SharonAI Holdings Inc (SHAZ) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the SharonAI first quarter 2026 conference call. (Operator Instructions)

各位好，歡迎參加 SharonAI 2026 年第一季電話法說會。(接線員指示)

It is now my pleasure to hand the floor over to your host, Ross Barrows, Head of Capital Strategy and Investor Relations. Sir, the floor is yours.

現在我很榮幸將會議交給本次主持人——資本策略與投資人關係主管 Ross Barrows。先生，請開始。

Good afternoon, welcome to our earnings call to discuss SharonAI's operating results for the quarter ended March 31, 2026. Joining me today is James Manning, SharonAI's Chief Executive Officer, and Tim Broadfoot, SharonAI's Chief Financial Officer.

各位下午好，歡迎參加我們的財報電話會議，討論 SharonAI 截至 2026 年 3 月 31 日止季度的營運成果。今天與我一同出席的有 SharonAI 執行長 James Manning，以及 SharonAI 財務長 Tim Broadfoot。

I'll now take a moment to read the Safe Harbor statement. During the course of this conference call, we may make certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our expectations, plans, prospects, strategies, future operating results, and financial performance. Although they reflect our current expectations and are based on our current view of the industry and our business, they are not guarantees of future performance. These statements are subject to risks and uncertainties that could cause our actual results to be materially different from those expressed in these statements and speak only as of the date of this call.

我先花一點時間宣讀「安全港」聲明。在本次電話會議過程中，我們可能會在聯邦證券法的意義下作出若干前瞻性陳述，包括關於我們的預期、計畫、前景、策略、未來營運結果及財務表現的陳述。儘管這些陳述反映我們目前的預期，並基於我們對產業與業務的當前觀點，但並不保證未來表現。這些陳述受風險與不確定性影響，可能導致我們的實際結果與陳述中表達者存在重大差異，且僅以本次電話會議日期為準。

For more details on factors that could affect these expectations and cause these differences, please see our most recent Form 10-K and Form 10-Q and other SEC reports filed with the Securities and Exchange Commission and available on the SEC's website and in the investor relations section of our website.

如需了解可能影響上述預期並造成差異的因素之更多細節，請參閱我們最新的 Form 10-K 與 Form 10-Q，以及其他向美國證券交易委員會（SEC）提交的報告；相關文件可於 SEC 網站及我們網站的投資人關係專區取得。

SharonAI undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events. In addition, during this call, we may discuss certain Non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures and related disclosures are available in today's earnings release and/or on our investor relations website.

SharonAI 不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊或未來事件所致。此外，在本次電話會議中，我們可能會討論若干非 GAAP 財務衡量指標。與最直接可比之 GAAP 指標的調節表及相關揭露，已載於今日的財報新聞稿及／或我們的投資人關係網站。

I'll now turn the call over to James.

接下來我把電話交給 James。

Hello, everyone, welcome to SharonAI's first quarter 2026 earnings call. My name is James Manning. I'm the Chairman, CEO, and co-founder of SharonAI. This is our 1st earnings call since we listed on Nasdaq, we plan to work with the following format: A brief summary of the quarterly highlights, a short overview of what SharonAI does for those who don't know our business, some insights into specific events over the quarter, and a brief business outlook. Finally, we'll have some time for some Q&A at the end. What an amazing 1st quarter it's been as we transition to life as a public company. Just looking through this chronologically. In January, I was appointed CEO of SharonAI, replacing Wolf Schubert, who continues to work with the SharonAI team on their North American projects.

各位好，歡迎參加 SharonAI 2026 年第一季財報電話會議。我叫 James Manning。我是 SharonAI 的董事長、執行長與共同創辦人。這是我們在納斯達克上市後的第一場財報電話會議，我們計畫採用以下流程：先簡要回顧本季重點、再為不熟悉我們業務的聽眾簡述 SharonAI 的業務內容、分享本季若干特定事件的洞見，並提供簡短的業務展望。最後，我們會在結尾留一些時間進行問答。在我們轉型成為上市公司之際，這真是令人驚豔的第一季。按時間順序回顧一下。1 月，我被任命為 SharonAI 執行長，接替 Wolf Schubert；他仍持續與 SharonAI 團隊合作其北美專案。

In late January, we executed definitive agreements for the sale of Texas Critical Data Centers, and I'll talk to that a little bit more later on. In February, we listed on Nasdaq under the ticker code SHAZ, S-H-A-Z. In a transaction with Soar, raised $125 million led by Lucid Capital. We formalized our agreements with Canva, signing an MSA. In March, we signed GMI, and then we executed the ESDS contract. Today, we are announcing our upgraded data center capacity to 100 megawatts by early 2027. Against all of this, we continue to build our team and governance structures, continually improving the way we operate. Importantly, we added Ben Adams and Drew Kelton to the board, both in a non-executive director capacity. Who is SharonAI? SharonAI is one of Australia's leading NeoClouds.

1 月下旬，我們簽署了出售 Texas Critical Data Centers 的最終協議，稍後我會再多談一些。2 月，我們以股票代碼 SHAZ（S-H-A-Z）在納斯達克上市。在與 Soar 的交易中，由 Lucid Capital 領投，我們募得 1.25 億美元。我們與 Canva 正式化合作協議，簽署了 MSA（主服務協議）。3 月，我們簽下 GMI，並隨後執行 ESDS 合約。今天，我們宣布將於 2027 年初把資料中心容量提升至 100 兆瓦。在上述進展之下，我們持續擴編團隊與治理架構，不斷改善營運方式。重要的是，我們新增 Ben Adams 與 Drew Kelton 進入董事會，兩位皆以非執行董事身分加入。SharonAI 是誰？SharonAI 是澳洲領先的 NeoCloud 之一。

We deliver AI-native HPC-grade compute infrastructure for our customers with the goal of servicing three primary customer segments: hyperscalers, AI natives, and enterprise. We do this by partnering with global leaders in industry to deploy the latest generation of GPU compute. While geographically deployed in Australia, our customers are truly global in nature. Our recent customer wins reflect this story with regional compute contracts for global compute needs. This reflects the desire to deliver mission-critical workloads in safe and secure compute environments. Australia's geographic location in the world means it's well-suited to respond to GPU compute demands, being both close enough for latency but far enough away from a security perspective. Latency remains an important consideration for GPU use, but arguably less so than most people think. While Australia's geographic location in the world is somewhat isolated, the upsides really outweigh the downsides.

