Hut 8 Corp (HUT) 2025 Q4 法說會逐字稿

Good morning, and welcome to Hut 8's full-year 2025 financial results conference call. Joining us today are our CEO, Asher Genoot; and our CFO, Sean Glennan. Following the presentation, we will open the line for questions. This event is being recorded and a transcript will be made available on our website.

早安，歡迎參加 Hut 8 2025 年全年財務業績電話會議。今天到場的有我們的執行長 Asher Genoot 和財務長 Sean Glennan。演講結束後，我們將開放提問環節。本次活動正在錄影，錄影內容將會發佈在我們的網站上。

In addition to the press release issued earlier today, our full annual report on Form 10-K is available at hut8.com on our EDGAR profile at sec.gov and on our SEDAR+ profile at sedar.ca. Unless otherwise indicated, all figures discussed today are in US dollars.

除了今天稍早發布的新聞稿外，我們的完整年度報告（10-K 表格）可在 hut8.com、美國證券交易委員會 (SEC) 的 EDGAR 系統以及加拿大證券監管機構 (SEDAR) 的 SEDAR+ 系統中查閱。除非另有說明，今天討論的所有數字均以美元計價。

Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Certain key risks are detailed in our Form 10-K for the year ended December 31, 2025, and our other continuous disclosure documents. Except as required by law, we assume no obligation to update or revise any forward-looking statements.

本次電話會議中某些陳述可能構成適用證券法意義上的前瞻性陳述。這些陳述反映了當前的預期，但存在風險和不確定性，可能導致實際結果與預期有重大差異。某些關鍵風險已在我們的截至 2025 年 12 月 31 日的 10-K 表格以及其他持續揭露文件中詳細說明。除法律要求外，我們不承擔更新或修改任何前瞻性聲明的義務。

During the call, management may reference non-GAAP measures such as adjusted EBITDA. We believe these metrics alongside GAAP results provide valuable insight into our performance. Reconciliations of GAAP and non-GAAP results are included in the tables accompanying today's press release available on our website. We will begin with a moderated Q&A session with our CEO, Asher Genoot, followed by a detailed financial review from our CFO, Sean Glennan.

在電話會議期間，管理層可能會提及非GAAP指標，例如調整後的EBITDA。我們認為，這些指標與GAAP結果一起，能夠為我們的績效提供有價值的見解。GAAP 和非 GAAP 結果的調整表包含在今天新聞稿隨附的表格中，可在我們的網站上查閱。我們將首先由執行長 Asher Genoot 主持問答環節，然後由財務長 Sean Glennan 進行詳細的財務回顧。

Okay, everyone. So let's get started. So Asher, fiscal 2025 was a big year for Hut 8. We executed on several important milestones, including the carve-out of our legacy Bitcoin mining business and the execution of our first AI data-centric transaction. So what were the guiding principles that enabled us to achieve these outcomes in your mind in 2025?

好了，各位。那麼，我們就開始吧。所以，Asher，2025 財年對 Hut 8 來說是重要的一年。我們完成了幾個重要的里程碑，包括剝離我們原有的比特幣挖礦業務，以及執行我們第一筆以人工智慧資料為中心的交易。那麼，在您看來，到 2025 年，是什麼指導原則使我們能夠取得這些成果？

2025 was about rebuilding Hut 8 around capital efficiency and durable cash flow. So two years ago, we rebuilt the company from a first principles approach after our merger with Hut 8 and going public. And everything started with the electron. We chase megawatts, not chips, and we want to control the power layer first.

2025 年的目標是圍繞資本效率和永續現金流重建 8 號小屋。因此，兩年前，在與 Hut 8 合併並上市後，我們以第一原理為基礎重建了公司。一切都始於電子。我們追求的是兆瓦級功率，而不是晶片，我們希望先控制功率層。

And so we don't view electron as the commodity, but rather strategic assets. And the ABC carve-out shifted us from cyclical CapEx exposure to contracted infrastructure like cash flow. So that was a big theme of last year. We also reallocated capital from volatility to long duration agreements and with ABC being able to self-fund itself on the mining and how you're providing the infrastructure.

因此，我們不把電子視為商品，而是視為戰略資產。ABC 業務的剝離使我們從週期性資本支出轉向了現金流等合約基礎設施。所以，這是去年的一個重要主題。我們也重新分配了資金，從波動性較大的投資轉向長期協議，並且 ABC 能夠透過自籌資金進行採礦，以及你們提供的基礎設施。

And then River Bend validated that model. We had a true greenfield development. We didn't convert a site. We developed the site from the ground up by a power-first thinking. It was really the first domino to fall under an AI infrastructure platform. And we focus only on what compounds: power control, scalable campuses, disciplined capital structure, and repeatable execution. And so 2025 was about building the right foundation and now we compound and we scale going into 2026.

然後，River Bend 驗證了這個模型。我們進行的是真正的綠地開發。我們沒有轉換網站。我們秉持以功能為先的理念，從零開始開發了這個網站。這是人工智慧基礎設施平台下倒下的第一張骨牌。我們只關注那些能帶來複合效益的因素：權力控制、可擴展的園區、嚴謹的資本結構和可重複的執行。因此，2025 年的目標是打好基礎，現在我們正朝著 2026 年的目標不斷成長和擴大規模。

In your mind, what specific operational and strategic milestones were prerequisites before the business could meaningfully accelerate?

您認為，企業要真正加速發展，必須達到哪些具體的營運和策略里程碑？

2024 as I showed a little earlier, was about restrocking. We started a company. We merged with Hut 8 and then I took over shortly after, and it was restructuring the business and creating the ability for us to create a foundation. 2025 was about building credibility.

正如我之前提到的，2024 年的主題是重振搖滾。我們創辦了一家公司。我們與 Hut 8 合併後不久我就接管了公司，當時的工作重點是重組業務，並為我們奠定基礎。 2025 年的目標是建立信譽。

And so incredibly started with our shareholders. In 2024, when I took over the helm, our institutional ownership was sub-10%. We're at approximately 70% today. And some of our earliest shareholders who invested in us when we started the companies five years ago, still hold a large percentage of stock.

這一切竟然是從我們的股東開始的。2024 年我接任執行長時，我們的機構持股比例不到 10%。我們目前大約完成了70%。五年前公司創立之初就投資我們的一些最早的股東，至今仍持有大量股份。

There's (technical difficulty) given shareholders, disciplined capital allocation that they've seen through us in the years and with us in the public market. And then honestly, transparent execution. We told people what we were going to do, and we focus on getting back down and delivering a fully built solution we execute. We intend to do the same.

（技術上的困難）考慮到股東們多年來透過我們以及我們在公開市場上所看到的，我們採取了嚴格的資本配置策略。然後，坦誠透明地執行。我們告訴大家我們要做什麼，然後我們專注於回到實際工作中，交付一個完整的解決方案並執行它。我們也打算這樣做。

We built probability with team members. We scaled intentionally. We institutionalized processes while maintaining an entrepreneurial speed. I think that's critical. As you grow, you naturally build bureaucracy and having the mindset to say, you know what, we will continue to operate as a lean structure culture even as we build an institutionalized process. I spend a lot of my time thinking about that in terms of how do we scale at the same rate that we have historically.

我們與團隊成員一起建立了機率模型。我們是有意擴大規模的。我們在維持創業速度的同時，也實現了流程的製度化。我認為這至關重要。隨著公司的發展，自然而然地就會建立起官僚機構，並且會產生這樣一種心態：即使我們建立了製度化的流程，我們仍然會繼續保持精實的結構文化。我花了很多時間思考這個問題，即我們如何以與以往相同的速度擴大規模。

Credibility with financing partners is really important for us, secure Tier 1 lenders with JPMorgan, Goldman Sachs to lock in non-recourse project financing. It was harder, but we believe it's a better path. And we believe early investors in us like [CO2], they backed us before the theme was a consensus. And I'm glad that they're happy, right? Meaningfully spoke on a panel the other week, and I'm glad that we're able to drive a good return on their investment.

對我們來說，與融資夥伴建立信譽至關重要，我們需要與摩根大通、高盛等一級貸款機構合作，鎖定無追索權專案融資。雖然更難，但我們相信這是一條更好的路。我們相信像 [CO2] 這樣的早期投資者，他們在我們的主題成為共識之前就支持我們了。他們開心我就會高興，對吧？前幾週我參加了一個小組討論，發言很有價值，我很高興我們能夠為他們的投資帶來良好的回報。

And lastly, credibility with our partners. That's multiple partners, for example, at River Bend with Entergy Louisiana, West Feliciana on Parish, the governor's office, and being able to deliver on them and our commitments to them when they took a bet on us. And so acceleration only happens when credibility is earned, and we would like to compound on that as the years go by.

最後，還有與合作夥伴的信譽。例如，River Bend 計畫有多個合作夥伴，包括 Entergy Louisiana、West Feliciana on Parish、州長辦公室，我們能夠履行對他們的承諾，因為他們當初對我們寄予厚望。因此，只有贏得信譽，才能實現加速發展，我們希望隨著時間的推移，信譽能夠不斷累積。

So you were under a lot of pressure last year to talk about a deal and guide the market to when it would come, what it would look like, but we kept our cards very close to our chest. So can you talk about why we were patient and what we wanted to see come together first?

所以去年你們承受著很大的壓力，需要談論達成協議，並引導市場了解協議何時達成、協議會是什麼樣子，但我們一直守口如瓶。那麼，您能談談我們為什麼一直保持耐心，以及我們希望首先看到哪些方面達成一致嗎？

So I'll separate my role in speaking to the public markets and our shareholders and my role in running the operating business and making sure we're able to build that over the long term. In my role in the public markets, I knew what shareholders want. They wanted a deal. They want to know that we can build a data center infrastructure platform, and they wanted to see what that would look like and to build the first domino as a part of the platform.

因此，我會將我與公眾市場和股東溝通的角色，與我經營業務並確保我們能夠長期成長的角色區分開來。我在公開市場工作期間，了解股東想要什麼。他們想要達成交易。他們想知道我們能否建立資料中心基礎設施平台，他們想看看它會是什麼樣子，並想建造該平台的第一塊骨牌。

For the business itself, we weren't waiting to announce a deal. We are really building a fully locked and executable program. And so for us, we didn't feel like there's a reason to add public market complexity while negotiating a super complex structure with a lot of moving pieces.

就業務本身而言，我們並沒有等待宣布交易。我們正在建立一個完全鎖定且可執行的程式。因此，我們認為，在協商一個涉及諸多變數的極其複雜的結構時，沒有理由再增加公開市場的複雜性。

We don't want to just announce the headline. We wanted a complete financial program. We want demand secured, financing secured, execution partners aligned on construction, delivery, engineering, long lead time items. We want our power path defined, and we want to risk allocated properly across counterparties.

我們不想只是宣布標題。我們想要一個完整的財務方案。我們希望需求得到保障，融資得到保障，執行夥伴在建設、交付、工程、長週期專案等方面達成協議。我們希望明確權力路徑，並希望在交易對手之間合理分配風險。

So instead of guiding towards a deal that's coming, which everyone knew we were working hard at, we optimize for building the right structure for the company in the long term. And when everything was negotiated and aligned, we announced the full framework in one step.

因此，我們沒有把重點放在即將達成的交易上（大家都知道我們正在努力達成這筆交易），而是著眼於為公司長期發展構建正確的結構。當所有事項都經過協商和協調後，我們一步宣布了完整的框架。

And I think that discipline hopefully reinforces the credibility that we're building with our shareholder base. And as we move forward, we're going to be really thoughtful about what we share with the market versus how we think about those impacts to our customers as well.

我認為這種自律有望鞏固我們正在與股東建立的信譽。展望未來，我們將認真思考與市場分享的訊息，以及這些訊息對客戶的影響。

So our first AI data center transaction generated significant market attention. And how should investors think about this transaction in the context of our broader strategic evolution without over-indexing on a single data point?

因此，我們的首筆人工智慧資料中心交易引起了市場的廣泛關注。投資人應該如何看待這筆交易，並將其置於我們更廣泛的策略發展背景下進行考量，但又不會過度依賴單一數據點？

I think this is a fair market deal that was designed to compound relationships and not to maximize one transaction. And so we structured that market-clearing economics. A lot of private deals are getting done, we believe, are done in a similar range. We focus on long-term credit-worthy counterparties that can grow with us.

