Terawulf Inc (WULF) 2025 Q2 法說會逐字稿

Greetings. Welcome to the TeraWulf 2025 second-quarter earnings conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to John Larkin, SVP, Director of Investor Relations. Thank you, you may begin.

問候。歡迎參加 TeraWulf 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給資深副總裁兼投資者關係總監約翰‧拉金 (John Larkin)。謝謝，你可以開始了。

Good morning, and welcome to TeraWulf's 2025 second-quarter earnings call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury. And for Q&A, we will be joined by Co-Founder and CTO, Nazar Khan; TSO, Kerri Langlais; and COO, Sean Farrell.

早安，歡迎參加 TeraWulf 2025 年第二季財報電話會議。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。在問答環節，我們將邀請共同創辦人兼技術長 Nazar Khan、TSO Kerri Langlais 和營運長 Sean Farrell 參與。

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. 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. We will also reference certain non-GAAP financial 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 today's call with prepared remarks from Paul and Patrick, followed by Q&A with the full management team.

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。這些陳述受風險和不確定性影響，實際結果可能與預期有重大差異。在本次電話會議中，我們可能會使用「預期」、「可能」、「能夠」、「估計」、「打算」、「期望」、「相信」、「潛在」、「將」、「應該」、「預測」等詞語及類似表述，這些詞語均表示前瞻性陳述。如需更全面地了解這些風險及其他風險，請參閱我們提交給美國證券交易委員會 (SEC) 的文件，該文件可在 sec.gov 網站以及我們網站 terawulf.com 的「投資者」板塊查閱。我們今天也將參考某些非公認會計準則 (Non-GAAP) 財務指標。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。今天的電話會議將以保羅和派崔克的準備好的發言開始，然後是整個管理團隊的問答環節。

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

現在我將電話轉給我們的執行長保羅·普拉格 (Paul Prager)。

Good morning, and thank you for joining us. We moved this call from Friday to this morning so we could share a complete update. Over the past few days, we finalized transformative agreements that meaningfully advance TeraWulf's strategy and reinforce our position as a leader in next-generation digital infrastructure. This morning, we announced two major transactions.

早安，感謝您加入我們。我們將這次電話會議從週五改到了今天早上，以便我們能夠分享完整的更新內容。在過去的幾天裡，我們達成了變革協議，這將顯著推進 TeraWulf 的策略，並鞏固我們作為下一代數位基礎設施領導者的地位。今天上午，我們宣布了兩項重大交易。

First, we have a new tenant at Lake Mariner. We signed a 10-year 200-plus megawatt hyperscale AI hosting agreement with Fluidstack, a premier AI cloud platform that builds and operates GPU clusters to some of the world's most innovative companies.

首先，我們在水手湖迎來了一位新租戶。我們與 Fluidstack 簽署了一份為期 10 年、超過 200 兆瓦的超大規模 AI 託管協議。 Fluidstack 是一家領先的 AI 雲端平台，為全球一些最具創新精神的公司建立和營運 GPU 叢集。

This agreement represents approximately $3.7 billion in contracted revenue, with the potential to exceed $8.7 billion if lease extensions are exercised. Fluidstack will utilize more than 200 megawatts of critical IT load, about 250 megawatts of gross site capacity.

該協議代表約 37 億美元的合約收入，如果延長租約，則有可能超過 87 億美元。Fluidstack 將利用超過 200 兆瓦的關鍵 IT 負載，約 250 兆瓦的總站點容量。

We also granted Fluidstack a 30-day exclusivity on CB-5, which would add another 160 megawatts of critical IT load, on similar terms, including Google's participation. Deployment will be phased, with the first 40 megawatts expected online in the first half of 2026, and the full deployment by year-end.

我們也授予 Fluidstack 對 CB-5 的 30 天獨家經營權，這將在類似的條款下再增加 160 兆瓦的關鍵 IT 負載，包括 Google 的參與。部署將分階段進行，預計首批 40 兆瓦將於 2026 年上半年上線，並於年底全面部署。

The lease is expected to bring in over $350 million a year in revenue, with site level net operating margins of roughly 85%. Importantly, Google is providing a $1.8 billion backstop for Fluidstack's lease obligations in exchange for warrants representing about 8% of TeraWulf's equity, an extraordinary vote of confidence from one of the most influential players in AI.

該租賃預計每年將帶來超過 3.5 億美元的收入，現場淨營業利潤率約為 85%。重要的是，Google為 Fluidstack 的租賃義務提供了 18 億美元的支持，以換取相當於 TeraWulf 股權約 8% 的認股權證，這是來自人工智慧領域最具影響力的參與者之一的非凡信任投票。

Second, we brought in Cayuga. We executed an 80-year ground lease with a purchase option, securing exclusive rights to develop up to 400 megawatts of digital infrastructure on a fully equipped site, with high-capacity transmission, industrial water intake, and redundant fiber. We expect to bring more than 130 megawatts online in 2027, with substantial expansion potential beyond that.