我們為客戶提供 AI 原生、HPC 等級的運算基礎設施，目標服務三大主要客群：超大規模雲端業者（hyperscalers）、AI 原生公司，以及企業客戶。我們透過與全球產業領導者合作，部署最新一代的 GPU 運算。雖然我們的部署地理位置在澳洲，但客戶本質上遍及全球。我們近期的客戶得標也反映了這一點：以區域運算合約滿足全球運算需求。這反映出市場希望在安全、可靠的運算環境中承載關鍵任務工作負載。澳洲在全球的地理位置，使其非常適合回應 GPU 運算需求：在延遲上足夠接近，同時在安全角度又有足夠距離。延遲仍是 GPU 使用的重要考量，但可說沒有多數人想像得那麼關鍵。雖然澳洲在地理上相對孤立，但其優勢確實遠大於劣勢。

We're only 81 milliseconds to Singapore, 130 to Hong Kong, 165 to the West Coast of the US, and 225 to the East Coast. While latency is a factor in the way you think about your compute loads, the security benefits of being slightly remote in Australia and servicing that Asia Pacific region far outweigh the time differences. I think the key message for us is that SharonAI, while Australian headquarters, we are Asia Pacific focused and really servicing compute loads for the entire world. What is important for a NeoCloud to succeed? In our mind, we're solving for one thing, and its scarcity. We think about it in four broad buckets.

我們到新加坡僅 81 毫秒，到香港 130 毫秒，到美國西岸 165 毫秒，到美國東岸 225 毫秒。雖然延遲會影響你如何思考運算負載，但在澳洲略為偏遠所帶來的安全效益，以及服務亞太地區的優勢，遠遠超過時間差異的影響。我認為我們的關鍵訊息是：SharonAI 雖以澳洲為總部，但我們聚焦亞太，並且實際上為全世界提供運算負載服務。NeoCloud 要成功，什麼最重要？在我們看來，我們解決的是一件事：稀缺性。我們把它分成四大面向來看。

We think about the scarcity of compute, being one of two NVIDIA cloud partners in Australia at scale, it gives us that sustainable advantage in accessing NVIDIA GPUs. It's not just the relationship with them, it's the relationship with our OEMs and our partners like WWT that help us, procure and deploy that compute at scale and on time. How you get access to power.

我們談的是運算資源的稀缺性：作為澳洲具規模的兩家 NVIDIA 雲端合作夥伴之一，這讓我們在取得 NVIDIA GPU 方面具備可持續的優勢。不僅是與 NVIDIA 的關係，也包括與我們的 OEM 以及像 WWT 這樣的合作夥伴之關係，協助我們以規模、按時採購並部署運算資源。以及你如何取得電力。

The scarcity of power is a real component to getting GPU compute workloads on time and online. Late 2025, we secured 50 megawatts with NEXTDC. Today, we've announced that we've expanded that total energy capacity in Australia to north of 100 megawatts for early 2027.

電力的稀缺性，是讓 GPU 運算工作負載能按時上線與投入運作的關鍵要素。在 2025 年底，我們與 NEXTDC 確保了 50 兆瓦。今天，我們宣布已將澳洲的總能源容量擴增至 100 兆瓦以上，目標在 2027 年初達成。

The regulatory environment makes scarcity even more complex because not all countries have access to the latest generation of GPUs, and Australia is very fortunate to be a close ally of the US and have that ability to access the latest generation GPUs. Finally, scarcity in talent. People are so important to our business. We think having a really experienced team like we do, with High-Performance Compute expertise gives us a differentiator in the market we're doing well. It's fairly simple, guys. The fastest train models equals the fastest inference, the best insights, and the most innovation. All of that also requires accelerated compute as a service, that's what a NeoCloud is. We sit right in the middle between the hyperscalers and the AI natives or the enterprises and the consumers of that data.

監管環境讓稀缺性變得更複雜，因為並非所有國家都能取得最新一代 GPU；澳洲非常幸運，作為美國的親密盟友，具備取得最新一代 GPU 的能力。最後，是人才的稀缺性。人才對我們的業務至關重要。我們認為，擁有像我們這樣真正經驗豐富、具備高效能運算（HPC）專業的團隊，讓我們在市場上形成差異化並表現出色。各位，其實很簡單。訓練模型越快，就代表推論越快、洞見越好、創新越多。而這一切也需要「加速運算即服務」，這就是 NeoCloud。我們正好位於超大規模雲端業者與 AI 原生公司或企業之間，以及資料消費者之間的中間位置。

We're the fabric that pulls together multiple vendors and solutions to drive the fastest accelerated compute. We achieve that through our partnership-driven model, leveraging the best-in-class expertise across the value chain, both global and domestic, across the hardware, power, security, connectivity fabrics. By doing this, we reach the market significantly faster and more capital efficiently than the traditional vertically integrated provider to deliver that GPU as a service. With all that infrastructure in place, commercial success requires two additional components: a really strong go-to-market and sales strategy and high-performance connectivity into those customer environments.