我認為這是一筆公平的市場交易，旨在鞏固合作關係，而不是追求單筆交易的利潤最大化。於是，我們建構了這種市場出清經濟體系。我們認為，許多私下達成的交易金額都在類似的範圍內。我們專注於與能夠與我們共同成長的、具有長期信譽的交易對手。

And we built a scale the program beyond just the first phase, across our customers and across our financing prouder parties, execution partners, supply chain partners. And so we took a very customer-centric approach on how do we derisk, execute, and give them confidence. We're not optimizing for headlines. We're trying to build repeatable partnerships because that's going to be the secret sauce in our ability to grow and scale.

我們不僅在第一階段，還在我們的客戶、融資方、執行合作夥伴和供應鏈合作夥伴中擴大了該計劃的規模。因此，我們採取了以客戶為中心的策略，思考如何降低風險、執行方案並增強客戶的信心。我們並非以吸引眼球為目標。我們正在努力建立可複製的合作關係，因為這將是我們發展壯大的秘訣。

So let's drill down into River Bend. As we look at River Bend even more holistically as well, can you update us on the progress of some of those power expansion discussions with Entergy? And how is construction tracking?

那麼，讓我們深入了解一下河灣地區。當我們從更全面的角度來看待 River Bend 專案時，您能否向我們介紹一下與 Entergy 公司就電力擴建事宜進行的討論進度？施工進度追蹤狀況如何？

Look, 2026 is 1,000% going to be about execution and delivery. That's going to be the theme of the market, in my opinion. And so we're super high for its construction right now. It's tracking according to plan. We have tight coordination with Jacobs Engineering in Vertiv; long lead time procurement is progressing and we're getting manufacturing delivered.

2026年絕對是執行和交付的一年。我認為這將是市場的主題。所以我們現在對它的建設前景非常樂觀。一切進展都按計劃進行。我們與 Vertiv 的 Jacobs Engineering 保持緊密的協調；採購週期長的採購工作正在推進，生產也正在順利完成。

Our customer engagement is really, really high with Fluidstack and Anthropic. We have many working sessions a week, multiple standups on-site in their offices, and really strong collaboration as we move towards delivery.

我們與 Fluidstack 和 Anthropic 的客戶互動度非常非常高。我們每週進行多次工作會議，在他們的辦公室進行多次現場站會，並在交付過程中進行非常緊密的合作。

The 1 gigawatt expansion plan at River Bend, the power is there. It's not about if, it's about what. And so now we're optimizing on delivery timelines and cost scenarios in terms of cloud roll upfront to make sure the rate base doesn't get impacted. We're working through different structuring paths to maximize efficiency and speed, meanwhile solving for what we're looking for and also what entities try to solve for their constituents. And so the focus now is simple: execute, deliver, and derisk.

River Bend 的 1 吉瓦擴建計劃，電力資源已經具備。這不是「是否」的問題，而是「什麼」的問題。因此，我們現在正在優化雲端部署的交付時間表和成本方案，以確保費率基礎不受影響。我們正在探索不同的結構路徑，以最大限度地提高效率和速度，同時解決我們正在尋找的問題以及實體試圖為其成員解決的問題。因此，現在的重點很簡單：執行、交付、降低風險。

So how should investors think about long-term expansion opportunity at some of our other sites like Corpus Christi? Obviously, we've been seeing an uptick in pushback with respect to data centers getting done. We've seen new rules proposed out of ERCOT. How should investors think about the expansion?

那麼，投資者應該如何看待我們在科珀斯克里斯蒂等其他一些地點的長期擴張機會呢？顯然，我們看到在資料中心建置方面出現了越來越多的阻力。我們看到ERCOT提出了新的規則。投資人該如何看待此次擴張？

Something I've been saying for years is we're building an energy infrastructure platform on digital infrastructure. Our edge is power-first development. And oftentimes in markets that others overlook, and so our Corpus Christi site that we announced. We have an approved interconnect in ERCOT that's increasingly valuable.

我多年來一直強調的是，我們正在基於數位基礎設施建立能源基礎設施平台。我們的優勢在於以實力為先的發展模式。而且往往是在其他人忽略的市場，例如我們宣布的科珀斯克里斯蒂網站。我們在ERCOT擁有一個已獲批准的互連線路，其價值日益凸顯。

And it was put in before all of these recent changes in batch studies. It was put in 2023. In a changing regulatory environment, permanent power and transmission access matter more than ever. The interconnect and the payment permitting matrix at Corpus Christi, I think, gives us a structural advantage to be able to build quickly and getting access to power quickly.

而且它是在批量研究的所有這些最新變化之前就提出的。它被安排在2023年。在不斷變化的監管環境下，穩定的電力和輸電接入比以往任何時候都更重要。我認為，科珀斯克里斯蒂的互聯互通和支付許可機制為我們提供了結構性優勢，使我們能夠快速建造並快速獲得電力。

So we were using the traditional developer playbook. We wouldn't have a low redundant data center solution for Bitcoin security as our tool for underwriting assets. And we probably would have passed on this 1 gigawatt interconnect, like many others did, but we didn't because we have multiple use cases in our megawatts as we develop the platform.

所以，我們當時使用的是傳統的開發者操作流程。我們不會將冗餘度低的資料中心解決方案作為比特幣安全保障工具，用於資產核保。我們原本可能會像許多其他公司一樣放棄這個 1 吉瓦的互連項目，但我們沒有，因為我們在開發該平台的過程中，兆瓦級互連有多種應用場景。

It's really similar to what happened about 1.5 years ago in Louisiana. When we first talked about the site, started marketing the site, people thought we were crazy. I thought we were early, and I think we were right. We're going to validate the thesis of what we believe in terms of the value and the asset is in the power and how much you can get at scale in the local regulatory environments that you're building this infrastructure at.

這與大約一年半前在路易斯安那州發生的事情非常相似。當我們最初談論這個網站、開始推廣這個網站的時候，人們都覺得我們瘋了。我當時覺得我們來得早，現在看來我們是對的。我們將驗證我們所相信的論點，即價值和資產在於電力，以及在您正在建造此基礎設施的當地監管環境下，您可以大規模獲得多少電力。

And now you see that in Louisiana, you have the hyperscalers like Meta and AWS that have announced projects there as well. And I don't want the market to forget that alongside our River Bend announcement, we also announced a strategic partnership with Anthropic. And so they're a partner that we continue to look at opportunities with alongside other demand signals that we've built along the last two years as well.

現在您可以看到，在路易斯安那州，像 Meta 和 AWS 這樣的超大規模資料中心營運商也宣布了在那裡開展專案。我不想讓市場忘記，在我們宣布 River Bend 專案的同時，我們也宣布與 Anthropic 建立了策略合作夥伴關係。因此，他們是我們正在繼續尋找合作機會的合作夥伴，同時也是我們在過去兩年中建立的其他需求訊號的一部分。

And so if you look at our development pipeline, we have 8.5 gigawatts across various stages of development. We are energy developers first. We understand grid dynamics, regulatory shifts, and permitting realities. And that's what gives us confidence that we can navigate the evolving environments.

因此，如果你看一下我們的開發項目，我們會發現我們有 8.5 吉瓦的裝置容量處於不同的開發階段。我們首先是能源開發商。我們了解電網動態、監管變化和許可審批的實際情況。正是這一點讓我們有信心能夠應對不斷變化的環境。

It's a lot easier to go and build a large-scale data center with the dollars that we're bringing into these economies than it was developing Bitcoin mining facilities when noone wanted Bitcoin in their neighborhoods. And so we've navigated through different environments. We've gone through changing ERCOT procedures.

用我們目前註入這些經濟體的資金來建造大型資料中心，比當年在沒人希望比特幣出現在自己社區的情況下建造比特幣挖礦設施要容易得多。因此，我們得以適應不同的環境。我們已經經歷了 ERCOT 程序的變更。

We've done this for the last five years since we started the business. And this is just another hurdle that comes along the way as demand continues to increase and we need to continue to show our competitive edge in developing power assets.

自從公司成立以來，過去五年我們一直這樣做。這只是我們在發展過程中遇到的另一個障礙，隨著需求的不斷增長，我們需要繼續展現我們在電力資產開發方面的競爭優勢。

So you often reference first principles and value engineering and innovation as a core edge for Hut. Can you walk us through how Vega, AKA, delivering 180 kilowatts direct liquid to chip at $455,000 per megawatt from scratch and our codeveloped infrastructure design with Vertiv that we're using at River Bend, how do those two things reflect that philosophy and effectively position us for the future?

所以你經常把第一原理、價值工程和創新作為 Hut 的核心優勢。您能否詳細介紹一下 Vega（即 AKA）是如何從零開始，以每兆瓦 455,000 美元的價格，直接向晶片輸送 180 千瓦液態金屬的？以及我們與 Vertiv 共同開發的、在 River Bend 使用的基礎設施設計，這兩件事是如何體現這一理念並有效地讓我們為未來做好準備的？

We think that no one has fundamentally challenged how data center infrastructure, I guess, now AI infrastructure, is built. And that's our opportunity. We reject the status quo. In the short term, there's a huge supply and demand imbalance that allows us to get deals done from a power perspective, and that's our competitive mode.

我們認為，還沒有人從根本上挑戰資料中心基礎設施（現在也包括人工智慧基礎設施）的建構方式。這就是我們的機會。我們拒絕維持現狀。短期內，巨大的供需失衡使我們能夠從電力角度達成交易，這就是我們的競爭模式。

In the medium term, the differentiation will come from value engineering and the infrastructure stack innovation as supply and demand reach equilibrium. And so Vega is a great example, too, because Vega -- we developed 180 kilowatts per rack direct-to chip cooling technology earlier last year when NVIDIA was only at 120 kilowatts per rack. And the reason we did it was to show the markets we could develop that type of infrastructure as you see on the screen here.

從中長期來看，隨著供需達到平衡，差異化將來自價值工​​程和基礎設施堆疊創新。因此，Vega 也是一個很好的例子，因為 Vega——去年早些時候，我們開發了每機架 180 千瓦的直接晶片冷卻技術，而 NVIDIA 當時每機架只有 120 千瓦。我們這樣做是為了向市場展示我們能夠開發出像你在這裡螢幕上看到的這種基礎設施。

But most importantly, we were able to develop that for $455,000 per megawatt. And I'd like to tell customers when we show them the site that that includes the office furniture, the whiteboards, and everything, and the fit out in the data center. And the reason we were able to do that is because we built a site from a grass field from scratch.

但最重要的是，我們能夠以每兆瓦 45.5 萬美元的成本開發出這樣的產品。我想告訴客戶，當我們向他們展示網站時，這包括辦公家具、白板以及所有東西，以及資料中心的裝潢。我們之所以能夠做到這一點，是因為我們白手起家，從一片草地上建造了一個場地。

There were no legacy constraints. We figured out what areas of the infrastructure stack, switch gears, PDUs, the rack conveying structures that we want to vertically integrate, design ourselves in contract manufacture. What areas of the construction we want to self-perform and manage ourselves. And that's what I'm really excited for.

沒有歷史遺留問題。我們確定了基礎設施堆疊、開關設備、PDU、機架輸送結構等哪些部分需要垂直整合，並由我們自己進行合約製造設計。我們希望自行完成和管理哪些施工環節？而這正是我真正感到興奮的地方。

Once we can get the next couple of deals done and we get to a large multi-gigawatt platform in terms of data center, how do we think about the next phase of our competitive moat? And that's around innovation and that's around value engineering.

一旦我們完成接下來的幾筆交易，並建造一個大型的千兆瓦級資料中心平台，我們該如何考慮下一階段的競爭優勢？這都與創新和價值工程有關。

The Vertiv partnership is a good example of our early stages into that. We co-designed the approach, the architecture with them and with Jacobs to show not only supply chain visibility, but how do we take risk off of the site, how we speed the efficiencies of these developments, these builds, so we can have them in controlled environments for a lot of the infrastructure that we're building. And how do we have long lead time mitigation risk.