其次，我們引進了卡尤加。我們簽訂了一份為期 80 年的土地租賃協議，並附帶購買選擇權，從而獲得了在設施齊全的場地上開發高達 400 兆瓦數位基礎設施的獨家權利，該場地擁有高容量傳輸、工業取水和冗餘光纖。我們預計到 2027 年將有超過 130 兆瓦的電力上線，並且在此基礎上還有巨大的擴展潛力。

Together, these transactions increase our total platform capacity to over 1 gigawatt, firmly positioning Lake Mariner and Cayuga as cornerstone assets for the future of AI infrastructure. Our first HPC tenant, Core42, continues to be an outstanding partner, and we anticipate growing that relationship.

這些交易共同將我們的平台總容量提升至 1 千兆瓦以上，從而將 Lake Mariner 和 Cayuga 牢牢定位為未來人工智慧基礎設施的基石資產。我們的第一個 HPC 租戶 Core42 繼續成為我們出色的合作夥伴，我們期待這種關係能持續發展。

The WULF Den is fully operational and generating revenue. CB-1 begins generating revenue within the next week, and CB-2 is on track for Q4. We are hitting our milestones on time and on budget.

WULF Den 已全面投入營運並產生收入。CB-1 將在下週內開始產生收入，CB-2 預計將在第四季度實現盈利。我們正在按時、按預算實現我們的里程碑。

For months, I've highlighted three key priorities: execute for Core42; secure our next tenant; and expand capacity. These announcements deliver on all three. Looking ahead, our focus is on financing the HPC build-out efficiently and in a shareholder-friendly manner.

幾個月來，我一直強調三個關鍵優先事項：為 Core42 執行；確保我們的下一個租戶；以及擴大產能。這些聲明兌現了這三個承諾。展望未來，我們的重點是以高效且對股東友好的方式為 HPC 建設提供融資。

With this new customer and the $1.8 billion Google backstop, our credit profile is significantly enhanced, enabling us to pursue low-cost, scalable capital solutions that align with our growth trajectory. Therefore, my immediate focus is: execution, execution, execution.

有了這個新客戶和 18 億美元的谷歌支持，我們的信用狀況得到了顯著增強，使我們能夠尋求符合我們成長軌蹟的低成本、可擴展的資本解決方案。因此，我目前的重點是：執行、執行、執行。

Finally, I want to thank my team, our partners at Fluidstack and Google, and our advisers, Morgan Stanley, Paul, Weiss, and Noah Hansford at Stutzman Bromberg, for their exceptional work in making these milestones possible.

最後，我要感謝我的團隊、Fluidstack 和 Google 的合作夥伴以及我們的顧問摩根士丹利、Paul、Weiss 和 Stutzman Bromberg 的 Noah Hansford，感謝他們為實現這些里程碑所做的出色工作。

With that, I'll turn it over to Patrick for a quick look at our second quarter results.

說完這些，我會把話題交給派崔克，讓他快速回顧我們的第二季業績。

Thank you, Paul. I'll briefly cover the financial highlights for the second quarter before diving into the transactions in partnership with Fluidstack and Google announced this morning, and our objectives for the second half of 2025.

謝謝你，保羅。我將簡要介紹第二季的財務亮點，然後深入探討今天上午宣布的與 Fluidstack 和 Google 合作的交易以及我們 2025 年下半年的目標。

In the second quarter of 2025, we self-mined 485 bitcoin at Lake Mariner or approximately 5 bitcoin per day, a 30% increase over the 372-bitcoin mined in 1Q '25. Our GAAP revenues were up 38% quarter over quarter at $47.6 million in 2Q '25 from $34.4 million in 1Q '25. Meanwhile, our GAAP cost of revenue exclusive of depreciation decreased by 10% from $24.5 million in 1Q '25 to $22.1 million in 2Q '25.

2025 年第二季度，我們在 Lake Mariner 自行開採了 485 個比特幣，即每天約 5 個比特幣，比 2025 年第一季開採的 372 個比特幣增加了 30%。我們的 GAAP 營收從 2025 年第一季的 3,440 萬美元季增 38%，達到 2025 年第二季的 4,760 萬美元。同時，我們的 GAAP 收入成本（不包括折舊）從 2025 年第一季的 2,450 萬美元下降 10% 至 2025 年第二季的 2,210 萬美元。

Power prices in Upstate New York normalized in 2Q, and we expect pricing to remain in line with historical levels for the rest of 2025, guiding at $0.05 per kilowatt hour for second half of the year. SG&A expense for 2Q '25 was $14.3 million. After adjusting for stock-based compensation, SG&A decreased quarter over quarter from $11.5 million in 1Q '25 to $10.7 million in 2Q '25.

紐約州北部的電價在第二季度恢復正常，我們預計 2025 年剩餘時間的電價將與歷史水準保持一致，下半年電價將保持在每千瓦時 0.05 美元。2025 年第二季的銷售、一般及行政費用為 1,430 萬美元。調整股票薪酬後，銷售、一般及行政費用 (SG&A) 環比下降，從 2025 年第一季的 1,150 萬美元下降至 2025 年第二季的 1,070 萬美元。

I'm also pleased to report our non-GAAP adjusted EBITDA showed significant improvement in Q2, totaling $14.5 million, up from a negative $4.7 million in 1Q. As a reminder, these results are inclusive of significant increases in SG&A and operating expenses over the past 12 months as we've invested heavily in our HPC business.