我們是把多家供應商與解決方案整合在一起的關鍵紐帶，以推動最快速的加速運算。我們透過以合作夥伴為驅動的模式來達成，運用價值鏈上（無論全球或本土）各環節的同級最佳專業能力，涵蓋硬體、電力、安全、連線互聯架構等。藉由這樣做，我們能以遠快於傳統垂直整合供應商、且更具資本效率的方式更快進入市場，提供 GPU 即服務（GPU as a service）。在所有基礎設施就緒後，商業成功還需要另外兩個要素：非常強的市場進入（go-to-market）與銷售策略，以及能高效能連接到客戶環境的連線能力。

At Sharon, we don't try to own everything, and we have these great partnerships who add that value and ensure our service offering gives us those two huge advantages, which is the best-in-class expertise at every single layer and the ability to move much faster and more capital efficiently than vertically integrated players. With the scarcity solved and partners in place, it's on to how we contract. Contract signing isn't where it starts, however. Before we contract, we spend a considerable amount of time behind the scenes working with our DC partners, OEMs, and our internal engineering team to find the best technical solution for the spaces we are operating in. Once we have that design, we typically run a customer engagement process where we talk to both the available capacity and the compute form that we think we should deploy.

在 Sharon，我們不試圖什麼都自己擁有；我們有這些很棒的合作夥伴能增添價值，並確保我們的服務方案具備兩大優勢：每一層都有同級最佳的專業能力，以及相較於垂直整合業者能以更快速度、且更具資本效率地推進。在稀缺性問題解決、合作夥伴到位後，接下來就是我們如何簽約。不過，簽約並不是起點。在簽約之前，我們會花相當多時間在幕後與我們的資料中心（DC）合作夥伴、OEM，以及內部工程團隊合作，為我們所營運的場域找出最佳技術解決方案。一旦完成該設計，我們通常會啟動客戶互動流程，與客戶討論可用容量以及我們認為應部署的運算形態。

Once we find the right customer for that space, we agree principal terms, and we sign these non-binding term sheets and move to an MSA agreement. From contract signing can take us between three and seven months to deliver the compute infrastructure to the customer. We take delivery, we test, deploy the compute, we verify it's all operational, and we hand it over to that customer. The majority of our contracts are five years, and all of them are generally take or pay. While an average hourly rate might be inferred by these contracts, the take or pay nature ensures that we're paid for 100% utilization, which gives us clarity on our revenue forecast. At the end of the term, we can then enter a new multi-year contract or we use the compute for our own development compute platform.

當我們為該場域找到合適的客戶後，我們會先就主要條款達成一致，簽署不具約束力的條款清單（term sheet），並進一步進入主服務協議（MSA）。從簽約到將運算基礎設施交付客戶，通常需要三到七個月。我們會完成交付、測試、部署運算資源、確認一切可運作，然後移交給客戶。我們的大多數合約期限為五年，且一般皆為 take-or-pay（照付不議）條款。雖然可由這些合約推算出平均每小時費率，但 take-or-pay 的性質確保我們以 100% 使用率獲得付款，讓我們對營收預測更清晰。在合約期滿時，我們可以再簽訂新的多年期合約，或將該運算資源用於我們自有的開發運算平台。

What's actually converted this quarter, and I think we've announced three meaningful contracts. Firstly, it was Canva. While it wasn't financially material contract win in its current form, it did highlight the power and the value of the SharonAI platform and how we could provide Canva with both speed and output improvements. We are really confident with that relationship and that we'll be able to expand those services over time. We then won GMI Cloud. GMI Cloud is a AI-native inference cloud provider in the US, and then our largest customer contract to date, which was ESDS. ESDS is an India-based IT service provider, where that contract's worth a $1.25 billion TCV over five years, with those contracts to revenues expected to begin in September this year.

本季實際轉換的部分，我想我們已宣布三份具意義的合約。首先是 Canva。雖然以目前形式來看，這並非在財務上具重大性的合約勝出，但它凸顯了 SharonAI 平台的力量與價值，以及我們如何同時為 Canva 帶來速度與產出上的提升。我們對這段合作關係非常有信心，並相信能隨時間擴大這些服務。接著我們拿下了 GMI Cloud。GMI Cloud 是一家位於美國、以 AI 為原生的推論雲端服務供應商；此外，我們迄今最大的客戶合約是 ESDS。ESDS 是一家以印度為基地的 IT 服務供應商，該合約五年期的總合約價值（TCV）為 12.5 億美元，相關合約營收預計將於今年 9 月開始認列。

While not in this quarter, this week we announced a $950 million five-year take or pay contract with a global technology company with a major Asia-Pacific presence, with revenue expected to commence in the third or fourth quarter of 2026. Cumulatively, this takes our TCV to more than $2.2 billion contracted, and we expect our exit 2026 revenue run rate of at least $470 million. While we made great progress on customer wins, we also crystallized the gain from our project in Texas, in Texas Critical Data Centers or TCDC. In January last year, we established a JV with our partner, New Era Energy & Digital. Over the course of 2025, we purchased over 438 contiguous acres of land in two separate transactions.

雖然不在本季，但本週我們宣布與一家在亞太地區具有重大布局的全球科技公司簽署一份 9.5 億美元、五年期的 take-or-pay（照付不議）合約，預計營收將於 2026 年第三或第四季開始。累計而言，這使我們已簽約的總合約價值（TCV）超過 22 億美元，並預期 2026 年底的營收年化運行率（run rate）至少達 4.7 億美元。在客戶贏單方面取得重大進展的同時，我們也在德州的專案——Texas Critical Data Centers（TCDC）——實現並確認了收益。去年 1 月，我們與合作夥伴 New Era Energy & Digital 成立了一家合資企業（JV）。在 2025 年期間，我們透過兩筆獨立交易購入了超過 438 英畝的連續土地。

We signed a non-binding LOI with a hyperscaler. We did a bunch of engineering design work. We then went into exclusivity with the hyperscaler. In late 2025, we agreed to exit that. In January, we consummated that in a transaction that saw us realize $74 million, generating a material return for the business. While these development opportunities are non-core to our business, they can be highly profitable. This won't be a material part of our business going forward, but we do reserve the right to continue to explore further opportunities in this space. We can recycle this non-dilutive capital, and it can be an accelerator for our core GPU business. Now I might just turn to our outlook. We remain incredibly confident about the ongoing growth of our core operations.

