對於非 IG 交易對手，SOFR 加 200 個基點或最高 SOFR 加 450 個基點之間的利差。因此，我們將使用專案級融資、子公司融資以及母公司級融資等不同機制來推動基礎設施堆疊各個層面的成長，並以電力開發為基礎繼續加速成長。

Appreciate the color there, Asher. And if you could just provide some more detail on how conversations with prospective AI customers have evolved since last quarter. Just curious to see what inning they are in their due diligence process as it relates to evaluating Hut's power assets and if the Coatue relationship is really helping to accelerate those conversations.

欣賞那裡的色彩，阿舍爾。您是否可以提供一些有關自上個季度以來與潛在 AI 客戶的對話如何發展的更多細節？只是好奇想看看他們在評估 Hut 的電力資產方面的盡職調查過程進展如何，以及與 Coatue 的關係是否真的有助於加速這些對話。

Thanks, Mike. I've kind of taken this approach from the very beginning when we started this, which is Hut 8 will be a lot more thoughtful about what we share to the market and really share updates as they become definitive. As we continue to commercialize both River Bend and other opportunities in our commercialization pipeline, we'll continue to work hard. You guys have our commitment that myself and Sean spend a majority of our time on this segment of the business because we've already built such a great flywheel on the low redundancy Bitcoin compute side of the business. So we continue to have active deep conversations with different counterparties, and we'll share more with the market as they become definitive.

謝謝，麥克。從我們開始這個專案的一開始我就採取了這種方法，那就是 Hut 8 會更加認真地考慮我們向市場分享什麼，並在更新確定後真正分享它們。隨著我們繼續將 River Bend 和商業化管道中的其他機會商業化，我們將繼續努力。我們向你們承諾，我和肖恩將把大部分時間花在業務的這一部分，因為我們已經在低冗餘比特幣計算業務方面建立瞭如此出色的飛輪。因此，我們將繼續與不同的交易對手進行積極深入的對話，並在最終確定後與市場分享更多資訊。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

So you saw a pretty significant step-up in the amount of power under exclusivity as well as the development pipeline. Can you talk about where the incremental opportunities are coming from and how we should think about your ability to convert or like what pace you expect to convert some of the development pipeline into power under exclusivity? And then just lastly, as we sit here today, how much of your power under exclusivity could be used for AI HPC data centers? Thanks.

因此，您會看到獨家經營權以及開發管道的權力數量有了相當顯著的提升。您能否談談增量機會來自哪裡以及我們應該如何看待您的轉換能力，或者您預計以何種速度將部分開發管道在獨家經營下轉化為權力？最後，當我們今天坐在這裡時，您在獨家經營權下有多少權力可以用於 AI HPC 資料中心？謝謝。

Thanks, Patrick. So today, as we look at kind of end of Q4 2024, 12.3 gigawatts of total pipeline capacity, of which 2.8 gigawatts are under exclusivity. The River Bend project was an example of a project that was under exclusivity for quite some time under a one-way kind of purchase and sale agreement, which we executed and now own the property. We're looking at projects across the ecosystem in the US from Kansas City, West Virginia, Michigan, Florida, Ohio, Indiana.

謝謝，派崔克。因此，今天，當我們展望 2024 年第四季末時，總管道容量為 12.3 千兆瓦，其中 2.8 千兆瓦處於獨家經營狀態。河灣計畫就是一個例子，該計畫在單向買賣協議下長期處於獨家經營狀態，我們執行了該協議並擁有該財產。我們正在關注美國堪薩斯城、西維吉尼亞州、密西根州、佛羅裡達州、俄亥俄州、印第安納州等生態系統的計畫。

And so we continue to focus the pipeline on sites that are focused on AI data center development, some in Tier 1 markets or others that have dual purposes as well. But there are some sites that are purely just for the HPC AI side of the business and others that have this dual purpose. We are less interested in developing sites that only have kind of one purpose. And so we've been very thoughtful in building and adjusting our development pipeline over the last 12 months to address the demand both that we see that exists today, but also as we see the energy landscape evolve over the years to come.

因此，我們繼續將重點放在專注於人工智慧資料中心開發的站點上，其中一些位於一級市場或其他具有雙重用途的站點。但有些網站純粹是為了業務的 HPC AI 方面，而有些網站則具有雙重目的。我們對開發只有一個目的的網站不太感興趣。因此，在過去的 12 個月裡，我們非常認真地建立和調整我們的開發管道，以滿足我們今天所看到的、存在的需求，以及我們看到的未來​​幾年能源格局的變化。

Okay. And then just as a follow-up on the River Bend site, any idea of like what the potential CapEx per megawatt would look like there? I understand maybe depending on the deal terms, maybe the tenant would cover a portion of that. But just broadly, what would you expect that CapEx per megawatt to be really help with our models? Thanks.

