Riot Platforms Inc (RIOT) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Riot Platforms third-quarter 2025 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 2025 年第三季財報電話會議。（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 Josh Kane, Vice President of Investor Relations at Riot Platforms. Please go ahead.

現在我將把電話會議交給 Riot Platforms 的投資人關係副總裁 Josh Kane。請繼續。

Thank you, operator. Good afternoon, and welcome to Riot Platforms third-quarter earnings conference call. My name is Josh Kane, Vice President of Investor Relations. And joining me on today's call from Riot are Jason Les, CEO; Benjamin Yee, Executive Chairman; Colin Yee, CFO; and Jason Chung, EVP and Head of Corporate Development and Strategy.

謝謝接線生。下午好，歡迎參加 Riot Platforms 第三季財報電話會議。我是投資者關係副總裁喬許凱恩。今天與我一起參加電話會議的 Riot 高層有：執行長 Jason Les；執行董事長 Benjamin Yee；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 third-quarter 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 Investor Relations 的網站上，您可以找到我們的第三季度收益新聞稿和隨附的收益演示文稿，這些資料旨在補充今天準備好的發言，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 third quarter performance. 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.

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，而應作為補充說明項目提供，以幫助投資者進一步了解公司第三季度的業績。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 Forms 10-Q, including for the three months ended September 30, 2025, which will be filed later today as well as other filings with the Securities and Exchange Commission.

由於今天發布的獲利新聞稿、今天電話會議期間的評論和回應以及我們的 10-K 表格和 10-Q 表格的「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，包括截至 2025 年 9 月 30 日的三個月的業績，這些業績報告將於今天晚些時候提交，以及向美國證券交易委員會提交的其他文件。

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, Josh. Riot is in the process of transforming into one of the most meaningful data center developers and operators in the market today. The demand for data center capacity is insatiable and growing, and our unmatched portfolio of large-scale land and power assets positions us to significantly capitalize on this opportunity.

謝謝你，喬許。Riot 正在轉型成為當今市場上最有影響力的資料中心開發商和營運商之一。對資料中心容量的需求永無止境且不斷增長，而我們無可比擬的大規模土地和電力資產組合使我們能夠充分把握這一機會。

I am incredibly excited to announce the completion of several key milestones and additional ongoing strategic initiatives, which we are currently undertaking as part of the development of our data center business and more broadly as part of the ongoing transformation of Riot. In particular, I am proud to announce today that we are initiating the Core & Shell development of the first two buildings at our Corsicana data center campus, representing a combined 112 megawatts of critical IT data center capacity.

我非常興奮地宣布，我們已完成幾個關鍵里程碑，並正在推動其他策略舉措，這些舉措是我們資料中心業務發展的一部分，也是 Riot 持續轉型的一部分。今天，我特別自豪地宣布，我們科西卡納資料中心園區的首批兩棟建築的核心和外殼開發工作已經啟動，這兩棟建築的總容量為 112 兆瓦，代表著關鍵的 IT 資料中心容量。

We have already been securing long lead equipment and plan to mobilize construction of these two buildings beginning in Q1 2026. This announcement has been enabled by 4 key achievements this quarter.

我們已經採購了交貨週期較長的設備，並計劃從 2026 年第一季開始動員力量建造這兩座建築物。本季取得的4項關鍵成就促成了此次公告的發布。

During the quarter, Riot acquired an additional 67 acres of land directly adjacent to our original Corsicana site, greatly simplifying the development of our full 1 gigawatt of approved power capacity and enabling the completion of our campus design at Corsicana, completed the campus design for Corsicana with a plan to transform the entire site into a 1 gigawatt utility load data center campus, completed the basis of design for our standard data center build, which has deepened our technical engagement with hyperscaler, neocloud and enterprise customers and continue to build out our in-house data center expertise with veteran data center sales, design, engineering and construction talent.

本季度，Riot收購了緊鄰我們原Corsicana廠址的67英畝土地，大大簡化了我們1吉瓦已批准電力容量的開發，並完成了我們在Corsicana的園區設計，計劃將整個廠址改造成一個1吉瓦公用事業負載資料中心園區，完成了我們標準資料中心建設的基礎設計，這加深了我們與超大規模、新雲端和企業客戶的技術合作，並繼續透過經驗豐富的資料中心銷售、設計、工程和施工人才來發展我們內部的資料中心專業知識。

These achievements further advance the ongoing process of transforming Riot into a large-scale, multifaceted data center enterprise. We are investing in building out our data center business in order to enhance our conversations with prospective tenants and leverage competitive tension in our leasing process, all with a view towards maximizing the value generated from our portfolio of land and power assets.

這些成就進一步推動了 Riot 向大型、多元化資料中心企業轉型的進程。我們正在投資發展資料中心業務，以加強與潛在租戶的溝通，並在租賃過程中利用競爭優勢，所有這些都是為了最大限度地提高我們土地和電力資產組合所產生的價值。

We are announcing this development of 112 megawatts of critical IT capacity as just an initial milestone in our development pipeline, which consists of nearly two gigawatts of secured utility load power, and we will continue to announce further development plans as we progress on our strategy and advance further on customer discussions.

我們宣布開發112兆瓦的關鍵IT容量，這只是我們開發計劃中的第一個里程碑，該計劃包括近2吉瓦的安全公用事業負載電力，隨著我們戰略的推進和與客戶的進一步討論，我們將繼續宣布進一步的開發計劃。

Riot is transforming into one of the most meaningful data center companies at the center of the Fourth Industrial Revolution. We have a significant portfolio of readily available power, an incredibly strong balance sheet and the world-class talent necessary to deliver on our plans. The demand for data center capacity has never been more robust. And on behalf of all of our shareholders, we are incredibly excited to be executing on the enormous value creation opportunity in front of us.

Riot 正在轉型成為第四次工業革命核心中最具影響力的資料中心公司之一。我們擁有大量現成的電力資源、非常強勁的資產負債表以及實現我們計劃所需的世界級人才。對資料中心容量的需求從未如此強勁。我們代表所有股東，對能把握眼前巨大的價值創造機會感到無比興奮。

Riot has a tremendous advantage today in our unmatched portfolio of fully approved power and land located within highly desirable data center markets. We have made significant progress in establishing our data center business, which serves as the foundation not only for maximizing the value of our power portfolio today, but from which we will also continue to scale and capitalize on new opportunities.

Riot 目前擁有巨大的優勢，我們擁有無可比擬的、完全獲得批准的電力和土地資源組合，這些資源位於備受青睞的資料中心市場。我們在建立資料中心業務方面取得了重大進展，這不僅是我們目前最大限度地發揮電力組合價值的基礎，而且也是我們繼續擴大規模並抓住新機會的基礎。

Over the course of this year, we have completed third-party expert assessments of our two primary sites, Corsicana and Rockdale; added data center and real estate development experience to our Board of Directors; and engaged financial advisers to assist on discussions with strategic and financial partners and on the broader leasing negotiation process.

今年，我們完成了對兩個主要地點 Corsicana 和 Rockdale 的第三方專家評估；為董事會增添了數據中心和房地產開發方面的經驗；並聘請了財務顧問來協助與戰略和財務合作夥伴的討論以及更廣泛的租賃談判過程。

Most recently, I am pleased to announce we have completed the basis of design for our data centers. Completion of this basis of design has enabled us to deepen our engagement in technical and engineering level outreach with potential tenants, begin procurement of necessary long lead time equipment and begin construction on our first two buildings. We will provide additional information on our basis of design later on today's call.

我很高興地宣布，我們最近完成了資料中心的基礎設計。完成這項設計基礎後，我們得以深化與潛在租戶在技術和工程層面的溝通，開始採購必要的長週期設備，並開始建造我們的前兩棟建築。我們將在今天的電話會議上稍後提供有關我們設計依據的更多資訊。

We have also further progressed on the ongoing infrastructure development at Corsicana, including the 600-megawatt substation expansion, where the first 400-megawatt auto transformer of this expansion development is now on site being installed and remains on track for energization in Q1 next year and the Core & Shell development of the first two buildings of our Phase 1 development plan, which will allow us to deliver full build-to-suit data centers in 2027.

我們在科西卡納的持續基礎設施開發方面也取得了進一步進展，包括 600 兆瓦變電站擴建，該擴建項目的第一個 400 兆瓦自耦變壓器目前已運抵現場進行安裝，預計將於明年第一季度投入使用；以及我們第一階段開發計劃中前兩棟建築的核心和外殼開發，這將使我們能夠在明年第一季度投入使用；以及我們第一階段開發計劃中前兩棟建築的核心和外殼開發，這將使我們能夠在 2027 年完全定制數據中心的完全定制數據中心。

On the hiring front, the build-out of our data center team has continued at an aggressive pace. We have in place key leadership across product development, construction, engineering, sales and marketing, which has allowed us to complete the basis of design and rapidly move towards initiating construction. We will continue to build on this momentum by adding additional positions that underpin our data center business and support future leasing, operational and growth targets.

在招募方面，我們的資料中心團隊建立一直在快速推進。我們在產品開發、施工、工程、銷售和行銷方面都配備了關鍵的領導團隊，這使我們能夠完成設計基礎工作，並迅速推進施工。我們將繼續保持這一發展勢頭，增加更多崗位，以鞏固我們的資料中心業務，並支持未來的租賃、營運和成長目標。

We have made substantial progress on our design program, which will support Corsicana and other sites and have completed a standardized data center basis of design that meets Tier 3 resiliency and efficiency expectations for prospective tenants in the market. Advancing our basis of design is critical as we engage prospective tenants on specifications and customization. Our design philosophy emphasizes flexibility to address the needs of a range of potential customers and use cases. That flexibility includes multiple building formats, including single, two- and three-storey configurations in order to maximize campus capacity.

我們在設計方案方面取得了實質進展，該方案將為科西卡納和其他站點提供支持，並且已經完成了一個標準化的資料中心設計基礎，滿足了市場上潛在租戶對 Tier 3 彈性和效率的期望。在與潛在租戶討論規格和客製化方案時，提升我們的設計基礎至關重要。我們的設計理念強調靈活性，以滿足各種潛在客戶和使用情境的需求。這種靈活性包括多種建築形式，包括單層、兩層和三層配置，以最大限度地提高校園容量。

In addition, our design is centered around a 7 module or 7 mod format. With this format, we are standardizing around a 7 plus 1 component design, 7 components plus 1 additional component of redundancy. Our basis of design can easily be adapted to the requirements of any tenant. Each 7 mod is a data hall representing 14 megawatts of critical IT load capacity, and there are two 7 mods per floor totaling 28 IT megawatts per floor. Therefore, a two-storey building will have four 7 mod data halls, two per floor, representing 56 IT megawatts and a three-story building will have six 7 mod data halls representing 84 IT megawatts.