與 Vertiv 的合作是我們早期涉足該領域的一個很好的例子。我們與他們以及 Jacobs 共同設計了方法和架構，不僅是為了展示供應鏈的可視性，也是為了展示我們如何將風險從現場轉移出去，如何加快這些開發和建設的效率，以便我們可以在受控環境中建造我們正在建設的許多基礎設施。我們如何在較長的準備時間內降低風險？

I had the opportunity to keynote Vertiv's main event earlier in January this year because we believe that that's where the edge will live in the second phase as we monetize the power assets in our pipeline in this first phase. And so when demand and supply normalizes, infrastructure efficiency will matter more and more, and I think we're perfectly positioned for that. And it's a story and a theme that people haven't really even dove in under the hood today.

今年一月初，我有幸在 Vertiv 的主要活動上發表主題演講，因為我們相信，隨著我們在第一階段將管道中的電力資產貨幣化，第二階段的優勢將體現在在這裡。因此，當需求和供應恢復正常時，基礎設施效率將變得越來越重要，我認為我們已經為此做好了充分的準備。而且，這是一個人們至今還沒有真正深入探討過的故事和主題。

So we're executing on large and complex infrastructure projects that require significant capital and coordination. And obviously, with that scale comes risk. How are we structurally mitigating down that exposure and protecting equity if things don't go according to plan?

因此，我們正在執行需要大量資金和協調的大型複雜基礎設施專案。顯然，規模越大，風險越大。如果事情沒有按計劃進行，我們如何從結構上降低這種風險敞口並保護權益？

And how has your experience shaped how you got here and how you think about things like this? You talk a lot about being a credit guy. Can you elaborate on that?

你的經驗如何影響了你走到今天這一步，以及你對這類事情的看法？你常說自己是信貸專家。能詳細解釋一下嗎？

So I actually don't talk a lot about being a credit guy. Sean talks a lot about me being a credit guy. He's like, for your age, you're really more of a credit guy than anything else when we talk about underwriting these sites. And I think the scars that I've gained from living in the business and building infrastructure endpoint has really rooted us in how we think about underwriting opportunities, how we think about building the business long term.

所以我其實很少談論自己是信貸專家這件事。肖恩常說我是個搞信貸的人。他說，就你這個年紀而言，在談到這些網站的承保時，你其實更擅長的是信用方面的工作，而不是其他方面。我認為，我在商業領域生活和建構基礎設施終端的過程中所累積的經驗教訓，真正讓我們對承銷機會和長期業務發展有了更深刻的認識。

We lived through cycles, for example, in 2022, where Bitcoin prices crashes, our only revenue, energy prices skyrocket because Russia attacked Ukraine, and profits were squeezed and we had fixed debt and amortization payments. I sat as a chair at UCC committees of companies going through restructuring and bankruptcy. We were the planned sponsor of taking Celsius out of -- taking a business segment they had out bankruptcy and turning into a company.

例如，在 2022 年，我們經歷了比特幣價格暴跌（這是我們唯一的收入來源），由於俄羅斯入侵烏克蘭，能源價格飆升，利潤受到擠壓，而我們還有固定債務和攤銷付款。我曾擔任正在進行重組和破產的公司統一商法委員會的主席。我們原本計劃贊助 Celsius 擺脫破產困境——將他們旗下的一個業務部門重組為一家公司。

So I learned firsthand meeting with creditors on what could go wrong when you're building in a hypergrowth environment and the music stop singing. And so that sticks with me, honestly, forever. And so as we think about these projects, what I always told the team is, if we have the privilege to sign a data center deal, that contract is a liability until we deliver and start generating cash flow.

因此，我透過與債權人會面，親身了解到在高速成長的環境下發展，一旦企業發展停滯，可能會出現哪些問題。所以，說實話，這件事我會永遠記得在心。因此，在考慮這些項目時，我一直告訴團隊，如果我們有幸簽署資料中心協議，那麼在我們交付成果並開始產生現金流之前，合約就是一項負債。

And that's why we're so thoughtful in how we structured this deal. We didn't just want to announce a deal and then figure out the rest afterwards. We wanted to announce a deal that was able to have financing, execution, manual labor, steel for the buildings, long lead time items, regulatory permitting all secured when we announce it to the market. And that was a key part of the timing and the things we want to get done.

正因如此，我們在設計這筆交易時才如此慎重。我們不想先宣布達成協議，然後再去解決其他問題。我們希望宣布一項交易時，融資、執行、人工、建築用鋼、交貨週期長的物品、監管許可等所有方面都能得到保障。而這正是時機和我們想要完成的事情的關鍵。

And so as we think about debt obligations, construction risk, power risk delivery, counterparty risk, those were all the things that we've mitigated through on long lead time contracted cash flows, credit-worthy counterparties, structuring non-recourse financing, and really disciplined underwriting as we look at the T's and C's of how we thought about the overall risk framework between us and our counter parties and what we were committing and what we were all receiving.

因此，當我們考慮債務義務、建設風險、電力交付風險、交易對手風險時，這些都是我們透過長期合約現金流、信譽良好的交易對手、構建無追索權融資以及嚴格遵守承銷規則來緩解的。我們仔細審視了我們與交易對手之間整體風險框架的條款和條件，以及我們承諾的和我們各自獲得的。

I think durable credit really compounds. If you want to build a business over the long term, it's about compounding value over time and about continuously doing that. And I feel like over the last two years, we've done that, and we've already seen the rewards of those actions, and we're really just getting started.

我認為持久信用確實能產生複利效應。如果你想長期發展壯大企業，關鍵在於隨著時間的推移不斷累積價值，並持續這樣做。我覺得在過去的兩年裡，我們做到了這一點，並且已經看到了這些行動的回報，而我們才剛開始。

Another element that I'd like to note is if you look at our balance sheet, I think we have one of the cleanest balance sheets in the market today. We -- if we think about the debt structure that we have, we have three pieces of paper at the parent level. The first is our CO2 convertible note that we did almost two years ago. That's heavily in the money and most likely gets converted out this year.

我想指出的另一點是，如果你看一下我們的資產負債表，我認為我們擁有當今市場上最健康的資產負債表之一。我們－如果我們考慮我們的債務結構，我們在母公司層級有三份文件。首先是我們近兩年前發行的二氧化碳可轉換債券。那筆錢金額龐大，很可能今年就會兌現。

That's the only parent recourse piece of debt we have. The other two pieces that we have is one coin base, which is recourse against the Bitcoin only without parent resource. And the next one is the one we have with NextEra at King Mountain, which is recourse against our equity stake in that 50% JV on the Bitcoin mining facility and does not have parent recourse.

這是我們唯一一筆可以透過父母追索的債務。我們還有另外兩部分，其中一部分是幣基，它只對比特幣有追索權，而沒有母資源。下一個是我們與 NextEra 在 King Mountain 達成的協議，該協議是對我們在該比特幣礦場合資企業中 50% 的股權的追索權，但對母公司沒有追索權。

And so as we really think about it with CO2 heavily in the money, we have no recourse debt on our balance sheet. We're bringing on great financing in terms of the projects. But as we think about growth, we're thinking about growth in credit really, really well to manage through these markets and hopefully be able to grow at a faster and faster rate.

因此，當我們認真思考二氧化碳問題時，我們的資產負債表上並沒有追索權債務。我們在專案方面獲得了充足的資金。但當我們思考成長時，我們真正思考的是信貸成長，以便更好地應對這些市場，並希望能夠以越來越快的速度成長。

So Sean is going to walk us through our results shortly. We're going to do a little Q&A with him. But let's touch on a few areas in our results. G&A, for example, what drove that this year?

接下來肖恩將為我們解釋我們的結果。我們將對他進行一個簡短的問答環節。但我們不妨重點談談研究結果中的幾個面向。例如，今年的一般及行政費用（G&A）成長是由什麼因素造成的？

Stock-based compensation aligns everyone with the long term and long-term value creation. So at the company, every single person has equity. From our site-level team members to the CEO, myself, and the CFO, Sean. So real ownership culture and skin in the game is something we've optimized from day one and continue to do so even in the public nature that we have.

股票選擇權激勵機制使所有人的目標與長期利益和長期價值創造保持一致。所以，公司裡的每個人都擁有股權。從我們站點級團隊成員到首席執行官、我本人以及首席財務官肖恩。因此，真正的主人翁文化和利益攸關感是我們從一開始就努力優化的，即使在我們這種公開的本質下，我們也一直在這樣做。

And so total G&A was about $122.8 million this fiscal year compared to $72.9 million. Stock-based comp was around 57.8% versus 20.8% in the year prior. And that has to do with a lot of the upscaling that we had in the investment in our engineering, development, institutional infrastructure team. The cash SG&A only rose from $52 million to about $65 million in the year, and that includes all of those transactions we did from the carve-out of American Bitcoin to the deals that we've done.

因此，本財年一般及行政費用總額約為1.228億美元，而上一財年為7,290萬美元。股票選擇權同業拆借率為 57.8%，去年同期為 20.8%。這與我們在工程、開發和機構基礎設施團隊的投資規模擴大有很大關係。年內現金銷售、一般及行政費用僅從 5,200 萬美元增至約 6,500 萬美元，其中包括我們從剝離美國比特幣業務到我們完成的所有交易。

And so our belief is that we're building the team and investing in the team for the future financial profile of what we're going. A lot of the dollars we're spending are on growth, not on managing the current business, not on even executing River Bend; on the growth of all of the sites that we're looking to execute and commercialize.

因此，我們相信，我們正在組建團隊並對團隊進行投資，以實現我們未來的財務目標。我們投入的大量資金用於成長，而不是用於管理現有業務，甚至不是用於執行 River Bend 專案；而是用於我們正在尋求執行和商業化的所有專案的成長。

And we don't believe you can scale a multi-gigawatt infrastructure platform without building and training that team in advance. And so we're rightsizing for where we believe the company is going.

我們認為，如果不事先組建和培訓團隊，就無法擴展多吉瓦的基礎設施平台。因此，我們正在根據公司未來的發展方向調整人員規模。

So before we wrap up with you and move on to Sean, is there anything we haven't covered that you want investors to keep in mind? Specifically, there's been a lot of internal discussion around moving from simply building infrastructure for AI to actually building infrastructure with AI. How are you thinking about that evolution? And why is it strategically important for us over the long term?

那麼在我們結束和你的談話，開始和肖恩談話之前，還有什麼我們沒有提到的，你希望投資者記住的嗎？具體來說，公司內部就從單純地為人工智慧建立基礎設施轉變為真正利用人工智慧建立基礎設施進行了許多討論。你如何看待這種演變？從長遠來看，這對我們具有重要的戰略意義。

Yeah. We're sequencing the business pretty deliberately. And the next layer of advantage is technological conversions. So phase one, which is about one to two years in my mind, is lock in the right deals, establish durable counterparties, build the right financing framework, and monetize our power capabilities. Phase two in the two- to five-year range is value engineering the infrastructure stack, driving cost down per megawatt, improving speed, efficiency, and repeatability.

是的。我們正在有條不紊地安排業務順序。而下一層優勢則是技術轉型。因此，在我看來，第一階段大約需要一到兩年時間，其目標是鎖定合適的交易，建立穩定的交易對手，建立合適的融資框架，並將我們的電力能力貨幣化。第二階段（兩到五年）是對基礎設施堆疊進行價值工程，降低每兆瓦的成本，提高速度、效率和可重複性。

And then Phase three is more in the 5- to 10-year range, which is be at the forefront of how AI and robotics reshape infrastructure development. We're not just building infrastructure for AI. We have to be building infrastructure with AI and leveraging it to change and how we think about charging our innovation cycles.

第三階段的時間跨度為 5 到 10 年，目標是引領人工智慧和機器人技術如何重塑基礎設施。我們不僅僅是在為人工智慧建立基礎設施。我們必須利用人工智慧來建立基礎設施，並利用人工智慧來改變我們對創新週期的思考和驅動方式。

So we're deeply thinking about how AI integrates into our business. From a workforce perspective, increasing productivity across the organization. And from a design and engineering perspective, I mean, hundreds of thousands of engineering hours go into these builds. AI is going to fundamentally change the way that, that work can be done.