好的。然後作為對 River Bend 站點的後續關注，您知道那裡每兆瓦的潛在資本支出是多少嗎？我理解這也許取決於交易條款，租戶可能會承擔其中的一部分。但從廣義上講，您認為每兆瓦的資本支出對我們的模型能有什麼真正的幫助？謝謝。

I think that's right. The kind of rough range is around $10 million a megawatt. That will adjust a bit based on kind of the tenant's demand. And as you know, some of these structures are on a triple net yield on cost model and others are on a more gross modified lease. So any adjustments to that CapEx depending on the tenants' needs will obviously have an impact on that lease rate.

我認為那是對的。大致價格約為每兆瓦 1000 萬美元。這將根據租戶的需求類型進行一些調整。如您所知，其中一些結構採用三重淨成本收益模型，而其他結構則採用更為全面的修改租賃。因此，根據租戶需求對資本支出進行的任何調整顯然都會對租賃率產生影響。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Asher, can you shed some light on the managed services business following the Ionic Digital contract termination? What does the landscape look like today? And do you see more growth opportunities in the market? Or should we expect growth coming mainly from self-mining and hosting?

Asher，您能否介紹一下 Ionic Digital 合約終止後的託管服務業務？今天的景觀怎麼樣？您是否看到市場上有更多的成長機會？或者我們應該預期成長主要來自於自我挖掘和託管？

Thanks, Bill. Yeah, so on kind of the Ionic partnership and relationship there, we obviously reserve our rights there but are focused on kind of the highest and best use of time right now in terms of where we see the biggest growth towards our business and the biggest catalyst for that growth. As we look at the managed services business, we actually have a team, and we just brought on a new person as well to that team to continue looking and growing. I think the profile of customer there is really financial investors looking to get exposure and we become that counterparty.

謝謝，比爾。是的，就 Ionic 合作夥伴關係和關係而言，我們顯然保留了我們的權利，但目前我們專注於以最高和最佳的方式利用時間，看看我們業務的最大增長點在哪裡，以及這種增長的最大催化劑在哪裡。當我們審視託管服務業務時，我們實際上有一個團隊，並且我們剛剛為該團隊帶來了一名新人，以繼續尋找和發展。我認為那裡的客戶實際上是希望獲得曝光的金融投資者，而我們就是那個交易對手。

So for example, our managed services business that we had with Generate Capital and they took over the Compute Northassets, that was a great relationship in addition to our managed services at The King Mountain JV with NextEra, great relationship. Both of these counterparties have kind of a common theme where they're financial investors into this asset class unless have an ambition of being operators within this asset class.

舉例來說，我們與 Generate Capital 合作開展的託管服務業務，他們接管了 Compute Northassets，除了我們與 NextEra 在 The King Mountain JV 合作開展的託管服務之外，這也是一種很好的關係。這兩個交易對手都有一個共同點，即他們都是該資產類別的金融投資者，除非他們有志於成為該資產類別的營運商。

And so -- we'll look at other areas of growth for managed services, but within the largest driver of shareholder creation in the company is obviously continuing to build power and digital infrastructure capacity and be able to find co-located customers, specifically on the AI business and also co-locating on the digital asset side of the business as well. Managed services is a great business line to offset some of our SG&A, and it's a high-margin kind of service-based business. But the largest value drivers of stockholder value to our company, we believe, will be through the other pillars.

因此，我們將關注託管服務的其他成長領域，但公司股東創造的最大驅動力顯然是繼續建立電力和數位基礎設施能力，並能夠找到同地客戶，特別是在人工智慧業務以及業務的數位資產方面。託管服務是一項很好的業務線，可以抵消我們的部分銷售、一般和行政費用，而且它是一種高利潤的基於服務的業務。但我們相信，股東價值對我們公司的最大價值驅動力將通過其他支柱。

Appreciate that color. And then just shifting to the AI HPC strategy. It seems like the market is constantly evolving at this point here on the AI HPC side, criteria is becoming more specific, whether it be training versus inference, location, energization timelines. Can you speak to the level of competition in sourcing new sites and how that may or may not be impacting Hut's strategy here with the development pipeline? Thank you.