此外，我們的設計以 7 模組或 7 mod 格式為中心。透過這種格式，我們將標準化為 7+1 組件設計，即 7 個組件加上 1 個冗餘組件。我們的設計理念可以輕鬆適應任何租戶的需求。每個 7 模組都是一個資料大廳，代表 14 兆瓦的關鍵 IT 負載能力，每層樓有兩個 7 模組，每層樓總共有 28 兆瓦的 IT 負載能力。因此，一棟兩層樓的建築將有四個 7 模數據大廳，每層兩個，代表 56 兆瓦的 IT 容量；一棟三層樓的建築將有六個 7 模數據大廳，代表 84 兆瓦的 IT 容量。

We are confident that this sits within the range of tenants desired topography and allows us to easily adapt to each of the requirements. If a tenant wants more redundancy, we can easily build that in and vice versa. Riot's basis of design establishes the foundation for our data center development and has been designed in a manner that is intentionally replicable beyond Corsicana, enabling faster, more efficient equipment procurement and delivery on future development in order to quickly seize upon any market opportunities going forward.

我們相信這符合租戶對地形的期望範圍，並且使我們能夠輕鬆適應每項要求。如果租用戶需要更高的冗餘度，我們可以輕鬆地進行配置，反之亦然。Riot 的設計基礎為我們的資料中心發展奠定了基礎，其設計方式旨在使其能夠在 Corsicana 之外得到複製，從而在未來的發展中實現更快、更有效率的設備採購和交付，以便迅速抓住未來的任何市場機會。

One of the most important differentiators we are developing at Riot is the assembly of an industry-leading in-house data center team with expertise across design, engineering, sales, procurement, construction, operations, marketing, and administration. As highlighted here, our growing team brings deep, directly relevant experience in building and delivering mission-critical data centers.

Riot 正在打造的最重要的差異化優勢之一是組建一支業界領先的內部資料中心團隊，該團隊在設計、工程、銷售、採購、建造、營運、行銷和管理方面擁有豐富的專業知識。正如這裡所強調的，我們不斷成長的團隊在建置和交付關鍵任務型資料中心方面擁有深厚的、直接相關的經驗。

We have in place the team to deliver on our first phase of construction and development with collective experience completing over 200 data center projects, totaling nearly 5 gigawatts of capacity. Data center development talent is in high demand, and we are incredibly proud of the depth of capabilities and experience that we have already been able to attract to Riot. The quality of the data center team we already have in place today is a critical advantage in ensuring that potential tenants and partners are confident in our ability to deliver at scale.

我們已經組建了一支團隊，憑藉完成 200 多個資料中心專案（總容量近 5 吉瓦）的集體經驗，能夠順利完成第一階段的建置和開發。資料中心開發人才需求量大，我們為Riot已經吸引的眾多能力與經驗的人才感到無比自豪。我們目前擁有的資料中心團隊的素質是一項關鍵優勢，可確保潛在租戶和合作夥伴對我們大規模交付的能力充滿信心。

These internal data center team capabilities are further reinforced by our engineering business, comprised of ESS Metron and E4A Solutions, which provides integrated manufacturing, commissioning and maintenance expertise. These complementary units create meaningful synergies and strengthen our ability to rapidly execute on an expanding data center development program.

這些內部資料中心團隊的能力得到了我們工程業務的進一步加強，該業務由 ESS Metron 和 E4A Solutions 組成，提供整合的製造、調試和維護專業知識。這些互補的部門能夠產生有意義的協同效應，並增強我們快速執行不斷擴展的資料中心開發計劃的能力。

In September, we successfully acquired a collection of parcels that total 67 acres contiguous with our original Corsicana site for total consideration of $40 million. Early on, Riot identified this plot of land as the most ideal site for immediate development of our data centers, and I am excited to share an update on what this acquisition has enabled for us.

9 月，我們成功收購了與我們原 Corsicana 地塊相鄰的若干地塊，總面積達 67 英畝，總價為 4000 萬美元。Riot Games 很早就認定這塊土地是立即開發我們資料中心的最佳地點，我很高興與大家分享此次收購為我們帶來的成果。

The new parcels proximity to our Corsicana site enables rapid development as it is immediately adjacent to our existing site and therefore, will not require additional easements or transmission construction, which could potentially have extended delivery timelines. The ideal condition, gradient and location of this new parcel will allow us to quickly begin development and strengthen confidence in our delivery timelines. Most importantly, the additional acreage we now own next to our existing Corsicana site ensures the ability to completely utilize our 1 gigawatt of fully approved power on Riot owned land for data center use, all in a connected campus layout.

由於新地塊靠近我們的科西卡納工地，因此可以快速開發，因為它緊鄰我們現有的工地，因此不需要額外的地役權或輸電線路建設，這可能會延長交付時間。這塊新地塊的理想條件、坡度和位置將使我們能夠迅速開始開發，並增強我們對交貨時間的信心。最重要的是，我們現在在現有的科西卡納基地旁邊擁有的額外土地，確保了我們能夠充分利用 Riot 擁有的土地上 1 吉瓦的已獲批准的電力用於數據中心，所有這些都將在一個相互連接的園區佈局中實現。

Together with the previous land acquisitions announced last quarter, Riot now owns 925 acres surrounding the Corsicana area, securing long-term development flexibility and fully completes all necessary land acquisitions for potential build-outs. Our now expanded footprint at Corsicana has allowed us to complete our campus design for the entire site, which we envision taking place across two development phases.

加上上季宣布的先前土地收購，Riot 目前擁有 Corsicana 地區周圍 925 英畝的土地，確保了長期的開發靈活性，並完全完成了潛在建設所需的所有土地收購。我們在科西卡納擴大的佔地面積使我們能夠完成整個園區的設計，我們設想園區將分兩個開發階段進行建造。

Development of Phase 1 will encompass 504 megawatts of critical IT load, consisting of six 56-megawatt buildings and two 84-megawatt buildings spread across both the excess developable acreage on our original Corsicana site as well as on our newly acquired immediately adjacent parcel. As previously announced, Core & Shell development on buildings 1 and two has already been initiated, and we anticipate the first building to be completed in Q1 2027. The overall pace of development in Phase 1 will be driven by tenant commitments and leasing progress, and we are sequencing capital expenditures to maximize power to value conversion.

第一階段的開發將涵蓋 504 兆瓦的關鍵 IT 負荷，包括六棟 56 兆瓦的建築和兩棟 84 兆瓦的建築，分佈在我們原 Corsicana 地塊的剩餘可開發面積以及我們新近收購的緊鄰地塊上。正如先前宣布的那樣，1 號樓和 2 號樓的核心和外殼開發已經啟動，我們預計第一棟建築將於 2027 年第一季竣工。第一階段的整體發展速度將取決於租戶的承諾和租賃進展，我們正在按順序安排資本支出，以最大限度地提高價值轉換率。

Phase 2 will be comprised of three 56-megawatt buildings, representing 168 megawatts of critical IT load and over time, will eventually supplant our existing Bitcoin mining data centers. The completion of our data center designs has enabled us to take the next steps on delivering full build-to-suit Tier 3 data centers. With our initiation of the development phase of our first two 56-megawatt buildings at our Corsicana site, we will begin construction in Q1 2026 on the Core & Shell of the first two buildings.

第二階段將包括三座 56 兆瓦的建築，代表 168 兆瓦的關鍵 IT 負載，隨著時間的推移，最終將取代我們現有的比特幣挖礦資料中心。資料中心設計的完成使我們能夠著手交付完全客製化的 Tier 3 資料中心。隨著我們在科西卡納基地啟動首批兩座 56 兆瓦建築的開發階段，我們將於 2026 年第一季開始建造這兩座建築的核心筒和外殼。

The Core & Shell construction will consist of a build-out and enclosure of the main structure of the data center, generator buildings and completed power yards, an open interior with operational elevators, docks, logistics areas, lighting, fire protection and security. It will also include the first steps on electrical, plumbing and HVAC infrastructure, which will support full data center build-out and tenant fit-out.

核心筒和外殼施工將包括資料中心主體結構的建造和圍護、發電機房和已完工的發電廠、帶有運行電梯、碼頭、物流區、照明、消防和安保的開放式內部空間。它還將包括電氣、管道和暖通空調基礎設施的初步建設，這將支持資料中心的全面建設和租戶的裝修。

Construction of Core & Shell buildings will be completed in phases with the first building expected to be completed in Q1 2027 and will be followed by full fit-out of the data hall with IT equipment, cooling and power delivery systems. The first phase of construction of the Core & Shell is the most time-intensive but capital-light portion of the build-out with total expected development cost of $214 million, representing approximately $1.9 million per IT megawatt for the first two buildings.

核心筒和外殼建築的建設將分階段完成，第一棟建築預計將於 2027 年第一季完工，隨後將對資料中心進行全面裝修，包括 IT 設備、冷卻和電力傳輸系統。核心筒和外殼建設的第一階段是整個建設過程中耗時最長但資金投入最少的部分，預計總開發成本為 2.14 億美元，相當於前兩棟建築每兆瓦 IT 成本約為 190 萬美元。

Initiating construction on this timeline, coupled with procurement of long lead time equipment, allows us to provide certainty during leasing discussions of our forecasted energization in 2027. As we progress further in leasing discussions, we will provide cost estimates and timelines on the build-out and delivery of the complete and full build-to-suit of the first two 56-megawatt data centers.

按照這個時間表啟動建設，再加上採購交貨週期長的設備，使我們能夠在租賃談判中保證我們預計在 2027 年實現通電。隨著租賃談判的深入，我們將提供前兩個 56 兆瓦資料中心完整客製化建造和交付的成本估算和時間表。

Riot has long focused on maintaining three strategic pillars in relation to our Bitcoin mining business: significant scale of operations, being a low-cost producer and maintaining a strong balance sheet.

Riot 長期以來一直致力於維護比特幣挖礦業務的三大戰略支柱：顯著的營運規模、低成本的生產方式以及保持強勁的資產負債表。

These strategic pillars formed the foundation of Riot's vertically integrated approach to Bitcoin mining and the development of a unique portfolio of large-scale powered sites supported with significant cash and Bitcoin on hand. As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer see Bitcoin mining operations as the end goal, but instead as a means to an end, and that end is maximizing the value of our megawatts.

這些戰略支柱構成了 Riot 垂直整合比特幣挖礦方法的基礎，並發展出獨特的、大規模的、由大量現金和比特幣支持的挖礦站點組合。隨著我們策略的演變，我們對待比特幣挖礦業務的方式也隨之改變。我們不再將比特幣挖礦視為最終目標，而是將其視為實現目標的手段，而最終目標是最大化我們兆瓦電力的價值。

Over time, this means transitioning the megawatts in our power portfolio for data center development. Ready-for-service power in the right locations is increasingly scarce and valuable, which in turn forms the basis for the enormous value creation opportunity ahead of us.

