MARA Holdings, Inc. (MARA) 2026 Q2 法說會逐字稿

Greetings. Welcome to MARA's second-quarter 2026 earnings conference call.

各位好。歡迎參加 MARA 2026 年第二季財報電話會議。

(Operator Instructions) Please note: This conference is being recorded.

(接線員指示) 請注意：本次會議將被錄音。

I will turn the conference over to your host today, Robert Samuels, VP of Investor Relations. Thank you. You may begin.

我現在把會議交給今天的主持人——投資人關係副總裁 Robert Samuels。謝謝。您可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to MARA's second-quarter fiscal year 2026 earnings call. Thanks so much for joining us today.

謝謝，接線員。各位下午好。歡迎參加 MARA 2026 會計年度第二季財報電話會議。非常感謝各位今天加入我們。

With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel; and our Chief Financial Officer, Salman Khan.

今天與我一同參與電話會議的有：董事長兼執行長 Fred Thiel，以及財務長 Salman Khan。

Today's call includes forward-looking statements, including those about our growth plans, liquidity, and financial performance. These involve risks and uncertainties. Actual results may differ materially.

今天的電話會議包含前瞻性陳述，包括關於我們的成長計畫、流動性與財務表現等。這些陳述涉及風險與不確定性。實際結果可能會有重大差異。

We disclaim any obligation to update these statements, except as required by law. For more details, see the Risk Factors section of our latest 10-K and other SEC filings.

除法律要求外，我們不承擔更新這些陳述的任何義務。更多細節請參閱我們最新的 10-K 以及其他 SEC 申報文件中的風險因素章節。

We will also reference non-GAAP financial measures, like adjusted EBITDA, which we believe are important indicators of MARA's operating performance because they exclude certain items that we do not believe directly reflect our core operations.

我們也會提及非 GAAP 財務衡量指標，例如調整後 EBITDA；我們認為這些指標是 MARA 營運表現的重要指標，因為它們排除某些我們認為無法直接反映核心營運的項目。

Please see our earnings release for reconciliations to the most comparable GAAP measures.

請參閱我們的財報新聞稿，以取得與最可比 GAAP 指標之間的調節表。

We hope you've had the chance to read our Shareholder Letter and look forward to your feedback.

我們希望各位已經有機會閱讀我們的股東信，並期待收到各位的回饋。

We will begin with some prepared remarks from Fred and Salman. After their comments, we will open the call to Q&A.

我們將先由 Fred 與 Salman 發表準備好的談話內容。在他們的評論之後，我們將開放問答。

I am going to turn the call over to Fred to get things started. Fred?

我現在把電話會議交給 Fred 來開始。Fred？

Thank you, Rob. Good afternoon, everybody. Thank you for joining us.

謝謝你，Rob。各位下午好。感謝各位加入我們。

For much of the past two years, the AI conversation has focused on models, chips, and capital. But underneath all of that is a more basic requirement: power. That is becoming the central infrastructure challenge of the AI era.

在過去兩年的大部分時間裡，AI 的討論焦點一直放在模型、晶片與資本。但在這一切之下，有一個更基本的需求：電力。這正逐漸成為 AI 時代的核心基礎設施挑戰。

The market has no shortage of ambition or investment. What it lacks is enough energized, permitted capacity in the right places, available on a timeline customers can use.

市場並不缺乏雄心或投資。缺少的是在正確地點、具備足夠已通電且已取得許可的容量，並能在客戶可用的時間表內提供。

The question is no longer: Who can fund the next wave of compute? It is: Who has the power? That question goes directly to MARA's strengths.

問題不再是：誰能為下一波運算能力提供資金？而是：誰擁有電力？這個問題正好直指 MARA 的優勢。

We did not arrive at this opportunity by chasing a new trend. We arrived here after more than a decade of solving the same operating problem at global scale: securing power, deploying compute, and running infrastructure efficiently around the clock.

我們並非因追逐新趨勢而來到這個機會。我們是在超過十年的時間裡，以全球規模解決同一個營運問題後走到今天：取得電力、部署運算能力，並全天候高效率地運行基礎設施。

Through Bitcoin mining, we built one of the world's largest distributed compute platforms, spanning 19 data centers across four continents.

透過比特幣挖礦，我們建立了全球最大的分散式運算平台之一，橫跨四大洲、共 19 座資料中心。

Along the way, we accumulated strategic land and power assets; deep technical expertise; and a disciplined framework for deciding where each megawatt can create the most value.

在此過程中，我們累積了具策略性的土地與電力資產、深厚的技術專業，以及一套嚴謹的框架，用以判斷每一兆瓦在何處能創造最大價值。

Today, MARA is applying that foundation more broadly. We own, develop, and operate digital infrastructure across power, land, and compute.

如今，MARA 正將這個基礎更廣泛地加以運用。我們在電力、土地與運算等面向，擁有、開發並營運數位基礎設施。

Depending on the opportunity, we can convert electricity into higher-value compute ourselves or provide infrastructure to customers who need it.

視機會而定，我們可以自行把電力轉化為更高價值的運算能力，或為有需求的客戶提供基礎設施。

That flexibility matters. Many companies entering this market are still searching for sites, power, and operating capabilities.

這種彈性很重要。許多進入這個市場的公司仍在尋找場址、電力與營運能力。

We have spent years assembling. Our move into AI infrastructure is, therefore, not a break from MARA's history. It is the next use of the platform we created.

我們已花了多年時間完成布局。因此，我們進軍 AI 基礎設施並非偏離 MARA 的歷史。而是對我們所打造平台的下一步運用。

The second-quarter marks another important step in that evolution. We advanced the Long Ridge transaction towards closing.

第二季標誌著這一演進的另一個重要步驟。我們推進 Long Ridge 交易朝完成交割邁進。

After quarter end, we announced that we acquired the rights to a strategically located power site in Matagorda County, Texas, with the potential to support approximately 2 gigawatts of future capacity, upon ERCOT and interconnection approval.

在季後，我們宣布已取得德州 Matagorda 郡一處具策略位置的電力場址之權利；在 ERCOT 與併網核准後，該場址具備支援約 2 吉瓦未來容量的潛力。

On completion of the pending transactions and required approvals, we expect our power portfolio to reach approximately 4.8 gigawatts, which would more than double our current capacity.

在完成待決交易並取得所需核准後，我們預期電力資產組合將達到約 4.8 吉瓦，將使我們目前的容量增加一倍以上。

We believe that would establish one of the largest-powered land portfolios in the industry and create a significant platform for long-term shareholder value.

我們相信，這將建立業界規模最大的通電土地資產組合之一，並為長期股東價值創造重要平台。

As the opportunity becomes clearer, so has our focus. MARA operates one integrated digital infrastructure platform built around power, land, and compute.

隨著機會愈發清晰，我們的聚焦也更加明確。MARA 營運一個以電力、土地與運算為核心的一體化數位基礎設施平台。

Digital infrastructure is our primary growth focus. That is where we are developing campuses and pursuing long-term customer relationships at scale.

數位基礎設施是我們主要的成長重點。我們正是在此領域開發園區，並以規模化方式追求長期客戶關係。

Exaion and our technology initiatives add targeted capabilities around that core. They help us address specialized customer needs, improve the utilization of our infrastructure, and extend the value of the assets we own.

Exaion 與我們的技術計畫在核心之上增添具針對性的能力。它們協助我們滿足特定客戶需求、提升基礎設施的使用率，並延伸我們所擁有資產的價值。

We manage all of these capabilities as one platform. We allocate capital across them using the same filters: expected returns, customer demand, execution risk, and contribution to long-term shareholder value.

我們將所有這些能力作為同一平台來管理。我們以相同的篩選標準在其間配置資本：預期報酬、客戶需求、執行風險，以及對長期股東價值的貢獻。

Let me spend a few minutes on digital infrastructure, our primary growth focus. The demand picture is straightforward: AI infrastructure investment is accelerating, while the supply of power-ready sites is not keeping up.

我想花幾分鐘談談數位基礎設施——我們主要的成長重點。需求面很直接：AI 基礎設施投資正在加速，而具備可立即供電場址的供給卻跟不上。

Industry estimates suggest that the four largest hyperscalers, alone, could invest approximately $725 billion in AI infrastructure during 2026; and that annual capital spending could exceed $1 trillion by 2027.