我還很高興地報告，我們的非 GAAP 調整後 EBITDA 在第二季度顯示出顯著改善，總計 1450 萬美元，高於第一季的負 470 萬美元。提醒一下，由於我們在 HPC 業務上投入了大量資金，這些結果包括過去 12 個月銷售、一般及行政費用 (SG&A) 和營運費用的大幅增加。

These incremental costs have been entirely borne by our mining business until now. As Paul mentioned, we're on track for the WULF Den and CB-1 leases with Core42 to start generating revenue in Q3. We remain on schedule and on budget for the delivery of this capacity.

到目前為止，這些增量成本已完全由我們的採礦業務承擔。正如保羅所提到的，我們與 Core42 簽訂的 WULF Den 和 CB-1 租賃合約預計將在第三季開始產生收入。我們按照計畫和預算完成了這項產能的交付。

Looking ahead to the second half of 2025, we've updated our guidance in our investor presentation. At current bitcoin prices and network cash rate, we expect our mining operations to contribute positively to EBITDA in the second half of the year. We've also slightly adjusted our annual SG&A guidance to $50 million to $55 million from $40 million to $45 million, reflecting the accelerated growth in our HPC business.

展望 2025 年下半年，我們在投資人報告中更新了我們的指引。依照目前的比特幣價格和網路現金匯率，我們預期挖礦業務將在下半年對EBITDA（息稅折舊攤提前利潤）做出積極貢獻。我們也稍微調整了年度銷售、一般及行政費用（SG&A）預期，從4000萬美元至4500萬美元上調至5000萬美元至5500萬美元，以反映我們高效能運算（HPC）業務的加速成長。

Now moving to the transactions announced today. These are truly a game changer for TeraWulf, and I want to highlight some of the financial implications. As Paul noted, the Fluidstack lease and Google support agreement are carefully structured to enhance our credit profile and position us to scale quickly.

現在轉到今天宣布的交易。這些對 TeraWulf 來說確實是一個改變遊戲規則的因素，我想強調其中的一些財務影響。正如保羅所指出的，Fluidstack 租賃和 Google 支援協議經過精心設計，旨在提高我們的信用狀況並使我們能夠快速擴大規模。

Google's partnership and support is multifaceted. First, Google is backing Fluidstack's lease obligations, which include early termination protections for the first six years. Second, Google is providing $1.8 billion of credit support over a 10-year period. Third, Google is pledging its equity stake in TeraWulf to support the construction phase of our data centers.

Google 的合作與支援是多方面的。首先，Google 支持 Fluidstack 的租約義務，其中包括前六年的提前終止保護。第二，Google將提供為期10年、總額18億美元的信貸支援。第三，Google承諾將其在 TeraWulf 的股權用於支持我們資料中心的建設階段。

Given the expected improvement in our credit profile, we've refined our financing strategy to focus on a series of capital markets initiatives in the second half of 2025, with the benefit of our new financial support from Google and our updated lease agreements.

鑑於我們的信用狀況預期改善，我們改進了融資策略，專注於 2025 年下半年的一系列資本市場計劃，並受益於谷歌的新財務支持和更新的租賃協議。

Additionally, the long-term ground lease at the Cayuga site adds significant future capacity and upside value for TeraWulf shareholders. We plan to develop up to 400 megawatts of HPC hosting at Cayuga, a site with many of the same advantages as Lake Mariner, including low cost, predominantly zero carbon power and strong existing infrastructure. This acquisition and the structuring of these transactions were designed with careful consideration of shareholder alignment.

此外，卡尤加資料中心的長期土地租賃將為TeraWulf股東帶來顯著的未來容量和上升價值。我們計劃在卡尤加開發高達400兆瓦的高效能運算(HPC)託管服務，該資料中心擁有與水手湖(Lake Mariner)相同的諸多優勢，包括低成本、主要採用零碳能源以及強大的現有基礎設施。此次收購及相關交易的結構設計均經過仔細考慮，充分考慮了股東的利益。

As Paul mentioned, we have structured the terms with long-term shareholder value in mind. The acquisition of Beowulf Electricity and Data in 2Q further streamlines our structure and consolidates expertise in power generation.

正如保羅所提到的，我們在製定條款時考慮到了長期股東價值。第二季對 Beowulf Electricity and Data 的收購進一步簡化了我們的結構並鞏固了發電方面的專業知識。

This acquisition not only simplifies our corporate structure, but also strengthens our ability to execute on future projects. As part of the acquisition, 94 employees from Beowulf, including key personnel from Lake Mariner and corporate support functions have transitioned to TeraWulf.

此次收購不僅簡化了我們的公司架構，也增強了我們執行未來專案的能力。作為收購的一部分，Beowulf 的 94 名員工，包括 Lake Mariner 和公司支援部門的關鍵人員，已轉至 TeraWulf。

Finally, regarding our growth pipeline. We are constantly evaluating additional sites to add to the TeraWulf portfolio and maintain an extremely rigorous approach to this process. In 2025, we have evaluated over 75 potential expansion sites, and from that, we have a handful of progressing through negotiations.

最後，關於我們的成長管道。我們不斷評估可新增至 TeraWulf 產品組合中的其他站點，並對此流程採取極為嚴格的方法。2025 年，我們評估了超過 75 個潛在的擴建地點，其中有少數地點正在談判中。

Given our HPC customer base and electrical infrastructure experience, we will maintain discipline as we evaluate future expansions. With that, I'll turn it back over to the operator, and we look forward to answering your questions.

