Terawulf Inc (WULF) 2025 Q1 法說會逐字稿

Greetings, and welcome to the TeraWulf 2025 first-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 TeraWulf 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, John Larkin, Senior Vice President, Director of Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹您的主持人，高級副總裁兼投資者關係總監約翰·拉金 (John Larkin)。謝謝您，先生。你可以開始了。

Thank you, operator. Good morning, and welcome to TeraWulf's 2025 first-quarter earnings call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially.

謝謝您，接線生。早安，歡迎參加 TeraWulf 2025 年第一季財報電話會議。今天與我一起出席的還有董事長兼執行長 Paul Prager 和財務長 Patrick Fleury。在我們開始之前，請注意我們今天的評論可能包含前瞻性陳述。這些聲明受風險和不確定性的影響，實際結果可能有重大差異。

During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions, which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the Investors section of our website at terawulf.com.

在本次電話會議中，我們可能會使用預期、可能、使能、估計、打算、期望、相信、潛在、將、應該、預測等詞語及類似的表達方式，這些詞語均表示前瞻性陳述。有關這些風險和其他風險的更全面討論，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，該文件可在 sec.gov 和我們網站 terawulf.com 的投資者部分查閱。

We will also reference certain non-GAAP measures today. Please refer to our 10-K and 10-Q filings and our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures. We will start this morning's call with prepared remarks from Paul and Patrick, followed by a Q&A session.

今天我們也將參考某些非公認會計準則指標。請參閱我們的 10-K 和 10-Q 文件以及我們的網站，以全面了解這些非 GAAP 指標與最具可比性的 GAAP 指標之間的對應關係。今天早上的電話會議將以保羅和帕特里克的準備好的演講開始，然後是問答環節。

I'll now turn the call over to our CEO, Paul Prager.

現在我將把電話轉給我們的執行長保羅‧普拉格 (Paul Prager)。

Thank you, John, and good morning, everyone. We appreciate joining us to review our first-quarter 2025 results. It was another active quarter for TeraWulf as we continue to build on the strong momentum from 2024. Across both, our Bitcoin mining and high-performance compute or HPC businesses, we remain committed to executing our strategy, maximizing the value of our megawatts through scalable, sustainable infrastructure.

謝謝你，約翰，大家早安。我們很高興與您一起回顧 2025 年第一季的業績。對於 TeraWulf 來說，這是另一個活躍的季度，我們將繼續保持 2024 年的強勁勢頭。在我們的比特幣挖礦和高效能運算或 HPC 業務中，我們始終致力於執行我們的策略，透過可擴展、可持續的基礎設施來最大限度地提高兆瓦的價值。

Before turning to the business highlights, I want to take a moment to thank you, our shareholders, especially those of you who have supported us since the very beginning. We are positioning TeraWulf to lead at the intersection of energy and compute. It's a long-term effort, but one that we believe will create substantial value over time.

在介紹業務亮點之前，我想花點時間感謝我們的股東，特別是從一開始就支持我們的人。我們將 TeraWulf 定位為能源和計算交叉領域的領導者。這是一項長期的努力，但我們相信隨著時間的推移它將創造巨大的價值。

Starting with WULF Mining, our sustainable Bitcoin mining platform at our Lake Mariner facility in Upstate New York. During the quarter, we successfully energized Miner Building 5, bringing total operational capacity to 245 megawatts. We exited the quarter with a self-mining hash rate of 12.2 exahash and fleet efficiency of 18 joules per terahash.

從 WULF Mining 開始，這是我們位於紐約州北部 Lake Mariner 工廠的可持續比特幣挖礦平台。本季度，我們成功為 Miner Building 5 通電，使總營運容量達到 245 兆瓦。本季結束時，我們的自挖哈希率為 12.2 exahash，隊列效率為 18 焦耳/太赫茲。

As we mentioned on our February call, extreme weather in January and February temporarily impacted power pricing. However, by March and well into April, pricing normalized and our mining operations returned to positive EBITDA in the month of April. I also want to confirm that we received and installed all of our S21 Pro miners before any potential tariff implications, ensuring uninterrupted deployment.

正如我們在二月電話會議上提到的那樣，一月份和二月的極端天氣暫時影響了電價。然而，到了 3 月和 4 月份，價格恢復正常，我們的採礦業務在 4 月恢復了正 EBITDA。我還想確認，在任何潛在的關稅影響之前，我們已經收到並安裝了所有的 S21 Pro 礦機，以確保不間斷的部署。

Turning to WULF Compute, our high-power compute hosting platform. Our mission here is to scale our purpose-built liquid-cooled infrastructure to meet the growing demand for AI and compute-intensive workloads. Demand remains strong, especially from enterprises seeking secure high-density infrastructure over the next 12 to 18 months.

轉向我們的高功率運算託管平台 WULF Compute。我們的使命是擴展我們專用的液冷基礎設施，以滿足對人工智慧和運算密集型工作負載日益增長的需求。需求仍然強勁，尤其是來自尋求未來 12 至 18 個月內安全高密度基礎設施的企業的需求。

We are focused on working with prospective partners that have capital to deploy secured GPU allocations and credit profiles that support project level financing. Today, we are actively executing on three dedicated buildings for our HPC anchor tenant, Core42, the WULF Den, CB-1 and CB-2. These facilities are our top construction and operational priority.

我們專注於與擁有資本的潛在合作夥伴合作，部署安全的 GPU 分配和支援專案級融資的信用狀況。今天，我們正在積極為我們的 HPC 主力租戶 Core42、WULF Den、CB-1 和 CB-2 建造三棟專用建築。這些設施是我們建設和營運的首要任務。

Following five months of close collaboration with our partner and their integrator and many consultants, the WULF Den is operational and will begin generating revenues in Q2. And we expect CB-1 to go live in Q3 and CB-2 in Q4. Executing on these initial facilities will drive further demand for our site and further interest in partnering with the TeraWulf team for highly complex HPC deployment.

經過與我們的合作夥伴及其整合商和許多顧問五個月的密切合作，WULF Den 已投入營運並將在第二季開始產生收入。我們預計 CB-1 將於第三季上線，CB-2 將於第四季上線。這些初始設施的實施將推動對我們站點的進一步需求，並進一步激發與 TeraWulf 團隊合作進行高度複雜的 HPC 部署的興趣。

Our partnership with Core42 is progressing exceptionally well. We collaborate daily to align on technical specifications and deployment timelines. To give a sense of the scale and sophistication involved, Dell, Core42's integrator, expects to have over 180 personnel on-site during the GPU tuning phase. We are optimizing design elements every day to ensure our infrastructure meets both current and future demand. These refinements may accelerate or delay timing and could affect overall infrastructure costs.

我們與 Core42 的合作進展非常順利。我們每天進行合作，以協調技術規格和部署時間表。為了讓人們了解所涉及的規模和複雜程度，Core42 的整合商戴爾預計將在 GPU 調整階段派遣超過 180 名現場人員。我們每天都在優化設計元素，以確保我們的基礎設施滿足當前和未來的需求。這些改進可能會加速或延遲時間，並可能影響整體基礎設施成本。

Our goal is to design infrastructure that will support future generations of GPUs. So we are committed to getting it right the first time. A successful launch will not only position us for further potential expansion with Core42, but also establish TeraWulf as a leader in next-generation data center development.

我們的目標是設計支援未來幾代 GPU 的基礎設施。因此，我們致力於第一次就把事情做好。成功發布不僅將使我們與 Core42 進一步拓展潛在業務，還將使 TeraWulf 成為下一代資料中心開發的領導者。

Success here will also accelerate our broader HPC hosting strategy. Additional prospective tenants are closely watching our progress, and we are actively engaged in discussions to secure new commitments as we build out our capacity.

這裡的成功也將加速我們更廣泛的 HPC 託管策略。其他潛在租戶正在密切關注我們的進展，我們也在積極參與討論，以確保在擴大容量的同時獲得新的承諾。

Let me touch on a few additional updates. First, capacity. In April, we received approval from NYISO for an additional 250 megawatts of capacity at Lake Mariner, bringing the current total to 500 megawatts. We intend to request an additional 250 megawatts that will bring our total power at Lake Mariner to 750 megawatts. We appreciate the support and collaboration of NYISO as we scale this site.

讓我談談一些額外的更新。第一，容量。今年 4 月，我們獲得了紐約獨立系統營運商 (NYISO) 的批准，在水手湖增加 250 兆瓦的容量，使目前的總容量達到 500 兆瓦。我們打算申請額外的 250 兆瓦電力，讓水手湖的總電力達到 750 兆瓦。我們感謝 NYISO 在我們擴展該站點時提供的支持和合作。

Second, tariffs. We're monitoring the evolving tariff landscape. Based on current information, we estimate a 5% to 10% impact to build costs. We remain committed to underwriting projects to mid-teens unlevered returns and will adapt as needed to protect project economics.

第二，關稅。我們正在監測不斷變化的關稅狀況​​。根據目前的訊息，我們估計建築成本將受到 5% 到 10% 的影響。我們仍然致力於為專案承保中等規模的無槓桿回報，並將根據需要進行調整以保護專案經濟效益。

Third, project financing. We remain on track for midyear execution of the project financing of our 72.5megawatt Core42 build-out. We are scheduled to officially launch the process next week with our advisers at JPMorgan and Morgan Stanley and early feedback from potential lenders has been positive.

三是專案融資。我們仍有望在年中實施 72.5 兆瓦 Core42 建設項目的融資。我們計劃下週與摩根大通和摩根士丹利的顧問一起正式啟動這一流程，潛在貸款人的早期反饋是積極的。

Finally, our growth pipeline. Beyond our 750 megawatts road map at Lake Mariner, we continue to pursue expansion opportunities. At the top of the list is the Cayuga site, a sister facility to Lake Mariner located on Lake Cayuga in Upstate New York. It shares the same strategic advantages in land, power, and fiber access.

最後，我們的成長管道。除了我們在水手湖的 750 兆瓦路線圖之外，我們還將繼續尋求擴張機會。名單頂部是卡尤加核電廠，它是位於紐約州北部卡尤加湖的水手湖核電廠的姊妹設施。在土地、電力、光纖接入等方面具有相同的戰略優勢。

That process is progressing with our Board, and we'll share more when we have firm updates. We're also evaluating additional sites with strong time-to-power potential and opportunities for on-site generation. This is an area where our energy infrastructure expertise truly differentiates us.

這個流程正在與我們的董事會一起推進，當我們有確切的更新資訊時，我們會分享更多資訊。我們也正在評估其他具有強大發電潛力和現場發電機會的站點。在這一領域，我們的能源基礎設施專業知識真正讓我們脫穎而出。

Lastly, I want to address the company services agreement with Beowulf Electricity & Data, a private company owned by me, that currently provides electricity and digital infrastructure services to TeraWulf. We believe the time is right to simplify the structure. We are currently pursuing a full integration of Beowulf and TeraWulf to eliminate related-party disclosures, streamline operations and better align incentives across the organization. The process is driven by our Board and guided by rigorous governance protocols and independent oversight to ensure transparency and shareholder alignment.

最後，我想談談與我擁有的私人公司 Beowulf Electricity & Data 的公司服務協議，該公司目前為 TeraWulf 提供電力和數位基礎設施服務。我們認為現在是簡化結構的最佳時機。我們目前正在對 Beowulf 和 TeraWulf 進行全面整合，以消除關聯方揭露、簡化營運並更好地協調整個組織的激勵機制。該流程由我們的董事會推動，並遵循嚴格的治理協議和獨立監督，以確保透明度和股東一致性。

To summarize, our key near-term priorities are, one, optimize our self-mining platform following the energization of MB5; two, deliver all three Core42 buildings on time and on budget; three, lease additional HPC hosting capacity at Lake Mariner; and four, close the project financing for the Core42 build-out.

