Hut 8 Corp (HUT) 2026 Q1 法說會逐字稿

Good morning, and welcome to Hut 8's first-quarter 2026 financial results conference call. Joining us today are CEO, Asher Genoot; and our CFO, Sean Glennan. Following the presentation, we will open the line for questions.

早安，歡迎參加 Hut 8 2026 年第一季財務業績電話會議。今天與會者包括執行長 Asher Genoot，以及財務長 Sean Glennan。簡報結束後，我們將開放提問。

This event is being recorded, and a transcript will be made available on our website.

本活動將進行錄音，逐字稿將於我們網站提供。

In addition to the press release issued earlier today, our full quarterly report on Form 10-Q is available at hut8.com on our EDGAR profile at sec.gov and on our SEDAR+ profile at sedarplus.ca.

除今日稍早發布的新聞稿外，我們完整的季度報告（Form 10-Q）可於 hut8.com、sec.gov 上我們的 EDGAR 檔案，以及 sedarplus.ca 上我們的 SEDAR+ 檔案查閱。

Unless otherwise indicated, all figures discussed today are in US dollars. Certain statements made during this call may constitute forward-looking statements within the means of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to occur materially.

除非另有說明，今日討論的所有數字均以美元計。本次電話會議中的部分陳述可能構成適用證券法所定義的前瞻性陳述。這些陳述反映目前預期，並受風險與不確定性影響，可能導致實際結果出現重大差異。

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.

部分主要風險已於我們截至 2025 年 12 月 31 日止年度的 Form 10-K，以及其他持續性揭露文件中詳述。除法律要求外，我們不承擔更新或修訂任何前瞻性陳述之義務。

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.

在本次電話會議中，管理層可能會提及非 GAAP 指標，例如調整後 EBITDA。我們認為，這些指標與 GAAP 結果一併呈現，能為我們的表現提供有價值的洞見。GAAP 與非 GAAP 結果的調節表已收錄於今日新聞稿所附表格中，並可於我們網站取得。

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.

我們將先由主持人與執行長 Asher Genoot 進行問答，接著由財務長 Sean Glennan 進行更詳細的財務回顧。

Let's get started. Asher, before we get into the quarter, I wanted to start with something more fundamental. There are several companies building data center infrastructure right now. Hut 8 is clearly doing something different. How do you think about what this company is and what we're building?

我們開始吧。Asher，在進入本季之前，我想先從更根本的問題談起。目前有多家公司正在建置資料中心基礎設施。Hut 8 顯然在做一些不同的事。你如何看待這家公司是什麼，以及我們正在打造什麼？

I'll start with thanking everyone for joining the call today. Really appreciate you all for spending this morning with us and continuing to follow our journey. As we think about Hut 8, we think about Hut 8 as building the foundational infrastructure layer for one of the most important technology shifts in our lifetime. It starts with power.

我先感謝各位今天加入電話會議。非常感謝大家今天早上撥空與我們一起，並持續關注我們的旅程。談到 Hut 8，我們認為 Hut 8 正在為我們一生中最重要的科技轉變之一，打造基礎性的基礎設施層。一切從電力開始。

Power is a scarce resource. Those who control access to power will ultimately shape the industry. Most start with building and working backwards, but we always started with power and built forward. And second, we position ourselves as partners, not a vendor. In traditional data centers, long-term triple net leases with investment-grade counterparties are pretty standard.

電力是一種稀缺資源。掌握電力取得途徑的人，最終將形塑這個產業。多數人是先從建造開始再往回推，但我們一直是從電力出發、向前建構。第二，我們將自己定位為合作夥伴，而非供應商。在傳統資料中心中，與投資等級對手方簽訂長期三重淨租約（triple net lease）相當常見。

And so as a new entrant, we've been able to execute the structure across our first two transactions, and that speaks to how our counterparties view our assets and our approach and our partnership long term.

因此，作為新進者，我們已在前兩筆交易中成功落實這種架構，這也反映出我們的對手方如何看待我們的資產、我們的方法，以及我們長期的合作關係。

And zooming out, as energy demand continues to grow alongside compute and AI, the data supports that. And so the company is best positioned at the intersection of power, infrastructure and compute, and they will capture outsized value. And we believe Hut 8 is one of those companies.

從更宏觀的角度來看，隨著運算與 AI 的發展，能源需求持續成長，數據也支持這一點。因此，最能站在電力、基礎設施與運算交會點的公司，將能取得超額價值。我們相信 Hut 8 就是其中之一。

Let's talk about what has been built over the last two years to support that vision. You fundamentally restructured the business. What were the deliberate decisions behind that? And why do they matter now?

談談過去兩年為了支持這個願景所打造的成果。你們從根本上重整了業務。背後有哪些刻意的決策？而為什麼它們在現在特別重要？

So over the last 2two years, we focused on restructuring the business with a clear goal, build a disciplined and durable platform. And the outcomes right now are visible. We went from under 10% institutional ownership to over 70% as of year-end 2025. And when I took over as CEO on February 7, 2024, we were at $6.77 on our stock price.

因此，在過去 2two 年裡，我們聚焦於重整業務，目標很明確：打造一個紀律嚴明且可長可久的平台。而現在成果已清晰可見。截至 2025 年底，我們的機構持股比例從不到 10% 提升到超過 70%。而當我在 2024 年 2 月 7 日接任執行長時，我們股價是 6.77 美元。

So we've had over 1,000% appreciation in the last two years as of May 4. And more important than the outcome is the discipline behind it. So first, we simplified and focused the business. We carved out the Bitcoin business into American Bitcoin, and that is trading on its own under the ticker ABTC.

因此，截至 5 月 4 日，過去兩年我們的股價已上漲超過 1,000%。而比結果更重要的是背後的紀律。首先，我們簡化並聚焦業務。我們將比特幣業務分拆為 American Bitcoin，並以代號 ABTC 獨立交易。

And we divested our power generation assets because we wanted to bring that team to focus on vertically integrated power and digital infrastructure assets. And so this shows that we're willing to exit what is good to stay focused on what can be great.

我們也出售了發電資產，因為我們希望讓團隊專注於垂直整合的電力與數位基礎設施資產。這顯示我們願意退出「不錯」的業務，以便專注於可能「卓越」的方向。

Second, we rebuilt the balance sheet from the ground up. We're now operating from a position of real financial strength. Our only parent recourse debt is the Coatue convertible note. The note is deeply in the money and is mandatory redeemable as soon as next month, subject to certain conditions. And so excluding the Coatue convertible note, our remaining debt is structured at the asset level, not the parent.

第二，我們從零開始重建資產負債表。我們現在以真正的財務實力運作。我們唯一的母公司追索權債務是 Coatue 的可轉換票據。該票據已深度價內，並在符合特定條件下，最快可於下個月強制贖回。因此，若排除 Coatue 可轉換票據，我們其餘債務皆是在資產層級架構，而非母公司層級。

All of our existing debt is nonrecourse to the parent. The [TRZ note] with NextEra at King Mountain is serviced by those cash flows of the JV and recourse by the equity interest in that. The FalconX facility that we recently just refinanced from Coinbase is only secured against 3,690 Bitcoin.

我們現有的所有債務對母公司均為無追索權。King Mountain 與 NextEra 的 [TRZ note] 由合資企業（JV）的現金流償付，並以其中的股權權益作為追索標的。我們近期將 Coinbase 的融資再融資為 FalconX 額度，該融資僅以 3,690 枚比特幣作為擔保。

And then the recent data center bond financing we did at River Bend is nonrecourse, but backed by contractual investment-grade cash flows. And so this shows the strength of each of our assets that we own and develop to be able to stand on their own merits without the parent having to back them. And that structure gives us true optionality.

此外，我們在 River Bend 近期完成的資料中心債券融資亦為無追索權，但由具契約約束的投資等級現金流作為支撐。這顯示我們所擁有與開發的每一項資產都具備自身實力，能在不需要母公司背書的情況下獨立成立。而這樣的架構為我們帶來真正的選擇權。

With the balance sheet flexibility and the capacity, we can be a buyer when others are sellers. And we can finance growth in ways that are minimally dilutive to shareholders. So at the core, everything we've done over the last two years has been about building flexibility and positioning the company to capture value as the market scales.

憑藉資產負債表的彈性與產能，我們可以在別人賣出時成為買方。我們也能以對股東稀釋最小的方式為成長融資。因此，過去兩年我們所做的一切，核心都是建立彈性，並在市場擴張時讓公司處於能夠捕捉價值的位置。

We recently announced the commercialization of the first phase of our 1-gigawatt Beacon Point AI data center campus. Walk us through the key terms of the transaction and what this deal says about Hut 8.

我們近期宣布將 1 吉瓦 Beacon Point AI 資料中心園區第一期投入商業化。請帶我們了解這筆交易的關鍵條款，以及這筆交易對 Hut 8 的意義。

I mean, pretty recent like a couple of hours ago. So we'll dive into it. Beacon Point is another example of the program we're building, and we shared that when we announced River Bend that we're building a program, we weren't just announcing a deal. And so it follows the same structure we established with River Bend, power-first underwriting, long duration investment-grade contracts and a partnership-driven execution model.

我的意思是，「近期」真的就是幾個小時前。所以我們來深入談談。Beacon Point 是我們正在打造之計畫的另一個例子；我們在宣布 River Bend 時也分享過，我們是在建立一個計畫，而不只是宣布一筆交易。因此，它沿用我們在 River Bend 建立的相同架構：以電力優先的承作（underwriting）、長天期的投資等級合約，以及以合作夥伴為導向的執行模式。

And I'm sure as you look through the documents, both the press release and also the deck, it's a little hard to go and find our website. I've just told our comms team. But I'm sure you'll see the consistency in how we structure these transactions.

我相信當你翻閱文件時，無論是新聞稿或簡報檔，要在我們網站上找到可能有點難。我剛剛已經跟我們的公關團隊說了。但我相信你會看到我們在交易架構上的一致性。

So starting with the key terms, 15 years, triple net lease. 352 megawatts of IT capacity, which is 500 megawatts of utility capacity. It's a high investment-grade counterparty. $9.8 billion of expected base term contract value, inclusive of a 3% annual escalator and with three five-year renewal options, which brings the potential contract value to over $25 billion.

因此先從關鍵條款開始：15 年、三重淨租約。352 兆瓦的 IT 容量，相當於 500 兆瓦的公用事業容量。這是一個高投資等級的交易對手。預期基本租期合約價值為 98 億美元，包含每年 3% 的調升，並附帶三個五年續約選擇權，使潛在合約價值超過 250 億美元。

And this is Phase 1 of a gigawatt campus with roughly half the campus still available for future commercialization. The transaction is anchored in contracted investment-grade cash flows. That creates durability in the base case scenario. And Beacon Point exists because of how we underwrite power.

而這是 1 吉瓦園區的第一期，園區約有一半仍可供未來商業化。本交易以已簽約的投資等級現金流為基礎。這使基本情境具備持久性。而 Beacon Point 的存在，源於我們如何承作電力的核保。

We start with power-first. We designed flexibility into the site from the beginning, and we do not underwrite around only one customer, one architecture or one end market. The site was originally underwritten on a speed to power thesis. And that's why our relationship with ABTC is so valuable. It gave us a real demand path and economics use case even before we had an AI customer finalized because the question was, would an AI customer go into this location, and we were comfortable moving forward with the development of the project because we knew we had another demand use case.

我們從「電力優先」開始。我們從一開始就把彈性設計進場址，而且我們不會只圍繞單一客戶、單一架構或單一終端市場來核保。該場址最初是以「快速取得電力」的投資論點來核保。這也是為什麼我們與 ABTC 的關係如此重要。即使在我們尚未敲定 AI 客戶之前，它就提供了真實的需求路徑與經濟性使用案例；因為當時的問題是：AI 客戶是否會進入這個地點？而我們之所以能放心推進專案開發，是因為我們知道還有另一個需求使用案例。

And so we didn't have to take speculative risk and we're able to develop I think that creates an edge that we talked about when we first spun out ABTC, but this is a perfect case study of it actually becoming a reality. And so the flexibility really mattered. And this site where it was developed was in a market where many believe large-scale data centers couldn't be developed.

因此我們不必承擔投機性風險，仍能推進開發；我認為這形成了我們在最初分拆 ABTC 時所談到的優勢，而這正是一個它真正落地成為現實的完美案例研究。因此彈性確實非常重要。而這個場址所在的市場，許多人認為無法開發大規模資料中心。

And not a single developer, I think, could have done kind of what we did in the risk-free manner that we did it. And so our development model then created value in two phases.

而我認為沒有任何一家開發商能以我們這種近乎無風險的方式做到我們所做的事。因此，我們的開發模式在兩個階段創造了價值。

First, as an AI demand accelerator, we repositioned the site for AI infrastructure. And originally when we designed the site, the actual piece of land was 224 megawatts of IP capacity. But later, we identified opportunities. And as you will all see in our deck, NVIDIA is our design and technology partner on this project, we were able to redesign the facility for next-generation chip architecture, and we took it.

首先，作為 AI 需求加速器，我們將該場址重新定位為 AI 基礎設施。而在最初設計場址時，這塊土地的實際 IT 容量是 224 兆瓦。但之後我們辨識出機會。正如各位將在我們的簡報中看到的，NVIDIA 是本專案的設計與技術合作夥伴；我們得以針對下一代晶片架構重新設計設施，並把握了這個機會。

And so that redesign created meaningful value. The IP capacity went from 224 to 352 megawatts achieved within the same land and utility footprint. And it increased base term contract value by $3.6 billion from $6.2 billion to $9.8 billion. That was all done within the last couple of months of this quarter.