所以我們正在深入思考人工智慧如何融入我們的業務。從員工角度來看，提高整個組織的生產力。從設計和工程的角度來看，我的意思是，這些建造工程需要投入數十萬個工程小時。人工智慧將從根本上改變這項工作的完成方式。

We can model similarly and optimize every variable for capital is deployed. And in the build process, we're in the early stages of exploring robotics and automation embedded directly into construction workflows. This is not a distraction. It's an awareness of where the technology curve is heading, and we intend to meet it at the moment of real inflection when it meaningfully changes how infrastructure is built at scale. And that will be the next compounding layer of advantage after the first I've spoken about earlier in this call.

我們可以建立類似的模型，並針對部署的資金優化每個變數。在建造過程中，我們正處於探索將機器人技術和自動化直接嵌入施工工作流程的早期階段。這不會分散注意力。這是對科技發展趨勢的認識，我們打算在科技真正發生轉折、大規模改變基礎建設方式的時刻抓住機會。這將是繼我之前在電話會議中提到的第一層優勢之後，下一個疊加的優勢層。

That's super exciting. So with that foundation set, 2026 shifts us from proof to scale, right? So what should investors look to from us moving forward?

太令人興奮了！有了這些基礎，2026 年我們將從驗證階段過渡到規模化階段，對吧？那麼，投資人未來應該對我們抱持怎樣的期待呢？

2026 is about execution and delivery, full stop. Converting the pipeline to additional contracted revenue, advancing power origination, delivering River Bend on time and on budget, maintaining capital discipline, no trend chasing. The foundation is built. Now we execute and we scale.

2026 年的重點在於執行和交付，僅此而已。將管道轉化為額外的合約收入，推進電力生產，按時按預算交付 River Bend 項目，保持資本紀律，不追逐潮流。基礎已經打好了。現在我們執行並擴大規模。

All right. Now let's move on to Sean. Sean, so let's walk through the results. Maybe we can start with what defined fiscal 2025 performance?

好的。現在我們來談談肖恩。肖恩，我們來一起來看看結果。或許我們可以先從定義 2025 財年業績的標準入手？

Yeah. Thanks, Sue. I think there's two main things that really defined fiscal 2025. First, I want to talk about margin expansion and operating leverage, and second is bottom-line results. On the first topic, revenue grew 45% to $235.1 million, driven primarily by our Compute segment, while cost of revenue grew by 24% to $107.8 million. This resulted in gross margin expansion from 47% to 54%.

是的。謝謝你，蘇。我認為真正定義 2025 財政年度的主要因素有兩個。首先，我想談談利潤率擴張和經營槓桿，其次是最終的獲利結果。第一個方面，營收成長了 45%，達到 2.351 億美元，主要得益於我們的運算部門；而收入成本成長了 24%，達到 1.078 億美元。這使得毛利率從 47% 提高到 54%。

I also want to highlight sequential Q4 2025 over Q4 2024 results where revenues grew by 179% and gross margin expanded from 36% to 60%. I think each of these data points highlights and is indicative of enhanced operating leverage in the business. In other words, the foundation is sound and what we've set in place will compound over time.

我還想重點介紹 2025 年第四季與 2024 年第四季相比的業績，其中營收成長了 179%，毛利率從 36% 成長到 60%。我認為這些數據點都突顯並顯示了企業營運槓桿的增強。換句話說，基礎穩固，我們所奠定的基礎會隨著時間的推移而不斷累積。

Next, moving to bottom-line results. Net loss was $248 million, and we had an adjusted EBITDA loss of $135.4 million, compared to net income of $331.4 million and adjusted EBITDA of $555.7 million in 2024. And importantly, the thing to note, that swing was largely due to a $220 million primarily unrealized mark-to-market loss in 2025 of our Bitcoin stack versus a $509.3 million gain of the prior year.

接下來，我們來看最終結果。淨虧損為 2.48 億美元，調整後 EBITDA 虧損為 1.354 億美元，而 2024 年淨利為 3.314 億美元，調整後 EBITDA 為 5.557 億美元。更重要的是，需要注意的是，這種波動主要是由於我們的比特幣儲備在 2025 年將出現 2.2 億美元的未實現市值損失，而前一年則獲得了 5.093 億美元的收益。

Now let's walk through segment by segment. Can you walk us through the Power, Digital Infrastructure, and the Compute segment results?

現在我們逐段來看。能否為我們詳細介紹一下電力、數位基礎設施和運算領域的業績？

Absolutely. In our Power layer, revenue was $23.2 million versus $56.6 million in 2024. Cost of revenue declined to $20.5 million from $21.5 million in the year prior. The revenue decline reflects the termination of our Ionic Digital Agreement and Managed Services. This was somewhat offset by the increased revenues in our foreign-owned segment due to increasing power market tightness, which I think that power market tightness is some of the fundamental underpinnings of the business, so it's showing up in other places, too.

絕對地。在我們的電力層，收入為 2,320 萬美元，而 2024 年預計為 5,660 萬美元。營業成本從前一年的 2,150 萬美元下降至 2,050 萬美元。收入下降反映了我們與 Ionic Digital 的協議和託管服務的終止。由於電力市場日益緊張，我們外資企業的收入增加，這在一定程度上抵消了上述影響。我認為電力市場緊張是企業的基本面之一，因此也反映在其他方面。

On Digital Infrastructure, revenue was $9.6 million compared to $17.5 million last year. Cost of revenue declined to $8.9 million from $15.6 million last year, and margins improved sequentially as Vega under commercialization, and we transitioned to co-location-based payments from American Bitcoin.

數位基礎設施收入為 960 萬美元，而去年同期為 1,750 萬美元。營收成本從去年的 1560 萬美元下降到 890 萬美元，隨著 Vega 的商業化進程，利潤率環比有所提高，並且我們從美國比特幣過渡到基於共同位置的支付。

And finally, Compute. This was the real growth engine. Revenue more than doubled to $202.3 million from $80.7 million the year prior. Cost of revenue increased to $78.4 million from $45 million in the year prior. And this is driven by infrastructure upgrades, higher deployed hash rate and a full year of steady-state operations of Highrise.ai, which added $7.4 million year-over-year. I think important to note also from -- as we talk about operating leverage, here, segment margins expanded from 44% to 61%.

最後，進行計算。這才是真正的成長引擎。營收較上年同期成長一倍多，從 8,070 萬美元增至 2.023 億美元。營業成本從前一年的 4,500 萬美元增加到 7,840 萬美元。這主要得益於基礎設施升級、更高的部署哈希率以及 Highrise.ai 一整年的穩定運營，其收入同比增長了 740 萬美元。我認為還應該注意到的是——當我們談到經營槓桿時，這裡的分部利潤率從 44% 擴大到 61%。

Thank you. Now let's turn to capital structure and strategy. How are we thinking about our capital structure evolution?

謝謝。現在我們來談談資本結構和策略。我們是如何看待資本結構演變的？

Yeah. I think 2025 is an incredibly important year for capital structure evolution. Spinning out our Bitcoin mining business through our American Bitcoin subsidiary shifted us from a very high cost of capital, high CapEx cyclicality business to a much lower cost of capital business with a lot more focus on infrastructure, low cost of capital, lower risk, and longer duration.

是的。我認為2025年對於資本結構演變來說是個極為重要的年份。透過我們的美國比特幣子公司剝離比特幣挖礦業務，使我們從資本成本高、資本支出週期性強的業務轉變為資本成本低得多、更加註重基礎設施、資本成本低、風險低、持續時間長的業務。

Okay. And then heading into 2026, what are some of your top financing priorities?

好的。那麼展望 2026 年，您最重要的融資事項有哪些呢？

Yeah. I think about -- this is what I spend most of my days thinking about. And as I think about looking into 2026, there's four main things we're really focused on. One is protecting shareholder value through disciplined equity use. Two is minimizing enterprise risk. Three, diversifying liquidity sources, including private markets. And then four, maintaining a strong balance sheet that allows for strategic flexibility and a path towards an investment-grade rating.

是的。我一直在思考——我每天大部分時間都在思考這個問題。展望 2026 年，我們主要關注以下四件事。一是透過規範的股權運用來保護股東價值。第二點是最大限度地降低企業風險。第三，實現流動性來源多元化，包括私募市場。第四，維持強勁的資產負債表，從而實現策略靈活性，並走上投資級評級之路。

I think one thing that's important to note is we continue to evaluate all financing options and we say no to a lot of things. We're not just trying to get capital wherever it's available. We're looking for the lowest cost of capital. And I probably got 10 things across my desk every day, most of which I say no to, because we want to continue to drive that and be innovators on capital structure rather than just following the pack.

我認為需要指出的一點是，我們會繼續評估所有融資方案，並且對許多方案都說了「不」。我們不僅僅是想辦法獲取資金。我們正在尋找成本最低的資金。我每天大概會收到 10 件事情，其中​​大部分我都拒絕了，因為我們希望繼續推動發展，並在資本結構方面成為創新者，而不是隨波逐流。

So then to wrap up, how would you, as the CFO, summarize our position heading into 2026?

最後，身為財務長，您會如何總結我們邁向 2026 年的情況？

Yeah. So I mean, it's amazing to think relative to when I joined 1.5 years ago where we are entering 2026. We have greater scale, both from an exa-hash market cap and future cash flow position. We have improved margin durability, which I think the numbers speak for themselves. We're declining cost of capital.

是的。所以我的意思是，想想我一年半前加入公司的時候，現在我們即將進入 2026 年，真是令人驚嘆。無論從市值（以百億億哈希計計）或未來現金流狀況來看，我們都擁有更大的規模。我們的利潤率穩定性有提高，我認為數據本身就能說明問題。我們正在降低資金成本。

And I think the project financing we're working on with JPMorgan and Goldman Sachs is indicative of that. That's the lowest cost of capital that anyone in our sector is ready to support AI infrastructure growth to date. And then I think as I mentioned in your first question in the section, the capital structure that's aligned with long-term value creation.

我認為我們正在與摩根大通和高盛合作的專案融資就體現了這一點。這是我們產業內迄今願意為支援人工智慧基礎設施發展而提供的最低資本成本。然後，我認為正如我在本部分的第一個問題中提到的那樣，資本結構應該與長期價值創造一致。

And I think those are the things that are really setting us apart, and it's very exciting to be in this position. And we feel grateful to our shareholders for entrusting us with their capital as we go into 2026. So with that, I think we'll go into Q&A.

我認為這些才是真正讓我們脫穎而出的因素，能夠身處這樣的位置，我感到非常興奮。我們衷心感謝股東們對我們信任，將資金交給我們，讓我們能夠順利邁入 2026 年。那麼接下來，我想我們會進入問答環節。

Yeah. Let's go into the Q&A here.

是的。接下來我們進入問答環節。

While Sue looks at some of the questions, we want to shake things up this earnings a little bit, go on a video style, so we'll get feedback from our investors if they enjoy today or not. We're also -- if we keep the video format, we'll -- I want to be able to hear people when they ask questions, and we talked a bit about that.

在 Sue 查看一些問題的同時，我們想稍微改變一下這次財報發布的方式，採用視頻形式，這樣我們就能得到投資者的反饋，看看他們是否喜歡今天的形式。如果我們繼續採用影片格式，我希望能夠聽到人們提問，我們也討論過這個問題。

And as we set up this first structure, Sue is going to read the answer that people are submitting. We weren't able to with the platform today, to be able to allow for that for today. But if people like this current format, then I really want to hear them and see them as possible as well. So we'll look at that on the next earnings call.

在建立第一個框架時，Sue 將閱讀人們提交的答案。今天由於平台限制，我們無法實現這一點。但如果大家喜歡這種形式，那我真的很想聽聽大家的意見，也希望有機會看到大家的回饋。所以我們會在下次財報電話會議上討論這個問題。

But hopefully, you guys enjoy then you shake up here and approaching this from first principles as well. Our goal was to use this call to have you to really get to know, get to know how we think about the world, how we think about problem solving. You guys can look at our financials and our business through our public filings, but the purpose of this call when we really broke it down from first principles, was speaking to our shareholders in very direct, honest, transparent way, and we hope this new format helps drive closer to that as well.

但願你們喜歡這種顛覆傳統、從基本原理出發來探討問題的方式。我們的目標是透過這通通話，讓你們真正了解我們，了解我們看待世界的方式，以及我們解決問題的方式。各位可以透過我們的公開文件查看我們的財務狀況和業務情況，但這次電話會議的目的，當我們真正從根本上分析問題時，是為了以非常直接、誠實、透明的方式與股東溝通，我們希望這種新的形式也能有助於更接近這個目標。

Okay. So let's get into it. So from Greg Miller at Citizens. Will the company be defining what portion of its pipeline will be allocated to Bitcoin mining and what percentage will be allocated to HPC as the two represent very different value propositions?

