Riot Platforms Inc (RIOT) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to Riot Platforms fourth quarter 2024 and full year 2024 earnings conference call. (Operator Instructions) Please also be advised that today's call is being recorded.

您好，感謝您的耐心等待。歡迎參加 Riot Platforms 2024 年第四季及全年業績電話會議。（操作員指示）另請注意，今天的通話將被錄音。

I would now like to hand the conference call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead.

現在我將把電話會議交給 Riot Platforms 資本市場和投資者關係副總裁 Phil McPherson。請繼續。

Thank you, Michelle. Good afternoon, and welcome to Riot Platform' Fourth Quarter and Full Year 2024 Earnings Conference Call. My name is Phil McPherson, Vice President of Capital Markets and Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President, Head of Corporate Development and Strategy.

謝謝你，米歇爾。下午好，歡迎參加 Riot Platform 2024 年第四季及全年財報電話會議。我叫菲爾‧麥克弗森，是資本市場和投資人關係副總裁。今天與我一起參加電話會議的 Riot 團隊成員有：執行長 Jason Les；財務長 Colin Yee；以及執行副總裁兼企業發展與策略主管 Jason Chung。

On the Riot Investor Relations website, you can find our fourth quarter and full year 2024 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items.

在 Riot 投資者關係網站上，您可以找到我們 2024 年第四季度和全年收益新聞稿及相應的收益演示文稿，這些資料旨在補充我們今天準備好的發言，其中包括對某些非 GAAP 項目的討論。

Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's fourth quarter and full year 2024 performance.

所提供的非公認會計準則財務指標不應被視為替代或優於按照公認會計準則編制的財務業績指標，而應作為補充說明項目提供，以幫助投資者進一步了解公司 2024 年第四季度和全年業績。

During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties.

在今天的電話會議中，我們將對未來可能發生的事件做出前瞻性陳述。這些聲明是基於管理層目前的預期和假設，並存在風險和不確定性。

Actual results could materially differ due to factors discussed in today's earnings press release, in comments and responses made during today's call and in the Risk Factors section of our Form 10-K and Form 10-Q including for the year ended December 31, 2024, which will be filed later today as well as other filings with the Securities and Exchange Commission.

由於今天發布的盈利新聞稿、今天電話會議期間的評論和回應以及我們 10-K 表格和 10-Q 表格（包括截至 2024 年 12 月 31 日的年度報告）的“風險因素”部分中討論的因素，實際結果可能與預期存在重大差異。這些表格和表格將於今天稍後提交給美國證券交易委員會。

With that, I will turn the call over to Jason Les, CEO of Riot Platforms.

接下來，我將把電話交給 Riot Platforms 的執行長 Jason Les。

Thank you, Phil, and good afternoon, everyone. Before we dive into Riot's 2024 results, I would like to reflect on the industry as a whole. When Riot began mining Bitcoin in 2017, the entire network hash rate was just three exahash. By 2024, Riot alone grew our self-mining hash rate by 19.1 exahash to a total of 31.5 exahash, while the global network reached an all-time high of over 750 exahash.

謝謝你，菲爾，大家下午好。在深入探討 Riot 2024 年的業績之前，我想先回顧一下整個產業的情況。Riot Games 在 2017 年開始挖比特幣時，整個網路的哈希率只有 3 exahash。到 2024 年，Riot 僅自挖礦算力就成長了 19.1 exahash，達到 31.5 exahash，而全球網路算力則達到了超過 750 exahash 的歷史最高水準。

In January of 2024, the approval of the Bitcoin ETF brought further institutional adoption, resulting in the most successful launch of ETFs ever as measured by AUM. By July of 2024, Bitcoin has become a key topic during the Presidential election. And post election, Bitcoin hit new all-time highs of $75,000 and then $100,000.

2024 年 1 月，比特幣 ETF 獲得批准，進一步推動了機構投資者的採用，以資產管理規模 (AUM) 衡量，這是有史以​​來最成功的 ETF 發行。到 2024 年 7 月，比特幣已成為總統選舉期間的關鍵議題。選舉結束後，比特幣價格創下歷史新高，先達到 75,000 美元，然後再達到 10 萬美元。

Riot has been mining Bitcoin since 2017 with conviction in this long-term value proposition. In January 2024, Riot stopped selling Bitcoin produced through our mining activities in order to retain more Bitcoin.

Riot 自 2017 年以來一直在挖比特幣，他們堅信比特幣的長期價值。2024 年 1 月，Riot 停止出售透過挖礦活動產生的比特幣，以便保留更多比特幣。

Additionally, we purchased Bitcoin for the first time in December 2024, following our inaugural successful convertible debt offering, ultimately adding over 10,000 Bitcoin to our balance sheet over the course of the year, ending 2024 with 17,722 Bitcoin worth $1.7 billion based on the Bitcoin price of $93,354 as of December 31, 2024.

此外，在我們首次成功發行可轉換債券之後，我們在 2024 年 12 月首次購買了比特幣，最終在一年內將超過 10,000 枚比特幣添加到我們的資產負債表中，截至 2024 年 12 月 31 日，我們持有 17,722 枚比特幣，按 12025 年 3313 月 3253330000 美元價值17 億美元。

Our efforts to maximize the value of our unique power assets does not mean we have changed our long-term view on Bitcoin. Riot currently maintains approximately 4% of the global network, and we will continue to pursue a compounding increase in the value of Bitcoin held per share as a key operating metric while seeking to maximize the value of all of our assets for our shareholders.

我們努力最大化利用我們獨特的電力資產的價值，但這並不意味著我們改變了對比特幣的長期看法。Riot 目前持有全球網路中約 4% 的比特幣，我們將繼續追求每股持有比特幣價值的複合成長，以此作為關鍵的營運指標，同時努力為我們的股東實現所有資產價值的最大化。

In 2024, AI/HPC demand for access to power resulted in Bitcoin mining power assets being converted into AI/HPC use. This has continued into 2025, increasing the value of large-scale sites with secured access to power near major metropolitan areas, sites such as our Corsicana and Rockdale facilities.

2024 年，人工智慧/高效能運算對電力的需求導致比特幣挖礦電力資產轉化為人工智慧/高效能運算用途。這種情況一直持續到 2025 年，增加了靠近主要都市區且電力供應穩定的大型場地的價值，例如我們的 Corsicana 和 Rockdale 設施。

There is a unique timely opportunity for Riot shareholders to benefit from the value of our assets and to maximize shareholder value, and I am excited to share further updates on our aggressive pursuit of this opportunity.

對於 Riot 的股東來說，這是一個難得的良機，可以從我們的資產價值中獲益，並實現股東價值最大化。我很高興與大家分享我們積極尋求此機會的最新進展。

I would like to start by reviewing Riot's key accomplishments during 2024. We successfully energized the Corsicana facility. Following approximately 24 months of development, Riot successfully energized the 400-megawatt substation, developed four buildings and deployed immersion systems and miners, ending the year with approximately 14 exahash of self-mining hash rate at the Corsicana facility alone.

我想先回顧一下 Riot 在 2024 年的主要成就。我們已成功啟動科西卡納工廠。經過大約 24 個月的開發，Riot 成功為 400 兆瓦變電站供電，建造了四棟建築物，並部署了浸沒式系統和礦機，僅在 Corsicana 設施就實現了約 14 exahash 的自挖礦算力，結束了這一年。

Our Bitcoin yield strategy. In January of 2024, with ETF approvals imminent and the 2024 halving approaching, Riot's decision to retain all mined Bitcoin and focus on increasing Bitcoin per share, i.e., Bitcoin yield, has resulted in a nearly 40% Bitcoin yield in 2024 and more than $100 million in incremental asset value appreciation in 2024 alone.

我們的比特幣收益策略。2024 年 1 月，隨著 ETF 審批即將到來，以及 2024 年比特幣減半臨近，Riot 決定保留所有挖出的比特幣，並專注於提高每股比特幣數量（即比特幣收益率），這一決定使得 2024 年比特幣收益率接近 40%，僅在 2024 年就帶來了價值超過 1 億美元的資產。

Our convertible senior notes offering. In line with Riot's Bitcoin yield strategy and target to continue to increase Bitcoin held per share, Riot was able to take advantage of favorable market conditions and issue our inaugural convertible senior notes offering. This issuance lowered our cost of capital, expanded our institutional investor base, and proceeds were utilized to acquire Bitcoin and further enhance Bitcoin yield.

我們的可轉換優先票據發行。為了配合 Riot 的比特幣收益策略和繼續增加每股持有比特幣的目標，Riot 能夠利用有利的市場條件發行我們首批可轉換高級票據。此次發行降低了我們的資本成本，擴大了我們的機構投資者基礎，所得款項用於購買比特幣並進一步提高比特幣收益率。

The Block Mining acquisition. This was Riot's first acquisition in more than two years and our first business expansion outside of Texas into an attractive new jurisdiction, offering 60 megawatts of current mining operations and expansion opportunities to 305 megawatts and beyond.

Block Mining 的收購。這是 Riot 兩年多來的首次收購，也是我們首次將業務擴展到德克薩斯州以外的一個有吸引力的新司法管轄區，該管轄區目前擁有 60 兆瓦的採礦業務，並有機會擴展到 305 兆瓦及以上。

And finally, the E4A acquisition, our most recent acquisition, which supplements our engineering business, while also enhancing our core operating capabilities.

最後，我們最近收購了 E4A，這筆收購補充了我們的工程業務，同時也增強了我們的核心營運能力。

For 2025, we expect to grow our Bitcoin mining hash rate by approximately 22%, while aggressively pursuing AI/HPC opportunities to maximize the value of our unique assets. We believe that this approach will bring the most value to our shareholders, while allowing us to remain flexible as market opportunities continue to present themselves.

預計到 2025 年，我們的比特幣挖礦算力將成長約 22%，同時積極尋求人工智慧/高效能電腦會，以最大限度地提高我們獨特資產的價值。我們相信，這種方法將為我們的股東帶來最大的價值，同時使我們能夠在市場機會不斷湧現時保持靈活性。

With a strong balance sheet, a solid operating team and a management team focused on value creation, I am truly excited at the path we have ahead of ourselves.

憑藉強勁的資產負債表、穩健的營運團隊和專注於價值創造的管理團隊，我對我們未來的發展道路感到非常興奮。

With that, I would like to now turn the call over to Colin Yee, CFO of Riot Platforms.

接下來，我將把電話交給 Riot Platforms 的財務長 Colin Yee。

Thank you, Jason. I'm excited to present Riot's financial results for the fourth quarter and fiscal year ending 2024. For ease of reference, we have highlighted key metrics on Slide 6, which presents a snapshot of key financial and operating metrics for the full year 2024. However, let's just jump into the details on the following slides.

謝謝你，傑森。我很高興向大家介紹 Riot 截至 2024 年的第四季和財年的財務表現。為了方便參考，我們在投影片 6 中重點列出了關鍵指標，其中展示了 2024 年全年關鍵財務和營運指標的概覽。不過，我們還是直接來看接下來幾張投影片的細節吧。

During 2024, Riot increased its self-mining hash rate from 12.4 exahash to 31.5 exahash, representing a 154% increase over the course of the year and outpacing the increase in the global hash rate, which rose by 67% in 2024.