隨著時間的推移，這意味著要將我們電力組合中的兆瓦電力逐步過渡到資料中心開發領域。在合適的地點，隨時可用的電力資源日益稀缺且寶貴，這反過來又為我們面前的巨大價值創造機會奠定了基礎。

Monetizing megawatts is how we translate that advantage directly into shareholder value. Bitcoin mining continues to be a very valuable tool to monetize Riot's large-scale portfolio of power, and our Bitcoin mining business continues to be highly profitable. We will continue to utilize the opportunity Bitcoin mining brings to secure power and drive strong cash flow that we will leverage to support the ongoing transformation of our overall business.

將兆瓦電力貨幣化，就是我們將這種優勢直接轉化為股東價值的方式。比特幣挖礦仍然是 Riot 將大規模電力資產貨幣化的非常有價值的工具，我們的比特幣挖礦業務也持續保持著很高的獲利能力。我們將繼續利用比特幣挖礦帶來的機會來保障電力供應並推動強勁的現金流，我們將利用這些現金流來支持我們整體業務的持續轉型。

We just discussed our Power First strategy, which underpins the evolution of our business. On slide 15, we wanted to provide some context on the underlying significant size and scale of Riot's power portfolio. While many peers reference pipelines of prospective projects, Riot's portfolio, totaling more than 1.8 gigawatts, is fully approved and available today. This positions Riot as having one of the largest data center power portfolios in North America.

我們剛才討論了我們的「電力優先」策略，該策略支撐著我們業務的發展。在第 15 張投影片中，我們想提供一些關於 Riot 電力組合規模和規模的背景資訊。雖然許多同行都在談論未來項目的儲備，但 Riot 的項目組合總容量超過 1.8 吉瓦，目前已獲得全面批准並可供使用。這使得 Riot 成為北美擁有最大資料中心電力資產組合的公司之一。

It's also important to consider location. This slide presents total megawatts, but not all megawatts are the same. Approximately 1.7 gigawatts of our total capacity is located in the Dallas and Austin regions, two of the most attractive data center markets in the country, offering compelling proximity to existing hyperscaler and enterprise core architecture and tenant demand.

地理位置也是需要考慮的重要因素。此投影片顯示的是總兆瓦數，但並非所有兆瓦數都相同。我們總容量中約有 1.7 吉瓦位於達拉斯和奧斯汀地區，這兩個地區是美國最具吸引力的資料中心市場，與現有的超大規模資料中心和企業核心架構以及租戶需求具有極強的接近性。

On slide 16, we show enterprise value per megawatt across selected peers in the Bitcoin mining space. We view this as a useful lens on how the market values power portfolios today. Some of the companies to the left of Riot have announced lease arrangements and have seen their valuation multiples rerate significantly. Riot currently trades at a meaningful discount to this peer set despite having one of the largest fully approved and readily available power portfolios in the industry.

在第 16 張投影片中，我們展示了比特幣挖礦領域中選定同行的每兆瓦企業價值。我們認為這為我們了解當今市場如何評估電力投資組合提供了一個有用的視角。Riot 左側的一些公司已經宣布了租賃安排，它們的估值倍數也大幅重新評估。儘管 Riot 擁有業內規模最大的、已獲全面批准且隨時可用的電力產品組合之一，但其目前的交易價格與同行相比仍有相當大的折扣。

As we execute our data center strategy and convert megawatts into contracted data center leases, we anticipate the market will increasingly reevaluate the underlying value of our power portfolio from a data center lens, leading to a re-rating and multiple expansion on our valuation as well.

隨著我們執行資料中心策略並將兆瓦電力轉化為已簽訂的資料中心租賃合同，我們預計市場將越來越多地從資料中心的角度重新評估我們電力組合的潛在價值，從而導致我們的估值重新評級和倍數擴張。

More broadly, as the market matures, we expect investors will increasingly differentiate on the quality of power, meaning location, cost of power, schedule certainty and interconnection and on the credit quality and profitability of underlying projects and leases. Our plan is focused on delivering against these dimensions.

更廣泛地說，隨著市場的成熟，我們預計投資者將越來越注重電力品質（即位置、電力成本、進度確定性和互聯性）以及基礎項目和租賃的信用品質和盈利能力。我們的計劃旨在實現這些目標。

I will now turn the call over to Colin Yee, CFO, to present our third quarter financial update.

現在我將把電話交給財務長 Colin Yee，由他來介紹我們第三季的財務狀況。

Thank you, Jason. For the third quarter of 2025, Riot reported total revenue, which consists of Bitcoin mining and engineering revenue of $180.2 million as compared to $153 million for the previous quarter, an 18% increase quarter over quarter.

謝謝你，傑森。Riot Games 公佈 2025 年第三季總收入為 1.802 億美元，其中包括比特幣挖礦和工程收入，而上一季為 1.53 億美元，季增 18%。

Net income for the third quarter equaled $104.5 million or $0.26 per fully diluted share compared to net income of $219.5 million or $0.58 per fully diluted share for the prior quarter.

第三季淨利為 1.045 億美元，即每股完全稀釋收益 0.26 美元，而上一季淨利為 2.195 億美元，即每股完全稀釋收益 0.58 美元。

Non-GAAP adjusted EBITDA for the third quarter was $197.2 million as compared to non-GAAP adjusted EBITDA of $495.3 million for the prior quarter.

第三季非GAAP調整後EBITDA為1.972億美元，上一季非GAAP調整後EBITDA為4.953億美元。

During the third quarter, Riot produced 1,406 Bitcoin as compared to 1,426 Bitcoin in the prior quarter. The slight decline in Bitcoin production quarter over quarter was driven by growth in the global hash rate of approximately 8%, which exceeded Riot's growth in hash rate deployed of approximately 3%, though partially offset by continued improvements in our operating efficiency and utilization rate, which reached 86% this quarter.

第三季度，Riot Games 產出了 1406 個比特幣，而上一季產出了 1426 個比特幣。比特幣產量較上季略有下降，主要是由於全球算力成長了約 8%，超過了 Riot 部署算力的約 3%，儘管我們營運效率和利用率的持續提高部分抵消了這一影響（本季度利用率達到 86%）。

This improvement in our utilization rate in the third quarter was achieved, despite more active employment of our power strategy in the third quarter, during which we successfully generated $31 million in power credits, lowering our net cost of power to $0.032 per kilowatt hour and further solidifying our position as a low-cost leader in the sector. Riot ended the third quarter holding 19,287 Bitcoin with a market value at the end of the quarter equal to $2.2 billion.

儘管我們在第三季度更加積極地運用了電力戰略，成功獲得了 3100 萬美元的電力積分，將淨電力成本降低至每千瓦時 0.032 美元，進一步鞏固了我們在該行業低成本領導者的地位，但我們仍然實現了第三季度利用率的提高。Riot 在第三季末持有 19,287 枚比特幣，季末市值相當於 22 億美元。

I will now turn the call over to Jason Chung, Riot's EVP of Corporate Development and Strategy.

現在我將把電話交給 Riot 的企業發展與策略執行副總裁 Jason Chung。

Thank you, Colin. During the third quarter, the benefits of Riot's large-scale, efficient Bitcoin mining operations and our unique power strategy were all clearly demonstrated in the overall profitability profile of our Bitcoin mining business. The highlighted column in green provides a step-by-step walk-through of the key profitability drivers of our operations in the third quarter of 2025.

謝謝你，科林。第三季度，Riot 大規模、高效的比特幣挖礦營運和我們獨特的電力策略帶來的好處，在我們比特幣挖礦業務的整體獲利能力方面都得到了充分體現。綠色高亮列詳細介紹了我們 2025 年第三季營運的關鍵獲利驅動因素。

Top-line revenue drivers for our Bitcoin mining business include the average global network hash rate, Riot's average operating hash rate, average network hash price and our total Bitcoin production for the quarter, which when taken together, resulted in a reported third-quarter Bitcoin mining revenue of $160.8 million.

我們比特幣挖礦業務的主要收入驅動因素包括全球平均網路哈希率、Riot 的平均營運哈希率、平均網路哈希價格以及本季比特幣總產量，這些因素加在一起，使得我們第三季比特幣挖礦收入達到 1.608 億美元。

Total direct cost per Bitcoin for the third quarter was $46,324 and when applied to the 1,406 Bitcoin we produced during the quarter, results in a reported Bitcoin mining gross profit of $95.7 million or 59% on a gross profit margin basis.

第三季每枚比特幣的總直接成本為 46,324 美元，當應用於我們在該季度生產的 1,406 枚比特幣時，得出報告的比特幣挖礦毛利潤為 9570 萬美元，毛利率為 59%。

Total Riot SG&A for the third quarter equaled $69.8 million, of which noncash stock-based compensation expense represented $32.9 million, resulting in total Riot cash SG&A of $37 million this quarter. Total Riot cash SG&A also included $7.5 million in temporary litigation-related costs and advisory fees as well as costs associated with our engineering business.

Riot 第三季的總銷售、一般及行政費用為 6,980 萬美元，其中非現金股票選擇權費用為 3,290 萬美元，因此 Riot 本季的現金銷售、一般及行政費用總額為 3,700 萬美元。Riot 的現金銷售、管理及行政費用總額還包括 750 萬美元的臨時訴訟相關費用和諮詢費，以及與我們的工程業務相關的費用。

By breaking out our total cash and noncash SG&A, our intention is to give investors as much insight as possible into the underlying value of our key operating segments. Our Bitcoin mining and engineering operations demonstrated incredibly strong profitability this quarter. And going forward, we will continue to leverage the significant cash flows being generated from our efficient scaled operations to support the ongoing rapid development of our data center platform.

透過拆分我們的現金和非現金銷售、管理及行政費用總額，我們的目的是讓投資者盡可能深入了解我們主要營運部門的潛在價值。本季度，我們的比特幣挖礦和工程業務展現出了非常強勁的獲利能力。展望未來，我們將繼續利用高效規模化營運所產生的巨額現金流，並支持資料中心平台的持續快速發展。

Our engineering business is a core asset that uniquely differentiates Riot as we scale into large-scale data center development. In an environment where long-lead electrical infrastructure represents a major constraint to development, owning the manufacturing set from end-to-end creates powerful strategic advantages for Riot.

我們的工程業務是一項核心資產，隨著我們擴展到大規模資料中心開發領域，這項資產使 Riot 具有獨特的優勢。在電力基礎設施建設週期過長成為發展主要限制的環境下，擁有從頭到尾的製造設備為 Riot 創造了強大的戰略優勢。

Built through the acquisitions of ESS Metron in December 2021 and E4A Solutions late last year, our engineering capabilities combine manufacturing, engineering design and servicing into a vertically integrated platform predominantly focused on data center-grade power systems.