總而言之，我們近期的主要優先事項是：第一，在 MB5 通電後優化我們的自挖礦平台；第二，按時按預算交付所有三座 Core42 建築；第三，在水手湖租賃額外的 HPC 託管容量；第四，完成 Core42 建設的項目融資。

With that, I will turn it over to our Chief Financial Officer, Patrick Fleury.

接下來，我將把權力移交給我們的財務長 Patrick Fleury。

Thank you, Paul. The first-quarter of 2025 presented challenging market conditions for our Bitcoin mining operations with a temporary spike in power prices and increasing network difficulty, the impacts of which are reflected in our financial results for the quarter. While our EBITDA was slightly negative for the quarter, it's important to emphasize we are carrying significant incremental costs related to our expansion into high-power compute hosting without any current revenue contribution.

謝謝你，保羅。2025 年第一季度，我們的比特幣挖礦業務面臨嚴峻的市場形勢，電價暫時飆升，網路難度增加，其影響反映在本季度的財務業績中。雖然本季我們的 EBITDA 略為負值，但必須強調的是，我們承擔了與擴展到高功率運算託管相關的大量增量成本，而沒有任何當前收入貢獻。

As I'll discuss later in my remarks, this temporary burden will soon be addressed as our HPC hosting buildings come online in 2Q, 3Q, and 4Q 2025 as depicted on Page 15 of our May Investor Presentation. In the first quarter of 2025, we self-mined 372 Bitcoin at Lake Mariner or approximately 4 Bitcoin per day, a 12% decrease over the 423 Bitcoin mined in 4Q '24. Our GAAP revenues were flat quarter over quarter at $34.4 million in 1Q '25 from $35 million in 4Q '24.

正如我稍後將在發言中討論的那樣，隨著我們的 HPC 託管大樓在 2025 年第二季度、第三季度和第四季度上線，這一暫時負擔將很快得到解決，如我們 5 月份投資者演示文稿第 15 頁所示。2025 年第一季度，我們在 Lake Mariner 自行開採了 372 個比特幣，即每天約 4 個比特幣，比 2024 年第四季度開採的 423 個比特幣減少了 12%。我們的 GAAP 營收與上一季持平，從 2024 年第四季的 3,500 萬美元降至 2025 年第一季的 3,440 萬美元。

Our value per Bitcoin self-mined in 1Q '25, a non-GAAP metric, averaged $92,600 per Bitcoin as compared to $82,739 in 4Q '24. Our GAAP cost of revenue, exclusive of depreciation for 1Q '25 was $24.5 million, a 25% increase over $19.6 million in 4Q '24. The quarter-over-quarter increase was due to a 37% increase in realized power prices from $0.059 per kilowatt hour in 4Q '24 to $0.081 per kilowatt hour in 1Q '25, offset by demand response proceeds of $1.3 million in 4Q '24 versus $2.8 million in 1Q '25.

2025 年第一季度，我們自挖的每個比特幣的價值（非 GAAP 指標）平均為 92,600 美元，而 2024 年第四季為 82,739 美元。我們的 2025 年第一季 GAAP 營收成本（不含折舊）為 2,450 萬美元，比 2024 年第四季的 1,960 萬美元成長了 25%。環比成長是由於實際電價上漲 37%，從 2024 年第四季的每千瓦時 0.059 美元上漲至 2025 年第一季的每千瓦時 0.081 美元，但需求響應收益從 2024 年第四季的 130 萬美元（2025 年第一季的 280 萬美元）中抵消。

Our power cost or cost of energy per Bitcoin mined, a non-GAAP metric, was $66,084 in 1Q '25 compared to $46,328 in 4Q '24. As mentioned previously, this temporary spike in power prices, which began in December and persisted through mid-February 2025 was historic as it resulted in a 1.76 standard deviation spike in New York NYISO Zone A West average energy prices from January and February versus the average for this period over the last 10 years.

我們的電力成本或每枚比特幣的能源成本（非 GAAP 指標）在 2025 年第一季為 66,084 美元，而 2024 年第四季為 46,328 美元。如前所述，電價的暫時飆升始於 12 月，一直持續到 2025 年 2 月中旬，這是歷史性的，因為它導致紐約 NYISO 西部 A 區平均能源價格從 1 月到 2 月與過去 10 年同期的平均價格相比上漲了 1.76 個標準差。

We expect the remainder of 2025 to be in line with historical power pricing at Lake Mariner with guidance of $0.05 per kilowatt hour for 2Q through 4Q '25, which is in line with New York NYISO Zone A forward power curves as of May 5, 2025. Operating expenses increased 6% quarter over quarter from $2.7 million in 4Q '24 to $2.9 million in 1Q '25, following a 69% increase from 3Q '24 to 4Q '24. This trend higher is primarily the result of increased staffing levels at Lake Mariner necessary to support our mining expansion as well as our entry into HPC hosting activities.

我們預計 2025 年剩餘時間的電價將與 Lake Mariner 的歷史電價保持一致，2025 年第二季至第四季的指導電價為每千瓦時 0.05 美元，這與截至 2025 年 5 月 5 日的紐約 NYISO 區域 A 遠期功率曲線一致。營運費用較上季成長 6%，從 2024 年第四季的 270 萬美元增至 2025 年第一季的 290 萬美元，而從 2024 年第三季到 2024 年第四季則成長了 69%。這種趨勢上升主要是因為水手湖的人員配備水準增加，這為支持我們的採礦擴張以及進入 HPC 託管活動提供了必要條件。

SG&A expenses increased quarter over quarter from $32.3 million in 4Q '24 to $50.1 million in 1Q '25, primarily due to stock-based compensation in 1Q '25. Adjusting for stock-based compensation, SG&A decreased quarter over quarter from $15.5 million in 4Q '24 to $11.5 million in 1Q '25. Depreciation increased slightly quarter over quarter from $14.9 million at 4Q '24 to $15.6 million in 1Q '25. Loss on fair value of digital currency in 1Q '25 was $0.9 million compared to a gain of $0.6 million in 4Q '24.

銷售、一般及行政費用 (SG&A) 環比成長，從 2024 年第四季的 3,230 萬美元增至 2025 年第一季的 5,010 萬美元，主要原因是 2025 年第一季的股票薪酬。經股票薪酬調整後，銷售、一般及行政費用 (SG&A) 環比下降，從 2024 年第四季的 1,550 萬美元下降至 2025 年第一季的 1,150 萬美元。折舊額較上季略有增加，從 2024 年第四季的 1,490 萬美元增至 2025 年第一季的 1,560 萬美元。2025 年第一季數位貨幣公允價值損失為 90 萬美元，而 2024 年第四季則獲利 60 萬美元。

GAAP interest expense in 1Q '25 was $4 million compared to $3 million in 4Q '24, and we recognized interest income of $2.2 million in 1Q '25 compared to $2.6 million in 4Q '24. Cash interest paid during 1Q '25 and 4Q '24 was negligible as the 2.75% interest on our $500 million convertible notes is accrued and payable on May 1 and November 1. Our GAAP net loss in 1Q '25 was $61.4 million compared to a net loss of $29.2 million in 4Q '24. Our non-GAAP adjusted EBITDA for 1Q '25 was negative $4.7 million, down from positive $2.5 million in 4Q '24.

2025 年第一季的 GAAP 利息支出為 400 萬美元，而 2024 年第四季為 300 萬美元；2025 年第一季我們確認的利息收入為 220 萬美元，而 2024 年第四季為 260 萬美元。2025 年第一季和 2024 年第四季支付的現金利息微不足道，因為我們 5 億美元可轉換票據的 2.75% 利息是在 5 月 1 日和 11 月 1 日累積並支付的。我們 2025 年第一季的 GAAP 淨虧損為 6,140 萬美元，而 2024 年第四季的淨虧損為 2,920 萬美元。我們 2025 年第一季的非 GAAP 調整後 EBITDA 為負 470 萬美元，低於 2024 年第四季的正 250 萬美元。

Turning our attention to the balance sheet. As of March 31, we held $218 million in cash with total asset amounting to $840 million and total liabilities of $670 million. Through March 31, 2025, we spent approximately $130 million of capital expenditures on WULF Den, CB-1, and CB-2.

將我們的注意力轉向資產負債表。截至 3 月 31 日，我們持有現金 2.18 億美元，總資產為 8.4 億美元，總負債為 6.7 億美元。截至 2025 年 3 月 31 日，我們在 WULF Den、CB-1 和 CB-2 上花費了約 1.3 億美元的資本支出。

As disclosed on page 17 of our May Investor Presentation, we achieved a BTC segment cost of production of approximately $72,000 in 1Q '25 and our guidance for 2Q through 4Q '25 is anticipated to be well below this at approximately $47,500, primarily due to the aforementioned decrease in forecasted power prices.

正如我們 5 月份投資者介紹第 17 頁所披露的那樣，我們在 2025 年第一季度實現了約 72,000 美元的 BTC 部門生產成本，而我們對 2025 年第二季度至第四季度的指導成本預計將遠低於此，約為 47,500 美元，這主要是由於上述預測電價下降。

Regarding fixed operating expense guidance for 2025, page 18 details our anticipated SG&A, operating expense and interest expense provisions. These costs reflect significant increases in the number of employees at both TeraWulf and Lake Mariner as we grow our business and expand in high-power compute hosting.

關於 2025 年固定營運費用指導，第 18 頁詳細說明了我們預期的銷售、一般及行政費用 (SG&A)、營運費用和利息費用準備金。這些成本反映了隨著我們業務的成長和高功率計算託管的擴展，TeraWulf 和 Lake Mariner 的員工數量顯著增加。

On page 12 of the May Investor Presentation, you will find our updated total cost to build and net yield on cost analysis. Since signing the Core42 leases in December, we've worked hand in glove with Core42 and our respective partners, including Dell, Ramble, and T5 among others, to refine our preliminary data center designs into a final high-quality product.

在 5 月投資人簡報的第 12 頁，您將看到我們更新的總建造成本和淨成本分析。自 12 月簽署 Core42 租約以來，我們一直與 Core42 以及我們各自的合作夥伴（包括戴爾、Ramble 和 T5 等）密切合作，將我們初步的資料中心設計完善為最終的高品質產品。

The result of this tightly net partnership and design process is an increase in total capital expenditures of approximately $65 million from $365 million to $430 million, along with a commensurate increase in initial rent from approximately $1.5 million per megawatt to approximately $1.6 million per megawatt. The net result of these changes is a slightly lower net yield on cost, but a 14% increase in year one EBITDA.

這種緊密的合作夥伴關係和設計流程的結果是總資本支出從 3.65 億美元增加到 4.3 億美元，增加了約 6,500 萬美元，同時初始租金也從每兆瓦約 150 萬美元增加到每兆瓦約 160 萬美元。這些變化的最終結果是成本淨收益率略有下降，但第一年的 EBITDA 增加了 14%。

The incremental spend takes our CapEx per critical megawatt from $6.1 million to $7.2 million, well within our long-standing guidance range of $6 million to $8 million and well below industry peers as detailed on page 13. This page highlights the unique value of the existing infrastructure and site-specific advantages of building and operating high-power compute loads at Lake Mariner.

增加的支出使我們每關鍵兆瓦的資本支出從 610 萬美元增加到 720 萬美元，遠低於我們長期以來 600 萬美元至 800 萬美元的指導範圍，也遠低於第 13 頁詳述的行業同行。本頁重點介紹了現有基礎設施的獨特價值以及在水手湖建造和運行高功率計算負載的特定場地優勢。

Regarding our capital position and growth plans for the remainder of 2025. Page 14 provides the capital sources and uses bridge. Our data center financing led by JPMorgan and Morgan Stanley will officially launch next week. We have a high degree of confidence in executing an approximately $300 million debt raise in the middle of 2025.