欣賞那種顏色。然後轉向 AI HPC 戰略。目前，AI HPC 方面的市場似乎不斷發展，標準變得越來越具體，無論是訓練還是推理、位置還是通電時間表。您能否談談尋找新地點的競爭程度，以及這是否會對 Hut 的開發通路策略產生影響？謝謝。

Thanks, Bill. I think the unique differentiator of Hut 8 is our ability to develop this pipeline and the ability to develop energy assets better and faster than many. When we looked at this opportunity from day one, it was never about we have one, two, or three sites that we want to convert to AI, and that's kind of our business, and we're kind of -- that's it. It was really about, all right, there's this big demand for energy. We've always been able to capture that demand and scale to it and let's cater our development pipeline in order to meet the demands from these different industries.

謝謝，比爾。我認為 Hut 8 的獨特之處在於我們有能力開發這條管道，並且比許多人更好、更快地開發能源資產。當我們從第一天起就看到這個機會時，我們從來沒有想過要將一個、兩個或三個站點轉換為人工智慧，這就是我們的業務，我們就是這樣。事實上，能源需求確實很大。我們始終能夠捕捉到這種需求並擴大規模，讓我們滿足我們的開發管道以滿足不同行業的需求。

I would say, over the course of the last year, we've learned a lot. We've built a lot of really deep meaningful relationships. And I actually had a conversation with a large data center operator recently and we got connected through anther counterparty, and they said, I've been hearing Hut 8's name all around. I'm like, look, we're just trying to catch up. Like, well, you're catching up pretty quickly.

我想說，在過去的一年裡，我們學到了很多。我們建立了許多真正深厚而有意義的關係。事實上，我最近與一家大型資料中心營運商進行了交談，我們透過另一個交易對手取得了聯繫，他們說，我一直聽到 Hut 8 的名字。我想，看，我們只是想趕上。嗯，你趕上得很快。

I hear about you guys all over and all good things. And so look, we're very, very fortunate that we've been accepted well. We've built good and deep and meaningful relationships. And we understand power. We understand power both in regulated, unregulated markets.

我到處都聽到關於你們的消息，都是一些好事。所以，我們非常非常幸運，我們被很好地接受了。我們建立了良好、深厚且有意義的關係。我們了解力量。我們了解受監管和不受監管的市場中的權力。

We understand power on a front-of-the-meter basis, on a behind-the-meter basis. And we understand power generation as well when people are talking about island facilities. We own four power generation facilities today that we've operated for well over a year now. And so I think as we think about what the market demand is, I think we've done a good job of adjusting and catering our development pipeline in order to cater towards that market. And I think that will continue to be our competitive edge as we start showing the market that we can build these asset classes as well.

我們了解電錶前端的電力和電錶後端的電力。當人們談論島嶼設施時，我們也了解發電。我們目前擁有四個發電設施，並且已經運作了一年多。因此，我認為，當我們考慮市場需求時，我們已經很好地調整和滿足了我們的開發管道，以迎合該市場。我認為這將繼續成為我們的競爭優勢，因為我們開始向市場展示我們也可以建立這些資產類別。

Phase 1 is build, deliver the product everyone knows. Phase 2 is we're going to continue to optimize these digital assets and digital infrastructure like we have historically. On the Bitcoin mining side of the business when we think about Tier 0 data centers, the Vega facility, to remind everybody, is a 205 kilowatt -- 205-megawatt liquid cooled data center, liquid cooling to the rack and each rack is around 200 kilowatts per rack density, and we're building that for around $400,000 a megawatt. Think about that. Liquid cooling, 200 kilowatts per rack, NVIDIA Blackwell is around 120 kilowatts to 130 kilowatts.

第一階段是建構、交付每個人都知道的產品。第二階段，我們將像過去一樣繼續優化這些數位資產和數位基礎設施。在比特幣挖礦業務方面，當我們考慮 Tier 0 資料中心時，需要提醒大家的是，Vega 設施是一個 205 千瓦 - 205 兆瓦的液冷資料中心，採用液體冷卻到機架，每個機架的密度約為 200 千瓦，我們以每兆瓦約 40 萬美元的成本建造它。想一想。液體冷卻，每機架200千瓦，NVIDIA Blackwell在120千瓦到130千瓦左右。

We have fiber connectivity. We have power and we have cooling, both liquid and air for the air components of the servers. And we're doing that for around $400,000 per megawatt, which is cheaper than I think many people have built air-cooled Bitcoin mining facilities. And so look, I think for us, that's the long-term strategy here in the data center market is how do we deliver what people are kind of thinking of, okay, well, how do they deliver traditional Tier 3 data centers. And Phase 2 after that is how do we deliver them and how do we deliver them cost effectively with innovation around that stack as well.