鑑於我們豐富的高效能運算 (HPC) 客戶群和電力基礎設施經驗，我們將在評估未來擴展時保持紀律。接下來，我將把問題交還給接線員，期待解答您的疑問。

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Northland Securities 的 Mike Grondahl。

Congratulations. A couple of questions. If you could maybe talk about why Fluidstack, kind of the pros and cons there, and the demand for that power? And then how are you thinking about the 30-day exclusivity?

恭喜。有幾個問題。您能否談談為什麼選擇 Fluidstack，它的優點和缺點是什麼，以及對這種功能的需求是什麼？那麼，您對 30 天的獨家經營權有何看法？

Naz, you want to get that.

納茲，你想得到那個。

Mike, it's Nazar here. Why Fluidstack? Fluidstack, as Paul had mentioned, delivers compute clusters to some of the largest companies in the world, and they've been active with a number of different customers, both domestically in the United States, as well as in Europe. And so they made a couple of announcements in Europe earlier in the year.

麥克，我是納札爾。為什麼選擇 Fluidstack？正如保羅所提到的，Fluidstack 為世界上一些最大的公司提供計算集群，並且他們與許多不同的客戶都有合作，包括美國國內和歐洲的客戶。因此他們在今年稍早在歐洲發布了幾項聲明。

So they are very active and are in deep and detailed discussions with a number of different counterparties in delivering optimized compute. And so as we thought about our trajectory and our ability to grow, adding somebody like Fluidstack to Core42, who also has grand ambitions in building a large platform around compute made a ton of sense. And I think as we've mentioned on prior calls, having more than one customer at the site has been a goal of ours. And this accomplishes that.

因此，他們非常活躍，正在與許多不同的合作夥伴進行深入細緻的討論，以提供最佳化的計算服務。因此，當我們思考我們的發展軌跡和成長能力時，將像 Fluidstack 這樣同樣雄心勃勃地建立大型運算平台的公司加入 Core42 是非常合理的。正如我們在先前的電話會議中提到的，我們的目標是在現場擁有多個客戶。這就實現了這一點。

On the exclusivity, today, we signed up a deal for CB-3, which is 42 megawatts of net critical IT capacity, and CB-4, which is 162 megawatts of net critical IT capacity. The discussions that we have ongoing are for a copy of CB-4, which would be CB-5.

關於獨家經營權，今天，我們簽署了 CB-3 和 CB-4 的協議，CB-3 的淨關鍵 IT 容量為 42 兆瓦，CB-4 的淨關鍵 IT 容量為 162 兆瓦。我們正在進行的討論是關於 CB-4 的副本，即 CB-5。

And given the discussions that we've had, given the intense amount of effort that's been put into customizing this design for Fluidstack, we have a relatively tight window here, so we are hopeful. But again, there's work to do there. But again, that tight window should give an indication of how much work is left.

考慮到我們已經進行的討論，考慮到為 Fluidstack 定制此設計所付出的巨大努力，我們目前的時機相對較緊，因此我們充滿希望。但同樣，還有很多工作要做。但同樣，這個緊張的時間窗口應該可以表明還剩下多少工作。

Yes, that's really tight.

是的，真的很緊。

And then Mike, I'll just add to that. This is Kerri, Mike, is that -- the terms on the additional building, CB-5, are on the exact same basis of the terms that we just signed. So the same guarantee from Google and the same economics between TeraWulf and Fluidstack.

然後麥克，我再補充一點。我是克里，麥克，關於附加建築 CB-5 的條款與我們剛簽署的條款完全相同。因此，Google 提供的保固和 TeraWulf 與 Fluidstack 之間的經濟效益是相同的。

Great. And then maybe just one more. The $1.8 billion backstop from Google, how was that number sort of decided on? Is that basically a 6-year protection?

偉大的。然後也許再來一次。谷歌提供的 18 億美元支援是如何決定的？這基本上就是 6 年的保護嗎？

Yes. Mike, it's Patrick Fleury. So yes, the backstop amount is roughly 50% of the payments over the lease term. So yes, it's approximately six years. And that support, Mike, is actually in place for up to a -- the 10-year term of the lease, and it declines from the beginning over time.

是的。麥克，我是派崔克‧弗勒里。是的，擔保金額大約是租賃期間付款額的 50%。是的，大約六年。麥克，這種支持實際上會持續長達 10 年的租賃期，並且會隨著時間的推移而逐漸減少。

Congratulations, guys. Great progress.

恭喜你們，夥伴們。很大的進步。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Congrats on both of the announcements today. Really excited about those. Maybe first, on Lake Mariner, the 200-some-odd megawatts we have allocated towards bitcoin mining, does the Core42 plus the new deal M&A kind of impact the electrical capacity for bitcoin mining? Would you envision shutting bitcoin mining down for Fluidstack? Or is that something you don't really have to do quite yet?

