Riot Platforms Inc (RIOT) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Riot Platforms' first-quarter 2025 earnings conference call. (Operator Instructions) Please also be advised that today's call is being recorded. I would now like to hand the conference over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms. Please go ahead.

您好，感謝您的支持。歡迎參加 Riot Platforms 2025 年第一季財報電話會議。（操作員指示）也請注意，今天的通話正在被錄音。現在，我想將會議交給 Riot Platforms 資本市場和投資者關係副總裁 Phil McPherson。請繼續。

Thank you, Lisa. Good afternoon, and welcome to Riot Platforms first-quarter 2025 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; Benjamin Yi, Executive Chairman; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.

謝謝你，麗莎。下午好，歡迎參加 Riot Platforms 2025 年第一季財報電話會議。我叫 Phil McPherson，是資本市場與投資人關係副總裁。今天參加 Riot 電話會議的還有執行長 Jason Les、執行董事長 Benjamin Yi、財務長 Colin Yee 和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 first-quarter 2025 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. 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 first-quarter 2025 performance.

在 Riot 投資者關係網站上，您可以找到我們的 2025 年第一季收益新聞稿和隨附的收益報告，旨在補充今天的準備好的評論，其中包括對某些非 GAAP 項目的討論。所提供的非 GAAP 財務指標不應被視為替代或優於按照 GAAP 編制的財務業績指標，而是作為額外的澄清項目，以幫助投資者進一步了解公司 2025 年第一季的業績。

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. Actual results could materially differ due to factors discussed in today's earnings press release and 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 three months ended March 31, 2025, which will be filed later today, as well as other filings with the Securities and Exchange Commission.

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，並受風險和不確定性的影響。由於今天的收益新聞稿中討論的因素以及今天的電話會議和我們的 10-K 表和 10-Q 表的風險因素部分（包括截至 2025 年 3 月 31 日的三個月，將於今天晚些時候提交）中發表的評論和回應，以及向美國證券交易委員會提交的其他文件，實際結果可能會有重大差異。

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

說完這些，我會把電話轉給 Riot Platforms 執行長 Jason Les。

Thank you, Phil, and good afternoon, everyone. Before we dive into Riot's first-quarter 2025 results, I'd like to begin with a review of Riot's key accomplishments during the first quarter of 2025.

謝謝你，菲爾，大家下午好。在深入了解 Riot 2025 年第一季的業績之前，我想先回顧一下 Riot 在 2025 年第一季的主要成就。

Mining uptime. Throughout the quarter, we were able to achieve an average uptime of nearly 90% in our Bitcoin Mining operations, representing a significant improvement on prior periods and a testament to the work our teams have been putting in to enhance our operating efficiency.

採礦正常運作時間。整個季度，我們的比特幣挖礦業務平均正常運行時間達到近 90%，這比前期有了顯著改善，也證明了我們的團隊為提高營運效率所付出的努力。

The acquisition of Rhodium assets and settlement agreement. As announced on April 28, Riot has acquired certain assets of Rhodium, Riot's final hosting customer, including all of Rhodium's mining operations and access to 125 megawatts of contracted power at the Rockdale Facility. Riot and Rhodium have also entered into a settlement agreement in which we have mutually agreed to end all litigation between the two parties.

收購Rhodium資產及和解協議。正如 4 月 28 日宣布的那樣，Riot 已收購其最終託管客戶 Rhodium 的部分資產，包括 Rhodium 的所有採礦業務以及 Rockdale 設施 125 兆瓦合約電力的使用權。Riot 和 Rhodium 也達成了和解協議，雙方同意結束雙方之間的所有訴訟。

This acquisition can potentially enhance our hash rate capacity in the near future while giving us access to significant power capacity for future development. Further, it will significantly reduce operating losses and litigation costs associated with this legacy contract, which was inherited as part of our acquisition of Whinstone US in 2021. This strategic acquisition aligns closely with Riot's long-term objectives to streamline operations, significantly reduce ongoing operating costs and reallocate resources to our more profitable core business.

此次收購有可能在不久的將來提高我們的哈希率容量，同時使我們能夠獲得未來發展的強大電力容量。此外，它將大幅減少與該遺留合約相關的營運損失和訴訟成本，該合約是我們在 2021 年收購 Whinstone US 時繼承的。此次策略性收購與 Riot 的長期目標高度契合，即簡化營運、大幅降低持續營運成本並將資源重新分配到我們更有利可圖的核心業務。

Prudent financial management. As a result of our strong balance sheet, Riot has had limited use of our ATM program in 2025 year-to-date, limiting dilution to our shareholders. Instead, we have been able to access other sources of financing to fund the necessary capital for growth and operating expenses. For example, during the month of April, Riot sold our monthly Bitcoin production and also entered into our first Bitcoin collateralized credit facility with Coinbase, allowing us to leverage our strength to reduce dilution while maintaining a strong balance sheet, which remains a core pillar of our business strategy.

審慎理財。由於我們的資產負債表強勁，Riot 在 2025 年迄今對 ATM 計畫的使用有限，從而限制了對我們股東的稀釋。相反，我們能夠獲得其他融資來源來為成長和營運費用提供必要的資金。例如，在四月份，Riot 出售了我們每月生產的比特幣，並與 Coinbase 達成了我們的首個比特幣抵押信貸協議，這使我們能夠利用自己的優勢減少稀釋，同時保持強勁的資產負債表，這仍然是我們業務戰略的核心支柱。

Advancing our AI/HPC data center business. Riot has made significant progress on building our data center business this quarter, and advancing on this objective remains our primary focus as a management team. In addition to the completion of Altman Solon's feasibility study of Corsicana for data center development, we are expanding our site footprint with additional land acquisitions, are enhancing our internal expertise with key additions to the team and are advancing ongoing engagement with potential counterparties.

推進我們的 AI/HPC 資料中心業務。Riot 本季在建立資料中心業務方面取得了重大進展，推動這一目標仍然是我們作為管理團隊的主要關注點。除了完成 Altman Solon 對科西卡納資料中心開發的可行性研究之外，我們還透過額外的土地收購來擴大我們的場地覆蓋範圍，透過增加團隊的關鍵成員來增強我們的內部專業知識，並推進與潛在交易對手的持續合作。

I am proud of what we've been able to achieve in the first quarter of 2025 and look forward to continuing to report on our progress throughout the year and beyond. With that, I would now like to turn the call over to Colin Yee, CFO of Riot Platforms, to present our Q1 2025 financial update.

我為我們在 2025 年第一季的成就感到自豪，並期待在全年及以後繼續報告我們的進展。現在，我想將電話轉給 Riot Platforms 的財務長 Colin Yee，來介紹我們 2025 年第一季的財務更新情況。

Thank you, Jason. I'm excited to present Riot's financial results for the first quarter of 2025. For ease of reference, we have highlighted key metrics on slide 6, which presents a snapshot of key financial and operating metrics for the first quarter of 2025. I'll give everyone a moment to look over the snapshot before I jump into the details on the following slides.

謝謝你，傑森。我很高興向大家介紹 Riot 2025 年第一季的財務表現。為了方便參考，我們在第 6 張投影片上重點介紹了關鍵指標，該投影片展示了 2025 年第一季的關鍵財務和營運指標的快照。在我深入介紹以下投影片中的細節之前，我會給大家一點時間看一下快照。

During the first quarter of 2025, Riot increased its self-mining hash rate from 31.5 exahash to 33.7 exahash, representing a 7% increase over the course of the quarter, nearly keeping pace with the increase in global hash rate, which rose by 10% in the same period. Despite the global network hash rate growing at a slightly greater pace than Riot's deployed hash rate, Riot produced 1,530 Bitcoin in the first quarter of 2025, an increase as compared to the 1,516 Bitcoin produced in the prior quarter.

2025 年第一季度，Riot 將自挖哈希率從 31.5 exahash 提高到 33.7 exahash，本季度增長了 7%，幾乎與全球哈希率的增長保持同步，全球哈希率在同一時期增長了 10%。儘管全球網路哈希率的成長速度略高於 Riot 部署的哈希率，但 Riot 在 2025 年第一季生產了 1,530 個比特幣，與上一季生產的 1,516 個比特幣相比有所增加。

Riot was able to mine more Bitcoin than in the prior quarter due to substantial improvements in our operating efficiency. Year-to-date for 2025, we have increased Bitcoin holdings per million fully diluted shares from 44.3 to 47.4, representing a Bitcoin yield of 7% through the period ended March 31, 2025.

由於營運效率的大幅提高，Riot 能夠比上一季挖掘更多的比特幣。截至 2025 年年初，我們已將每百萬股完全稀釋股票的比特幣持有量從 44.3 增加到 47.4，這意味著截至 2025 年 3 月 31 日的比特幣收益率為 7%。

Going forward, we will continue to focus on generating an accretive Bitcoin yield in order to ensure that our shareholders are able to participate in the long-term value creation opportunity that Bitcoin represents. Riot also ended the quarter holding 19,223 Bitcoin, an increase of 8% relative to the 17,722 Bitcoin that we held at the end of 2024.

展望未來，我們將繼續致力於創造比特幣的增值收益，以確保我們的股東能夠參與比特幣所代表的長期價值創造機會。Riot 在本季末也持有 19,223 枚比特幣，相對於 2024 年底持有的 17,722 枚比特幣成長了 8%。

For the first quarter of 2025, Riot reported total revenue of $161.4 million as compared to $142.6 million for the previous quarter, a 13% increase quarter-over-quarter. This increase was primarily driven by increased uptime and improved operating efficiency in our Bitcoin Mining business.

2025 年第一季度，Riot 報告總營收為 1.614 億美元，而上一季為 1.426 億美元，季增 13%。這一成長主要得益於比特幣挖礦業務正常運作時間的增加和營運效率的提升。

Gross profit for the first quarter of 2025 was $73.6 million as compared to gross profit of $55.7 million for the prior quarter. Gross margin in the first quarter of 2025 equaled 46%, an increase from 39% in the prior quarter. Non-GAAP adjusted EBITDA for the first quarter of 2025 was negative $176.3 million as compared to non-GAAP adjusted EBITDA of $296.3 million for the prior quarter.