關於我們 2025 年剩餘時間的資本狀況和成長計劃。第14頁提供資金來源和使用橋樑。我們的由摩根大通和摩根士丹利牽頭的資料中心融資將於下周正式啟動。我們對在 2025 年中期實現約 3 億美元的債務增發充滿信心。

In anticipation of a sizable unallocated 2025 cash balance, the Board has authorized a new $200 million share repurchase program or an incremental approximately $150 million to the remaining approximately $50 million on our pre-existing program.

由於預計 2025 年將有大量未分配現金餘額，董事會已批准一項新的 2 億美元股票回購計劃，或在我們現有計劃剩餘的約 5000 萬美元基礎上增加約 1.5 億美元。

We also intend to file an updated ATM prospective settlement of $200 million, which is a housekeeping exercise as the current ATM with approximately $87 million remaining have lapsed at year-end. While some may find it unorthodox to have active buyback and ATM programs, given TeraWulf's historical realized stock volatility of approximately 130 and current macroeconomic conditions, the management team and Board find it prudent to have every tool in the tool shed available and at our disposal.

我們還打算提交一份價值 2 億美元的更新版 ATM 預期和解方案，這是一項內部處理工作，因為目前剩餘約 8,700 萬美元的 ATM 已於年底失效。儘管有些人可能認為主動回購和 ATM 計劃並不合常規，但考慮到 TeraWulf 歷史上約 130 的實際股票波動率以及當前的宏觀經濟狀況，管理團隊和董事會認為，明智的做法是將工具棚裡的所有工具都準備好並供我們支配。

Finally, as a management team, we are repeatedly asked how we value a megawatt of long-term contracted high-power compute capacity. One simple analysis we regularly reference internally is depicted on page 16. In summary, the Core42 leases for 16 megawatts of critical load are worth approximately $2 per fully diluted share outstanding. And every incremental 50 megawatts of capacity contracted at similar economics is worth an additional $1.30 or so per fully diluted share. We hope you find this slide useful as a simple reference tool to measure our success as we announce further high-power compute deals.

最後，作為管理團隊，我們一再被問到如何評估一兆瓦的長期合約高功率運算能力。第 16 頁描述了我們內部經常引用的一個簡單分析。綜上所述，Core42 租賃的 16 兆瓦關鍵負載的價值約為每股完全稀釋流通股 2 美元。以類似的經濟條件簽訂的每增加 50 兆瓦的發電容量，每股完全稀釋股份的價值就會增加 1.30 美元左右。我們希望您發現這張投影片很有用，它可以作為一個簡單的參考工具來衡量我們在宣布進一步的高功率運算交易時所取得的成功。

With that, I'll turn it back to the operator, and we look forward to answering your questions.

說完這些，我將把電話轉回給接線員，我們期待回答您的問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Hey. Thank you, operator, and good morning, everyone. My first question, it's good to see the integration of TeraWulf and Beowulf. So how should we think about any potential cost savings for the parent? And what does the timeline look like there? Thank you very much.

嘿。謝謝接線員，大家早安。我的第一個問題，很高興看到 TeraWulf 和 Beowulf 的整合。那麼，我們該如何考慮為父母節省潛在的成本呢？那裡的時間線是什麼樣的？非常感謝。

From a timeline perspective, there's a very rigorous process because it's a related party transaction. So the Independent Directors of the Board have hired independent counsel, independent financial advisers, have negotiated an arrangement with the ownership of Beowulf. And until those independent directors approve the transaction and the audit committee approves the transaction is required by our -- the operating company's articles as well as by insurance, I can't comment on that. That's a process they run independently.

從時間表的角度來看，這是一個非常嚴格的流程，因為它是一項關聯方交易。因此，董事會的獨立董事聘請了獨立法律顧問、獨立財務顧問，並與 Beowulf 的所有者達成了協議。在這些獨立董事批准該交易並且審計委員會批准該交易之前，根據我們的營運公司章程以及保險規定，我無法對此發表評論。這是他們獨立運作的過程。

We think it's something that will be very enabling to TeraWulf's shareholders long-term to just have everybody in one place. And ultimately, it will drive real value in terms of development and of additional sites as well as construction of high-power compute on our existing site.

我們認為，從長遠來看，讓所有人聚集在一個地方將對 TeraWulf 的股東非常有利。最終，它將在開發和附加站點以及在現有站點上建立高功率計算方面帶來真正的價值。

So we're pretty excited about this opportunity. And we think it's near-term, but again, it's really up to the Independent Directors of the Board of the company.

所以我們對這個機會感到非常興奮。我們認為這只是短期內的事情，但實際上這取決於公司董事會的獨立董事。

Paul, that's very helpful. I appreciate those comments. My second question, one thing that's always stood out about your economics is really the lower capital intensity. And you mentioned the tariff impact of 5% to 10%. So my question is what are your expectations for build costs more broadly, particularly as you look to Cayuga or other potential sites, could some of these other sites have the same capital intensity that Mariner has afforded?

保羅，這非常有幫助。我很感謝這些評論。我的第二個問題是，你們的經濟學中一個始終引人注目的點就是較低的資本密集度。您提到了5%至10%的關稅影響。所以我的問題是，您對建造成本的整體預期是什麼，特別是當您考慮卡尤加或其他潛在地點時，這些其他地點中的一些是否能具有與 Mariner 相同的資本強度？

Patrick, do you want to field that or you would like me to?

派崔克，你想回答這個問題還是希望我回答？

Go ahead. I'll back you up.

前進。我會支持你的。

I think we have guided the markets to $8 million a megawatt. Our range was basically 5 to 8. We tightened it up to 6 to 8. The answer is we're working very closely with Core42 and the integrated Dell. And we've had several design changes that have had some cost implications.

我認為我們已經將市場價格引導至每兆瓦 800 萬美元。我們的範圍基本上是 5 到 8。我們將其縮緊至 6 至 8。答案是我們正在與 Core42 和綜合戴爾密切合作。我們進行了幾項設計變更，這些變更對成本產生了一些影響。

But that is, A, there's a mechanism within our agreement to capture that. And so nobody should be concerned there. But B, we think it enables us to get to a better standard design for a 50-megawatt gross building, 42 net megawatt building that we could just replicate over and over again for both the existing customer Core42 and other customers that come to our site.

但也就是說，A，我們的協定中有一個機制可以捕捉這一點。因此沒人應該擔心。但是 B，我們認為它使我們能夠獲得更好的標準設計，即總發電量為 50 兆瓦的建築、淨發電量為 42 兆瓦的建築，我們可以為現有客戶 Core42 和來到我們站點的其他客戶反覆複製這種設計。

So by the way, I look at that learn knowledge, if you will, of the slightly higher price of the finalized design -- is pretty much optimal leading-edge data center design that gives us a competitive advantage going forward. But we're pretty much at that range, $6 million to $8 million, and it could be at the high end of that range, but I'm good with that.

順便說一句，如果你願意的話，我認為最終設計的價格略高，但這幾乎是最佳的前沿資料中心設計，可以為我們帶來未來的競爭優勢。但我們基本上處於這個範圍內，600 萬美元到 800 萬美元，也可能處於這個範圍的高端，但我對此感到滿意。

Yeah. Nick, if I may add a little bit to that. So as you can see in our new page 13 in our deck, I think this page really highlights A, the uniqueness of Lake Mariner and the other power sites that we have and also our ability to take those sites, remediate them. I mean, I think this really encompasses all of our strategic advantages.

是的。尼克，我可以補充一點嗎？因此，正如您在我們新的第 13 頁中看到的，我認為這一頁真正突出了 A，水手湖和我們擁有的其他發電場的獨特性，以及我們佔領和修復這些場址的能力。我的意思是，我認為這確實涵蓋了我們所有的策略優勢。

And I think what Paul just said of this close net partnership with Core42 and all the consultants we're working with really puts us in a competitive advantage vis-a-vis our peers because now we have what I would call it close to a perfected design at a cost that is very attractive. So yeah, I think it's -- again, even if you take tariffs on top of that sort of $7.2 million critical build cost that we talked about of 5% to 10%, you're still within the range that we've been guiding to for a long time of 6 to 8.

我認為保羅剛才所說的與 Core42 以及我們合作的所有顧問的密切網絡合作夥伴關係確實使我們在同行中佔據了競爭優勢，因為現在我們擁有了接近完美的設計，而且成本非常有吸引力。是的，我認為——即使你把關稅加到我們之前談到的 720 萬美元關鍵建設成本上（5% 到 10%），你仍然在我們長期以來指導的 6 到 8 的範圍內。

Darren Aftahi, Roth Capital Partners.

羅斯資本合夥公司的達倫‧阿夫塔希 (Darren Aftahi)。

Yeah. Good morning. Thanks for taking my questions. Just two, if I may. On page 10, there's commentary, I think, around EBITDA margins being incrementally higher on future capacity. So two questions around that. I guess the first one is in terms of an additional tenant or existing tenant into future capacity, what sort of bogeys need to be seen in order for that to happen? Is it getting operation building at scale and then people can take next step?

是的。早安.感謝您回答我的問題。如果可以的話，就兩個。我認為，第 10 頁上有關於未來產能將逐步提高 EBITDA 利潤率的評論。圍繞這一點有兩個問題。我想第一個問題是，關於未來增加租戶或現有租戶，需要看到什麼樣的情況才能實現這一點？它是否能夠大規模地進行營運建設，然後人們可以採取下一步行動？

And then I guess the question around incremental adjusted EBITDA, what kind of gives you confidence on that? Is it just lease rates and you think that CapEx can stay the same, so yields will be higher? Just any kind of color would be helpful. Thanks.

然後我想問一下關於增量調整後 EBITDA 的問題，是什麼讓您對此有信心？只是租賃利率嗎？您認為資本支出可以保持不變，因此收益率會更高嗎？任何顏色都有幫助。謝謝。

Hey, Patrick, if it's okay, I'll answer the first part of the question. You could get the second.

嘿，派崔克，如果可以的話，我會回答問題的第一部分。你可以得到第二個。

Sounds good.

聽起來不錯。

Yeah. So Darren, I don't think there's a bogey out there that we got to tap in order to sign up additional capacity. I think those conversations are ongoing. They've been -- we've been having them since we signed up Core42 or in advance of that even. And we're talking to both Core42 and additional customers.

是的。所以達倫，我不認為我們需要利用任何障礙來增加容量。我認為這些對話仍在進行中。自從我們簽約 Core42 以來，甚至在那之前，我們就一直在使用它們。我們正在與 Core42 和其他客戶進行洽談。

And so I think what we've tried to share with people is that we sense -- by the way, our stock is priced in the market that some people still don't sort of believe that that we're very much a show-me story. And we're really comfortable with that. I think if you want to bet on anything, you want to bet on the execution capabilities of TeraWulf.

所以我認為，我們試圖與人們分享的是，我們感覺到——順便說一句，我們的股票在市場上的定價讓一些人仍然不相信我們只是在做一個炫耀的故事。我們對此感到非常滿意。我認為如果你想打賭任何事情，你都會想打賭 TeraWulf 的執行能力。

And so I think that it is natural for customers who are trying to -- whether its neoclouds or hyperscalers or enterprise folks, I think it's natural for them to -- while they are organizing what their needs are to want to be able to look at something. It's the difference between -- it's being able to go in and touch it and see it and hear it and you have all those machines come in, and it's just a pretty fantastic thing when you get into one of our data halls.

因此，我認為，對於那些試圖這樣做的客戶來說，無論是 NeoClouds、超大規模企業還是企業人員，當他們組織自己的需求時，希望能夠查看某些東西，這是很自然的。差別在於——你可以進去觸摸它、看到它、聽到它，並且讓所有這些機器進來，當你進入我們的一個數據大廳時，這真是一件奇妙的事情。

So while I agree with you that we built WULF Den in order to be able to achieve that -- and in fact, we did, we landed the preeminent customer in the space in Core42 -- I think when we energize CB-1, it will be even more profound in terms of how people want to react to us and get to the place where they're finally willing to contract.