對今天的兩項公告表示祝賀。真的非常興奮。首先，在 Lake Mariner，我們為比特幣挖礦分配了 200 多兆瓦的電力，Core42 加上新的併購交易是否會影響比特幣挖礦的電力容量？您是否設想關閉 Fluidstack 的比特幣挖礦？還是這是你現在還不需要做的事情？

Brett, it's Kerri. So as you know, right now, we've got about 200 megawatts of near-term power available at Lake Mariner. And if you look out over the next 18 months, we're optimistic that we can bring another 250 online there. So I think that -- your question here leads us to the other transaction that we announced today, which is the Cayuga deal. That's why moving on that so quickly was very important to us, to keep the momentum in our customer conversations and have that capacity available across multiple sites.

布雷特，我是克里。如您所知，目前，我們在水手湖有大約 200 兆瓦的近期電力可用。如果你展望未來 18 個月，我們樂觀地認為我們可以在那裡再增加 250 個線上商店。所以我認為——你的問題引出了我們今天宣布的另一項交易，即卡尤加交易。這就是為什麼如此迅速地採取行動對我們來說非常重要，以保持與客戶的對話勢頭，並在多個站點上提供這種能力。

So as you think about it, once we sign a deal, we're typically delivering the facilities within a year. So we're already thinking ahead to meet that time line.

所以，正如您所想，一旦我們簽署協議，我們通常會在一年內交付設施。因此，我們已經開始考慮如何滿足這個時間表。

Okay. That's very helpful. And then on the Core42 build-out, can you maybe just remind us of how much CapEx is remaining for that first deal?

好的。這非常有幫助。然後關於 Core42 的擴建，您能否提醒我們第一筆交易還剩下多少資本支出？

Yes. Brett, it's Patrick. I think the precise -- I might be off by $1 million here. But I think through the second quarter, we had spent approximately $200 million. That -- I think if you looked at our presentations in quarters prior, that total spend was about $430 million.

是的。布雷特，我是派崔克。我認為精確的——我可能在這裡錯了 100 萬美元。但我認為到第二季我們已經花了大約 2 億美元。我認為，如果你看過我們前幾季的簡報，你就會知道總支出約 4.3 億美元。

And so I think you might say, well, that doesn't seem right, but a lot of that spend is very back-ended. So for example, things like UPS, which is a very large number there, is really back-ended spend that we'll be spending here in the sort of late third quarter and fourth quarter.

所以我想你可能會說，嗯，這看起來不對，但很多支出都是後端的。舉例來說，像 UPS 這樣的東西，在那裡佔了很大一部分，實際上都是後端支出，我們將在第三季末和第四季進行支出。

That's very helpful. And then maybe if I could just add one more. The new CapEx for Fluidstack, $8 million to $10 million range. It's a bit higher than Core42 range. Can you maybe just talk about the difference in the build-out and cost for that versus what you did with Core42?

這非常有幫助。然後也許我可以再增加一個。Fluidstack 的新資本支出為 800 萬美元至 1000 萬美元。它比 Core42 範圍略高。您能否談談與 Core42 相比，其建置和成本有何不同？

Sure. This is Nazar. There's a couple of factors here. One is scale and the time associated with that scale. So for the Core42 discussions, we're delivering 60 megawatts of total critical IT capacity. And with this announcement here, we're delivering over 200. And so -- and the time lines that we're doing so are relatively similar.

當然。這是納札爾。這裡有幾個因素。一是規模以及與該規模相關的時間。因此，在 Core42 討論中，我們將提供總計 60 兆瓦的關鍵 IT 容量。加上本次宣布的消息，我們將提供超過 200 兆瓦的容量。所以 — — 我們這樣做的時間線相對相似。

So there's a need for significantly more labor, which is requiring us to pull from further and further away, which has an impact on our overall cost. And so that's one component to it. Second is, as we mentioned earlier, we spent quite a bit of time with the Fluidstack team and coming up with a design that really was customized to what they were looking to deploy.

因此，我們需要更多的勞動力，這要求我們從越來越遠的地方調集勞動力，這會對我們的整體成本產生影響。這就是它的一個組成部分。其次，正如我們之前提到的，我們花了相當多的時間與 Fluidstack 團隊合作，並提出了一個真正根據他們想要部署的內容量身定制的設計。

And so within those design considerations were tweaks off of what we've built in CB-1 and CB-2. So when you put those things together, as you noted, we're a little bit higher than what our CapEx was going into Core42.

因此，在這些設計考量中，我們對 CB-1 和 CB-2 進行了調整。因此，當你把這些因素放在一起時，正如你所指出的，我們的資本支出比投入 Core42 的資本支出略高一些。

I really appreciate it, guys. Congrats on the deals.

大家，我真的很感激。恭喜達成交易。

Darren Aftahi, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Darren Aftahi。

It's Dillon Heslin on for Darren. The first one, it seems like the yield or the unlevered yield to cost on the build is roughly in the same range of Core42. When you start to look at other sites within Lake Mariner and then Cayuga, and people you're at the negotiating table with, like how much room do you think there is to either expand or maintain that yield to cost?

狄龍·赫斯林 (Dillon Heslin) 替補達倫 (Darren)。第一個，看起來收益率或無槓桿收益率與成本的比率與 Core42 大致相同。當您開始考察水手湖和卡尤加湖內的其他地點，以及與您一起談判的人員時，您認為還有多少空間可以擴大或維持該產量與成本的平衡？

Yes. It's Patrick Fleury. I'll answer that question. I mean, look, I think we've been pretty transparent about what we're targeting in the past. And I think we will maintain that discipline going forward.