2024 年，Riot 將自挖礦算力從 12.4 exahash 提高到 31.5 exahash，一年內成長了 154%，超過了 2024 年全球算力 67% 的成長速度。

Furthermore, in 2024, Riot produced 4,828 Bitcoin, 27% lower than the Bitcoin produced in 2023, primarily as a result of the 2024 halving event in April. However, in spite of this April's halving, Riot ended the year producing approximately 16.6 Bitcoin per day as compared to 16.8 Bitcoin per day at the start of the year.

此外，Riot 在 2024 年生產了 4,828 個比特幣，比 2023 年生產的比特幣減少了 27%，這主要是由於 2024 年 4 月的比特幣減半事件造成的。然而，儘管今年 4 月比特幣減半，Riot 年底的日產量約為 16.6 個比特幣，而年初的日產量為 16.8 個比特幣。

In January of this past year, Riot stopped selling Bitcoin produced in order to increase our Bitcoin holdings ahead of the halving. In conjunction with this December's convertible notes offering, proceeds from which were used to acquire Bitcoin in the spot market, we have increased our Bitcoin holdings per million fully diluted shares from 31.8 to 44.3, representing an increasing Bitcoin yield of 39% for the year.

去年一月，Riot Games停止出售其生產的比特幣，以便在比特幣減半之前增加我們的比特幣持有量。配合今年 12 月的可轉換債券發行（所得款項用於在現貨市場購買比特幣），我們已將每百萬股完全稀釋股份的比特幣持有量從 31.8 增加到 44.3，這意味著今年的比特幣收益率將增長至 39%。

Going forward, we will continue to focus on increasing Bitcoin yield in order to ensure that our shareholders are able to participate in the long-term value creation opportunity that we believe Bitcoin represents.

展望未來，我們將繼續專注於提高比特幣收益率，以確保我們的股東能夠參與我們認為比特幣所代表的長期價值創造機會。

Riot ended 2024 holding 17,722 Bitcoin, an increase of 141% relative to the 7,362 Bitcoin that we held at the end of 2023, and Riot continues to retain 100% of all self-mined Bitcoin.

Riot Games 截至 2024 年底持有 17,722 枚比特幣，比 2023 年底持有的 7,362 枚比特幣增加了 141%，而 Riot Games 繼續保留 100% 的所有自挖比特幣。

For the full year 2024, Riot reported total revenue of $376.7 million as compared to $280.7 million for 2023, a 34% increase year-over-year. This increase was primarily driven by higher Bitcoin prices.

Riot Games 公佈 2024 年全年總收入為 3.767 億美元，而 2023 年為 2.807 億美元，年增 34%。這一增長主要是由比特幣價格上漲所推動的。

Gross profit for the full year 2024 was $147.6 million as compared to gross profit of $97.6 million for the full year 2023.

2024 年全年毛利為 1.476 億美元，而 2023 年全年毛利為 9,760 萬美元。

Non-GAAP adjusted EBITDA for the full year 2024 was $463.2 million as compared to non-GAAP adjusted EBITDA of $214 million for the full year 2023. Riot adapted FASB's final standard on crypto assets issued in December 2023, under which Riot now recognizes its Bitcoin held at fair value and, with it, changes in fair value are now recognized in income.

2024 年全年非 GAAP 調整後 EBITDA 為 4.632 億美元，而 2023 年全年非 GAAP 調整後 EBITDA 為 2.14 億美元。Riot 採用了 FASB 於 2023 年 12 月發布的關於加​​密資產的最終標準，根據該標準，Riot 現在以公允價值確認其持有的比特幣，並且公允價值的變動現在也計入收入。

As a reference, the Bitcoin price at the end of 2023 was $42,265, and the price at the end of 2024 was $93,354. This resulted in a mark-to-market upward adjustment of $458.7 million for [2024].

作為參考，比特幣在 2023 年底的價格為 42,265 美元，在 2024 年底的價格為 93,354 美元。這導致按市值計價向上調整了 4.587 億美元。[2024]

Net income for the full year 2024 was $109.4 million or $0.40 per share compared to a net loss of $49.5 million or $0.28 per share for the full year 2023. Full year 2024 net income includes stock-based compensation expense of $125.2 million, unrealized loss on marketable equity securities of $69.5 million and depreciation and amortization of $212 million. As a reminder, beginning in the first quarter of 2024, we adjusted our depreciation schedule for mining hardware from a 2-year to a 3-year schedule based on our evaluation of our own operational history.

2024 年全年淨收入為 1.094 億美元，即每股 0.40 美元，而 2023 年全年淨虧損為 4,950 萬美元，即每股 0.28 美元。2024 年全年淨收入包括 1.252 億美元的股票選擇權費用、6,950 萬美元的可交易權益證券未實現損失以及 2.12 億美元的折舊和攤提。再次提醒大家，從 2024 年第一季開始，我們根據自身營運歷史的評估，將挖礦硬體的折舊計畫從 2 年調整為 3 年。

For the full year 2024, Bitcoin Mining revenue totaled $321 million, a 70% increase relative to the full year 2023 Bitcoin Mining revenue of $189 million. Bitcoin Mining cost of revenue primarily consists of direct production cost of Bitcoin Mining operations including electricity, labor, insurance and other expenses, but excluding depreciation and amortization.

2024 年全年，比特幣挖礦收入總計 3.21 億美元，比 2023 年全年比特幣挖礦收入 1.89 億美元成長了 70%。比特幣挖礦的收入成本主要包括比特幣挖礦營運的直接生產成本，包括電力、勞動力、保險和其他費用，但不包括折舊和攤提。

Bitcoin Mining gross profit for the quarter was $165.5 million, representing a margin of 52% as compared to $163.6 million or a margin of 87% for the full year 2023.

本季比特幣挖礦毛利為 1.655 億美元，毛利率為 52%，而 2023 年全年毛利為 1.636 億美元，毛利率為 87%。

Cost to mine, excluding depreciation in the fourth quarter totaled $42,011 per Bitcoin, of which power cost amounted to $33,281 per Bitcoin or 79% of total cost per Bitcoin. Quarter-over-quarter, power costs increased from $0.031 a kilowatt hour to $0.038 a kilowatt hour as a greater proportion of our power was procured at the Corsicana facility at spot market rates, which at the times purchased were, on average, elevated relative to the fixed rate under PPAs at the Rockdale Facility with proportionately fewer offsetting power credits than in the previous quarter.

第四季度，不包括折舊在內，每個比特幣的挖礦成本總計為 42,011 美元，其中電力成本為每個比特幣 33,281 美元，佔每個比特幣總成本的 79%。與上一季相比，電力成本從每千瓦時 0.031 美元增加到每千瓦時 0.038 美元，原因是我們在 Corsicana 工廠以現貨市場價格採購的電力比例更大，而當時的現貨市場價格平均高於 Rockdale 工廠根據購電協議 (PPA) 簽訂的固定價格，並且與上一季相比，電力積分的比例也更低。

For the full year 2024, we achieved an all-in cost of power of $0.034 a kilowatt hour, which remains one of the lowest in the industry.

2024 年全年，我們的總電力成本為每千瓦時 0.034 美元，這仍然是業內最低的成本之一。

Direct non-power costs which include direct labor, miner insurance, miner and miner related equipment repairs, land lease and related property taxes, network costs and other utility expenses totaled $8,730 or 21% per Bitcoin, down from the third quarter of 2024 when direct non-power costs accounted for 25% of total costs.

直接非電力成本（包括直接人工、礦工保險、礦工和礦工相關設備維修、土地租賃和相關財產稅、網路成本和其他公用事業費用）總計為每枚比特幣 8,730 美元，佔總成本的 21%，低於 2024 年第三季的 25%。

This drop is a result of Riot continuing to achieve economies of scale at our operating facilities. As Riot continues to grow hash rate, we expect to see non-power direct costs as a percentage of the total cost per Bitcoin to trend lower.

這一下降是由於 Riot 在其營運設施中持續實現規模經濟所致。隨著 Riot 算力的持續成長，我們預期非電力直接成本將佔每枚比特幣總成本的比例將呈現下降趨勢。

I'd now like to turn the call over to Jason Chung, Riot's EVP and Head of Corporate Development and Strategy, to discuss our most recent acquisition.

現在我想把電話交給 Riot 的執行副總裁兼企業發展與策略主管 Jason Chung，讓他來討論我們最近的收購。

Thanks, Colin. I'm excited to share information on Riot's latest acquisition.

謝謝你，科林。我很高興與大家分享 Riot 最新收購的相關資訊。

This past December, we closed the acquisition of E4A Solutions for $52 million in cash consideration at closing. E4A Solutions based in Houston, Texas is a leading provider of consulting, commissioning and procurement services designed to support electrical project needs for substations, from low voltage to high voltage.

去年 12 月，我們以 5,200 萬美元現金對價完成了對 E4A Solutions 的收購。總部位於德克薩斯州休斯頓的 E4A Solutions 是一家領先的諮詢、調試和採購服務提供商，旨在支持變電站的電氣項目需求，涵蓋從低壓到高壓的各種情況。

E4A employs approximately 50 employees and services power plants, transformers, substation equipment and switch gears for a blue-chip roster of clients, which include FirstEnergy, Hitachi, Hyundai and Toshiba, among many others.

E4A 擁有約 50 名員工，為包括 FirstEnergy、日立、現代化和東芝在內的眾多藍籌客戶提供發電廠、變壓器、變電站設備和開關設備的維修服務。

In 2024, E4A generated $28.2 million in revenue, a 31% increase over 2023 revenue of $21.5 million and $4.6 million in EBITDA, representing margins north of 16%.

2024 年，E4A 的營收為 2,820 萬美元，比 2023 年的 2,150 萬美元營收成長了 31%，EBITDA 為 460 萬美元，利潤率超過 16%。

The acquisition of E4A Solutions offers a number of strategic benefits for Riot and significantly bolsters our engineering business. More specifically, our engineering business, ESS Metron, will now have the ability to add higher-margin recurring services revenues to customers.

收購 E4A Solutions 為 Riot 帶來了許多策略優勢，並顯著增強了我們的工程業務。更具體地說，我們的工程業務部門 ESS Metron 現在將能夠為客戶增加利潤更高的經常性服務收入。

E4A's services expertise in maintenance, servicing, training and repair can now be offered on equipment manufactured by ESS Metron, while the countercyclical profile of the services business relative to ESS Metron's business is also expected to reduce overall revenue volatility in our engineering business going forward.

E4A 在維護、保養、培訓和維修方面的專業技術現在可以應用於 ESS Metron 製造的設備，同時，服務業務相對於 ESS Metron 業務的反週期特性也有望降低我們工程業務未來整體收入的波動性。

With this acquisition, Riot has now brought in-house expertise in developing, maintaining and servicing medium- and high-voltage substations, which will further derisk infrastructure development and save costs, while also improving our ability to perform on-site maintenance on switch gears and, most importantly, leading to further improvements in operating uptime for our Bitcoin Mining business.