我們與一家超大規模雲端業者（hyperscaler）簽署了一份不具約束力的意向書（LOI）。我們完成了大量工程設計工作。之後我們與該 hyperscaler 進入排他性（exclusivity）階段。在 2025 年底，我們同意退出該安排。今年 1 月，我們完成了該交易並實現 7,400 萬美元收益，為公司帶來具重大性的回報。雖然這些開發型機會並非我們業務核心，但可能具有很高的獲利性。未來這不會成為我們業務的重要部分，但我們保留繼續探索此領域更多機會的權利。我們可以回收這些不稀釋股權的資本，並使其成為我們核心 GPU 業務的加速器。接下來我想談談我們的展望。我們對核心營運的持續成長仍然非常有信心。

We continue to see both Australian rest of world client demand materially outweigh the GPU supply coming to market at scale and in a timely manner. Our position of one of Australia's leading NVIDIA cloud partners or NCPs, together with our strong partner network, positions SharonAI to continue to capitalize on these strong GPU market dynamics. Today we've announced this expansion of our data center capacity from 70 megawatts in 2026 to over 100 megawatts in early 2027. This reflects our ongoing ability to secure additional power allocation and data center capacity from our network of data center partners. Lastly, but certainly not least, we've made significant additions to our technical and management team to support our expected growth. Our people are integral to our ongoing success.

我們持續看到澳洲及世界其他地區的客戶需求，明顯高於能以規模且及時方式進入市場的 GPU 供給。我們作為澳洲領先的 NVIDIA 雲端合作夥伴（NCP）之一的地位，加上強大的合作夥伴網路，使 SharonAI 能持續把握這些強勁的 GPU 市場動能。今天我們宣布將資料中心容量自 2026 年的 70 兆瓦擴增至 2027 年初超過 100 兆瓦。這反映出我們持續有能力透過資料中心合作夥伴網路，取得額外的電力配額與資料中心容量。最後但同樣重要的是，我們在技術與管理團隊方面大幅增補，以支援我們預期的成長。我們的人才是我們持續成功不可或缺的一部分。

Before closing, I'd just like to thank all the people at the SharonAI team, our partners, investors, advisors, and all the stakeholders that have supported us over the last three months in particular, but really over the last couple of years. We are really excited by what we've achieved in the short timeframe that we've achieved it, but we're even more excited about the opportunities that still lie ahead. Operator, please open the line for some Q&A.

在結束之前，我想特別感謝 SharonAI 團隊的所有同仁、我們的合作夥伴、投資人、顧問，以及所有利害關係人；他們在過去三個月尤其是、但其實在過去幾年來一直支持著我們。我們對於能在如此短的時間內達成這些成果感到非常振奮，但對於前方仍存在的機會，我們更感到期待。接線員，請開放電話線進行問答。

(Operator Instructions) Alex Fuhrman, Lucid Capital Markets.

(接線員指示) Alex Fuhrman，Lucid Capital Markets。

Hi. Thanks, guys, for taking my question. Congratulations on the successful IPO and the recent announcements that you've had so far. Was wondering if you can talk about kind of your strategy for selling the remaining capacity that you have as well as the new capacity that was just announced here. Looks like the first couple of big deals you've announced have been five-year terms. Should we expect to see more deals of that nature? Then, I have a couple of follow-ups there.

嗨。謝謝各位讓我提問。恭喜成功 IPO，以及你們近期截至目前所發布的公告。想請你們談談，對於銷售目前剩餘容量以及剛宣布的新容量，你們大致的策略是什麼。看起來你們宣布的前幾筆大型交易都是五年期。我們是否應該預期會看到更多同類型的交易？另外我還有幾個後續問題。

Yeah, sure, Alex, thanks for the question. Look, I would start with the contract duration because that's the easy one. We are generally trying to target five-year-plus contracts. I think when you look at like the ESDS contract by example, that's a five-year contract with two one-year options, so it has the option to get out to seven years in total. Critically within that contract, this is what we're trying to replicate in other contracts, we're seeing the option period renewals to occur in year four. Year four, you've got to make the decision about year six.

好的，當然，Alex，謝謝你的提問。我想我會先從合約期限談起，因為這部分比較容易。我們一般是希望鎖定五年以上的合約。以 ESDS 合約為例，那是一份五年期合約，另附兩個一年期選擇權，因此最長可延伸到總共七年。更關鍵的是，在那份合約裡——這也是我們希望在其他合約中複製的做法——我們看到選擇權期間的續約會在第四年發生。第四年時，你就必須做出是否延長到第六年的決定。

Part of our view strategically around that is obviously we think the market price will be higher in the earlier years, so the earlier we get that contract renewal, we think the safer those extension periods will be for us long term. Generally contracts five years is the target. If we can get those extensions and options in them, that makes a lot of sense. I think more broadly and from the thematic that we're seeing is storage is becoming a really important factor in all these contracts. We actually see storage as being part of the stickiness of these customer contracts as you get towards the end of term.