透過 2021 年 12 月收購 ESS Metron 和去年底收購 E4A Solutions，我們的工程能力將製造、工程設計和服務整合到一個垂直整合的平台中，主要專注於資料中心級電源系統。

Delivery times in the market for key components have extended, but by directly owning and coordinating these capabilities within Riot, we benefit from direct control over the development of long lead critical items, deep supply chain visibility, longer equipment life cycles and resulting lower total cost of ownership and significant total CapEx savings for Riot. Wall Street analysts have cited low and medium voltage switchgear as among the most supply-constrained items for data center development, which our engineering business is a leading provider of.

關鍵零件的市場交付時間有所延長，但透過 Riot 直接擁有和協調這些能力，我們受益於對長週期關鍵物品開發的直接控制、深入的供應鏈可視性、更長的設備生命週期，從而降低總擁有成本，並為 Riot 節省大量資本支出。華爾街分析師指出，低壓和中壓開關設備是資料中心開發中最受供應限制的產品之一，而我們的工程業務是該產品的主要供應商。

By internalizing these development capabilities, we are able to meaningfully derisk the most constrained elements of the development cycle. This not only lowers unit costs, but also protects timelines, ensures design quality, and enables predictable on-time development. These synergies translate into directly measurable value and derisk the transition of our megawatts into value-creating data center development.

透過將這些開發能力內化，我們能夠有效地降低開發週期中最受限環節的風險。這不僅可以降低單位成本，還可以保障進度，確保設計質量，並實現可預測的準時開發。這些協同效應可轉化為可直接衡量的價值，並降低將我們的兆瓦電力轉化為創造價值的資料中心開發的風險。

Since our acquisition of ESS Metron, Riot has realized approximately $23 million in cumulative CapEx savings on equipment purchases to date, and we anticipate ongoing savings and logistical benefits to scale alongside growth in our data center operations. Riot's operating model continues to scale efficiently.

自從我們收購 ESS Metron 以來，Riot 已累積節省了約 2,300 萬美元的設備採購資本支出，我們預計隨著資料中心營運的成長，將持續節省成本並獲得物流方面的優勢。Riot的營運模式持續高效率擴展。

And as the scale of our operations has grown, we are seeing the results of the work we have been putting in to proportionately reduce SG&A and realize a more durable cost structure as we transition to developing data centers. SG&A has remained relatively flat over the past four quarters, while our revenues have grown by more than 110% year over year, demonstrating the significant economies of scale that Riot now enjoys. This reduction in proportionate SG&A has been built on three key pillars, each implemented over the last several quarters and which are becoming increasingly visible in our financial results.

隨著我們業務規模的成長，我們看到了我們為按比例降低銷售、管理及行政費用並實現更永續的成本結構而付出的努力的成果，同時我們也在向資料中心開發轉型。過去四個季度，銷售、一般及行政費用基本上保持不變，而我們的收入同比增長超過 110%，這表明 Riot 現在享有顯著的規模經濟效益。這次按比例減少銷售、一般及行政費用是基於三大支柱實現的，這三大支柱均在過去幾季中逐步實施，並在我們的財務業績中日益顯現出來。

Number one, Rhodium settlement and asset acquisition. In the prior quarter, we successfully settled this legacy hosting contract, which previously led to ongoing losses and litigation costs. The settlement of litigation and asset acquisition reduced legal costs and eliminate future drag on earnings.

第一，銠的結算和資產收購。上一季度，我們成功解決了這份遺留的託管合同，該合同此前導致了持續的損失和訴訟費用。訴訟和資產收購的和解降低了法律成本，並消除了未來對收益的拖累。

Number two, reduction in stock-based compensation. We have previously highlighted the accounting impact from the onetime special awards granted in 2024. Noncash charges associated with this onetime grant of approximately $25 million per quarter will drop to approximately $8 million in Q3 2026 and thereafter roll off entirely, significantly reducing noncash stock-based compensation expense.

第二，減少股票選擇權激勵。我們之前已經重點介紹了 2024 年一次性特別獎勵對會計的影響。與這項一次性授予相關的非現金費用（每季約 2,500 萬美元）將在 2026 年第三季降至約 800 萬美元，此後將完全停止，從而大幅降低非現金股票薪資支出。

Number three, increasingly disciplined internal budget process. We have enhanced our accountability-based budgeting and tracking system throughout Riot. Teams now operate against more clear targets with monthly variance reviews, driving greater predictability in run rate SG&A, inter-department coordination and a continuous improvement cycle, which will be critical as we onboard new hires and systems in support of our data center business development.

第三，日益規範的內部預算流程。我們已在 Riot 內部加強了基於問責制的預算和追蹤系統。現在，各團隊的目標更加明確，每月都會進行差異審查，從而提高了日常營運費用、部門間協調和持續改進的可預測性，這對於我們引入新員工和系統以支援資料中心業務發展至關重要。

Together, the impact is visible in our Q3 results. Revenue increased to approximately $180 million, up 18% quarter over quarter, while total SG&A came down and also improved significantly on a proportionate basis. Importantly, we are pairing cost discipline with selective hiring in core areas where hiring is directly tied to expanding our data center development capabilities.

綜合來看，這些影響已在我們的第三季業績中反映出來。營收成長至約 1.8 億美元，較上季成長 18%，而銷售、管理及行政費用總額下降，按比例計算也有顯著改善。重要的是，我們將成本控制與核心領域的擇優招聘相結合，在這些領域，招聘與擴大我們的資料中心開發能力直接相關。

We are simplifying our cost base, reducing nonrecurring drags on earnings and have dramatically improved run rate visibility. The result is a structurally leaner organization that can scale data center development with greater operating leverage and stronger earnings quality over time.

我們正在簡化成本結構，減少對收益的非經常性拖累，並大幅提高了營運效率的可見度。最終將打造一個結構更精簡的組織，隨著時間的推移，該組織能夠以更大的營運槓桿和更強的獲利品質擴展資料中心開發規模。

I'll now turn it back over to Jason Les for closing remarks.

現在我將把發言權交還給傑森·萊斯，請他作總結發言。

Thank you, Jason Chung. Riot is in an incredibly advantageous position today because of our industry-wide unique combination of significant scale of readily available power capacity in key high-demand jurisdictions; experienced credible data center leadership and development capability; strong balance sheet, underpinned by more than 19,000 Bitcoin and $400 million in cash on hand, and significant access to the capital markets; large-scale, efficient Bitcoin mining operations, generating hundreds of millions of dollars in revenues and cash flows, which will support the growth of our data center business; and battle-hardened and experienced management and operations teams.

謝謝你，Jason Chung。Riot 如今處於極其有利的地位，這得益於我們在行業內獨一無二的優勢組合：在關鍵高需求地區擁有大量現成的電力容量；經驗豐富、值得信賴的數據中心領導團隊和開發能力；強大的資產負債表，以超過 19,000 枚比特幣和 4億美元現金為支撐，並擁有進入資本市場的強大管道；大規模、高效的比特幣挖礦業務，產生數億美元的收入和現金流，這將支持我們資料中心業務的成長；以及身經百戰、經驗豐富的管理和營運團隊。

With this framework and these strengths in place, our mission is clear. Riot will maximize value across our entire power portfolio with a view to ensuring full utilization of our available power capacity and pipeline, leaving no stranded power capacity behind, progressively shift power capacity towards data centers, strategically expand our power assets, utilizing Bitcoin mining where advantageous and increase our shareholders' exposure to value-accreting assets. We are strategically positioned at the confluence of surging compute demand and constraints on availability of power, offering compelling potential for shareholder value creation.

有了這樣的框架和優勢，我們的使命就很明確了。Riot 將最大限度地利用我們整個電力組合的價值，以確保充分利用我們現有的電力容量和管道，不留下任何閒置的電力容量，逐步將電力容量轉移到數據中心，戰略性地擴展我們的電力資產，在有利的情況下利用比特幣挖礦，並增加我們股東對增值資產的敞口。我們策略性地處於計算需求激增和電力供應受限的交匯點，為股東創造價值提供了巨大的潛力。

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

現在開始接受提問。操作員？

(Operator Instructions) John Todaro, Needham.

（操作說明）約翰·托達羅，尼德姆。

Congrats on all the progress, guys, especially at Corsicana. Great to see. Obviously, there's been a number of leases now signed in the space. Can you just give us an update, in particular, on the discussions you're having with potential tenants for those first few builds and what you need to do from here to get a finalized lease? And then I have a follow-up question.

恭喜各位取得的所有進展，尤其是在科西卡納站。太好了。顯然，目前該地塊已經簽署了多份租賃協議。能否簡要介紹一下您與潛在租戶就首批幾棟大樓的洽談進展，以及您接下來需要做些什麼才能最終簽訂租賃合約？我還有一個後續問題。

Sure. thank you for that question. Now what -- I can't comment specifically on any ongoing discussions. But what I will say is that we are incredibly encouraged by our current position in the market. Of course, it's no secret that there's this explosion in AI going on.

當然。謝謝你的提問。至於接下來的事——我無法對任何正在進行的討論發表具體評論。但我可以肯定的是，我們對目前在市場上的地位感到非常鼓舞。當然，人工智慧領域正在蓬勃發展，這已不是什麼秘密。

And alongside with that, demand for power is insatiable, and it keeps growing amongst all players in the market, hyperscalers, enterprise customers, new clouds, all of these companies are incredibly power constrained. And just as recently as this week and in particular, earnings calls yesterday amongst hyperscale companies, we've heard additional commentary indicating, if anything, the bottleneck is growing for power.

同時，電力需求永無止境，市場上的所有參與者，包括超大規模資料中心、企業客戶、新型雲端服務商等等，都面臨巨大的電力限制。就在本週，尤其是在昨天超大規模公司的財報電話會議上，我們聽到了一些評論，這些評論表明，電力瓶頸問題正在加劇。

Data center infrastructure looks like it's likely to extend for years to come -- that they -- the demand is increasing for them, and they keep thinking they're going to catch up and they're not catching up. They have historically tried to build on their own, and now they're looking for third parties to lease from in order to meet their data center commands.

資料中心基礎設施似乎在未來幾年內仍將繼續發展——對它們的需求不斷增長，他們一直認為自己能夠趕上，但他們並沒有趕上。他們歷來都試圖自行建造資料中心，而現在他們正在尋找第三方進行租賃，以滿足其資料中心的需求。

Meta commented that they keep thinking that they're being too aggressive or being very aggressive in overbuilding and they keep finding themselves on the short side instead. So a lot of positive commentary that I think validates the strategy that we have going on and validates the value of the assets that we have.