因此，雖然我同意你的觀點，即我們建立 WULF Den 是為了能夠實現這一目標——事實上，我們做到了，我們在 Core42 領域獲得了傑出的客戶——但我認為，當我們為 CB-1 注入活力時，它將在人們對我們的反應以及他們最終願意簽約方面產生更加深遠的影響。

So my view is that no bogeys are required. We're open for business now. We're negotiating with a bunch of folks, and we're going to sign up deals if they make sense, if they're top quality credits, if they're the right duration today. But I believe once we energize CB-1, we'll be even busier if that's possible in sort of discretely determining who the right customers are and signing them up to the appropriate contract. So I think that's where we are in terms of landing our next expansion. Patrick?

所以我的觀點是不需要柏忌。我們現在已經開始營業了。我們正在與一群人進行談判，如果協議合理、是優質貸款、期限合適，我們就會簽署協議。但我相信，一旦我們為 CB-1 通電，我們就會更加忙碌，以某種方式謹慎地確定誰是合適的客戶並與他們簽訂適當的合約。所以我認為這就是我們下一次擴張的進展。派崔克？

Yeah, Darren, with regard to the margins, I think this -- we've had this page in our deck, I think, since last -- about a year ago, last May. And there was some confusion because we initially had said margin, 65% to 75%. And then I think I had spoken publicly -- Paul, Nazar, others -- about how really that was EBITDA margin. And the midpoint of that, the 70% was actually -- we thought about it as effectively cash available for debt service. So meaning EBITDA less maintenance CapEx.

是的，達倫，關於邊距，我認為——我想，自從去年——大約一年前，也就是去年五月，我們就在我們的簡報中有了這一頁。這引起了一些混淆，因為我們最初說的利潤率是 65% 到 75%。然後我想我已經公開談論過——保羅、納扎爾和其他人——關於那實際上是 EBITDA 利潤率。而這中間的 70% 其實是 — — 我們認為這是可用於償還債務的有效現金。因此意味著 EBITDA 減去維護資本支出。

And so what I've done here is just to reduce that confusion and put in like -- this is an EBITDA margin. We expect it after lots of work with our partner, our operating partners, other consultants, our hiring plans, actually executing on the ground that that EBITDA margin will be at about 75% on the first 72.5 megawatts.

因此，我在這裡所做的只是為了減少這種混淆，並輸入類似——這是 EBITDA 利潤率。我們預計，在與我們的合作夥伴、營運夥伴、其他顧問、我們的招聘計劃以及實際執行工作之後，前 72.5 兆瓦的 EBITDA 利潤率將達到 75% 左右。

We do expect we'll have going forward, maintenance of about 3%. And then the call out on the right of page 10, to your point of higher incremental EBITDA margins, this is the benefit of a big site, okay, versus having multiple sites all over the country. I only have to hire, for example, one or two security guards. I don't have to hire 10 because I don't have five different sites.

我們確實預計未來的維護費用將達到 3% 左右。然後在第 10 頁右側指出，對於更高的增量 EBITDA 利潤率，這是大型站點的好處，而不是在全國各地擁有多個站點。例如，我只需要雇用一、兩名保全。我不需要僱用 10 個人，因為我沒有 5 個不同的站點。

So there's really significant -- and most of the costs that go into that EBITDA margin for the high-power compute business are labor. It's just that simple. We got to have a bunch of people on the site.

因此，這確實非常重要——高功率運算業務的 EBITDA 利潤率中大部分成本都是勞動力。就這麼簡單。我們必須在現場安排一大群人。

And so once you have that base cost, which we already have, as I mentioned in my remarks, everything beyond that is incremental and comes in at a much higher margin. So I'm not going to tell you what that margin is today. I'll tell you when we announce additional capacity, but I expect it will be much greater than 75%.

因此，一旦有了基本成本（正如我在發言中提到的那樣），那麼超出該成本的所有部分都是增量的，並且利潤率要高得多。所以我今天不會告訴你這個差距是多少。當我們宣布增加產能時我會告訴你，但我預計它會遠遠超過 75%。

Mike Grondahl, Northland Securities.

北國證券公司的麥克‧格隆達爾 (Mike Grondahl)。

Hey, guys. Thanks. And I wanted to ask, you've spent a lot of time, many months with Core42. What has been two or three of the biggest learnings for Wulf through all those discussions?

嘿，大家好。謝謝。我想問一下，您在 Core42 上花了很多時間，很多個月。透過所有這些討論，伍爾夫最大的收穫是什麼？

Nazar Khan, are you on and do you want to address that?

納扎爾汗，您在線嗎？您想解決這個問題嗎？

I don't know if the operator is allowing him to enter. Why don't I field it? And if Nazar can get on, I'm happy to.

我不知道操作員是否允許他進入。我為什麼不去處理它？如果納札爾能夠上場，我會很高興。

Listen, it's been tremendous. The team that Core42 has brought to bear would indicate that we're in the very, very early stages of these data centers. And each, if you will, generation of chips has their own particular inherent requirements in terms of the design of the rack.

聽著，這真是太棒了。Core42 所帶領的團隊表明我們正處於這些資料中心的非常早期的階段。而且，如果你願意的話，每一代晶片在機架設計方面都有其特定的固有要求。

So what I like about Core42 is that they've just shared everything with us and our design team and construction team so that we've been able to appreciate why some parties focus on cooling in the building. Some focus more cooling on the racks, some the weight of some of these water-cooled racks. It's all -- it's just so constantly fluid because this is new technology and it's sensitive.

因此，我喜歡 Core42 的一點是，他們與我們以及我們的設計團隊和施工團隊分享了一切，這樣我們就能理解為什麼有些人會注意建築物的冷卻。有些更注重機架的冷卻，有些則注重一些水冷機架的重量。這一切都是不斷變化的，因為這是一項新技術，而且很敏感。

And people are trying to figure it out real-time at the same time that there's this massive demand for the high-power compute. So I think the biggest lesson learned we have had is that we were right to pick the right partner because in our power experience when we were developing power plants, if we had this level of fluidity as we work towards the final design, which is where we're at now because as I indicated, we're going to be energizing CB-1 and CB-2 very shortly, that it would have been a far more confrontational kind of a thing.

人們正在嘗試即時解決這個問題，同時對高功率運算的需求也很大。所以我認為我們得到的最大教訓是我們選擇正確的合作夥伴是正確的，因為根據我們在開發發電廠時的電力經驗，如果我們在製定最終設計時具有這種程度的流動性，就像我現在所處的階段一樣，因為正如我指出的，我們很快就會為 CB-1 和 CB-2 通電，那麼這將是一個更具對抗性的事情。

But here, it's been just a real collaboration, very cooperative. And these design changes, we had -- there weren't changes as much as like we had it wrong. It was just an evolution of design, if you will. We had a mechanism within our agreement and Core42 has been totally stand up about it. So I think I think the lesson learned is pick the right partner and you'll get to the dance in the right place and you'll have a great time. And so that's been the lesson for me.

但在這裡，這只是一次真正的合作，非常有合作精神。而這些設計變更，我們並沒有做出太大的改變，更像是做錯了。如果你願意的話，這只是設計的演變。我們的協議中有一個機制，Core42 對此完全支持。所以我認為，我們學到的教訓是，選擇正確的舞伴，你就能在正確的地方跳舞，並且度過一段美好的時光。這就是我得到的教訓。

Patrick, anything you want to add?

派崔克，您還有什麼要補充的嗎？

I think Nazar is unmuted. Nazar is certainly more better-suited to answer this question than I am. Go ahead, Nazar.

我認為納札爾沒有被靜音。納札爾肯定比我更適合回答這個問題。繼續吧，納札爾。

Sure. Good morning, Mike. Nazar here. As Paul said, I think when we signed the agreement with Core42 in December they've gone through 40% or so of all of the design specs. And since that time, we've had the chance to go through every single component of the design, the size of every single valve, the location of every single pipe, the location of every single kind of busway. So now we've had a chance to go through 100% of the design with them.

當然。早上好，麥克。納扎爾在這裡。正如保羅所說，我認為當我們在 12 月與 Core42 簽署協議時，他們已經完成了所有設計規範的 40% 左右。從那時起，我們就有機會仔細檢查設計的每一個組成部分、每一個閥門的尺寸、每根管道的位置、每一種母線槽的位置。所以現在我們有機會和他們一起完成全部設計。

And through that, we've come up with a whole host of things that we're working with them on kind of incorporating into future buildings as well. And so as Paul had mentioned earlier, we are in the early stages of the evolution of this business and what we build in kind of CB-1 and CB-2 likely will not be what we build for CB-5 and CB-6.

透過這種方式，我們想出了一系列與他們合作的想法，希望將它們融入未來的建築中。正如保羅之前提到的，我們正處於這個業務發展的早期階段，我們在 CB-1 和 CB-2 中構建的內容可能不會是我們為 CB-5 和 CB-6 構建的內容。

And so that process of really working with our customer partner, Core42, and being able to go through every single component of the design and thinking through what the trade-offs are. And for a lot of these decisions, there's no perfect answer. It's always a trade-off, right? You're giving something to get something. And so having that discussion with them and being able to then take those learnings and reflect that on what we want to do next, I think has been a very important part of the process.

因此，我們真正與客戶合作夥伴 Core42 合作，並能夠仔細研究設計的每個元件，並思考其中的權衡。對於很多這樣的決定，並沒有完美的答案。這總是一種權衡，對吧？你付出一些東西來獲得一些東西。因此，與他們進行討論，並能夠吸取這些經驗教訓，並將其反映到我們下一步要做的事情上，我認為這是這個過程中非常重要的一部分。

And as we think about going forward, those learnings are going to be invaluable because both just the way the business is evolving, but also the way the underlying hardware equipment is evolving, all of those trade-offs and those decisions that we made, we're going to have to revisit as Rubin rolls out and as kind of future generations of those GPUs roll out as well. So that for me has kind of been the biggest is the importance of having a partner to work with and not just simply a customer who kind of signs a piece of paper.

當我們考慮未來時，這些經驗教訓將非常寶貴，因為不僅業務在發展，而且底層硬體設備也在發展，所有這些權衡和我們做出的決定，隨著 Rubin 的推出以及未來幾代 GPU 的推出，我們都必須重新審視。因此，對我來說，最重要的是擁有一個可以合作的合作夥伴，而不僅僅是一個簽署文件的客戶。

Brett Knoblaugh, Cantor Fitzgerald.

布雷特·諾布拉，康托·菲茨杰拉德。

Alright, guys. Thanks for taking my question. Congrats on getting the additional 250 approved for Lake Mariner. It seems like this year is definitely to be focused on energizing the three buildings for Core42. You now have 250 capacity and the charts show next year, you can kind of really allocate additional capacity.

好吧，夥計們。感謝您回答我的問題。恭喜 Lake Mariner 獲得額外 250 個批准。看來今年的重點肯定是為 Core42 的三座建築注入活力。您現在有 250 個容量，並且圖表顯示明年您可以真正分配額外的容量。

Would you look to start breaking ground on, say, CB-3 or CB-4 before signing an additional tenant? And is that something that you would look to start doing this year or would that be a 2026 thing?

在簽約更多租戶之前，您是否會考慮開始動工建設 CB-3 或 CB-4 等專案？這是您希望今年就開始做的事情嗎，還是要等到 2026 年？

Paul, do you want me to take that one?

保羅，你要我拿那個嗎？

Yes.