產業估計顯示，僅四大超大規模雲端業者在 2026 年就可能在 AI 基礎設施上投資約 7,250 億美元；而年度資本支出在 2027 年可能超過 1 兆美元。

The power requirement is rising just as quickly. US data-center electricity demand is expected to grow from about 31 gigawatts in 2025 to 41 gigawatts in 2026 and 66 gigawatts in 2027.

電力需求的上升速度同樣迅速。美國資料中心用電需求預計將從 2025 年約 31 吉瓦，成長至 2026 年 41 吉瓦，並在 2027 年達到 66 吉瓦。

New generation and transmission are not coming online at the same pace. That imbalance is increasing the value of infrastructure that's already energized or can be delivered with greater certainty.

新的發電與輸電建設並未以相同速度上線。這種失衡正在提高那些已通電、或能以更高確定性按期交付之基礎設施的價值。

Our strategy is designed for that environment: own scarce powered assets and create as much long-term value from them as possible.

我們的策略正是為這樣的環境而設計：擁有稀缺的通電資產，並盡可能從中創造最大化的長期價值。

The Matagorda County site is expected to add approximately 2 gigawatts in one of the country's largest power markets.

Matagorda 郡場址預期可在全美最大的電力市場之一新增約 2 吉瓦容量。

Just as important: It's expected to provide enough wholly owned capacity to support our transition away from hosted mining, as existing agreements expire.

同樣重要的是：它預期將提供足夠的全自有容量，以支援我們在現有協議到期後，逐步從託管挖礦轉型。

That should increase our operational control, improve unit economics, and give us greater flexibility in allocating capital.

這應可提升我們的營運掌控度、改善單位經濟效益，並在資本配置上提供更大的彈性。

The pending Long Ridge acquisition is equally important. We believe it will transform our existing Hannibal campus by adding adjacent land, while contributing positive EBITDA at closing.

待決的 Long Ridge 收購同樣重要。我們相信，該交易將透過增加相鄰土地來改造我們既有的 Hannibal 園區，並在交割時貢獻正向 EBITDA。

With more than 70% of Long Ridge's power output contracted under long-term agreements, we expect the transaction to enhance earnings, while significantly expanding our AI infrastructure opportunity.

由於 Long Ridge 超過 70% 的發電量已透過長期合約完成簽約，我們預期該交易將提升獲利，同時大幅擴大我們在 AI 基礎設施方面的機會。

Together, these transactions reflect our infrastructure-investment model. We acquire scarce powered assets, enhance their strategic value, develop high-quality digital infrastructure, and secure long-term customers.

綜合而言，這些交易反映了我們的基礎設施投資模式。我們收購稀缺的通電資產、提升其策略價值、開發高品質的數位基礎設施，並取得長期客戶。

As those assets are developed, they can become durable cash-flow generators that remain in our portfolio or can be monetized, allowing us to recycle capital into future opportunities.

隨著這些資產逐步開發，它們可成為具持久性的現金流產生器，得以留在我們的資產組合中，或可加以變現，使我們能將資本回收再投入未來機會。

Speed, certainty, and reliability are principles that define how we invest, how we build, and how we aim to serve customers.

速度、確定性與可靠性，是界定我們如何投資、如何建設，以及我們希望如何服務客戶的原則。

Speed matters because customers cannot wait years for power. Our portfolio of energized sites can support earlier in-service dates than many competing developments, giving customers access to capacity, when they need it.

速度之所以重要，是因為客戶無法等待數年才能取得電力。我們已通電站點的組合，能夠支持比許多競爭開發案更早的投運日期，讓客戶在需要時取得容量。

Certainty matters because infrastructure must be delivered on time, on budget, and to specification. We believe our development strategy; our relationships with utilities and equipment providers; and our partnership with Starwood will give customers greater confidence in execution.

確定性之所以重要，是因為基礎設施必須按時、按預算並符合規格交付。我們相信，我們的開發策略、與公用事業及設備供應商的關係，以及與喜達屋（Starwood）的合作夥伴關係，將使客戶對執行更具信心。

The Starwood partnership also gives us the ability to scale with proportional capital support.

與喜達屋（Starwood）的合作也讓我們具備在相應資本支持下擴張規模的能力。

Reliability matters because mission-critical AI workloads require experienced operators. MARA brings years of experience designing, owning, and operating large-scale compute infrastructure.

可靠性之所以重要，是因為關鍵任務的 AI 工作負載需要有經驗的營運商。MARA 在設計、擁有並營運大規模運算基礎設施方面擁有多年經驗。

Starwood adds engineering, procurement, construction, and development capabilities, backed by more than 7 gigawatts of delivered infrastructure for many of the world's leading hyperscalers and frontier AI companies.

喜達屋（Starwood）則提供工程、採購、施工與開發能力，並以已交付超過 7 吉瓦的基礎設施為後盾，服務於全球多家領先的超大規模雲端業者（hyperscalers）與前沿 AI 公司。

Together, we offer a combination of operating experience, development expertise, and capital discipline that we believe few competitors can match.

我們共同提供營運經驗、開發專業與資本紀律的組合，我們相信少有競爭對手能夠匹敵。

Commercial momentum continues to build. Our goal is a diversified customer base across hyperscalers, AI-native cloud providers, silicon vendors, and enterprises, with the right balance of credit quality, returns, and long-term portfolio value.

商業動能持續增強。我們的目標是在超大規模雲端業者、AI 原生雲端供應商、矽晶片供應商與企業客戶之間建立多元化的客戶基礎，並在信用品質、報酬與長期投資組合價值之間取得適當平衡。

Working alongside Starwood, we are progressing lease discussions across multiple sites. We remain confident in our ability to sign, at least, two leases before year end.

在與喜達屋（Starwood）並肩合作下，我們正推進多個站點的租賃洽談。我們仍有信心在年底前至少簽下兩份租約。

The objective is not merely to sign tenants. It's to establish durable customer relationships that maximize the value of our infrastructure over decades.

目標不僅僅是簽下承租戶。而是建立持久的客戶關係，在數十年間最大化我們基礎設施的價值。

Within that integrated platform, Exaion gives us a targeted capability in sovereign-AI infrastructure. The customer need is becoming clearer, as AI moves from experimentation into day-to-day operations.

在該整合式平台中，Exaion 讓我們在主權 AI 基礎設施方面具備聚焦能力。隨著 AI 從實驗走向日常營運，客戶需求正變得更加清晰。

Once AI becomes mission-critical, enterprises care much more than raw compute. They also care about where their data sits, which rules govern the infrastructure, how resilient the service is, and how much control they retain.

一旦 AI 成為關鍵任務，企業關注的就遠不止原始算力。他們也在意資料存放位置、基礎設施受哪些規則管轄、服務的韌性如何，以及他們能保留多少控制權。

That is the market Exaion was built to serve. As a European company, Exaion can provide private-cloud infrastructure, governed under a European jurisdiction.

Exaion 正是為服務這一市場而打造。作為一家歐洲公司，Exaion 能提供在歐洲司法管轄下治理的私有雲基礎設施。

For enterprises and public -sector organizations operating within the EU Regulatory Framework, that is a meaningful advantage.

對於在歐盟監管框架內運作的企業與公共部門組織而言，這是一項重要優勢。

Customers can deploy advanced AI workloads, while keeping control of their infrastructure, data, and operations.

客戶可以部署先進的 AI 工作負載，同時仍能掌控其基礎設施、資料與營運。

For critical infrastructure, regulated industries, and government-adjacent services, that level of sovereignty is moving from a preference to a requirement.

對於關鍵基礎設施、受監管產業與與政府相關的服務而言，這種程度的主權性正從偏好轉變為要求。

The addressable market is also much larger than new AI applications, alone. Roughly 80% of enterprise data still sits outside the public cloud.

可服務市場也遠不止於新的 AI 應用本身。約有 80% 的企業資料仍位於公有雲之外。

As organizations modernize that data and infrastructure for AI, they will need providers that can meet demanding standards for security, compliance, and operational resilience.

隨著組織為 AI 現代化其資料與基礎設施，他們將需要能滿足嚴格安全、合規與營運韌性標準的供應商。

Exaion already has credibility in those environments. It operates critical infrastructure, supporting EDF's nuclear-reactor operations, where reliability is simply non-negotiable.