Meta評論說，他們一直認為自己在過度建設方面過於激進，或者過於激進，結果卻發現自己反而建得不夠。因此，我認為許多正面的評論都驗證了我們正在實施的策略，也驗證了我們所擁有資產的價值。

What I would say also is we are very focused on high-quality credit -- high-quality potential tenants. And that's because we're very focused on building this data center business at Riot off on a strong foundation. And these types of tenants, they have enormous power requirements and CapEx budgets, but they're also very careful to commit to. The projects that they're looking for, they need a lot of certainty on delivery timelines and those ready for service dates and have very minimal risk on power approvals and permitting and that sort of thing.

我還要補充一點，我們非常注重高品質的信用——高品質的潛在租戶。這是因為我們非常注重在 Riot 中打造一個堅實的資料中心業務基礎。這類租戶對電力需求和資本支出預算龐大，但在做出承諾時也非常謹慎。他們正在尋找的項目，對交付時間表和投入使用日期有很高的確定性，並且在電力審批和許可等方面的風險要非常小。

And that is why we have worked so hard and have taken the time to take these key steps that derisk our sites and ensure maximum credibility in order to deliver on the timelines that they're looking for. We've done that with the team we put in place, completing our basis of design and now advancing on technical and engineering discussions and now initiating the development of the Core & Shell buildings at Corsicana.

正因如此，我們才如此努力，並花時間採取這些關鍵步驟，以降低我們網站的風險，確保最大的信譽，從而按時交付他們所期望的產品。我們已經組建了一支團隊，完成了設計基礎，現在正在推進技術和工程方面的討論，並開始在科西卡納開發核心筒和外殼建築。

So what I would say is the steps that we've taken all have been taken to position Riot in front of top-tier potential tenants and set us up to execute on leasing and then match our ability to deliver with the timelines that -- another thing I'll add is everything that you hear about how short on power the market is for at least the next few years and how frenzy demand is for anyone who can reliably deliver power within that time frame, that is absolutely real.

所以我想說的是，我們採取的所有步驟都是為了讓 Riot 能夠接觸到頂級的潛在租戶，並為我們執行租賃做好準備，然後將我們的交付能力與時間安排相匹配——我還想補充一點，你們聽到的所有關於未來至少幾年電力市場供應短缺以及任何能夠在規定時間內可靠供電的公司都面臨瘋狂需求的說法，都是絕對真實的。

We've consistently heard from the leading industry experts, from partners and potential (inaudible) it has strong validity to the power available. So we continue to receive a significant interest in that site.

我們不斷從業界領先專家、合作夥伴和潛在（聽不清楚）那裡聽到，這充分證明了可用權力的強大。因此，我們持續收到對該網站的高度關注。

So we feel very good with where we're at right now. We've completed the steps outlined earlier in the year that we believe were necessary to make Corsicana ready and as an attractive development as possible. And we feel like we are just in a great position to move forward. And that is the key driver behind today's announcement on initiating the Core & Shell builds at Corsicana and that is it.

所以我們對目前的狀況非常滿意。我們已經完成了今年早些時候制定的各項步驟，我們認為這些步驟對於使科西卡納做好準備並儘可能成為一個有吸引力的開發項目是必要的。我們感覺自己處於非常有利的位置，可以向前邁進。這就是今天宣布啟動科西卡納核心筒和外殼建設的關鍵驅動因素，僅此而已。

That's great. That's super helpful. And then just as a follow-up, because you did talk about the constrained power environment, which we're obviously seeing as well. But I guess within that, is there still some additional power out there that you guys could procure? Do you still feel comfortable?

那太棒了。這太有幫助了。然後，作為後續問題，因為您確實談到了電力供應受限的環境，而我們顯然也看到了這一點。但我想，即便如此，你們是否還能獲得一些額外的電力呢？現在還覺得舒服嗎？

Is there additional capacity out there that maybe you could get to add to the pipeline? I don't know, call it, maybe power that's available before 2028. Just maybe frame up some of that too on the supply side and what maybe additional you could procure.

市場上是否有額外的產能可以添加到管道中？我不知道，姑且稱之為，或許是2028年之前可用的電力吧。或許也可以在供應方面做一些規劃，看看還能購買哪些額外的物資。

Yes. We are very active on working on building out our power pipeline beyond just the 1.7 gigawatts that we have at Corsicana and Rockdale.

是的。我們正在積極努力，在科西卡納和羅克代爾現有的 1.7 吉瓦之外，進一步擴大我們的電力管道。

But let me turn that question over to Jason Chung for some more color.

但讓我把這個問題交給 Jason Chung，讓他來補充一些細節。

Thanks, Jason, and thanks, John, for the question. We remain very active in looking at opportunities to expand our power portfolio and a large number of opportunities that continue to come across our plate, and we do spend a lot of time as a team evaluating these opportunities. That being said, we've got a tremendous opportunity for value creation on our plate right now, and that's really the primary focus of the management team here.

謝謝傑森，也謝謝約翰的提問。我們始終積極尋找拓展電力業務的機會，並且不斷湧現大量機會，我們團隊也花費大量時間評估這些機會。也就是說，我們現在面臨著巨大的價值創造機會，而這正是管理團隊的首要關注。

So we do look at opportunities, and we'll act when there's an opportunity that's compelling enough for us to do so, but with perhaps a bit of a higher threshold in terms of where we allocate our time and resources given what we have in terms of our power portfolio that needs to be developed today.

因此，我們會專注於各種機會，當出現足夠吸引人的機會時，我們會採取行動。但考慮到我們目前需要開發的電力組合，我們在分配時間和資源方面可能會有更高的門檻。

Paul Golding, Macquarie.

Paul Golding，麥格理集團。

Congrats on all the progress with the site and the basis of design. I wanted to ask, so it sounds like the proactive construction or commencement of construction of this 112 megawatts of Core & Shell is not a change in approach given you're still looking at prospective hyperscale tenants. But I wanted to ask in terms of maybe, Jason Les, your comments around facilitating the most optimal negotiations and getting leverage in these negotiations.

祝賀網站和設計基礎方面取得的所有進展。我想問一下，鑑於你們仍在尋找潛在的超大規模租戶，那麼積極建設或開始建造這112兆瓦的核心與外殼工程，聽起來並不代表你們的方法發生了改變。但我想問 Jason Les，您對於如何促進最佳談判以及如何在談判中獲得優勢有什麼看法。

Could you give some color or unpack how having these shells being constructed earlier than signing that deal that may come in the future, how that is factoring into these discussions, where it's coming into play? Is it the lead time allows you to take more price? Is it maybe helping you attract higher investment-grade counterparties?

您能否詳細說明一下，在簽署未來可能達成的協議之前就建造這些外殼，這會如何影響這些討論，以及它將在哪些方面發揮作用？交貨週期是否允許你們接受更高的價格？這或許有助於你吸引更高投資等級的交易對手？

And then a follow-up on the comments around ESS Metron and the Engineering segment. Just in seeing how much revenue has grown there and the backlog that's built up, how are you thinking about measuring out third-party engagements for that segment versus internal given the project you're undertaking at Corsicana?

然後，針對有關 ESS Metron 和工程部分的評論進行後續討論。鑑於 Corsicana 正在進行的項目，您認為應該如何衡量該領域的第三方參與度與內部參與度之間的關係？

Thanks, Paul. So let me answer your question. Well, the first part of your question in two parts. The first thing I want to stress is, just to be clear, what we're announcing today with the Core & Shell development is not a shift in our strategy. What I want the market to understand is this is an unveiling of our strategy and how we know that we can best serve the market here.

謝謝你，保羅。那麼就讓我來回答你的問題。嗯，你的問題分為兩部分，第一部分可以回答。首先我想強調的是，為了明確起見，我們今天宣布的Core & Shell開發專案並不是我們策略的轉變。我希望市場明白，這是我們策略的揭曉，以及我們如何知道我們能夠最好地服務於這裡的市場。

Our focus is owning and operating build-to-suit data centers and the team that we have in place at Riot has the full ability to deliver on that. So what we bring to the market, which is so important to all types of customers, but particularly hyperscale customers is a derisked project. And I think that comes through (inaudible) our power approvals are in place. We have up to 1 gigawatt of utility power at Corsicana. That power is running today.

我們的重點是擁有和經營客製化的資料中心，而 Riot 現有的團隊完全有能力實現這一目標。因此，我們為市場帶來的，對所有類型的客戶，尤其是超大規模客戶來說都非常重要的，是降低風險的項目。我認為這體現在（聽不清楚）我們的電力審批已經到位。我們在科西卡納擁有高達 1 吉瓦的公用電力。這股力量至今仍在運作。

We can demonstrate the validity of that power to customers. Two, we have a team in place that has deep experience building the type of data centers that we're talking about, build-to-suit Tier 3 data centers in the configurations that hyperscalers are looking for. We also have a balance sheet that's able to support development of this project. And with the announcement today, we're showing that construction of the Core & Shell is already underway for the data center.

我們可以向客戶證明這種能力的有效性。第二，我們擁有一支經驗豐富的團隊，能夠建造我們所謂的這種資料中心，即按照超大規模資料中心所需的配置客製化建造的 Tier 3 資料中心。我們的資產負債表也足以支持該專案的開發。透過今天的公告，我們表明資料中心的核心和外殼建設已經開始。

So all of these elements allow us to communicate the level of certainty to power and ready for service to date that hyperscaler tenants require.

因此，所有這些因素使我們能夠傳達超大規模租戶所需的電力供應確定性和服務準備程度。

The other thing I want to say is what we announced today in the development in the Core & Shell is the first step in the eventual build-out of a full Tier 3 data center. And what (inaudible) powered shell, it's $214 million or $1.9 million per IT megawatt, it's actually a little bit more than just a powered shell.

我還要說的是，我們今天在核心與外殼開發方面宣布的成果，是最終建成完整的 Tier 3 資料中心的第一步。而這個（聽不清楚）動力外殼，價值 2.14 億美元，也就是每兆瓦 IT 190 萬美元，其實它不只是一個動力外殼。

Beyond just the water type building, we are also completing generator buildings, fully operational elevators, fully finished admin areas, security, access control systems and power distribution. So what we're actually built in a way that we are providing the components that we know every hyperscaler will require, and we're positioning these buildings so they can very quickly become Tier 3 data centers when those tenant specifications are finalized.

除了水利建築外，我們還在建造發電機房、全面投入使用的電梯、設施齊全的行政區域、安全系統、門禁系統和配電系統。因此，我們實際的建設方式是提供我們知道每個超大規模資料中心都需要的組件，並且我們正在對這些建築物進行定位，以便在租戶規格最終確定後，它們可以很快成為 Tier 3 資料中心。

And I'll also (inaudible) our teams have deep experience and knowledge in building these types of data centers and understand how to make them usable by any potential tenants while providing the flexibility for the tenant to meet their specific specifications. What we're also doing is procuring equipment and locking in our delivery timelines now so the finished data center can be in line with the timing that hyperscale and -- the timing of hyperscale and enterprise customer buying habits.