透過此次收購，Riot 現在擁有了開發、維護和維修中高壓變電站的內部專業知識，這將進一步降低基礎設施開發的風險並節省成本，同時提高我們對開關設備進行現場維護的能力，最重要的是，這將進一步提高我們比特幣挖礦業務的正常運行時間。

In 2024, Riot's engineering business generated $38.5 million in revenue, down from $64.3 million in 2023. This reduction in top line revenue was largely driven by one large manufacturing contract for a governmental entity, which took longer than anticipated to complete due to supply chain constraints during the year, which resulted in decreased receipts of materials and delayed recognition of revenue.

2024 年，Riot 的工程業務創造了 3,850 萬美元的收入，低於 2023 年的 6,430 萬美元。此次營收下降主要是由於一份政府實體的大型製造合同，由於年內供應鏈受限，完成時間比預期要長，導致材料收貨減少，收入確認延遲。

The custom electrical products manufactured by Riot's engineering business, such as switchgear and power distribution centers, are particularly important components in data center development and in power generation and distribution facilities, and there has been a significant increase in demand for these products due to the continued increase in AI/HPC data center development and the continually increasing demand for power.

Riot 工程業務生產的客製化電氣產品，如開關設備和配電中心，是資料中心開發以及發電和配電設施中特別重要的組成部分，由於 AI/HPC 資料中心的持續發展和電力需求的不斷增長，對這些產品的需求也顯著增加。

With our now expanded engineering business products and services capabilities, Riot is well positioned to capitalize on this growing demand and, alongside the recent acquisition of E4A Solutions, has a clear path towards reaching $100 million in revenue in 2025, while also increasing meaningfully.

憑藉我們現已擴展的工程業務產品和服務能力，Riot 已做好充分準備，抓住這一不斷增長的需求，加上最近收購了 E4A Solutions，Riot 已明確實現 2025 年 1 億美元收入的目標，並有望實現顯著增長。

With that, I'd now like to turn the call back over to Jason Les.

接下來，我想把電話轉回傑森·萊斯。

Thank you, Jason. Now I'd like to turn the presentation towards Riot's treasury strategy. Riot continues to hold all of its self-mined Bitcoin. In 2024, holding all of our Bitcoin versus selling at the time it was mined resulted in an increase of $120 million in value.

謝謝你，傑森。現在我想把演講主題轉向 Riot 的財務策略。Riot Games 仍然持有所有自行挖礦的比特幣。到 2024 年，如果我們持有所有比特幣而不是在挖礦時賣掉，比特幣的價值將增加 1.2 億美元。

Our bullish belief in Bitcoin has not wavered, and we believe that holding Bitcoin, increasing Bitcoin yield will result in greater shareholder value over time. This slide demonstrates the delta we achieved on holding Bitcoin production over the year versus selling it at various end of year Bitcoin prices.

我們對比特幣的看漲信念從未動搖，我們相信，持有比特幣，不斷提高比特幣收益率，最終將為股東創造更大的價值。這張投影片展示了我們全年持有比特幣產量與在年底不同比特幣價格下出售比特幣所取得的收益差異。

One of the tenets of Riot strategy has been to maintain a strong balance sheet, underpinned by our growing Bitcoin balance since 2018. This has allowed Riot to act opportunistically and grow our portfolio of assets, which in turn has created the new opportunity set that we are executing on today.

Riot 策略的一項原則是維持強勁的資產負債表，而自 2018 年以來，我們不斷成長的比特幣餘額正是這項策略的基礎。這使得 Riot 能夠抓住機遇，擴大我們的資產組合，進而創造了我們今天正在執行的新機會。

While Riot has always been conservative with regards to long-term debt, the increased value of our Bitcoin and the attractive terms in the convertible debt market led to our inaugural debt issuance in December 2024.

雖然 Riot 在長期債務方面一直比較保守，但我們比特幣價值的增加以及可轉換債券市場的誘人條款促使我們在 2024 年 12 月首次發行債券。

We view this as a method to utilize our strong balance sheet to acquire more Bitcoin at an attractive cost of capital. Our internal policy is to not take on additional debt such that doing so would exceed a 40% debt to Bitcoin value ratio.

我們認為這是利用我們強大的資產負債表以具有吸引力的資金成本來獲取更多比特幣的一種方法。我們的內部政策是不增加額外債務，以免債務與比特幣價值比超過 40%。

We feel this limit on leverage is prudent and allows us to create additional value for our shareholders. Further, as we continue to increase our Bitcoin balance every month by retaining production from our mining operations, we are organically deleveraging over time.

我們認為限制槓桿率是審慎的，這使我們能夠為股東創造更多價值。此外，隨著我們每月透過保留挖礦業務的產量來不斷增加比特幣餘額，我們正在逐步降低槓桿率。

For 2025, Riot anticipates capital expenditures totaling $198 million. While we have halted the Bitcoin mining expansion at Corsicana, existing expenses, primarily consisting of the 600-megawatt substation development, continue. Additionally, we continue developing the various facilities that comprise our Kentucky operations, including $23 million on infrastructure expense and $110 million on miners. However, it's important to note that $35 million of that is for deposits for hash rate coming online in the first half of 2026.

Riot 預計 2025 年的資本支出總額將達到 1.98 億美元。雖然我們已經停止了在科西卡納的比特幣挖礦擴張，但現有支出（主要包括 600 兆瓦變電站的建設）仍在繼續。此外，我們繼續發展構成我們在肯塔基州業務的各種設施，包括2,300萬美元的基礎設施支出和1.1億美元的礦場投資。不過值得注意的是，其中 3,500 萬美元是用於 2026 年上半年上線的算力服務的存款。

As a result of these investments and our efforts on the ground, we expect to end 2025 with 38.4 exahash in deployed hash rate, a 22% increase over the 31.5 exahash we ended the year 2024 with. We expect this to approximately match the pace of global network hash rate growth this year, maintaining our approximate 4% share of the overall network.

由於這些投資和我們在實地所做的努力，我們預計到 2025 年底，已部署的算力將達到 38.4 exahash，比 2024 年底的 31.5 exahash 增長 22%。我們預計這將與今年全球網路哈希率的成長速度大致持平，保持我們在整個網路中約 4% 的份額。

In 2024, the rapid growth of AI applications and the resulting increase in demand for large-scale access to power needed for large language models and inference compute became a dominant market theme. We have long viewed our Bitcoin Mining business as being at the forefront of the convergence of energy and sound money.

2024 年，人工智慧應用的快速成長以及由此產生的大規模語言模型和推理計算所需電力的大規模存取需求的增加，成為市場的主要主題。我們一直將我們的比特幣挖礦業務視為能源與健全貨幣融合的前沿領域。

With the emergence of AI/HPC, we now find ourselves at the center of the convergence of energy and high-performance compute. As such, Riot's uniquely positioned portfolio of high-quality energy assets can now be viewed through a wider lens.

隨著人工智慧/高效能運算的出現，我們現在發現自己正處於能源與高效能運算融合的中心。因此，Riot 獨具特色的高品質能源資產組合現在可以從更廣闊的視角來看待。

The core of Riot's strategy has been to take a vertically integrated approach to securing, developing and operating energy infrastructure for Bitcoin Mining. This focus has led to Riot owning and operating two premier power assets, which now form the basis for the expanded opportunity set uniquely available today to explore all opportunities available to us to maximize the value of energy assets across our portfolio.

Riot 的核心策略是採取垂直整合的方式來保障、開發和營運比特幣挖礦所需的能源基礎設施。這種專注使得 Riot 擁有並經營了兩項一流的電力資產，這為我們如今擁有的獨特機會奠定了基礎，使我們能夠探索所有可用的機會，從而最大限度地提高我們投資組合中能源資產的價值。

The market has already taken notice of the value of AI/HPC contracts and has rewarded those companies, which have made this pivot with elevated valuation multiples. The chart on Page 21 demonstrates both the valuation multiple expansion some of our public peers have experienced as they have pivoted parts of the power assets to also include AI/HPC as well as the lagging valuation multiples seen by the remaining Bitcoin Mining pure-play players.

市場已經注意到人工智慧/高效能運算合約的價值，並給予那些轉型到該領域的公司更高的估值倍數作為回報。第 21 頁的圖表顯示，一些上市同行在將部分電力資產轉向人工智慧/高效能運算後，估值倍數有所擴張，而其餘純粹的比特幣挖礦公司則面臨估值倍數滯後的困境。

While revenues from Bitcoin Mining can exhibit volatility in the near term, AI/HPC contracts offer long-term predictable cash flows with credible counterparties, which can reduce the overall volatility in our financial performance and to which the market assigns higher valuation multiples.

雖然比特幣挖礦的收入在短期內可能會出現波動，但 AI/HPC 合約可以提供與信譽良好的交易對手進行長期可預測的現金流，這可以降低我們財務業績的整體波動性，並且市場會給予更高的估值倍數。

One of the most active themes we see in the market today relates to the significant need for power faced by the major hyperscalers in their arms race to deploy more high-performance compute capacity and the associated capital expenditure plans they committed to in order to achieve their goals.

如今市場上最活躍的主題之一是，大型超大規模資料中心營運商在部署更多高效能運算能力的競賽中面臨著巨大的電力需求，以及他們為實現目標而做出的相關資本支出計畫。

Microsoft, Meta and Alphabet alone have collectively committed to more than $200 billion in spending plans this year, with the rest of the industry closely following suit. In order to meet their aggressive growth targets, hyperscalers face immediate need for large-scale access to power, with industry forecasts calling for nearly 30 gigawatts of additional power demand over the next five years.

光是微軟、Meta 和 Alphabet 三家公司今年就已承諾投入超過 2,000 億美元用於支出，其他業內公司也緊跟在後。為了實現其雄心勃勃的成長目標，超大規模資料中心營運商迫切需要大規模獲取電力，產業預測未來五年將新增近 30 吉瓦的電力需求。

As I will hit into, Riot has a clear and unique opportunity to capitalize on this tremendous demand imbalance. As hyperscalers continue to search for large-scale access to power, they particularly prioritize 3 key attributes: one, proximity to major markets; two, speed to market to deploy compute quickly; and three, large-scale access to power in the hundreds of megawatts. Riot's primary assets in Rockdale and Corsicana are particularly well suited to satisfy each of these key requirements, which I will get into shortly.

正如我將要提到的，Riot 擁有一個清晰而獨特的機遇，可以利用這種巨大的需求失衡來獲利。隨著超大規模資料中心營運商不斷尋求大規模電力供應，他們尤其重視以下三個關鍵屬性：一、靠近主要市場；二、快速進入市場以快速部署運算能力；三、大規模取得數百兆瓦的電力。Riot 在 Rockdale 和 Corsicana 的主要資產特別適合滿足這些關鍵要求，我稍後會詳細介紹。

We believe the Corsicana facility offers the most compelling opportunity available today for a hyperscaler to get immediate access to large-scale power, all in close proximity to Dallas, one of the most sought after data center markets in the country. This gives hyperscalers access to existing connectivity hub and lower latency.

我們相信，科西卡納資料中心為超大規模資料中心營運商提供了目前最具吸引力的機會，使其能夠立即獲得大規模電力，而且距離達拉斯很近，達拉斯是美國最炙手可熱的資料中心市場之一。這使超大規模資料中心能夠連接現有的連接中心並降低延遲。

Most importantly, Corsicana has 400 megawatts of power that can be utilized today, and we're actively developing an additional 600-megawatt substation to be ready in early 2026. Combined, this is 1 gigawatt of power that can be available for a hyperscaler to deploy almost immediately, which when combined with this location, we believe makes Corsicana an extremely rare offering.