2025 年第一季的毛利為 7,360 萬美元，而上一季的毛利為 5,570 萬美元。2025 年第一季的毛利率為 46%，高於上一季的 39%。2025 年第一季非 GAAP 調整後 EBITDA 為負 1.763 億美元，而上一季非 GAAP 調整後 EBITDA 為 2.963 億美元。

Net loss for the first quarter of 2025 was $296.4 million or $0.90 per share compared to a net income of $136.4 million or $0.43 per share for the prior quarter. This net loss was primarily driven by mark-to-market adjustments due to the quarter-end decline in Bitcoin price and marketable securities totaling $271.2 million. As a reference, the Bitcoin price at the end of the fourth quarter of 2024 was $93,354, while the price at the end of the first quarter of 2025 was $82,534. This resulted in a mark-to-market downward adjustment of $208 million for the quarter.

2025 年第一季淨虧損為 2.964 億美元，即每股 0.90 美元，而上一季淨收入為 1.364 億美元，即每股 0.43 美元。這筆淨虧損主要是由於季度末比特幣價格和有價證券總額下跌 2.712 億美元而導致的按市價調整。作為參考，2024 年第四季末的比特幣價格為 93,354 美元，而 2025 年第一季末的價格為 82,534 美元。這導致本季的市價下調了 2.08 億美元。

Net loss for the quarter also included depreciation and amortization expense of $77.9 million and non-cash stock-based compensation expense of $29.6 million. Cash SG&A for the quarter was $41.9 million, including one-time litigation expenses of $8.6 million and advisory fees of $3.0 million. Excluding these onetime expenses, Riot's cash SG&A expenses equaled $30.6 million, in line with our prior guidance of a run rate of $30 million to $33 million per quarter for 2025.

本季淨虧損還包括 7,790 萬美元的折舊和攤銷費用以及 2,960 萬美元的非現金股票薪資費用。本季現金銷售、一般及行政費用為 4,190 萬美元，其中包括 860 萬美元的一次性訴訟費用和 300 萬美元的諮詢費。除這些一次性費用外，Riot 的現金銷售、一般及行政費用 (SG&A) 為 3,060 萬美元，與我們先前對 2025 年每季 3,000 萬至 3,300 萬美元的運行率的預測一致。

For the first quarter of 2025, Bitcoin Mining revenue totaled $142.9 million, a 13% increase relative to the prior quarter Bitcoin Mining revenue of $126.3 million. This increase was primarily driven by an increase in Bitcoin production for the quarter, which resulted from our 7% increase in self-mining hash rate and enhanced operating efficiency. Bitcoin Mining gross margin for the quarter was 48%, nearly flat when compared to the Bitcoin Mining gross margin of 50% for the prior quarter.

2025 年第一季度，比特幣挖礦收入總計 1.429 億美元，較上一季的 1.263 億美元比特幣挖礦收入成長 13%。這一成長主要得益於本季比特幣產量的增加，這得益於我們的自挖哈希率增加了 7% 且營運效率提高了。本季比特幣挖礦毛利率為 48%，與上一季 50% 的比特幣挖礦毛利率相比幾乎持平。

Direct cost of mine, excluding depreciation, in the first quarter of 2025 was $43,808 per Bitcoin, of which power costs amounted to $35,313 per Bitcoin or 81% of total direct cost per Bitcoin. Quarter over quarter, our net power costs decreased from $0.038 a kilowatt hour to $0.034 a kilowatt hour as Riot's power strategy continued to yield strong results.

2025 年第一季度，礦場的直接成本（不包括折舊）為每比特幣 43,808 美元，其中電力成本為每比特幣 35,313 美元，佔每比特幣直接成本的 81%。由於 Riot 的電力策略持續取得強勁成果，我們的淨電力成本逐季下降，從每度電 0.038 美元降至每度電 0.034 美元。

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 $8,495 or 19% per Bitcoin mined, down from the fourth quarter of 2024 when direct non-power costs accounted for 21% of total costs. This represents the third consecutive quarter in which direct non-power costs as a percentage of total direct cost per Bitcoin have dropped and is a strong demonstration of Riot's ability to leverage improved economies of scale at our operating facilities.

直接非電力成本（包括直接人工、礦工保險、礦工及礦工相關設備維修、土地租賃及相關財產稅、網路成本和其他公用事業費用）總計為每枚比特幣 8,495 美元或 19%，低於 2024 年第四季的水平，當時直接非電力成本佔總成本的 21%。這是連續第三個季度非電力直接成本佔每比特幣直接成本總額的百分比下降，有力地證明了 Riot 能夠利用我們營運設施中改進的規模經濟。

For the first quarter of 2025, Engineering revenue totaled $13.9 million, a 20% increase relative to the prior quarter Engineering revenue of $11.6 million. Total revenue does not include $6.4 million of intercompany tariff purchases made in the first quarter by Riot for capital expenditures associated with our mining operations. Riot's prior fiscal year 2025 guidance of $100 million in Engineering revenue included approximately $16 million of intercompany purchases, which under GAAP accounting are not included in our reported consolidated results.

2025 年第一季度，工程收入總計 1,390 萬美元，較上一季的 1,160 萬美元工程收入成長 20%。總收入不包括 Riot 在第一季為與我們的採礦業務相關的資本支出而進行的 640 萬美元的公司間關稅採購。Riot 先前預計 2025 財年的工程收入為 1 億美元，其中包括約 1,600 萬美元的內部採購，根據 GAAP 會計，這些採購未包含在我們報告的合併業績中。

That being said, we remain on track to meet GAAP guidance of $84 million, and we expect revenue to continue increasing in upcoming quarters. The Engineering division also saw a return to profitability this quarter, achieving a gross profit of $2.1 million, representing a gross margin of 15% as compared to a gross loss of $2.4 million in the prior quarter. Our recent acquisition of E4A Solutions has helped support this profitability rebound in our Engineering division, which continued to see robust demand growth as this was the first full quarter which incorporated the financial results of E4A Solutions in our Engineering business.

話雖如此，我們仍有望實現 8,400 萬美元的 GAAP 指導，並且我們預計未來幾季的營收將繼續成長。工程部門本季也恢復獲利，實現毛利 210 萬美元，毛利率為 15%，而上一季的毛虧損為 240 萬美元。我們最近收購了 E4A Solutions，這有助於支持我們工程部門的獲利能力反彈，由於這是將 E4A Solutions 的財務表現納入我們工程業務的第一個完整季度，該部門繼續保持強勁的需求成長。

With that, I would now like to turn the call over to Jason Chung to provide an update on our most recent transaction.

說完這些，我現在想把電話轉給 Jason Chung，讓他提供我們最近交易的最新情況。

Thank you, Colin. On April 28, Riot announced the acquisition of Rhodium's operations and tangible assets, including all ASIC miners at our Rockdale Facility as part of a settlement agreement, which also included an agreement to mutually dismiss all existing litigation and a release on all future claims not connected to the closing of this transaction.

謝謝你，科林。4 月 28 日，Riot 宣布收購 Rhodium 的營運和有形資產，包括我們 Rockdale 工廠的所有 ASIC 礦工，這是和解協議的一部分，該協議還包括相互駁回所有現有訴訟並釋放與本交易完成無關的所有未來索賠。

The transaction consideration totaled $185 million and was comprised of $129.9 million in cash, return of Rhodium's $6.1 million power security deposit, and $49 million in Riot common stock. For background context, Riot assumes certain legacy Whinstone hosting agreements, including the agreement with Rhodium, as part of Riot's acquisition of Whinstone US in May 2021.

交易對價總計 1.85 億美元，包括 1.299 億美元現金、退還 Rhodium 的 610 萬美元電力保證金以及價值 4,900 萬美元的 Riot 普通股。作為背景情況，Riot 承接了某些遺留的 Whinstone 託管協議，包括與 Rhodium 的協議，這是 Riot 於 2021 年 5 月收購 Whinstone US 的一部分。

As outlined on this slide, Rhodium formerly occupied roughly 1/2 of Building B and all of Building C at our Rockdale Facility and had contractual rights to 125 megawatts of power capacity, representing a significant portion of total square footage and power capacity available on site. This legacy hosting contract was responsible for an approximately $14.6 million loss in 2024 alone and had a remaining term through December 2030.

正如本幻燈片所述，Rhodium 以前佔據了我們 Rockdale 工廠 B 棟約一半的空間和 C 棟的全部空間，並擁有 125 兆瓦電力容量的合約權利，佔現場總面積和可用電力容量的很大一部分。這份遺留託管合約僅在 2024 年就造成了約 1,460 萬美元的損失，剩餘期限至 2030 年 12 月。

With this acquisition and settlement agreement, Riot has completely exited the hosting business and now has full control over the on-site infrastructure and 125 megawatts of power capacity previously dedicated to Rhodium at our Rockdale Facility. We are in the process of evaluating the best use of this additional capacity to optimize the value of the additional infrastructure, power capacity, and on-site assets going forward.

透過此次收購和和解協議，Riot 已完全退出託管業務，現在完全控制現場基礎設施和先前在 Rockdale 工廠為 Rhodium 提供的 125 兆瓦電力容量。我們正在評估如何最好地利用這些額外容量，以優化未來額外基礎設施、電力容量和現場資產的價值。

I will now turn the call back over to Jason Les.

現在我會把電話轉回給 Jason Les。

Thank you, Jason. Riot had $48.9 million in capital expenditures in the first quarter, primarily to continue the 600-megawatt substation expansion at Corsicana and advance on initiatives to enhance the optionality of the site for data center development. We have also incurred capital expenditures to grow Bitcoin Mining hash rate at our Kentucky facilities.