是的。我是派崔克‧弗勒里。我來回答這個問題。我的意思是，看，我認為我們過去的目標一直都非常透明。我認為我們將繼續保持這種紀律。

And we think -- Paul can talk to market demand, but I would say it's very, very strong. And so I think you'll -- as Kerri mentioned, and Nazar, and on the expansion capacity that we're talking about, it's on the same terms. So I think we will -- we feel very strongly that we'll be able to maintain that discipline and keep achieving positive economic results for the shareholders.

我們認為──保羅可以談論市場需求，但我想說的是市場需求非常非常強勁。所以我認為你會 — — 正如 Kerri 和 Nazar 所提到的那樣，就我們所談論的擴展能力而言，這是相同的條件。所以我認為我們會——我們堅信我們能夠保持這種紀律並繼續為股東實現積極的經濟成果。

Yes. And I would just add to that, that since early May, demand has felt almost urgent. We're not chasing yield on cost deals. We just think we can get better returns. Seeing very strong enterprise and hyperscale demand in several formats with more enterprise direct talks, especially in financial services.

是的。我想補充一點，自 5 月初以來，需求變得非常緊迫。我們並不追求成本交易的收益。我們只是認為我們可以獲得更好的回報。隨著企業直接談判增多，尤其是在金融服務領域，企業對多種形式的超大規模需求非常強勁。

On pricing, we're very happy with the economics from Core42 and the Fluidstack Google deal, and think shareholders will be rewarded if we just keep replicating them. I think there's a good argument that the market might even be tighter in 2026 than in 2025 given ongoing power constraints and rising hyperscaler CapEx.

在定價方面，我們對 Core42 和 Fluidstack Google 交易的經濟效益非常滿意，並認為如果我們繼續複製它們，股東將獲得回報。我認為，鑑於持續的電力限制和超大規模資本支出的增加，2026 年的市場甚至可能比 2025 年更加緊張。

Got it. And as a follow-up, is there a way to earmark potentially how much capital you might need from the capital markets?

知道了。接下來，有沒有辦法指定您可能需要從資本市場獲得的資金數量？

This is Patrick. So look, we're really excited about the structure of this deal and the partnership here. So I think given the expected improvement in our credit profile, we've really refined our financing strategy with our advisers at Morgan Stanley to focus on a series of capital markets initiatives in the second half of this year. And those initiatives are going to really benefit from the new financial support from our partner at Google and the updated lease agreements.

這是派崔克。所以，我們對這筆交易的結構和合作關係感到非常興奮。因此，我認為，鑑於我們的信用狀況預期改善，我們與摩根士丹利的顧問一起真正完善了我們的融資策略，重點關註今年下半年的一系列資本市場舉措。這些舉措將真正受益於我們合作夥伴谷歌提供的新財政支援和更新的租賃協議。

So we think that strategy will really afford us a lower cost of funds going forward and increased flexibility going forward, and are just excited because we feel like we've cracked the code. As you know, one of the hardest things about these deals is financing them. And our strategic alignment with Google supporting us both on the debt and as one of the largest shareholders in our equity going forward, we think, is incredibly novel, and we're really excited about continuing to grow that partnership as we move forward.

所以我們認為，這項策略確實能降低我們未來的資金成本，並提高未來的彈性。我們非常興奮，因為我們感覺自己已經破解了密碼。如你所知，這些交易最困難的事情之一就是融資。我們認為，我們與Google的策略聯盟非常新穎，Google不僅在債務方面支持我們，而且作為我們未來最大的股東之一，也支持我們，我們對在未來的發展中繼續發展這種合作關係感到非常興奮。

Yes. And just to put a finer point on it or to underscore what Patrick said. I mean this is going to lower the cost of financing that we do, do, and it enables us to really approach things from a very shareholder-friendly perspective.

是的。只是為了更詳細地闡述或強調派崔克所說的話。我的意思是，這將降低我們的融資成本，並使我們能夠真正從非常有利於股東的角度來處理事情。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Guy, congratulations here. It's really great to see. I think the $3.7 billion implies average revenue per megawatt of around 1.9. At what level does the contract start? And what's the annual escalator?

蓋伊，我向你表示祝賀。看到這個真是太好了。我認為37億美元意味著每兆瓦平均收益約為1.9。合約從什麼水平開始計算？那麼年度手扶梯是什麼？

Nick, it's Patrick. So those details are confidential. I think we gave you enough information that -- you're a real smart guy, I think you can probably back into it. But the data that we gave you is the data. And I think as we move forward and get bigger as a company, we've been incredibly transparent in the past.

尼克，我是派崔克。所以這些細節是保密的。我想我們已經給了你足夠的資訊——你是一個非常聰明的人，我想你可能會支持它。但我們給您的數據就是數據。我認為，隨著我們公司不斷前進和壯大，我們過去一直非常透明。

And I think this is a really competitive space both for us and for our customers. So I think you will continue to see transparency from us. But the data we gave you today is the data that we're going to give you.