而且我還要（聽不清楚）我們的團隊在建立這類資料中心方面擁有豐富的經驗和知識，並且了解如何使任何潛在租戶都能使用它們，同時為租戶提供靈活性，以滿足其特定要求。我們現在也在採購設備並確定交付時間表，以便最終建成的資料中心能夠與超大規模資料中心的交付時間以及企業客戶的購買習慣保持一致。

Now I know that was a lot, but let me just summarize by saying this. We are executing on a strategy to position us in front of the highest quality tenants and give us more certainty on how and when we will deliver on them and deliver on building build-to-suit data centers. This is all under the framework of maximizing the value of the assets that we have. And ultimately, I believe today's announcement is an indication of our confidence in our strategy and our team's ability to successfully develop the data center business along the timeline that we envision.

我知道說了這麼多，但我只想簡單總結一下。我們正在執行一項策略，旨在讓我們能夠接觸到最優質的租戶，並讓我們更有把握地確定如何以及何時為他們提供服務，以及如何建造客製化資料中心。這一切都是為了最大限度地發揮我們現有資產的價值。最後，我相信今天的公告顯示了我們對自身策略的信心，以及我們團隊有能力按照我們設想的時間表成功發展資料中心業務。

And then your engineering question. ESS Metron, E4A solutions comprising Riot's engineering business has a lot of strategic benefits. Primary reason that we acquire these companies is for controlling our supply chain and derisking that. We've also -- in our presentation, Jason Chung talked about the cost synergies that we're realizing there as well. Riot is actually a small portion of ESS Metron's overall business.

然後是你提出的工程問題。ESS Metron 和 E4A 解決方案是 Riot 工程業務的重要組成部分，具有許多策略優勢。我們收購這些公司的主要原因是為了控制我們的供應鏈並降低風險。在我們的演示中，Jason Chung 也談到了我們在那裡實現的成本協同效應。Riot 實際上只佔 ESS Metron 整體業務的一小部分。

90% of ESS Metron's business are data center projects. In fact, some of the biggest data center projects in the country that I'm certain that you've heard of. So they have a growing business themselves, and they're able to balance the internal demand from Riot and the growing demand reflected in the growing backlog for all these data center projects all over the country.

ESS Metron 90% 的業務是資料中心專案。事實上，我相信你一定聽過國內一些最大的資料中心專案。因此，他們自身的業務也在不斷成長，他們能夠平衡 Riot 的內部需求和全國各地資料中心專案積壓訂單不斷增加所反映出的成長需求。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Jason, I was hoping you could talk a little bit more about Phase 1 in terms of how you're thinking about the sequencing, the decision to go with two buildings, not 1 or 3? And just how should we think about the timing of the shells being built? And then is this something where the next phase is really going to just be customer dependent, and we're kind of waiting on the customer to see how we think about advancing the shells.

傑森，我希望你能再多談談第一階段，例如你是如何考慮施工順序的，以及為什麼決定建造兩棟建築而不是一棟或三棟？那麼，我們該如何看待砲彈建造的時間安排呢？那麼，下一階段是否真的要取決於客戶，我們是否要等客戶告訴我們如何推進外殼的開發？

Yes. Thanks for the question, Greg. So the quarters shell -- we've already started. I want to highlight that we're talking about building at Corsicana, which is already an active site. A substation is already active on that site, of course.

是的。謝謝你的提問，格雷格。所以，四分之一的外殼──我們已經開始了。我想強調的是，我們討論的是在科西卡納進行建設，而那裡已經是一個正在建設中的工地了。當然，該地點已經有一個正在運作的變電站。

We already have the pad ready for these first two buildings. So this is a development that's far along, and it's just these buildings themselves that construction will begin on in the first quarter of 2026. And then we expect the first Core & Shell to be completed in the first quarter of 2027. And because we're building a little beyond the Core & Shell, what we actually call Core & Shell Plus, we are in a position from that point to very quickly get those into build-to-suit turnkey data centers. This is just the beginning of what our development plans will be.

我們已經為這兩棟前期建築準備了地基。所以這是一個進展順利的開發項目，只有這些建築物本身的建設將於 2026 年第一季開始。然後我們預計第一個核心筒和外殼將於 2027 年第一季完工。而且因為我們建造的不僅僅是核心和外殼，我們實際上稱之為核心和外殼加強版，所以我們能夠很快地將這些構建成定制的交鑰匙數據中心。這只是我們發展計劃的開始。

Obviously, we have a total IT load campus capacity at Corsicana of at least 672 megawatts, and we're announcing just 112 megawatts today. The pace of future announcements will be, I think, guided by industry demand and the pace of customer conversations. But we felt it was very important to start development right away based on the demand that we are seeing, based on the types of discussions that we are having.

顯然，我們在科西卡納的總 IT 負載園區容量至少為 672 兆瓦，而我們今天只宣布了 112 兆瓦。我認為，未來公告的發布速度將取決於產業需求和客戶溝通的速度。但我們認為，根據我們目前看到的需求以及我們正在進行的討論類型，立即開始開發是非常重要的。

And I think you can expect future developments to be announced as we progress on our strategy and we progress on conversations with potential counterparties. It is relatively simple for us to continue to add on additional buildings.

我認為，隨著我們策略的推進以及與潛在交易對手的對話進展，未來會有更多進展公佈。對我們來說，繼續增建其他建築物相對容易。

So we're talking about these first two buildings here. And if we have a conversation with a customer who is then demanding significantly more capacity than that, then we are positioned to rapidly spin up additional developments to support their needs. So we're in a great position to be flexible and be aggressive with meeting timelines.

所以我們這裡討論的是前兩棟建築。如果客戶提出更高的產能需求，我們能夠迅速啟動額外的開發案來滿足他們的需求。因此，我們處於非常有利的位置，可以靈活應對並積極推動各項時間表。

Okay. Super helpful. And I realize there's probably a lot more that needs to be discussed about Corsicana. But I was hoping to get maybe some thoughts on Rockdale. Just as we think about that, everyone -- obviously, Corsicana has been talked about as being one of the best data center sites in the US given its scope, size, proximity to Dallas.

好的。非常有用。我知道關於科西卡納可能還有很多需要討論的地方。但我希望能聽到一些關於羅克代爾的看法。正當我們想到這一點時，大家都知道——顯然，鑑於科西卡納的規模、範圍以及靠近達拉斯的地理位置，它被認為是美國最好的數據中心之一。

But could you talk a little bit how you're thinking about Rockdale? Is that something where we need to really have Corsicana built out before we kind of pivot and start developing opportunities at Rockdale? Or is this something you think maybe we could do concurrently?

您能否談談您對羅克代爾的看法？是我們需要先把科西卡納（Corsicana）項目完善起來，然後再轉向羅克代爾（Rockdale）項目，開始開發新的機會？或者您認為我們可以同時進行這兩件事嗎？

Yes. Thank you for asking about Rockdale, Greg. Rockdale shares many of the same characteristics that make Corsicana a highly attractive site for data center development. Just like Corsicana, Rockdale has large-scale secured power, active and operating today, 700 megawatts fully approved, electrical infrastructure already in place. Now keep in mind, we already operate one of the world's largest Bitcoin mining data center campuses on that site.

是的。謝謝你詢問羅克代爾的情況，格雷格。Rockdale 與 Corsicana 有許多相同的特點，使 Corsicana 成為資料中心開發極具吸引力的地點。與科西卡納一樣，羅克代爾擁有大規模的電力供應，目前已投入運營，700兆瓦的電力供應已獲得全面批准，電力基礎設施已經到位。請記住，我們已經在該地點運營著全球最大的比特幣挖礦資料中心園區之一。

So it is an active operating site. And it also has ample land, water and fiber that can satisfy and is located in close proximity to Austin, which is a leading technology. So collectively, we think this makes Rockdale a very attractive site.

所以這是一個正常運作的網站。而且它還擁有充足的土地、水源和光纖，能夠滿足需求，並且靠近科技領先的奧斯汀。因此，我們認為這些因素共同使羅克代爾成為一個非常有吸引力的地方。

Most importantly, having that power approved and in use today significantly derisked the development execution from a potential tenant's perspective, and that gives them greater confidence in the opportunity. Today, we are working to enhance the attractiveness of Rockdale for high creditworthy prospective tenants.

最重要的是，這項權力的批准和使用大大降低了潛在租戶在開發執行過程中面臨的風險，這讓他們對這個機會更有信心。今天，我們正努力提升 Rockdale 對信用良好的潛在租戶的吸引力。

And while we do so, we continue to focus on Corsicana as our near-term development opportunity. So today, Rockdale provides Riot with additional optionality for future development of our data center business. But in the meantime, our mining business there continues to generate strong cash flow and helps finance our growing data center business.

同時，我們將繼續以科西卡納作為我們近期發展機會的重點。因此，Rockdale 為 Riot 未來資料中心業務的發展提供了更多選擇。但與此同時，我們在那裡的採礦業務繼續產生強勁的現金流，並幫助我們不斷增長的資料中心業務獲得資金。

So Corsicana is a near-term focus for data centers, but Rockdale is the next logical step in the process. So I'm emphasizing discount Rockdale from our development pipeline as we continue to work to make the site tenant ready in the meantime.

因此，科西卡納是資料中心近期發展的重點，但羅克代爾是這一過程中的下一個合乎邏輯的步驟。因此，我們正在重點推進 Rockdale 項目的開發，同時我們也在努力使該項目做好迎接租戶的準備。

And I feel confident about our ability to execute there.

我對我們在那裡執行任務的能力充滿信心。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Congrats on all the progress. Two quick questions for me. I love that you guys are thinking about maximizing the electrons at your two sites. I was curious like what's your thinking today on neocloud? Maybe talk us through the pros and cons of becoming neocloud like iron or someone else and how you're thinking about that?

祝賀你們取得的所有進展。我有兩個問題想問一下。我很高興你們考慮如何最大限度地利用這兩個位點的電子。我很好奇，你今天對NeoCloud有什麼看法？或許您可以跟我們談談成為像 Iron 或其他公司那樣的 Neocloud 的利弊，以及您對此的看法？

And then I have one follow-up.

然後我還有一個後續問題。

Yes, Reggie, thanks for the question. We are always looking to maximize the value of our megawatts here. So that's something that we are thinking about and evaluating all the time. What we believe is the best first step for Riot to maximize value is to focus on this build-to-suit colocation model. Our sites are in very desirable locations.