最重要的是，科西卡納目前擁有 400 兆瓦的可用電力，我們正在積極開發一座額外的 600 兆瓦變電站，預計將於 2026 年初投入使用。兩者加起來，可供超大規模資料中心立即部署的電力容量為 1 吉瓦，再加上其優越的地理位置，我們認為科西卡納是一個極其罕見的資源。

In addition, we own the land at Corsicana. We have access to water with that access growing further and multiple redundant sources of fiber available today. These are the key criteria hyperscalers are first looking at when evaluating sites, and we think Corsicana is extremely well suited.

此外，我們還擁有科西卡納的土地。我們擁有充足的水源，水源供應仍在增加；如今，我們還擁有多種冗餘的纖維來源。這些是超大規模資料中心營運商在評估站點時首先關注的關鍵標準，我們認為 Corsicana 非常符合這些標準。

For many of the same reasons Corsicana is uniquely well positioned to attract hyperscalers, we believe that Rockdale represents an exciting opportunity as well. At Rockdale, we have a 700-megawatt substation already developed and capacity that can be made immediately available.

由於與 Corsicana 具有吸引超大規模企業的獨特優勢的許多相同原因，我們認為 Rockdale 也代表著一個令人興奮的機會。在羅克代爾，我們已經建造了一座700兆瓦的變電站，其容量可以立即投入使用。

The current Rockdale site stands more than 200 acres, most of which is cleared open land, which a hyperscaler could begin immediate development on in order to take advantage of this large-scale access to power.

目前的 Rockdale 場地佔地超過 200 英畝，其中大部分是已清理的空地，超大規模資料中心營運商可以立即開始開發，以利用這種大規模的電力資源。

Similar to Corsicana, Rockdale is located just 45 miles from Austin, which also represents a major data center market, which hyperscalers are seeking proximity to. We also believe the relatively short distance between the Rockdale and Corsicana facilities at about 100 miles creates another compelling opportunity for one hyperscaler to deploy up to 1.7 gigawatts of power across the two sites that are not only in close proximity to each other, but to 2 major data center markets.

與科西卡納類似，羅克代爾距離奧斯汀僅 45 英里，奧斯汀也是一個主要的資料中心市場，超大規模資料中心營運商正在尋求靠近該市場。我們還認為，羅克代爾和科西卡納設施之間相對較短的距離（約 100 英里）為一家超大規模數據中心運營商創造了另一個極具吸引力的機會，使其能夠在兩個不僅彼此靠近，而且位於兩個主要數據中心市場的地點部署高達 1.7 吉瓦的電力。

Late last year, Riot began to receive inbound inquiries from hyperscalers interested in exploring opportunities related to our power assets. And as these discussions progressed, it became clear to us that there was a significant opportunity at hand. As a result, and since then, we have taken a number of steps to capitalize on this tremendous opportunity presented to us.

去年年底，Riot 開始收到來自超大規模資料中心營運商的問詢，他們有興趣探索與我們的電力資產相關的機會。隨著討論的深入，我們逐漸意識到眼前存在著一個重要的機會。因此，從那時起，我們採取了一系列措施來充分利用擺在我們面前的這一巨大機會。

First, this past January, we engaged Altman Solon, a leading telecommunication strategy consultancy to help us conduct a study to evaluate the feasibility of utilizing our Corsicana site for AI/HPC uses. This study has now been underway for a number of weeks and is expected to conclude next month.

首先，今年一月，我們聘請了領先的電信策略顧問公司 Altman Solon 來幫助我們進行一項研究，以評估利用我們在科西卡納的站點進行 AI/HPC 用途的可行性。這項研究已經進行了數週，預計下個月結束。

Second, earlier this month, we made meaningful changes to our Board of Directors with the addition of three new independent Directors and the expansion of our Board to include 6 Directors in total. The new independent Directors who have joined our Board come with unique set of skills, including significant data center development expertise, deep real asset development, capital allocation experience and broad corporate governance experience. Our newly constituted Board will continue to oversee and advise the management team on this and other key initiatives at Riot.

其次，本月初，我們對董事會進行了重大調整，新增了三位獨立董事，董事會成員總數擴大到 6 人。加入我們董事會的新獨立董事們擁有獨特的技能組合，包括豐富的資料中心開發專業知識、深厚的實體資產開發、資本配置經驗和廣泛的公司治理經驗。我們新成立的董事會將繼續監督並就 Riot 的這項舉措和其他重要舉措向管理團隊提供建議。

Third, we have engaged Evercore and Northland as our financial adviser to advise us on engaging with potential AI/HPC partners in a value-maximizing approach. Both firms have significant experience and strong relationships with hyperscalers, data center developers and financing partners and in advising companies like Riot.

第三，我們聘請了 Evercore 和 Northland 作為我們的財務顧問，為我們提供與潛在的 AI/HPC 合作夥伴進行價值最大化合作的建議。兩家公司在為像 Riot 這樣的公司提供諮詢方面都擁有豐富的經驗和與超大規模資料中心開發人員和融資合作夥伴的牢固關係。

Fourth, although we previously announced the halt to the Phase 2 expansion of Bitcoin Mining at our Corsicana facility, it is important to highlight that we continue to develop the additional 600-megawatt substation on site to ensure that we enhance the attractiveness of the site to hyperscalers and data center operators.

第四，雖然我們先前宣布停止在科西卡納設施進行比特幣挖礦第二階段的擴建，但值得強調的是，我們將繼續在現場開發額外的 600 兆瓦變電站，以確保我們提高該地點對超大規模資料中心營運商和資料中心營運商的吸引力。

We are taking concrete steps to ensure that we are maximizing the value of the opportunity available to us today, and we'll provide further updates on our progress as they occur.

我們正在採取實際措施，確保充分利用當前機遇，並將隨時更新進度。

As a result of the foundation we have built over the previous years, we believe that 2025 will be an exciting and rewarding year for Riot shareholders. We are dedicating a tremendous amount of resources towards executing on AI/HPC opportunities. We also continue to remain focused on increasing Bitcoin yield, driven by our Bitcoin Mining operations and prudent capital strategy.

鑑於我們過去幾年打下的基礎，我們相信 2025 年對 Riot 股東來說將是令人興奮且收穫豐富的一年。我們正投入大量資源來掌握人工智慧/高效能運算領域的機會。我們將繼續專注於提高比特幣收益率，這得益於我們的比特幣挖礦業務和審慎的資本策略。

Underpinning our mining operations is our industry-leading low cost of power, which Riot continues to demonstrate exceptional results over a now multiyear track record.

我們採礦業務的基石是我們業界領先的低成本電力，Riot 在多年的業績記錄中持續展現出卓越的電力優勢。

For the past few quarters, we have talked about our focus on operational efficiency, and the results of these efforts have taken shape over the past few months, as demonstrated in our monthly production results. Operational excellence continues to be one of our priorities, and our teams are hard at work to drive top-tier results.

在過去的幾個季度裡，我們一直在談論我們對營運效率的關注，而這些努力的成果在過去幾個月裡已經初見成效，正如我們的月度生產業績所證明的那樣。卓越營運仍然是我們的首要任務之一，我們的團隊正在努力取得一流的業績。

In closing, myself and the rest of the Riot team could not be more excited about the direction the company is heading. We have the assets, the capital and the right team to execute on significant growth of shareholder value.

最後，我和 Riot 團隊的其他成員都對公司的發展方向感到無比興奮。我們擁有足夠的資產、資金和合適的團隊，可以實現股東價值的顯著成長。

Thank you all for listening to our presentation. We would now like to open the call to questions. Operator?

感謝各位聆聽我們的報告。現在我們開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Jason, thank you for the presentation, definitely a little more insightful than in previous quarters. I guess, my first question is around the HPC opportunity, and I know we've been talking about this on and off for a while now.

傑森，謝謝你的報告，確實比前幾季的報告更有見地。我想，我的第一個問題是關於高效能運算（HPC）的機會，我知道我們已經斷斷續續地討論這個問題一段時間了。

But as you look at the landscape, I think from -- going back to last year, there was always this expectation of a requirement of prompt power where there was a window. As you've engaged and had increasing conversations with more hyperscalers, are you seeing that window potentially widening, i.e., it's great to have prompt power in 2025, but having power in further out years, it is almost just as valuable?

但縱觀全局，我認為——從去年開始，人們一直期望在出現機會窗口時能夠迅速獲得電力。隨著您與更多超大規模資料中心營運商進行接觸和對話，您是否看到這個視窗可能會擴大？也就是說，在 2025 年擁有即時控制權固然很好，但未來幾年擁有控制權也同樣重要？

Yes. Greg, I think the power is extremely valuable in 2025, but any power available, including in '26 and in '27 is extremely valuable as well. As we highlighted in the presentation, you're looking at about 30 gigawatts of AI/HPC demand. That is AI/HPC demand alone over the next five years.

是的。格雷格，我認為2025年的電力非常寶貴，但任何可用的電力，包括2026年和2027年的電力，也都非常寶貴。正如我們在簡報中所強調的那樣，人工智慧/高效能運算的需求量約為 30 吉瓦。這是未來五年僅人工智慧/高效能運算領域的需求。

Transmission, new interconnects take 4, 5 years to get approved. Long-lead substation items, those are taking 4 to 5 years to get shipped now, and transmission cannot keep up with the growth.

輸電線路和新的互聯線路需要 4 到 5 年才能獲得批准。長週期變電站設備，現在需要 4 到 5 年才能出貨，輸電速度跟不上成長速度。

So capacity in 2025 commands a real premium, which is why we think our assets are so valuable, both with hundreds of megawatts available today and continuing to grow [real] looking for a solution to, and Riot is very well positioned to be that solution for hyperscalers.

因此，2025 年的容量將獲得真正的溢價，這就是為什麼我們認為我們的資產如此有價值，因為我們現在擁有數百兆瓦的可用容量，並且還在不斷增長。 [實際上]，正在尋找解決方案，而 Riot 正好處於成為超大規模資料中心解決方案的位置。

Okay. Great. And then the other question is, obviously, we're engaging with hyperscalers in signing up or potentially signing up HPC transactions. What -- is there kind of a dual process, i.e., as Riot's kind of talking with EPCs and some of the companies or suppliers that would help build these facilities?

好的。偉大的。另一個問題顯然是，我們正在與超大規模資料中心營運商合作，進行註冊或潛在的高效能運算交易。是否存在雙軌制流程，即 Riot 正在與 EPC 公司以及一些將幫助建造這些設施的公司或供應商進行洽談？

Or is it kind of let's get the hyperscaler in first and then figure out, kind of let them lead the build-out of the conversion or the build-out of the greenfield site?

或者，我們是否應該先引進超大規模資料中心營運商，然後再考慮其他方案，讓他們主導改造專案或新建專案的建設？

Greg, I'd say we have multiple tracks going on at once. There's a number of ways that these opportunities can materialize. And we're keeping our options wide open in order to make sure we get the value maximizing approach.