我們在策略上之所以這麼看，主要是因為我們認為市場價格在較早的年份會更高，所以越早完成合約續約，我們認為那些延長期間對我們的長期保障就越高。一般而言，五年期合約是我們的目標。如果能在合約中加入延長條款與選擇權，會非常合理。更廣泛地說，從我們看到的趨勢來看，儲存正在成為所有這些合約中非常重要的因素。實際上，我們認為當合約接近期末時，儲存會成為這些客戶合約「黏著度」的一部分。

We really expect to see those customer contracts, renew on the back of, their stickiness to us fundamentally because the data we're ultimately storing on our equipment and devices. Now that's sort of how I think about the renewals. I think renewals will occur naturally. I think storage is a stickiness and part of the egress piece that makes it really logical that customers stay with us apart from us just having that compute capacity online. When you get to that five-year period, they've already been with you for a very long period and they know you and, hopefully, and as we're seeing with some of our earlier customer contracts, they're already talking about that expansion.

我們確實預期這些客戶合約會續約，而續約的根本原因在於他們對我們的黏著度——因為最終他們的資料是儲存在我們的設備與裝置上。這大致就是我對續約的看法。我認為續約會自然發生。我認為儲存帶來黏著度，再加上資料外傳（egress）相關的因素，使得客戶除了我們提供的運算容量已上線之外，也很合乎邏輯地會選擇繼續留在我們這裡。當你走到五年期時，他們其實已經跟你合作很長一段時間，對你也很熟悉；而且我們也看到一些較早期的客戶合約，客戶已經在談擴充。

That's definitely something we're thinking about from the contract renewal piece. The other question was talking through our capacity, and how we're looking to contract that additional capacity. I think if you think about how we came to market in February, we said, look, 55 megawatts. We announced the ESDS contract that took us to 70 megawatts. Today, we're telling the market we've contracted an additional 30 megawatts, and I think we've been very transparent that we do have a bit of a pipeline of energy assets, and we're sort of matching those to customer contracts as we're getting through customer contracts as well. I have at previous times described how we do that contracting process.

這確實是我們在合約續約這一塊會思考的重點。另一個問題是談到我們的容量，以及我們如何去簽下額外的容量。如果你回想我們在二月進入市場時，我們說的是 55 兆瓦。我們宣布 ESDS 合約後，容量提升到 70 兆瓦。今天我們對市場說，我們又額外簽下了 30 兆瓦；而且我們也一直很透明地表示，我們確實有一個能源資產的管線，並且在推進客戶合約的同時，把這些資產與客戶合約做配對。我之前也曾描述過我們如何進行這個簽約流程。

But broadly, when we get a space like, for instance, M2, which is now our next big project that we're focused on, which is 40 megawatts in the public domain, it's a hugely valuable asset. To get 40 megawatts coming along in Q4 in Australia, which is, really a Tier 1 country, is very, easy asset ultimately to bring to market and sell to end customers. It's extremely valuable in the market right now. We're actively having conversations around that, those megawatts and how we place them. We're through the design process for that compute cluster down in Melbourne, for instance. We're working through how we, just match the right customer with the right customer offtakes and get that contracted up.

但整體而言，當我們取得一個場址，例如 M2——這是我們目前下一個重點大型專案，公開資訊是 40 兆瓦——那就是一項極具價值的資產。在澳洲於第四季新增 40 兆瓦供給，而澳洲本身是第一級（Tier 1）國家，這樣的資產最終非常容易推向市場並銷售給終端客戶。它在目前市場上極具價值。我們正積極就這些兆瓦以及如何配置進行討論。例如，我們已經在墨爾本那邊完成該運算叢集的設計流程。我們也在推進如何把合適的客戶與合適的客戶承購（offtake）匹配起來，並把合約簽下來。

I think you'll see us contract that at, in the near term, and then we'll announce that and we'll talk to, the other bits of capacity. With the additional 30 megawatts that we've announced today, some of that is in Australia, some of that is in New Zealand. We are thinking about, with specific customers for specific end use cases, how those megawatts are going to come online in that space.

我想你會在近期看到我們把那部分容量簽約落地，之後我們會公告並談到其他容量的部分。至於我們今天宣布新增的 30 兆瓦，其中一部分在澳洲，一部分在紐西蘭。我們正在針對特定客戶與特定終端使用情境，思考這些兆瓦將如何在該場址上線。

Okay. That's really helpful. Then, you mentioned M2. Just kind of curious what your opportunities are with that, right? Having a contiguous 40 megawatts to be able to market. I mean, obviously you could be selling that in, 5 megawatts or 10 megawatts chunks like some of the deals we've seen so far. What kind of opportunities are there for you to use a 40 megawatts block that you might not have had with some of the smaller allotments?

好的。這很有幫助。那你提到了 M2。我有點好奇你們在那方面有哪些機會？畢竟有一個連續的 40 兆瓦可以拿來行銷。我的意思是，顯然你也可以像我們目前看到的一些交易那樣，把它拆成 5 兆瓦或 10 兆瓦的區塊來賣。那麼，相較於一些較小的配額，你們在使用一個 40 兆瓦區塊時，會有哪些你們以前可能沒有的機會？

Yeah. I think you've hit it, hit it spot on. I think 40 megawatts is a size that's, likely to go to a large single customer. I think, when we talk about our customer profile, we've always had hyperscalers in the pipeline. We've got, AI natives, and we've got enterprise customers. I don't think 40 megawatts is going to be broken up into a lot of small enterprise customers. It's going to fit into the first two categories. Either a hyperscaler or a large LLM or an AI native enterprise will be the logical off-takers around that sort of contract. Slightly different profile of customers, slightly different use case.