是的，雷吉，謝謝你的提問。我們一直在尋求最大限度地發揮我們這裡兆瓦電力的價值。所以這是我們一直在思考和評估的事情。我們認為，Riot 實現價值最大化的最佳第一步是專注於這種客製化託管模式。我們的辦公地點位置優越。

They have very desirable ready-for-service dates. So we believe the best way that we can unlock value today is by building data centers and getting these leased with high-quality tenants. And that's why we're focused on developments that can serve a wide variety of the market. We're focused on building data centers that can meet the needs of any hyperscalers that can service all types of enterprise customers and has the potential -- I'm sorry, and can serve neoclouds as well. And of course, that means it could potentially serve an internal neocloud business if we decide that we wanted to go that way.

它們的交付日期非常理想。因此，我們認為，目前釋放價值的最佳方法是建造資料中心，並將其出租給優質租戶。正因如此，我們專注於能夠服務廣泛市場需求的開發專案。我們專注於建立能夠滿足任何超大規模資料中心需求的資料中心，這些資料中心可以服務各種類型的企業客戶，並且有潛力——抱歉，還可以服務新雲端。當然，這意味著如果我們決定走這條路，它有可能服務內部的新雲端業務。

So it's something that we'll think about and evaluating, but build-to-suit is a priority today.

所以我們會考慮並評估這個問題，但目前客製化生產是我們的首要任務。

Not closing the door on that, but right now, build-to-suit is where you're going. Perfect. And then I guess second question, we've seen quite a few deals struck in the space the last couple of months. I don't think any of them are as ideally located as you guys are in terms of being close to a major city. Are you talking to clients more?

並非完全排除這種可能性，但就目前而言，客製化建造才是發展的方向。完美的。那麼，第二個問題是，在過去的幾個月裡，我們看到這個領域達成了不少交易。我覺得就靠近大城市而言，他們當中沒有誰的地理位置像你們那麼理想。你是不是跟客戶溝通更多了？

Or do you think you're getting a higher mix of kind of inference clients inquiries for your site? And should we expect better pricing when a deal is struck because of where you guys are located versus other sites? Or at least are you pushing for that?

或者您認為您的網站收到的推斷型客戶諮詢比例更高嗎？鑑於你們的地理位置比其他網站更優越，我們是否可以期待在達成交易時獲得更優惠的價格？或者至少你是在努力推動這件事嗎？

Like I would imagine that's a point of negotiation where you guys are thinking like, look, we've got great locations. And so what may have flown in a more remote location, we even expect more.

我想這應該是談判中的一個點，你們會想，你們看，我們擁有絕佳的地理位置。因此，在更偏遠的地方可能行得通的東西，我們甚至期望更多。

Is that the right way to think about it?

這種思考方式正確嗎？

Yes. I think the location of our sites, but also the timing of being ready for service is what positions us to get the best possible deal here. We believe with what we have that we can command very strong economics. And for us, it's twofold. It's both the types of deal economics that we think we can secure with the assets that we have, but it's also the types of tenants that we believe that we can secure with the assets that we have.

是的。我認為我們網站的地理位置，以及我們做好服務準備的時間，使我們能夠在這裡獲得最佳的交易條件。我們相信，憑藉我們現有的資源，我們可以擁有非常強大的經濟實力。對我們來說，這包含兩方面。這既包括我們認為可以利用現有資產達成的交易經濟效益類型，也包括我們認為可以利用現有資產吸引的租戶類型。

I would say that I think we're very confident today based on the level of interest that we've received that we could easily enter into a contract with the neocloud. But what we are focused on is building a platform that will be able to service a range of potential tenants, hyperscalers, enterprises and neoclouds. And so our priority is building our data center business on a strong foundation.

我認為，根據我們目前收到的關注度，我們非常有信心與 neocloud 簽訂合約。但我們專注於建立一個能夠服務各種潛在租戶、超大規模企業、公司和新型雲端的平台。因此，我們的首要任務是為資料中心業務打下堅實的基礎。

And we think that means that with what we have, we can attract high-quality, which beyond just the name recognition and beyond just the economic terms we can get in the lease make benefits available to Riot in terms of value creation and access to attractive project financing terms. So it's twofold, Reggie.

我們認為這意味著，憑藉我們現有的資源，我們可以吸引高品質的項目，這不僅能帶來品牌知名度，還能在租賃合約中獲得經濟條款，從而為 Riot 創造價值，並使其獲得有吸引力的項目融資條款。所以這是雙重的，雷吉。

It's -- our assets, we believe both can command strong economics, but can also command because of the properties can command very high-quality tenants.

我們相信，我們的資產不僅能帶來強勁的經濟效益，也能吸引到非常優質的租戶。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

I think it was just as recently as June as you guys hired Jonathan kind of lead the data centers team. I'm curious where else on the maybe the hiring front, you guys have made hires and to what extent there's more hires that you need to go out and make? Or do you think that team is kind of fully in place at this point?

我記得就在六月，你們聘請了 Jonathan 來領導資料中心團隊。我很好奇，在招募方面，你們還在哪些方面進行了招募？還有多少職位需要招募？還是你認為目前這個團隊已經基本組成了？

Yes. Thanks for the question. One of our ongoing priorities is building out our team. And what we're doing is building this team in sequence with the steps that we're at in building the business. So you can kind of think of it as like a pendulum where (technical difficulty) starts with focus on engineering (inaudible) and then as the development and engineering part advances, then it swings into the sales side and then eventually swings into the operations side.

是的。謝謝你的提問。我們目前的首要任務之一是擴充團隊。我們正在做的，是按照我們業務發展的步驟，循序漸進地組成這個團隊。所以你可以把它想像成一個鐘擺，（技術難題）一開始專注於工程（聽不清楚），然後隨著開發和工程部分的推進，它擺動到銷售方面，最終擺動到營運方面。

So we have made a number of key hires over the third quarter that position us to execute on the development side of the business. Of course, we're still adding talent there, but we have the talent that we need to proceed.

因此，我們在第三季進行了一系列關鍵招聘，這使我們能夠更好地執行業務的開發方面工作。當然，我們還在不斷補充人才，但我們目前擁有繼續前進所需的人才。

And very recently, we have hired a sales position, our Senior Vice President of AI and Hyperscale Sales as now from the development side more into the sales side. So we have been, I'll say, very pleased with the level of talent that we have been able to attract to Riot. I think that's a testament to the quality of assets that we have, our power, our capital and all the other capabilities that we have at Riot.

最近，我們聘請了一位銷售人員，我們的人工智慧和超大規模銷售高級副總裁，他現在從研發部門轉向了銷售部門。所以，可以說，我們對能夠吸引到 Riot 的人才水平感到非常滿意。我認為這證明了我們擁有的資產品質、實力、資金以及 Riot 所擁有的所有其他能力。

It made Riot a very attractive place for veteran data center talent to build their careers and have the opportunity to be a part of building something very big from the ground up. So I've been very pleased with the rapid pace that we've been able to add some incredible talent to our bench. And as that pendulum swings, you'll continue to see us bring in more of that talent to meet the cycle of the business that we're in.

這使得 Riot 對經驗豐富的資料中心人才來說極具吸引力，他們可以在這裡發展職業生涯，並有機會從零開始參與建立一些非常大的東西。因此，我對我們能夠如此迅速地為球隊補充一些傑出人才感到非常滿意。隨著情勢的轉變，我們將繼續引進更多人才，以適應我們所處行業的周期性變化。

Awesome. And then maybe just as a follow-up, and I don't know if you guys said this or I might have missed it, the, call it, 400 megawatts being used for Bitcoin mining at Corsicana, is that maybe like the last source of power that you would draw as you kind of build up more on the AI side, like you'll keep mining Bitcoin until you need that power, I guess, is the question.

驚人的。然後，也許可以作為後續問題，我不知道你們有沒有說過，或者我錯過了，科西卡納用於比特幣挖礦的 400 兆瓦電力，會不會是你們在人工智能方面不斷發展壯大時，最後才會使用的電力來源？例如，你們會一直挖比特幣，直到需要更多電力為止，我想，這就是問題所在。

Yes. So on slide 11 on our earnings deck, we have a campus layout, and we're breaking it into two phases essentially. The first phase is building out on all the unused lands that we have at Corsicana. So that means we continue to benefit from the strong cash flow that comes from that site, which is one of the largest Bitcoin mining sites in the world right now. That site continues to be productive and generate meaningful cash flow for us while we are building out the other buildings on that site.

是的。所以，在我們的收益簡報第 11 頁上，我們展示了一個園區佈局圖，我們基本上將其分為兩個階段。第一階段是在科西卡納所有未使用的土地上建造。這意味著我們將繼續受益於該網站帶來的強勁現金流，目前是世界上最大的比特幣挖礦網站之一。在我們繼續在該地塊上建造其他建築物的同時，該地塊仍然保持生產效率，並為我們產生可觀的現金流。

Once the available land has been exhausted, and that would be on our plans, that would mean building out about 504 megawatts of critical IT load, then the Phase 2 option or part of the plan would be building over where those existing Bitcoin mining buildings are and adding the final three 56-megawatt build and all the critical IT capacity at the site. So that -- our plans call to eventually supplant that.

一旦可用土地耗盡（這也在我們的計劃之中），那就意味著要建造大約 504 兆瓦的關鍵 IT 負載，然後第二階段方案或計劃的一部分是在現有比特幣挖礦建築物的位置上進行建設，並增加最後三個 56 兆瓦的建築物以及該地點的所有關鍵 IT 容量。所以——我們的計劃最終是為了取代它。

And the pace of that will be driven by customer demand, driven by the dynamics that we're seeing in the marketplace and how our leasing is progressing. So it's all under the lens of maximizing the value of all of the megawatts that we have, trying to leave no unutilized power while we aggressively build out the data center business. And eventually, we aim to have the entire site be a 1 gigawatt utility load data center campus.

而這一進程的速度將取決於客戶需求，取決於我們在市場中看到的動態以及我們的租賃業務進度。因此，這一切都是為了最大限度地利用我們擁有的所有兆瓦電力，在積極發展資料中心業務的同時，努力不讓任何電力閒置。最終，我們的目標是將整個園區建成一個 1 吉瓦的公用事業負載資料中心園區。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Just following up on the discussion you had on expanding the pipeline. Do you have any internal goals what you could expand that pipeline to by year-end 2026 or '27? And then secondly, just what are the key next steps you need to deliver in the next 90 to 120 days?

我只是想跟進一下你們之前關於擴大管道規模的討論。你們內部是否有任何目標，可以在 2026 年底或 2027 年底前將該管道擴展到什麼規模？其次，在接下來的 90 到 120 天內，您需要完成的關鍵步驟是什麼？

We don't have any goals that we would be publicly disclosing at this point. But I would say is we recognize the value of power, and we also recognize our capabilities of securing power. Riot has a proven capability of securing power at scale, as demonstrated on one of the slides in our deck at a scale rivaling the biggest data center companies in the world.