是的。

Yeah, Brett. So I think the short answer to that is we do do some spend mostly preparing the pad, but it's relatively minor. And it's getting us whether it's site prep or site electrical. So it's getting us into a position so that when the customer is ready to execute, we can go right away. So I would say there's some site level expense that we kind of constantly are spending. And if you look at our presentations, you can see that. We have -- on page 14, we have a site electrical and infrastructure column. And we've had that in every single one of our decks.

是的，布雷特。所以我認為簡短的回答是，我們確實花了一些錢來準備墊子，但花費相對較少。無論是場地準備還是場地電氣，它都能幫助我們。因此，當客戶準備執行時，我們可以立即採取行動。所以我想說，我們一直在花費一些站點級別的費用。如果你看一下我們的演示，你就會看到這一點。我們在第 14 頁有一個站點電氣和基礎設施專欄。我們的每一副牌上都有這個。

So there are some site-specific things that we constantly are doing. For example, you've got to get electricity, right, high-voltage electricity around the site to the various buildings from the substation. So there's prep for that. And then like I said there's -- preparing buildings and pouring pads and things in the appropriate weather. So there's those types of things, but I think anything that's significant and major, we would not expand without a signed agreement.

因此，我們一直在做一些特定於站點的事情。例如，你必須從變電站獲取電力，對吧，將高壓電輸送到場地周圍的各個建築物。因此，需要為此做好準備。然後就像我說的，在適當的天氣條件下準備建築物、澆築墊塊等。所以存在這些事情，但我認為，任何重大的事情，如果沒有簽署協議，我們都不會擴大。

Perfect. That's helpful. And then, Patrick, maybe just a follow-up on maybe capital allocation priorities, re-up or increase the buyback. Obviously, there is a need for a lot of CapEx to be spent over the next few years. How do you weigh buying back shares versus spending that on infrastructure to sign additional tenants? Is there a point where one is more attractive to you? What is that point or is that just kind of like an ad hoc ongoing discussion that you guys look at?

完美的。這很有幫助。然後，帕特里克，也許只是對資本配置優先事項的跟進，重新或增加回購。顯然，未來幾年需要投入大量的資本支出。您如何權衡回購股票與花錢建造基礎設施以簽署更多租戶？有沒有哪個點對你來說更有魅力？那是什麼意思呢？還是那隻是你們正在進行的臨時討論？

Yeah. Look, I'll answer that and then Paul can chime in. But it's a management Board level decision that we constantly evaluate. And as you know, the purpose of having the buyback, and again, I think as you'll see -- as you heard in my remarks, we also had about $87 million left on our ATM.

是的。瞧，我先回答這個問題，然後保羅就可以插話了。但這是我們不斷評估的管理委員會層級的決定。正如你所知，回購的目的是，而且我想你會看到——正如你在我的演講中聽到的，我們的 ATM 機上還剩下大約 8700 萬美元。

And so as part of that process, we increased it from $87 million to $200 million. So we don't intend to use that, but I want every tool in the tool shed just like I want a buyback because as you know, and we've come to realize, Brett, Bitcoin mining, in particular, is an incredibly dynamic business, right? Like profitability can change dramatically on every day. And so we can go from making very small amounts of free cash flow to very significant amounts of free cash flow very quickly.

因此，作為該過程的一部分，我們將其從 8700 萬美元增加到 2 億美元。因此，我們不打算使用它，但我希望工具棚中的每個工具都像我想要回購一樣，因為如你所知，我們已經意識到，布雷特，特別是比特幣挖礦是一項非常有活力的業務，對吧？就像獲利能力每天都會發生巨大變化一樣。因此，我們可以很快地從產生非常少量的自由現金流轉變為產生非常大量的自由現金流。

Other things can change also, for example, project financing, we've been targeting 70% loan to cost. Many of our peers are out there doing 80%, 90%, right? So that's a lot of money that would come back to us if that changes. So again, it's really just like my job, in particular, in advising the management team and the Board is to make sure we have every single tool available. And given the volatility in our stock, I want them all at my disposal, Paul's disposal, and the Board's disposal.

其他事情也可能發生變化，例如專案融資，我們的目標是貸款成本佔比達到 70%。我們很多同行都做到了 80%、90%，對吧？如果情況發生變化，我們將獲得一大筆錢。所以，這真的就像我的工作一樣，特別是在向管理團隊和董事會提供建議時，請確保我們擁有所有可用的工具。鑑於我們股票的波動性，我希望他們都能聽命於我、保羅和董事會。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Hey, good morning. So as you're out in the market speaking with other potential clients, what are you hearing from enterprises and hyperscalers? And what do you feel about the near-term demand environment, but also the medium term?

嘿，早安。那麼，當您在市場上與其他潛在客戶交談時，您從企業和超大規模企業那裡聽到了什麼？您對近期需求環境以及中期需求環境有何看法？

This is Paul. Thank you for your question. I mean from a near-term demand perspective, I think people are very keen to sort of get power now. So we've seen a lot of energized land deals in the market. And so I think that demand is real. I think from a data center perspective, the hyperscalers are still out there. They're refining what they're looking for. I think there was initially the sort of global, let's tie up everything we can.

這是保羅。感謝您的提問。我的意思是，從短期需求角度來看，我認為人們現在非常渴望獲得電力。因此，我們看到市場上有很多活躍的土地交易。所以我認為這種需求是真實存在的。我認為從資料中心的角度來看，超大規模資料中心仍然存在。他們正在完善他們所尋找的東西。我認為最初存在著一種全球性的理念，讓我們把所有能做的事情連結起來。

Now I think they're focused on, okay, they have a better sense of their needs and better sense of what makes a site a great site. Lake Mariner is certainly that. So we have a lot of incomings all the time. And we have incomings on development sites that we're close to as well. So I think near-term demand is real if you have proximate energy. If you could demonstrate that you have a few hundred megawatts near-term with the ability to scale after that, the demand is real.

現在我認為他們集中精力，好吧，他們更好地了解自己的需求，並更好地了解如何使網站成為一個偉大的網站。水手湖 (Lake Mariner) 確實如此。因此我們一直都收到很多來信。我們也對我們附近的開發站點有收入。因此我認為，如果你有近期能源，那麼短期需求就是真實的。如果你能證明你近期擁有幾百兆瓦的電力，並且之後有能力擴大規模，那麼需求就是真實的。

And you have to understand these customers. A lot of them don't understand energy. So when most of the world is out there advertising 1 gig and 2 gig sites, which sounds really, really great, they need to wade through a lot of that, if you will, c*** to appreciate that bringing the five 9s of quality in terms of electricity to a data hall. It is tough on the grid operators. And so you've got to really study the site where she is in the grid, where -- how robust is the grid. You got to do a lot of work.

你必須了解這些客戶。他們中的許多人不了解能源。因此，當世界上大多數人都在宣傳 1gb 和 2gb 站點時，這聽起來真的非常棒，他們需要經歷很多事情，如果你願意的話，要意識到將 5 個 9 的電力品質帶到數據大廳。這對電網營運商來說很艱難。所以你必須真正研究她在電網中的位置，以及電網的穩健程度。你得做很多工作。

So I think the hyperscalers are getting smarter every day and starting to lean towards higher-quality sites with higher-quality owners that understand energy and infrastructure. Enterprise customers are -- the demand has been a constant. And neoclouds, I think, they're running around trying to allocate their book and then figure out what their needs are and how that scales not only in terms of capacity, but in terms of calendar scheduling.

因此，我認為超大規模企業每天都在變得越來越聰明，並開始傾向於擁有了解能源和基礎設施的高品質所有者的高品質站點。企業客戶的需求一直是不變的。我認為，Neoclouds 正在四處奔波，試圖分配他們的書籍，然後弄清楚他們的需求是什麼，以及如何不僅在容量方面而且在日曆安排方面進行擴展。

From a mid-term perspective, I am -- and we have said this all along, we're less sanguine on the likelihood of increased generation hitting the market at the scale that it needs to within the next few years. It just takes a long time to develop a power plant. And so we think that enables higher values for us because we have what we have. And we're energy infrastructure folks that can develop things in a really efficient from a cost and time perspective, more so than I think any of our peers.

從中期角度來看，我——我們一直這麼說——對於未來幾年內新增發電量以所需規模進入市場的可能性，我們不太樂觀。建造一座發電廠需要很長時間。因此我們認為，這能為我們帶來更高的價值，因為我們擁有我們所擁有的。我們是能源基礎設施建設人員，從成本和時間角度來看，我們可以以非常有效率的方式進行開發，我認為我們比任何同行都更有效率。

So we see a lot of demand so much so that I think we are starting to sort of try and categorize the customers that are coming in on the basis of we want to sell data hall by data hall, and we're seeing a lot of interest now as well for people that want to come in and take half of the data hall. So we're thinking those enterprise customers are starting to show up in the marketplace. So we're pretty constructive, and we just need to continue to execute.

因此，我們看到瞭如此多的需求，以至於我認為我們開始嘗試根據我們想要逐個銷售數據大廳的原則對進入的數據大廳的客戶進行分類，並且我們現在也看到很多人對想要進入並佔用一半數據大廳感興趣。因此我們認為這些企業客戶開始出現在市場上。所以我們非常有建設性，我們只需要繼續執行。

Yeah. That's really helpful. Just shifting over to the mining business. We've seen elevated global hash rates throughout the last quarter and continuing now. What's your outlook there? And how do you plan to combat that as we head into the next halving over the next couple of years?

是的。這真的很有幫助。剛剛轉向採礦業。我們看到上個季度全球哈希率不斷上升，現在還在持續上升。您對此有何看法？當我們在未來幾年進入下一次減半時，您計劃如何應對這一問題？

So we can't do a whole lot to combat the hash rate. We have to live with it. I think we are happy that the higher price of Bitcoin and hopefully want it to go higher benefits those who have Bitcoin and guys like us who have really low cost in generating Bitcoin.

所以我們無法採取很多措施來對抗哈希率。我們必須忍受它。我認為我們很高興看到比特幣價格上漲，並希望它能為擁有比特幣的人和像我們這樣以低成本產生比特幣的人帶來好處。

We've brought on most recent generation of miners, and we're back to really low costs from an energy perspective, and we operate about as efficiently as anybody ever could. So it's a tough business being in mining, and we've guided the market to the belief that at this point in time, especially given what we see as the demand for our product in HPC and AI, we want to really continue to focus on that. We're certainly enjoying the benefit of having a mining operation now.

我們引進了最新一代的礦工，從能源角度來看，我們的成本已經恢復到非常低的水平，而且我們的營運效率幾乎達到了以往任何人所能達到的水平。因此，從事採礦業是一項艱難的業務，我們引導市場相信，在目前這個階段，特別是考慮到我們所看到的高效能運算和人工智慧對我們的產品的需求，我們希望真正繼續關注這一點。我們現在確實享受著採礦作業帶來的好處。

But that in time, prior to the next halving, we'll probably look to take those megawatts and deploy them in the highest value, and we think it's likely to be HPC AI. And there's an additional benefit to that as we -- Patrick has spoken about, which is predictable revenues over a long period of time, and you could get good project financing terms on that. So we're excited about Bitcoin going higher. We have a real Bitcoin zealot in Nazar Khan on our management team, and we'll continue to mine so long as we can make lots of money doing it.

但隨著時間的推移，在下一次減半之前，我們可能會考慮利用這些兆瓦並以最高價值進行部署，我們認為這很可能是 HPC AI。而且，正如帕特里克所說，這還有一個額外的好處，那就是長期內可預測的收入，而且你可以獲得良好的專案融資條款。因此我們對比特幣價格上漲感到興奮。我們的管理團隊中有一位真正的比特幣狂熱分子納扎爾汗 (Nazar Khan)，只要我們能透過挖礦賺到很多錢，我們就會繼續挖礦。

Hey, Brian, just to address your question a little bit more specifically from the finance side. I mean we just came through a really tough quarter where we had, for us, a 1-in-kind-of-10-year type event on power prices. And even with that, we've gone through our fleet upgrade. We didn't bring Miner Building 5 on until the very end of March, early April.