謝謝你，傑森。Riot 公司第一季的資本支出為 4,890 萬美元，主要用於繼續擴建科西卡納的 600 兆瓦變電站，並推動提高該地點用於資料中心開發的可選性的舉措。我們也投入了資本支出來提高肯塔基州設施的比特幣挖礦哈希率。

As part of our work developing our AI/HPC data center business, Riot has secured the necessary easements for municipal water Corsicana while also acquiring additional land parcels for data center development. Riot is also in the process of securing additional fiber capacity for Corsicana, which will increase the number of connections from two to four. By taking these early steps to address long lead items, we continue to aggressively pursue a value-maximizing outcome for our data center business.

作為我們開發 AI/HPC 資料中心業務工作的一部分，Riot 已獲得科西卡納市政供水的必要地役權，同時也獲得了用於資料中心開發的額外土地。Riot 也正在為科西卡納增加光纖容量，這將使連接數量從兩個增加到四個。透過採取這些早期措施來解決長週期項目，我們將繼續積極追求資料中心業務的價值最大化。

Riot's hash rate growth forecast for 2025 remains unchanged from our previously issued guidance. However, with the recent acquisition of Rhodium's assets at our Rockdale Facility, there is potential upside to our hash rate forecast. Our operations team is currently in the process of performing a full evaluation of the assets to determine the value-maximizing use of this new capacity. As this work is completed, we will update investors on the anticipated impact these new assets will have on our hash rate guidance.

Riot 對 2025 年哈希率成長的預測與我們先前發布的指導保持不變。然而，隨著我們最近收購了 Rhodium 在 Rockdale 工廠的資產，我們的哈希率預測具有潛在的上升空間。我們的營運團隊目前正在對資產進行全面評估，以確定如何最大限度地利用這項新產能。隨著這項工作的完成，我們將向投資者通報這些新資產對我們的哈希率指引的預期影響。

Earlier this year, Riot commissioned a feasibility study with Altman Solon, a leading consultant to the data center industry, to validate the opportunity for an AI/HPC data center campus at our Corsicana Facility and to identify potential areas for improvement. We were pleased with the results of Altman Solon's feasibility study, which reinforced our thesis that large-scale access to power in close proximity to Tier 1 markets as we have at Corsicana is scarce and valuable.

今年早些時候，Riot 委託資料中心產業領先顧問公司 Altman Solon 進行了一項可行性研究，以驗證在我們的科西卡納工廠建立 AI/HPC 資料中心園區的機會，並確定潛在的改進領域。我們對 Altman Solon 的可行性研究結果感到滿意，這強化了我們的論點：像我們在科西卡納那樣靠近一級市場的大規模電力供應是稀缺且寶貴的。

Altman Solon identified four primary factors at our Corsicana Facility that they believe make it ideally suited for data center development. Number one, secured power. Corsicana is fully approved to draw 1 gigawatt of power, and we are actively developing infrastructure to support this power availability. Number two, owned land. Corsicana has 35 acres immediately ready to develop a first phase data center. And in the coming weeks, we are closing on the acquisition of significant additional land.

Altman Solon 確定了我們科西卡納工廠的四個主要因素，他們認為這些因素使其非常適合資料中心開發。第一，確保權力。科西卡納已完全獲準使用 1 千兆瓦的電力，我們正在積極開發基礎設施來支援這種電力供應。第二，擁有土地。科西卡納擁有 35 英畝土地，可立即用於開發第一期資料中心。在接下來的幾週內，我們將完成大量額外土地的收購。

Number three, the attractive location. Corsicana is only 60 miles from a Tier 1 data center market in Dallas, in close proximity to existing core hyperscaler architecture. And finally, scalability. Beyond the 600 megawatts of available capacity at Corsicana, Riot has additional expansion potential through its existing portfolio, and our Engineering division provides critical advantages to deliver on aggressive timelines.

第三，地理位置優越。科西卡納距離達拉斯一級資料中心市場僅 60 英里，靠近現有的核心超大規模架構。最後，可擴展性。除了科西卡納 600 兆瓦的可用容量外，Riot 還透過其現有產品組合擁有額外的擴展潛力，而我們的工程部門則提供了在緊迫的時間表內交付的關鍵優勢。

The civil work already completed at Corsicana provides a prime development path for immediate first phase development for our AI/HPC data center campus. The overview map on this slide shows the current layout of the site, which features the existing Bitcoin Mining operation on 20 acres; our current and future substation expansion, which upon completion, will cover 15 acres; and the remaining available footprint totaling 35 acres.

科西卡納已完成的土木工程為我們的 AI/HPC 資料中心園區的立即第一階段開發提供了主要的發展路徑。這張投影片上的概覽圖顯示了該場地的當前佈局，其中包括佔地 20 英畝的現有比特幣挖礦業務；我們當前和未來的變電站擴建，完工後將佔地 15 英畝；剩餘可用佔地面積共計 35 英畝。

While this area is well suited for our first phase development, we have proactively been procuring additional development acreage to fully utilize all 1 gigawatt of power. This month, we will be closing on an additional 355 acres of land less than a mile away from our Corsicana Facility. And we are actively pursuing multiple options to add additional acreage in the immediate vicinity of our Corsicana Facility for future development.

雖然該地區非常適合我們的第一階段開發，但我們一直在積極採購額外的開發面積，以充分利用所有 1 千兆瓦的電力。本月，我們將在距離科西卡納工廠不到一英里的地方再收購 355 英畝的土地。我們正在積極尋求多種方案，以便在科西卡納工廠附近增加額外的土地，以供未來開發。

This additional land, combined with the favorable zoning and tax treatment in Navarro County, allows for maximum flexibility and expedited development timelines that we can offer to tenants. The Corsicana Facility is already well suited for data center development, and some of the largest constraints faced in the market today such as access to power have already been solved. We are actively working to further improve the site and enhance its attractiveness to tenants.

這塊額外的土地，加上納瓦羅縣優惠的區域劃分和稅收待遇，使我們能夠為租戶提供最大的靈活性和加快的開發時間表。科西卡納設施已經非常適合資料中心開發，並且當今市場面臨的一些最大限制因素（例如電力獲取）已經解決。我們正在積極努力進一步改善該網站並增強其對租戶的吸引力。

In addition to the progress on the power and land we've already made, additional areas where we have made progress in Corsicana include water. We are progressing with the development of two on-site wells and a municipal water source to bring ample additional water supply in 2026. In connectivity, we are in the process of bringing in additional fiber lines to the site to ensure an optimal amount of redundancy and diverse paths. This continued progress will ensure that our Corsicana site is the most attractive overall offering possible.

除了我們在電力和土地方面已經取得的進展之外，我們在科西卡納的其他領域也取得了進展，包括水資源。我們正在推動兩口現場水井和一個市政水源的開發，以便在 2026 年帶來充足的額外供水。在連接方面，我們正在將額外的光纖線路引入站點，以確保最佳的冗餘度和多樣化的路徑。這項持續進步將確保我們的科西卡納網站成為最具吸引力的整體產品。

We are working on an aggressive timeline to achieve the key milestones required for Riot to execute on our data center business objectives. In just the past few months, we have engaged industry experts, added expertise to our Board of Directors and engaged financial advisers, all while continuing to develop the critical infrastructure components needed to achieve energization in 2026.

我們正在製定一個積極的時間表，以實現 Riot 執行資料中心業務目標所需的關鍵里程碑。僅在過去幾個月裡，我們聘請了行業專家，為董事會增添了專業知識，並聘請了財務顧問，同時繼續開發實現 2026 年通電所需的關鍵基礎設施組件。

Over the next few quarters, we will be further expanding our internal expertise through key hires and anticipate we will soon announce a best-in-class team to further drive top-level execution on our data center business. This will allow us to complete the basis of design for the first phase of the Corsicana data center campus, which will ultimately result in us securing an attractive lease with a high-quality tenant.

在接下來的幾個季度中，我們將透過關鍵招聘進一步擴大我們的內部專業知識，並預計我們將很快宣布一支一流的團隊，以進一步推動我們資料中心業務的頂級執行。這將使我們能夠完成科西卡納資料中心園區第一階段的基礎設計，最終使我們能夠與高品質的租戶簽訂有吸引力的租約。

We are continuing to make rapid progress through the pursuit of this initiative and have engaged with several counterparties who are already performing due diligence. And we'll continue to share updates on our completion of these key milestones as they occur.

我們正透過推行這項措施不斷取得快速進展，並已與多家正在進行盡職調查的交易對手進行了接觸。我們將繼續分享這些關鍵里程碑的完成情況。

In closing, Riot's first-quarter 2025 results were driven by our Bitcoin Mining business and resulted in one of our strongest quarters as a result of improved operating uptime and other efficiencies. Riot's cost to mine in the first quarter of 2025 was essentially flat with the fourth quarter of 2024 despite the network difficulty increasing by 10%.

最後，Riot 2025 年第一季的業績是由我們的比特幣挖礦業務推動的，並且由於營運正常運行時間的提高和其他效率的提高，成為我們表現最強勁的季度之一。儘管網路難度增加了 10%，但 Riot 在 2025 年第一季的挖礦成本與 2024 年第四季基本持平。

Riot's proven power strategy continues to differentiate us from our competitors. This strategy continues to result in one of the lowest cost to mine Bitcoin amongst our peers, a key differentiator in our industry. Strong and efficient Bitcoin production, combined with prudent financial management, has resulted in a Bitcoin yield of 7% year-to-date. We will continue to focus on achieving industry-leading results while minimizing dilution and accomplishing our goal of maximizing value of all available power capacity.

Riot 經過驗證的強大策略繼續讓我們從競爭對手中脫穎而出。這項策略使我們在同行中繼續保持最低的比特幣開採成本之一，這是我們行業的關鍵差異化因素。強勁且高效的比特幣生產，加上審慎的財務管理，使得今年迄今的比特幣殖利率達到 7%。我們將繼續致力於實現領先業界的業績，同時最大限度地減少稀釋並實現最大化所有可用電力容量價值的目標。

The development and leasing of an AI/HPC data center is our primary focus in 2025. And we will continue to build on the incredibly positive momentum already underway. We are investing in building a design ready to meet hyperscaler demand and create the most compelling data center offering possible as we sit in an enviable position with one of the most attractive data center sites available in the country. I look forward to updating you on our progress.