目前我們沒有任何需要公開揭露的目標。但我想說的是，我們認識到權力的價值，我們也認識到我們獲取權力的能力。Riot 擁有大規模獲取電力的成熟能力，正如我們在簡報中的一張投影片所展示的那樣，其規模足以與世界上最大的資料中心公司相媲美。

So when you have an advantage, you press it, and we are looking to press that advantage and utilize the tools at our disposal to add more power to our pipeline. So the story ultimately would not end at just Corsicana, Rockdale, but on additional sites that we bring into our pipeline.

所以，當你擁有優勢時，就要充分利用它，而我們正在尋求利用這一優勢，並利用我們所掌握的工具來增強我們的管道實力。所以，這個故事最終不會僅止於科西卡納和羅克代爾，而是會延續到我們納入計畫範圍的其他地點。

So not a specific I have for you outside of telling you that it is a strategic priority at Riot to build that pipeline. Key steps for the next 120 days, I think that will really center around the development progressing at the two Core & Shells that we're announcing today. We expect to break ground on construction in the first quarter of 2026 in order to meet the timelines that we've laid out here.

所以除了告訴你，建構這條人才培養管道是 Riot 的策略重點之外，我沒有其他具體資訊可以告訴你。我認為，未來 120 天的關鍵步驟將真正圍繞著我們今天宣布的兩個核心和外殼的開發進展。為了達到我們在此制定的時間表，我們預計將於 2026 年第一季破土動工。

I think internally that we will be continuing to be advancing on development and further detailed designs of our development. And what we will be doing internally is continuing the technical outreach that we've had, speaking with potential parties and potential tenants to ensure that we are progressing on a design that meets their specification.

我認為，在公司內部，我們將繼續推動研發工作，並制定更詳細的研發設計方案。而我們內部將要做的，是繼續我們一直在進行的技術推廣，與潛在的各方和潛在租戶進行溝通，以確保我們正在推進的設計能夠滿足他們的要求。

That isn't something externally looking in, you'd be able to see progress on. But internally, that is what we for the next 120 days.

這不是從外部觀察就能看到的進展。但就內部而言，這就是我們接下來 120 天的工作重點。

And congrats on the progress towards HPC, guys.

恭喜各位在高效能運算領域取得進展。

Dillon Heslin, ROTH Capital Partners.

狄龍·赫斯林，羅仕資本合夥人。

Congrats on the Corsicana progress. First, Jason, I know you mentioned that the design for Corsicana could be replicable beyond Corsicana. Does that mean you don't need a separate master site design for Rockdale? Or could you just sort of clarify what you mean by that?

祝賀科西卡納站取得進展。首先，Jason，我知道你提到過 Corsicana 的設計可以複製到 Corsicana 以外的地方。那是不是代表你不需要為羅克代爾單獨設計一個主站點？或者能否解釋一下您這話的意思？

Thank you for that question. Yes. So our basis of design is a design that will ultimately work wherever we have a site where we have power. So we have the basis of design now and then the process of putting that on a site is what we call localizing that standard design to the specific site in question. The land profile wherever the site would be, that determines what the specific layout would be, but it's the same type of building that's being made.

謝謝你的提問。是的。因此，我們的設計原則是，無論我們在哪裡有電力供應，最終都能採用這種設計。所以我們現在有了設計的基礎，接下來將這個基礎應用到網站上的過程，我們稱之為將標準設計在地化到特定網站上。無論場地位於何處，地形地形都會決定具體的佈局，但建造的建築物類型是相同的。

So the fact that we have a standard design means that we're able to be a lot more efficient in procuring equipment and scheduling with contractors and those contracting partners, development partners, construction partners knowing exactly what we're building. It's the same standard design that is tweaked at the endpoint for specific tenant specifications and then localized on whatever site that it's at.

因此，我們採用標準設計意味著我們在採購設備和與承包商安排進度方面能夠更加高效，而這些承包合作夥伴、開發合作夥伴、施工合作夥伴也確切地知道我們正在建造什麼。它採用的是相同的標準設計，在終端根據特定租戶規範進行調整，然後在所在站點進行本地化。

And then like I said, the campus layout where the buildings are actually placed will depend on the land profile of the site. But this is why this basis of design was so important to us. It's really the foundation of our whole development program at Riot for data centers.

然後就像我剛才說的，校園佈局，也就是建築物的實際位置，將取決於場地的地形特徵。但這正是這種設計理念對我們如此重要的原因。這實際上是 Riot 資料中心整個開發計劃的基礎。

We're not just making a data center for Corsicana. We are making a design. We can continue to improve on and apply wherever we're able to get access to power.

我們不僅僅是在為科西卡納建造一個資料中心。我們正在進行設計。我們可以繼續改進並應用這項技術，只要我們能夠獲得電力。

Great. And as a follow-up, like when the first two power shell plus are done sometime in Q1 '27, like is that the next step that potential tenants need to see your progress on to advance sort of discussions on a lease? Or are you sort of talking with them throughout the process?

偉大的。作為後續，例如當前兩個動力外殼加裝工程在 2027 年第一季完成時，這是否是潛在租戶需要看到你們進展的下一步，以便推進租賃方面的討論？或者說，你在整個過程中都和他們保持著某種程度的溝通？

We'd be talking with them throughout the process. I think that's the schedule. That's the timeline of when those Core & Shells will be completed. But one of the purposes of initiating this Core & Shell development is it enables a more productive discussion with potential tenants. So we would expect to be further along in our sales and leasing process before those Core & Shells are even completed.

我們會在整個過程中與他們保持溝通。我想這就是日程安排了。這是核心筒和外殼工程的完工時間表。但啟動核心與外殼開發的目的之一是能夠與潛在租戶進行更有效的討論。因此，我們預計在核心筒和外殼完工之前，我們的銷售和租賃流程就已經取得了更大的進展。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

My first question was you have $330 million on the balance sheet today and obviously, a lot of Bitcoin as well. $214 million for the Core & Shell.

我的第一個問題是，你們目前的資產負債表上有3.3億美元，顯然還有大量的比特幣。其中2.14億美元用於核心和外殼專案。

But my question is, are there any other major capital outlays we should think about in 2026, whether it be deposits for long lead time items or just any other moving pieces to keep in mind? I think you've pretty much wrapped up the land acquisitions you set out to make, but I appreciate any color there.

但我的問題是，2026 年我們是否還需要考慮其他重大資本支出，例如長期交貨商品的訂金，或其他需要考慮的變動因素？我認為你已經基本完成了既定的土地收購計劃，但我很欣賞你提供的任何細節資訊。

We haven't released our full 2026 CapEx budget yet, but I think with the development plans that we announced today, the majority of it at this stage would be the $214 million for these first two Core & Shells. That doesn't mean though that we have -- we are not progressing all the long lead time equipment as well. Even without deposits, we have been able to secure most of that, that would be necessary for those first two buildings.

我們尚未公佈完整的 2026 年資本支出預算，但我認為，根據我們今天宣布的發展計劃，現階段大部分資金將用於前兩個核心和外殼項目的 2.14 億美元。但這並不意味著我們沒有——我們沒有推進所有需要較長生產週期的設備。即使沒有訂金，我們也已經籌集到了建造前兩棟建築所需的大部分資金。

And then, of course, we have our internal capabilities that we're using to secure supply chain as well. So we are being very capital efficient with how we secure this long lead time equipment and all around the strategy of (technical difficulty) our capital deployment and making sure that those two items are synced up closely.

當然，我們也有自身的內部能力來保障供應鏈安全。因此，我們在確保獲得這些交貨週期長的設備方面非常注重資本效率，並圍繞（技術難題）我們的資本部署策略，確保這兩方面緊密協調一致。

And with our development strategy, we are always positioned to rapidly move to the next step, depending on what the tenant is looking for.

憑藉我們的發展策略，我們始終能夠根據租戶的需求迅速推進到下一步。

I appreciate that, Jason. And one more, if I may. I think you mentioned that 672 megawatts of critical IT is kind of the minimum you could see at Corsicana. I think that implies a PUE just below 1.5. So my question is, is there any work ongoing today to improve that?

謝謝你，傑森。如果可以的話，我再補充一個問題。我想你有提到過，在科西卡納，672 兆瓦的關鍵 IT 設備算是最低配置了。我認為這意味著 PUE 值略低於 1.5。所以我的問題是，目前是否有任何工作正在進行以改善這一點？

Or what could be done to ultimately increase critical IT megawatts at Corsicana?

或者，可以採取哪些措施來最終增加科西卡納的關鍵IT兆瓦容量？

Yes. So before we get the question, I just want to add one more thing to the previous question that you mentioned. In addition to the cash that we have on our balance sheet, we have -- including restricted cash, we have about $400 million today and our large Bitcoin balance.

是的。在正式提問之前，我想在你之前提到的問題上再補充一點。除了我們資產負債表上的現金外，我們還有——包括受限現金在內，我們目前約有 4 億美元，以及大量的比特幣餘額。

We also have a robust Bitcoin mining business that is generating strong cash flows, and that really is a very important and valuable tool to funding all the development that we have going on. And then your more recent question, on PUE, what we've laid out is like kind of our base case.

我們還擁有穩健的比特幣挖礦業務，該業務正在產生強勁的現金流，這對於我們開展的所有研發項目來說，確實是一個非常重要且有價值的資金來源。至於你最近提出的關於 PUE 的問題，我們已經闡述的內容可以說是我們的基本狀況。

That's the base case PUE of what we are setting out to achieve. Now of course, any improvement in PUE is improved economics for us. So approximately 1.49 is what our base case is. And now what we are setting out improved from that. And the better PUE we're able to achieve, the better ultimate economics we're getting from our projects.

這就是我們力求達到的基本 PUE 值。當然，PUE 的任何提高對我們來說都意味著經濟效益的提升。所以，我們的基本情況大約是 1.49。現在我們所採取的措施比那時有所改進。PUE 值越高，我們的專案最終獲得的經濟效益就越好。

Thank you. I would now like to turn the call back over to Jason Les for any closing remarks.

謝謝。現在我想把電話轉回給傑森·萊斯，請他作總結發言。

I want to thank everyone for listening in our earnings call today. We are incredibly excited about the progress we've made and the strategic milestones that we're announcing today. Look forward to sharing more progress as we accomplish it and getting together again with you all on our next earnings call. Thank you.

感謝大家今天收聽我們的財報電話會議。我們為取得的進展以及今天宣布的戰略里程碑感到無比興奮。期待與大家分享我們取得的更多進展，並期待在下次財報電話會議上再次與大家相聚。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。