我認為這對我們和我們的客戶來說都是一個競爭非常激烈的領域。所以我認為你會繼續看到我們的透明度。但我們今天提供給您的數據就是我們將要提供給您的數據。

Okay. Fair enough. I appreciate that. And then just back to the project financing. I mean, should we expect to see something announced for the Core42 and Fluidstack in kind of one single announcement or are those separate conversations? Just appreciate any color on kind of what we should be looking for.

好的。很公平。我很感激。然後回到專案融資。我的意思是，我們是否應該期待在單一公告中看到有關 Core42 和 Fluidstack 的公告，還是這些是單獨的對話？只是欣賞我們應該尋找的任何顏色。

Yes. Nick, like I said, I think it's going to be a series of transactions. Obviously, this transaction fundamentally changes the credit profile of our company in a very positive way. So I think you will see a series of transactions that we're working on with our advisers at Morgan Stanley here in the second half.

是的。尼克，就像我說的，我認為這將是一系列交易。顯然，這筆交易從根本上以非常積極的方式改變了我們公司的信用狀況。因此，我認為您將在下半年看到我們與摩根士丹利的顧問合作進行的一系列交易。

Got it. One more for me. Just on the 30-day exclusivity. Do you feel that Google would presumably backstop this capacity as well if executed?

知道了。再給我一個。僅限 30 天的獨家銷售。您是否認為，如果實施的話，Google也可能會支持這項能力？

Yes.

是的。

Yes.

是的。

Okay. Guys, congrats again. Keep up the good work.

好的。夥計們，再次祝賀。繼續努力。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Just on the Google partnership, do you think you could maybe opine a little bit on how you think that that's going to change discussions with future clients? Do you see this as a net long-term strategic positive? And if so, what kind of synergies do you think this agreement would yield, in terms of generating new business further down the road?

就與Google的合作關係而言，您是否可以發表一些意見，說明這將如何改變與未來客戶的討論？您是否認為這是一個長期的策略性利好？如果是這樣，您認為這項協議在未來產生新業務方面會產生什麼樣的綜效？

Naz, do you want to start, and I'll follow up?

納茲，你想先開始，然後我再跟進嗎？

Sure. So I think the hyperscalers and Google, in particular, have put out pretty significant complex forecasts both kind of balance of the year as well as looking into next year. And if you look at the structure of this arrangement, it's, I think as Patrick mentioned earlier, unique, novel. And so what we have found is the demand for capacity from hyperscaler exists, as Paul had mentioned, and how they take that capacity down will take a number of different forms. And so this is an example of that.

當然。因此，我認為超大規模企業，尤其是谷歌，已經發布了相當重要且複雜的預測，包括今年的平衡以及明年的展望。如果你看一下這個安排的結構，我認為正如派崔克之前提到的，它是獨特的、新穎的。因此，我們發現超大規模資料中心對容量的需求是存在的，正如保羅所提到的那樣，他們降低容量的方式將有多種不同的形式。這就是一個例子。

And with -- as we think about it, there's the demand of who's going to use it. And then there is the: how do you pay for it and the financing piece of it? So this construct that we developed with our partners at Fluidstack and Google really addressed both of those things. And so I think the long and short of it is that there's demand out there and the contracting for that demand will take a number of different structures, including -- what we announced this morning.

而且——正如我們所想，存在著誰會使用它的需求。然後還有個問題：你要如何支付這筆費用以及融資部分如何解決？因此，我們與 Fluidstack 和 Google 的合作夥伴共同開發的這個結構確實解決了這兩個問題。所以我認為，總而言之，存在需求，而滿足這種需求的合約將採取多種不同的結構，包括——我們今天上午宣布的。

Yes. And do you think that new potential clients will see this as an endorsement from a marquee player in the space?

是的。您是否認為新的潛在客戶會將此視為來自該領域知名企業的認可？

I hope so. I would expect -- I mean, Fluidstack and Google probably looked at a ton of sites. And I think they were -- they found it compelling in terms of the attractiveness of the site, our installed energy infrastructure, redundant grid connections, the land, the water, fiber latency, 89% zero carbon power source, availability power.

我希望如此。我預計——我的意思是，Fluidstack 和 Google 可能查看了大量網站。我認為他們覺得這個地點很有吸引力，包括我們安裝的能源基礎設施、冗餘電網連接、土地、水、光纖延遲、89% 零碳電源、可用電力。

Second, they were able to see the progress we've made on the Core42 buildings, the partnership that we've developed there, the way we work with our customer. I think these high-power density, all liquid cooled data centers are pretty early in terms of industry development and Fluidstack, Google saw the value in partnering with a team that's already navigating that complexity.

其次，他們能夠看到我們在 Core42 大樓上取得的進展、我們在那裡建立的合作夥伴關係以及我們與客戶的合作方式。我認為這些高功率密度、全液冷資料中心在產業發展和 Fluidstack 方面還處於相當早期的階段，Google看到了與一個已經在應對這種複雜性的團隊合作的價值。

And finally, our team. I mean, I would encourage folks to work out when they can get up to the site, but we've got an amazing team up there led by Sean Farrell, Chief Operating Officer. Our management team, together with Sean, we've been together over 15 years. We've got decades of experience executing complex energy infrastructure projects. And I don't think that's something you can replicate overnight.