因此，這次重新設計創造了顯著價值。在相同的土地與公用事業占用範圍內，IT 容量從 224 提升至 352 兆瓦。並將基本租期合約價值增加 36 億美元，從 62 億美元提升至 98 億美元。這些都在本季最後幾個月內完成。

And the broader takeaway is repeatability. This is the second AI data center campus we've commercialized under our power-first greenfield development model. Greenfield development is harder, takes longer and requires deeper capability than just converting our existing facilities. We have yet to convert a single facility. All of that is capacity that's available and opportunistic as well.

而更廣泛的重點在於可複製性。這是我們在「電力優先」的綠地開發模式下商業化的第二個 AI 資料中心園區。綠地開發更困難、耗時更長，且需要比僅將既有設施轉換更深的能力。我們至今尚未轉換任何一座設施。而那些容量也同樣是可用且具機會性的。

And so doing it twice, I hope, shows repeatability and doing it greenfield twice shows differentiation. Diversity matters as much as scale. Our model is not dependent on any single tenant or relationship. It's not dependent on any single chip architecture or manufacture, and it's not dependent on any single market or energy ISO.

因此做了兩次，我希望能展現可複製性；而兩次都以綠地方式完成，則顯示差異化。多元性與規模同等重要。我們的模式不依賴任何單一租戶或關係。不依賴任何單一晶片架構或製造商，也不依賴任何單一市場或能源 ISO。

The conclusion is simple. We built a program, a program compounds and Beacon Point is a clear example of how our power-first model creates value across multiple phases of development.

結論很簡單。我們建立了一個計畫，計畫會複利成長，而 Beacon Point 清楚示範了我們的電力優先模式如何在開發的多個階段創造價值。

Subsequent to quarter end, we also closed $3.25 billion of investment-grade senior secured notes for River Bend. Walk us through what this financing means and why the structure matters.

在季度結束後，我們也為 River Bend 完成了 32.5 億美元的投資等級優先擔保票據發行。請帶我們了解這項融資的意義，以及為何其結構很重要。

At a high level, the financing is viewed as a first of its kind in our sector. It provided institutional validation of our development program. It removed refinancing risk. It fully funded the project and it allowed us to pull equity out at closing, improving our capital efficiency and supporting non-dilutive growth. This is institutional validation of our entire development program.

從高層次來看，這項融資被視為我們產業中的首創。它為我們的開發計畫提供了機構投資人的驗證。它消除了再融資風險。它為專案提供全額資金，並讓我們在交割時抽回股權資金，提高資本效率並支持非稀釋性成長。這是對我們整個開發計畫的機構驗證。

The investment-grade rating on a construction stage data center bonds are rarely achieved. And the agencies validated the project and the rating we achieved validates the program that produces these assets. This is also the first investment-grade construction bond issued for a single sponsored data center project, and we think that that speaks volumes to how the institutional market views what we're building.

在施工階段的資料中心債券要取得投資等級評等極為罕見。而評等機構對該專案予以認可；我們取得的評等也驗證了產出這些資產的計畫本身。這也是首檔針對單一贊助方資料中心專案所發行的投資等級施工債券；我們認為這充分反映了機構市場如何看待我們正在打造的事物。

The structure eliminates refinancing risk. We spent a lot of time thinking about that because a lot of the deals we've seen are three to five years that then you would have to go out to the market and refinance. We secured a 16.5-year fully amortizing tenure aligned with the construction period and the 15-year lease term. The notes fully amortized and we do not expect to return to the capital markets to refinance.

此結構消除了再融資風險。我們在這方面花了很多時間思考，因為我們看到許多交易是 3 到 5 年期，之後必須再回到市場進行再融資。我們取得了 16.5 年、完全攤還的期限，與施工期及 15 年租期相匹配。票據將完全攤還，我們預期不需要回到資本市場進行再融資。

And we believe refinancing risk is one of the most consequential risk in a long-duration infrastructure project, and we had an opportunity and we took that opportunity to fully remove it. The structure is highly capital efficient. Equity came back at closing. The project is fully funded with no incremental equity contributions expected.

我們認為，在長天期基礎設施專案中，再融資風險是最關鍵的風險之一；我們有機會，並把握機會將其徹底移除。此結構在資本使用上非常高效。股權資金在交割時回收。專案已全額到位，預期不需要額外投入股權資金。

We recovered $184 million of deployed equity at closing last week when we funded -- when it got funded on Thursday. That capital can now be redeployed into additional growth initiatives. Importantly, this reflects how we manage risk development. We are disciplined and do not take significant speculative risk.

上週交割時，我們回收了 1.84 億美元已投入的股權資金；也就是在週四完成撥款——在資金到位時回收。這筆資金現在可以重新部署到其他成長計畫中。重要的是，這反映了我們如何管理開發風險。我們紀律嚴明，不承擔重大的投機性風險。

The majority of our equity was invested after lease execution in December. So only 2.5% of the total investment was -- we put in equity and deployed prior to lease signing. And so that goes to how light we are in terms of our risk capital for developing these projects.

我們的大部分股權是在 12 月完成租約簽署之後才投入。因此，在租約簽署前我們投入並部署的股權僅占總投資的 2.5%。這也說明了我們在開發這些專案時，風險資本投入是多麼輕。

There's also potential for additional upside. If construction comes in below current estimates, then the surplus proceeds can flow back to Hut 8, which is additional nondilutive capital. This establishes a repeatable, nonrecourse and nondilutive growth model. The structure is nonrecourse to Hut 8 and non-dilutive to our shareholders. It creates a template we believe we can apply to future projects.

此外還有額外上行空間的可能。如果施工成本低於目前估算，則多餘款項可回流至 Hut 8，成為額外的非稀釋性資本。這建立了一個可複製、無追索權且非稀釋性的成長模式。此結構對 Hut 8 為無追索權，且對我們股東不具稀釋性。它建立了一個我們相信可套用於未來專案的範本。

And we saw strong institutional demand. The offering was multiple times oversubscribed and it's trading well in the aftermarket. We believe that that established us as a credible repeat issuer in the investment-grade credit markets. And the takeaway is this and that there was more than a onetime financing -- the takeaway is that this was more than a onetime financing event.

我們也看到強勁的機構需求。本次發行獲得數倍超額認購，且在次級市場交易表現良好。我們相信這使我們在投資等級信用市場中，成為可信賴的可重複發行人。而重點在於：這不僅僅是一筆一次性的融資——重點是，這次事件不只是一次性的融資事件。

And it represents a structural milestone for the business, validating our model, strengthening our balance sheet and positioning us to scale in a disciplined manner.

而這也代表公司的一個結構性里程碑，驗證了我們的模式、強化了資產負債表，並使我們能以有紀律的方式擴張規模。

So now we have a significant contracted revenue base, a first-of-its-kind financing model and an investment-grade tenant base. What does this combination produce in terms of the financial profile for the business?

因此現在我們擁有可觀的已簽約收入基礎、首創的融資模式，以及投資等級的承租人基礎。這樣的組合，對公司的財務輪廓會產生什麼結果？

When you put those pieces together, contracted revenue, investment-grade counterparties, two not one and long-duration financing, what you get is a fundamentally different financial profile.

當你把這些要素放在一起——已簽約收入、投資等級的交易對手、兩份而非一份、且期限長的融資——你得到的是一個本質上截然不同的財務輪廓。

First, the earnings quality is very high. Approximately $16.8 billion of contracted revenue is expected to flow through as NOI over the initial 15-year terms of the two leases. Under the triple net structure, the tenant is responsible for operating expenses, taxes, insurance, we collect rent. These cash flows are backed by high investment-grade counterparties on a take-or-pay structure.

第一，獲利品質非常高。在兩份租約最初15年的期間內，約168億美元的已簽約收入預計將以NOI的形式流入。在三重淨租（triple net）架構下，承租人負擔營運費用、稅金與保險，我們收取租金。這些現金流由高投資等級的交易對手以「take-or-pay」結構作為支撐。

Second, the cash flows are durable and predictable, long-term contracts with built-in escalators, no exposure to short-term commodity or power price volatility and no reliance on continuous re-leasing or repricing.

第二，現金流具韌性且可預測：長期合約內建調升機制，不受短期商品或電力價格波動影響，也不依賴持續重新出租或重新定價。

Third, the equity return profile is compelling. The contracted portfolio is expected to generate approximately $1.1 billion of annual NOI. This is high-quality reoccurring NOI tied to long-duration infrastructure assets. The key takeaway is that we have transitioned the business from a more volatile operating heavy model to a contracted infrastructure-like model with high visibility and strong margins.

第三，股權報酬輪廓具吸引力。該已簽約投資組合預計可產生約11億美元的年度NOI。這是與長年期基礎設施資產綁定的高品質、可重複發生的NOI。關鍵重點是：我們已將業務從較為波動、偏重營運的模式，轉型為類似基礎設施的已簽約模式，具高度能見度與強勁利潤率。

Investors will want to know if Hut 8 can execute once a deal is signed. How do you think about derisking delivery? And what gives you confidence in the execution model?

投資人會想知道，Hut 8在簽下交易後是否能夠落地執行。你如何看待降低交付風險？又是什麼讓你對執行模式有信心？

The answer is that we've designed the model to derisk execution from day one, and that was a bit of my paranoid nature. First, our investment-grade rating during construction for the financing speaks for itself. The initial rating reflects confidence in not only the underlying lease, but also in our ability to deliver during the construction phase.

答案是：我們從第一天起就把模式設計成能降低執行風險，這也帶點我偏執式的性格。第一，我們在施工期間取得投資等級評級的融資，本身就說明了一切。初始評級不僅反映對底層租約的信心，也反映對我們在施工階段交付能力的信心。

We built the program to reduce execution risk and the ratings we achieved validate that approach. What we've seen is a sub-investment grade rating during construction that potentially has the ability to upgrade. What we saw was we were investment-grade day one and S&P even pointed out that they expect to be upgraded as well post construction.

我們建立這個方案就是為了降低執行風險，而我們取得的評級也驗證了這個做法。我們看到的是：一般在施工期間會是非投資等級評級，之後才可能升級。但我們是從第一天就是投資等級，S&P甚至指出他們也預期在完工後會再獲得升級。

Second, we have brought in best-in-class partners to execute. Jacobs and Roth are among the two strongest operators in the sector. 100% of long lead time equipment is ordered and all major contracts are signed for both campuses. Every partner has contractual delivery obligations and the structures aligned between everybody.

第二，我們引入了同級最佳的合作夥伴來執行。Jacobs與Roth是該領域最強的兩家營運商之一。兩個園區100%的長交期設備都已下單，且所有主要合約均已簽署。每個合作夥伴都有合約上的交付義務，且各方的架構與激勵一致。

Third, we have built accountability deep into the organization. Unlike traditional models that rely on generalist project managers, we've created principles with direct ownership over discrete parts of the project that creates clarity, speed and accountability at every layer.

第三，我們在組織內深度建立問責機制。不同於傳統仰賴通才型專案經理的模式，我們設立了對專案各個明確部分直接負責的負責人（principals），在每一層都帶來清晰度、速度與問責。

Fourth, we set conservative time lines. We're targeting Q2 '27 for the initial data hall delivery at River Bend. Our approach is to underpromise and to overdeliver. And finally, we have built a track record. We have built approximately 1 gigawatt of energy infrastructure historically before these two deals. And we did that on our own.

第四，我們設定保守的時程。我們目標是在2027年第二季於River Bend交付首座資料廳（data hall）。我們的做法是少承諾、多交付。最後，我們也建立了實績。在這兩筆交易之前，我們歷史上已建置約1吉瓦的能源基礎設施。而且是靠我們自己完成的。

Without GCs, we sell GCs, we self-manage with subcontractors. And that proves, I think, our capabilities, which are not only strengthened. And now -- I mean, they're only strengthened by the addition of partners, capital and financing sophistication that we have today that we didn't have back then.

在沒有總承包商（GCs）的情況下——我們不靠GCs，我們以分包商自主管理。我認為這證明了我們的能力，而且不僅如此。而現在——我的意思是——在加入合作夥伴、資本與融資專業度之後，我們的能力只會比當年更強。

And so the takeaway is that execution is something we actively design out of the system. And that execution risk, we remove out of the system as we design the program. And we do that through structure, we do that through partners and discipline.

因此重點是：執行風險是我們主動在系統中「設計排除」的。我們在設計方案時，就把執行風險從系統中移除。我們透過架構、合作夥伴與紀律來做到這一點。

After we announced our River Bend transaction, investors asked if our model was repeatable. After Beacon Point, investors must wonder if deal quality will hold as we scale. How do you answer that?

在我們宣布River Bend交易後，投資人問我們的模式是否可複製。在Beacon Point之後，投資人一定會想：隨著我們擴張，交易品質是否能維持？你怎麼回答？

Again, the question has evolved, right? After River Bend, everyone asked, is this repeatable? Is this a onetime thing? We heard a lot of views that this can't happen again. And Beacon Point, we just did it again at a bigger scale. And I think the question is going to be, can we maintain deal quality as we continue to scale.

沒錯，問題已經演變了，對吧？在River Bend之後，大家都問：這能複製嗎？這是不是一次性的？我們聽到很多看法認為這不可能再發生。而在Beacon Point，我們又做了一次，而且規模更大。我認為接下來的問題會是：隨著我們持續擴張，能否維持交易品質。

And so I think the first part of that is already answered. Within five months, we delivered a new data center lease supported by 352 megawatts of incremental contracted IP capacity. And I think that demonstrates that our model can scale. And so now the real question is quality, not volume, and our response is a bit more structural.