2025 年我們的首要任務是開發和租賃 AI/HPC 資料中心。我們將繼續鞏固業界已出現的極為正面的動能。我們正在投資建立一個能夠滿足超大規模需求的設計，並創建最具吸引力的資料中心，因為我們擁有令人羨慕的地位，是全國最具吸引力的資料中心網站之一。我期待向您通報我們的進展。

We will now open the call up for questions. Operator?

我們現在開始回答問題。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Guys, congrats on the progress so far. My first question, if I'm not mistaken, Riot was behind the inception of the Large Flexible Load Task Force, if I'm saying that correctly. And so I was curious what your main learnings are thus far in this process where you could be moving away from power loads that are more flexible towards power loads that are more redundant in nature?

夥計們，祝賀你們迄今為止的進展。我的第一個問題是，如果我沒有記錯的話，Riot 是大型靈活負載任務組成立的幕後推手，如果我說得正確的話。所以我很好奇，到目前為止，您在這個過程中的主要收穫是什麼？您是否可以從更靈活的電力負載轉向本質上更冗餘的電力負荷？

Yes, Nick, I wouldn't say Riot was necessarily behind the Large Flexible Load Task Force. The inception of that task force was from legislative actions in Texas, but we are closely involved in public policy efforts. So we really keep our ear to the ground on that and try to contribute industry insight, expertise, and viewpoints to ensure regulators are as successful as possible with what they're trying to accomplish.

是的，尼克，我不會說 Riot 一定是大型靈活負載特遣部隊的幕後推手。這個工作小組的成立源自於德州的立法行動，但我們密切參與公共政策工作。因此，我們密切關注這個問題，並嘗試貢獻行業見解、專業知識和觀點，以確保監管機構盡可能成功地完成其目標。

So the color I can give you is that, if you think about the Large Flexible Load Task Force, it's not just about curtailing for high prices or participating in the ancillary services, although that's a big part of it. There's a host of technical qualities and characteristics that it's important for all large loads to meet on a grid (technical difficulty) the technical aspects and requirements.

因此，我可以給你的顏色是，如果你考慮大型靈活負荷工作組，它不僅僅是為了削減高價或參與輔助服務，儘管這是其中很重要的一部分。有許多技術品質和特性，對於所有大負載來說，滿足電網（技術難度）的技術方面和要求非常重要。

And I think we've developed a very strong capability with respect to understanding regulator viewpoints, understanding grid operator requirements and what they're looking for, for any type of large load. I think that experience interacting with grid operators is one of the reasons that Riot is so successful at securing power land and operating sites at really unprecedented volumes of power.

我認為，我們在理解監管機構的觀點、理解電網營運商的要求以及他們對任何類型的大負載的期望方面已經發展出了非常強大的能力。我認為與電網營運商互動的經驗是 Riot 如此成功獲得電力土地並以前所未有的電力容量運營站點的原因之一。

Jason, I appreciate all that color. My next question was just really how you're thinking about how you're approaching potential economics here. Given that it seems like some of these key capital projects are being completed now, what could the benefit ultimately be in any deal? Or is there any targeted level of CapEx that we should be thinking about on the back of these?

傑森，我很欣賞這些顏色。我的下一個問題是，您實際上是如何考慮這裡的潛在經濟問題的。鑑於目前看來其中一些關鍵資本項目即將完工，那麼這些交易最終會帶來什麼好處呢？或者我們應該考慮這些因素背後的資本支出目標水準？

I think it's too early to know what that exact type of target is. There remains a variety of structures and flavors that this could come together. Of course, we're focused on the structure that is going to maximize shareholder value. So we don't prejudice any structure necessarily, but we're looking at the options and looking at what is going to get us the maximum value of our assets, which we believe are scarce and valuable.

我認為現在知道該目標的具體類型還為時過早。仍有多種結構和風格可以融合在一起。當然，我們關注的是最大化股東價值的結構。因此，我們不一定會對任何結構產生偏見，但我們正在研究各種選擇，並研究如何讓我們的資產實現最大價值，我們認為這些資產是稀缺且有價值的。

What we're doing, Nick, with the work we have going on right now is ensuring the ball moves forward. The fact that we are continuing to build on substation, bringing additional fiber to the site, to bring additional land, to bring in additional water, all of these things continue progress on the site. And it's really -- you can think about it as advancing on what would be the powered shelf stage of traditional development.

尼克，我們現在所做的工作就是確保球向前移動。事實上，我們正在繼續建造變電站，為現場引入更多的光纖，引入更多的土地，引入更多的水，所有這些都在繼續推動現場的進展。事實上，你可以把它看作是傳統開發動力架階段的進步。

And doing this work, we think, is making the overall offering just more attractive as the time goes on. But the core of your question, what does this mean for a development costs or those type of specifics, I think it's too early to say. Our focus is on making this as valuable as possible and ensuring that we're as successful as possible when engaging with hyperscalers.

我們認為，隨著時間的推移，這項工作將使整體產品更具吸引力。但你的問題的核心是，這對開發成本或那些類型的細節意味著什麼，我認為現在說還為時過早。我們的重點是使其盡可能有價值，並確保我們在與超大規模企業合作時盡可能取得成功。

Fair enough. Well, again, congrats on the progress so far and continued best of luck.

很公平。好吧，再次祝賀您迄今為止的進展，並祝您好運。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

This is Will Copps on for Patrick. So since you all began looking at AI/HPC opportunities, in your conversations with potential tenants, have you sensed any tone shift or change in demand or change in potential decision-making timelines or signed deals?

我是威爾·科普斯，代替派崔克。那麼，自從你們開始關注 AI/HPC 機會以來，在與潛在租戶的交談中，您是否感覺到任何語氣轉變或需求變化，或者潛在決策時間表或簽署協議的變化？

Yes. Will, I would say that demand continues to be robust as it's ever been. And I think we're starting to see more commentary from other hyperscalers that reinforces that.

是的。威爾，我想說需求仍然像以往一樣強勁。我認為我們開始看到更多其他超大規模企業的評論來強化這一點。

So we continue to be very encouraged by the feedback that we've received not just from hyperscalers but potential financing partners, which will be critical in this development as well. And everyone continues to recognize the value of power that can be delivered in the near term. In this case, we're talking about 2026.

因此，我們繼續對收到的回饋感到非常鼓舞，這些回饋不僅來自超大規模企業，也來自潛在的融資合作夥伴，這對於這項發展也至關重要。而每個人都繼續認識到短期內能夠交付的權力的價值。在這種情況下，我們談論的是 2026 年。

The fact remains. There's approximately 5 gigawatts of data center capacity being used for generative AI today, and the forecast is we're going to need about 30 gigawatts by 2030. So that's a pretty big delta to fill in a pretty short period of time. And as a result, we continue to see strong demand. There's been commentary, I believe, on Meta's earnings call yesterday about how they're increasing CapEx spend and commentary from other hyperscalers that they continue to be extremely focused on securing more data center capacity. So we're encouraged.

事實依然如此。目前，大約有 5 千兆瓦的資料中心容量用於產生人工智慧，預計到 2030 年我們將需要大約 30 千兆瓦。因此，在很短的時間內填補這個差距是相當大的。因此，我們繼續看到強勁的需求。我相信，昨天 Meta 的收益電話會議上有人評論說他們正在增加資本支出，其他超大規模企業也評論說他們繼續極其註重確保更多的數據中心容量。因此我們感到鼓舞。

And then maybe the quick follow-up. I know you mentioned financing partners. Can you give us an idea of what would project-level financing for one of these deals look like? Would you tap into the Bitcoin treasury like you mentioned with the April production? Or what would that look like?

然後也許進行快速跟進。我知道您提到了融資合作夥伴。您能否向我們介紹一下這些交易的專案級融資情況？您會像您在四月生產時提到的那樣利用比特幣金庫嗎？或者那會是什麼樣子？

Yes. Will, we will look at whatever is the value-maximizing option and whatever is going to give us the best cost of capital. That's what the decision comes down to. So I wouldn't preclude any option.

是的。威爾，我們會研究什麼是價值最大化的選擇，什麼才是能為我們帶來最佳資本成本的選擇。這就是決定的結果。所以我不會排除任何選項。

I think details of what a financing deal will look like would really be dependent on the off taker terms. And we're not, of course, at the level of discussing -- we're not at the stage of discussing that level of detail yet. But we believe we're very well positioned on the financing sources with our advisers, Evercore and Northland.

我認為融資交易的具體細節實際上取決於承購條款。當然，我們還沒有達到討論的水平——我們還沒有達到討論這種細節的階段。但我們相信，在我們的顧問 Evercore 和 Northland 的幫助下，我們在融資來源方面處於非常有利的地位。

And we really think the quality of the tenant is going to -- that we eventually would be able to secure is going to positively influence the amount and the quality of financing options available to us. So that's why our focus remains on not just getting a deal in a binary sense but going after blue chip, very strong counterparties, where the market will value those cash flows and those cash flows can be securitized.

我們確實認為，我們最終能夠獲得的租戶品質將對我們可用的融資選擇的數量和品質產生積極影響。因此，我們的重點不僅在於達成二元交易，還在於追逐藍籌股和非常強大的交易對手，市場將對這些現金流進行估值，而這些現金流可以證券化。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

Congrats on the efficiency approaching 90%. I wanted to dive into some of the commentary around the HPC focus for this year. To what extent is the vertical integration with ESS Metron, something that has come up in discussions or that you see as being additive to timelines or ability to deliver on HPC clients' expectations?

恭喜效率接近90%。我想深入探討一些關於今年 HPC 重點的評論。與 ESS Metron 的垂直整合在多大程度上是討論中出現的問題，或者您認為這對時間表或滿足 HPC 客戶期望的能力有何幫助？

And then secondly, just wanted to touch base on power across a couple of items, one being backup generation. In the presentation, you noted on-site backup diesel generation. Just wanted to get a sense of some of those other long lead time items, how you're approaching that, how much is stocked, or how you're looking at that.