嘿，布萊恩，我只是想從財務方面更具體地回答你的問題。我的意思是，我們剛剛經歷了一個非常艱難的季度，對我們來說，這是十年一遇的電價事件。即便如此，我們的機隊也已經升級。我們直到三月底四月初才開始建造 5 號礦工大樓。

So really kind of fighting with a hand tied behind our back. And we still had -- and when you consider that the entire business right now is burdened with the cost structure of high-power compute, and we don't have any revenue yet. So the results actually were not what we wanted, but pretty darn good when you consider, again, we're running with that whole cost structure. We had really high power prices. And now as Paul mentioned in his remarks, we've really seen in April, that's all subsided and price has kind of ticked up, and we're making money.

所以，我們真的就像是在束手無策地戰鬥。而且我們仍然有——當你考慮到現在整個業務都背負著高功率計算的成本結構時，我們還沒有任何收入。因此，結果實際上並不是我們想要的，但是當你再次考慮到我們採用整個成本結構時，結果還是相當不錯的。我們的電價確實很高。正如保羅在演講中提到的那樣，我們在四月確實看到，這一切都已經消退，價格有所上漲，我們正在賺錢。

So I think as we know, a quarter, a year in Bitcoin mining can be a lifetime. And I think our assets and the efficiency of our fleet is among the lowest of our peers. I think we're about 18 joules per terahash now. So I think we are positioned well to reap the cash flow rewards of that business should Bitcoin move higher.

所以我認為，正如我們所知，比特幣挖礦的一個季度、一年的時間可能相當於一輩子的時間。我認為我們的資產和船隊的效率在同行中是最低的。我認為我們現在大約是每太拉赫 18 焦耳。因此我認為，如果比特幣價格上漲，我們將有能力獲得該業務帶來的現金流回報。

Steven Galgola, JonesTrading.

史蒂文·加爾戈拉（Steven Galgola），JonesTrading。

Hi, thanks for the question. Paul and Nazar, thanks for your color on sort of the Core42 design discussions. And I was hoping you could elaborate on the current delay of additional capacity is primarily related to Core42's customer visibility or are they waiting to see how the first 72.5 megawatts build-out goes? And then I had a follow-up.

你好，謝謝你的提問。Paul 和 Nazar，感謝你們對 Core42 設計討論的貢獻。我希望您能詳細說明一下，目前額外容量的延遲主要與 Core42 的客戶可見性有關，還是他們在等待觀察第一個 72.5 兆瓦的建設進度？然後我進行了後續跟進。

Yeah, I don't like the word delay because I don't think that's a real word. The discussions with Core42 are going exactly as they're supposed to go because they're really focused as we are on delivering what we have contracted, right? And it's pretty intense. And it's a collaborative effort. It's a constructive effort. And the end result is going to be -- we're hitting the ball out of the park.

是的，我不喜歡「延遲」這個詞，因為我認為這不是一個真正的詞。與 Core42 的討論進展順利，因為他們非常專注於履行合同，對嗎？而且相當激烈。這是一項合作努力。這是一種建設性的努力。最終的結果是——我們將球擊出了球場。

And the reason for that is that when CB-1 and CB-2 are energized and they're up and running, that enables Core42's ability to aggregate customers, as well as it enables our ability to talk to other parties interested in the site because there's something they could see and touch and hear and get excited about. And there's a lot of -- listen, people have said they were building data halls and they turned out to be big buildings that cost a lot of money that didn't achieve their intended purpose.

原因在於，當 CB-1 和 CB-2 通電並投入運作時，Core42 就能聚集客戶，也能讓我們與對站點感興趣的其他方進行交流，因為他們可以看到、觸摸到、聽到並為之興奮。還有很多——聽著，人們說他們正在建造數據大廳，但結果卻是花費大量金錢建造的大樓，並沒有達到預期目的。

That's not what we're doing. We're building something that we can not only replicate and continue to improve upon and evolve over time, but something that will truly fulfill the contractual requirements of our customer and their contractual requirements to their customers.

這不是我們要做的事。我們正在建立的東西不僅可以複製、不斷改進和發展，而且可以真正滿足我們客戶的合約要求以及他們對其客戶的合約要求。

So, we're doing it right. And as a result of that, we're focused on that. And I think having CB-1 and CB-2 energized enables us to get better terms, better pricing. So, I just don't feel that I had a deadline by which I had to sort of land another customer. We had a option within an agreement for them to have more because they wanted that option.

所以，我們做得對。因此，我們專注於此。我認為 CB-1 和 CB-2 通電可以讓我們獲得更好的條款和更好的價格。所以，我只是覺得我沒有一個截止日期來讓我找到另一個客戶。我們在協議中為他們提供了一個選擇，讓他們擁有更多，因為他們想要這個選擇。

But quite rightly, they never talked about it. We never talked about it. We've just talked about how do we grow together. And so I remain very, very constructive on our ability to sign up an additional 100 megawatts to 150 megawatts and put it in the ground each year. And that's what we're about right now.

但很正確，他們從來沒有談論過這件事。我們從來沒有談論過這件事。我們剛剛討論瞭如何一起成長。因此，我仍然對我們每年額外簽署 100 兆瓦至 150 兆瓦並將其埋入地下的能力非常有信心。這就是我們現在要做的事。

Thanks, Paul. Appreciate that. And then, Patrick, on slide 15 of the presentation, the hosting timeline, do you anticipate the 170 gross megawatt capacity plans for '26 to be brought online gradually throughout the year? Or will that -- will the full 178 come online towards the end of the year '26? Thanks.

謝謝，保羅。非常感謝。然後，帕特里克，在演示文稿的第 15 張幻燈片上，即主辦時間表，您是否預計 26 年的 170 兆瓦總容量計劃將在全年逐步上線？或者說——全部 178 個會在 26 年底前上線嗎？謝謝。

Yeah. So, there's no customer for that right now that we're announcing today. So that's what we have sort of the arrow in the quiver, so to speak. So as we've mentioned, I mean, I think we're trying to perfect a 50-megawatt design.

是的。所以，我們今天宣布的消息目前還沒有客戶。可以說，這就是我們所擁有的箭袋裡的箭。正如我們所提到的，我的意思是，我認為我們正在努力完善 50 兆瓦的設計。

So that capacity is effectively three different buildings. And I think as we move forward in time, Stephen, you'll see us from sort of signing a lease to bringing a building online. I think a reasonable timeframe is 12 months. So, I think over the next 6 months to 7 months here before year-end, obviously, to bring that capacity online by fiscal year-end 2026, which is what the bar chart says on page 15, we would have to announce contracts for that capacity and start on it by year-end.

因此，該容量實際上是由三座不同的建築物構成的。史蒂芬，我認為隨著時間的推移，你會看到我們從簽署租約到將建築物投入使用。我認為合理的時間範圍是 12 個月。因此，我認為在年底前的未來 6 到 7 個月內，顯然，為了在 2026 財年年底之前實現該產能上線（如第 15 頁的條形圖所示），我們必須宣布該產能的合約並在年底前開始實施。

John Todaro, Needham & Co.

約翰·托達羅，Needham & Co.

Hey, guys. Thanks for taking my question. First one, as you start to deliver for Core42, do you think that gives quite a bit more comfort to either enterprises or major hyperscalers for some of that additional capacity? Is that kind of the right way to be thinking about it? And then I have a follow-up question.

嘿，大家好。感謝您回答我的問題。首先，當您開始為 Core42 提供服務時，您是否認為這會為企業或大型超大規模企業帶來更多額外容量的便利性？這是正確的思考方式嗎？然後我有一個後續問題。

Yeah. I've been saying that this entire call. I mean, listen, it's one thing to think about what you want to have for breakfast, if you're me, right? I'm a short, fat guy and I like breakfast. It's another thing when I walk into a bakery and I look at the cinnamon rolls, and I get really, really worked out and I'm a buyer.

是的。整個通話過程中我一直在說這件事。我的意思是，聽著，如果你是我的話，考慮早餐吃什麼就是一回事，對吧？我是一個矮胖子，我喜歡吃早餐。當我走進一家麵包店，看到肉桂捲時，情況就完全不同了，我變得非常非常興奮，我成為了一名買家。

The answer is when we build and energize this data hall, it's moved from the stage of talking about something and talking about design to actually delivering to a customer who is also delivering onwards to their customer base. It's a huge deal, and it makes a tremendous difference in terms of our ability to sell our capacity at the terms and price that we require.

答案是，當我們建造並啟動這個資料大廳時，它就從談論某事和談論設計的階段轉移到了實際交付給客戶，而客戶也在向他們的客戶群交付。這是一筆大買賣，它對我們按照要求的條款和價格出售產能的能力有著巨大的影響。

So I think, again, Patrick likes to say that we're bummed about our stock price. The management team here are serious holders of stock, and we're bummed about it, but we got to manage the company in the best interest of the shareholders. And in order to do that, we must recognize that we're a little bit of a show-me story because we're building a data center for the top customer in the business. And this is new technology, new business for everybody for Core42, for NVIDIA. This is all new, these kinds of the rack densities.

所以我認為，派崔克喜歡說我們對我們的股價感到沮喪。這裡的管理團隊都是認真的股票持有者，我們對此感到沮喪，但我們必須以股東的最大利益來管理公司。為了做到這一點，我們必須認識到，我們有點像一個展示故事的人，因為我們正在為業內頂級客戶建立資料中心。對於 Core42 和 NVIDIA 來說，這都是一項新技術、新業務。這些機架密度都是全新的。

And so we recognize that until we energize CB-1, there'll be some doubters out there, but that's okay. We don't care about that. We care about execution. And once we deliver on an energized data hall, I think we're ready to roll. So, I think it's an important element that we must energize CB-1 and have a happy customer because that changes the entire profile of the market.

因此，我們認識到，在我們為 CB-1 注入活力之前，會有一些懷疑者，但這沒關係。我們不在乎這個。我們關心的是執行。一旦我們建造一個充滿活力的數據大廳，我想我們就可以開始行動了。因此，我認為我們必須激發 CB-1 的活力並讓客戶滿意，這是一個重要因素，因為這會改變整個市場的形象。

Yeah, fair enough. That makes sense.

是的，很公平。這很有道理。

Think about it. There are only two customers right now in the space. Two -- not customers, companies that have made this transition out of mining into HPC/AI, and that's Core's and us, right? And so the market is -- the market is tough in the current economic environment. And so people are instead of saying the glass is half full, they're saying it's half empty, and that's okay. They're being skeptical. But once you deliver an energized CB-1, that all goes away. So, I think that our shareholders will benefit by seeing greater value just outright.

想一想。目前該空間內只有兩位顧客。二——不是客戶，而是已經從採礦業轉向 HPC/AI 的公司，也就是 Core 和我們，對嗎？因此，在當前的經濟環境下，市場情況嚴峻。因此人們不再說杯子是半滿的，而是說杯子是半空的，沒關係。他們對此表示懷疑。但一旦你發射了能量充沛的 CB-1，這一切都會消失。因此，我認為我們的股東將透過看到更大的價值而受益。

And then separately, we'll all benefit because the customers will say, wow, that's great. Core42 is so lucky, I want that too. Or customers will go to Core42 and say, wow, that's great. I want to be one of your customers. Can you get some additional capacity from TeraWulf? And we'll be ready to go. That's what's happening.