Exaion 在這些環境中已具備公信力。其營運關鍵基礎設施，支援 EDF 的核反應爐營運，在那裡可靠性是絕對不可妥協的。

For those who are not aware, EDF is one of the largest operators of nuclear power in the world.

對於不熟悉的人而言，EDF 是全球最大的核電營運商之一。

Its selection for the EON consortium, an EU-backed initiative targeting approximately 3 gigawatts of AI-ready data-center capacity, provides further validation.

其入選 EON 聯盟——一項由歐盟支持、目標約 3 吉瓦 AI 就緒資料中心容量的倡議——提供了進一步的驗證。

We are also advancing opportunities outside Europe, which supports our view that sovereign-AI infrastructure is becoming a global requirement, not just a regional trend.

我們也在推進歐洲以外的機會，這支持我們的觀點：主權 AI 基礎設施正成為全球性要求，而不僅是區域趨勢。

Our technology initiatives are another targeted capability within our digital-infrastructure platform. It takes operating knowledge developed inside MARA and turns it into technology that can improve our assets and serve outside customers.

我們的技術計畫是數位基礎設施平台中的另一項聚焦能力。它將在 MARA 內部累積的營運知識轉化為技術，既能提升我們的資產，也能服務外部客戶。

Running a large distributed compute platform has taught us a great deal about power management, infrastructure optimization, and digital-asset management.

營運大型分散式運算平台讓我們在電力管理、基礎設施最佳化與數位資產管理方面學到許多。

Some of the tools we built for ourselves now have clear applications beyond our own fleet.

我們為自身打造的一些工具，如今在我們自有機群之外也有明確的應用。

[Vertebra AI] is one example. The platform manages power allocation and infrastructure performance in real time.

[Vertebra AI] 就是一個例子。該平台可即時管理電力分配與基礎設施效能。

In our mining operations, it has helped us add computing capacity with the same electrical footprint; in other words, more output without needing more power.

在我們的挖礦營運中，它幫助我們在相同的用電足跡下增加運算容量；換言之，不需要更多電力就能產出更多。

As power becomes more valuable, that capability should matter well beyond mining. AI data centers, independent power producers, and other energy-intensive businesses face the same need to improve utilization, operate more efficiently, and lower costs.

隨著電力變得更有價值，這項能力的重要性應該遠超挖礦領域。AI 資料中心、獨立發電業者以及其他高耗能企業，都面臨同樣的需求：提升利用率、更高效率地營運並降低成本。

The second platform is Hashrate Under Management or HUM, our blockchain financial-infrastructure platform. This is the first time we're discussing HUM publicly. We're doing so from a position of demonstrated commercial traction, not simply future potential.

第二個平台是「受管理算力」（Hashrate Under Management，HUM），也就是我們的區塊鏈金融基礎設施平台。這是我們首次公開討論 HUM。我們之所以現在談，是基於已證明的商業進展，而不僅僅是未來潛力。

Both HUM and Vertebra AI reflect the same principle: Innovation should increase the value of the infrastructure we own and create value for customers, at the same time.

HUM 與 Vertebra AI 都體現同一原則：創新應在提升我們所擁有基礎設施價值的同時，也為客戶創造價值。

That brings me to Bitcoin mining. It remains an important part of MARA, not because it defines the limits of our future but because it continues to strengthen the broader platform.

接下來談比特幣挖礦。它仍是 MARA 的重要組成部分，不是因為它界定了我們未來的上限，而是因為它持續強化更廣泛的平台。

Mining gave us the foundation, strategic power assets, experience operating large-scale compute, and the capital-allocation discipline we use today.

挖礦為我們奠定了基礎、策略性電力資產、大規模運算的營運經驗，以及我們今日所採用的資本配置紀律。

In that sense, mining was never the final destination. It was the platform we could build from. It still plays three important roles:

從這個意義上說，挖礦從來不是最終目的地。它是我們可以據以建構的平台。它仍扮演三個重要角色：

First, it generates cash flow that supports investment across the business, while we continue to operate with one of the industry's lowest cost structures.

第一，它產生現金流以支持全公司投資，同時我們仍以業界最低的成本結構之一持續營運。

Second, it gives us flexibility. We can deploy mining equipment quickly at a newly energized site and begin monetizing the power, while an AI facility is being designed, permitted, and built.

第二，它賦予我們彈性。我們可以在新近通電的站點快速部署挖礦設備，並在 AI 設施仍在設計、許可與建置期間開始將電力變現。

When customer demand is ready, that same site can transition toward AI or high-performance computing, without leaving the infrastructure idle in the meantime.

當客戶需求就緒時，同一站點可轉向 AI 或高效能運算，同時在此期間不讓基礎設施閒置。

Third, mining is still one of our best sources of operating insights. The work of optimizing power use, improving compute efficiency, and managing mission-critical systems at scale directly informs how we approach AI infrastructure.

第三，挖礦仍是我們獲取營運洞見的最佳來源之一。在規模化條件下最佳化用電、提升運算效率並管理關鍵任務系統的工作，直接影響我們打造 AI 基礎設施的方法。

We will keep improving the mining business through disciplined fleet modernization and intelligent power management.

我們將透過有紀律的機群汰舊換新與智慧電力管理，持續改善挖礦業務。

As more efficient machines replace older equipment, we can increase compute within the same electrical footprint and improve the economics of the operation.

隨著更高效率的機器取代舊設備，我們可以在相同的用電足跡下提升運算量，並改善營運的經濟性。

We do not see Bitcoin mining and AI infrastructure as competing businesses. They are different applications of the same underlying asset: power.

我們不認為比特幣挖礦與 AI 基礎設施是相互競爭的業務。它們是同一項底層資產——電力——的不同應用。

The capital-allocation question is, therefore, simple: Where can each megawatt create the most value?

因此，資本配置的問題很簡單：每一兆瓦在哪裡能創造最大價值？

In one market, the answer may be Bitcoin mining; and in another, it may be AI infrastructure, sovereign cloud, or enterprise computing.

在某個市場，答案可能是比特幣挖礦；而在另一個市場，可能是 AI 基礎設施、主權雲或企業運算。

Our advantage is that we have the assets, expertise, and flexibility to make that decision dynamically, as market conditions change.

我們的優勢在於，我們擁有資產、專業與彈性，能隨市場條件變化而動態做出該決策。

We believe that flexibility is a meaningful competitive strength and an important driver of long-term shareholder value.

我們相信，這種彈性是一項重要的競爭優勢，也是推動長期股東價值的重要驅動因素。

The first half of 2026 was about expanding and transforming the platform. We grew our portfolio of powered infrastructure, advanced transformational transactions, strengthened the commercial pipeline, and continued investing in the initiatives that can drive MARA's next phase of growth.

2026 年上半年重點在於擴張並轉型平台。我們擴大了已通電基礎設施的組合，推進了轉型交易，強化了商業管線，並持續投資於可推動 MARA 下一階段成長的各項計畫。

The second half of the year is about execution. Our focus is clear: Convert infrastructure into long-term shareholder value by signing customers, bringing assets online, and demonstrating the earning power of the platform we have spent years assembling.

下半年重點在於執行。我們的聚焦很清楚：透過簽下客戶、讓資產上線，並展現我們多年來所打造平台的獲利能力，將基礎設施轉化為長期股東價值。

Over the coming months, we expect to complete the Long Ridge acquisition, advance lease discussions across the digital-infrastructure portfolio, expand Exaion's international presence, and continue commercializing our technology initiatives.

在接下來的幾個月，我們預期將完成 Long Ridge 收購案、推進整個數位基礎設施投資組合的租賃洽談、擴大 Exaion 的國際布局，並持續推動我們技術計畫的商業化。

Most importantly, we expect the investments we have made over the past decade to become increasingly visible in our financial results.

最重要的是，我們在過去十年所做的投資，預期將在我們的財務成果中愈發清晰可見。

The foundation has been built. Our focus now is monetizing it.

基礎已經建立。我們現在的重點是將其變現。

Later this year, we look forward to hosting our Investor Day. We plan to provide a deeper look at our strategy, showcase our infrastructure portfolio, and demonstrate how the pieces of our business work together to maximize the value of every megawatt we own.