我們有光纖連接。我們有電源，也有冷卻系統，包括液體和空氣冷卻，用於伺服器的空氣組件。我們的成本約為每兆瓦 40 萬美元，我認為這比許多人建造的風冷比特幣挖礦設施要便宜。所以，我認為對我們來說，資料中心市場的長期策略就是如何實現人們所想的目標，好吧，他們如何提供傳統的 Tier 3 資料中心。之後的第二階段是我們如何交付它們，以及如何透過圍繞該堆疊的創新以經濟高效的方式交付它們。

So you'll see kind of this multilayered approach as we continue to build over the years to come.

因此，隨著我們在未來幾年繼續建設，您將看到這種多層次的方法。

Thanks for that color, Asher. Congrats again on the attractive River Bend acquisition.

謝謝你的顏色，阿舍。再次恭喜您成功收購 River Bend。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on the progress and all the plans for the rest of '25 and beyond. I guess as it relates to the development pipeline and then maybe specifically on River Bend, do you ultimately think there's going to be a couple of customers at that site? Or do you think it would be one?

恭喜所取得的進展以及 25 年剩餘時間及以後的所有計劃。我想，由於它與開發管道有關，然後可能具體到 River Bend，您最終認為該網站會有幾個客戶嗎？或者您認為它會是一個嗎？

And then I know Mike kind of asked on this. I don't know if we fully got to it, but has there just been any slowdown in conversation regarding some of the Microsoft news, which we have our own thoughts on, but just wondering if any change in those customer conversations? And then I have one more follow-up.

然後我知道麥克問了這個問題。我不知道我們是否完全了解這一點，但有關微軟的一些新聞的對話是否有所放緩，我們對此有自己的看法，但只是想知道這些客戶對話是否有任何變化？然後我還有一個後續問題。

Sure. Happy to answer. Good to see you again, John. On the customer side, right now, most of the customers we're speaking to want large-scale campuses and large-scale campuses that have a path towards a gigawatt, especially in new markets that they would go into. And so we have multiple customers that we're speaking to around different commercialization opportunities.

當然。很高興回答。很高興再次見到你，約翰。在客戶方面，目前，我們接觸到的大多數客戶都希望擁有大規模的園區，以及能夠邁向千兆瓦的大規模園區，特別是在他們即將進入的新市場中。因此，我們正在與多個客戶討論不同的商業化機會。

And so we are having deep and engaging conversations with multiple customers. However, the customers we're speaking to also are looking at large-scale campuses. I do believe, however, long term, not today, but enterprise will continue to grow, and you'll start seeing kind of multi-tenant campuses as that market continues to grow.

因此，我們正在與多位客戶進行深入而有趣的對話。然而，我們正在交談的客戶也在考慮大型校園。然而，我確實相信，從長遠來看，不是今天，而是企業將繼續成長，隨著該市場的持續成長，您將開始看到多租戶園區。

But I think today, we're seeing ample demand from a large campus site. And then in terms of demand, I mean, we haven't seen a slowdown from pre- kind of DeepSeek news and pre-Microsoft news at PTC, which is one of the largest kind of like data center gatherings in January to post-DeepSeek news, post kind of Microsoft news, we've seen if not the same, more increased heightened of demand and velocity of those conversations.

但我認為今天，我們看到了來自大型校園的充足需求。然後就需求而言，我的意思是，從 DeepSeek 新聞和 PTC 上的微軟新聞發布之前（這是 1 月份最大的數據中心聚會之一）到 DeepSeek 新聞發布之後、微軟新聞發布之後，我們並沒有看到任何放緩，即使不是同樣的情況，我們看到的是需求和對話速度的進一步提高。

So we continue to see investments on the infrastructure side on this investment class and continue to dive deep in the discussions that we've had.

因此，我們繼續關注此類投資中基礎設施的投資，並繼續深入探討我們已經進行過的討論。

Great. That's super helpful. And then just my follow-up, you had mentioned earlier, you want to be very thoughtful about what you share with the market. Some of your peers have announced these. And I'm just wondering if like an LOI is considered something big enough that you would share that to the market or if that's something where, I guess, on that side, you would almost wait for a finalized lease to be shared. Just any kind of commentary on the distinction?

偉大的。這非常有幫助。然後我的後續問題是，您之前提到過，您要非常認真地考慮與市場分享什麼。你們的一些同行已經宣布了這些。我只是想知道，意向書 (LOI) 是否足夠大，以至於您會將其分享到市場上，或者我猜，您幾乎會等待最終的租約來分享。對於這種區別，您有什麼評論嗎？

Yeah, John, we've decided not to share LOIs as definitive because at the end of the day, LOIs lay out the foundation of what the deal is. The definitive documents actually lock people up in those commitments. And we think the reason we have not decided not to share LOIs is because, one, I think it actually hurts the negotiating leverage you have with counterparties when they know that the market is expecting you to close.