好的。那麼，讓我們開始吧。以上內容來自 Citizens 的 Greg Miller。該公司是否會明確規定其管道中哪一部分將分配給比特幣挖礦，哪一部分將分配給高效能運算（HPC），因為兩者代表著非常不同的價值主張？

That's very fair. If we look at our existing capacity under management in the gigawatt that we're managing today, we have 300 megawatts of power generation that we've told the markets that we're selling to TransAlta. And we have in that -- we've closed on that transaction, and we have 700 megawatts of compute that currently support American Bitcoin.

這很公平。如果我們看一下我們目前管理的千兆瓦發電容量，我們有 300 兆瓦的發電量，我們已經告訴市場，我們正在向 TransAlta 出售這些發電量。我們已經完成了那筆交易，目前我們有 700 兆瓦的運算能力支援美國比特幣。

In our capacity under construction, we have 330 megawatts of utility that's River Bend phase one. And then we have a multi-gigawatt pipeline as you go further and further up the development cycle. And so currently, the core focus is converting those sites for AI use cases. Having Bitcoin as an alternative use case allows us to continue to develop confidently in building the substation on the land that we acquire and interconnections knowing that we'll have a consumer there in all scenarios rather than just have risk development capital. And I think that's a unique edge that we have.

我們正在建造的項目包括 330 兆瓦的公用設施，這是 River Bend 第一階段。隨著開發週期的不斷推進，我們將擁有一個多吉瓦的產能管道。因此，目前的核心重點是將這些網站轉換為人工智慧應用場景。有了比特幣作為替代用例，我們可以更有信心地在我們收購的土地上建造變電站和互聯設施，因為我們知道在任何情況下都會有消費者，而不僅僅是承擔開發資本的風險。我認為這是我們獨有的優勢。

So our key focus around our current full development pipeline is around AI utilization and development. And we're seeing more and more focus on just how we're at scale and location really being a lower and lower factor in that as well. And so as we talk about all of the sites that we're developing right now, the primary goal is development around traditional data centers for AI computing.

因此，我們目前整個開發流程的重點是人工智慧的應用和開發。而且我們看到，人們越來越關注我們的規模，而地理位置在其中所扮演的角色也越來越小。因此，當我們談論我們目前正在開發的所有網站時，主要目標是圍繞傳統的 AI 計算資料中心進行開發。

Okay. So George Sutton from Craig-Hallum. Can you give any detail behind the $163 million deposit for future sites?

好的。所以，來自克雷格-哈勒姆的喬治·薩頓。能否詳細說明一下這筆1.63億美元的未來項目預付款的來龍去脈？

Yeah. Sean, do you want to jump into that?

是的。肖恩，你想參與其中嗎？

Sure. So as we look at developing some of the future sites, we have lots of land options. And we're also procuring long lead time equipment at some of these sites. So I don't want to get into the detail as to how much dollars are for which sites. I think that will give away some of our secret sauce to our competitive industry, but effectively, that's what the -- those dollars are allocated towards.

當然。因此，在考慮開發一些未來的場地時，我們有很多土地選擇。而且，我們也在其中一些工廠採購交貨週期較長的設備。所以我不想詳細說明各網站的具體價格。我認為那會把我們的一些秘訣洩漏給競爭對手，但實際上，這些資金就是為此分配的。

And one key thing to know in how we approach development, historically, moving forward, when we think about risk dollars out there, whether it be land options or it be developing, we've historically been very, very low upfront until there's real feasibility, right? So a big portion of those long lead time items are malleable pieces of equipment that we can allocate specifically around high- to medium-voltage breakers at the substation, different transformers once we set things down to 345 kV.

在我們看待開發問題時，有一點需要了解，從歷史上看，展望未來，當我們考慮風險資金時，無論是土地選擇還是開發，我們歷來在真正可行之前都會投入非常非常少的資金，對吧？因此，這些交貨週期較長的物料中很大一部分是可塑性強的設備，我們可以專門將其分配到變電站的高壓到中壓斷路器以及不同的變壓器上，一旦我們將電壓降至 345 kV。

And so malleable infrastructure that we can allocate across multiple campuses. And then the investments we do at the early stage of development are really lower in terms of development unless it's a kayak payment or an infrastructure upgrade as we lock in the power. And as we see collateral payments increasing, we're also looking at other project level financing and balance sheet borrowing that we're looking at doing to drive down our cost capital as well. But we're very, very thoughtful in what dollars we're spending, what's truly at risk and what's valuable.

因此，我們需要靈活的基礎設施，可以將其分配到多個校區。然後，我們在發展初期進行的投資，就發展而言，實際上要少得多，除非是支付皮划艇費用或進行基礎設施升級，因為我們要鎖定電力。隨著抵押品支付的增加，我們也考慮其他專案層面的融資和資產負債表借款，以降低我們的資本成本。但是，我們在花錢方面非常非常謹慎，會仔細考慮哪些錢真正有風險，哪些錢真正有價值。

All right. So from Brett at Cantor. You guys effectively set the market with your Fluidstack Anthropic deal. Can you talk about how pricing has changed since then? Do you think the next deal will see a step-up in economics?

好的。來自 Cantor 公司的 Brett。你們透過與 Fluidstack Anthropic 的交易有效地引領了市場。您能談談自那時以來價格發生了哪些變化嗎？你認為下一筆交易會帶來經濟上的進步嗎？

I don't think we set the market. I think the majority of transactions in the market happened in the private markets. Everyone is focusing on public companies. But I feel like 80%-plus of the transactions are happening in the private markets with the private equity funded development platforms on the data center side. And so I think our deal was market. It was middle of the fairway, and it was structured appropriately.

我不認為我們決定了市場。我認為市場上的大部分交易都發生在私人市場。大家都在關注上市公司。但我感覺超過 80% 的交易都發生在私募市場，資料中心方面的開發平台是由私募股權基金資助的。所以我認為我們的交易是市價。它位於球道中央，而且結構合理。

And so as we continue to talk to customers about the deal and deal economics, we think that these are market terms in the private markets, and we've held ourselves to the standard of a blue-chip data center development company. I think I've brought in the partners to balance that thought process and that approach as well.

因此，當我們繼續與客戶討論交易和交易經濟效益時，我們認為這些是私人市場的市場條款，我們一直堅持藍籌資料中心開發公司的標準。我認為我已經引入了合作夥伴，以平衡這種思維和方法。

Okay. So from Stephen Glagola at KBW. A recent job posting pointed to a potential scale up of the Highrise.ai GPU platform from roughly 1,000 GPUs to 20,000 GPUs. Can you provide more detail on your growth plans for the Highrise.ai cloud business, and how do you envision scaling that trajectory?

好的。以上內容來自 KBW 的 Stephen Glagola。最近發布的一則招聘啟事指出，Highrise.ai GPU 平台的規模可能會從大約 1,000 個 GPU 擴展到 20,000 個 GPU。您能否詳細介紹 Highrise.ai 雲端業務的成長計劃，以及您設想如何擴大這一發展軌跡？

So Hut 8, the parent company, builds in the power layer and builds in the digital infrastructure layer. Front of the meter, behind the meter interconnects. Obviously, we own power generation, and we build digital infrastructure on top of that, i.e., the River Bend campus we announced.

所以，母公司 Hut 8 建構了電力層和數位基礎設施層。電錶正面，電錶背面互連。顯然，我們擁有發電能力，並在此基礎上建造數位基礎設施，例如我們宣布的河灣園區。

In a lot of these deals, there's an opportunity where we can fund the compute as well. The funding compute in ASICs on the American Bitcoin or GPUs on the AI side are fundamentally different cost and risk profiles, which is why those businesses are separate companies. ABTC, being a public company now on its own and then Highrise still being a private company that is growing.

在許多這類交易中，我們都有機會為計算提供資金。美國比特幣領域的ASIC晶片和人工智慧領域的GPU晶片的資金運算成本和風險狀況從根本上來說是不同的，這就是為什麼這些業務是不同的公司。ABTC 現已成為一家獨立的上市公司，而 Highrise 仍是一家不斷發展的私人公司。

And so what's really unique about Highrise, we've been pretty quiet about it because we've been building the foundation of that business. It's not just -- the story is -- and we're managing a little over 1,100 GPUs, the story is we built a cloud network. We built a software stack. We offer bare metals. We offer multi-tenant solutions.

所以，Highrise 的真正獨特之處在於，我們一直對此保持低調，因為我們一直在為這項業務打基礎。不僅僅是——故事是——我們正在管理 1100 多個 GPU，故事是，我們建立了一個雲端網路。我們建構了一個軟體堆疊。我們提供裸金屬。我們提供多租戶解決方案。

And we announced this in one of our press releases in Highrise, but the current CTO of that business ran AI in the IDF and was there for a decade and half. And so as we look at different opportunities, there are opportunities in these data center deals where Highrise can come in and provide the financing around the GPU stack, provide the services and technologies that I can build on top of the chip stack as well.

我們在 Highrise 的新聞稿中宣布了這一點，但該公司的現任首席技術官曾在以色列國防軍負責人工智慧，並在那裡工作了十五年。因此，當我們審視不同的機會時，在這些資料中心交易中存在著一些機會，Highrise 可以介入並為 GPU 堆疊提供融資，以及提供我可以在晶片堆疊之上構建的服務和技術。

And so Highrise is our new cloud business. It's one that we haven't spoken much about because, as everyone knows, we're much more about talking about things when they come into fruition rather than what's on the come. But across the whole board, we are building the company and hiring people to the place that we're going, and that's where you see a lot of that investment and talent into the business that we're going to be building and scaling into.

所以，Highrise 就是我們新的雲端業務。這件事我們很少談及，因為眾所周知，我們更傾向於討論已經發生的事情，而不是即將發生的事情。但總的來說，我們正在為公司未來的發展方向進行建設和人才招聘，你會看到我們對業務進行了大量投資和人才引進，以建立和擴展業務。

Okay. So another one from George here that I really like because I don't think we talk enough about this in the market. So Anthropic is the major -- is a mega disruptor in the space. How important is our existing relationship with them as part of the phase two and phase three opportunities?

好的。喬治的另一個觀點我很喜歡，因為我覺得市場上對這方面的討論還不夠多。所以 Anthropico 是主要廠商——是該領域的顛覆者。在第二階段和第三階段的機會中，我們與他們現有的關係有多重要？

They're great, right? And they're very open to thinking about things from a first principles approach. It's not a company where we have to do it this way just because. It's a company where we can talk about what are we trying to solve for and what is the best way to be able to solve for that.

它們很棒，對吧？他們非常樂於從第一原理的角度思考問題。我們公司沒有義務非得這麼做。在這個公司裡，我們可以討論我們想要解決的問題以及解決這個問題的最佳方法是什麼。

So if you think about phase one, give additional capacity, get additional power converted for our customers. Phase two is how do we drive down costs with really thinking about value engineering. And value engineering is two ways. One is, how do we engineer and more efficiently drive the cost down for our existing infrastructure stack.

所以，如果你考慮第一階段，那就是增加產能，為我們的客戶轉換更多電力。第二階段是如何透過真正思考價值工程來降低成本。價值工程有兩種途徑。一是，我們如何更有效地降低現有基礎設施堆疊的成本。

The second is how do we think about the actual demands that a customer has, which is also why we have Highrise to understand the full stack from electron to compute, from megawatt to token. And so by understanding that, we can more optimize the infrastructure to support for really what's needed, and we can have open discussions? And discussions with Anthropic have been great in terms of solutions and malleability over how things are built to get to the final outcome.

第二點是我們如何思考客戶的實際需求，這也是為什麼我們有 Highrise 來了解從 Electron 到計算、從兆瓦到代幣的完整技術堆疊的原因。因此，透過了解這一點，我們可以更好地優化基礎設施，以支援真正需要的東西，並且可以進行公開討論？與 Anthropic 的討論在解決方案和建構方式的靈活性方面都取得了很大的進展，最終實現了預期的結果。

And the last one in terms of AI and robotics, obviously, that they're at the forefront of building the technologies that support all industries. And so we're excited to continue to build those relations and compound, but I'm really, really excited for phase three. We have to build phase one and two to have the privilege for me to work on phase three, but this year will be focused on phase one and really scaling up our data center platform.