所以我認為第一部分其實已經有答案了。在五個月內，我們交付了一份新的資料中心租約，並由新增352兆瓦的已簽約IP容量所支撐。我認為這證明了我們的模式可以擴張。因此現在真正的問題是品質，而不是量，而我們的回應更偏向結構性。

We're not competing for generic hyperscale demand. We're competing for customers who need a partner with power origination, execution capability and financial sophistication. As power becomes more scarce, those customers have fewer credible options. And we believe that, that increases the value of a developer who they trust and who can actually deliver. And that dynamic supports deal quality, a long-time hyperscale operator put it to be pretty simply.

我們不是在競爭一般性的超大規模（hyperscale）需求。我們競爭的是那些需要具備電力來源取得能力、執行能力與財務專業度之合作夥伴的客戶。隨著電力變得更稀缺，這些客戶可選的可信選項更少。我們相信，這會提高他們信任且能真正交付的開發商之價值。而這種動態支撐交易品質；一位長期的hyperscale營運商把它說得很簡單。

He said, look, the data center cost is relatively small compared to the overall economics of the compute. And it seems like, oh, no, don't say that. How could you be saying that? And he said, look, the real risk is in execution. The real risk is in delay. It's not in price. He said if the deployment is delayed, I have tens of billion dollars of chips sitting idle.

他說：你看，資料中心成本相對於整體算力經濟性其實很小。聽起來像是，喔不，別這麼說。你怎麼能這樣說？他說：真正的風險在於執行。真正的風險在於延遲。不在價格。他說，如果部署延遲，我會有數百億美元的晶片閒置在那裡。

And so if we can become a reliable partner to them, we can expect to continue to earn fair economics for delivering the value that we drive and the confidence that we give to them. And so the supply of developers who can meet that bar is limited, and it's getting small as complexity increases, and we expect that to continue to work in our favor.

因此，如果我們能成為他們可靠的合作夥伴，我們就可以預期，因為我們所創造的價值以及我們帶給他們的信心，而持續獲得合理的經濟回報。能達到那個門檻的開發商供給有限，而且隨著複雜度提高，這個供給還在縮小；我們預期這將持續對我們有利。

Our advantage is that we operate across the full infrastructure stack, the power layer, the digital infrastructure layer and the compute layer. We're not just delivering a building. We're delivering the ability to produce tokens efficiently.

我們的優勢在於，我們橫跨完整的基礎設施堆疊：電力層、數位基礎設施層與算力層。我們不只是交付一棟建築。我們交付的是高效率產出代幣的能力。

Ultimately, what matters most long term is cost per token on a fully depreciated and amortized basis, which is driven by power, data center infrastructure and compute efficiency. And we have capabilities across all three layers: power, and so that includes owning and operating power infrastructure.

最終，長期最重要的是在完全折舊與攤銷基礎下的每枚代幣成本（cost per token），其驅動因素是電力、資料中心基礎設施與算力效率。而我們在這三個層面都有能力：電力——其中包括擁有並營運電力基礎設施。

We own four natural gas power plants totaling 310 megawatts. We just sold that in Q1 of this year. We've built competitive data center capacity, as you've all seen through our last two deals that we've announced. And through high-rise, our wholly owned subsidiary, high-rise is our neo cloud. It's like core we buy competitor, developing technologies that can improve compute efficiency.

我們擁有四座天然氣發電廠，合計310兆瓦。我們在今年第一季剛把那個賣掉。我們也建置了具競爭力的資料中心容量，正如各位從我們最近宣布的兩筆交易所見。此外，透過Highrise——我們的全資子公司，Highrise是我們的neo cloud。它就像是我們的核心：我們買競品、開發能提升算力效率的技術。

The takeaway is that scale does not dilute quality in our model. If anything, it reinforces it because the number of groups that can do what we're doing is limited and shrinking.

重點在於，在我們的模式中，規模不會稀釋品質。如果有什麼影響的話，反而會強化品質，因為能做我們正在做的事情的團隊數量有限，而且正在縮減。

Where are you investing internally to make sure the organization can keep pace with the opportunity?

你們在內部正投資在哪些方面，以確保組織能跟上這個機會的步伐？

Easy. It all starts with people. The organization is the system that determines whether we can scale. I had a conversation with another senior leader at an AI frontier lab. And he said, building a great company is less like hiring for someone who's trying to join a job. It's more about people who want to join something that feels like a religion, and I really resonated with that.

很簡單。一切都從人開始。組織就是決定我們能否擴張的系統。我曾和另一家 AI 前沿實驗室的一位資深領導聊過。他說，打造一家偉大的公司，與其說像是在招募一個想來找工作的人，不如說是在吸引那些想加入一個感覺像宗教般的事物的人；我對這點非常有共鳴。

We're not just looking for pedigree. We're looking for builders, people who are passionate, people who want to come in every day and put in their all to go build something bigger than themselves. We want people who want ownership, who want to solve hard problems and who are all in on what we're doing. And so we're investing in two very specific types of talent that drive commercial outcomes.

我們不只是看出身背景。我們在找的是建造者：有熱情的人、每天都想全力以赴、去打造一個比自己更大的事物的人。我們想要的是願意承擔所有權、想解決難題、並且對我們正在做的事情全心投入的人。因此，我們正在投資兩種非常特定、能推動商業成果的人才。

First, developers with deep power expertise who start with what is the power situation, how do we solve it, not just can we build a data center here.

第一，是具備深厚電力專業的開發人員，他們會先從「電力狀況是什麼、我們要怎麼解決」出發，而不只是「我們能不能在這裡蓋一座資料中心」。

And second, full value chain thinkers, people who understand that a customer's objective is not megawatts, but cost per token and can optimize across power, infrastructure and compute. The Beacon Point redesign is a direct example of what that talent enables. We increased contract value within the same footprint while reducing cost per token.

第二，是能從全價值鏈思考的人：他們理解客戶的目標不是兆瓦數，而是每 token 成本，並能在電力、基礎設施與算力之間做整體最佳化。Beacon Point 的重新設計就是這類人才所能帶來成果的直接例子。我們在相同占地範圍內提高了合約價值，同時降低了每 token 成本。

And that is what I think drives repeat business, that innovation in those discussions with the tenant of being able to be thought partners with them in driving the best outcomes and us driving some of those design decisions.

而我認為，這正是推動回頭客的關鍵：在與承租方的討論中持續創新，能作為他們的思考夥伴一起推動最佳結果，並由我們來推動其中一些設計決策。

We've also been very deliberate in how we structure teams. We do not think in terms of traditional functions. I'll give you an example. We got -- I got super deep into the operations of the business in Q3 of last year. We had two of our main guys get approached by [xAI], and they left and they were like, all right, I'm rolling up my sleeves.

我們在團隊架構上也非常刻意。我們不以傳統職能來思考。我舉個例子。去年第三季我——我非常深入地介入了業務營運。我們兩位核心成員被 [xAI] 接觸後離開了，我就想，好吧，我要捲起袖子親自上。

I remember Sean came in, like, I've heard about you in founder mode. I've never actually seen it. This is pretty cool to see. And we had a procurement team at the time. And I said, how do we go and think about procurement? We're like, well, we have this equipment that we get from the design and engineers. We go, we price it up and we get the price that comes back. But that's fundamentally fled. That doesn't work.

我記得 Sean 進來時說：「我聽過你在創辦人模式下的樣子，但從沒真正看過。看到還挺酷的。」當時我們有一個採購團隊。我說，我們要怎麼思考採購？他們說，嗯，我們有設計與工程師給的設備清單，我們去詢價，然後拿回報價。但那從根本上就有問題。那行不通。

We need to understand how much every single piece of equipment costs to manufacture what raw material costs, what labor costs are, what the sourcing of those -- that timing is. So then by taking that first principled approach, we can go to vendors and say, look, this is where we believe the cost basis is.

我們需要理解每一個設備的製造成本：原材料成本是多少、人工成本是多少、那些來源——以及交期是什麼。如此一來，採取第一性原理的方法，我們就能去找供應商說：你看，這是我們認為的成本基礎。

This is what we believe we vertically integrated everything from transformers to PDUs to switchboards. This is what it would cost. And we think this is a fair margin, and this is how we should operate together as we go forward and as we move forward. And that type of first principle approach fundamentally changes how we operate.

這是我們認為若把從變壓器到 PDU 再到配電盤等全部垂直整合，會是什麼成本。我們認為這是一個合理的毛利，這也是我們未來應該如何一起合作、如何往前走的方式。這種第一性原理的方法，從根本上改變了我們的運作方式。

Today, I have a former Bain consultant who is a chemical engineer that has never done procurement and supply chain, negotiating some of the largest deals in the industry and I think getting some of the best pricing, best lead times. And I think that's because we bring in raw intellect and talent and hunger for mission, and we give them the ability to go solve problems, and they take a very different approach to solving those problems.

今天，我們有一位前 Bain 顧問、同時是化學工程師、從未做過採購與供應鏈的人，正在談判業內一些最大的交易，而且我認為拿到了最好的價格、最好的交期。我想這是因為我們引進的是純粹的智力、才華與對使命的渴望，並賦予他們解決問題的能力；他們也就用非常不同的方式來解決這些問題。

And I think that's what differentiates us and delivers. And finally, we think about all of this as growth investments. That's very, very important. I have our team split out SG&A from growth SG&A to maintenance SG&A because we're investing in capabilities that we believe will allow us to originate and execute next-generation projects.

我認為這就是我們的差異化所在，也是我們能交付成果的原因。最後，我們把這一切都視為成長型投資。這非常、非常重要。我要求團隊把 SG&A 拆分為成長型 SG&A 與維護型 SG&A，因為我們正在投資我們相信能讓我們發起並執行下一代專案的能力。

And so we track that discipline closely to ensure that, that spend is tied to growth and value creation rather than servicing our current obligations. The way that I think about it is we need way less people in our organization today if we want to just maintenance these first two contracts. All of this investment we're putting in is how we continue to scale and continue to grow and compound on this platform.

因此我們會緊密追蹤這項紀律，確保這些支出與成長與價值創造相連結，而不是用來服務我們目前的既有義務。我的思考方式是：如果我們只想維持前兩份合約的運作，那我們今天的組織其實需要少得多的人。我們現在投入的所有投資，都是為了讓我們能持續擴張、持續成長，並在這個平台上持續複利。

And so the takeaway is simple. Scaling the business is not just about capital or assets. It's about building a team that is deeply committed to a mission and capable of executing at a very, very high level.

所以結論很簡單。擴張業務不只是關於資本或資產。而是關於打造一支對使命深度投入、並且能以非常、非常高水準執行的團隊。

And for the investor who's genuinely trying to stress test the thesis, what would you ask yourself about Hut 8? And how do you answer those questions?

對於真正想要壓力測試這個投資論點的投資人，你會問自己關於 Hut 8 的哪些問題？你又會如何回答這些問題？

The first thing we think about is execution. It's a privilege that customers trust us to build the infrastructure that underpins their compute. And so when we sign a lease, we're taking on a real obligation to deliver. When we deliver, we build trust, and that trust compounds over time. And that's why we're very focused on sustainable growth, not just growth for its own sake, but growth that we can actually execute on for our partners.

我們首先思考的是執行力。客戶信任我們去建造支撐其算力的基礎設施，這是一種榮幸。因此當我們簽下一份租約時，我們就承擔了實際的交付義務。當我們交付，我們就建立信任，而這份信任會隨時間累積、複利。這也是為什麼我們非常專注於可持續的成長——不只是為了成長而成長，而是我們確實能為合作夥伴執行落地的成長。

In many cases, we're more focused on setting the right expectations than just maximizing near-term volume. We'd rather be clear about what we cannot do than deliver above expectations than just over trying to get a lease signed. We have also structured the business to support that conservative timelines, contractual delivery obligations with partners like Jacobs and Burns that meet our customer commitments and a track record of delivering hundreds of megawatts on time.

在很多情況下，我們更重視設定正確的預期，而不只是把短期量做大。我們寧可清楚說明我們做不到什麼，也不要為了把租約簽下來而過度承諾；我們更希望交付能超出預期。我們也把業務架構設計成能支撐這點：保守的時程規劃、與 Jacobs 和 Burns 等合作夥伴的合約交付義務以符合客戶承諾，以及按時交付數百兆瓦的實績。

And when I speak to some of our partners, they're like, oh, go more aggressively, go sign more deals. We've walked away from deals that we don't think that we will be able to compound over time. Because when you fast forward 10 years, building a great business is going to be about building trust with some of the key counterparties that we believe have the credit that can stand behind these agreements at this time and being able to grow with them.

當我和一些合作夥伴談時，他們會說：「喔，再更積極一點，多簽一些交易。」但我們也曾放棄一些我們認為無法隨時間複利的交易。因為把時間快轉 10 年，打造一家偉大的企業，將取決於與一些關鍵交易對手建立信任——我們相信他們目前具備能為這些協議背書的信用——並且能與他們一起成長。

And so the second thing we think about is macro and specifically around AI demand. Personally, I believe that we're still very early in the AI adoption curve. And our company is an example of that. We're diving deep into how AI is going to transform our business, but we're still very early.

因此第二件我們會思考的是總體環境，特別是 AI 需求。就我個人而言，我相信我們仍處於 AI 採用曲線的非常早期。而我們公司就是一個例子。我們正在深入研究 AI 將如何改變我們的業務，但我們仍然非常早期。

And so -- but when running the business, I spent a lot more time asking what happens if I'm wrong. And that's why our contracts are long duration, 15-year triple net structures with high investment-grade counterparties that have diversified revenue streams and no termination for convenience.