是的，約翰，我們決定不將意向書作為最終文件分享，因為最終，意向書奠定了交易的基礎。這些最終文件實際上將人們束縛在這些承諾之中。我們認為我們尚未決定不分享意向書的原因是，首先，我認為當交易對手知道市場期待你成交時，這實際上會損害你與交易對手的談判籌碼。

And if you don't, you're going to hurt. And so they have more leverage in that conversation, and we want to be very thoughtful around the agreements at this quantum of dollars and scale and risk. And so our perspective is definitive means a definitive document, not a letter of intent.

如果你不這樣做，你就會受傷。因此他們在對話中擁有更大的影響力，我們希望在金額、規模和風險方面對協議進行深思熟慮。因此，我們的觀點是明確的，這意味著一份明確的文件，而不是意向書。

Got it. Understood. Congrats on everything so far, Asher.

知道了。明白了。祝賀迄今為止的一切，阿舍。

Thanks so much. Appreciate the support. And we'll run a little bit over to be able to answer all the questions as well.

非常感謝。感謝您的支持。我們也會稍微花點時間，以便能夠回答所有問題。

Stephen Glagola, Jones Trading.

史蒂芬‧格拉戈拉 (Stephen Glagola)，瓊斯貿易公司。

On the River Bend site, I just had a follow-up there. The application noted Hut would lease the facility to a hyperscale tenant. And I just wanted to see if you can confirm if you're still focused on a hyperscaler tenant there or another -- or other customer types as well.

在 River Bend 網站上，我剛剛進行了跟進。申請中指出，Hut 將把該設施出租給一家超大規模租戶。我只是想看看您是否可以確認您是否仍然專注於那裡的超大規模租戶或其他 - 或其他客戶類型。

So the way I think you can think about kind of our customer profile is folks that can actually commit to campuses of this scale and folks that we're able to finance as well that have the creditworthiness to finance. So obviously, hyperscale is a large category within that set. I think the Louisiana permitting news, we had ideally not liked it to be picked up like it got picked up.

所以我認為你可以這樣看待我們的客戶概況：那些實際上可以承諾建造這種規模的校園的人，以及我們能夠提供融資並且具有信用度的人。因此顯然，超大規模是該集合中的一個大類別。我認為路易斯安那州允許新聞，我們理想情況下不希望它被撿起，就像它被撿起一樣。

And so we've tried to continue to be restrained and thoughtful in our approach, even though the kind of that news got picked up. But look, any projects of this scale, I think you need a really creditworthy counterparty in order to be able to finance this thoughtfully and to drive the types of returns that these data centers have the potential of driving.

因此，儘管這類新聞被曝光，我們仍試圖繼續保持克制和深思熟慮的態度。但是，我認為，對於任何這種規模的項目，你都需要一個真正有信譽的交易對手，以便能夠深思熟慮地為其提供資金，並推動這些數據中心可能帶來的回報類型。

Thanks. And then can you just maybe update us, too, on where you stand with the natural gas assets as it relates to sort of strategic alternatives?

謝謝。然後，您能否也向我們介紹一下您對天然氣資產的立場，以及它與戰略替代方案的關係？

Definitely. We've kind of shared last year that we'll look at kind of the best and highest use cases of those assets as we progress. Look, we've had a lot of learning, especially as these [islanded] kind of concepts become more and more mainstream as people think about data centers and how do you build these kind of multi-gigawatt campuses. And so it's been a great learning ground from us to understand power generation and how we think about that from the islanded campus. But these assets specifically, why don't I pass the baton over to Sean, and he can give a little bit more updates.

確實。我們去年曾表示，隨著我們的進步，我們將研究這些資產的最佳和最高用途。你看，我們已經學到了很多東西，特別是當人們思考資料中心以及如何建構這種多千兆瓦園區時，這些[孤島]概念變得越來越主流。因此，這對我們來說是一個很好的學習場所，讓我們了解發電以及我們如何從孤島校園的角度來思考發電問題。但具體到這些資產，我為什麼不把接力棒交給肖恩，他可以提供更多更新。

Yeah. Thanks, Asher. And Stephen, thanks for the question. Good to see you today. As Asher said, these assets, I think, gave the team a lot of familiarity with owning and operating power plants.

是的。謝謝，阿舍爾。史蒂芬，謝謝你的提問。今天很高興見到你。正如阿舍爾所說，我認為這些資產讓團隊對擁有和營運發電廠有了相當的熟悉。

And I think that's beneficial to the future as we think about island generation. As it stands with the plants and where we are with them today, there's a few near-term catalysts, and we're going to see how those play out. But I think, generally speaking, we're in the same -- we continue to evaluate our options from a strategic perspective there. So stay tuned on news for those as the year progresses.