格雷格，我覺得我們同時在進行多條軌道。這些機會可以透過多種方式實現。我們正在保持各種選擇的開放性，以確保我們能夠獲得價值最大化的方法。

We've received interest from hyperscalers and large AI companies. These discussions have been ongoing with our new financial partners. We're now reaching out to additional infrastructure partners and financing partners as well. So a lot going on in the mix.

我們已經收到了超大規模資料中心和大型人工智慧公司的詢問。我們一直在與新的金融合作夥伴進行這些討論。我們現在也正在聯繫其他基礎設施合作夥伴和融資合作夥伴。所以事情很多，混雜在一起。

And what we're going to end up to is the path that maximizes value after surveying kind of the whole market here. But as I highlighted, in parallel, we're continuing to build up the capacity at this site. We're pursuing on what would be the first stage of the development anyway. So I would say multiple tracks being run down at once.

最終，我們將找到一條在整個市場進行研究後能夠最大化價值的道路。但正如我所強調的那樣，與此同時，我們正在繼續提升該站點的產能。我們正在推進的，無論如何，這只是開發的第一階段。所以我認為應該是多條軌道同時被破壞。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

My first question is as hyperscalers race for readily available capacity at scale, there's a clear desire to build large-scale campuses, and this does require significant amounts of land.

我的第一個問題是，隨著超大規模資料中心營運商競相爭奪現成的大規模容量，他們顯然希望建造大型園區，而這確實需要大量的土地。

So I was curious to what extent Corsicana could accommodate additional capacity beyond the targeted 1 gigawatt. Or based on your earlier comments, could Rockdale be better positioned from this perspective?

因此，我很好奇科西卡納在目標1吉瓦之外還能容納多少額外的發電容量。或者，根據您先前的評論，從這個角度來看，羅克代爾的處境是否有可能更好？

So we think that Corsicana is an amazing site because it has the 1 gigawatt interconnect approved, it has the power capacity available today, it's expanding. We have dual sources of fiber, water, close to major data center market. We're really excited about what Corsicana can mean in these discussions.

所以我們認為科西卡納是一個很棒的地點，因為它已經批准了 1 吉瓦的互連，它現在擁有可用的電力容量，而且還在不斷擴大。我們擁有光纖和水的雙重資源，而且靠近主要的資料中心市場。我們對 Corsicana 在這些討論中可能發揮的作用感到非常興奮。

So when you think about land for AI/HPC developments, there's kind of a spectrum of which these things can take, and that impacts design decisions. The more lands you have, generally, the cheaper it is to build, the easier it is from a layout and cooling perspective.

所以，當你考慮到人工智慧/高效能運算開髮用地時，這些事情可以呈現出某種程度的差異，而這會影響設計決策。一般來說，你擁有的土地越多，建造房屋就越便宜，從佈局和散熱的角度來看就越容易。

The less spend you have, the more next-generation kind of rack and cooling technologies that you end up using, that can kind of be more expensive. But nonetheless, we have -- you noted we have a lot of land at Rockdale. We have a good amount of land at Corsicana, and we are expanding that land portfolio at Corsicana right now as well.

預算越少，最終使用的新一代機架和冷卻技術就越多，而這些技術的成本可能會更高。但儘管如此，我們——正如您所指出的，我們在羅克代爾擁有大量土地。我們在科西卡納擁有大量土地，而且我們目前也在擴大在科西卡納的土地投資組合。

And the final point I'll make is, oftentimes, when hyperscalers are talking about campuses, they don't always generally mean they are directly adjacent to each other. Sometimes, they are many -- sometimes up to 100 miles apart. So we are increasing our land portfolio in order to increase the optionality of what we can do here in this endeavor.

最後我想指出的是，很多時候，當超大規模資料中心營運商談論園區時，他們通常並不是指園區之間直接相鄰。有時它們很多——有時相距可達 100 英里。因此，我們正在增加土地儲備，以便增加我們在此領域可以採取的行動的選擇餘地。

Jason, that's super helpful. I appreciate those comments. My next question was we've seen economics vary to some degree in the deals that have been announced. So what's your main priority as you think about terms of any potential HPC deal? Is it margins, capital contribution, duration, size or kind of all of the above?

傑森，這太有幫助了。感謝您的評論。我的下一個問題是，我們看到已宣布的交易在經濟方面存在一定程度的差異。那麼，在考慮任何潛在的高效能運算交易條款時，您的首要考慮因素是什麼？是利潤率、資本投入、期限、規模或以上所有因素的綜合？

Well, Nick, I'd say a key part to getting a project of this scale done, the hundreds of megawatts -- gigawatts that we're talking about, financing is a key thing. So to be successful at financing, you really need a blue chip counterparty, someone who's very well capitalized, that we would be able to securitize the cash flows on in the best possible terms. And further, we're talking about hundreds of megawatts, that's really only attracting the largest player in the space.

尼克，我認為要完成如此大規模的專案（我們談論的是數百兆瓦到吉瓦），融資是關鍵所在。因此，要成功融資，你真的需要一個藍籌交易對手，一個資本非常雄厚的對手，這樣我們才能以最佳條款將其現金流證券化。而且，我們談論的是數百兆瓦的裝置容量，這實際上只會吸引該領域最大的企業。

So in addition to driving the financing terms, the type of counterparties that we would enter into is really going to have a big impact in driving valuations. So you can see one of the key points I'm hammering on that we think about is the type of counterparty is necessary in order to maximize shareholder value here.

因此，除了影響融資條款外，我們選擇的合作方類型也會對估值產生重大影響。所以你可以看到，我一直在強調的一個關鍵點是，為了最大限度地提高股東價值，我們需要選擇合適的交易對手類型。

As far as some of the other terms, there's a whole mix of how all of these things can be played together. I think it's kind of too early to say which one may be more or less important to another. At the end of the day, what's important to note is Corsicana and Rockdale, but specifically Corsicana, is ideally well positioned.

至於其他一些術語，則涉及所有這些事物如何組合在一起的多種可能性。我覺得現在就斷言哪一個對另一個更重要還太早。歸根結底，需要注意的是，科西卡納和羅克代爾，特別是科西卡納，地理位置非常優越。

We think this is a premier asset that commands a premium for its quality and its timing to getting power online, and that's something obviously that hyperscalers are prioritizing. And that -- these attributes will ultimately lead to better deal terms that reflect the value of those assets.

我們認為這是一項頂級資產，其品質和上線供電的時機使其享有溢價，而這顯然是超大規模資料中心營運商優先考慮的事項。而這些特質最終將帶來更好的交易條款，從而反映出這些資產的價值。

Darren Aftahi, ROTH.

Darren Aftahi，ROTH。

First if I may, Jason, on your comments about Corsicana, you talked about procuring additional land. Any kind of indulgence on how large of an additional plot that would be? And is that something that the counterparties you're potentially talking to have kind of asked for?

傑森，首先請允許我問一句，關於你對科西卡納的評論，你提到了獲取更多土地。能否透露一下，如果增加一塊土地，面積會有多大？而這正是你潛在的談判對象所提出的要求嗎？

We have spoken to counterparties. To some, it matters. To some, it doesn't. I kind of touched on earlier, it ultimately depends on the type of buildup that you're looking to do.

我們已經與交易對手進行了溝通。對某些人來說，這很重要。對某些人來說，並非如此。我之前也稍微提到過，這最終取決於你想進行哪種類型的準備。

The technology with data center development is becoming very efficient with density onto 100, 200-kilowatt racks now, direct chip liquid cooling, all of these components, all of these technologies are improving density. So it kind of depends. Different types of customers have different needs for this plan.

隨著資料中心的發展，技術效率越來越高，現在可以在 100、200 千瓦的機架上實現高密度部署，採用直接晶片液冷技術，所有這些組件、所有這些技術都在提高密度。所以這要視情況而定。不同類型的客戶對這項計劃有不同的需求。

Nonetheless, our focus is on increasing, maximizing the optionality that we have. So I don't have a specific number for you, but I can tell you we're procuring hundreds of acres in order to -- like I said, make sure we can accommodate as wide of a market as possible.

然而，我們的重點是增加、最大化我們所擁有的選擇權。所以我無法給你一個具體的數字，但我可以告訴你，我們正在收購數百英畝土地，以便——就像我說的，確保我們能夠滿足盡可能廣泛的市場需求。

Great. And then one more, if I may. Just in the deck, you're kind of advertising Corsicana, advertising Rockdale, and then you potentially talking about maybe doing a fiber loop and advertising whole campus.

偉大的。如果可以的話，我再補充一個。光是這塊甲板，就等於在宣傳科西卡納、宣傳羅克代爾，然後你可能還在考慮鋪設光纖環路，宣傳整個校園。

So I guess, as it stands today, Rockdale has always been a Bitcoin Mining facility. Is there a scenario analysis economically where you would look to switch and completely make that an HPC campus?

所以我覺得，就目前的情況來看，羅克代爾一直都是一個比特幣挖礦設施。從經濟角度分析，是否存在某種情景，使得你會考慮將其完全改造成高效能運算園區？

Yes. If the opportunity was there to -- if there was interest in that site and the economics made sense to take over the capacity that we have there, we would certainly be interested in that.

是的。如果有機會——如果有人對那個地點感興趣，而且從經濟角度來看，接管我們在那裡的產能是合理的，我們當然會對此感興趣。

I think when you think about 30 gigawatts of demand, 1 gigawatt at Corsicana and then 700 megawatts at Rockdale represents a really meaningful portion of something that could fulfill that demand. 1.7 gigawatts would be about 5%.

我認為，考慮到30吉瓦的需求，科西卡納的1吉瓦和羅克代爾的700兆瓦加起來，就足以滿足30吉瓦的需求了。 1.7吉瓦約佔5%。

If someone had both of those sites, 5% of hyperscaler AI demand over the next 5 years, I think that would give those players a real strategic advantage. So if there is that interest and the economics are there to convert that site, we will certainly be looking and evaluating that closely.

如果有人同時擁有這兩個網站，並且在未來 5 年內佔據超大規模人工智慧需求的 5%，我認為這將為這些玩家帶來真正的戰略優勢。因此，如果存在這種興趣，且經濟效益也足以促成網站轉型，我們一定會密切關注和評估。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

Maybe my first question, similar to the last, is all of Corsicana on the table if a hyperscaler one is the full gigawatt there?

也許我的第一個問題和最後一個問題類似，如果超大規模資料中心營運商需要佔用科西卡納的全部千兆瓦容量，那麼整個科西卡納地區是否都在考慮範圍內？

Well, we -- so we have the 600 megawatts that's being unutilized has been developed right now. That would be the least friction way to accomplish a deal, Brett. But if there was someone that was interested in the full 1 gigawatt, taking over the entire site as it is and have the economics to make that accretive to Riot shareholders, yes, we would definitely look at that.

嗯，我們——所以我們現在有600兆瓦的未利用電力已經開發出來了。布雷特，那樣做是達成交易阻力最小的方式。但如果有人對全部 1 吉瓦的電力供應感興趣，願意收購整個電站，並且有能力從中獲利，使 Riot 股東受益，那麼是的，我們肯定會考慮。

And it's always possible that presents itself because that's a lot of power coming online, 400 megawatts now and then the remaining 600 megawatts 12 months from now -- or approximately 12 months from now. So we're assessing demand, and we are going to maximize the value of these assets.