其次，我只想談談有關電力的幾個問題，其中之一就是備用發電。在演示中，您提到了現場備用柴油發電。只是想了解一下其他一些長交貨期的商品，你們如何處理這些問題，庫存量是多少，或者你們如何看待這些問題。

Yes, Paul. Thank you for the question on the vertical integration. We think this is a really important differentiator that Riot has. We have an electrical engineering and manufacturing division with ESS Metron that engineers and manufactures critical switchgear, and by the way, manufactures here in the United States, which is becoming increasingly important when we think about derisking supply chains.

是的，保羅。感謝您提出關於垂直整合的問題。我們認為這是 Riot 的一個非常重要的區別因素。我們與 ESS Metron 設有電氣工程和製造部門，負責設計和製造關鍵開關設備，順便說一下，這些產品在美國製造，當我們考慮降低供應鏈風險時，這一點變得越來越重要。

But our recent acquisition of E4A also enhances our ability to do electrical work using the skill set that, as you can imagine when everyone is doing these data under demand, is very constrained and difficult to secure that type of expertise. I'll also add that E4A does a considerable amount of work in generation, so they can be very helpful on the backup generation side.

但是，我們最近對 E4A 的收購也增強了我們使用技能組合進行電氣工作的能力，你可以想像，當每個人都在按需處理這些數據時，這種技能組合受到很大限制，並且很難獲得這種類型的專業知識。我還要補充一點，E4A 在發電方面做了大量工作，因此它們在備用發電方面可以提供很大幫助。

So feedback that we've gotten from all these counterparties and from those who have been evaluating the opportunity, they have been positively, I'd say, inclined around the fact that we have this differentiated capability. On the generator side, as I touched on, that's something that our Engineering division has an expertise and does on a regular basis for counterparties. So we think we come well positioned there, and we'll have good insights into that supply chain.

因此，我們從所有這些交易對手以及那些一直在評估這一機會的人那裡得到的反饋都是積極的，我想說，他們傾向於認為我們擁有這種差異化能力。在發電機方面，正如我所提到的，這是我們的工程部門所擁有的專業知識，並且定期為交易對手做這件事。因此，我們認為我們在那裡佔據了有利位置，並且對該供應鏈有深入的了解。

We don't have any commentary on what we secure or when we'll secure backup generation and the lead time on that yet. But that is a key component. So that's something that we'll be paying close attention to in order to be aggressive on delivery timelines.

我們還沒有對我們能保證什麼、何時能保證備用發電以及準備時間做出任何評論。但這是一個關鍵組成部分。因此，我們會密切注意此事，以確保按時交付。

Thanks, Jason. If I could just squeeze one housekeeping question in here as well. I see in the presentation that you have 1 gigawatt approved. Obviously, that's the entirety of the current Corsicana site and then path to HPC of fully contracted 1 gigawatt as well. Presumably, that's adding 400, not reallocating some Bitcoin Mining power. Is that correct?

謝謝，傑森。如果我也可以在這裡擠出一個內部問題的話。我在簡報中看到您已批准 1 千兆瓦。顯然，這是目前科西卡納站點的全部，也是完全簽約的 1 千兆瓦 HPC 的路徑。據推測，這是增加 400，而不是重新分配一些比特幣挖礦能力。對嗎？

What we're trying to show on that slide is that we have 1 gigawatt approved. 400 megawatts is currently being utilized for Bitcoin Mining, and 600 megawatts is available for an AI/HPC data center deal. However, as economics are attractive and things develop on the line, the whole 1 gigawatt is potentially on the table. The focus is just maximizing the value of that asset overall.

我們在幻燈片上試圖展示的是，我們已經批准了 1 千兆瓦。目前，400 兆瓦用於比特幣挖礦，600 兆瓦可用於 AI/HPC 資料中心交易。然而，由於經濟效益具有吸引力，而且事態發展順利，整個 1 千兆瓦都有可能被納入考慮範圍。重點只是要最大化該資產的整體價值。

Ben Sommers, BTIG.

本·索默斯（Ben Sommers），BTIG。

So first, on the recent $100 million credit facility with Coinbase, just curious why now for this. And how are we thinking about the capital strategy moving forward here?

首先，關於最近與 Coinbase 達成的 1 億美元信貸協議，我只是好奇為什麼現在會這樣做。我們如何看待未來的資本策略？

Yes. I'll turn that over to Jason Chung.

是的。我將把這個交給 Jason Chung。

Sure. Thanks, Jason. Thanks for the question. I think our financing activities this quarter could give a good sense of how we're thinking about all the different financing options that we have available to us. So we saw extremely limited use of the ATM, and therefore, very minimal dilution to our shareholders.

當然。謝謝，傑森。謝謝你的提問。我認為本季的融資活動可以很好地反映出我們如何考慮可用的所有不同融資選項。因此，我們發現 ATM 的使用非常有限，因此對股東的稀釋也非常小。

When we did issue into the ATM, we achieved an average share price of $13.05 per share. So we feel pretty good about our timing when we did utilize the ATM on a limited basis. But in addition to that, we took two other steps, right?

當我們確實向 ATM 發行股票時，我們實現了每股 13.05 美元的平均股價。因此，當我們有限地使用 ATM 時，我們對時機感覺相當良好。但除此之外，我們還採取了另外兩個步驟，對嗎？

In April, we started selling our monthly Bitcoin production as well, raising additional funds that way. And now with the Coinbase facility, we've opened up another avenue of financing for us that, again, side steps the ATM. So as we see weak valuations in the market at the moment, we've been very actively exploring these alternative financing options.

從四月開始，我們也開始出售我們每月生產的比特幣，以此方式籌集額外資金。現在，透過 Coinbase 設施，我們開闢了另一個融資管道，再次避開了 ATM。因此，當我們看到目前市場估值較低時，我們一直在積極探索這些替代融資選項。

And we'll continue to aggressively pursue other options in the market as they're available. That comes within the constraint on the debt side, on the leverage side, as we previously mentioned, of targeting no more than 40% debt to Bitcoin on our balance sheet to maintain what we feel is a fairly comfortable margin of safety on that.

我們將繼續積極尋求市場上其他可用的選擇。正如我們之前提到的，這在債務方面、槓桿方面的限制範圍內，目標是在我們的資產負債表上將比特幣債務控制在不超過 40% 的水平，以保持我們認為相當舒適的安全邊際。

Awesome. Then my follow-up, so on the topic of global hash, any color on how you think about global hash trending in the current tariff environment? And can this open up any opportunities for you guys to increase market share, whether in '25 or beyond there?

驚人的。那麼我的後續問題是，關於全球哈希的話題，您如何看待當前關稅環境下全球哈希的趨勢？這能否為你們帶來增加市場佔有率的機會，無論是在 25 年還是以後？

Yes. Ben, I think tariffs will generally impact a fair amount of miners' growth plans. And I think we're already seeing some commentary from different miners on how they're reevaluating their hash rate growth forecast. Riot is in a good position for a number of years now dating back to 2023 when we entered into a long-term miner purchase agreement with MicroBT out of the US production facilities. That's really helped insulate us from tariffs, at least for our growth plans in 2025 for hash rate so far.

是的。本，我認為關稅通常會影響相當多礦業公司的成長計畫。我認為我們已經看到不同礦工關於他們如何重新評估哈希率增長預測的評論。自 2023 年我們與 MicroBT 簽訂了在美國生產設施進行的長期礦機購買協議以來，Riot 多年來一直處於良好地位。這確實幫助我們免受關稅影響，至少對於我們 2025 年哈希率的成長計劃而言是如此。

So I think the opportunity for Riot is that -- is with it being more expensive to perhaps grow Bitcoin Mining operations. Global network hash rate may not grow as quickly towards the end of the year. Assuming the Bitcoin price remains where it is, of course, if the price goes up. That would probably incentivize more development.

所以我認為 Riot 的機會在於——擴大比特幣挖礦業務的成本可能會更高。到今年年底，全球網路哈希率可能不會成長得那麼快。假設比特幣價格維持現狀，當然，如果價格上漲的話。這可能會激勵更多的發展。

So I think with where Riot is today and the development that we have going on, we get a good market share from where we're at. And our low-cost operations will ensure that we continue to have a healthy margin through any volatility in hash price.

所以我認為，以 Riot 目前的狀態和我們正在進行的發展，我們將獲得良好的市場份額。我們的低成本營運將確保我們在哈希價格波動的情況下繼續保持健康的利潤率。

Darren Aftahi, ROTH.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯。

First one if I may. Just, Jason, you talked about there's a lot of moving parts here with acquiring more land and expanding your water capabilities and then redundant fiber. So I guess, first question is just around once you get the substation and the existing pad you have in the deck. Like what's the capacity theoretically for HPC there?

如果可以的話，這是第一個。剛才，傑森，你談到了這裡有很多活動部件，包括獲取更多土地、擴大水域能力以及冗餘光纖。所以我想，第一個問題就是，一旦你有了變電站和甲板上的現有墊子。理論上那裡的 HPC 容量是多少？

And then I guess, what steps have to be taken to make that other piece of land that you're in the process of acquiring usable? And what's the timeline we can think about in terms of phases, theoretically? And I guess, how is that dovetailing into lease discussions of things?

然後我想，要採取什麼步驟才能使您正在獲取的另一塊土地可用？從理論上講，我們可以分階段考慮的時間表是什麼樣的？我想，這跟租賃討論有什麼關係呢？

Yes. So there's a number of development strategies that you can take with the amount of land that's available there. You can get very aggressive on density. The trade-off could be higher cost and potential limitations on futureproofing of the design. Or the reason that we are procuring more land is the more footprint you have available, just the more development options that you have.