我認為，當我們考慮島嶼建設時，這對未來是有益的。就目前工廠的情況以及我們目前的處境而言，存在一些近期催化劑，我們將觀察它們如何發揮作用。但我認為，總的來說，我們的情況是一樣的——我們繼續從策略角度評估我們的選擇。因此，請繼續關註今年的進展相關新聞。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

My congrats also on the progress so far here. Maybe we kind of start at a high level, looking at your acquisition and development pipeline. Is there a gating factor here on further site acquisition in 2025 are kind of a rough model. Is there a gating factor? Is it capital? Is it suitability of sites that makes sense, operational bandwidth to be able to move simultaneous projects forward?

我也對迄今為止所取得的進展表示祝賀。也許我們可以從高層次開始，看看你的收購和發展管道。這裡是否存在一個限制因素來決定 2025 年進一步的場地收購，這是一個粗略的模型。是否存在限制因素？是資本嗎？場地的適用性是否合理，營運頻寬是否能夠推動同時進行的專案向前發展？

Just how you're looking at the opportunity if indeed, we're kind of right now in a market where some of these scarce assets get acquired and they get scarcer over time? And then I have a quick follow-up.

如果我們現在確實處於這樣的市場，一些稀缺資產被收購，並且隨著時間的推移變得越來越稀缺，那麼您如何看待這個機會？然後我有一個快速的跟進。

Thanks for the question, Joe. Yes, look, all the variables you just talked about, we talk about pretty often. I think it goes without saying we move at a pretty high velocity across multiple pillars. And even when we had our Board meetings, they're always surprised by how much we're working on, how much we're doing. Look, we have real constraints as we think about growth, right?

謝謝你的提問，喬。是的，你看，你剛才談到的所有變量，我們都經常談論。我認為毋庸置疑，我們正以相當高的速度跨越多個支柱。甚至在我們召開董事會時，他們總是對我們的工作量和所做的工作量感到驚訝。你看，我們在考慮成長時確實面臨限制，對嗎？

And I think for us, it's less about what are the right opportunities, more so what are the right opportunities that we're going to prioritize, the right opportunities that we're going to prioritize capital deployment, the right opportunities that we're going to prioritize bandwidth and team and the right opportunities that we're going to prioritize that help build the foundation for the future we're trying to create. And so I think we feel very fortunate and grateful that this last year, from when I spoke to you all to where we are today, I think the business is completely different.

我認為，對我們來說，重要的不是哪些是正確的機會，而是我們要優先考慮哪些是正確的機會，我們要優先考慮資本部署的正確機會，我們要優先考慮頻寬和團隊的正確機會，以及我們要優先考慮哪些正確的機會有助於為我們正在努力創造的未來奠定基礎。因此，我認為我們感到非常幸運和感激，從去年我與大家交談到今天的情況，我認為業務已經完全不同了。

The types of partners that we're working on are different and the opportunities that are at our fingertips are radically different as well. And so for us, it's continuing to build on that, continuing to scale, but also being prudent capital allocators and being very, very thoughtful about how we grow and making sure that it's an accretive manner and that we're prioritizing the highest and best uses of capital deployed for long-term shareholder creation. And so I think, Joe, it's a struggle I always face because there's so many things that we can work on and choosing the right ones that can drive the most value.

我們合作的夥伴類型不同，我們面臨的機會也截然不同。因此，對我們來說，我們要繼續在此基礎上發展，繼續擴大規模，同時也要謹慎地配置資本，非常認真地考慮我們如何發展，確保以增值的方式發展，並優先考慮將資本用於長期股東創造的最高和最佳用途。所以我認為，喬，這是我一直面臨的難題，因為我們可以做的事情太多了，而選擇正確的事情才能帶來最大的價值。

And that was, I think, to an earlier question about managed services, Ionic, like yes, could we go drive some value there? Can we go and try to get a termination fee we believe were owed? Yes. Is that the highest and best use of our time that drives the most value for our shareholders today? Probably not.

我認為，這是關於託管服務 Ionic 的先前問題，是的，我們可以在那裡推動一些價值嗎？我們可以去嘗試取得我們認為應得的終止費用嗎？是的。這是對我們的時間最有效、最有效的利用，能為股東帶來最大的價值嗎？可能不是。

We've expanded across all areas of the business. Our legal team continues to grow, just the amount of velocity of contracts that we do in conscious we go every time I speak to Victor, our Chief Legal Officer, he talks about do we need more people? We're doing so many things. And so look, I think we continue to prioritize, and we'll continue to show the market growth in this new year. Last year was about restructure. This year is about growth.