所以——但在經營這門生意時，我花了更多時間去問：如果我錯了會怎麼樣。這也是為什麼我們的合約是長天期的、15 年期三重淨租（triple net）架構，對手方為高投資等級且收入來源多元，並且不包含「為便利而終止」（termination for convenience）條款。

And just so we kind of clear the air, high investment-grade counterparties means AA- or higher because we had a whole debate about that internally when we were trying to figure out what's the best way to talk about customers and give investors confidence without actually giving tenant names so we can keep confidentiality and continue to execute.

另外，為了把話說清楚，高投資等級對手方指的是 AA- 或以上，因為我們在內部曾就此進行過一場完整的討論：在不透露承租戶名稱、以維持保密並持續執行的前提下，如何以最佳方式談論客戶並讓投資人有信心。

And so the goal is that we're disciplined in how we deploy capital. We don't take significant risk ahead of securing a customer. The goal is to ensure that even if demand or capital availability were to slow materially, we're still in a position of strength. And so what I say is if the music stops thinking overnight, I want to be completely confident in where we are, what our risk capital is out the door and be okay with that and hopefully be in a position of strength to be able to acquire assets at that time to come.

因此，我們的目標是在資本部署上保持紀律。在尚未確保客戶之前，我們不會承擔重大風險。目標是確保即使需求或資本可得性出現實質放緩，我們仍處於強勢地位。所以我常說，如果「音樂」一夜之間停止，我希望能對我們所處的位置、已投入在外的風險資本有十足把握，並能接受那樣的狀態，同時希望在那個時點仍具備強勢地位，得以趁勢收購資產。

And again, personally, I believe demand in compute will scale faster and faster as more adoption happens. But as a leader of this business, we constantly think about all the decisions we make and what is the music stop thinking and how much strength do we have at that moment in time to be able to compound in growth.

再說一次，就我個人而言，我相信隨著採用率提高，算力需求會以越來越快的速度擴張。但作為這門生意的領導者，我們會持續思考每一個決策：如果「音樂停止」會怎樣，以及在那一刻我們有多大的實力，能夠持續複利式成長。

In 2022, when a lot of our peers were going through bankruptcies and restructuring, we went from 60 megawatts to over 600 megawatts in less than three months because we have the balance sheet, we see the opportunity, the operational capability and we scale.

在 2022 年，當許多同業正經歷破產與重整時，我們在不到三個月內把規模從 60 兆瓦擴大到超過 600 兆瓦，因為我們有資產負債表、看得到機會、具備營運能力，並且能夠擴張。

The takeaway is that we're building the business to work in both scenarios. If demand continues to accelerate, we are positioned to scale. If it does not, we are protected by credit, by structure, contracts and discipline.

重點是，我們打造這門生意，是為了在兩種情境下都能運作。如果需求持續加速，我們已就位可擴張。如果沒有，我們也有信用、架構、合約與紀律作為保護。

With River Bend under construction, the Beacon Point lease signed and upsized and an 8.4-gigawatt development pipeline, how do you think about priorities for the rest of the year?

在 River Bend 正在施工、Beacon Point 租約已簽署並擴大，以及 8.4 吉瓦的開發管線之下，你如何看待今年剩餘時間的優先事項？

Two words. Our priorities are execution and scale. So on execution, River Bend is continuing to advance construction toward our Q2 '27 delivery target for the initial data hall. Beacon Point, we've moved from lease signing to full execution mode. These are large, complex projects and delivering them well is the foundation for everything else.

兩個字。我們的優先事項是執行與擴張。在執行方面，River Bend 持續推進施工，以達成我們 2027 年第二季（Q2 '27）首座資料機房（data hall）的交付目標。Beacon Point 方面，我們已從簽約階段進入全面執行模式。這些都是大型且複雜的專案，把它們交付好是所有其他事情的基礎。

On scale, we're continuing to advance our 8.4 gigawatts of development pipeline. The focus is converting that pipeline into contracted high-quality opportunities over time. And for investors, there are three things to watch to track our progress.

在擴張方面，我們持續推進 8.4 吉瓦的開發管線。重點是隨時間把這些管線轉化為已簽約的高品質機會。對投資人而言，有三件事可以用來追蹤我們的進展。

First, delivery execution, delivering projects on time. Second, deal quality, credit quality of counterparties and the economic structure of new contracts. Third, balance sheet discipline, how we finance projects, how we think about parent level balance sheet and debt and whether we continue to scale in a minimally dilutive capital-efficient way.

第一，交付執行力：專案是否按時交付。第二，交易品質：對手方的信用品質以及新合約的經濟結構。第三，資產負債表紀律：我們如何為專案融資、如何看待母公司層級的資產負債表與負債，以及我們是否能以最低稀釋、資本效率高的方式持續擴張。

The takeaway is that the strategy is straightforward, execute on what we have signed and scale the platform in a disciplined way.

重點是，我們的策略很直接：把已簽署的事項執行到位，並以有紀律的方式擴張平台。

Last question. As you look back on the quarter and your tenure as CEO, what do you want investors to take away from today?

最後一題。回顧本季以及你擔任 CEO 的任期，你希望投資人今天帶走什麼重點？

When I took over the role two years ago, we made a set of very clear bets. Power-first development, people didn't understand it at the time. Now everyone is talking about it, partnership over volume and balance sheet discipline over growth at all costs. We believe those bets have paid off.

兩年前我接任這個職位時，我們做出了一系列非常明確的押注。以電力為先（power-first）的開發，當時大家並不理解。現在每個人都在談這件事；我們選擇「合作夥伴優先於量」，以及「資產負債表紀律優先於不計代價的成長」。我們相信這些押注已經獲得回報。

And what I want investors to understand is that this is just the beginning. What we have accomplished to date is the foundation, not the end state. We have proven the model, we have validated the strategy, and we have built the platform, but we're still in the early innings. The opportunity in front of us is to build a generational business at the intersection of power and technology.

而我希望投資人理解的是：這才剛開始。我們迄今為止的成果是基礎，而不是終點。我們已證明模型、驗證策略並建立平台，但我們仍在比賽的前段。擺在我們面前的機會，是在電力與科技的交會點打造一家世代級企業。

And everything we are doing is focused on enabling us to scale that platform in a disciplined way.

而我們所做的一切，都聚焦於讓我們能以有紀律的方式擴張那個平台。

Thank you, Asher.

謝謝你，Asher。

Sean, let's turn to the financials, starting at the top. Revenue and margins both increased significantly, yet we posted a net loss. Walk us through how those three dynamics reconcile.

Sean，我們來看財務，先從最上面開始。營收與毛利率都大幅提升，但我們仍呈報淨損。請帶我們了解這三個動態如何相互對應。

Thanks, Bryan. It's really a function of two things. First, I want to point out the underlying operating performance of the business strengthened materially and it was really unrealized mark-to-market losses on digital assets that drove the headline numbers.

謝謝，Bryan。這主要是兩個因素造成的。第一，我想指出公司的基本營運表現已顯著改善，而推動表面數字的其實是數位資產未實現的按市價評價（mark-to-market）損失。

So diving into the numbers a little bit, net loss of $253.1 million and adjusted EBITDA loss of $250.5 million for the quarter were driven primarily by those unrealized mark-to-market adjustments on digital assets, both at Hut 8 and through the consolidation of American Bitcoin.

稍微深入數字來看，本季淨損 2.531 億美元、調整後 EBITDA 虧損 2.505 億美元，主要是由數位資產的未實現按市價評價調整所致，這些調整同時發生在 Hut 8 本體，以及透過合併 American Bitcoin 的財報認列。

However, from a more operational perspective, revenue grew approximately 226% year over year to $71 million, driven primarily by our compute segment and gross margins expanded to approximately 64% from 14% in the prior year. All of this reflects enhanced operating leverage as we continue to scale the business.

不過，從更偏營運的角度來看，營收年增約 226% 至 7,100 萬美元，主要由我們的算力（compute）部門帶動；毛利率也從去年同期的 14% 擴大至約 64%。這些都反映出我們在持續擴張業務的同時，營運槓桿正在提升。

Let's turn to segment level results. Power segment revenue was down year over year after the sale of our power generation portfolio, but margins improved. What drove that divergence?

我們來看分部層級的結果。電力（Power）部門在出售發電資產組合後，營收年減，但利潤率改善。是什麼因素造成這種分歧？

Yes. So I'll dive into the numbers. So power revenue was $3.7 million versus $4.4 million in the prior year period, and segment margins improved to approximately 44%. The decline in revenue really reflects the sale of our Par North portfolio in February 2026 versus a full quarter in the prior year.

是的。我來拆解一下數字。電力營收為 370 萬美元，去年同期為 440 萬美元，而分部利潤率改善至約 44%。營收下滑主要反映我們在 2026 年 2 月出售 Par North 資產組合，相較去年同期則是完整一季的貢獻。

Similarly, on the cost of revenue side, a decline of $1.5 million, primarily driven by $1.8 million of lower electricity sales due to that Par North divestiture. This is all partially offset by a $300,000 increase in managed services. I think that misses the important story here, though.

同樣地，在營收成本端，減少了 150 萬美元，主要是因 Par North 出售導致電力銷售減少 180 萬美元。其中部分被代管服務（managed services）增加 30 萬美元所抵銷。不過我認為，這樣看會忽略這裡更重要的故事。

And what the story here is less around quarter-over-quarter financials in the power segment and more around our ability to purchase an asset out of bankruptcy, improve its operational and commercial structure and ultimately sell it to one of the premier Canadian IPPs.

而這個故事與其說是電力部門的季對季財務變化，不如說是我們有能力從破產程序中買下資產、改善其營運與商業架構，並最終把它出售給加拿大頂尖的獨立電力生產商（IPP）之一。

This is demonstrative of our focus on continuous improvement, shareholder value creation and deep power expertise. A lot of data center companies now call themselves power-first. For us, this is not a marketing clip. It is fundamental, real and backed by results like this.

這展現了我們對持續改善、創造股東價值以及深厚電力專業的聚焦。現在很多資料中心公司都自稱以電力為先。對我們而言，這不是行銷話術。這是根本、真實的，而且有像這樣的成果作為支撐。

Digital Infrastructure segment revenue was flat year over year. With River Bend and Beacon Point Phase 1 now commercialized, when should investors expect this to change?

數位基礎設施（Digital Infrastructure）部門營收年比持平。在 River Bend 與 Beacon Point 第一期如今已完成商業化之後，投資人應該何時預期這會出現變化？

Sure. So digital infrastructure segment revenue was $1.3 million, which is consistent with the prior year period. Cost of revenue was also stable year over year. However, again, going to the real story here, beginning in Q2 2027 as the data halls of River Bend and Beacon Point Phase 1 are expected to come online, we expect this segment to become our primary growth driver with contribution scaling materially contracted investment-grade back cash flows over time.

好的。因此，數位基礎設施分部營收為130萬美元，與去年同期一致。營收成本也同比保持穩定。不過，再次回到真正的重點：自2027年第二季起，隨著River Bend與Beacon Point第一期的資料機房預計上線，我們預期該分部將成為我們主要的成長驅動力，並且其貢獻將隨時間顯著擴大，來自已簽約的投資級回收現金流。

Can you walk us through the results in the compute segment where there was substantial growth?

你能帶我們回顧一下運算分部的業績嗎？該分部出現了顯著成長。

Segment revenue more than tripled to approximately $66 million from $16.1 million, with segment margins expanding to approximately 67% from 16% in the prior year period. Those are pretty substantial numbers. This growth was driven by improved uptime following a fleet upgrade completed in 2025 at our Salt Creek and Medicine Hat facilities as well as the commencement of operations at Vega in the middle of 2025.

分部營收從1610萬美元增加至約6600萬美元，成長超過三倍；分部利潤率也從去年同期的16%擴大至約67%。這些數字相當可觀。此成長主要來自於我們在Salt Creek與Medicine Hat設施於2025年完成機隊升級後，運行時間（uptime）改善，以及Vega於2025年年中開始營運。

All of these drove total quarterly Bitcoin mining from 135 to 817 year over year. This was partially offset by a decrease in average revenue per Bitcoin mined from approximately $91,512 to $76,077. Overall cost growth was moderate relative to revenue.

上述因素推動季度比特幣總挖礦量同比從135增加至817。但部分被每枚已挖出比特幣的平均收入從約91,512美元下降至76,077美元所抵銷。整體成本增幅相對於營收而言仍屬溫和。

Let's shift now from operating results to how we're capitalizing on our next phase of growth. We closed the financing of our River Bend project after quarter end. What are the key terms? And how did we achieve this outcome?

現在讓我們從營運成果轉向我們如何把握下一階段的成長。我們在季後完成了River Bend專案的融資。關鍵條款是什麼？我們又是如何達成這個結果的？

Key terms of the deal are very clear, and they are the following: a $3.25 billion financing of 16.5-year fully amortizing senior notes at approximately 95% loan to cost at a 6.192% coupon. The bonds are noncallable for life with a BBB- investment-grade ratings from S&P and Fitch. And this allowed us to recycle, as Asher mentioned before, $184 million of previously invested equity back into the company to support future growth.

這筆交易的關鍵條款非常清楚，如下：以約95%的成本貸款比（loan to cost），發行32.5億美元、16.5年期、全額攤還（fully amortizing）的優先票據，票面利率（coupon）為6.192%。該債券全期不可贖回（noncallable），並獲得S&P與Fitch給予BBB-投資級評等。這也讓我們得以如Asher先前提到的，將先前投入的1.84億美元股權回收至公司，用以支持未來成長。

There are a few features we really liked about the bonds. The fully amortizing 16.5-year structure eliminates refinancing exposure post construction. The structure also preserves our ability to add incremental leverage at stabilization if it's something that we want to do, has a covenant-light structure that provides flexibility to us and at 95% loan to cost, we're able to recycle capital out of the project and into the business.