是的。因此，您可以根據當地可用的土地數量採取多種發展策略。您可以對密度進行非常積極的控制。其代價可能是更高的成本和設計未來發展的潛在限制。或者我們購買更多土地的原因是，可用的空間越大，開發的選擇就越多。

So the fact that we have a substation that's coming on and a development pad that's already completed makes conversations really helpful with potential tenants, hyperscalers because this isn't a greenfield exercise for a first phase. You can begin on a first phase and work on additional phases in parallel. The main thing we would need to do to get those additional phases ready would be some civil work. We're not acquiring just development pads there. There would need to be civil work done to get those sites ready for development as well as some electrical work.

因此，我們有一個即將投入使用的變電站和一個已經完成的開發平台，這使得與潛在租戶、超大規模企業的對話非常有幫助，因為這不是第一階段的綠地練習。您可以從第一階段開始，然後同時進行其他階段。為了準備好這些附加階段，我們需要做的主要事情是一些土木工程。我們在那裡收購的不僅僅是開發平台。需要進行土木工程以使這些場地做好開發準備，同時也需要進行一些電氣工程。

But I think, typically, from what we've seen in the market, large players, large tenants are looking for multiple phase developments. And the fact that we could get started with one right away and then being able to continue from additional phases in parallel in the future makes the offering possible. So we don't have like a strong guidance on what I can tell you what's possible on that site on that footprint.

但我認為，從我們在市場上看到的情況來看，大型企業、大型租戶通常都在尋求多階段開發。事實上，我們可以立即開始一個階段，然後能夠在未來同時繼續進行其他階段，這使得提供這項服務成為可能。因此，對於在那個地點、那個足跡上可以實現什麼，我們無法提供強而有力的指導。

I think something in the range of 100 to 200 megawatts of critical IT load, depending on that tenant's preference that can be done there. But as with higher expense, higher capital expense, you could get higher density there. The name of the game for us is improving the optionality of the site, making a successful position as possible when we're engaging with hyperscalers.

我認為關鍵 IT 負載在 100 到 200 兆瓦的範圍內，具體取決於租戶的偏好。但是，隨著費用和資本支出的增加，您可以獲得更高的密度。對我們來說，遊戲的名稱是提高網站的可選性，在與超大規模企業合作時盡可能取得成功。

Great. And then if I could just squeeze one more in. Just with the Rhodium building, what's the feasibility that that could be used for something other than Bitcoin? And I guess, what's the decision process between potentially retrofitting that $125 million for HPC or actually using existing capacity in Corsicana that you just built.

偉大的。然後如果我能再擠一點進去的話。就 Rhodium 大樓而言，除了比特幣之外，它還有什麼用途？我想，在為 HPC 改造 1.25 億美元和實際使用剛剛在科西卡納建造的現有容量之間，決策過程是什麼？

Well, I think it's too early to tell exactly what we're going to do with the assets and the power capacity that we acquired. We want to choose the value-maximizing approach with these assets. The fact that there's a part of the substation that's already been built means that this could potentially work for an AI/HPC data center development as well.

嗯，我認為現在談論我們將如何處理所獲得的資產和電力能力還為時過早。我們希望選擇利用這些資產來實現價值最大化的方法。事實上，變電站的一部分已經建成，這意味著它也可能適用於 AI/HPC 資料中心的開發。

They're going to have all the same qualities as Corsicana, which is why we're most focused on Corsicana. But what we get that's really valuable with this acquisition is we get -- we eliminate the ongoing hosting loss. We eliminate the ongoing litigation loss, and we get a meaningful amount of power that we can decide what to do with. So I guess that we're going to choose the value-maximizing approach with that capacity.

它們將具有與科西卡納相同的所有品質，這就是我們最關注科西卡納的原因。但我們透過這次收購真正獲得的有價值的東西是——我們消除了持續的託管損失。我們消除了持續的訴訟損失，並獲得了相當大的權力，可以決定如何處理。所以我想我們會選擇具有這種能力的價值最大化方法。

More specifically to address your question, Darren, I don't think we would retrofit that building for AI/HPC. But we have land available around there. We could -- we have the potential to build a data center development or building around there to just use the power that's already available, if that's the path we chose. Still too early to say.

更具體地回答你的問題，達倫，我認為我們不會為 AI/HPC 改造那棟建築。但我們附近有可用的土地。如果我們選擇這條路，我們可以—我們有潛力在那裡建立一個資料中心開發區或建築物，以利用現有的電力。現在說還太早。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

So two questions for me. The first, I know you talked about tariffs, and I think you were referring to ASIC prices. I was curious if there's any exposure on the power infrastructure side to higher tariffs. And then I got a follow-up.

所以我有兩個問題。首先，我知道您談到了關稅，我認為您指的是 ASIC 價格。我很好奇電力基礎設施方面是否會受到更高關稅的影響。然後我得到了後續消息。

Yes. So Reggie, good question. So on the power infrastructure side, it can depend on the component, right? So when you're looking at, at least in the switchgear side and what components like our Engineering division produce, they produce those domestically. So at least purchasing from the OEM would not be subject to tariffs. They have their own components that they source to put these -- to put this equipment together though.

是的。雷吉，這個問題問得好。那麼在電力基礎設施方面，它可以取決於組件，對嗎？因此，當您查看開關設備方面以及我們的工程部門生產的組件時，它們都是在國內生產的。因此，至少從 OEM 購買不會受到關稅影響。他們有自己的零件來組裝這些設備。

And it's such a fluid situation with tariffs. But it really is changing and the views -- ideas are changing on a day-to-day basis. It's too early to say what it would impact, how it would impact our Engineering division and their components. But more broader from other suppliers of electrical infrastructure in particular, if you're talking about high-voltage transformers, it would, of course, impact the cost of transformers that would be produced in China or other electrical equipment that would come from China. So we're seeing a lot of things happen all over the marketplace.

關稅情況非常不穩定。但它確實在發生變化，觀點和想法也在日新月異。現在判斷它會產生什麼影響、會如何影響我們的工程部門及其組件還為時過早。但從更廣泛的角度來看，特別是從其他電力基礎設施供應商的角度來看，如果你談論的是高壓變壓器，那麼它當然會影響在中國生產的變壓器或來自中國的其他電氣設備的成本。我們看到市場上發生了很多事情。

We're staying really close to it. Too early to say what the overall impact would be.

我們正密切關注這一情況。現在談論整體影響還為時過早。

Understood. Got it. And then this may be a tough question to answer, but I'm thinking about milestones along the path, more client-facing milestones on the HPC side. And so as we think about the next 12 months or so, what are some things we should look for to let us know that you guys are moving the ball down the field? Obviously, you don't have to give me any date, but what type of announcements should we be looking for or thinking about?

明白了。知道了。這可能是一個很難回答的問題，但我正在考慮這個過程中的里程碑，以及 HPC 方面更多面向客戶的里程碑。那麼，當我們考慮未來 12 個月左右時，我們應該尋找哪些東西來讓我們知道你們正在向前邁進？顯然，你不必給我任何日期，但我們應該尋找或考慮什麼類型的公告？

Yes, that's a good question, Reggie. I think you'll see us continuing to work at building internal team to optimize our success here. That doesn't necessarily mean that we would be building something like this on our own. Building internal expertise would augment and support our ability to be successful in a JV type of structure as well. So we're going to continue to work on building that team.

是的，這是個好問題，雷吉。我想你會看到我們繼續努力建立內部團隊以優化我們的成功。這並不一定意味著我們會自己建造這樣的東西。建立內部專業知識將增強和支持我們在合資企業結構中取得成功的能力。因此我們將繼續努力建立這個團隊。

We are working on completing a basis of design for what a potential data center would look like. That way, we have something more concrete that we can have discussions around. We think that would be very helpful.

我們正在努力完成潛在資料中心的設計基礎。這樣，我們就可以有更具體的內容來討論。我們認為這將非常有幫助。

And of course, the ultimate milestone, finish line will be securing a lease at a tenant. And they would ultimately be -- have their requirements on what a design work would look like. So we work collaboratively with them on what that design would be. And in addition, also financing would be an important milestone along the way there. So we are really focused on this.

當然，最終的里程碑、終點線是確保與租戶簽訂租約。他們最終會對設計作品的外觀有自己的要求。因此，我們與他們合作研究該設計。此外，融資也將是這一進程中的重要里程碑。所以我們非常關注這一點。

We strongly believe in the opportunity here. And we think there is a great opportunity for Riot to build an AI/HPC data center business, and that's our priority. And I think we are in a very good position to be successful in doing so.

我們堅信這裡存在著機會。我們認為 Riot 有很大機會建立 AI/HPC 資料中心業務，這也是我們的首要任務。我認為我們處於非常有利的位置，能夠成功實現這一目標。

That makes a lot of sense. And I'm not sure if you can -- if there is anything else that would happen, but related to that tenant agreement, is there -- are there any milestones there that may precipitate a deal or proceed a deal that we may look for? I don't know if it's an exclusive negotiating window. Like what typically happens there? Or is it just that a lease is announced with no forewarning from a market perspective?

這很有道理。我不確定您是否可以 - 如果還有其他事情發生，但與租戶協議相關，是否有任何里程碑可以促成交易或推進我們可能尋求的交易？我不知道這是否是一個獨家談判窗口。就像那裡通常會發生什麼？或者從市場角度來看，租約是在沒有任何預兆的情況下宣布的？

Reggie, I think you'd probably see some commentary around an LOI before a lease takes place. A lease in this type of arrangement, it's a pretty big undertaking. And it's typically preceded by the two parties entering into an LOI. What the terms around that LOI are, I can't say right now, but that would probably be a first step that you see before a lease.

雷吉，我想你可能會在租賃開始前看到一些關於意向書的評論。此類安排下的租賃是一項相當大的工程。通常在此之前，雙方會簽署一份意向書。我現在無法透露意向書的具體條款，但這可能是租賃前需要採取的第一步措施。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

For the first one, I was just hoping you could provide some more color on how you expect cash OpEx to trend following the settlement with Rhodium. Is that $27 million to $30 million target for quarterly SG&A still in play? Or could we expect that to come even lower in the second half of 2025 now that, that settlement is finalized?