是的。我覺得你說得非常到位。我認為 40 兆瓦這樣的規模，很可能會給到單一大型客戶。當我們談到客戶輪廓時，我們一直都有超大規模雲端業者（hyperscalers）在管線中。我們也有 AI 原生（AI natives）客戶，以及企業客戶。我不認為 40 兆瓦會被拆成很多小型企業客戶。它會更符合前兩類。不論是 hyperscaler，或是大型 LLM／AI 原生企業，都會是這類合約在承購端（off-takers）更合理的對象。客戶輪廓會稍有不同，使用情境也會稍有不同。

I think we're looking at a lot of this very much with a lens around storage and, we want customers that are going to grow, not just in the GPU compute, but also grow from the storage compute perspective. We're definitely having those conversations with customers where we think we can add value over time into these contracts, because we're seeing in those early customer contracts that the storage demands are exploding, and we're trying to find customers where we find not just from the face value contract, but that expansion opportunity through the customer lifestyle.

我認為我們看待這些機會時，很大程度是以儲存為核心視角；我們希望客戶不只是 GPU 運算會成長，也會在儲存與運算的角度一併成長。我們確實正在與一些客戶進行這類對話——我們認為隨著時間推進，我們能在這些合約中持續增加價值；因為我們在早期客戶合約中看到，儲存需求正在爆發式成長。我們也在尋找這樣的客戶：不僅看合約表面價值，更看重在客戶生命週期中透過擴充所帶來的機會。

Okay. That's helpful. Then lastly, great to see that you secured another 30 megawatts of power. Interesting that some of that's going to be outside of Australia in New Zealand. Curious what kind of a line of sight you have to additional power availability down the road beyond the 100 megawatts. Are you actively looking at potential data center opportunities in other countries outside of Australia and New Zealand? Just trying to understand the roadmap here.

好的。這很有幫助。最後，很高興看到你們又取得了額外 30 兆瓦的電力。也很有意思的是，其中一部分會在澳洲以外的紐西蘭。我想了解的是，展望未來在 100 兆瓦之後，你們對於額外電力可用性的能見度有多高？你們是否也在積極評估澳洲與紐西蘭以外其他國家的潛在資料中心機會？我只是想更了解這裡的路線圖。

Yeah. I, look, I won't talk to, you know I think what we've done very, very well is trying to not get over our skis, the entire time we've been out, since we've been listed and when we've come to market and spoken about this. As I said, back to the 55 in February, customer announcement 70, 100 today. I think, we recently did a non-deal roadshow in North America, caught up with a lot of investors that participated in the IPO. The message was, give us a little bit more guidance about megawatt.

是的。我，我看，我不會去談那種——你知道，我認為我們做得非常、非常好的一點，是一直努力不要操之過急；自從我們上市以來，以及我們進入資本市場並就此對外溝通以來，整段期間都是如此。如我所說，回到二月的55兆瓦、客戶公告的70兆瓦、以及今天的100兆瓦。我想，我們最近在北美做了一次非交易路演（non-deal roadshow），和許多參與IPO的投資人見面交流。大家的訊息是：請給我們更多關於兆瓦（megawatt）的指引。

We've tried to, meet some requests as for some forward pipeline and, we're confident we have a lot more megawatt in the pipeline ultimately, but we're trying to match those megawatt to when they can come on, who the end customer is, and really go through a bit of a matching exercise around those megawatt to current customer demand. Guiding towards, the megawatt we're announcing are, nearer term in nature, and we're really trying to find, near-term customer contracts attached to those near-term megawatt. We're going to stay in our region geographically. What we are seeing is the demand for GPU compute in the region is absolutely outweighing the supply. We're just focused on trying to find those premium global customers that are operating in Asia-Pacific.

我們一直嘗試回應一些需求，例如提供一些前瞻性的管線（forward pipeline）；而且我們有信心，最終管線裡還有更多兆瓦，但我們正努力把這些兆瓦與它們能夠上線的時間、最終客戶是誰相匹配，並且確實針對這些兆瓦與目前客戶需求做一些配對的工作。我們所給出的指引是：我們公告的兆瓦屬於較近期（nearer term）的性質，而我們也真的在努力為這些近期兆瓦找到相對應的近期客戶合約。我們會在地理上維持在我們的區域內。我們看到的是，本區域對GPU算力的需求絕對大於供給。我們只是專注於尋找那些在亞太地區營運的全球頂級客戶。

Specifically customers not with just for raw GPU compute, but with storage requirements as well.

特別是那些不僅需要純GPU算力，還有儲存（storage）需求的客戶。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Hi, guys. Thank you for taking my question. Nice to see the additional contracts. I want to spend a minute talking about maybe visibility into GPU deliveries. It feels like you guys are bringing on compute quite quickly given kind of when these deals are being announced. What we're hearing is anything in 2026 is effectively going to get sold. I guess what advantage do you guys have in terms of announcing a deal, call it yesterday, and saying in, four months you're going to be able to, start generating GPU revenue?

嗨，各位。謝謝你們回答我的問題。很高興看到新增的合約。我想花一點時間談談GPU交付的可見度。感覺你們在算力上線的速度很快，考量到這些交易公告的時間點。我們聽到的說法是，2026年的任何產能基本上都會被賣掉。我想問的是，你們在優勢上是什麼？例如你們昨天才公告一筆交易，卻能說四個月後就可以開始產生GPU營收？

I think there's no surprise that, capacity is constrained in 2026. What we're seeing for our OEMs, depending on, what form factor you're looking at, and look, we're generally building out in GB300s. We're sort of seeing that 12 to 14 weeks on GPU. Network's a little bit longer, but we've got really good supply chain partners, and our relationship with WWT really helps that. Depending on ultimately who the end customer is, there's obviously some incentives to try and get these things online as fast as possible. For instance, we do try and get ahead of some of that supply chain aspect.