這些債券有幾個我們非常喜歡的特點。16.5年期全額攤還的結構，消除了完工後的再融資風險。該結構也保留了我們在資產穩定後，如有需要可增加額外槓桿的能力；同時採用較少契約限制（covenant-light）的架構，提供我們彈性；並且在95%的成本貸款比下，我們能將資本自專案回收並投入業務。

And lastly, we're able to offset a lot of the negative carry from interest during construction with interest income. And so I think that's something -- those are all facets of the deal that we really like. We spent a lot of time on it, and I'm incredibly proud of the team that delivered on it. I want to make sure that they get a shout out because they worked incredibly hard to deliver this.

最後，我們也能以利息收入抵銷施工期間利息所帶來的相當一部分負面持有成本（negative carry）。因此我認為這些都是我們非常喜歡的交易面向。我們在這上面投入了大量時間，我也為完成此案的團隊感到無比自豪。我想特別點名表揚他們，因為他們為了交付成果付出了極大的努力。

How do we achieve this? It all starts with first principle and adaptability. When we started out looking at the financing of River Bend, initial discussions contemplated a construction loan at approximately 85% loan to cost and SOFR plus 225.

我們是如何做到的？一切始於第一性原理（first principles）與適應力。當我們開始研究River Bend的融資時，最初的討論是以約85%的成本貸款比、利率為SOFR加225個基點的建設貸款。

We later improved this to approximately 90% loan to cost at SOFR plus 240 However, as new credit markets opened, investor demand for data center exposure grew, alternative paths, notably in high-yield and investment-grade markets allowed us to execute a deal that checked a lot of boxes for us at River Bend. So this really gets to that adaptability first principles.

之後我們將條件改善為約90%的成本貸款比、利率為SOFR加240個基點。然後，隨著新的信貸市場開啟、投資人對資料中心曝險的需求增加，替代路徑——尤其是高收益與投資級市場——讓我們得以在River Bend執行一筆符合我們多項需求的交易。這正體現了以第一性原理為本的適應力。

We didn't just look, this is what other people are doing. We need to do that. It was start with the asset and give it the financing that it deserves. And that's fundamentally how we think about everything in the business. This reflects a disciplined approach as well to capital markets execution.

我們不是只看別人怎麼做，然後就覺得我們也必須照做。而是從資產本身出發，給它應得的融資。這也是我們從根本上看待公司所有事情的方式。這同時也反映了我們在資本市場執行上的紀律。

We don't stop at the first attractive option. We just kept running the process and we are confident we secured what we believe were the best result for our company, our customers, our shareholders and now proudly our bondholders. So bondholders we're very happy to introduce into the Hut 8 complex family.

我們不會停在第一個看起來有吸引力的選項。我們持續推進流程，並有信心我們取得了我們認為對公司、客戶、股東，以及如今也包括我們的債券持有人而言最好的結果。因此，我們也非常高興把債券持有人介紹加入Hut 8這個大家庭。

As we continue to commercialize additional sites, we maintain this rigor, examining all options and deciding on the best path for that asset given its specific attributes and the state of the capital markets at any point in time.

隨著我們持續推動更多場址商業化，我們也會維持同樣的嚴謹度，檢視所有選項，並依據該資產的特定屬性以及當時資本市場的狀況，選擇最佳路徑。

Beacon Point is now commercialized. How should investors think about our financing approach for this project?

Beacon Point現在已完成商業化。投資人應該如何看待我們對此專案的融資方式？

At River Bend, the objective was the most accretive and efficient financing structure for that asset. We will bring that same exact standard to Beacon Point. Emerging market conditions could shape the optimal structure, but the first principle thinking will hold. One tenant that will remain intact at Beacon Point, however, is prioritizing a structure that is nonrecourse to the parent at Hut 8.

在River Bend，我們的目標是為該資產取得最具增益（accretive）且最高效率的融資結構。我們也會把完全相同的標準帶到Beacon Point。新興的市場條件可能會影響最優結構，但第一性原理的思維不會改變。不過，Beacon Point有一項原則會維持不變：優先採用對Hut 8母公司層級無追索權（nonrecourse to the parent）的結構。

After quarter end, we also strengthened our balance sheet through the refinancing of our Bitcoin-backed credit facility with FalconX. What are some of the key terms? And how does this transaction advance our broader capital strategy?

在季後，我們也透過與FalconX對比特幣擔保信貸額度進行再融資，強化了資產負債表。一些關鍵條款是什麼？這筆交易如何推進我們更廣泛的資本策略？

The key terms are the following: we refinanced our $200 million Coinbase facility into a new 364-day note with FalconX. The coupon of 7% is down from 9% under the prior Coinbase loan, which is a 200 basis point improvement and a 450 basis points improvement from where we were in June 2024. This is demonstrative of our continuous drive to lower our cost of capital, which we think will create value to all of our stakeholders.

關鍵條款如下：我們將2億美元的Coinbase額度再融資為與FalconX簽訂的新364天期票據。票面利率為7%，低於先前Coinbase貸款的9%，改善200個基點，且相較於我們在2024年6月的水準改善450個基點。這展現了我們持續降低資金成本的努力，我們認為這將為所有利害關係人創造價值。

How does this advance our capital strategy? Approximately 3,300 Bitcoin became unencumbered with a market value of $260 million as of May 1. This brings total unencumbered Bitcoin at Hut 8 to approximately 5,600. Taken all together, this creates more on-balance sheet liquidity and advances our broader objective of optimizing the role of Bitcoin on our balance sheet over time.

這如何推進我們的資本策略？約3,300枚比特幣在5月1日時解除擔保/解除抵押（unencumbered），當時市值為2.6億美元。這使Hut 8的未設擔保比特幣總量提升至約5,600枚。綜合來看，這提高了資產負債表內的流動性，並推進我們長期優化比特幣在資產負債表上角色的更廣泛目標。

To close, one of the most frequent questions we get from investors is how Hut 8 thinks about its capital structure going forward. Exiting Q1, how does the financial architecture we've built position us to scale from here?

最後，投資人最常問我們的問題之一，是Hut 8未來如何看待其資本結構。在第一季結束時，我們所建立的財務架構如何讓我們能從這裡開始擴張？

Well, I'll start with what is that financial architecture and what is it defined. Financial architecture we've built is designed to fund the next phase of growth at an attractive cost of capital with minimal dilution and increasing ability to scale has three pillars: strong parent level liquidity.

好，我先從什麼是這個財務架構、以及它是如何被定義的開始。我們建立的財務架構，旨在以具吸引力的資金成本、在最小稀釋下為下一階段成長提供資金，並提升擴張能力；其有三大支柱：強健的母公司層級流動性。

Approximately $1.3 billion of cash and Bitcoin as of quarter end with no meaningful parent level recourse debt with the exception of our Coatue note. The Coatue note is now deeply in the money, and we have the ability to force conversion as soon as late June, subject to certain conditions by electing to redeem the notes.

截至季末，現金與比特幣合計約13億美元；除Coatue票據外，母公司層級沒有任何具實質意義的追索債務。Coatue票據目前已大幅處於價內（deeply in the money），在符合若干條件的前提下，我們可透過選擇贖回票據，最早於6月下旬即強制轉換。

Second, nonrecourse project level debt. project financing structured against contracted cash flows with no recourse to the parent.

第二，專案層級的無追索權債務。以已簽約的現金流為基礎所架構的專案融資，對母公司不具追索權。

Finally, trajectory towards investment grade. When I joined Hut 8, one of my North Stars was for us to become an investment-grade company. We will continue to work diligently toward an investment-grade rating at the corporate level, which we expect will further compress our cost of capital, unlocking additional value for the company.

最後，朝投資級邁進的軌跡。我加入 Hut 8 時，我們的一個北極星目標就是成為一家投資級公司。我們將持續努力，朝公司層級取得投資級評等邁進；我們預期這將進一步壓縮我們的資本成本，為公司釋放更多價值。

Taken together, this architecture gives us the capacity to scale the pipeline in terms that compound value rather than consume it. Thanks, Bryan.

綜合而言，這套架構讓我們有能力以能夠複利增值、而非消耗價值的條件來擴大管線規模。謝謝，Bryan。

Thank you, Asher. Thank you, Sean. This concludes our discussion. Operator, please open the line for questions.

謝謝你，Asher。謝謝你，Sean。我們的討論到此結束。接線員，請開放提問。

(Operator Instructions) Chris Brendler, Rosenblatt Securities.

(接線員指示) Chris Brendler，Rosenblatt Securities。

Congratulations, really impressive. I have a -- well, just a couple of clarifying questions on Beacon. I didn't see a disclosure on CapEx. If you could give us some indication of the range there.

恭喜，真的非常令人印象深刻。我有——嗯，關於 Beacon 有幾個釐清問題。我沒有看到資本支出（CapEx）的揭露。如果可以的話，請給我們一個大概的區間。

And then also, it looks like the I reading this, the contracted revenues are equal to the operating -- or the net adjusted operating income, so suggesting 100% margins and triple lease, we have only seen 100% just to make sure I'm doing the math right.

另外，看起來如果我這樣解讀，已簽約收入等於營運——或淨調整後營運收入，這表示 100% 利潤率且是三重淨租約；我們只看過 100% 的情況，我只是想確認我算得沒錯。

Thanks. I appreciate the question. And I'll have Bryan send you the deck. We have a deck that kind of breaks all this out as well in addition to the press release on the website. But the CapEx, we've guided to the same range that we guided River Bend to.

謝謝。謝謝你的提問。我會請 Bryan 把簡報寄給你。除了網站上的新聞稿之外，我們也有一份簡報把這些內容拆解得更清楚。至於 CapEx，我們給出的指引區間與我們對 River Bend 的指引相同。

So $9 million to $11 million per megawatt is what we guided River Bend to and we have the same guidance here. In regards to the revenue dropping down to NOIs, the only obligation we have from a cost perspective is maintaining the structural framework of the building and landscaping. And so that really is de minimis.

也就是每兆瓦 900 萬到 1,100 萬美元，這是我們對 River Bend 的指引，而這裡也是同樣的指引。關於收入下沉到 NOI（淨營運收入），從成本角度我們唯一的義務是維護建築的結構框架與景觀。因此那部分其實微不足道。

And that's why the majority of that revenue basically drops down to the bottom line, above 99.9%. And so it's the same exact structure as River Bend, no difference, and we have the same guidance on that deal as well.

這也是為什麼絕大部分收入基本上會直接落到最終損益，超過 99.9%。所以結構與 River Bend 完全相同，沒有差異，我們對那筆交易的指引也一樣。

Okay. If I could follow up, Asher, I had the American Bitcoin last week and sort of very excited about that story as well. How do you think about power prioritization, just given all the success you're having in the HPC space when you think about allocating more power to ABTC's Bitcoin mining efforts?

了解。如果我可以追問一下，Asher，我上週和 American Bitcoin 談過，也對那個故事非常興奮。考量你們在 HPC 領域的成功，當你們在分配更多電力給 ABTC 的比特幣挖礦業務時，你們如何思考電力優先順序？

It's different types of campuses and sizes, right? As we continue to grow, we actually have a multipronged strategy in development. We have large-scale growth in development of mega campuses like we've announced at River Bend and Beacon Point. We have smaller projects in our pipeline.

這牽涉到不同類型的園區與規模，對吧？隨著我們持續成長，我們在開發上其實採取多管齊下的策略。我們正在開發大型成長項目，也就是我們已宣布的 River Bend 與 Beacon Point 這類超大型園區。我們的管線中也有較小型的專案。

We're continuing to grow that origination effort. And from an American Bitcoin perspective, it's a really interesting asset for Hut 8 because the demand is there, but it's not long-term demand. The leases we signed with them are five-year triple net leases. We're looking at a yield on cost of about 20% to 25%.

我們也持續擴大這個案源開發（origination）的投入。從 American Bitcoin 的角度來看，對 Hut 8 而言這是一個非常有趣的資產，因為需求存在，但不是長期需求。我們與他們簽的是五年期三重淨租約。我們預期成本收益率（yield on cost）約為 20% 到 25%。

For them, that's a really accretive capital because they're looking for a two-year payback on their investments that they make into the chips. So it's a really symbiotic relationship. And so for us right now, for American Bitcoin, they're also not looking to scale super aggressively. That market is actually super interesting because everyone has left and gone into the AI sector.

對他們而言，這是非常具增益性的資本，因為他們希望在晶片投資上達到兩年回收期。所以這是一種非常互利共生的關係。而就目前而言，American Bitcoin 也不打算非常激進地擴張。那個市場其實很有意思，因為大家都離開並轉向 AI 產業了。

Difficulty has come down. You don't need to continue to scale to be able to kind of keep market share. Competition is actually leaving. And so it's actually interesting for us, and we think there's a lot more innovation that we're working on where you have one building that you build that can actually convert between different use cases at different cost structures, kind of this approach where we put on modulars and skids to upgrade the redundancy of the building, were able to start with lower redundancy.

挖礦難度已經下降。你不需要持續擴張也能大致維持市占。競爭者其實正在退出。所以對我們來說反而很有意思；我們也在推進更多創新：你建一棟建築，就能在不同使用情境之間轉換、對應不同成本結構——有點像我們採用模組化與滑撬式（skids）設備來提升建築的備援等級，使我們能先以較低備援起步。

And so there's some innovation we're doing on the infrastructure stack. And then also, I think there's some opportunities as well in regards to the power side of things, and we think about the ability to curtail on that infrastructure stack versus the AI infrastructure.