對於第一個問題，我只是希望您能提供更多細節，說明在與 Rhodium 達成和解後，您預計現金營運支出的趨勢如何。季度銷售、一般及行政開支 2,700 萬至 3,000 萬美元的目標是否仍有效？或者，既然該協議已經最終達成，我們是否可以預期到 2025 年下半年這一數字會更低？

So Bill, our guidance on run rate SG&A for 2025 was $30 million to $33 million per quarter. Now that does not include these one-off non-run rate expenses like you're asking about like litigation expenses. It's really just so difficult to predict those. Those come so lumpy and different milestones come up.

因此，比爾，我們對 2025 年銷售、一般及行政費用運行率的指導是每季 3,000 萬至 3,300 萬美元。現在這還不包括您所詢問的這些一次性非運行費用，例如訴訟費用。預測這些確實非常困難。這些事情進展得非常不順利，而且出現了不同的里程碑。

For example, this quarter, all of a sudden working on an acquisition and settlement agreement with Rhodium in the midst of a bankruptcy process they had underway. That's not something we could have forecasted 12 months ago, but suddenly a bunch of expenses are incurred around that.

例如，本季度，在 Rhodium 正在進行破產程序期間，我們突然與其達成收購和和解協議。這是我們 12 個月前無法預測的事情，但突然之間就產生了一大筆開支。

So we feel good about our guidance on $30 million to $30 million run rate SG&A, cash SG&A. So the expenses that are core running our business. Litigation or any type of special advisory fees, that's more unpredictable. We still do have active litigation with one of the former hosting customers, GMO. And we -- very likely, we will incur litigation expenses on that, but it's very difficult to predict. So we can't provide guidance around that right now.

因此，我們對 3000 萬美元至 3000 萬美元運行率銷售、一般及行政費用、現金銷售、一般及行政費用的指導感到滿意。因此這些費用是我們經營業務的核心。訴訟或任何類型的特殊諮詢費用，這更難以預測。我們仍與前託管客戶之一 GMO 有訴訟糾紛。而且我們很可能會因此產生訴訟費用，但這很難預測。因此我們現在無法提供這方面的指導。

Appreciate that color and apologies. I got that target number incorrect. In the last earnings call, it was mentioned that you guys were analyzing all sorts of deal structure options in order to maximize shareholder value. Has your assessment of these options changed since the last update? And have you been able to narrow down that selection further?

欣賞那種顏色並表示歉意。我記錯目標數字了。在上次財報電話會議上，我們提到你們正在分析各種交易結構選項，以實現股東價值最大化。自上次更新以來，您對這些選項的評估有變化嗎？您能進一步縮小選擇範圍嗎？

How are you with that?

你覺得怎麼樣？

Yes. So as you noted, Bill, we're most inclined to the options that's going to maximize the value of our assets. And from that perspective, we are narrowing down -- narrowing nearing in on a build-to-suit data center being our optimal path. We believe that we -- that type of structure can take all sorts of flavors from us solely self-performing in developing that to entirely reliant on the JV infrastructure development partner or somewhere in between.

是的。因此，正如你所說，比爾，我們最傾向於選擇能夠最大化我們資產價值的選擇。從這個角度來看，我們正在縮小範圍——接近建立客製化資料中心是我們的最佳路徑。我們相信，這種結構可以採取各種形式，從我們單獨自行開發到完全依賴合資基礎設施開發夥伴或介於兩者之間。

In any one of those scenarios, though, a financing partner is critical. That's an area where our advisers, Evercore and Northland, have been especially helpful. And we've received strong interest from potential financing partners because of the quality of (inaudible) would involve greater internal capabilities than what we entered 2025 with, but we are rapidly assembling a data center team, and we are bringing upgraded capabilities to the table for more serious discussions.

然而，在任何一個場景中，融資合作夥伴都是至關重要的。我們的顧問 Evercore 和 Northland 在這方面提供了特別大的幫助。我們已收到潛在融資合作夥伴的強烈興趣，因為（聽不清楚）的品質將涉及比我們進入 2025 年時更強大的內部能力，但我們正在迅速組建一個數據中心團隊，並將升級後的能力帶到更嚴肅的討論中。

All that being said, if there is a world or another structure or option such as doing a powered shell or doing lease land maximizes value, we are very open to that. But that's not what we're seeing in the marketplace today. So what we're trying to do is maximize our ability to be successful with a build-to-suit data center option. We'll keep an eye on any potential deal structures and keeping an open-minded approach.

話雖如此，如果存在另一種世界或其他結構或選擇，例如建造動力外殼或租賃土地以最大化價值，我們對此非常開放。但這並不是我們今天在市場上看到的情況。因此，我們正在嘗試透過客製化資料中心選項來最大限度地提高我們的成功能力。我們將密切關注任何潛在的交易結構並保持開放的態度。

Martin Toner, ATB Capital Markets.

ATB 資本市場 (ATB Capital Markets) 的 Martin Toner。

Is there -- now that you are being more flexible with respect to the way you raise capital, is there a way we should think about like the range around which you guys will choose to hold mined Bitcoin going forward?

既然你們現在在籌集資金的方式上變得更加靈活，我們是否應該考慮一下你們未來將選擇持有開採的比特幣的範圍？

Martin, I think the way that we're thinking about it is we're in a great position where we've created -- we put ourselves in a position where we have lots of levers for financing all the time. We have the ability to run ATM. We have a large Bitcoin balance. With the Coinbase facility demonstrated, we can take a very low-risk vehicle to borrow against that balance. We're working on other types of financing options as well. As you noted, we can sell out of our monthly production and still maintain a very strong Bitcoin balance.

馬丁，我認為我們對此的看法是，我們處於一個很好的位置，我們已經創造了——我們使自己處於一個始終擁有大量融資槓桿的位置。我們有能力運作 ATM。我們有大量比特幣餘額。透過 Coinbase 設施的演示，我們可以採用一種風險非常低的工具來抵押該餘額。我們也在研究其他類型的融資選擇。正如您所說，我們可以賣掉每月的產量，同時仍能維持非常強勁的比特幣餘額。

So the way we look at it, Martin, is we're looking at our capital needs, and we're trying to choose the lowest cost of capital with least dilutive option at any time. And in the recent month, that was selling our monthly production. We may continue to do that in the upcoming months, but it's something that we evaluate on an ongoing basis. And we're just always looking at what our best position is amongst all the options that we've had. We're grateful to be in the position we have this many levers to choose from every day.

因此，馬丁，我們看待這個問題的方式是，我們正在考慮我們的資本需求，並且我們試圖在任何時候選擇具有最少稀釋性的最低資本成本。最近一個月，我們的月產量就達到了這個水準。我們可能會在接下來的幾個月繼續這樣做，但我們會持續評估。我們總是在尋找我們所有的選擇中最好的選擇。我們很慶幸自己每天都有這麼多的槓桿可以選擇。

Makes sense. On this nearby Corsicana, I'm assuming that will need to go through like the typical approval process before you guys can start building?

有道理。對於這個附近的科西卡納，我猜想在你們開始建造之前需要經過典型的審批程序嗎？

No, there's no regulatory process. We already have the power approved at our location. Us buying additional land is a very simple land acquisition, and that just gives us additional land (inaudible) to use the power from our existing [FEA].

不，沒有監管流程。我們的所在地已經獲得了電力批准。我們購買額外的土地是一個非常簡單的土地收購，這只是給我們額外的土地（聽不清楚）來使用我們現有的電力[有限元素分析]

It's perfectly fungible with the existing assets that are already approved?

它與已經批准的現有資產完全可替代嗎？

Yes.

是的。

Mike Grondahl, Northland Capital.

北國資本的麥克‧格隆達爾 (Mike Grondahl)。

In your discussion with potential tenants, any interesting or helpful feedback you're getting from them on the Corsicana site? And then as a follow-up to that, at this point, does any one or two potential tenants stick out? Or is it a wide-open contest right now?

在與潛在租戶的討論中，您從他們那裡得到了有關科西卡納場地的任何有趣或有用的反饋嗎？然後作為後續問題，此時，是否有一兩個潛在租戶脫穎而出？或者說，現在這是一場公開的競爭？

Starting with your second question, Mike. There are a number of hyperscalers and even large companies beyond hyperscalers that are in high need of power data center capacity to meet their growth targets. So I would say, especially because of the location of our site that allows it to be used for generative AI training, inference or cloud applications being 60 miles away from Dallas, a Tier 1 data center, there's a lot of different things you can do at that site. So our view is the whole hyperscaler landscape and beyond that are potential tenants in this -- for the Corsicana facility.

從你的第二個問題開始，麥克。許多超大規模企業，甚至超大規模企業以外的大型公司都迫切需要電力資料中心容量來實現其成長目標。所以我想說，特別是因為我們的站點位置允許它用於生成性人工智能訓練、推理或雲應用程序，距離達拉斯 60 英里，是一個一級數據中心，你可以在該站點做很多不同的事情。因此，我們的觀點是，整個超大規模領域及其以外都是科西卡納工廠的潛在租戶。

As far as feedback, feedback from our advisers has matched really what we've gotten from tenants. And that's why we've been working on improving the land, adding water and additional fiber connectivity. These weren't things that were holding us back, but we've gotten feedback on what we can do to make the offering more compelling and put ourselves in the best position possible to be successful.

就回饋而言，我們顧問的回饋與我們從租戶那裡得到的回饋完全一致。這就是我們一直致力於改善土地、增加水源和增加光纖連接的原因。這些並不是阻礙我們前進的因素，但我們得到了一些回饋，告訴我們可以做些什麼來讓產品更具吸引力，並讓我們處於成功的最佳位置。

So we have a great site. It is in a very good position as it is. And what we've just been working on in parallel with having these conversations is doing different things to enhance the overall offering and put ourselves in the best position to be successful.

所以我們有一個很棒的網站。它目前處於非常有利的位置。我們在進行這些對話的同時，一直在努力做不同的事情來增強整體服務，並使我們處於成功的最佳位置。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

I was wondering if you could comment and give us a little bit of color on what you're seeing as the core driver of the, call it, semi-recent uptake uptick in global hash. Can you perhaps opine on where that's coming from, which regions of the globe and if you think it's sustainable? It certainly appears that way.