我想大家都不意外，2026年的產能是受限的。我們從OEM端看到的情況是，取決於你看的機型規格（form factor）——而且你看，我們一般是以GB300來建置擴充。我們大致看到GPU的交期約為12到14週。網路設備會稍微久一點，但我們有非常好的供應鏈夥伴，而我們與WWT的合作關係也很有幫助。最終端客戶是誰，當然也會影響到一些誘因，大家都希望盡快把這些設備上線。例如，我們確實會嘗試在供應鏈某些環節上提前布局。

We have pre-ordered network for the GB300 cluster, which, enables us to bring some of that timeframe in. The longer lead items we are trying to get ahead of from an engineering perspective and procurement perspective. We're feeling pretty good about our delivery at this point in time, and just trying to make sure we manage that to customer expectations.

我們已經為GB300叢集預訂了網路設備，這讓我們能把部分時程再往前拉。對於交期較長的項目，我們正從工程與採購角度提前準備。就目前而言，我們對交付狀況感覺相當不錯，只是要確保把交付節奏管理好，符合客戶的期待。

Awesome. Maybe just on the CapEx and funding side. I think between the two recent deals, we're looking at, maybe $700 million or so kind of money that needs to be spent on GPUs. When should we expect the timing of that to kind of hit the financials?

太好了。再問一下資本支出（CapEx）和資金面的問題。我想以最近兩筆交易來看，我們談的是大概需要花7億美元左右在GPU上的支出。我們應該在什麼時間點預期這些支出會反映到財務報表上？

I think, from timing of the CapEx, well, we're already incurring some of the CapEx as a sort of indicator. We've gone out and we've spent and pre-ordered storage, for instance. We've pre-ordered network. Some of those longer lead components, we've tried to get ahead of the curve. We're very fortunate with some of the storage deals that we did. We got in prior to some price rises. We got ahead of some of that. Some of that CapEx. We've bought about 70,000 GPUs worth of storage to get ahead of the curve on those things. Broadly CapEx, if I could guide you about $39 million a megawatt at present, all in.

我想，就CapEx的時間點而言，我們其實已經在發生部分CapEx，算是一種指標。例如，我們已經出去採購並預訂了儲存設備。我們也預訂了網路設備。對於一些交期較長的零組件，我們嘗試提前卡位。我們在先前做的一些儲存採購交易上非常幸運。我們在某些漲價之前就先進場了。我們在那方面提前了一步。那部分CapEx。我們已經買了相當於約70,000顆GPU所需的儲存配置，來在這些事情上提前布局。就整體CapEx而言，如果要給你一個指引，目前大約是每兆瓦3,900萬美元（全包）。

That's with all the non-reoccurring costs of data center inclusive to that. We're seeing a little bit of, bit of movement there, but well within the numbers that we'd planned for and we've sort of disclosed to. We're seeing very good order timeframes around that. I think, to the, to the capital requirement, we're funded fundamentally from all the equity components for all the currently announced contracts. Between the Oaktree note, which is, due to close early next week, and the IPO proceeds plus customer deposits, we're in a fairly good position from that. We have appointed Jarden domestically here for the GPU financing route.

這個數字包含資料中心的一次性（non-reoccurring）成本在內。我們看到那裡有一點點變動，但都在我們原先規劃、也已經揭露的數字範圍之內。我們看到非常好的下單與交付時程。至於資金需求，我們基本上已經透過所有股權資金組成（equity components）把目前已公告的所有合約都資金到位。在Oaktree票據（note）（預計下週初完成交割）、IPO募資款加上客戶訂金之間，我們在資金面上處於相當不錯的位置。我們也在國內委任了Jarden來負責GPU融資路線。

We have several term sheets. It's just a matter of us matching the right term sheet to our ultimate financing desires, I think. We're very focused on that. We're very well advanced on it. As I sort of said, we're materially advanced enough that we're negotiating term sheets around the debt piece.

我們手上有好幾份條款書（term sheets）。我想接下來只是把合適的條款書，與我們最終的融資偏好做匹配。我們非常專注在這件事上。進度也已經相當超前。如我剛才所說，我們已經推進到相當程度，正在就債務部分的條款書進行協商。

Awesome. Maybe just to hammer home on one point, the additional 30 megawatts that you're talking about by early 2027, should we be expecting, call it, by early 2027, 100 megawatts, give or take, of kind of contracted deals to be up and running?

太好了。我想再確認一個重點：你們提到在2027年初前會再增加30兆瓦；那我們是否可以預期，到2027年初左右，大概有100兆瓦（上下些許）這類已簽約的案子會上線運轉？

I think you could guarantee that'll be signed, the 100 megawatts.

我想你可以確定的是，那100兆瓦一定會簽下來。

(Operator Instructions) Michael Donovan, Compass Point.

（接線員指示）Michael Donovan，Compass Point。

Hi, guys. Thanks. Thanks for taking my question, and congrats on progress. If you could talk about pricing trends that you're seeing in general for GPU hour, and just customer demand in general for inference. You mentioned storage, so how should we think about customers that do require storage versus just the bare metal compute? Appreciate it.

嗨，各位。謝謝。謝謝你們回答我的問題，也恭喜進展順利。如果可以的話，請談談你們看到的GPU每小時（GPU hour）定價趨勢，以及整體而言客戶對推論（inference）的需求。你們提到儲存，所以我們應該如何看待需要儲存的客戶，與只需要裸機算力（bare metal compute）的客戶之間的差異？感謝。

Look, each customer's got their own piece and what their own needs. If I talk to you on a megawatt basis, we're seeing around that $15 million a megawatt from a revenue perspective, that's with an allowance for some storage. If you think about the broader NVIDIA reference architecture, three PiB of storage to a 1K cluster is a broad rule of thumb. What we're now seeing from those customer contracts are requests of 6, 9, and 12 PiB. 3, 4x the storage component compared to the standard GPU component on the compute clusters.