然後，我們都會分別受益，因為客戶會說，哇，這太棒了。Core42 太幸運了，我也想要那樣。或者客戶會去 Core42 說，哇，太棒了。我想成為你們的顧客之一。您能從 TeraWulf 獲得一些額外的容量嗎？我們就準備出發了。這就是正在發生的事情。

Got it. Thank you. And then maybe one for Patrick. Was there -- kind of would there be a point where you look to buy back the converts? I think they got pretty discounted at one point. Just wondering how you think about that capital management strategy long term.

知道了。謝謝。然後也許給帕特里克一個。有沒有－您是否會考慮重新贖回這些皈依者？我認為他們一度獲得了相當大的折扣。只是想知道您對長期資本管理策略有何看法。

Yeah, look, I think we'll look at anything and everything on the table, right? So I've gotten a bunch of calls from convert investors about that. I think there's certainly a consideration, that being said, right, that's the 2030 maturity, it's a long way out. And it's a low, [2.75%] cash interest, like very low cost of capital. So not -- certainly not the top of my priority list.

是的，看，我想我們會看看桌上的所有東西，對嗎？因此，我接到了很多轉換投資者打來的有關此事的電話。我認為肯定有一個考慮，也就是說，這是2030年的成熟期，還有很長的路要走。而且現金利息很低，只有 2.75%，資本成本非常低。所以不是——肯定不是我的首要任務。

I think like Paul said, right now, again, I view the buyback and the ATM as tools to put away in the tool shed. We have got to execute. Number one, we're executing on CB1, CB2. Number two, we are executing on a project financing, which we talked about today. And then once that is done, we will re-evaluate because, I think to Paul's point, there may be demands for that cash in growth or otherwise.

我認為就像保羅所說的那樣，現在，我再次將回購和 ATM 視為放在工具棚中的工具。我們必須執行。首先，我們正在執行 CB1、CB2。第二，我們正在執行今天討論過的專案融資。一旦完成，我們將重新評估，因為我認為，正如保羅所說，無論是在成長或其他方面，都可能有對這些現金的需求。

If there are not, then as long as we have ample liquidity, then yeah, we'll look at the stock, we'll look at the converts, whatever makes the most sense. So anything is on the table, but I think, just stating the obvious like that is a very long-term low cost of capital, so not my number one priority.

如果沒有，那麼只要我們有充足的流動性，那麼是的，我們會關注股票，關注轉換率，無論哪種方式都是最合理的。所以任何事情都有可能，但我認為，像這樣顯而易見的事情，長期來看是低成本資本，所以不是我的首要任務。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒 (Chris Brendler)。

Hi, thanks. Good morning. My first question is, I think, Patrick, you actually already alluded to this in one of your answers was just how rare the sort of power conditions were in the first quarter. I think you said once in a decade. Was that mostly weather, or are there other factors at play that caused such an unusual spike in power prices? And are there ways in the future to potentially hedge that risk from sort of these black swan events?

你好，謝謝。早安.我的第一個問題是，帕特里克，我想，你實際上已經在你的一個回答中提到了這一點，那就是第一季的電力狀況有多麼罕見。我想您說的是十年一次。造成電價異常上漲的主因是天氣因素，還是其他因素？未來是否有辦法對沖此類黑天鵝事件帶來的風險？

Yeah. So that was weather. As you know, we are located in the Northeast, just about 35 miles east of Buffalo. We had a very cold December in the Northeast. And then like everyone else, really sort of from the Plains, Texas, East had a very cold January that kind of went into February. So it was strictly power related, Chris.

是的。這就是天氣。如您所知，我們位於東北部，距離布法羅以東約 35 英里。我們東北的十二月非常寒冷。然後就像其他人一樣，來自德克薩斯州平原、東部的人們經歷了一個非常寒冷的一月，一直持續到二月。所以這完全與權力有關，克里斯。

I mentioned in my remarks, it was a 1.76, I think, standard deviation event for both January and February over the last 10 years that is really significant. And with regard to your last question, and I think this kind of shows how long this team has been together, which Paul always likes to talk about. But in my prior life at Blackstone, I owned this power plant and Paul and Nazar and Stefanie were the management team that ran it. And we all owned it together.

我在我的演講中提到過，我認為過去 10 年中 1 月和 2 月的標準差都是 1.76，這確實意義重大。關於你的最後一個問題，我認為這表明了這支球隊已經在一起多久了，保羅總是喜歡談論這一點。但在我之前在黑石集團工作時，我擁有這家發電廠，而保羅、納扎爾和史蒂芬妮是負責營運發電廠的管理團隊。我們共同擁有它。

And once every 10 years, it would rain money. And the rest of the time, it was a difficult plant to own. And so for that precise reason of having all that experience in this specific power market, 90%-plus of the time, the power prices are really, really benign here because we're in a region where there's about 5,000 megawatts of generation and on average, only around 2,000 megawatts of demand.

每十年就會下一次錢雨。其餘時間，它是一株難以擁有的植物。正是由於我們在這個特定電力市場擁有豐富的經驗，90% 以上的時間裡，這裡的電價都非常非常溫和，因為我們所在的地區發電量約為 5,000 兆瓦，而平均需求量僅為 2,000 兆瓦左右。

Now, all of that power tries to make its way down to New York City. And so during times of significant demand in the winter when people right need heat and a couple of weeks in the summer when people want air conditioning, otherwise, it is a really, really benign power environment.

現在，所有這些權力都試圖流向紐約市。因此，在冬季需求旺盛的時候，人們需要取暖，在夏季的幾周里，人們需要空調，否則，這是一個非常非常溫和的電力環境。

The cost of hedging, which is tying up cash or otherwise, just isn't worth it because it only happens once every 10 years. So unfortunately, that literally just happened to us. But I can tell you from personal experience, we are really comfortable with Lake Mariner long term. So no, I don't think we will look to hedge that.

對沖的成本（即佔用現金或其他成本）是不值得的，因為它每 10 年才發生一次。不幸的是，這種事就發生在我們身上。但我可以根據個人經驗告訴你，我們確實對 Lake Mariner 的長期發展感到放心。所以，不，我認為我們不會試圖對此進行規避。

That's fantastic. Thanks so much, Patrick. My second question would be on project financing for the first leg of this HPC strategy. Do you think success on the project financing side will help with additional client prospecting? Because I do think there is a bit of concern sometimes when larger cap hyperscalers, in particular, are dealing with smaller companies who potentially don't have the balance sheet or the size they're used to dealing with. There's been a little bit of friction there picking up. So, how important will project financing be to your future HPC prospecting?

太棒了。非常感謝，派崔克。我的第二個問題是關於 HPC 策略第一階段的專案融資。您認為在專案融資方面的成功是否有助於獲得更多客戶？因為我確實認為，當大型超大規模企業與可能沒有資產負債表或他們習慣處理的規模較小的公司打交道時，有時會有些擔憂。那裡出現了一些摩擦。那麼，專案融資對您未來的HPC勘探有多重要？

Yeah. Maybe I can start, Patrick. I don't like the premise of the question because I'm not sure I agree that project financing is really as sensitive to the size of our company. I mean, I think, ultimately, the project lenders are underwriting G42, right, the ultimate credit. And so I don't have -- and I think that's consistent with the advice we've gotten from JPMorgan and Morgan Stanley. So, I don't have quite the concern about our ability to get -- not only get the financing done, but more importantly, get the absolute best terms that would be available in the market. I think Patrick has taken a real conservative approach to our financing in terms of leverage.

是的。也許我可以開始，派崔克。我不喜歡這個問題的前提，因為我不確定我是否同意專案融資真的對我們公司的規模那麼敏感。我的意思是，我認為，最終，專案貸款人正在承保 G42，對，最終信貸。所以我沒有——我認為這與我們從摩根大通和摩根士丹利得到的建議一致。因此，我並不十分擔心我們能否獲得融資，更重要的是，能否獲得市場上絕對最佳的條款。我認為帕特里克在槓桿方面對我們的融資採取了非常保守的態度。

Our credit is really unique out there in terms of Core42 and it's gearing toward G42. And more importantly, it's already -- I think there was a deal done in the market on the back of the credit, Core42, at 90% leverage, really good terms. So we're very, very bullish about our ability to execute on the project financing.

就 Core42 而言，我們的信用確實是獨一無二的，並且面向 G42。更重要的是，我認為市場上已經達成了一項以信貸為支撐的交易，Core42，槓桿率為 90%，條款非常好。因此，我們對執行專案融資的能力非常有信心。

And so, is it important to us? Absolutely. I mean, we made a conscious decision to move forward using our own equity to build on behalf of our customer. And it was the right thing to do because it put us in a time zone that the customer needed for his and her customers. So it's important, and it will enable us to continue to grow at the pace that we want to grow given the real customer demand that we have. But we are also highly confident of our ability to execute on it at really good terms. So I mean, Patrick?

那麼，這對我們重要嗎？絕對地。我的意思是，我們有意識地決定利用自己的資產來為我們的客戶建立。這是正確的做法，因為它使我們處於客戶所需的時區。所以這很重要，它將使我們能夠根據實際的客戶需求繼續以我們想要的速度成長。但我們也非常有信心，我們有能力以非常好的條件來執行這個目標。所以我的意思是，派崔克？

I apologize, Paul. I was actually -- I was not suggesting that it would be difficult to get project financing. I was more suggesting that lining up project financing would help sign your next deal.

我很抱歉，保羅。我實際上——我並不是說獲得專案融資會很困難。我更建議的是，安排專案融資將有助於簽署下一筆交易。

Yeah, I think. But I think it's in the market, right? I mean, when you look at the announcements made by some of the folks, whether it's Galaxy or Core's, they all guide towards their intent to do project financing. I think in this case, we've got a guy in Patrick and his team that have only done it about 1 billion times. And B, we're taking a very conservative approach to it.

是的，我認為。但我認為它在市場上，對嗎？我的意思是，當你看到一些人發布的公告時，無論是 Galaxy 還是 Core 的，他們都指向進行專案融資的意圖。我認為在這種情況下，帕特里克和他的團隊只做過大約 10 億次。而且 B，我們對此採取非常保守的態度。

And we have -- we're slightly different in the sense that we've spent all our own equity to build out this facility. So it's less of a challenge for the project lenders to see what they're financing as opposed to somebody that's drawing money to build out the project from greenfield site.

我們略有不同，因為我們花了所有自有資金來建造這個設施。因此，與從綠地上籌集資金建設項目的人相比，專案貸款人更容易了解他們所融資的內容。

So I think that market demand for project finance product is real, very significant, super quality lenders, and it's important for us to get that done because we want to continue to be able to take that cash out, recycle it and build the next data hall and the next data hall and the next data hall. That's our business model.

因此，我認為市場對專案融資產品的需求是真實的、非常重要的、高品質的貸款人，對我們來說，做到這一點很重要，因為我們希望能夠繼續取出現金，回收利用，並建造下一個資料大廳、下一個資料大廳和下一個資料大廳。這就是我們的商業模式。

So again, I appreciate that you're not -- that you [don't] think we'll be able to do it. I think we'll be able to do it at really great terms, at really good timing. And it's near term, as Patrick said, we're launching maybe Tuesday next week. And he will yell at me now for giving you a day as opposed to saying early next week. But we're excited about it, and we think it is critical to achieve so that we could recycle that cash and continue to go out and build.

因此，我再次感謝您不認為我們能夠做到這一點。我認為我們能夠在非常好的條件下、在非常好的時機完成這件事。正如帕特里克所說，這是短期內的事情，我們可能會在下週二推出。他現在會對我大喊大叫，因為我給了你一天的時間，而不是說下週初。但我們對此感到興奮，我們認為實現這一目標至關重要，這樣我們就可以回收這些現金並繼續進行建造。

Yeah. Chris, I would just add to that, we are looking for a financial partner that can grow with us. And so, yeah, I do think executing on that, which has been part of our business plan from day one, as Paul said, is a show-me story. But I'm excited. I mean, look, I was a credit investor for 20 years, like this is where I shine. This is like my wheelhouse.