我想知道您是否可以發表評論並給我們一些關於您所看到的全球哈希值近期上升的核心驅動因素的資訊。您能否評論一下這種現象來自哪裡、全球哪些地區以及您是否認為這種現象可持續？看起來確實如此。

Yes, Brian, it's a good question. There's always a lag between when hash rate is getting deployed relative to market signals. So here we are now on May 1, and it was about six months ago when Bitcoin really started taking off, leading up to and then after the election. So for miners who saw that increase in hash price to them and wanted to act on it, their hash rate is coming on now.

是的，布萊恩，這是個好問題。相對於市場訊號，哈希率的部署總是存在滯後。現在是 5 月 1 日，大約六個月前，比特幣開始真正起飛，在選舉前後。因此，對於那些看到哈希價格上漲並想要採取行動的礦工來說，他們的哈希率現在就開始上漲了。

I think we're seeing global advancement in hash rate. I don't have any particular area that I can tell you is a particular global hot fit. But there remains to be, I think, robust continued growth here in the United States. A number of our publicly traded peers are still under -- still accomplished significant hash rate growth this year and then more underway. So it seemed to me that the publicly traded Bitcoin miners continue to contribute to a lot of the global hash rate growth.

我認為我們正在見證全球哈希率的進步。我無法告訴你哪個特定領域是全球熱門的。但我認為，美國仍將保持強勁的持續成長。我們的許多上市公司同業今年仍然實現了顯著的哈希率增長，並且還在繼續增長。因此在我看來，公開交易的比特幣礦工繼續為全球哈希率的成長做出巨大貢獻。

Yes, certainly. I mean we're hearing that there are some pockets globally that are pushing that forward. So we appreciate it.

是的，當然。我的意思是，我們聽說全球有一些團體正在推動這項進程。因此我們對此表示感謝。

Joe Flynn, Compass Point Research.

喬·弗林（Joe Flynn），Compass Point Research 公司。

So I was hoping maybe you could just expand on the initial development you're doing at the site. You touched on it, but specifically, was adding a fiber line customer directed and ultimately what that process entails. Is it outsourcing to an optic supplier? And any completion timelines would be helpful.

所以我希望您能擴展您在該網站上所做的初步開發。您提到了這一點，但具體來說，是添加客戶指導的光纖線路，以及該過程最終需要做什麼。是否外包給光學供應商？任何完成時間表都會有幫助。

Yes, Joe, good question. It was not a request from a potential tenant. It was just something that we've identified in the process that adding that would enhance our ability to sign a lease quicker and get a -- be able to have a data center fully utilized on that site quicker. So we have just been looking at things from feedback we've gotten that we can do to improve the offering of the site and improve our ability to get a lease with strong economics with a strong tenant.

是的，喬，問得好。這並不是來自潛在租戶的請求。這只是我們在過程中發現的事情，添加它將增強我們更快地簽署租約的能力，並能夠更快地充分利用該網站的資料中心。因此，我們一直在根據收到的回饋來研究可以採取哪些措施來改善場地的供應，並提高我們獲得具有強大經濟實力的租戶的租約的能力。

We think additional fiber probably could be completed in about 12 months. That would be used by -- we would use a third party to get that done. The good news is because of the area that the Corsicana site is in, 60 miles from this Tier 1 market in Dallas, that there's a significant amount of fiber that we can tap into that area to add additional lines. So it's not as daunting of an activity as it may be in a more remote location.

我們認為額外的光纖可能大約需要 12 個月才能完成。我們將使用第三方來完成這項工作。好消息是，由於科西卡納站點位於距離達拉斯一級市場 60 英里的地方，我們可以利用該地區大量的光纖來增加額外的線路。因此，這項活動並不像在偏遠地區那樣令人畏懼。

What's also interesting is because of the close proximity of our two sites, we even have the ability to potentially run dark fiber between the two sites. So for a tenant that was looking for a substantial amount of capacity and with interest in both sites, they could potentially have a 1.7 gigawatt campus connected with their own fiber in between. So we're in a good area to do this. We're bringing in outside help to help us get this done, probably take about 12 months to complete the additional fiber.

同樣有趣的是，由於我們的兩個站點距離很近，我們甚至有能力在兩個站點之間運行暗光纖。因此，對於尋求大量容量並對兩個站點都感興趣的租戶來說，他們有可能擁有一個 1.7 千兆瓦的園區，並透過自己的光纖連接兩者。因此，我們處於一個非常適合做這件事的位置。我們正在尋求外部幫助來完成這項工作，大概需要 12 個月的時間來完成額外的光纖。

That's really good color. And then this is a longer-term opportunity, but I figure out one of your site visits, you talked about the potential to do on-site generation. I think the deck says using generators, but there's also been a lot of interest in these micro grids. Do you ultimately see an opportunity for -- to run that gas turbines as a source of redundancy in addition to your grid connects? Any color there would be helpful.

這顏色真好看。這是一個長期機會，但我發現您在一次現場訪問中談到了進行現場生成的潛力。我認為簡報上說的是使用發電機，但人們對這些微電網也非常感興趣。您最終是否看到了機會——除了電網連接之外，還可以將燃氣渦輪機作為冗餘來源來運作？任何顏色都會有幫助。

Yes. From the work that we've done, Joe, we think that diesel generation would be the ideal way to provide backup redundant power at the Corsicana facility. With our capabilities from E4A, like I touched on with the earlier question, they bring a strong expertise in nat gas generation. So if there was an opportunity to use power -- I'm sorry, to use gas to provide nat -- I'm sorry, if we have the ability to use gas to provide backup generation using natural gas, that was something we'd be very well positioned to do with them. But for Corsicana, it likely would be useful.

是的。喬，根據我們所做的工作，我們認為柴油發電是向科西卡納工廠提供備用冗餘電源的理想方式。就像我在之前的問題中提到的那樣，憑藉 E4A 的能力，他們在天然氣生產方面擁有豐富的專業知識。因此，如果有機會使用電力——對不起，使用天然氣來提供天然氣——對不起，如果我們有能力使用天然氣來提供備用發電，那麼我們將非常適合利用它們來做這件事。但對於科西卡納來說，它可能會很有用。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

I just wanted to go back to 2 points that were brought up earlier. You mentioned an LOI is not in place right now. I just want to confirm that. So no LOI right now. And then the second point, you said you'd be very open to a powered shell, but you didn't think the market wanted that right now.

我只是想回顧一下之前提出的兩點。您提到意向書目前尚未到位。我只是想確認一下。所以現在沒有意向書。然後第二點，您說您對動力外殼持非常開放的態度，但您認為現在市場並不想要這種外殼。

I think we got some of the sense that hyperscalers are maybe pushing Bitcoin miners to do a powered shell, so that'd be interesting if that's not the case, if they want a full stack build. But would love to get color on those two.

我認為我們感覺到超大規模企業可能正在推動比特幣礦工建立一個動力外殼，所以如果不是這樣，如果他們想要一個完整的堆疊構建，那將會很有趣。但我很想為那兩個上色。

Yes, John. So there's not an LOI in place right now. With respect to my comments on a powered shell, what I meant to convey was we do not believe that is the value-maximizing route for Riot specifically. There's -- for example, there's a lot of interest in just leasing land. That would not be value maximizing for Riot based on what we're seeing right now, but we remain open to that in case the right deal structure came along.

是的，約翰。因此，目前還沒有意向書。關於我對動力外殼的評論，我想表達的是，我們不認為這是 Riot 的價值最大化路線。例如，人們對租賃土地很感興趣。根據我們目前看到的情況，這對 Riot 來說並不是價值最大化，但如果出現合適的交易結構，我們對此仍持開放態度。

I think the hyperscalers out there are looking at all types of options. They are looking to just lease powered land. They are looking to take powered shells, and they are looking at build-to-suit data centers as well. So our objective as a management team is to maximize the value of our assets, keep an eyes wide open approach on what -- where that might be. But what we're seeing right now is that a build-to-suit data center is likely the best way for Riot to accomplish that.

我認為超大規模企業正在考慮各種類型的選擇。他們只是想租賃發電土地。他們正在尋找動力外殼，並且也在尋找客製化資料中心。因此，作為管理團隊，我們的目標是最大限度地提高資產價值，並密切關注資產的去向。但我們現在看到的情況是，客製化資料中心可能是 Riot 實現這一目標的最佳方式。

Understood. And do you get the sense that if they want a powered shell instead of that, you would maybe just do Bitcoin Mining with Corsicana? Is that option number 2?

明白了。您是否覺得，如果他們想要一個動力外殼，那麼您可能只會使用 Corsicana 進行比特幣挖礦？這是選項 2 嗎？

We're not really thinking about it like that right now, to be honest, John. We're pretty committed to this path. We believe that we can be successful in building a data center at Corsicana. We think it's just such an attractive offering. We are working on putting together a team that will be able to deliver a build here.

說實話，約翰，我們現在並沒有這麼想過。我們非常致力於這條道路。我們相信我們能夠成功地在科西卡納建立資料中心。我們認為這是一個非常有吸引力的產品。我們正在組建一支能夠在這裡完成建置的團隊。

And I think that's an important differentiator that Riot is going to have when it comes to these conversations. So yes, we're not thinking of HPC or Bitcoin Mining right now. We are committed to the data center path.

我認為這是 Riot 在此類對話中的一個重要區別因素。所以是的，我們現在沒有考慮 HPC 或比特幣挖礦。我們致力於資料中心之路。

Thank you. And this does conclude today's Q&A session. I would like to turn the call back over to Phil for closing remarks.

謝謝。今天的問答環節到此結束。我想將電話轉回給菲爾，請他做最後發言。

Thank you, Lisa. I'd like to thank everybody for joining us today on Riot's first quarter earnings call, and we look forward to updating you on our future progress. Take care.

謝謝你，麗莎。我要感謝大家今天參加 Riot 第一季財報電話會議，我們期待向大家通報我們未來的進展。小心。

Thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。