我們的業務已擴展到所有領域。我們的法律團隊不斷壯大，我們每次與首席法律官維克多交談時，他都會問我們是否需要更多人手，我們簽約的速度也不斷加快。我們正在做很多事情。所以，我認為我們會繼續優先考慮，並且我們會在新的一年繼續展示市場成長。去年是關於重組的。今年是增長之年。

Great. And then just switching gears over to Vega, BITMAIN agreement. Just if we could double-click there a little bit on maybe potential time line to hashing. And then kind of what you're looking for kind of at a high level if you were going to go ahead and exercise that purchase option on that agreement as it stands now.

偉大的。然後轉到 Vega、BITMAIN 協議。只要我們稍微雙擊一下，也許就能找到散列的潛在時間軸。那麼，如果您要繼續按照目前的協議行使購買選擇權，那麼您在高層次上尋求的是什麼。

Thanks, Joe. Our target continues to be Q2 of this year. We're really proud and excited about the progress that we've had. We've shared some of those in our socials. And then from an execution standpoint, the beauty about this agreement is we have a great hosting colocation agreement when we start energizing the site, and we have six months to make that decision.

謝謝，喬。我們的目標仍然是今年第二季。我們對於所取得的進步感到非常自豪和興奮。我們在社交網站上分享了其中的一些內容。然後從執行的角度來看，該協議的優點在於，當我們開始為網站供電時，我們就有了一個很棒的託管主機託管協議，並且我們有六個月的時間來做出這個決定。

So let's hope that Bitcoin continues to run and that becomes a really easy decision. But ultimately, I don't think we need to make a decision now, and we can make it in real time as we have that option period to our advantage.

所以讓我們希望比特幣繼續運行，並且這將成為一個真正容易的決定。但最終，我認為我們現在不需要做出決定，我們可以即時做出決定，因為我們有選擇期的優勢。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Congrats on the results. Maybe just to start off with Vega. I believe you guys previously said at a minimum, it would be $135 million of annualized revenue, and it seems like kind of lowered that to $125 million. So I guess any reason why the reduction there?

恭喜取得成果。也許只是從 Vega 開始。我相信你們之前說過，至少年收入將是 1.35 億美元，但現在似乎將其降低到了 1.25 億美元。那我猜想減少的原因是什麼呢？

Hey, Brett, thanks for that. I think as we look at the uptime, I think ultimately, we're looking at what the energy rates are and we're thinking about kind of on a curtailment adjusted basis. And so we see that the kind of underlying natural gas prices in ERCOT have adjusted a little bit and if we need to adjust for that curtailment. So that's the biggest driver there, maybe $135 million again if we see kind of energy rates kind of adjust, but it's really adjusting for potential curtailment that we see, which obviously would impact top line.

嘿，布雷特，謝謝你。我認為，當我們考慮正常運行時間時，最終我們會考慮能源價格，並考慮以削減調整為基礎的能源價格。因此，我們看到 ERCOT 的基礎天然氣價格已經做了一些調整，我們是否需要針對這種削減進行調整。所以這是最大的驅動力，如果我們看到能源價格有所調整，可能還會有 1.35 億美元的收入，但這實際上是根據我們看到的潛在削減進行調整，這顯然會影響營收。

Perfect. And then regarding River Bend, could you maybe just touch a bit on what you guys need to do to get that site ready in order to sign a contract from an infrastructure standpoint? Is it building a substation? Have you started building that substation? How much capital do you think you need to put into that site before you could potentially sign a lease?

完美的。然後關於 River Bend，您能否從基礎設施的角度簡單介紹一下您需要做些什麼來準備該地點以便簽署合約？是在建變電站嗎？你們開始建造那個變電站了嗎？您認為您需要在該地點投入多少資金才有可能簽署租約？

We've already started kind of moving dirt on that ground, preparing for the switchyard that Entergy Louisiana is building for us, getting the substation ready to make sure kind of the value of the project and near-term energization continues to do so. If we think about that to the overall development cost of a data center, obviously, that's kind of single-digit percentage points.

我們已經開始在那塊地上搬運泥土，為 Entergy Louisiana 為我們建造的開關站做準備，讓變電站準備就緒，以確保該項目的價值和近期的通電能夠繼續實現。如果我們將其考慮進資料中心的整體開發成本中，顯然這只是個位數的百分點。

And so I think we'll continue to develop in areas that we believe add value to the opportunity but not take massive capital risk before we've kind of shared with the market what the customer is. And look, some structures that we've kind of been discussing and seen as well, and I think we'll be able to tell the market after the fact on these things, but you don't need a definitive to necessarily start breaking ground. Some customers are willing to have some advanced payments to make sure you keep timelines.