是的。克里斯，我只想補充一點，我們正在尋找可以與我們共同成長的金融合作夥伴。是的，我確實認為執行這個計劃是一個展示故事的過程，正如保羅所說，這個計劃從第一天起就是我們商業計劃的一部分。但我很興奮。我的意思是，你看，我做了 20 年的信貸投資者，這就是我的閃光點。這就像我的駕駛室。

So yeah, I'm excited to get that going, and I've got a very high degree of confidence that we'll find the right partner and a partner that not only does this first, call it, $300 million, but then grows with us as we do additional buildings.

所以是的，我很高興能開始這樣做，我非常有信心我們會找到合適的合作夥伴，這個合作夥伴不僅能首先完成這項工程，也就是 3 億美元，而且能隨著我們建造更多建築而與我們共同成長。

Martin Toner, ATB Capital Markets.

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

Hey, guys. Thanks for taking my questions. I didn't catch -- what's going to launch Tuesday of next week?

嘿，大家好。感謝您回答我的問題。我沒聽清楚──下週二會推出什麼？

Project financing, the CB-1, CB-2, and WULF Den.

專案融資、CB-1、CB-2 和 WULF Den。

Perfect. Thank you Only one for me is, as you have gone back to prospective customers with higher build costs, what have you learned about their price sensitivity?

完美的。謝謝 對我來說只有一個問題是，當您回到具有更高建造成本的潛在客戶時，您對他們的價格敏感度有何了解？

Well, Nazar, do you want to take that?

那麼，納札爾，你想接受這個嗎？

Martin, it's Nazar here. We've been very open with our customers on kind of what the build cost is, right? We've been guiding the market where our build cost is and so our customers are aware. And as I mentioned to you earlier, when we went through with Core42, every single design decision we made, there's both kind of -- there's a cost component that often comes with it as well. So we've been very open with all of the various customer discussions that we're having, where we are kind of coming out.

馬丁，我是納札爾。我們對客戶非常公開地告知了建造成本是多少，對嗎？我們一直在引導市場了解我們的建造成本，以便我們的客戶了解。正如我之前提到的，當我們研究 Core42 時，我們所做的每一個設計決策都同時涉及成本因素。因此，我們對與各種客戶進行的討論都持非常開放的態度，我們會公開我們的意見。

When you look at what the customer is doing with it, where -- how they use that compute capacity oftentimes drives kind of their ultimate sensitivity. So if you're a neocloud player, the cost of moving $5 or $10 one way or another on your monthly kilowatt per month lease rate has some impact. But when you look at their total cost of compute that they're delivering at $2 or $3 a GPU hour, it's a fairly small component.

當你觀察客戶用它做什麼、在哪裡使用運算能力時，通常會決定他們的最終敏感度。因此，如果您是 Neocloud 玩家，那麼以某種方式轉移 5 美元或 10 美元的費用對您每月千瓦時租賃費率會產生一定的影響。但是，當你看看他們以每小時 2 美元或 3 美元的價格提供的總計算成本時，你會發現這只是一個相當小的部分。

When you have an enterprise customer that you're having this discussion with and you kind of look at it, they've got a big kind of finance team and they're looking at every single dollar and where it's going. And sometimes they're more often sensitive to kind of those changes. And then -- and for others, it's just kind of how they're looking at it.

當你與企業客戶進行此類討論時，你會發現他們擁有龐大的財務團隊，他們專注於每一美元以及它的去向。有時他們對這些變化更加敏感。然後——對其他人來說，這只是他們看待它的方式。

So for us, I think people are aware that to the extent that there are increases from tariffs that someone is going to have to pay for it. They understand kind of there's a business that we run. We've guided both the market and our customers on where we want to end up in terms of the margins that we have. So it's been a pretty, I'd say, constructive discussion with those folks. And again, depending upon what the end use is, sometimes we see different sensitivities arise.

所以對我們來說，我認為人們意識到，如果關稅增加，就必須有人為此付出代價。他們明白我們經營的是一門生意。我們已經為市場和客戶提供了指導，讓他們知道我們最終想要實現的利潤目標。所以我想說，與這些人的討論非常有建設性。而且，根據最終用途的不同，有時我們會看到不同的敏感度出現。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Good morning, gentlemen. Thanks for taking my questions. For my first one, just given the increased attention towards landing additional capacity and diversifying your customer base, what would you say the top two to three milestones that should be monitored when evaluating your progress of securing new contracts as your build-out continues through 2025? Thanks.

先生們，早安。感謝您回答我的問題。對於我的第一個問題，鑑於您越來越關注獲得額外產能和實現客戶群多元化，您認為在評估您在 2025 年持續建設過程中獲得新合約的進展情況時應該監控的最重要的兩到三個里程碑是什麼？謝謝。

Again, I don't know if there are ways to sort of guide the market to how our discussions are going because we've got customers where we've negotiated a contract to the point of their satisfaction, but they're still trying to figure out their capacity requirements. We've got customers who are certain about their capacity requirements, but want to wait for the next-generation chip. We've got customers who we've negotiated their requirements from a capacity perspective and the schedule, but they want to talk about terms.

再說一次，我不知道是否有辦法引導市場了解我們的討論進展，因為我們已經與客戶就合約進行了談判，他們感到滿意，但他們仍在試圖確定他們的產能需求。我們有一些客戶，他們對自己的能力需求很確定，但想等待下一代晶片。我們已經與客戶就產能和時間表等方面的要求進行了協商，但他們希望討論條款。

And so I can't give you a magic bullet here on how we can inform you on our progress other than to say, one, we're having lots of conversations. Two, they're really intense. Three, we're on top of our general counsel to manager legal costs because we're negotiating on so many different fronts.

因此，我無法在這裡告訴你我們如何告知你我們的進展，除了說，第一，我們正在進行大量的對話。二，他們真的很激烈。第三，由於我們在許多不同方面進行談判，所以我們的總法律顧問要負責管理法律費用。

And four, I think the most important element would be when we energize CB-1. I think that will be a big day that Core42 and TeraWulf will celebrate. We hope our shareholders celebrate it because it will reflect that we were able to deliver, that we executed. And it will be a great day for Core42 because their phone will be ringing off the hook with new customer demand, and we would expect our phones will be ringing off the hook because people will want to take the conversations we're having and convert to a contract. So, I think that's the only real hard milestone I could give you.

第四，我認為最重要的因素是我們何時為 CB-1 注入活力。我認為這將是 Core42 和 TeraWulf 慶祝的重要一天。我們希望股東們慶祝這一點，因為這反映出我們能夠實現目標，能夠執行任務。對於 Core42 來說，這將是偉大的一天，因為他們的電話將因新客戶的需求而響個不停，我們也希望我們的電話也會響個不停，因為人們希望將我們的對話轉化為合約。所以，我認為這是我能給你的唯一真正艱難的里程碑。

Appreciate that, Paul, for giving the best color you can provide. And then just secondly, with respect to the Bitcoin mining segment, should we expect further expansion to that previous 13.1 exahash target? I'm not sure if you guys provided commentary that I missed, but is that still in play in the coming quarters? Or was there some sort of larger replacement of fleet upgrade? Just curious if there's any power capacity that's sitting idle that you guys could capitalize on in Q2 or going forward? Thanks.

保羅，感謝您提供最好的顏色。其次，就比特幣挖礦領域而言，我們是否應該預期其進一步擴展到先前的 13.1 exahash 目標？我不確定你們是否提供了我錯過的評論，但這在接下來的幾個季度中是否仍然有效？或者是否存在某種更大規模的艦隊升級替代方案？我只是好奇，是否有任何閒置的電力容量可供你們在第二季或未來利用？謝謝。

Nazar?

納札爾？

Not for now, Bill. I mean, I think from an infrastructure perspective, we've got about 250 megawatts of infrastructure available to us. If you look at the composition of our fleet, we are constantly looking at ways to optimize the mine of fleet. I think 60% or so of our capacity is below 20 joules per terahash in terms of efficiency.

現在還不行，比爾。我的意思是，我認為從基礎設施的角度來看，我們擁有大約 250 兆瓦的可用基礎設施。如果你看一下我們的船隊的組成，你會發現我們一直在尋找優化船隊礦井的方法。我認為，就效率而言，我們容量的 60% 左右低於每太赫茲 20 焦耳。

So I think in the near term, we continue to always evaluate ways to optimize our miner fleet, and we've kind of continuously done that over the past year. And so in the near term, I think any changes to the hash rate will likely come through that kind of an activity.

因此我認為在短期內，我們會繼續評估優化礦機群的方法，並且在過去的一年裡我們也一直在這樣做。因此，在短期內，我認為哈希率的任何變化都可能透過這種活動實現。

Joe Flynn, Compass Point Research and Trading.

喬‧弗林 (Joe Flynn)，Compass Point 研究與貿易公司。

Thanks for the question. You guys kind of ultimately answered it, but maybe there's just a lot to ponder on the project financing side. It seems like the corporate guarantees, there would be a lot of interest in that and pretty tight spreads. But maybe just talk about like what the appetite is and where you ultimately -- who do you hope to partner with? And yeah, any color would be great.

謝謝你的提問。你們最終回答了這個問題，但也許在專案融資方面還有很多需要思考的地方。看起來，企業擔保會引起很大的興趣，而且利差也相當小。但也許只是談論一下您的興趣是什麼以及您最終希望與誰合作？是的，任何顏色都可以。

Yeah. Look, I think there's a lot of chatter out there in the marketplace. You can see where deals are pricing. And generally, hyperscaler risk is SOFR plus 200. CoreWeave risk is kind of SOFR plus 400 to 500, but tightening.

是的。瞧，我認為市場上有很多議論紛紛。您可以看到交易的定價。一般來說，超大規模企業的風險是 SOFR 加 200。CoreWeave 風險是 SOFR 加上 400 到 500，但正在收緊。

So I would expect our customer, in my opinion, I think, is a better credit quality than CoreWeave, but is not as well known. So I would expect, Joe, we're kind of targeting somewhere probably around that same pricing of SOFR kind of 400 to 500. And I hope to do better than that. But I think, for our first financing, that's kind of, I think, a good target range.

因此，我認為我們的客戶的信用品質比 CoreWeave 更好，但知名度卻不如 CoreWeave。因此，喬，我預計我們的目標可能是 SOFR 的定價在 400 到 500 左右。我希望能做得更好。但我認為，對於我們的首次融資來說，這是一個很好的目標範圍。

There are no further questions at this time. I would now like to turn the floor back over to Paul Prager for closing comments.

目前沒有其他問題。現在我想把發言權交還給保羅·普拉格，請他發表最後評論。

I want to thank all of you again for joining us. TeraWulf is very well positioned at the convergence of energy and compute. Our scalable, sustainable infrastructure, attractive cost profile, and strong project pipeline provide for a foundation for long-term value creation. As we move through 2025, our focus remains on execution. The deployment of our initial HPC buildings will mark a major inflection point, shifting us from promise to proof and unlocking new revenue streams for the company. As a significant shareholder myself, I want to reaffirm that our actions are aligned with long-term shareholder interests. We appreciate your continued support and confidence in TeraWulf. Thank you.

我想再次感謝大家的參與。TeraWulf 在能源和運算融合方面佔據著非常有利的地位。我們可擴展、可持續的基礎設施、具有吸引力的成本效益以及強大的專案儲備為長期價值創造奠定了基礎。隨著我們邁入 2025 年，我們的重點依然是執行。我們最初的 HPC 建築的部署將標誌著一個重要的轉折點，使我們從承諾轉向證明，並為公司開闢新的收入來源。作為一個重要股東，我想重申我們的行動符合股東的長期利益。我們感謝您對 TeraWulf 的持續支持與信任。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。