因此我們在基礎設施堆疊（infrastructure stack）上做了一些創新。另外，在電力端也有一些機會；我們也在思考，相較於 AI 基礎設施，在這套基礎設施堆疊上進行削減負載（curtailment）的能力。

So in general, we see it as super symbiotic. They have plenty of capacity. We just reenergized Drumheller for them that we shut down two years ago that they've brought online. And so we are excited by that story as well. I think we spun out $100 million of machines that probably would have gone liquidated for sub-$50 million.

總體而言，我們認為這是非常互利共生的。他們有充足的容量。我們剛為他們重新送電啟用 Drumheller——那是我們兩年前關停的，現在他們已經重新上線。所以我們也對這個故事感到興奮。我想我們分拆出去的 1 億美元機器，原本可能會以低於 5,000 萬美元的價格被清算。

And we have a company that's well worth well over $1 billion today that's been trading and that's been holding as well. And so we're super proud of that team and see them as a great consumer and demand as we continue to scale our overall development platform.

而我們現在有一家今天估值遠超過 10 億美元、已在交易且也在持有的公司。因此我們為那個團隊感到非常自豪，也把他們視為我們持續擴大整體開發平台時的一個很好的用電客戶與需求來源。

I would agree. Asher, Sean, congratulations on all the success. Really impressive.

我同意。Asher、Sean，恭喜你們取得的所有成功。真的非常令人印象深刻。

Steve Glagola, KBW.

Steve Glagola，KBW。

Could you -- can you expand on NVIDIA's role in the Beacon Point transaction and how this relates maybe to the end tenant that you have contracted with?

你能否——能否進一步說明 NVIDIA 在 Beacon Point 交易中的角色，以及這可能如何與你們已簽約的最終承租戶相關？

And then separately, could you explain how you approach sizing and phasing here with the Beacon Point site and maybe why the customer did not initially lease the full campus or secure any options on like Phase 2 capacity and so forth? Appreciate it.

另外，能否解釋你們如何看待 Beacon Point 場址的規模配置與分期推進，以及為什麼客戶一開始沒有租下整個園區，或沒有就第二期容量等取得任何選擇權？謝謝。

Thanks for the question. Great to hear from you again. Congrats on the new role. So NVIDIA is our technology partner. So if we think about River Bend and as we think about Beacon Point, we're showing that we have the ability now to develop for multiple types of chipsets. And I think what's really unique at Beacon Point is the density of that building.

謝謝你的提問。很高興再次聽到你的聲音。也恭喜你擔任新職。NVIDIA 是我們的技術合作夥伴。因此，當我們看 River Bend、以及看 Beacon Point 時，我們正在展示我們現在有能力針對多種不同類型的晶片組進行開發。而我認為 Beacon Point 最獨特之處在於那棟建築的密度。

We have 500 megawatts 5 gigawatt of utility capacity in a single building. I mean, the density is incredible. And a lot of that in terms of how we got more dense, we said we went from the 224 IT, which is roughly around kind of, call it, 300 megawatts of utility to 352 of IT and 500 utility in the same footprint. We had these ideas of innovation.

我們在單一建築內有 500 兆瓦、5 吉瓦的公用事業容量。我的意思是，密度非常驚人。而我們之所以能提高密度，很大一部分是因為我們把 IT 容量從 224（大約相當於 300 兆瓦的公用事業容量）提升到同樣占地下面的 352 IT 與 500 兆瓦公用事業容量。我們有一些創新想法。

We worked with NVIDIA as a technology partner. We said, hey, we think we can actually get much more dense for where the chipsets are heading. What do you think can we compress this? And so the ability to have two buildings at Beacon Point that captures a full gigawatt of capacity and then be able to have all that other land access, we thought was really unique.

我們與 NVIDIA 作為技術合作夥伴一起合作。我們說，嘿，我們認為隨著晶片組的發展方向，我們其實可以做到更高密度。你覺得如何——我們能把它再壓縮嗎？因此，在 Beacon Point 能有兩棟建築涵蓋完整 1 吉瓦的容量，並且還能取得其餘土地的使用權，我們認為非常獨特。

And so the tenant does have a ROFO right on the remaining capacity at the campus. And some exclusivity for a short period of time to decide what they want to do on kind of the next phase. So those options do exist and have to do a bit more about kind of sequencing and planning and so forth, but we're excited to continue to grow both this campus and River Bend.

因此，承租人確實對園區剩餘容量享有 ROFO（優先要約權）。並且在短時間內享有一定的排他性，以決定他們在下一階段想做什麼。所以這些選項確實存在，更多是關於時程排序、規劃等方面，但我們很期待能持續擴大這個園區以及 River Bend。

John Todaro, Needham & Company.

John Todaro，Needham & Company。

Congrats. This is tremendous to see. I guess just as it relates to the tenant, I noticed it wasn't really necessarily called out as a hyperscaler lease. Just wondering if that's due to kind of a high degree of confidentiality or if there's actually kind of a new customer cohort coming into the space?

恭喜。看到這個真的很振奮。我想就承租人而言，我注意到你們並沒有特別把它稱作超大規模（hyperscaler）租約。想請教這是因為高度保密的需求，還是其實有一批新的客戶族群正在進入這個領域？

No, you guys know who it is. There are only so many people at the balance sheet that are investment grade that will sign 352-megawatt type contracts. I think we learned a lot on the first deal that we announced. And I think it was important, but what we learned was a lot of our peer sets that are competing in this sector, they're private.

不，你們知道是誰。資產負債表具投資等級、而且會簽 352 兆瓦這種合約的人就那麼幾家。我想我們從第一次宣布的那筆交易學到很多。我認為那很重要，但我們學到的是：在這個領域與我們競爭的許多同業是私人公司。

And so deals can be done. You don't need this big public splash on deals and deal terms. And I think that just removes any room for kind of third parties to come and talk about your deals and so you can just focus on execution.

所以交易是可以做成的。你不需要對交易和條款做很大的公開宣傳。而我認為那也能減少第三方來評論你們交易的空間，讓你們可以專注在執行上。

And so I think on a go forward, whether tenants want us to disclose their name or not, I think our thought process is we're not going to go out there and kind of blast who our tenants are. Eventually, on our web page, we'll say, hey, here's the portfolio of customers we have. We won't tell you what sites they're at, et cetera.

因此我想未來，不論承租人是否希望我們揭露其名稱，我們的想法是：我們不會到處去大肆宣傳我們的承租人是誰。最終在我們的網站上，我們會說，嘿，這是我們的客戶組合。但我們不會告訴你他們在哪些站點，等等。

But I think that confidentiality is something that we really reflected on in Q1 and said, moving forward, let's approach it this way and let's double down where customers can focus on us as their reliable partner, and we don't need noise in the ecosystem. So that was kind of part one. This is kind of a Hut 8 philosophy that we're going to pick up and take moving forward.

但我認為保密性是我們在第一季真正反思過的事情，並且說：往後我們就用這種方式來做，並且加倍努力，讓客戶能把我們視為可靠的合作夥伴，而我們不需要生態系裡的雜音。所以這算是第一部分。這也是一種 Hut 8 的理念，我們會延續並在未來採用。

And then I think just in general, like we went as deep into the deal terms this time around because we want to show folks. A big question after December was everyone said, this is not going to be possible. Again, it is possible guys, we think this is fair deal terms. We see these deal terms in the private markets where the majority of these contracts are being executed.

然後我想整體而言，這次我們之所以把交易條款講得更深入，是因為我們想讓大家看到。12 月之後有個很大的問題是：大家都說這不可能。但各位，這確實是可能的，我們認為這是公平的交易條款。我們在私募市場也看到這些條款，而多數合約都是在私募市場完成簽署的。

And so showing that as well. But I think as we continue to move forward and hopefully, we've built the confidence amongst our analysts and shareholder group that we'll focus on building the business, continue to operate with the same amount of rigor and structure and focus less on, let's just put everything out there and focus more on building and kind of compounding building that trust.

所以也把這點展示出來。但我想隨著我們繼續往前走，並且希望我們已在分析師與股東群體中建立信心，我們會專注於把事業做大，持續以同樣的嚴謹度、架構與專注度來營運，並且少一些「把所有事情都攤在陽光下」，多一些專注於建設、以及透過持續交付來累積信任。

But again, one thing that I want to like reiterate, we didn't just announce a deal today, just like in December. We announced a program. All long lead time items are fully secured, fully ordered, contracted, locked in. Our labor is locked in, commitments to the timelines are locked in, like this yet again is not us announcing a deal.

但再說一次，我想重申一點：我們今天不是只宣布一筆交易，就像 12 月那次一樣。我們宣布的是一個計畫。所有長交期項目都已完全確保、完全下單、完成簽約並鎖定。我們的勞務也已鎖定，對時程的承諾也已鎖定；也就是說，這再次不是我們在宣布一筆交易。

It's announcing a full execution program. I think that's extremely important because doing it once, people may say maybe with a fluke, doing it too is structural and is a part of our program.

而是在宣布一個完整的執行計畫。我認為這非常重要，因為做成一次，大家可能會說是運氣；做成兩次就代表是結構性的，是我們計畫的一部分。

Understood. That's very helpful. And you did just mention there some of the lease rates that you're kind of seeing similar ones in the private market. There does seem to be a little bit of a difference for some of the public peer leases out there where your guys' rates are coming in at a very attractive economics.

了解。這非常有幫助。你剛剛也提到你們看到的一些租金費率，和私募市場的水準相近。但看起來相較於一些上市同業的租約，你們的費率在經濟性上非常有吸引力，似乎存在一些差異。

Just do you think execution is starting to come in? And if so, maybe frame up confidence in execution considering we're still a bit early in terms of actually delivering some of these sites?

想請教你是否認為執行能力開始反映出來了？如果是的話，考量到我們在實際交付這些站點方面仍算偏早期，你能否談談對執行的信心？

Execution is really what's going to matter most. Look, I think on some of these deals, we can probably push for an extra $5, $10 a kilowatt per month as well. We don't. We try to go for what is a fair deal that everyone feels good about and that we can continue to scale and compound over time. And so I'll start with that.

執行才是最重要的。你看，我想在某些交易上，我們也許可以再多爭取每千瓦每月多 5 或 10 美元。但我們不這麼做。我們努力追求一個公平的交易，讓每個人都覺得合理，並且讓我們能隨時間持續擴張、持續複利成長。所以我先從這點開始。

Second is -- and I talked about this a little bit in kind of our Q&A section. One of our hyperscale large-scale customers was like, look, the cost of the data centers are not that much in regards to the cost of the compute and the opportunity cost of that compute and selling that or using that compute. And so we need you guys to deliver so we can start running our business. It's critically important in our capacity planning.

第二點是——我在我們的問答部分也稍微談到——我們的一位超大規模大型客戶說：你看，資料中心的成本相對於算力成本、以及那個算力的機會成本（把算力拿去賣或用來營運）其實不算高。

And execution is really, really what matters. If you look at our timelines on both projects, we were pretty conservative on those. we have buffer in there even on the delivery just to make sure that we deliver on time. Like I don't -- like the delayed damages are not the issue. The issue is credibility. And we're very, very focused on that.

而執行真的、真的才是關鍵。如果你看我們兩個專案的時程，我們在那方面其實相當保守；即使在交付上我們也留了緩衝，以確保能準時交付。像我不——延遲損害賠償不是問題。問題在於可信度。而我們非常、非常專注在這件事上。

And so for us, like execution is key. It's key to building trust is key to building relationships, similar to all the shareholders who are on the call today and all the analysts. When we started two years ago, no one knew who we were, right? After the merger, we came in, we took over the executive team. The stock was at $6.

所以對我們而言，執行是關鍵。它是建立信任的關鍵，也是建立關係的關鍵——就像今天在電話會議上的所有股東與所有分析師一樣。兩年前我們起步時，沒有人知道我們是誰，對吧？合併之後，我們進來接手了管理團隊。當時股價在 6 美元。

The institutional ownership was low, and we said, look, don't just take our word, let us just execute and just focus on execution. And I think coming into this industry, just focusing and doing the same thing is how we're going to build trust. I think we've built trust with our shareholders, and we're going to build trust in the long term with our tenants as well by just keeping our heads down and executing and building.

機構持股比例很低，而我們說：你看，不要只聽我們說，讓我們用執行來證明，專注在執行上。我認為進入這個產業後，持續專注並做同樣的事，就是我們建立信任的方式。我想我們已經和股東建立了信任，而我們也會透過持續低頭執行與建設，在長期與承租人建立信任。

Congrats again. This is really great to see.

再次恭喜。看到這樣真的很棒。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Congrats on the deal. Maybe just to double click, I don't want to beat a dead horse, but on the Beacon Point tenant, can we rule out that it's not Anthropic, Google, and Fluidstack are an extension of that relationship just because given that you do have that 1-gigawatt diligence agreement with them, it's a pretty meaningful swing factor for us in terms of whether this deal represents incremental demand or whether it's drawing from that existing relationship.

恭喜這筆交易。也許再追問一下，我不想老調重彈，但關於 Beacon Point 的承租人，我們能否排除它不是 Anthropic、Google，且 Fluidstack 只是該關係的延伸？因為考量到你們與他們有那份 1 吉瓦的盡職調查協議，對我們而言，這會是很重要的變動因素：也就是這筆交易代表的是新增需求，還是從既有關係中挪用出來的需求。

So any like color around that and that -- where you sit with that diligence agreement with Anthropic would be great.