因此，我認為我們將繼續在我們認為能為機會增值的領域進行開發，但在我們向市場分享客戶需求之前，我們不會承擔巨大的資本風險。而且，我們也一直在討論和看到一些結構，我認為我們可以在事後告訴市場這些事情，但你不一定需要一個明確的決定才能開始動工。有些客戶願意預付一些款項以確保您能準時完成任務。

And so I think, look, all that will come to fruition as we kind of share with the market once we have more definitive updates.

所以我認為，一旦我們有了更明確的更新，當我們與市場分享時，所有這些都會實現。

George Sutton, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的喬治·薩頓。

This is Logan on for George. Congrats on all the progress here this morning. Maybe just one on the Vega site. As we think about that potentially being upgraded down the road for an AI use case, do you see any difference in the potential end user for an upgraded Vega site as compared to River Bend, keeping in mind that, that is sensibly a hyperscale kind of customer? Like would you see Vega being maybe more suited for enterprise customers? Or do you see any difference there?

這是洛根代替喬治上場。祝賀今天上午的所有進展。也許 Vega 網站上只有一個。當我們考慮未來可能為 AI 用例進行升級時，您是否認為升級後的 Vega 網站的潛在最終用戶與 River Bend 相比有什麼不同，請記住，這顯然是一種超大規模的客戶？您是否認為 Vega 可能更適合企業客戶？或者你看出有什麼不同嗎？

Yeah. So the biggest difference is as we think about kind of River Bend, our intention and plan is a full kind of Tier 3 data center with all the redundancy that you would imagine a Tier 3 data center. Vega, we don't have that redundancy that we've built in. Actually, a couple of future iterations of this design will include the optionality to be able to add it in. Right now, from a spacing perspective, we just didn't add in the ability to kind of add in the generators and backup in this kind of V1 of our design.

是的。因此，最大的區別在於，當我們考慮 River Bend 時，我們的意圖和計劃是建立一個完整的 Tier 3 資料中心，並具備您想像中的 Tier 3 資料中心的所有冗餘功能。維加，我們沒有內建冗餘。實際上，該設計的未來幾次迭代將包括可添加它的可選性。目前，從間距的角度來看，我們還沒有在這個 V1 設計中加入生成器和備份的能力。

I think, honestly, as I look into the future, let's use ASICs, the compute layer and mining as the analogy. Old miners that were less efficient and those ASICs were sent to places like South America and Africa where there is a cheaper cost of power because using the US infrastructure that's more expensive to build wasn't the best and highest use case of that infrastructure.

我認為，老實說，當我展望未來時，讓我們使用 ASIC、計算層和挖礦作為類比。效率較低的舊礦機和 ASIC 被送往南美和非洲等電力成本較低的地方，因為使用建造成本較高的美國基礎設施並不是該基礎設施的最佳和最高用途。

So I think when we think about these projects and when we think about Vega, it's great for a counterparty that wants speed towards energization. And ultimately, I think long term, it's great for a counterparty that will start caring about how much a data center cost relative to their lease rate because there will be -- I mean, the Blackwell today will not be the newest and greatest hardware, and there will need to be a place that they go to where they're a lot more sensitive on lease rates and energy costs where today, that's not the case.

因此，我認為，當我們考慮這些項目並考慮 Vega 時，對於想要快速實現能源化的交易對手來說，這是一件好事。最終，我認為從長遠來看，這對於交易對手來說是一件好事，他們會開始關心數據中心相對於租賃費率的成本，因為——我的意思是，今天的 Blackwell 不會是最新最好的硬件，他們需要去一個對租賃費率和能源成本更加敏感的地方，而今天情況並非如此。

And so I think as we're thinking about this ecosystem, we're not just thinking about how do we secure an opportunity today show the market that we can secure a data center contract and build. But long term, like where is our competitive edge, where is our competitive moat and how do we also build the foundations of that today as well.

因此，我認為，當我們思考這個生態系統時，我們不只是思考如何確保今天有機會向市場展示我們可以獲得資料中心合約並進行建立。但從長遠來看，我們的競爭優勢在哪裡，我們的競爭護城河在哪裡，以及我們今天如何建立這些基礎。

Thank you. I'm not showing any further questions at this time. So this also does conclude today's presentation. You may now disconnect and have a wonderful day.

謝謝。我目前沒有其他問題。今天的演講也到此結束。現在您可以斷開連接並享受美好的一天。