今年稍晚，我們期待舉辦投資人日。我們計畫更深入地說明我們的策略、展示我們的基礎設施投資組合，並說明我們業務的各個部分如何協同運作，以最大化我們所擁有的每一兆瓦的價值。

Let me come back to the question raised at the start: Who can power, build, and operate the next wave of compute?

讓我回到一開始提出的問題：誰能為下一波運算提供電力、建置並營運？

MARA has spent more than a decade building an answer. We have assembled one of the industry's largest portfolios of powered digital infrastructure and developed an operating experience to put those assets to work.

MARA 花了十多年打造答案。我們已建立業界最大規模之一的已供電數位基礎設施投資組合，並累積了將這些資產投入運作的營運經驗。

The opportunity in front of us is to turn that foundation into a broader platform for the next generation of compute and to do it with the same discipline that built the company.

我們眼前的機會，是把這個基礎轉化為面向下一代運算的更廣泛平台，並以打造公司時同樣的紀律來完成。

Bitcoin mining provided the foundation. Digital infrastructure, Exaion, and our technology initiatives expand the value we can create from that foundation.

比特幣挖礦奠定了基礎。數位基礎設施、Exaion 以及我們的技術計畫，擴大了我們能從該基礎創造的價值。

Together, they position MARA across multiple layers of the AI-infrastructure value chain, while maintaining discipline in how we allocate capital.

它們共同使 MARA 佈局於 AI 基礎設施價值鏈的多個層面，同時維持我們在資本配置上的紀律。

Ultimately, our shareholders should judge us not by our vision but by our execution. The AI-infrastructure market is moving quickly. Credibility will be earned by consistently delivering results.

最終，股東應以我們的執行力而非願景來評價我們。AI 基礎設施市場變化迅速。可信度將透過持續交付成果來贏得。

Power is becoming the defining resource of the AI-infrastructure market. Our objective is to convert the power, assets, and expertise we have assembled into durable value and to establish MARA amongst the leaders of that market.

電力正成為 AI 基礎設施市場的關鍵資源。我們的目標是把我們所整合的電力、資產與專業能力轉化為可持續的價值，並使 MARA 躋身該市場的領導者之列。

Thank you for your continued support and confidence in MARA. With that, I will turn the call over to Salman.

感謝各位持續支持並信任 MARA。接下來我把電話會議交給 Salman。

Thank you, Fred. Good afternoon, everyone.

謝謝你，Fred。各位下午好。

Two things defined Q2 for MARA: Bitcoin prices created a challenging revenue environment. We used the quarter to fundamentally transform our power portfolio and capital structure. That context matters, as I walk through the numbers.

第二季對 MARA 而言有兩件事最為關鍵：比特幣價格使營收環境充滿挑戰。我們利用本季從根本上改造了我們的電力投資組合與資本結構。在我帶各位看數字之前，這個背景很重要。

During Q2, we made meaningful progress in building MARA's digital-infrastructure platform, taking actions that we expect will expand our total power portfolio to 4.8 gigawatts, nearly 2.5 times its size at the beginning of the year; and secure our position as one of the industry's largest holders of digital-infrastructure power capacity.

在第二季期間，我們在打造 MARA 的數位基礎設施平台方面取得重大進展；採取的行動預期將把我們的總電力投資組合擴大至 4.8 吉瓦，幾乎是年初規模的 2.5 倍；並鞏固我們作為業界最大數位基礎設施電力容量持有者之一的地位。

After quarter end, we acquired rights to 1,200 acres at a strategically located powered land site in Matagorda County, Texas, representing up to 2 gigawatts of potential capacity, subject to ERCOT and interconnection approvals.

在季末之後，我們取得位於德州 Matagorda 郡一處具策略位置的已供電土地基地之 1,200 英畝權利，代表最高可達 2 吉瓦的潛在容量，但仍須取得 ERCOT 與併網核准。

Our confidence continues to be reinforced by encouraging interest from prospective tenants.

潛在承租戶所展現的令人鼓舞的興趣，持續強化我們的信心。

We have also advanced the Long Ridge acquisition by securing approval from holders of Long Ridge's senior secured notes to assume the notes at closing. The transaction will close after FERC approval, which we expect to occur soon, as guided previously.

我們也透過取得 Long Ridge 優先擔保票據持有人同意，在交割時承接該等票據，推進了 Long Ridge 收購案。該交易將在取得 FERC 核准後完成交割；如先前指引所述，我們預期很快就會發生。

Subsequent to quarter end, we further advanced the Long Ridge acquisition by entering into two Bitcoin-backed credit facilities, with Coinbase and Two Prime, at a weighted average cost of debt of 7.56% for incremental borrowings under these facilities of $600 million.

在季末之後，我們進一步推進 Long Ridge 收購案，與 Coinbase 與 Two Prime 簽訂兩項以比特幣作為擔保的信貸融資，於這些融資項下新增借款 6 億美元的加權平均債務成本為 7.56%。

In addition, we refinanced our existing $150 million facility with Coinbase and consolidated it into the new Coinbase facility. This borrowing, originally due in Q1 of 2027, will now mature in two years, along with the incremental $600 million.

此外，我們將既有與 Coinbase 的 1.5 億美元融資進行再融資，並整併至新的 Coinbase 融資中。該筆借款原本於 2027 年第一季到期，現在將與新增的 6 億美元一同於兩年後到期。

These financings strategically activate a portion of MARA's Bitcoin reserves as a non-dilutive funding source, while preserving our exposure to Bitcoin's potential long-term appreciation.

這些融資策略性地啟用 MARA 部分比特幣儲備作為非稀釋性的資金來源，同時保留我們對比特幣長期潛在升值的曝險。

The facilities will be used towards funding the cash consideration for the acquisition and, together with the assumption of certain of Long Ridge's existing indebtedness, provide funding towards completing the transaction.

這些融資將用於支付收購案的現金對價，並與承接 Long Ridge 部分既有債務一併，為完成交易提供資金。

To be direct: We are funding a $1.5 billion enterprise value acquisition through a Bitcoin-backed debt and assumption of Long Ridge's balance sheet, all non-dilutive financings. This is the capital discipline we committed to.

坦白說：我們正以比特幣擔保債務與承接 Long Ridge 資產負債表的方式，為企業價值 15 億美元的收購案提供資金，且全部為非稀釋性融資。這就是我們所承諾的資本紀律。

Once completed, the Long Ridge acquisition is expected to contribute approximately $144 million in annualized EBITDA and durable free cash flow, with roughly 70% of its output secured under long-term contracts.

交易完成後，Long Ridge 收購案預期將貢獻約 1.44 億美元的年化 EBITDA 與可持續的自由現金流，其中約 70% 的產出已透過長期合約鎖定。

These contracted cash flows will diversify our revenue base beyond Bitcoin mining, while our capital-light partnership with Starwood will preserve balance sheet flexibility, as we develop AI and high-performance computing opportunities across our own power portfolio.

這些合約化現金流將使我們的營收基礎不再僅依賴比特幣挖礦；同時，我們與 Starwood 的輕資本合作模式將保留資產負債表的彈性，讓我們能在自有電力投資組合上開發 AI 與高效能運算的機會。

Together, these attributes strengthen our financial position and reinforce our disciplined approach to capital allocation.

綜合而言，這些特質強化了我們的財務狀況，並再次印證我們在資本配置上的紀律化做法。

None of this happened overnight. It is the result of deliberate work across the organization. That work continued to gain momentum this quarter.

這一切並非一蹴可幾。這是全組織有計畫、持續努力的成果。而這些工作在本季持續加速推進。

With that context, I will turn to Q2 financial performance, capital allocation, and balance-sheet activity:

在此背景下，我將說明 2026 年第二季的財務表現、資本配置與資產負債表活動：

The Bitcoin price environment remained challenging, reflecting broader pressure across risk assets, driven by macro uncertainty, tighter risk appetite, and continued pressure on mining economics.

比特幣價格環境仍具挑戰，反映風險資產普遍承壓，主因包括總體不確定性、風險偏好收緊，以及挖礦經濟性持續受壓。

It is important to view this alongside the substantial progress we are making to build a more diversified digital-infrastructure platform.

同時，也必須將此與我們在打造更為多元化的數位基礎設施平台方面所取得的重大進展一併看待。

Revenues during the second quarter of 2026 were $174.9 million compared to $238.5 million in the prior-year period.