而且這種情況總是有可能發生的，因為這意味著大量的電力即將併網，現在有 400 兆瓦，剩下的 600 兆瓦將在 12 個月後（或大約 12 個月後）並網。所以我們正在評估需求，並將最大限度地發揮這些資產的價值。

Understood. And then maybe just on the power agreement in place at these sites, do they need to be authored to support AI/HPC? And maybe in particular, with Rockdale, does your participation in a lot of the demand response and curtailment programs, does that need to switch from maybe a flex load to a firm load?

明白了。那麼，就這些站點現有的電力協議而言，是否需要製定協議來支援人工智慧/高效能運算？特別是對於羅克代爾來說，你們參與的許多需求響應和削減計劃是否需要從靈活負載轉變為固定負載？

No, they do not need to be altered. Our power supply agreements do not require any participation in demand response. Everything we do there is voluntary as a part of our power strategy.

不，它們不需要修改。我們的供電協議不要求參與需求響應。我們在那裡所做的一切都是自願的，這是我們權力策略的一部分。

That works with Bitcoin Mining because it's an interruptible load. Obviously, that doesn't work with AI/HPC. So we do that with Bitcoin Mining voluntarily to drive the best economics, but not a requirement as a part of our supply agreements.

這對於比特幣挖礦來說很有效，因為它是一種可中斷的負載。顯然，這在人工智慧/高效能運算領域行不通。因此，我們自願進行比特幣挖礦，以實現最佳經濟效益，但這並不是我們供應協議中的一項要求。

Reggie Smith, JPM.

Reggie Smith，摩根大通。

Congrats on the quarter and the year. I had a question. I was looking at your OpEx trends, and I don't want to rain on your parade or anything like that, but noticed -- when we look at SG&A and minus stock comp, and we've seen that number grow sequentially each quarter.

恭喜你本季和本年度的出色表現。我有個問題。我查看了你們的營運支出趨勢，我不想潑你們冷水，但注意到——當我們查看銷售、一般及行政費用減去股票補償時，我們發現這個數字每個季度都在逐週增長。

Sounds like you've done some acquisitions. There may be some deal costs in there. But what's driving that? How are you benchmarking OpEx growth and things of that nature? And I was curious if you had an employee count because I was trying to calculate stock comp per employee. And then I've got a follow-up.

聽起來你們進行了一些收購。交易中可能包含一些費用。但這種現象背後的驅動因素是什麼？你們如何衡量營運支出成長以及類似指標？我想知道你們是否有員工人數，因為我想計算每位員工的股票補償。然後我還有一個後續問題。

Okay. So working backwards, Reggie, I don't have an exact employee count for you. It will be in the 10-K, which should be filed very shortly here.

好的。所以，雷吉，反過來算，我沒有確切的員工人數給你。相關資訊將包含在 10-K 文件中，該文件應該很快就會提交到這裡。

As far as G&A goes, so our G&A has been elevated, both in '23 and '24 -- sorry, Q3 and Q4 2024 due to onetime M&A and legal -- litigation expenses. They are not recurring expenses for running our business and not a part of running a Bitcoin Mining operation or AI/HPC operation.

至於一般及行政費用，由於一次性併購和法律訴訟費用，我們的一般及行政費用在 2023 年和 2024 年（抱歉，是 2024 年第三季度和第四季度）均有所增加。這些費用並非我們業務營運的經常性支出，也不是比特幣挖礦業務或人工智慧/高效能運算業務營運的一部分。

So that was pretty meaningful in especially Q4. We had approximately $22 million in one-off costs. Like I said, mainly litigation expense. We had some stock-based advisory services that was closing out a 3-year engagement. We had some M&A expenses as well.

所以這在第四季尤其意義重大。我們約有2200萬美元的一次性費用。正如我所說，主要是訴訟費用。我們有一些股票諮詢服務，這項為期 3 年的服務即將結束。我們也有一些併購費用。

So obviously, we would like our litigation tied up in a timely manner, so we're not incurring these expenses anymore, and we can get cash SG&A down.

顯然，我們希望訴訟能及時解決，這樣我們就不會再產生這些費用，並且可以降低現金銷售、一般及行政費用。

And I have an employee account for you, thanks to help in the room here, 783 full-time employees.

我這裡有一個員工帳戶，感謝在座各位的幫助，共有 783 位全職員工。

Got it. Okay. That makes sense. All right. So it sounds like there is some one-timers. Is it possible to handicap where you would like that to be kind of on a run rate, a go-forward basis? Stripping out all the noise, what do you think you could run your Corsicana facility and your Rockdale and everything else you get going on, on a go-forward basis?

知道了。好的。這很有道理。好的。聽起來好像有些是一次性的。能否根據預期的運行率或未來走勢來預測一下？撇開所有乾擾因素，你認為你如何讓你的科西卡納工廠、羅克代爾工廠以及你正在進行的所有其他項目在未來順利運作？

So first, to note how the expenses are allocated, there is a split between direct operating costs. Those are in cost of goods in addition to power, although power is a big expense. And then we have some other kind of more corporate operating expenses, facility-wide expenses that fall under SG&A.

首先，為了了解費用是如何分配的，費用分為直接營運成本和間接營運成本。除了電力成本之外，這些也包含在商品成本中，儘管電力成本本身就是一筆很大的開支。此外，還有一些其他類型的公司營運費用，即屬於銷售、一般及行政費用的全廠費用。

But to directly get to your question, we think our 2024 cash run rate quarter is going to be in line to modestly above what our previous Q4 2024 run rate guidance was, which is approximately $30 million to $33 million.

但直接回答您的問題，我們認為 2024 年第四季的現金運行率將與我們先前對 2024 年第四季運行率的預期基本持平或略高，約為 3,000 萬美元至 3,300 萬美元。

It's very difficult to anticipate what litigation or onetime maybe M&A items might be or advisory fees that may pop up. But on a run rate basis, that's what we are looking at per quarter, $30 million to $33 million cash. And we're focused on optimizing that, especially relative to our overall hash rate portfolio.

很難預料可能會出現哪些訴訟、一次性併購專案或諮詢費用。但按季度計算，我們預計每季現金收入為 3,000 萬至 3,300 萬美元。我們正致力於優化這一點，尤其是在我們整體哈希率組合中。

Got it. That makes sense. Okay. Great. And then if I could get one more in. I was curious, the consultants that you've spoken with, have they given you any guidance on how long it may take to finalize the deal? Just kind of thinking through how quickly something could get done or how long might it drag on.

知道了。這很有道理。好的。偉大的。如果我能再進一個就好了。我很好奇，你諮詢過的顧問有沒有給你任何關於完成交易可能需要多長時間的指導意見？我只是在思考某件事能多快完成，或是拖延多久。

And it sounds like, and maybe I'm reading too much into this, that if something isn't done by late '25 that you would then consider going back to kind of Bitcoin Mining -- expanding your Bitcoin Mining operation. Because it sounds like you've given -- you feel comfortable with where your hash rate will be relative to the network hash rate. Am I thinking about that right?

聽起來，也許是我過度解讀了，如果到 2025 年底還沒有取得進展，你們就會考慮重新開始比特幣挖礦——擴大你們的比特幣挖礦業務。因為聽起來你已經做出了讓步——你對自己的哈希率相對於網路哈希率的位置感到滿意。我這樣想對嗎？

Well, I don't think we're thinking of -- if we need to get -- if there wasn't the capacity fully spoken for by the end of this year, we would resume Bitcoin Mining. I think we're -- based on the demand and the quality of assets that we have, we're pretty optimistic of about getting something done.

嗯，我認為我們並沒有考慮——如果我們需要的話——如果到今年年底產能還沒有被完全預訂，我們會恢復比特幣挖礦。我認為，基於市場需求和我們擁有的資產質量，我們對完成某件事相當樂觀。

How long that takes is probably unpredictable from suit to nuts to completion, but there are going to be steps along this way. Depending on the ultimate deal structure that comes through, multiple steps could include signing the lease, having a development partner, for example, securing financing, for example, and those could occur in a number of orders.

從準備到完成，需要多長時間可能難以預測，但這個過程肯定會包含一些步驟。根據最終達成的交易結構，可能需要多個步驟，例如簽署租賃協議、尋找開發合作夥伴、獲得融資等等，而這些步驟可能會分多個順序進行。

So we're really aggressively pursuing this. We want to communicate updates as they occur. But we aren't thinking about this as a -- we need to get this done by X date or we're going to go back to Bitcoin Mining. We think these assets are really exciting for AI/HPC data center development, and we want to get something meaningful done there.

所以我們正在積極推進此事。我們希望及時向大家通報最新情況。但我們並沒有把這件事看成是——我們需要在某個日期前完成這件事，否則我們就要回去挖比特幣了。我們認為這些資產對於人工智慧/高效能運算資料中心的發展非常令人興奮，我們希望在那裡取得一些有意義的成就。

Got it. Great. And I guess, again, I just want to congratulate you guys. I know we had talked in previous quarters about improving uptime and operations. You guys have done a good job of that. So wanted to acknowledge that. So a great job on that, and I look forward for more updates on the HPC side.

知道了。偉大的。我想再次祝賀你們。我知道我們之前幾個季度討論過提高正常運行時間和營運效率的問題。你們在這方面做得很好。所以想在此表示感謝。做得非常棒，我期待高效能運算方面的更多更新。

Thank you, Reggie. Appreciate that. All the credit goes to the guys in the field -- guys and gals in the field working hard to approve operations every day.

謝謝你，雷吉。謝謝。所有的功勞都應歸功於第一線人員——每天辛勤工作、審批各項操作的一線男女人員。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Two questions. The first one, can you provide a little bit more color? I guess, my specific question is on the 400 megawatts at Corsicana and the 700 at Rockdale, have you gotten specific interest for that power yet?

兩個問題。第一個問題，可以再詳細描述一下嗎？我想問的具體問題是，Corsicana 的 400 兆瓦和 Rockdale 的 700 兆瓦，你們是否已經收到對這些電力的具體需求？

Or would you say it all kind of so far relates to the 600 megawatts at Corsicana? And then secondly, any operational goals for '25 on the mining side?

或者你會說，到目前為止，這一切都與科西卡納的 600 兆瓦發電廠有關嗎？其次，2025年礦業方面有任何營運目標嗎？

So starting backwards with your question there, Mike. Operational goals in the Bitcoin Mining side. We're looking to increase our hash rate by approximately 22% this year. That's really driven by expansion at our Kentucky facilities. We're focused on operational excellence. We want to continue, execute on our power strategy and improving uptime as the month goes on.

麥克，那麼，讓我們從你的問題開始倒敘。比特幣挖礦方面的營運目標。我們計劃今年將哈希率提高約 22%。這主要是由於我們在肯塔基州的工廠擴張所致。我們專注於卓越營運。我們希望繼續推進我們的電力戰略，並隨著時間的推移提高正常運行時間。

So we have a good amount of work ahead of us to improve that business line as well. And I think we're making all the right moves to show better results there, and hit those growth targets in Bitcoin Mining ending the year with 38.4 exahash.