最後一點，就人工智慧和機器人技術而言，顯然，他們處於建立支援所有行業技術的前沿。所以我們很高興能夠繼續發展這些關係並取得更大進展，但我真的非常期待第三階段。我們必須先完成第一階段和第二階段的建設，我才有幸參與第三階段的工作，但今年我們將專注於第一階段，真正擴大我們的資料中心平台規模。

So I've got one here from Kevin Dede at HC Wainwright. Trump in has state of the union last night asked the big tech -- asked big tech to commit to building their own power. How do you think your customers, partners, and Hut 8 will react to that should it become long?

我這裡有一份 HC Wainwright 的 Kevin Dede 的資料。川普昨晚在國情咨文中要求大型科技公司致力於增強自身實力。如果這種情況持續下去，你認為你的客戶、合作夥伴和 Hut 8 會如何反應？

It's a natural progression of where things are going. If we think about the overall sentiment and what should happen right now is when a data center is built, that should be net positive to the community and the environment and the actual energy grids that you're impacting, right?

這是事物發展的自然過程。如果我們考慮整體情況，以及現在應該發生的事情，那就是當一個資料中心建成時，它應該對社區、環境以及你所影響的實際能源網路產生淨正面影響，對嗎？

And so when we think about sites are River Bend or Corpus Christi, we pay for the system upgrades that pull the power to where we are. We commit to the capacity on the energy side. And so that's table stakes in my mind in the world that we're developing today and smaller utilities have gone infinitely more sophisticated on that which is where you see collateral coming in. I think in some places, it's getting overindexed and we'll go back to the mean. But in general, that's the general sentiment.

因此，當我們考慮 River Bend 或 Corpus Christi 這樣的站點時，我們支付了系統升級費用，將電力輸送到我們所在的地方。我們承諾在能源方面具備相應的能力。所以在我看來，這是我們今天所處世界的基本要求，而規模較小的公用事業公司在這方面已經發展得更加複雜，這就是抵押品發揮作用的地方。我認為在某些地方，指數過高，我們會回歸平均值。但總的來說，這就是普遍的看法。

As power generation gets constrained as more and more demand comes on to the grid, I think what you'll see more often is not islanded generation or bridge generation where you wait for the interconnect. But when you're building a load asset, you want the redundancy from the grid. There is value in that. When building a generation asset, you want the grid and the demand that's in the grid for the power.

隨著電網需求不斷增長，發電能力受到限制，我認為你以後看到的將不再是孤島發電或等待併網的橋接發電。但是，在建立負載資產時，您需要來自電網的冗餘。這其中蘊含著價值。建造發電資產時，你需要考慮電網以及電網對電力的需求。

And so I think more and more what will happen markets, is people will bring load and people will bring generation. And so we'll try to have a net equal impact into the grid, but interconnect that all in the long term. And so then you'll have power generation increasing in the grid, you have load increasing. A lot of that will be financing capitalized through the demand of the end customers and users and we think that's the best way to be able to scale and compete in the AI race on global markets.

所以我認為，未來市場上的發展趨勢是，人們會帶來負荷，人們會帶來發電。因此，我們將努力對電網產生淨平衡的影響，但從長遠來看，將所有這一切互聯。這樣一來，電網的發電量就會增加，負載也會增加。其中許多資金將來自終端客戶和用戶的需求，我們認為這是在全球人工智慧市場中擴大規模並參與競爭的最佳方式。

So from John Todaro at Needham. Can you walk us through where you stand on the OSA negotiations with Fluidstack? And more broadly, give us an update on construction cadence? How many data holes in the initial phase? And are you seeing any supply chain or contractor bottlenecks? Maybe we can talk about where we're at as well on the procurement side at River Bend?

以上內容來自 Needham 的 John Todaro。您能否簡單介紹一下您在與 Fluidstack 的 OSA 談判中的立場？更廣泛地說，能否介紹一下施工進度？初始階段有多少資料缺失？您是否發現供應鏈或承包商方面有任何瓶頸？或許我們也可以談談River Bend在採購上目前的進展？

Sure. Happy to do so. When we announced the deal, everything we locked in from people, contractors, long lead time items, equipment. And so all of that was locked in. There was nothing open when we announced the deal at the end of last year.

當然。我很樂意這樣做。當我們宣布這筆交易時，我們鎖定了所有東西，包括人員、承包商、交貨週期長的物品和設備。就這樣，一切都塵埃落定了。去年年底我們宣布這筆交易時，還沒有任何空置的房源。

On the delivery and the execution itself, as we mentioned, and we guided towards, when in the beginning of Q2, we'll have the first data center coming online. And then we'll have a data center coming online every 60 days thereafter. There are four data centers in the state level.

關於交付和執行方面，正如我們之前提到的，我們也曾預計，在第二季初，我們的第一個資料中心將上線。之後每隔 60 天就會有一個資料中心上線。州級共有四個資料中心。

And so as we think about the actual construction right now, everything is going really, really well. People are very excited. There's a lot of local talent in Louisiana because of the heavy industry that was there before. And so that's really, really great.

所以，就目前實際的施工情況來看，一切都進展得非常順利。人們都非常興奮。路易斯安那州有很多本地人才，這要歸功於當地以前的重工業。那真是太好了。

Jacobs has been a great partner. Vertiv is fully cranking on the long lead time items that they're delivering and procuring for this project. So overall, from a constructability and delivery perspective, feel very, very good. And we gave ourselves a health timeline to deliver this as well. And so we're not crunching every single thing. We put buffering and we hope to deliver earlier if we can. And so that's how we've really developed this program.

Jacobs一直是很好的合作夥伴。Vertiv 正在全力以赴地推進該專案所需的長週期物料的交付和採購工作。總的來說，從施工可行性和交付角度來看，感覺非常好。我們也為自己設定了一個健康時間表來實現這一目標。因此，我們不會逐條分析。我們預留了緩衝時間，希望能夠提前交付。這就是我們開發這個專案的真正過程。

From a financing perspective, things are going very well as well. We announced that we're going to target 75% -- 85% LTC at a SOFR plus 225 rate. We've recently been able to improve that to 90% LTC at SOFR plus 240 to account for the increased loan-to-cost ratio. But we've been able to get more project financing on the project.

從融資角度來看，情況也進展得非常順利。我們宣布，我們將以 SOFR 加 225 的利率為目標，將長期照護保險覆蓋率設定為 75% 至 85%。我們最近已將貸款成本比提高到 90%（SOFR 加 240），以彌補貸款成本比的增加。但我們已經為該專案獲得了更多的專案融資。

And something that Sean and I like to talk about even when a deal is done, we still like to further improve and figure out how to make it better. And so overall, in terms of delivery, feeling very, very good. We're currently in active negotiations on the OSA in terms of operations and delivery. But we have some time until we actually are operating in the campus so working through those contracts now as well.

即使交易已經完成，我和肖恩還是喜歡討論如何進一步改進和完善它。總的來說，就配送而言，感覺非常好。我們目前正在就 OSA 的營運和交付進行積極談判。但距離我們真正開始在校園內運作還有一段時間，所以我們現在也在處理這些合約。

So maybe just to quickly piggyback on that from one of our new friends, [Robert Kay at New Brook]. In considering future deals, do you rewire your credit enhancements as as with Google on the Fluidstack deal? Or would you be willing to have one of the LLMs via counterparty? How much of a gating issue would this be?

所以，或許我們可以藉用我們一位新朋友的說法，[羅伯特凱在新布魯克]。在考慮未來的交易時，您是否會像與 Google 就 Fluidstack 交易所做的那樣，重新調整您的信用增級措施？或者您是否願意透過交易對手持有其中一隻LLM？這會造成多大的進入門檻問題？

I think overall, it's really thinking about our overall platform that we're building and the exposure that we're taking on investment-grade counterparties or non-investment-grade counterparties, and really everything in between. And so as we think about developing our platform, we want to make sure that the cash flows that we have and that we're projecting to be able to fund the growth and the expansion of our business are durable and are reliable.

我認為總的來說，這實際上是在思考我們正在建立的整體平台，以及我們對投資等級交易對手或非投資級交易對手的風險敞口，以及介於兩者之間的所有情況。因此，在考慮開發我們的平台時，我們希望確保我們擁有的以及預計能夠為業務成長和擴張提供資金的現金流是持久可靠的。

And obviously, that affects cost of capital and financing and LTCs as well. And so as we look at future growth opportunities, we're obviously optimizing towards investment-grade counterparties, but it's really about like any portfolio anyone has including the shareholders on this call, it's about risk allocation, what percentage of your platform is on high growth, high-risk companies that a tonne of upside. What percentage is on stability on the platform as well.

顯然，這也會影響資本成本、融資成本以及長期照護保險。因此，當我們展望未來的成長機會時，我們顯然會優化投資等級交易對手，但這實際上就像任何人的投資組合一樣，包括參加本次電話會議的股東，關鍵在於風險分配，即你的平台有多少百分比投資於高成長、高風險且具有巨大上漲潛力的公司。平台穩定性佔比是多少？

And so I think for us, it's not binary. It has to be this or that, but it's around risk allocation. And obviously, as we've told and shown the market, we have a heavy lenience towards folks with investment-grade counterparty and as we think about financing on the debt and the equity investments as well. But there's always a place in the portfolio for high-growth companies as well, but it's all about percentage exposure that we have to them. And every time we announce a deal, we'll walk through the thought processes in those. But right now, we continue to be focused on investment-grade counterparties that we're financing towards.

所以我覺得對我們來說，這不是非黑即白的問題。必須二選一，但關鍵在於風險分配。顯然，正如我們已經告訴市場並展示的那樣，我們對擁有投資等級交易對手的人持非常寬容的態度，我們在考慮債務和股權投資的融資時也是如此。但投資組合中總會為高成長公司留有一席之地，關鍵在於我們對它們的投資比例。每次我們宣布一筆交易時，我們都會詳細闡述其中的思考過程。但目前，我們仍專注於為之提供融資的投資等級交易對手。

Okay. So a question from Mike Grondahl at Northland. Can you describe the demand environment and how it's evolved over the last 90 days for HPC? Obviously, there's a few new dynamics that have transpired in the market. So how has that evolved in terms of your guys' customer conversations?

好的。來自 Northland 的 Mike Grondahl 提出了一個問題。能否描述一下高效能運算（HPC）的需求環境以及過去 90 天來其演變？顯然，市場出現了一些新的動態。那麼，在你們與客戶的溝通中，這種情況又發生了什麼樣的變化呢？

So It's really interesting. I mean, last year on the same time, this DeepSeek came out, right? And everyone was scared that the demand has gone and the markets were scared. The markets also traded down a lot. But the reality is at that time, we were still seeing the demand and demand signals. And you saw a heavy uptake towards the end of the year.

這真的很有意思。我的意思是，去年這個時候，DeepSeek 就發布了，對吧？大家都擔心需求消失了，市場也變得恐慌。市場也大幅下跌。但現實情況是，當時我們仍然看到了需求和需求訊號。年底時，銷量出現了大幅成長。

I think right now, especially with the agentic AI and a lot of -- I mean, the MAC Minis are sold out across the US. If we looked at Highrise, the utilization on our cloud is at record highs. And so the actual applications and use cases are continuing to grow and increase in pickup. I think that will result in the compute that's needed.

我認為現在，尤其是在人工智慧智慧發展之後——我的意思是，MAC Mini 在美國各地都售罄了。如果我們看一下 Highrise，就會發現我們雲端平台的使用率達到了歷史新高。因此，皮卡的實際應用和使用案例正在不斷增長和增加。我認為這樣就能得到所需的計算結果。

And so where we are today is also a little bit different than where we were last year. We have much deeper relationships with a variety of counterparties because of the last two years of relations that we built. We've gone through a lot of negotiations on the actual contracting multiple third parties. We've gone through engineering design drawings for months with multiple counterparties.