所以，任何像是圍繞那方面的背景說明——你們在與 Anthropic 的盡職調查協議上所處的位置——都會很有幫助。

Yes. And it is net new growth. And I think when we announced River Bend, we shared that we have multiple interested counterparties that we built relationship with, and we believe that we have a diversified platform to support large-scale compute and loads as we continue to scale.

是的。而且這是淨新增成長。我想在我們宣布 River Bend 時，我們分享過我們與多個有興趣的交易對手建立了關係，我們相信我們擁有一個多元化的平台，能在我們持續擴張的同時，支援大規模運算與負載。

And so there are obviously many other high investment-grade tenant counterparties that are AA- or higher, but it's a credit profile that we're very, very confident and comfortable with, and we're excited to add another partner within the ecosystem.

因此，顯然還有許多其他高投資等級的租戶交易對手，信用評等為 AA- 或更高；但這是一個我們非常、非常有信心且感到安心的信用概況，我們也很興奮能在這個生態系中再加入一位合作夥伴。

Congrats again.

再次恭喜。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Maybe just on River Bend, could you just remind us the timing of maybe energy and then bringing additional power to that region, which would be important for fluid stacks expansion at that site?

或許就 River Bend 而言，你能否提醒我們一下時程：例如先是供電，然後再把額外電力導入該區域的時間點？這對該場址的液冷堆疊（fluid stacks）擴充會很重要。

So power for the initial phase of 330 megawatts of utility, we actually have the switcher that building that's becoming ready in the next couple of months, so far before energization of the data center. And so the power will be there before the data center is there, and that was done purposely, again, giving ourselves buffer and the ability to execute.

初期階段的 330 兆瓦公用事業電力，我們其實已經有那座切換站（switcher）建築，接下來幾個月就會準備就緒，因此會遠早於資料中心通電。所以電力會在資料中心到位之前就先到位；這是刻意為之，再次強調，是為了給自己緩衝並確保執行能力。

On net new -- and so the data center is coming online between Q2 and the end of next year in 2027. In regards to additional capacity, we've been working closely with Entergy Louisiana and also kind of IPV partners in regards to the overall generation story and how do we scale that quicker and faster in that scale.

就淨新增而言——因此資料中心會在 2027 年明年第二季到年底之間上線。至於額外容量，我們一直與 Entergy Louisiana 以及一些 IPV 夥伴密切合作，討論整體發電的規劃，以及我們要如何更快、更迅速地把規模擴上去。

So we haven't shared the exact dates and scale of that yet, but hope to do so in the coming time period.

我們目前還沒有對外分享確切日期與規模，但希望在接下來一段時間能夠公布。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Congratulations on the great news. So I mean, the company has done so much in the past couple of years. Just taking a step back, what does success look like for you by 2030? And how would you qualify that?

恭喜這個好消息。公司在過去幾年做了非常多事情。退一步來看，你們到 2030 年的成功會是什麼樣子？你會如何界定？

It's a good question. Today, I spend probably less than 3% to 5% of my time on the 700-plus megawatts that we manage for American Bitcoin and all of that infrastructure. And that's because of how strong the team has been and built. I think that could build a gigawatt a year if we wanted to, and I would still spend 3% to 5% of my time on it.

這是個好問題。目前，我大概只有不到 3% 到 5% 的時間花在我們為 American Bitcoin 管理的 700 多兆瓦，以及所有那些基礎設施上。這是因為團隊非常強，而且已經建立起來。我認為如果我們想要的話，一年建一個 GW 都可以，而我仍然只需要花 3% 到 5% 的時間在上面。

And that goes to the strength of the team that we built and we scale, which is why we kind of kept that business but spun out the volatility. I think at that point in time, I hope the data center platform is equally as mature of a program that we're able to scale programmatically where I can spend 3% to 5% of my time on that, and we can focus on how do we continue to scale innovation within the company.

這反映了我們所建立並擴張的團隊實力，也就是為什麼我們保留了那個業務，但把波動性拆分出去。我想到了那個時間點，我希望資料中心平台也同樣成熟，成為一個我們能以「程式化」方式擴張的體系，讓我也只需要花 3% 到 5% 的時間在上面，然後我們可以把重心放在公司內部如何持續擴大創新。

I think the beauty with AI is today, it takes us six months to build data center with dozens and dozens of engineers, hundreds of thousands of man hours data centers should be able to be designed and built in days, not months with AI. And we should be able to be guiding the first principles of how to design.

我認為 AI 的美妙之處在於：今天我們需要六個月、數十位工程師、數十萬工時來建資料中心；但在 AI 的幫助下，資料中心應該能在幾天內完成設計與建造，而不是幾個月。而我們應該能以第一性原理來引導如何設計。

And then when it comes to physical infrastructure, how do we think about improving the infrastructure stack and driving efficiency of how to build these much better, much more efficiently. I really do believe that we're in an unbelievably unique moment in history where physical intelligence with AI and robotics is going to unlock a whole new wave of transformation of companies to be able to grow and scale.

接著談到實體基礎設施，我們要如何思考改善基礎設施堆疊，並提升建造效率，讓這些建設做得更好、更有效率。我真的相信，我們正處在歷史上一個極其獨特的時刻：AI 與機器人帶來的「物理智慧」將解鎖全新一波轉型，讓企業能夠成長並擴張。

And I always tell folks internally, I don't want you guys to think of us as another data center company. Think of us like a SpaceX and/or all company. We are a technology infrastructure company, and we're focused on how do we think and build differently and the technology is here and is continuing to improve to meet us there.

我也常在內部跟大家說，我不希望你們把我們想成另一家資料中心公司。把我們想成像 SpaceX 之類的公司。我們是一家科技基礎設施公司，我們專注於如何用不同的方式思考與建造；而技術已經到位，並且持續進步，能夠讓我們做到這一點。

And so when I look at 2030, we will have a much, much bigger data center infrastructure platform that gives us durable contracted cash flows and becomes kind of our core cash flow engine, similar to Google and their search, and we'll have the ability to build a physical infrastructure and intelligence company that is able to build infrastructure faster, cheaper and better than everyone else we compete against.

所以當我看 2030 年時，我們會擁有一個大得多的資料中心基礎設施平台，帶來具韌性的合約式現金流，並成為我們的核心現金流引擎，有點像 Google 的搜尋一樣；同時，我們也將具備打造一家「實體基礎設施與智慧」公司的能力，能比所有競爭對手更快、更便宜、更好地建設基礎設施。

And I mean, that's kind of, in my mind, the ultimate vision of what success looks like and being on that trajectory in 2030.

而我想，這在我心中就是成功的終極願景——並且在 2030 年走在那條軌道上。

Great. That's excellent color. And I guess just as a quick follow-up, what do you view as the biggest constraint over the next two or three years? And how do you balance, call it, the pace of pipeline conversion against perhaps execution risk?

很好。這些補充非常有幫助。那我再快速追問一下，你認為未來兩到三年最大的限制是什麼？你們如何在管線轉換速度與可能的執行風險之間取得平衡？

Energy, obviously, right now, everyone is kind of competing for energy. We have a lot of regulatory changes. And I think that also creates differentiation. The harder it is to do something, the people who can do it best are the ones that shine. So I think that I'm not as concerned by. When we think about power energy origination, you're going to have front-of-the-meter opportunities you're going to have behind-the-meter opportunities and you're going to have power generation opportunities.

能源，顯然是，對吧？現在大家都在搶能源。我們也面臨許多監管變動。我認為這也會創造差異化。事情越難做，最能把它做好的人就越能脫穎而出。所以我對這點沒有那麼擔心。當我們思考電力／能源的取得（origination）時，你會有表前（front-of-the-meter）的機會、表後（behind-the-meter）的機會，以及發電（power generation）的機會。

And the beauty is we've done all three, and we've done all three at scale in the hundreds of megawatts. We have over 0.5 gigawatt of behind-the-meter projects. We have over 0.5 gigawatt of front-of-the-meter projects, and we had about 310 megawatts of power generation. So we have that expertise.

而美妙之處在於，我們三種都做過，而且都以數百兆瓦的規模做過。我們有超過 0.5 GW 的表後專案。我們有超過 0.5 GW 的表前專案，而且我們曾有約 310 兆瓦的發電。所以我們具備那樣的專業能力。

I think when we think about just the US, the bigger thing that I'm focused on is how is the overall sentiment and morale within the population on AI and on data center infrastructure. There are some areas that are getting really scared about AI, and there's pushback on having data centers. I'm sure everyone has seen that.

我認為當我們只看美國時，我更關注的是整體民意與士氣對 AI 以及資料中心基礎設施的看法。有些地區開始對 AI 感到非常害怕，也對興建資料中心出現反彈。我相信大家都看到了。

And how do we be a bigger part of having people understand that the US being at the forefront of building this infrastructure is going to be what continues to keep us at the forefront of leading the world and the global economy. And so I think that's one big area that I spend time thinking about and talking to a lot of our partners on.

我們要如何更積極地讓大家理解：美國站在建設這些基礎設施的最前線，將是讓我們持續站在世界與全球經濟領先地位的關鍵。所以我認為這是一個我花很多時間思考、也和許多合作夥伴討論的重要領域。

And then from a growth of the company perspective, how do we continue to maintain this culture that we've built? Of just this relentless work ethic first principles approach and this energy and this buzz. Everyone who comes to the office, one of the first things they say is like, wow, there's a real buzz going on here.

然後從公司成長的角度來看，我們要如何持續維持我們建立起來的文化？也就是這種不懈的工作倫理、第一性原理的方法，以及這股能量與熱度。每個來到辦公室的人，第一句話常常是：哇，這裡真的有一股熱度。

How can people don't go home? How can people stay so late? And as we continue to scale and grow, like really holding that quality because I think that is what allowed us to do the types of things that we've done to date and will allow us to continue to scale in that way. I'm a deep believer that A players hire A players and B players hire C players and making sure we empower all of our A players continue to hire -- continue to scale.

大家怎麼都不回家？大家怎麼能待到這麼晚？而當我們持續擴張與成長時，要真正守住這種品質，因為我認為這正是讓我們至今能做到這些事情、也將讓我們能以同樣方式持續擴張的原因。我深信 A 級人才會招募 A 級人才，B 級人才會招募 C 級人才；而我們要確保賦能所有 A 級人才，持續招募——持續擴張。

And so kind of synthesizing all that, I think on a macro perspective, it's overall sentiment in the US in the general population and fixing the narrative around data centers and AI. And then I think from a company perspective, continuing to maintain quality of talent, not just scale of talent.

因此把這些綜合起來，我認為從宏觀角度看，關鍵在於美國整體民眾的情緒，以及修正圍繞資料中心與 AI 的敘事。接著我認為從公司角度看，持續維持人才品質，而不只是人才規模的擴張。

Great. And again, congratulations on the substantial contract win.

很好。再次恭喜你們拿下這筆相當可觀的合約。

Mike Grondahl, Northland Securities.

Mike Grondahl，Northland Securities。

Congrats on Beacon Point. Two questions. Did you say when the next incremental 500 gross megawatts at Beacon Point is available? Any thoughts there? And then secondly, is there an update on Anthropic fluid stack relationships?

恭喜 Beacon Point。兩個問題。你有提到 Beacon Point 下一個新增的 500 兆瓦（毛）何時可用嗎？有任何想法嗎？第二，Anthropic 的 fluid stack 合作關係有更新嗎？

Yes. So the data center campus itself, 700 megawatts is actually available in Q1 and then the additional 300 megawatts in the 24 months thereafter. So we have a pretty good ramp schedule of what it would look like for the full gigawatt campus.

有。所以資料中心園區本身，700 兆瓦其實在第一季就可用，之後 24 個月內再新增 300 兆瓦。因此我們對於完整 1 吉瓦園區的爬坡時程有相當清楚的規劃。

And then in regards to the Anthropic relationship, we have a very strong relationship. We're talking about opportunities, and we're talking about there obviously massive demand profile. And they obviously were a part of -- and Google were part of kind of the deal last week that we did on the bond structure. I think it's finding the right opportunities for us.

至於與 Anthropic 的關係，我們的合作非常緊密。我們正在討論機會，也在談他們顯然非常龐大的需求輪廓。而他們顯然也是——Google 也一樣——上週我們在債券結構上所做交易的一部分。我認為重點在於為我們找到合適的機會。

Tenant diversification was important as well just because you have some of the best credit kind of behind some of these agreements, I think having diversification of that credit is important as we continue to scale. And luckily enough, we've built relations with multiple counterparties. But we do live in a world right now where there's a lot of demand.

租戶多元化也很重要，因為這些協議背後有一些最優質的信用，我認為在我們持續擴張的過程中，讓這些信用來源更分散是重要的。而且很幸運的是，我們已與多個交易對手建立了關係。但我們現在所處的世界，需求確實非常旺盛。

And if you have a good program and if you have good opportunities, like that demand is there. And so we're excited to continue to kind of build those relationships, and we're excited to be a partner for the industry not just a partner for a single user, but a partner for the industry. We believe in the possibilities of AI, what AI means for the US and for our businesses and our technologies and for the people here.

如果你有好的方案、也有好的機會，需求就會在那裡。所以我們很期待持續建立這些關係，也很期待成為產業的合作夥伴——不只是單一使用者的合作夥伴，而是整個產業的合作夥伴。我們相信 AI 的可能性，相信 AI 對美國、對我們的企業與技術、以及對這裡的人們所代表的意義。

And so being able to support the industry is kind of core to our thesis rather than just kind of picking one horse, but building a program that can support the best technological companies in the US and pushing them forward.