2026 年第二季營收為 1.749 億美元，較去年同期的 2.385 億美元下降。

Bitcoin production contributed a $7.2 million increase year over year, though this was offset by a 28% decrease in Bitcoin's average price, which reduced revenue by $65.9 million.

比特幣產量年增帶來 720 萬美元的增幅，但被比特幣平均價格下跌 28% 所抵銷，該因素使營收減少 6,590 萬美元。

Other revenues declined approximately $4.9 million, primarily reflecting lower revenue from other digital assets and elimination of our hosting services compared to the same period.

其他營收約減少 490 萬美元，主要反映其他數位資產收入降低，以及相較同期間我們已取消代管（hosting）服務。

During the quarter, we mined 2,422 Bitcoin or 26.6 Bitcoin per day, approximately 64 more Bitcoin than prior-year period.

本季我們挖出 2,422 枚比特幣，或每日 26.6 枚，比去年同期約多 64 枚。

We won 700 blocks, up 1% year over year and up 8% from Q1 of 2026. We held a total of 35,577 Bitcoin at the end of the quarter, valued at approximately $2.1 billion, at a $58,524 spot price, down from 49,951 Bitcoin held a year ago.

我們贏得 700 個區塊，年增 1%，並較 2026 年第一季增加 8%。季末我們共持有 35,577 枚比特幣，按即期價格 58,524 美元計價約為 21 億美元，低於一年前持有的 49,951 枚。

Of the total Bitcoin held, approximately 26% or 9,270 Bitcoin were loaned or pledged as collateral. Of that, 4,742 Bitcoin were loaned under our digital-asset management strategy, generating approximately $4.3 million of interest income during the quarter.

在持有的比特幣總量中，約 26%（即 9,270 枚）已出借或作為擔保品質押。其中，4,742 枚依我們的數位資產管理策略出借，本季產生約 430 萬美元的利息收入。

We delivered energized hashrate of 70.3 exahash per second, increasing 22% from 57.4 in Q2 of 2025. Sequentially, hashrate was down modestly from 72.2 exahash, as we phased out legacy miners.

我們交付的通電算力（energized hashrate）為每秒 70.3 艾雜湊（EH/s），較 2025 年第二季的 57.4 提升 22%。按季比較，算力自 72.2 艾雜湊小幅下降，因我們逐步汰換舊型礦機。

This reflects continued fleet optimization and opportunistically upgrading our infrastructure by phasing out legacy miners to boost our total hashrate.

這反映我們持續進行機隊最佳化，並透過逐步淘汰舊型礦機、把握時機升級基礎設施，以提升總算力。

Our share of available mining rewards reached 5.9%, up from 5.5% in Q1 of 2026.

我們在可得挖礦獎勵中的占比達到 5.9%，高於 2026 年第一季的 5.5%。

Approximately $343 million of our net loss this quarter was driven by unrealized mark-to-market fair-value adjustment for digital assets, a direct reflection of the drop in Bitcoin price during the quarter.

本季約 3.43 億美元的淨損失來自數位資產未實現按市價計量（mark-to-market）的公允價值調整，直接反映本季比特幣價格下跌。

In total, we reported a net loss of $611.3 million or negative 1.6 per diluted share compared to net income of $808.2 million or 1.84 per diluted share in the second quarter of 2025.

總計而言，我們報告淨虧損6.113億美元，或每股稀釋後虧損1.6美元；相較之下，2025年第二季為淨利8.082億美元，或每股稀釋後盈餘1.84美元。

As a reminder: Every $10,000 change in Bitcoin price results in an approximate $350 million impact on the fair value of digital assets on our income statement, which is an unrealized non-cash adjustment.

提醒一下：比特幣價格每變動10,000美元，將使我們損益表上數位資產的公允價值約變動3.5億美元；這是一項未實現的非現金調整。

Accordingly, adjusted EBITDA for the quarter was negative $360.9 million, similarly dominated by Bitcoin mark-to-market change, compared to $1.2 billion in the prior-year period.

因此，本季調整後EBITDA為負3.609億美元，同樣主要受比特幣按市價評價變動所主導；相較之下，去年同期為12億美元。

We use adjusted EBITDA as a supplemental measure of operational performance. A full reconciliation to net loss is included in our Shareholder Letter and earnings deck.

我們使用調整後EBITDA作為營運績效的補充衡量指標。與淨虧損的完整調節表已包含於我們的股東信與財報簡報中。

Our daily cost for petahash per day improved 4% year over year to $27.7 from [$28.7] in Q2 of 2025 and, over the past nine quarters has improved by 27%, which we believe remains among the lowest, at scale, in our sector.

我們每拍哈希/每日的日成本年增改善4%，由2025年第二季的[28.7]美元降至27.7美元；且在過去九個季度累計改善27%。我們認為，在本產業具規模的同業中，這仍屬最低水準之一。

That is the cost structure behind the efficiency Fred referenced earlier. It is the cost structure we expect to bring to every megawatt we convert to AI infrastructure.

這就是Fred先前提到的效率背後的成本結構。這也是我們預期在將每一兆瓦轉換為AI基礎設施時所要帶入的成本結構。

Our cost per kilowatt-hour was $0.04 for our own sites in Q2 2026. Purchased energy cost per Bitcoin for our own mining sites was $38,690, up from $33,735 in Q2 of 2025, primarily due to higher network difficulty, driven by growth in global hashrate.

2026年第二季，我們自有場址的每度電成本為0.04美元。我們自有礦場每枚比特幣的外購能源成本為38,690美元，高於2025年第二季的33,735美元，主要因全球算力成長推升網路難度。

Our own efficiency metrics improved. The per Bitcoin cost increase is entirely a function of rising global difficulty, a market dynamic outside our control.

我們自有的效率指標有所改善。每枚比特幣成本的上升完全是全球難度提高所致，這是我們無法控制的市場動態。

Despite the increased difficulty levels, Bitcoin production at our own mining sites increased 2% over the same period.

儘管難度水準提高，我們自有礦場的比特幣產量仍較同期增加2%。

Looking ahead, our most significant third-party hosting arrangements are set to expire, beginning in the third quarter of 2027, with all the arrangements concluding by the first quarter of 2028; at which point in time, we expect to eliminate third-party hosting costs and improve our cost per kilowatt-hour.

展望未來，我們最重要的第三方託管安排將自2027年第三季起陸續到期，並於2028年第一季前全部結束；屆時我們預期可消除第三方託管成本，並改善每度電成本。

General and administrative expenses, excluding stock-based compensation, were $69.5 million for the quarter compared to $40.1 million the prior-year period.

本季一般及行政費用（不含股權基礎薪酬）為6,950萬美元，去年同期為4,010萬美元。

The increase reflects the scaling of our operations, higher personnel costs associated with headcount growth from the prior-year period, and administrative fees in support of our expanded global footprint.

增加主要反映我們營運規模擴張、相較去年同期因人員編制成長而增加的人事成本，以及為支援全球版圖擴大所產生的行政費用。

Acquisition and integration costs burden our G&A by $15.4 million. We also incurred a $10.2 million litigation settlement, representing the amount paid in connection with the final resolution of a patent dispute.

併購與整合成本使我們的G&A增加1,540萬美元。我們亦認列1,020萬美元的訴訟和解金，為就一項專利爭議最終解決所支付的金額。

Excluding both items, underlying G&A was approximately $43.9 million and more comparable to the prior year. Compared to Q1 of 2026, G&A benefited from lower headcount costs related to the previously announced reduction in force.

若排除上述兩項，基礎G&A約為4,390萬美元，與去年更具可比性。相較2026年第一季，G&A受惠於先前已公告裁員所帶來的較低人力成本。

We expect our quarterly G&A run rate, excluding stock-based compensation and acquisition and integration costs, to continue to trend lower, as these savings are realized, over time.

我們預期，隨著這些節省逐步實現，排除股權基礎薪酬以及併購與整合成本後的季度G&A常態化水準將持續走低。

Now, let me turn to the balance sheet and liquidity:

接下來我談一下資產負債表與流動性：

We ended the quarter with $421.3 million in cash and cash equivalent; and approximately $2.5 billion in combined cash and Bitcoin.

本季期末我們持有現金及約當現金4.213億美元；現金與比特幣合計約25億美元。

Our capital-allocation strategy remains disciplined and focused on supporting long-term shareholder value.