因此，我們還有很多工作要做，才能改善這條業務線。我認為我們正在採取一切正確的措施來取得更好的成績，並實現比特幣挖礦的成長目標，最終以 38.4 exahash 的算力結束這一年。

As far as the interest in the power, I would say that hyperscalers, large companies have seen our access to power and they're interested in getting some piece of it. It hasn't -- the inquiry is not necessarily been specific as We want your next 600 or we want the 400 here or anything like that. It's more of, hey, we need power pass. We want to have a conversation with you of how that works with your assets.

至於對電力資源的興趣，我認為超大規模資料中心營運商和大型公司已經看到了我們掌握電力資源的能力，他們也想從中分一杯羹。並沒有——詢問的內容不一定具體，例如「我們想要你們的下一個 600」或「我們想要這裡的 400」等等。更像是，嘿，我們需要權力通行證。我們想和您探討這如何與您的資產結合。

John Todaro, Needham.

約翰·托達羅，尼德姆。

I have two. So I know it's early days in the convos, and I hear you on all the demand out there and what everyone is expecting. But I think the market is starting to question some of that demand, especially on days like today. So First question is just as those conversations with hyperscalers have gone, have you noticed any change recently versus maybe a few weeks ago or a month or so ago, just kind of any key leads there? So that's my first question.

我有兩個。我知道現在討論還處於早期階段，我也理解大家對此事的各種需求和期望。但我認為市場開始對某些需求產生質疑，尤其是在像今天這樣的日子。第一個問題是，就像之前與超大規模資料中心營運商的對話一樣，您是否注意到最近與幾週前或一個月前相比有任何變化？有沒有什麼關鍵線索？這是我的第一個問題。

We have not seen any change yet. We're expanding the scope of the counterparties we are talking to now in conjunction with our financial advisers, Evercore and Northland, in order to make sure we get the fullest view of the market here. But I think there's been lots of new stories of AI demand and how that's fluctuated. The news about Microsoft today seems very quickly that a lot of that was disputed and it was a bit of a misleading or misunderstood information to start.

我們目前還沒有看到任何變化。我們正在與我們的財務顧問 Evercore 和 Northland 一起擴大我們正在洽談的交易對手範圍，以確保我們能夠全面了解這裡的市場狀況。但我認為，關於人工智慧需求及其波動情況，已經有許多新的報導了。今天關於微軟的新聞似乎很快就出現了很多爭議，而且一開始的資訊就有些誤導或被誤解。

But I would point out to developments like crop 3 is now the number one rated AI. And how did they achieve the results in that AI, they did a significant amount of pre-trading because FAA got 100,000 going on 200,000 video GPUs up fast. So even though there's efficiency gains being had or being studied, it still means that large-scale access to power and then by extension compute gives hyperscalers, gives AI developers and edge in these products.

但我想指出的是，像 Crop 3 這樣的技術現在已經成為排名第一的人工智慧。他們是如何取得人工智慧成果的呢？他們進行了大量的預先交易，因為美國聯邦航空管理局迅速啟動了 20 萬個視訊 GPU，並投入了 10 萬個資源。因此，即使效率提升正在實現或正在研究中，也意味著大規模獲取電力，進而獲取運算能力，能夠為超大規模資料中心營運商和人工智慧開發者在這些產品中獲得優勢。

So as long as there's demand for AI, which I only believe is going to continue, I think we're going to continue to see increased demand for power to build data centers get a competitive edge in that sector.

只要人工智慧的需求存在（我相信這種需求還會繼續存在），我認為我們將繼續看到對電力的需求增加，以建立資料中心，從而在該領域獲得競爭優勢。

That's great. And then my next question, so just try and frame it again for us as I know you guys have made the argument before how the Bitcoin business complement PC because I see you're basically doubling down in Bitcoin, especially on Bitcoin on the balance sheet. But they want to aggressively go at HPC, and it seems like, at least from the investors we talk to, like the guys who like don't really like Bitcoin. So do you spin off one of them? Or how do they complement each other, I guess?

那太棒了。那麼我的下一個問題，請您再為我們重新闡述一下，因為我知道你們之前已經論證過比特幣業務如何與個人電腦互補，因為我看到你們基本上是在加倍投資比特幣，尤其是在資產負債表上加倍投資比特幣。但他們想大力進軍高效能運算領域，而且，至少從我們交談過的投資者來看，那些喜歡高效能運算的人似乎並不真正喜歡比特幣。所以你會從中剝離出一個分支嗎？或者說，它們是如何互補的呢？

Well, I'd say, today, Riot basically positioned itself at the center of two rapidly growing industries. We have Bitcoin and we have AI/HPC data center demand, which is a very common theme.

嗯，我認為，如今 Riot 基本上已經將自己定​​位在了兩個快速成長的行業的中心。我們有比特幣，也有人工智慧/高效能運算資料中心的需求，這是一個非常普遍的現象。

Bitcoin's rapid rise to institutional adoption and the price appreciation is what has positioned Riot as uniquely one of the handful of companies that has direct exposure to Bitcoin.

比特幣迅速被機構採用並價格上漲，這使得 Riot 成為少數幾家直接接觸比特幣的公司之一。

This -- our Bitcoin balance, in addition to our Bitcoin Mining business, has provided Riot with the framework to raise capital at attractive levels and invest in projects like Corsicana, like growing Rockdale. And that has resulted in the opportunity set today. We think we can create a lot of value from that.

除了比特幣挖礦業務之外，我們的比特幣餘額也為 Riot 提供了以有吸引力的價格籌集資金並投資於 Corsicana 等項目以及發展 Rockdale 等項目的框架。而這造就了今天我們所面臨的機會。我們認為我們可以從中創造很多價值。

So with the AI/HPC opportunity, this gives us another way, seemingly better way to use energy assets and generate substantial economic returns. And I think being flexible and opportunistic is what is going to give our shareholders a diversified path to greater returns.

因此，借助人工智慧/高效能運算技術，我們獲得了另一種利用能源資產並產生可觀經濟回報的方式，而且這種方式似乎更好。我認為，靈活應變、把握機會才能為我們的股東帶來多元化的投資回報途徑。

So John, I would say that Bitcoin is the reactor that has grown our business and grown our assets and got us to this point where we could do this. And we believe it's going to continue generating opportunities for us. And having the ability to develop AI/HPC data centers or do deals in that sector is just another super exciting way in which we can increase value.

所以約翰，我想說比特幣就像一個反應堆，它推動了我們的業務成長、資產增值，並讓我們達到了像今天這樣的成就。我們相信它將繼續為我們創造機會。能夠開發人工智慧/高效能運算資料中心或在該領域進行交易，是我們增加價值的另一種令人興奮的方式。

Congrats on the quarter, guys.

恭喜各位，本季業績圓滿完成。

Thank you.

謝謝。

Martin Toner, ATB Capital Markets.

Martin Toner，ATB Capital Markets。

Congrats on the deal and the improved efficiency this quarter.

恭喜達成交易，也恭喜本季效率提升。

Thank you, Martin.

謝謝你，馬丁。

A quick question on the deal and the $100 million run rate and the margins. Just wondering when might you expect this business to produce like industry margins more in line with the industry and more in line with the acquired company?

關於這筆交易、1億美元的年化收入和利潤率，我有個簡短的問題。我想知道您預計這家公司何時才能實現與行業平均水平以及被收購公司相符的利潤率？

Thanks, Martin. I'm going to turn that question over to Jason Chung, our EVP and Head of Corporate Development.

謝謝你，馬丁。我將把這個問題交給我們的執行副總裁兼企業發展主管 Jason Chung 來回答。

Sure. Martin, interesting question. We definitely see -- if we think about what the engineering business is today, following the acquisition of E4A Solutions, the services business by nature tends to have higher margins. And so we definitely see that higher margin profile demonstrated by their financial performance.

當然。馬丁，這個問題很有趣。我們確實看到——如果我們思考一下如今的工程行業，在收購 E4A Solutions 之後，服務業務本質上往往具有更高的利潤率。因此，我們可以從他們的財務表現中明顯看出較高的利潤率。

They're at the center of this incredible growth we see in demand for power generation and data center development. So we've seen, historically, their top line continues to grow while they've been able to maintain healthy margins, and we definitely expect to see that continue going forward. And I think that really forms the basis for the sort of high-level view we have around 2025 performance on the engineering side.

它們是我們所看到的電力生產和資料中心開發需求驚人成長的核心力量。從歷史數據來看，他們的營收持續成長，同時維持了健康的利潤率，我們當然希望這種情況在未來能持續下去。我認為這確實構成了我們對 2025 年工程表現的高層展望的基礎。

The other part of that -- the other component to that is the Metron business, where now that we've gotten this one particular contract behind us, we expect that business to recover meaningfully. And so if you look at where they were, call it in 2023, top line there, similar margins. But now combining the E4A business on it, with the top line that's expected to continue to grow strongly this year and maintain healthy margins then on a sort of combined pro forma basis, we think that engineering business will show significant improvement in margins.

另一方面，Metron 業務也包含在其中。現在我們已經完成了這項特定的合同，我們預計這項業務將得到顯著恢復。所以，如果你看看他們在 2023 年的情況，看看當時的業績，利潤率也差不多。但現在將 E4A 業務也納入其中，預計其營收今年將繼續強勁增長並保持健康的利潤率，因此，從某種合併後的備考基礎上，我們認為工程業務的利潤率將出現顯著改善。

Then if you kind of look out further, we continue to see some really interesting synergy opportunities in combining these two businesses, both on the cost savings side and cross-selling. And even just given the E4A Solutions based in Houston, where we think some of the capacity issues that have currently constrained the ESS Metron business can potentially be alleviated.

如果再往前看，我們會發現將這兩家公司合併起來，在成本節約和交叉銷售方面，存在著一些非常有趣的協同效應機會。即使僅就位於休士頓的 E4A Solutions 而言，我們認為目前限制 ESS Metron 業務的一些產能問題也有可能得到緩解。

So I think there's some really interesting near to midterm opportunities to increase that margin profile even further now that we've got the two businesses together.

所以我認為，既然我們已經將兩家公司合併在一起，那麼在中短期內，我們有很多機會可以進一步提高利潤率。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

So I have one on the Rockdale site. If I'm not mistaken, I think that you currently lease that site. You don't own it outright like you do with Corsicana. So I'm just -- can you maybe just talk about the specifics of that lease? And whether the fact that you lease that land makes it any less attractive to hyperscalers when they think about choosing a site for the data center?

我在Rockdale網站上有一個。如果我沒記錯的話，我認為你們目前租用了那塊地。你不像擁有 Corsicana 那樣完全擁有它。所以我想問的是──您能不能具體談談那份租賃合約的內容？那麼，你租賃土地這一事實，是否會降低超大規模資料中心營運商在選擇資料中心選址時的吸引力？

Yes, Patrick. So you are correct, where at Corsicana, we own the land. At Rockdale, we are on a land lease. That is on a pretty long term though. The initial term is 10 years and then there are multiple 10-year renewals at our option. I think a total of 40 or 50 years in total on there.

是的，派崔克。所以你說得對，在科西卡納，我們擁有土地。在羅克代爾，我們是租賃土地的。但這指的是相當長遠的情況。初始期限為 10 年，之後我們可以選擇多次續簽，每次續簽 10 年。我想總共加起來有40到50年了。

So it's a pretty long-term ground lease. I think what would impact a deal there is the type of deal that's getting done. I think it depends on what the level of involvement from the customer would be, I think, ultimately drives whether or not Rockdale and the fact that the land is lease impacts if it's viable for them.