所以，我們今天所處的位置也與去年有所不同。由於過去兩年建立的關係，我們與各種交易對手建立了更深厚的聯繫。我們已經就實際合約與多個第三方進行了多次談判。幾個月來，我們與多個合作方一起審查了工程設計圖。

River Bend wasn't one counterparty that we worked with for 1.5 years. We went through multiple iterations with multiple counterparties, and we had one that got to finish line first. And so those relationships are stronger than ever. And what's nice from where we are today and the credibility that we have as well is, we can add a lot more frank and meaningful discussions around, what is their capacity demand over the long term? How do we play into that? How do we support them?

River Bend 並不是我們合作了 1.5 年的合作夥伴之一。我們與多個合作方進行了多次迭代，最終有一個合作方率先完成了專案。因此，這些關係比以往任何時候都更加牢固。而從我們目前所處的位置以及我們所擁有的信譽來看，令人欣慰的是，我們可以就「他們的長期產能需求是什麼」展開更多坦誠而有意義的討論。我們該如何參與其中？我們如何支持他們？

And so for us, honestly, paying less attention to the stock market these days and spending way more time on the customers, what are their demands and how we build the competitive moats because that is what's going to drive our business and growing compound over time. But I think all the noise you're seeing, we're seeing really the exact opposite. The demand is still there. Demand is still strong. People are still growing.

所以，老實說，我們現在不太關注股市，而是把更多的時間花在客戶身上，了解他們的需求，以及我們如何建立競爭優勢，因為這才是推動我們業務發展並隨著時間的推移實現複合增長的動力。但我認為你們看到的種種喧囂，與我們看到的恰恰相反。需求依然存在。需求依然強勁。人還在成長。

You see that with some of the announcements like yesterday with Meta and AMD in terms of additional capacity. They just announced a deal with NVIDIA for that. And so overall, I think demand is healthy. A bigger theme that we're seeing that's real is that power is becoming more constrained, right? You're seeing every utility, every transmission operator trying to go through and restudy and change the approach that they're going in towards of the study.

從昨天 Meta 和 AMD 宣布增加產能等一些公告中可以看出這一點。他們剛剛宣布與英偉達達成了一項協議。因此，總體而言，我認為需求狀況良好。我們看到的一個更普遍的趨勢是，權力正變得越來越受限，對吧？你會看到每個公用事業公司、每個輸電業者都在嘗試重新研究並改變他們進行研究的方法。

And I think that's healthy as well because you so many developers that may not have the balance sheet of the capabilities to actually develop sites and all they're trying to do is lock in an interconnect and then flip it to someone else to buy it. We get -- Sean talks about getting 10 inbounds on financing, probably get 100 inbounds for us to look at from an M&A perspective.

我認為這也是健康的，因為很多開發者可能沒有足夠的資源或能力來真正開發網站，他們所做的只是鎖定一個互連，然後把它轉手賣給別人。我們得到——肖恩談到有 10 個融資方面的諮詢，可能還有 100 個併購方面的諮詢需要我們關注。

And so clearing out some of that sub, I think we'll actually make the queues better. And then also from a development perspective in terms of land development, you're seeing some places that don't want us in their backyards, and some places that do. And so I think you're seeing contingent strong demand on the demand side, and I think you're seeing volatility on the supply side in the markets, which makes us excited.

因此，清理掉一些子程序，我認為我們實際上會改善排隊。從土地開發的角度來看，有些地方不希望我們在他們家門口開發，而有些地方則希望我們開發。所以我認為，需求方面出現了強勁的或有需求，而供應方面則出現了波動，這讓我們感到興奮。

Yeah. Agree. We support any initiative that helps trim some of the fact in these queues and also education is key in some of these new markets where we're seeing stakeholder pushback for data center development.

是的。同意。我們支持任何有助於減少這些排隊現象的舉措，而且在一些新興市場中，教育也至關重要，因為我們看到利害關係人對資料中心的發展持抵制態度。

Okay. So from our friend, Greg Lewis and BTIG. He wants to know what I'm sure a lot of people want to know is any update on the power that under exclusivity and steps and processes needed to move that into development? Doesn't seem like we saw a lot of that happen in the current Q.

好的。以上內容來自我們的朋友 Greg Lewis 和 BTIG。他想知道的，我相信也是很多人想知道的，是關於獨家授權的最新進展，以及將其推進開發所需的步驟和流程？似乎我們在本屆季度中並沒有看到很多這樣的情況發生。

Yeah. Currently working through it. We obviously have a pretty big amount of capacity in discipline right now to trying to move that into commercializing and signing those agreements and signing them. Because if you think about our stages in the pipeline, we go from capacity on due diligence, which is we have a large energy origination development team, and they're out there, they're hunting, they're negotiating and they're looking at opportunities that makes sense for us.

是的。正在處理中。顯然，我們目前在紀律方面擁有相當大的能力，可以嘗試將其轉化為商業化，並簽署這些協議。因為如果你想想我們目前的專案階段，我們從盡職調查開始，我們有一個龐大的能源專案開發團隊，他們出去尋找、談判，並尋找對我們有意義的機會。

Then we get into capacity into exclusivity. That's where we're investing more dollars from a team perspective and legal dollars protective as well. In those scenarios, we have exclusivity, land options. We're investing into legal resources, pre-construction resources, high-voltage transmission engineering resources.

然後我們就進入了容量和排他性的問題。這就是我們從團隊角度投入更多資金的地方，也是我們從法律保護角度投入更多資金的地方。在這些情況下，我們擁有獨家經營權和土地選擇權。我們正在投資法律資源、施工前資源和高壓輸電工程資源。

And then when we get into capacity under development, that's when we're actually buying the land or walking in the contractual agreements on the power and putting in the high payments or any collateral obligations. And then from there, we go into commercialization, construction, and then ultimately, management and operations.

然後，當我們進入開發階段時，我們才會真正購買土地或簽訂電力合同，並支付高額款項或承擔任何擔保義務。然後，我們進入商業化、建造階段，最終進入管理和營運階段。

And so I think we have a strong amount of megawatts over 1 gigawatt and capacity into development right now that we're working on commercializing and the capacity exclusivity will be following that as well. And so if you think about timing, capacity and exclusivity, we have an exclusive access on that opportunity, whether it be the land, the power, or both.

因此，我認為我們目前有超過 1 吉瓦的兆瓦級裝置容量正在開發中，我們正在努力將其商業化，容量獨家性也將隨之而來。因此，從時機、能力和獨特性來看，我們擁有獲得該機會的獨家途徑，無論是土地、電力，還是兩者兼而有之。

And in that scenario, like why go and spend the money if you still have option value there and work on commercializing the things that you already spent money on. And so think about those and how they interplay together, that's a big part of it. And so from a timing perspective, it's really getting more sites commercialized and having that funnel continue to grow and increasing the capacity under exclusivity from the capacity in due diligence.

在這種情況下，如果你仍然擁有選擇權價值，並且致力於將你已經花錢購買的東西商業化，那麼為什麼要花錢呢？所以要思考這些因素以及它們之間的相互作用，這很重要。因此，從時間角度來看，關鍵在於讓更多網站商業化，讓銷售管道持續成長，並在盡職調查的基礎上增加獨家代理權。

And so as we continue within this year, there will be a lot more conversations about the pipeline, how we think about conversion, more transparency into the sites that we have under capacity. under development as well. And so we're excited. As we mentioned, we're building a robust energy infrastructure platform in the digital infrastructure world.

因此，在今年接下來的時間裡，我們將就專案儲備、我們如何考慮轉換率、以及產能不足和正在開發中的站點等問題展開更多討論，並提高透明度。所以我們都感到很興奮。正如我們所提到的，我們正在數位基礎設施領域建立一個強大的能源基礎設施平台。

And River Bend, again, to remind everybody, was a site that started at capacity under diligence and went -- made it all the way through to capacity under construction within the last two years during the theme and during the market rush of power. This was not a site that we converted from the Bitcoin mining days when it was less competitive to get power. And so we've shown that we can do it once, and we will continue to do it.

再次提醒大家，River Bend 計畫從最初的滿載運轉開始，經過多年的努力，最終在過去兩年裡，在電力市場熱潮的推動下，透過建設達到了滿載運轉。這不是我們從比特幣挖礦時代改造而來的，當時電力競爭並不激烈。所以我們已經證明我們能做到一次，而且我們會繼續做到這一點。

Thank you. So from our friend, Chris Brendler at Rosenblatt Securities. On funding River Bend CapEx, any early read on the product level financing deal given the recent volatility in the market? And how do you view your Bitcoin holdings as a potential source of funding for the equity portion?

謝謝。以上內容來自我們的朋友，羅森布拉特證券公司的克里斯布倫德勒。關於River Bend資本支出項目的資金籌措，鑑於近期市場波動，是否有關於產品層面融資協議的初步消息？您如何看待您持有的比特幣作為股權部分潛在資金來源的可能性？

We feel very good. So the equity as of right now is already fully funded because we've had to fund the projects, our deposits with Vertiv and so forth. So when the project financing actually completes, we're going to get a multi-hundred million dollar cash out of the transaction, then we'll fund our 10% on an ongoing basis. And so as we mentioned, we went from 85% LTC to 90% LTC on the financing.

我們感覺很好。所以，目前股權資金已經完全到位，因為我們必須為專案提供資金，支付我們在 Vertiv 的存款等等。因此，當專案融資真正完成時，我們將從交易中獲得數億美元的現金，然後我們將持續為我們10%的資金提供資金。正如我們之前提到的，融資中的 LTC 從 85% 提高到了 90%。

We're pushing aggressively towards closing. JPMorgan and Goldman are committed. They wouldn't have given us quotes and put us on the press release when we announced if it was just an idea. And so we're very excited.

我們正在積極推進交易完成。摩根大通和高盛都已做出承諾。如果這只是一個想法，他們就不會給我們提供引言，也不會在我們宣布消息時把我們列入新聞稿中。因此我們非常興奮。

We're very committed. And we have connectivity at the highest levels. I've had lunches with the CEOs of the firms. And so I'm very, very excited that we have partners, not only to finance this project, but on go-forward projects to replicate this program on a go-forward.

我們非常投入。我們的網路連線達到了最高水準。我曾與這些公司的執行長們共進午餐。因此，我非常非常高興我們找到了合作夥伴，不僅為這個項目提供資金，而且在未來的項目中也提供了資金，以便將這個項目複製下去。

From a Bitcoin perspective, our balance sheet and our big point on the balance sheet in the beginning of last year was core to us executing on throughout last year. Being able to tell customers, don't worry about our ability to finance, with this amount of Bitcoin in the balance sheet was really important.

從比特幣的角度來看，我們的資產負債表以及去年年初資產負債表上的一個重要節點，對我們去年全年的營運至關重要。能夠告訴客戶，資產負債表上有這麼多比特幣，他們不必擔心我們的融資能力，這一點非常重要。

Where we are this year, Bitcoin on the balance sheet is not -- it doesn't -- it's not the focus. It doesn't matter. It's just an asset on our balance sheet. And so the reality is we're going to remove Bitcoin exposure on our balance sheet as we move forward. And how we do it is what we're focused on right now. And our exposure will be through the equity ownership that we have an American Bitcoin.

今年，比特幣在資產負債表上的地位——它不是——它不是重點。沒關係。它只是我們資產負債表上的一項資產。因此，現實情況是，我們將逐步從資產負債表中移除比特幣曝險。而我們如何做到這一點，正是我們目前關注的重點。我們將透過持有美國比特幣的股權來實現我們的投資。

And so the Bitcoin on the holding balance sheet is not going to be a thing that we continue to hold for the long term. And the beauty is we're able to hold that exposure through the equity that we were able to create in American Bitcoin for incubating and building that business. I think we're really good at creating value and our focus is how do we drive down cost of capital and continue to create value by building businesses and what we're excited for building Hut 8, building ABC, building Highrise.

因此，資產負債表上的比特幣並不是我們會長期持有的資產。而妙處在於，我們能夠透過在美國比特幣領域創造的股權來持有這種股份，這些股權用於孵化和發展這項業務。我認為我們非常擅長創造價值，我們的重點是如何降低資本成本，並透過創建業務繼續創造價值，我們對創建 Hut 8、創建 ABC、創建 Highrise 感到興奮。

And so that's a big change in focus on the importance of Bitcoin on our balance sheet and our perspective on it on a go-forward basis. But River Bend, currently, from an equity portion, we don't need any more equity funding. We've already funded the projects. We're actually getting cash back once the financing closes, and hopefully, we can talk about it in our upcoming earnings call.