我們的資本配置策略仍維持審慎，並聚焦於支持股東長期價值。

Following the expected close of the Long Ridge acquisition, we anticipate assuming approximately $900 million of Long Ridge's debt.

在Long Ridge收購案預期完成交割後，我們預計承接Long Ridge約9億美元的債務。

In addition, as I mentioned, previously, MARA has recently added $600 million in borrowings, which are secured by our Bitcoin holdings. As a result, 54% of our Bitcoin holdings have been pledged as collateral under our borrowings.

此外，如我先前提到，MARA近期新增6億美元借款，並以我們持有的比特幣作為擔保。因此，我們持有的比特幣中有54%已在借款項下質押作為抵押品。

These financings strategically activate a portion of MARA's Bitcoin reserves as a non-dilutive funding source, while preserving our exposure to Bitcoin's potential long-term appreciation.

這些融資策略性地啟用MARA部分比特幣儲備作為非稀釋性的資金來源，同時保留我們對比特幣長期潛在升值的曝險。

With that, I will turn it back over to the operator. Operator?

接下來我把時間交還給主持人。主持人？

Thank you. At this time, we'll conduct a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（主持人指示）

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Yeah. Hi. Thank you. Good afternoon. Thanks for taking my questions.

是的。嗨。謝謝。下午好。感謝回答我的問題。

I did want to touch a little bit on Long Ridge. A couple things about Long Ridge:

我想稍微談一下Long Ridge。關於Long Ridge有幾點：

The first is around the potential timing. Has there been any feedback from the federal, local, or state levels about the potential closing? Are there hurdles that need to be done? That's my first question.

第一是關於可能的時程。聯邦、地方或州層級是否就可能的交割時間提供任何回饋？是否有需要克服的障礙？這是我的第一個問題。

We haven't received any feedback yet. We don't think there's anything, at this stage, that's going to block the approval.

我們目前尚未收到任何回饋。我們認為在現階段沒有任何事情會阻礙核准。

If you look, recently, Wolf just got approval for one of their acquisitions. We expect FERC to respond to us definitely before year end but much sooner than that.

如果你看最近，Wolf剛剛獲准完成他們的一項收購。我們預期FERC一定會在年底前回覆我們，而且會更早。

Okay. Super helpful.

好的。非常有幫助。

And then, just as we think about the opportunity set in Hannibal; like, as you're negotiating with potential HPC customers, is there a little bit of chicken and egg where, really, until the deal goes through and the land that is required to build this out is in place, we're in a holding pattern?

接著，當我們思考Hannibal的機會集合時；例如，你們在與潛在HPC客戶洽談時，是否存在一點「先有雞還是先有蛋」的情況：也就是在交易完成、以及建置所需的土地到位之前，我們其實都處於觀望狀態？

Is that a fair way to think about it?

這樣理解公平嗎？

Well, we're in a holding pattern from signing a lease. That being said, we are very actively engaged with prospective tenants in evaluating, exactly, what they're going to build, how they're going to do it, how the fiber is going to be laid, et cetera.

嗯，我們在簽署租約方面確實處於觀望狀態。但即便如此，我們仍非常積極地與潛在承租方互動，評估他們究竟要建什麼、怎麼建、光纖要如何鋪設等等。

We're moving along at about the same pace as if the deal was already closed. But if you're familiar with how these lease discussions go from when you have a Letter of Intent from a prospective tenant, it can be 60 days, sometimes; plus, just talking about design and how you're going to permit and all that stuff.

我們推進的速度大致與交易已完成時相同。但如果你熟悉這類租賃討論的流程，從潛在承租方提出意向書開始，可能需要60天，有時甚至更久；此外還要討論設計、如何申請許可等各種事項。

There's nothing holding us back now, other than closing, really, the transaction. But things are moving along at a very good pace with the tenant.

目前真正限制我們的只有交易交割。但與承租方的進展速度非常好。

Super helpful. Thank you very much.

非常有幫助。非常感謝。

Paul Golding, Macquarie.

Paul Golding，Macquarie。

Thanks so much. Congrats on the announcement of the new site in Texas.

非常感謝。恭喜宣布德州新場址。

I wanted to ask: With the recent developments around the Texas audit process tacked onto the Batch study process, are you getting any additional interest? Or is there a market repricing on your existing energized sites that are available?

我想問：隨著近期德州稽核流程被加掛到Batch研究流程之上，你們是否看到額外的興趣？或者，市場是否正在對你們現有、已通電且可供使用的場址重新定價？

And then, I have a follow-up. Thank you.

然後我還有一個追問。謝謝。

There's broad demand across a number of sites, with multiple tenants in discussions on multiple sites. The Matagorda site, in and of itself, is a hugely attractive site for tenants.

多個場址都有廣泛需求，且有多位承租方正在就多個場址進行洽談。Matagorda場址本身對承租方而言極具吸引力。

Everybody assumes that this is going to eventually go through; meaning, the Batch Zero and Batch One processes that Greg [Abbott] has delayed.

大家都假設這最終會通過；也就是Greg [Abbott] 延後的Batch Zero與Batch One流程。

If you look at these requests and the queues, for a number of years, it's been pretty prevalent that people have submitted requests. Because they haven't had to put down huge deposits, there are a lot of phantom requests in the system.

如果你看看這些申請與排隊情況，多年來，人們提交申請一直相當普遍。因為他們不需要先支付巨額押金，系統裡就有很多「幽靈申請」。

And so by going through the audit process that Greg Abbott has requested be done, this'll flush out a lot of those.

因此，透過 Greg Abbott 要求進行的稽核流程，將會把其中很多這類申請清理出來。

We're very pleased that, for our particular site, there's no infrastructure improvements that the utilities have to do to bring power to the sites. We already have multiple transmission lines coming into the site. We're very close to the power-generating source in one of the biggest power markets in Texas.

我們非常高興，就我們這個特定場址而言，公用事業單位不需要為了把電力送到場址而進行任何基礎設施改善。我們已經有多條輸電線路進入該場址。我們非常接近德州最大電力市場之一的發電來源。

We feel very confident that, as this audit process progresses, we'll progress through the queue, as well. It's just a question of things happening in the right way.

我們非常有信心，隨著這個稽核流程推進，我們也會在排隊序列中持續往前。只是看事情是否以正確的方式發生。

Thanks, Fred. And then, maybe, just to follow up on the Matagorda County site itself, it seems that the purchase structure is potentially favorably set up in terms of milestone payments, relative (multiple speakers) --

謝謝，Fred。接著，或許再追問一下 Matagorda County 這個場址本身，看起來其收購架構在里程碑付款方面、相對於(多位講者) --

Yeah.

對。

-- to approval. Could you just give some more color around how that was struck; and some of those details, just working off of the presentation with the result? Thank you.

-- 核准而言，可能是更有利的設計。你能否再多補充一些這個架構是如何談成的，以及一些細節？我只是根據簡報中的結果來提問。謝謝。

Yeah. I think the way to look at it is this -- is that, obviously, because when we did the transaction, there wasn't 100% certainty about Batch Zero approval -- there are contingencies that drive the deal -- and so the idea is that, from our perspective, we have the ability to wait until Batch Zero.

好的。我認為可以這樣看——顯然，因為我們做這筆交易時，對於 Batch Zero 核准並沒有 100% 的確定性——所以交易中有一些或有條件會影響成交——因此，從我們的角度來看，我們有能力等到 Batch Zero。

But there is, at some point, a terminal point in time, where we either have to close or step away. It is structured, in a way, that benefits us.

但在某個時間點會有一個最終期限，我們要嘛完成交割，要嘛就退出。它的結構設計對我們是有利的。

Paul, just to add to that: As what Fred mentioned, this is attractive for us and our shareholders, as it aligns our and counter-party's interest, together, with the development of the project.

Paul，我補充一下：如 Fred 所提到的，這對我們與股東很有吸引力，因為它讓我們與交易對手的利益與專案開發進度一致。

As we progress, everyone progresses.

我們往前推進，大家就一起往前推進。

Thanks, Salman. Maybe, just -- I'll try to sneak a third one in. Sorry.

謝謝，Salman。我再——我想偷偷再塞第三個問題。抱歉。

Does this fall within the Starwood partnership, if you were to do a deal and have a capital partner through them for development of that site?