所以這是一份相當長期的土地租賃合約。我認為影響交易成敗的因素是交易的類型。我認為這取決於客戶的參與程度，我認為這最終決定了羅克代爾是否能夠成功，而土地是租賃的事實也會影響到該項目對他們是否可行。

But at the end of the day, the major theme here is constrained on power. And we believe that as that constraint becomes more and more real, and these hyperscalers and AI companies are competing with each other for capacity. Factors like that may start to mean less if it means getting capacity on sooner.

但歸根結底，這裡的主要主題是權力。我們認為，隨著這種限制變得越來越現實，這些超大規模資料中心和人工智慧公司正在相互競爭容量。如果這意味著能更快地投入使用，那麼諸如此類的因素可能就沒那麼重要了。

Okay. Got it. And then just a follow-up. It's obviously going to vary by the needs of the tenant. But some of the similar deals that we've seen to get done in this space have been north of 10-year lease terms -- or sorry, 10-year terms on the AI/HPC deals. So based on your conversations, can you talk about how long think a contract if you were to sign one could potentially be -- has that come in at all as some of these questions have arisen about longer-term demand? Anything on kind of like the length of some of these deal terms would be great.

好的。知道了。然後還有一個後續問題。這顯然會根據租戶的需求而有所不同。但我們看到，在這個領域達成的一些類似交易的租賃期限都超過了 10 年——或者更確切地說，是 AI/HPC 交易的 10 年期限。根據你們的談話，你們能否談談如果簽訂合同，你們認為合約的期限可能會有多長？ ——鑑於最近出現了一些關於長期需求的問題，你們是否考慮過這個問題？如果能像這些交易條款的期限那樣就太好了。

Yes. I think long-term demand is -- I'm sorry, the long term of an agreement is a key point, and that's both for customers and for us. We're going to be building infrastructure. We're going to be spending capital on this. And there are good terms available today. We want a long-term agreement to lock that in and give ourselves the visibility of the financial return for the assets over a long term. So I think both sides are similarly interested in having long-term agreements -- 10 years and beyond.

是的。我認為長期需求——抱歉，協議的長期性是一個關鍵點，這對客戶和我們來說都是如此。我們將建設基礎設施。我們將為此投入資金。而且現在有很多不錯的條款可供選擇。我們希望達成長期協議來鎖定收益，並讓我們能夠長期了解這些資產的財務回報。所以我認為雙方都同樣有興趣達成長期協議——10 年甚至更久。

Bill Papanastasiou, KBW.

Bill Papanastasiou，KBW。

Congrats on the deal. My first question is with respect to driving higher Bitcoin yield. Curious to hear how the company is thinking about dilution going forward to drive a higher Bitcoin per share? And could we see Riot issuing other forms of structured products down the road?

恭喜達成交易。我的第一個問題是關於如何提高比特幣收益率。很想知道該公司未來將如何考慮股權稀釋問題，以推動每股比特幣價格上漲？我們未來是否會看到 Riot 發行其他形式的結構化產品？

So minimizing dilution is a key part of being successful at Bitcoin Yield. The core part that drives it for us as a Bitcoin Miner is our mining operations, we're achieving a very low direct cost of production, that is what is the basis that forms how we organically generate Bitcoin Yield. And of course, we're always going to be looking to raise capital in the least dilutive lowest cost of capital manner in order to enhance Bitcoin Yield.

因此，最大限度地減少稀釋是比特幣收益策略成功的關鍵。對我們比特幣礦工而言，驅動我們前進的核心在於我們的挖礦運營，我們實現了非常低的直接生產成本，這正是我們有機地創造比特幣收益的基礎。當然，我們始終會尋求以稀釋性最小、資本成本最低的方式籌集資金，以提高比特幣收益率。

And it's a reason why this metric is powerful, we think it helps whole teams such as ourselves accountable to making dilution as minimal as possible. So that leads to how we think about going into the market with equity. You'll notice over the past few months or so, we've been very light with our ATM program. It also is what drives us to find additional forms of financing. We think with our assets and the things that we've -- what we built up here at Riot, we are well positioned to find alternative forms of financing. All of this contributes to driving a Bitcoin Yield.

這也是這個指標如此強大的原因之一，我們認為它可以幫助像我們這樣的整個團隊承擔起責任，盡可能減少股權稀釋。這就引出了我們如何看待用股票進入市場的問題。你會注意到，在過去的幾個月裡，我們的ATM計畫進展非常緩慢。這也促使我們尋找其他融資方式。我們認為憑藉我們的資產和我們在 Riot 累積的一切，我們完全有能力找到其他融資方式。所有這些因素共同推高了比特幣收益率。

As far as other kind of structured products, I assume you're alluding to the things like what a strategy has done, that's not something that we've looked too closely at yet. Our main focus has been the AI/HPC opportunity right now. But I think we'll closely monitor how these products come about and see what investor market demand looks like for them.

至於其他類型的結構化產品，我猜你指的是策略所取得的成果之類的東西，但我們還沒有仔細研究過這方面的內容。我們目前的主要關注點是人工智慧/高效能運算領域的機會。但我認為我們會密切關注這些產品的推出情況，並觀察投資者市場對它們的需求。

Appreciate that color. And then secondly, and apologies if I missed this earlier in the call. But can you share some more color on how the design and engineering aspect of the AI/HPC data center could look like? Will you need to hire or partner with more external parties to get it up and running? Curious to hear what the plan is there.

欣賞這種顏色。其次，如果我在之前的通話中遺漏了這一點，我深表歉意。您能否更詳細地介紹一下人工智慧/高效能運算資料中心的設計和工程方面會是什麼樣子？您是否需要聘請更多外​​部人員或與更多外部人員合作才能使其投入營運？很想知道那裡的計畫是什麼。

So I think it will ultimately depend, Bill, on the type of deal that comes together. Like we talked about earlier, we want to pursue what maximizes the most value on a risk-adjusted basis, and there's multiple different avenues in which we can execute there. In some of these avenues, we already have a team in place to do that. We're building out our power capacity very well exceptionally good at that, and the acquisition of 4A makes us even better at building out what you would say is the power shell of an infrastructure of a data center development.

所以我認為，比爾，最終將取決於達成什麼樣的協議。正如我們之前討論的那樣，我們希望追求在風險調整的基礎上實現最大價值，而實現這一目標有很多不同的途徑。在某些領域，我們已經組建了一個專門的團隊來負責這項工作。我們正在大力發展電力產能，在這方面做得非常出色，收購 4A 使我們在建造資料中心開發基礎設施的電力外殼方面更加得心應手。

Now further, Riot and Bitcoin Mining, we've developed our infrastructure there with state-of-the-art content techniques and that experience translates into supporting data center development, especially with the type of state-of-the-art coin techniques we're seeing there. So I think we have a good amount of talent. Nonetheless, we are focused on bringing on additional help to support and execution there, and we're working on that from both an internal and third-party perspective.

此外，在 Riot 和比特幣挖礦方面，我們已經利用最先進的內容技術開發了我們的基礎設施，這種經驗可以轉化為支援資料中心開發，尤其是在我們目前看到的這種最先進的加密貨幣技術方面。所以我覺得我們有很多優秀人才。儘管如此，我們仍專注於引入更多人手來支持和執行該項目，我們正在從內部和第三方兩個方面著手進行這項工作。

Awesome. Thanks for the color. Looking forward to the feasibility study next month.

驚人的。謝謝你提供的色彩。期待下個月的可行性研究報告。

Thank you, Bill.

謝謝你，比爾。

Joe Flynn, Compass Point Research and Trading.

Joe Flynn，Compass Point Research and Trading。

I was wondering maybe based on early conversations with your consultants, if there's any operational metrics you can share such as ultimately what you'd be able to deliver at and your build cost per megawatt and how that could be different between the 600 megawatts at Corsicana and the Rockdale site, given there's already existing power infrastructure in the ground?

我想問一下，根據我們之前與貴公司顧問的初步溝通，貴公司是否可以分享一些營運指標，例如最終能夠交付的裝置容量、每兆瓦的建設成本，以及考慮到科西卡納和羅克代爾兩地都已有電力基礎設施，這兩地的600兆瓦裝機容量會有哪些不同？

Yes. I think it's probably too early to comment on what PUEs could look like, especially since the technology is changing, so rapidly is going to depend a lot on what the type of customer would be. I think both Rockdale and Corsicana are in very similar climates, only being 100 miles from each other. So they would be similar on both sides. At both sides though, we have very sufficient access to water, especially at Rockdale. So we have the ability to support a wide variety of cooling technologies there. So Joe, I couldn't tell you what it would be like just yet. I think the conversations we need to advance further, we'd have to be kind of in the design phase to know what that particular customer is looking to accomplish.

是的。我認為現在評論 PUE 的未來發展方向可能還為時過早，尤其因為技術變化如此迅速，很大程度上取決於客戶類型。我認為羅克代爾和科西卡納的氣候非常相似，兩地相距僅 100 英里。所以雙方都會很像。不過，兩岸的水源都非常充足，尤其是在羅克代爾。因此，我們有能力支援那裡各種各樣的冷卻技術。所以喬，我現在還不能告訴你那會是什麼樣子。我認為，為了進一步推進對話，我們需要進入設計階段，才能了解特定客戶想要實現的目標。

And then just going back to just maximizing the value of the sites does that include potential outright sales of capacity? And like on that front, have you been approached or even gotten offers for an outright asset sale?

那麼，回到最大化站點價值的話題，是否包含直接出售容量的可能性？在這方面，是否有人聯繫過你，或甚至收到直接出售資產的報價？

There's a whole spectrum of potential deal structure here. It could be on one end, it could be lease land. It could be a powered shell. It could be building something to suit, basically a large complete data center. And then the biggest end of the spectrum would be an outright sale of the asset. So we're open to all of these as we progress in discussions here. And we're -- we want to drive a strong competitive process here. That's why we've engaged Evercore in Northland to give us the most broad penetration to the market we

這裡存在著各種各樣的潛在交易結構。它可能在一端，也可能是租賃土地。它可能是動力外殼。可能是在建造一個合適的設施，基本上就是一個大型的完整資料中心。而最極端的情況則是直接出售該資產。所以，隨著討論的深入，我們對所有這些觀點都持開放態度。我們希望在這裡推動強而有力的競爭進程。這就是為什麼我們與北地地區的 Evercore 公司合作，以實現最廣泛的市場滲透。

That's all the time we have for questions. I'd like to turn the call back over to Phil McPherson for closing remarks.

我們提問時間到此為止。我謹將電話交還給菲爾·麥克弗森，請他作總結發言。

I'd like to thank everybody for tuning in today to our earnings conference call. We look forward to updating you on future events for Riot Platforms. As always, you can contact us at ir@riot.inc for any other future questions, and we'll talk soon. Thank you.

感謝大家今天收聽我們的財報電話會議。我們期待向您通報 Riot Platforms 的未來活動。如有任何後續問題，歡迎隨時與我們聯繫：ir@riot.inc，我們期待盡快與您聯繫。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Good day.

感謝您的參與。程式到此結束，您可以斷開連線了。再會。