因此，這標誌著我們對比特幣在資產負債表上的重要性以及我們未來對其的看法發生了重大轉變。但就目前而言，River Bend 的股權部分，我們不需要更多的股權融資。我們已經為這些項目提供了資金。融資完成後，我們實際上會收到現金回饋，希望我們能在即將召開的財報電話會議上談談這件事。

Great. Okay. So let's talk about -- we touched on this a little bit. Why don't we talk about, where is the -- I'm just trying to where Brett was asking us the question. Okay. So it seems like co-locating generation on-site with data centers is going to be more prevalent. We did touch on this a little bit. What are we doing specifically to participate in this trend?

偉大的。好的。所以我們來談談——我們之前稍微提到過這一點。我們為什麼不談談，在哪裡——我只是想弄清楚布雷特剛剛問我們的問題在哪裡。好的。因此，將發電設施與資料中心集中安置在現場的做法似乎會越來越普遍。我們之前稍微提到過這一點。我們具體採取了哪些措施來參與這一趨勢？

You're saying -- sorry, co-location data centers, is that traditional colo you mean instead of single-tenant campuses?

你是說－抱歉，託管資料中心，你指的是傳統的託管資料中心，而不是單一租戶園區嗎？

No, single-tenant campuses. Yeah.

不，是單一租戶園區。是的。

Sorry, repeat the question.

抱歉，請重複問題。

It seems like co-locating generation single-tenant campuses on site with -- yeah, is going to be more prevalent -- doing to participate in this trend?

看來將一代又一代的單一租戶園區與──是的，將會更加普遍──參與這一趨勢的做法是什麼？

So let's use River Bend, that's a perfect example. The Entergy Louisiana has given us a plan in terms of when they can deliver power, right? And we're talking about the full gigawatt. And they're -- they want to build generation, add it to their rate base, have us be able to make sure we commit to it, so they're not taking spec dollars at play here.

我們就以河灣鎮為例，那是一個完美的例子。路易斯安那州電力公司已經為我們提供了一個供電計劃，對吧？我們說的是整整1000萬瓦。他們想要建造發電廠，將其納入他們的費率基礎，並讓我們確保我們承諾這樣做，這樣他們就不會在這裡收取投機性資金。

We're having discussions around them of maybe we can bring the generation faster to the site to drive the full gigawatt at a faster time frame, right? We don't want to wait five years, what if we brought it in a lot earlier. And so as you think about the sequencing, what percentage of the gigawatt can we pull from the open markets in terms of capacity, and what percentage do we have to build net new generation, right?

我們正在討論是否可以更快地將發電機組運送到現場，從而在更短的時間內實現全部千兆瓦的發電量，對吧？我們不想等五年，如果我們更早引入呢？因此，在考慮建造順序時，我們可以從公開市場獲得多少百分比的千兆瓦容量，以及我們需要建造多少百分比的淨新增發電容量，對嗎？

And so that's not -- the 4 gigawatt is not treated as the same. And so the discussions we're having is how do we think about bringing generation to this campus. We have a lot of land. We have the ability to scale to almost 3,000 acres. We have access to pipelines and the ability to generate and to produce.

所以，4吉瓦的電力並沒有被同等對待。因此，我們正在討論的是如何將新一代引入這個校園。我們有很多土地。我們有能力將規模擴大到近3000英畝。我們擁有管道資源，並且具備生產和製造能力。

And so as I mentioned in earlier Q&A in the actual fireside chat, bringing generation with load, we think it's going to be a bigger part of the story, a bigger part of the development. And luckily, we have those capabilities in-house. We manage four natural gas power plants with Macquarie as a partner, and we not only manage those -- that's another asset. Those are four assets that we bought out of bankruptcy. We turned around. We signed long-term offtake agreements with the utility in Ontario, and we sold them to TransAlta, which is a large utility in Canada.

正如我在之前的爐邊談話問答環節中提到的那樣，我們認為發電與負載的結合將成為故事中更重要的一部分，成為發展中更重要的一部分。幸運的是，我們公司內部就具備這些能力。我們與麥格理集團合作管理四座天然氣發電廠，而且我們管理的不僅是這些發電廠——那也是另一項資產。這是我們從破產清算中收購的四項資產。我們轉身離開。我們與安大略省的一家公用事業公司簽訂了長期購電協議，並將電力出售給了加拿大的一家大型公用事業公司 TransAlta。

And so we have the expertise in-house. We're continuing to build and compound on the expertise we already have, but it's going to be a bigger and bigger part of the story. I don't think it's going to be around island degeneration. I think it's going to be around bridging and having load and generation interconnected to the grid at our campuses.

因此，我們公司內部就具備這方面的專業技術。我們將繼續累積和鞏固我們已有的專業知識，但它將在整個發展歷程中扮演越來越重要的角色。我不認為問題出在島嶼衰敗。我認為關鍵在於橋接，以及將我們校園的負載和發電環節與電網連接起來。

Okay. So we are coming up on the hour here. So we're going to do one more --

好的。現在快到整點了。所以我們還要再做一次。--

We have like 31 questions in the queue. So I think we may reduce that number when we get people to come on stage with us next time.

我們還有大約31個問題在排隊等候解答。所以我覺得下次我們邀請一些人上台演出時，可能會減少這個數字。

That's right. So we talk a lot about the importance of our energy origination team, of diversifying the pipeline, of not being overweighted to a single market. Can you and maybe, Sean, talk about some of the areas where we are still finding pocket opportunity?

這是正確的。因此，我們經常談到能源開發團隊的重要性，並談到多元化專案來源的重要性，談到不要過度依賴單一市場。您和肖恩能否談談我們目前仍在尋找潛在機會的一些領域？

For example, in a previous conference, we talked about how we were interested in studying a development in Pennsylvania. Maybe just talk a little bit about some of the areas that we're looking at well outside of ERCOT?

例如，在之前的一次會議上，我們討論了我們對研究賓州一項發展計畫的興趣。或許我們可以稍微談談我們在ERCOT之外關注的一些領域？

We're looking across the whole US. Every single area in the US, as we mentioned, power and land in a regulatory environment that allows for building this infrastructure at scale are the key pieces in building right? Fiber has been less of a bottleneck. We've been able to bring fiber to a lot of the campuses that we're developing and that we're building.

我們正在放眼整個美國。正如我們所提到的，在美國的每個地區，電力和土地，以及允許大規模建設這種基礎設施的監管環境，都是建設的關鍵要素，對嗎？纖維供應不再是瓶頸問題。我們已經能夠為我們正在開發和建造的許多校園引入光纖。

And so it's following the power, taking a first principal approach to where is their power. Using River Bend as another example because I think it's our first fully vetted case study, and we can do the same about future sites that we announced. But that project was around the transmission lines. That project was around the generation near that campus.

因此，這是在追隨權力，從根本上探討他們的權力所在。以 River Bend 為例，因為我認為這是我們第一個經過全面審查的案例研究，我們可以對我們宣布的未來地點進行相同的研究。但那個項目是關於輸電線路的。那個計畫是圍繞著校園附近的一代展開的。

Then we came together and we pieced multiple pieces of land that were held for generations as hunting properties by people, and we built this 3,000 acre opportunity to go build a large-scale mega campus. And so we're looking at those similar characteristics as we look across the full United States and we look at its ability to scale power.

然後我們齊心協力，將幾代以來一直作為狩獵用地的土地拼湊起來，打造了這 3000 英畝的土地，從而有機會建造一個大型超級校園。因此，當我們審視整個美國並考察其擴大權力規模的能力時，我們看到的就是這些相似的特徵。

It's the ability to build the friendly regulatory environment that wants this project there and see the impact and the benefit that we can bring. A place that we can have talent to actually execute and build these projects and do so with speeds that we're looking to build them at. And so our team -- the reason why we're scaling is we're continuing to increase the breadth in the depth across our energy origination pipeline across the full United States.

關鍵在於能否創造一個有利於該計畫落腳的友善監管環境，並看到我們所能帶來的影響和益處。我們需要一個能夠讓我們擁有人才來實際執行和建構這些項目，並且能夠以我們期望的速度完成這些項目的地方。因此，我們團隊之所以能夠擴大規模，是因為我們正在不斷擴大美國各地能源採購管道的廣度和深度。

And there are some areas that are more complex than others, obviously, that aren't traditional data center markets. And so we're focusing on Tier 1, Tier 2, and Tier 3 markets, and there's a little bit of a different allocation of priority risk capital that we put on to each of them based on our confidence level of commercializing them. In some sites, we know that we'll always have another market through American Bitcoin has a demand of a captive consumer that we have with the power where the energy prices work. And in other areas, we know that this is primarily built and there is no backup option for developing this campus.

顯然，有些地區比其他地區更複雜，它們並非傳統的資料中心市場。因此，我們專注於一級、二級和三級市場，並根據我們對商業化這些市場的信心程度，對每個市場投入略有不同的優先風險資本。在某些地方，我們知道我們總是會透過美國比特幣擁有另一個市場，因為美國比特幣對被我們掌控的消費者有需求，而能源價格在其中發揮作用。而在其他方面，我們知道這主要是建設項目，沒有其他方案來發展這個校園。

And so overall, we're excited. I think we're one of the first to talk about our development pipeline and our energy pipeline because that was a core focus. And now we're two years into that journey. We've been able to take one project fully through the beginning to almost near the end of the process.

總而言之，我們感到很興奮。我認為我們是最早談論我們的研發項目和能源項目的公司之一，因為這是我們的核心關注點。現在，我們已經走過這段旅程兩年了。我們已經能夠完整地完成一個項目，從開始到接近尾聲。

Now we got to get it to capacity under management, but we'll start having more sites coming through that pipeline. And it takes time to develop these projects and you're starting to see some of those come to fruition as they move down the pipeline as we start talking about them more.

現在我們需要讓它達到管理能力上限，但之後會有更多站點透過這條管道接取。開發這些專案需要時間，隨著我們開始更多地討論它們，你會看到其中一些專案逐漸取得成果。

Awesome --

驚人的--

Projects -- similar, I guess, to River Bend, we've had a lot more projects get into the press than we've shared with the markets because of all the local zoning and panels that we do. So you guys will see that as well if you keep your news alerts on Hut 8.

項目——我想，和 River Bend 類似，由於我們參與了所有的地方規劃和委員會工作，我們有很多項目上了媒體，但並沒有與市場分享。所以，如果你在 Hut 8 開啟新聞提醒，你也會看到這一點。

Okay. So we've got one minute left in this call. Maybe any closing thoughts, Sean and Asher, that you want to leave our audience with?

好的。通話還剩一分鐘。肖恩和阿舍，你們還有什麼想對觀眾說的話嗎？

I've talked a lot, Sean, why don't you close this out?

肖恩，我已經說了很多了，你來結束這個話題吧？

Yeah, happy to. Thanks, Asher. Look, I think Asher said a lot of it, but this is a year about execution, this is the year about growth and scaling the company. We're excited about the foundation we've built. Like when I started, I told Asher, I felt like where we are now is inevitable. And I feel like the growth of the company is inevitable.

是的，我很樂意。謝謝你，阿舍爾。你看，我覺得阿舍爾說了很多，但今年是執行力之年，是公司發展壯大之年。我們為我們所建立的基礎感到興奮。就像我剛開始的時候一樣，我告訴阿舍爾，我覺得我們現在所處的境地是不可避免的。我覺得公司的發展是不可避免的。

We put it together a really good development business, a really good funding mechanism, and we're looking to continue to repeat and compound that over time. So we're excited to have you along as shareholders. We hopefully we've done you well so far, and we look forward to continuing to do so in the future.

我們已經建立了一個非常優秀的開發業務，一個非常優秀的融資機制，我們希望隨著時間的推移，繼續複製並擴大這個模式。所以我們很高興您能成為我們的股東。希望我們目前為止的服務讓您滿意，我們也期待在未來繼續為您提供優質服務。

Thanks, Sean. Okay. Operator, you can close the line.

謝謝你，肖恩。好的。操作員，您可以關閉線路了。