如果你們要做一筆交易，並透過他們找資本夥伴來開發該場址，這會落在 Starwood 的合作夥伴關係範圍內嗎？

Any deal has the opportunity to fall within the partnership. The deals that were already allocated to the partnership were those that were in the portfolio at the time we signed the deal.

任何交易都有機會納入該合作夥伴關係。但當初在我們簽署協議時，已經分配到合作夥伴關係中的交易，是當時投資組合裡既有的那些。

Understood. Thank you, both.

了解。謝謝你們兩位。

Thank you.

謝謝。

Chris Brendler, Rosenblatt.

Chris Brendler，Rosenblatt。

Hi. Good afternoon. Thanks for taking my questions.

嗨。下午好。謝謝讓我提問。

I would love to hear more about some of the -- how we should think about the revenue opportunity from Exaion, EDF, as well as HUM.

我很想多聽一些關於 Exaion、EDF，以及 HUM 的營收機會——我們應該怎麼看待。

I don't know if you talked about it, at all, because I'm listening to two calls at once but I'd just love to hear how we should think about it as the revenue base, if the revenue base will diversify with these initiatives.

我不確定你們是否有談到，因為我同時在聽兩場電話會議，但我很想了解我們應該如何把它們納入營收基礎的思考，以及這些計畫是否會讓營收基礎更加多元化。

Thanks.

謝謝。

Yeah. The HUM has no contractual revenues. They're not going to be material to the overall total revenues in the near term.

好的。HUM 沒有合約性營收。短期內它們不會對整體總營收造成重大影響。

HUM is essentially an instrument that allows Bitcoin mining pools to gain a little bit more certainty in how they're paying out their fees.

HUM 本質上是一種工具，讓比特幣挖礦礦池在支付手續費的方式上能獲得更高的確定性。

You could think of it as a way to leverage our hashrate; and take part of our Bitcoin; and use it as a way to provide more stability to pools.

你可以把它視為一種運用我們算力（hashrate）的方式；拿出一部分比特幣，作為為礦池提供更高穩定性的手段。

And so there's a certain limit to where it can grow. But it is definitely an eight-digit a year business on an annualized basis.

因此它的成長會有一定上限。但按年化計算，它絕對是一個每年達到八位數規模的業務。

That will be not necessarily material. But it'll still contribute nicely.

它未必會是重大的貢獻。但仍會帶來不錯的增量。

As we look at Exaion, Exaion is just coming out of the fold, if you would. Exaion's revenues this year will be in the low eight digits, most likely. We expect them to continue to grow, as Exaion diversifies their customer base.

至於 Exaion，若你這麼說，它才剛從原本的體系中走出來。Exaion 今年的營收很可能會落在低八位數。我們預期隨著 Exaion 客戶基礎的多元化，營收會持續成長。

Having been captive with the EDF, it takes a little while to go from building interest with new customers to closing contracts. But we're already seeing good traction there.

過去因為主要服務 EDF、屬於相對封閉的狀態，從培養新客戶興趣到簽下合約需要一些時間。但我們已經看到不錯的進展。

We're very bullish, long-term, on Exaion, especially when you think about how the continuum from powered shelves, which is essentially what we're doing together with Starwood, as you go to campuses, where you're moving from just a powered shell to, potentially, co-location-type contracts to then moving to, potentially, Platform-as-a-Service or think of it as GPU rental to, then, fully managed.

我們對 Exaion 的長期前景非常看好，尤其是當你思考從 powered shelves（本質上就是我們與 Starwood 一起在做的）一路延伸到園區型（campuses）時，你會從單純的供電機殼/空間，進一步到可能的機房代管（co-location）型合約，再到可能的 Platform-as-a-Service，或可視為 GPU 租賃，最後到全代管（fully managed）。

An important thing to think about is that -- and this has been reported in the news by analysts more and more frequently now -- is the frontier models are great for certain work.

有一點很重要——而且分析師在新聞中也越來越常提到——前沿模型（frontier models）在某些工作上很出色。

But they are hugely expensive to use for doing the bread-and-butter work that many people use AI for, such as analyzing emails, writing materials, coding, things like that.

但若用來做許多人日常使用 AI 的基本工作，例如分析電子郵件、撰寫材料、寫程式碼等，成本會高得驚人。

And so you're seeing a growing interest in open-source models and open-weight models that people want to deploy. A lot of the forecasts are showing that these models will grow as a percentage of the overall amount of compute that's deployed.

因此你會看到市場對開源模型與開放權重模型的部署興趣正在增加。許多預測顯示，這些模型在整體已部署算力中的占比將會提升。

This is Exaion's forte. One of the things they do for EDF, historically, has been: manage a portfolio of models, where somebody who's going to run a particular task can choose the model they want to run -- and it's all running on their infrastructure.

這正是 Exaion 的強項。他們過去為 EDF 做的一件事是：管理一個模型組合，讓要執行特定任務的人可以選擇想跑的模型——而且全部都在他們的基礎設施上運行。

With the combination of the needs for sovereign compute, the needs to keep your data within your own firewalls, the desire to lower token costs substantially, we believe a lot of these open-source models will gain significantly in traction, which is very additive, from an Exaion perspective.

結合主權算力（sovereign compute）的需求、將資料保留在自家防火牆內的需求，以及大幅降低 token 成本的期待，我們相信許多這類開源模型將顯著提升採用度，從 Exaion 的角度來看，這會帶來很大的增量效益。

We think, if you think of the market, we're addressing it from two ends. They will come and merge towards the middle.

我們認為，如果你看這個市場，我們是從兩端切入。它們會往中間匯合。

That's great color, Fred. Thanks so much for that.

這些補充很有幫助，Fred。非常感謝。

My second question was on Starwood, just thinking back to our very helpful meeting we had in Vegas, where you provided a lot of color on not just the timeline but, also, the numbers.

我的第二個問題是關於 Starwood。我回想我們在拉斯維加斯那場非常有幫助的會議，你不只就時程，也就數字提供了很多說明。

I just wanted to (technical difficulty) -- the potential -- what the potential numbers could look like. I just wanted to see, as you are getting closer to actually executing on one of these transactions, any changes, in your view -- any more (inaudible) -- confidence - pricing, demand, and timelines?

我只是想（技術問題）——潛在的——那些潛在的數字可能會長什麼樣子。我想確認的是，隨著你們更接近實際執行其中一筆交易，你們的看法是否有任何改變——是否更（聽不清）——在定價、需求與時程方面的信心？

Are they all as expected or any changes to that over the last three months? Thanks.

這些是否都如預期，或過去三個月有任何變化？謝謝。

I think we've been surprised by the demand being greater than what we initially expected; at least, the response from the tenants. But that's obvious, given the fact that there's not a lot of available power. We just happen to have a lot.

我想我們感到意外的是需求比我們一開始預期的更強，至少從承租方的回應來看是如此。但這也很明顯，因為可用電力不多。而我們剛好有很多。

I think the expectations regarding the quality of discussions that Starwood was going to bring us into have been definitely exceeded.

我認為，Starwood 原本預期能帶我們參與的討論品質，確實已經超出預期。

I think the professionalism of the team -- how they drive conversations regarding build and design because we're at that stage with a handful of these things -- have been very good.

我認為團隊的專業度——他們如何推動關於建置與設計的對話，因為我們在其中幾個項目上正處於那個階段——一直都非常好。

Financially, there's no difference in the calculus. And so I think we're very, very pleased with how things are going with Starwood.

在財務上，這個計算方式沒有差異。因此我想，我們對與 Starwood 的進展非常、非常滿意。

The team has been great to work with. We're very pleased with that. I think they are quite pleased with how things are shaping up.

這個團隊合作起來很棒。我們對此非常滿意。我想他們也對事情的發展態勢相當滿意。

That's great to hear. Looking forward to that first transaction. Thanks so much, Fred.

很高興聽到。期待第一筆交易。非常感謝你，Fred。

Yeah.

是。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Hi. Thanks for taking my question.

嗨。謝謝讓我提問。

(technical difficulty) -- the hybrid-energy storage prototype system with TAE Power Solutions. What performance and economic thresholds does it need to meet before MARA considers broader development?

(技術問題)——與 TAE Power Solutions 合作的混合式能源儲存原型系統。在 MARA 考慮更廣泛開發之前，它需要達到哪些性能與經濟門檻？

We're in the process. We're currently running [Vertebrae], which is where that partnership fits within our solution set.