你看，每位客戶都有各自的一塊需求，以及他們各自的需要。如果我用每兆瓦來跟你談，從營收角度來看，我們看到大約每兆瓦 1,500 萬美元，這其中已包含一定的儲存配置。如果你考量更廣泛的 NVIDIA 參考架構，對於一個 1K 叢集配置 3 PiB 的儲存，是一個大致的經驗法則。而我們現在從那些客戶合約看到的，是 6、9、12 PiB 的需求；相較於運算叢集中標準 GPU 組件，儲存組件是 3 到 4 倍。

For us, the storage is quite a, high margin component, and it's a real value add proposition within the business. If we think about that, it's really an opportunity for us to get additional revenue. It's additional revenue on these contracts, not just in year one, but what we are seeing is, customers get six months into a contract and go, we need some additional storage. What are we going to do? By then, they're already hooked on your GPU platform. It's quite a easy upsell at that point in time. I'd say that about, broadly the technology piece. The as you've highlighted, I think everyone knows market pricing is very strong at the moment given the scarcity of compute.

對我們而言，儲存是毛利相當高的組件，並且在業務中是一個真正的價值加成主張。如果我們從這個角度來看，這確實是我們取得額外營收的機會。這些合約帶來的是額外營收，不只是在第一年；我們看到的是，客戶在合約進行六個月後會說，我們需要一些額外的儲存。那我們要怎麼做？到那時，他們其實已經黏著在你的 GPU 平台上了。在那個時間點，向上加售其實相當容易。我想這大致就是技術面的部分。如你所指出的，我想大家都知道，鑑於算力稀缺，目前市場定價非常強勁。

If you can bring on capacity this year, you're in a very strong position. That materially outweighing demand of supply dynamics means that, we're seeing really strong customer pricing. The customers are really trying to lock in those longer term contracts because I think what they're seeing is the spot prices are a lot scarier.

如果你能在今年把產能上線，你就處於非常有利的位置。需求在實質上遠遠超過供給的動態意味著，我們看到非常強的客戶定價。客戶正試圖鎖定更長期的合約，因為我認為他們看到的是，即期價格要可怕得多。

Appreciate that. Then also if we could talk a little bit about the tech side and your relationship with VAST Data. How important is that relationship there, and what exactly does it provide you?

了解，謝謝。另外，如果我們可以稍微談談技術面，以及你們與 VAST Data 的合作關係。那段合作關係有多重要？它具體為你們提供了什麼？

Yeah. VAST is our, the storage piece on top of our, on top of, that sits alongside the GPU piece. We've got a phenomenal relationship with VAST. They've got an incredible technology stack, and, we are looking to how we further integrate that relationship with VAST. They have some amazing tools that allows us to, really allow that AI compute access into the data layer to work really, really efficiently. It's becoming As storage becomes that story of 2026 in our mind, you need more and more of that, specialized storage and storage tools that integrate well into your inference engine to get those workloads working really efficiently for the end customer.

是的。VAST 是我們的儲存部分，與 GPU 部分並列。我們與 VAST 的合作關係非常出色。他們擁有令人驚豔的技術堆疊，而我們也在思考如何進一步深化與 VAST 的整合。他們有一些很棒的工具，讓我們能夠讓 AI 算力更有效率地存取資料層，並以非常、非常高的效率運作。在我們看來，隨著儲存成為 2026 年的主題，你會需要越來越多那種專用儲存與儲存工具，並且要能與你的推論引擎良好整合，才能讓這些工作負載為終端客戶非常高效地運作。

We're making great margins on storage generally, and we want to keep continuing to see these customers, want more, want more storage for every deployment because it's a great value add for us as far as the business.

我們在儲存上整體的毛利表現很好，而我們也希望持續看到這些客戶在每一次部署時都想要更多、更多的儲存，因為就業務而言，這對我們是很大的價值加成。

Thank you. That concludes our Q&A session. I'll now hand the conference back to management for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。我現在把會議交回管理層作結語。請開始。

Hi, and thanks, everyone. I just want to take a moment to say thank you for joining our first Q1 2026 earnings call. It's the first one since we've listed on Nasdaq, and it's one of many more to come. I really want to thank our staff, our team, all our support from, internal, external stakeholders and our shareholders. If I look back at our business, it's expanded significantly, and we continue to see both, Australian and rest of world demand materially outweighing supply. Having upgraded our expected data center capacity twice this year from the initial 55 to 70 and now to 100 megawatts.

大家好，謝謝各位。我想花一點時間感謝大家參加我們 2026 會計年度第一季（Q1）的首次法說會。這是我們在納斯達克上市後的第一場，之後還會有更多場。我也非常想感謝我們的員工、團隊，以及來自內部、外部利害關係人與股東的所有支持。回顧我們的業務，它已顯著擴張，而我們持續看到澳洲及全球其他地區的需求在實質上大幅超過供給。今年我們已兩次上調預期資料中心容量，從最初的 55 提升到 70，現在提升到 100 兆瓦。

With the funding in place, with the previously announced $350 convertible note, we're well-placed to continue to grow our customer base over the coming quarters. We just want to reiterate that we continue to see that strong demand across enterprise, hyperscale, research, government, and AI native sectors throughout Australia and the Asia Pac. We're really looking forward to, future announcements and getting together with everyone on the next earnings call. Thanks a lot.

在資金到位的情況下，包含先前公告的 3.5 億美元可轉換公司債，我們已具備良好條件在接下來幾個季度持續擴大客戶基礎。我們也想再次強調，我們持續看到澳洲與亞太地區在企業、超大規模（hyperscale）、研究、政府以及 AI 原生等領域的強勁需求。我們非常期待未來的公告，也期待在下一次法說會與各位再相聚。非常感謝。

Thank you. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動到此結束。您現在可以中斷連線，祝您有美好的一天。感謝您的參與。