因此，能夠支持整個產業是我們核心投資論點的一部分，而不是只押注某一匹馬；而是打造一個能支持美國最頂尖科技公司的方案，並推動它們向前。

And that diversification makes a lot of sense the way you sum it up like that.

你這樣總結，多元化確實很有道理。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

My congratulations as well on all the progress. Really great to see. Just Asher, on your power-first approach to the business here. Some of your peer companies are talking a bit more about developing behind-the-meter opportunities.

我也要恭喜你們在各方面的進展。看到這樣真的很棒。Asher，關於你們以電力優先（power-first）的方式來推動這門生意。你們一些同業公司更多在談開發表後（behind-the-meter）的機會。

Just wondering if that's something in your playbook, if you're spending time on it and how that may play out in your strategy given all the demand you're seeing?

想請教這是否也在你們的策略手冊裡？你們是否有投入時間在這上面？在你們看到如此強勁需求的情況下，這會如何在策略上展開？

I mean, it's been a part of our playbook now for four years. We had our first behind-the-meter project. I mean, at this point, we've done three large-scale behind-the-meter projects, one at King Mountain, which is 280 megawatts, one at Vega, which is 205 megawatts and one at Granbury that we manage for generate capital, that's 300 megawatts.

我的意思是，這已經在我們的策略手冊裡四年了。我們第一個表後專案已經做過。到目前為止，我們已做了三個大型表後專案：一個在 King Mountain，280 兆瓦；一個在 Vega，205 兆瓦；以及一個在 Granbury，我們替 Generate Capital 管理，300 兆瓦。

And so we have a lot of experience dating back over four years on infrastructure and behind-the-meter structures and how to operate them, obviously, power generation as well. We think where kind of the trend is going is utilities are learning how to develop and build and scale at a faster rate that they have historically.

因此我們在基礎設施與表後架構，以及如何營運它們方面，累積了超過四年的經驗，當然也包括發電。我們認為趨勢的走向是，公用事業公司正在學習如何以比過去更快的速度開發、建設並擴張。

And if you can bring power solutions to bring in power sooner, I think that is kind of the value creation that can be done. And I think ultimately, you want to sleeve kind of the generation and the load through the grid. So both generation and load have the redundancy from the grid.

如果你能提供電力解決方案、讓電力更早到位，我認為那就是可以創造價值的地方。而我認為最終你會希望把發電端與負載端透過電網來「承接／配置」（sleeve）。如此一來，發電與負載都能從電網獲得備援。

The utility and transmission operator gets to make their transmission fees, and it's a win-win across the board, and you're able to drop down the overall kind of rate base for the ultimate ratepayers and drop down their cost of electricity as well. And so we're very involved in kind of all those opportunities. And I think we'll just kind of share more as we execute on them.

公用事業公司與輸電營運商也能收取輸電費，這對各方都是雙贏；同時你也能降低最終用戶的整體費率基礎（rate base），並降低他們的用電成本。因此我們非常積極參與這些機會。我想我們會在執行推進後再分享更多。

(Operator Instructions) George Sutton, Craig-Hallum.

（接線員指示）George Sutton，Craig-Hallum。

Asher, great job. You mentioned a very interesting thought process that it is getting scarcer as the complexity increases for those who can actually do these kinds of transactions. And I wondered if you could just walk through the increased complexity.

Asher，做得很棒。你提到一個很有意思的想法：隨著複雜度提高，真正能做這類交易的人變得更稀缺。我想請你談談這種複雜度增加的具體面向。

Are you referring to the next-generation GPUs and some of the challenges working with them? Is it the regulatory environment? Just curious on that scarcity argument that you made.

你指的是下一代 GPU，以及與它們合作的一些挑戰嗎？還是監管環境？只是對你提出的「稀缺性」論點感到好奇。

I think it's a multitude of factors that lead to the environment and developing more difficult, which I think leads to opportunities for really strong developers. So I'll go through those. Starting at the front end, obviously, power is becoming harsher to source. You have to be a lot more sophisticated. You have to help utilities solve their problems and their bottlenecks to be able to get power faster.

我認為是多重因素共同造成環境變得更難開發，而這也為真正強的開發商帶來機會。我逐一說明。首先在前端，顯然電力來源變得更難取得。你必須更成熟、更有能力。你必須協助公用事業公司解決他們的問題與瓶頸，才能更快取得電力。

Second is from a kind of government affairs, regulatory environment, there are a lot of places that are scared of data centers and that education is extremely important, understanding what they're scared of, being able to talk through if some of those are false fallacies or if there are real concerns being able to address those. And so that community development and partnership really matters.

第二是政府事務與監管環境：有很多地方對資料中心感到害怕，因此教育溝通極其重要——理解他們害怕什麼；若其中一些是錯誤迷思，就能把話說清楚；若有真實疑慮，也要能加以回應。因此社區發展與夥伴關係真的很重要。

Then you go into the design. The designs are changing. How do you think about this asset that you're building, the long-term duration of this asset, the ability to be able to evolve and be able to be an infrastructure stack for multiple chipsets. When our team was able to put in 330 megawatts of utility on the campus, most people would say, all right, that's good enough. That's great.

接著進入設計層面。設計正在改變。你要如何思考你正在建造的這項資產、它的長期使用年限、以及它能否演進、能否成為支援多種晶片組的基礎設施堆疊。當我們團隊能在園區導入 330 兆瓦的公用事業電力時，多數人會說，好了，這已經夠了。很棒。

I was like, no, we need more. Figure out how to design better. And then our team kind of walked through the design with NVIDIA and worked with them. And I mean, it's going to be one of the most advanced data centers with 0.5 gigawatt capacity in a single building on earth, and we're very excited and proud to be one of the first to do that.

但我說，不，我們需要更多。想辦法把設計做得更好。然後我們團隊就與 NVIDIA 一起把設計走過一遍並合作。我的意思是，這將會是全球最先進的資料中心之一：單一建築就有 0.5 吉瓦的容量，我們非常興奮，也很自豪能成為最早做到這件事的公司之一。

And then as you think about kind of the overall infrastructure stack, I think the problem to solve is not how do you build a data center. It's how do you build a data center on time? How do you build a data center with really unique design and technology to drive costs down, increase quality? And how do you build one that the community is proud to have in their backyard and they're excited to have be a part of the community in their environment.

再來，當你思考整體基礎設施堆疊時，我認為要解決的問題不是「你怎麼蓋一座資料中心」。而是「你怎麼準時蓋好一座資料中心」。你怎麼用非常獨特的設計與技術來降低成本、提升品質？以及你怎麼蓋出一座讓社區以它在自家後院為榮、也很樂意它成為社區一部分的資料中心。

And so as we see kind of all of these complexities increase, we're actually seeing more and more M&A opportunities on everything from early-stage sites where people locked in interconnect and can't commercialize or build it to later-stage opportunities as well.

因此，隨著我們看到各種複雜性提升，實際上我們也看到越來越多的併購（M&A）機會，涵蓋從早期場址（有人已鎖定併網但無法商轉或建置）到較後期的機會。

And so we're having more people join our corporate development team as well to look at those opportunities because people say, you know what, you're a trusted developer. I trust you. I don't even need anything upfront. We can look at other deal structures, but I trust you that you can take this to the finish line.

因此，我們也讓更多人加入企業發展團隊來評估這些機會，因為有人會說，你知道嗎，你是一個值得信賴的開發商。我信任你。我甚至不需要任何前期條件。我們可以看其他交易架構，但我相信你能把這件事做到最後、順利收尾。

And I think we'll see more of those opportunities come to light because execution is really what's going to matter and being able to deliver on time and on schedule.

我認為我們會看到更多這類機會浮現，因為真正重要的是執行力，以及能否按時、按進度交付。

Just one other question. You obviously, deal two came pretty quickly after deal one. As we think through deals three and four, you mentioned you focus on what you cannot do. And I'm just curious how much additional expansion do you think you could handle structurally?

再問一個問題。很明顯，第二筆交易在第一筆之後很快就發生了。當我們思考第三、第四筆交易時，你提到你會聚焦在你做不到的事情。我只是好奇，從組織結構上，你認為你們還能承接多少額外的擴張？

We're growing. I mean, as I'm sure you guys have seen, G&A is going up. Most of that is driven by talent and people. And so we're growing the organization. And I think what's unique is we're not growing folks to say, hey, let's just scale and trust folks. We have a programmatic program and structure now, right?

我們正在成長。我的意思是，如同各位應該也看到的，G&A（一般及行政費用）正在上升。其中大部分是由人才與人力所驅動。因此我們正在擴編組織。而我認為特別之處在於，我們不是為了說「嘿，我們就擴大規模，然後信任大家」而去增員。我們現在有一套可程式化的計畫與架構，對吧？

And so people join a structure that we've developed. Right now, we have designs for two of the three largest chip offerings in the market today. And I would argue those who are the largest in the market today. And so we have kind of standards of design, standards of execution of supply chain. So incremental growth on those specific structures are much easier because we already have a base there.

因此，新加入的人是進入我們已建立的架構。目前，我們已為當今市場上三大晶片方案中的兩個完成設計。我也會主張，那些就是目前市場上最大的。因此我們有一套設計標準、供應鏈執行標準。所以在這些特定架構上做增量式成長會容易得多，因為我們已經有基礎。

And so I'm excited. I think we have a lot of capacity to grow. Last year, when we announced the deal, we shared, this is not about the deal announcement in December. This is about a program that we can grow and we can scale. And I think this is just a proof point to what we shared in December.

所以我很興奮。我認為我們有很大的成長容量。去年我們宣布交易時也分享過，這不是關於12月的交易公告。這是關於一個我們可以成長、可以擴展的計畫。我認為這只是對我們12月所分享內容的一個佐證。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Congrats on all the progress. So I wanted to ask a bit more on the pipeline. And as we think about the optionality that we have with American Bitcoin and potentially hosting their rigs versus HPC colocation, I know you mentioned the confidence that gives you guys in underwriting future sites.

恭喜你們取得所有進展。我想再多問一些關於管線的問題。當我們思考 American Bitcoin 的選擇權，以及可能託管他們的礦機（rigs）相較於 HPC（高效能運算）機房代管（colocation），我知道你提到這讓你們在承作未來場址時的評估更有信心。

But I guess, how does that impact conversations you have with utilities? And I guess, does that make it -- you guys any more of a favorable counterparty there that you can kind of underwrite it with 2 different potential types of workloads?

但我想問的是，這會如何影響你們與公用事業公司（utilities）的對話？以及，這是否會讓你們成為更有利的交易對手，因為你們可以用兩種不同潛在工作負載來進行承作評估？

It's interesting and Sean can keep me honest here, but I think because of our ability to continue to execute, the competition of utilities has changed a lot. We're no longer a developer, people don't know about, and they have to ask, hey, who's the customer, tell me about the credit, et cetera, like Hut 8 is a name that stands on its own.

這很有意思，Sean 也可以在這裡幫我確認，但我認為因為我們持續執行的能力，公用事業公司的競爭態勢已經改變很多。我們不再是那種大家不認識、還得問「客戶是誰、信用狀況如何」等等的開發商；Hut 8 這個名字本身就站得住腳。

When we come and we speak to them and we develop, Hut 8 is a developer. They're not asking secondary questions, like can we stand on our own right? Can we build these projects can we develop? And I think for a lot of the utilities, I mean, those relations have built much deeper as well, all at the senior levels and the C-suite levels.

當我們去跟他們溝通並推進開發時，Hut 8 就是一個開發商。他們不會再問一些次要問題，例如我們是否能獨立站穩腳步？我們能不能建這些專案、能不能開發？而且我認為對很多公用事業公司而言，這些關係也建立得更深了，都是在高階主管與 C-suite 層級。

And so I'm really proud that in that world, we were kind of small and scrappy and built a lot when we didn't have the type of credit, the type of dollars, the type of balance sheet that we have today. And I think with the execution, with what we've been doing and the relations that we've been building, I think our credibility within that sector is as high as it's ever been, and Hut 8 is a brand that stands on its own two feet.

因此我非常自豪的是，在那個世界裡，我們曾經是小而靈活的團隊，在還沒有今天這種信用條件、資金規模與資產負債表的時候，就已經做了很多建設。我認為憑藉執行力、我們一直在做的事情，以及我們持續建立的關係，我們在該產業內的可信度已達到歷史高點，而 Hut 8 是一個能靠自己站穩的品牌。

I agree with everything you said. I think we're -- people are familiar with us now.

我同意你說的每一點。我想我們——大家現在都熟悉我們了。

We have no further questions at this time. I will now hand the call back to management for any closing comments.

目前沒有進一步的問題。我現在把電話交回管理層，請他們做結語。

As always, this journey has been one that has not been short. It's been long. We've had twists and turns. And as Sean likes to say, we like to do everything the hard way, but we're extremely grateful for the shareholder base that we've built.

一如既往，這段旅程從來都不短。它很長。我們經歷了曲折與轉折。正如 Sean 喜歡說的，我們喜歡把每件事都用最難的方式來做，但我們非常感謝我們所建立的股東基礎。

For the people that give us trust in the capital that they manage and they deploy for all of our institutional shareholders, for all of our retail shareholders, for all of the folks that have trusted us in building this business and being a fiduciary of your capital.

感謝那些把他們所管理的資本交付並投入給我們、所有的機構股東、所有的散戶股東，以及所有信任我們、相信我們能建立這門事業並作為你們資本受託人的朋友們。

So thank you all for joining us today, and we look forward to seeing you next time.

因此，感謝各位今天加入我們，我們期待下次再見。