我們正在進行中。我們目前在運行 [Vertebrae]，這也是該合作關係在我們解決方案組合中的定位。

We're running Vertebrae. We developed, originally, Vertebrae to operate at our wind farm because we needed to be able to do load-following or, rather, follow the amount of energy being generated by the wind farm and operate our compute to maximize every electron the wind farm was generating, as opposed to having a substantially lower threshold and just running it at that level.

我們正在運行 Vertebrae。我們最初開發 Vertebrae，是為了在我們的風電場運作，因為我們需要能夠做負載追隨，或者更確切地說，追隨風電場所產生的能源量來運行我們的運算，以最大化風電場產生的每一個電子，而不是設定一個顯著較低的門檻、只在那個水準運行。

We then adapted the technology so it can now do the same thing regarding load-following. If you have a system that has a varying demand, we can take the other side of the power equation and then, load the batteries and, at the same time, create a load that uses that excess energy.

之後我們調整了這項技術，現在它也能在負載追隨方面做同樣的事。如果你有一個需求會波動的系統，我們可以在電力方程式的另一端承接，然後為電池充電，同時建立一個負載來使用那些多餘的能源。

The last area where Vertebrae is actually very exciting in the data-center world is, when you fire up a new data center, you have to use load banks to simulate load.

Vertebrae 在資料中心領域最後一個其實非常令人興奮的應用是：當你啟動一座新的資料中心時，你必須使用負載箱來模擬負載。

Vertebrae, as a solution, together with mining, is a perfect load bank for start-up of data centers. And so we expect to see some great utilization there.

Vertebrae 作為一個解決方案，結合挖礦，是資料中心啟動時的完美負載箱。因此我們預期會在那裡看到很好的使用率。

That's where the TAE relationship works. It's their technology that we've worked with them on to integrate into Vertebrae that allows us to do what we do so effectively there.

這就是與 TAE 的合作關係發揮作用的地方。我們與他們合作、將其技術整合進 Vertebrae，使我們能在那裡如此有效地做到我們所做的事。

Appreciate that, Fred.

了解，謝謝你，Fred。

And then, just to switch over to more of the blockchain side: This past week, there's been a lot of discussion with Slipstream and Coldcard wallets.

接著切換到更多區塊鏈面向：過去一週，關於 Slipstream 與 Coldcard 錢包有很多討論。

Looking at (technical difficulty) -- Slipstream, how you guys think about monetizing that further?

就（技術問題）——Slipstream 而言，你們如何看待進一步將其變現？

Slipstream was a platform we developed originally back in the time when [Ordinals] and these non-standard payloads were very attractive and there were great transaction fees. Over time, demand for Ordinals has declined.

Slipstream 是我們在當初 [Ordinals] 與這些非標準載荷非常受歡迎、且交易費很可觀的時期所開發的平台。隨著時間推移，對 Ordinals 的需求已經下降。

When the Coldcard incident happened, we made a decision that we were basically going to allow people to use Slipstream as a way to move their coins in a way that the hackers wouldn't be able to take advantage of it.

當 Coldcard 事件發生時，我們做了一個決定：基本上允許人們使用 Slipstream，作為一種移動其幣的方式，讓駭客無法加以利用。

And so, longer term, I think Slipstream is a tool that our foundation -- the MARA Foundation -- really controls. The MARA Foundation's efforts are really around supporting Bitcoin; and ensuring Bitcoin's continued development and safety.

因此，從長期來看，我認為 Slipstream 是一個由我們的基金會——MARA Foundation——實際掌控的工具。MARA Foundation 的努力主要在於支持比特幣，並確保比特幣持續發展與安全。

We're very active in the quantum-resilience piece of what's going on in the Bitcoin market there. Slipstream is really viewed as a utility that we're providing to the market there.

我們在比特幣市場中正在進行的量子韌性（quantum-resilience）相關工作上非常積極。Slipstream 基本上被視為我們提供給市場的一項公用工具。

I wouldn't allocate significant revenues to it at all. It's more a tool that we believe is really better for the community to utilize.

我不會把顯著的營收歸因於它。它更像是一個我們認為對社群更有利、可供使用的工具。

Over time, if Bitcoin begins to see increases in the need for payloads that are not just traditional transactions, then Slipstream could very well be a great product and service in that area to generate revenue.

隨著時間推移，如果比特幣開始出現對不僅是傳統交易、而是其他載荷的需求增加，那麼 Slipstream 很可能會成為該領域一個很好的產品與服務，用以創造營收。

But, currently, we don't see a lot of demand in that area. But then, you never know.

但目前，我們在那方面看不到太多需求。不過，你永遠不知道。

Thanks, Fred. One more, if I may?

謝謝，Fred。如果可以的話，我再問一個？

Yeah.

可以。

Obviously, adding Matagorda would increase your portfolio quite a bit.

顯然，加入 Matagorda 會讓你們的投資組合增加不少。

But, looking at the non-hosted capacity, I believe you mentioned before you're considering about 90% of or evaluating 90% of that for AI.

但就非託管（non-hosted）產能來看，我記得你之前提到你們正在考慮把其中約 90% 用於 AI，或正在評估其中 90% 用於 AI。

How should we think about that percentage now, as you guys are looking at this more deeply?

在你們更深入評估之後，我們現在應該如何看待這個比例？

Yeah. If you think about our overall power portfolio or our Bitcoin mining portfolio, about a little less than 30% is hosted today. The rest is owned and operated.

是。如果你看我們整體電力投資組合或比特幣挖礦投資組合，目前大約略低於 30% 是託管（hosted）。其餘則是自有並自行營運。

And so the 90% relates to that 90% of the 70%. As the 30%, approximately, comes off of contract, we could run that at Matagorda, while sites are being developed for AI.

因此，這個 90% 指的是那 70% 裡面的 90%。當約 30% 的合約到期時，我們可以在 AI 場址開發期間，把那部分放到 Matagorda 來運行。

You have to realize that, as power comes on in Matagorda, it may take 18, 24 months -- whatever the build time is -- for tenants.

你必須了解，當 Matagorda 的電力逐步上線時，可能需要 18、24 個月——不論建置期多久——租戶才會進駐。

In the meanwhile, we can monetize all that power using Bitcoin mining, if we want. Again, the power doesn't come on all at once. It comes in gradually over about two years' time.

在此期間，如果我們願意，我們可以用比特幣挖礦把所有那些電力變現。同樣地，電力不是一次全部上線。它會在大約兩年的時間內逐步上線。

But what that gives us is the ability to not lose that hashrate, when the hosting contracts come off, but, rather, just reallocate a portion of Matagorda to that for a period of time.

但這讓我們有能力在託管合約到期時不會失去算力（hashrate），而是把 Matagorda 的一部分在一段時間內重新分配給它。

It serves two purposes:

它有兩個目的：

One is it lowers our cost of mine quite significantly compared to what we were paying in the hosted environment.

第一，它相較於我們在託管環境中支付的成本，能顯著降低我們的挖礦成本。

It allows us to use power and have an offtake for that power that we can monetize the power, while the data centers are being built.

它讓我們能使用電力，並為該電力提供一個承購（offtake）去路，使我們在資料中心建置期間也能將電力變現。

It's a very symbiotic shift.

這是一個非常互利共生的轉變。

Appreciate that, Fred. I'll hop back on the queue.

了解，謝謝你，Fred。我回到排隊序列。

Thank you.

謝謝。

At this time, I would like to turn the call back over to Mr. Robert Samuels for closing comments.

此時，我想把電話交回給 Robert Samuels 先生作結語。

Thanks, operator. Thank you, everyone, for joining us today.

謝謝，接線員。謝謝各位今天加入我們。

If you do have any questions that were not answered during today's call, please feel free to contact our Investor Relations team at ir@mara.com.

如果你有任何在今天電話會議中未獲解答的問題，歡迎隨時透過 ir@mara.com 聯絡我們的投資人關係團隊。

Thanks very much. Enjoy the rest of your day.

非常感謝。祝各位今天剩下的時間愉快。

Thank you. This does conclude today's teleconference.

謝謝。今天的電話會議到此結束。

You may disconnect your lines at this time.

你現在可以掛斷電話線。

Thank you for your participation. Have a great day.

感謝你的參與。祝你有美好的一天。