最後，我們的團隊。我的意思是，我會鼓勵大家在可以到達現場時進行鍛煉，但我們在那裡有一個由首席營運官肖恩·法雷爾 (Sean Farrell) 領導的出色團隊。我們的管理團隊，包括肖恩，已經一起工作了 15 年多。我們在執行複雜能源基礎設施專案方面擁有數十年的經驗。我不認為這是一夕之間就能實現的事。

So I think it was all of that. And I think new customers or potential new customers will look at our appreciation for electricity and electrical infrastructure and their needs and realize that it's a good match.

所以我認為就是這樣。我認為新客戶或潛在的新客戶會看到我們對電力和電力基礎設施及其需求的重視，並意識到這是一個很好的匹配。

And just to underscore what Paul said, we had very detailed discussions with our customer around the design and configuration of what we're building for them. So we had a base design. And it's through that, that they got to see our chops and see what we do, how we work. And so I do think to your question, it should absolutely be an endorsement of our team and our ability to really work with some of the largest companies in the world in building the next generation of data centers.

為了強調保羅所說的話，我們與客戶就我們為他們建造的產品的設計和配置進行了非常詳細的討論。所以我們有一個基礎設計。透過這種方式，他們了解了我們的能力、我們所做的事情以及我們的工作方式。因此，我確實認為，對於您的問題，這絕對是對我們團隊的認可，也是對我們與世界上一些最大的公司合作建立下一代資料中心的能力的認可。

Yes. Congratulations. It's a big win.

是的。恭喜。這是一次巨大的勝利。

Thank you.

謝謝。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒 (Chris Brendler)。

I have to add my congratulations as well. This is fantastic. I just wanted to see if we could potentially get some color. I would think you -- on the financing -- project financing side, I would think you had made significant progress down that path before these transactions. And so I just was wondering, is there any way to quantify sort of the benefit and the lift you may receive in the financing terms or the rate from the significant changes in your credit profile that are taking place?

我也必須表示祝賀。這太棒了。我只是想看看我們是否有可能得到一些顏色。我認為您在融資方面——專案融資方面，在這些交易之前您已經在這方面取得了重大進展。所以我只是想知道，是否有任何方法可以量化您在信用狀況發生重大變化時可能獲得的融資條款或利率的收益和提升？

And how quickly can those transactions come together? And then the second question I had was on the expansion. I think you were targeting 150 megawatts per year, and I think [you announced] 150 to 200. I just want to make sure that's true that you're going to probably maybe accelerate your expansion plans in this space now that you have these transactions under your belt as well as what's the future look like. Could that go up even higher as you expand your portfolio?

這些交易能多快完成？我的第二個問題是關於擴張的。我認為你的目標是每年 150 兆瓦，而且我認為 [你宣布] 是 150 到 200 兆瓦。我只是想確保這是真的，既然你已經完成了這些交易，你可能會加速你在這個領域的擴張計劃，並知道未來的前景如何。隨著你的投資組合不斷擴大，這個數字還會更高嗎？

Yes. Chris, it's Patrick. I'll take the first part and then maybe Paul and Nazar, Kerri can take the second. So Chris, I think it's pretty obvious. You look at Google as a financial partner here working with us, a multitrillion-dollar market cap, one of the largest companies in the US and with a measly $30 billion, I think, of debt or so. So absolutely pristine AA+ company partnering with us, now one of the largest shareholders.

是的。克里斯，我是派崔克。我將負責第一部分，然後保羅 (Paul)、納扎爾 (Nazar) 和克里 (Kerri) 可能負責第二部分。克里斯，我認為這很明顯。您可以將Google視為與我們合作的金融合作夥伴，其市值達數萬億美元，是美國最大的公司之一，但其債務只有區區 300 億美元左右。因此，與我們合作的絕對是 AA+ 公司，現在是最大的股東之一。

So I think you can imagine that whatever course we were on before, right, with regard to our financing for Core42, this is a game changer for that. And so I think we will look to finance the site in totality under this new credit regime and new support regime. So I think that's the obvious and clear takeaway.

所以我想你可以想像，無論我們之前採取什麼路線，就我們為 Core42 提供的融資而言，這都將改變遊戲規則。因此我認為我們將在新的信貸制度和新的支持制度下為該網站提供全部融資。所以我認為這是顯而易見且明確的結論。

And I'm not prepared on this call to precisely quantify that for you other than to say like it's -- we view it and I think our financing partners also view it as a game changer. And so I think now, as Paul mentioned, we are positioned, I think, perfectly to go get the most cost-effective and efficient capital structure in place.

在這次電話會議上，我無法為你們準確量化這一點，只能說——我們認為它，而且我認為我們的融資合作夥伴也認為它將改變遊戲規則。因此，我認為現在，正如保羅所提到的，我們已做好準備，可以建立最具成本效益和最高效的資本結構。

And look, before, we were talking to you about project financing. That can create siloed entities, which is not the best long-term financing outcome. And so I think here, we now have the time and the support to figure out what is absolutely right for the company long term.

你看，之前我們正在和你談專案融資。這可能會產生孤立的實體，這不是最佳的長期融資結果。所以我認為，我們現在有時間和支持來弄清楚什麼對公司的長期發展是絕對正確的。

In terms of your second question, Chris, around growth and future capacity, we put out this target of 150 to 200 megawatts, and that was by design. And that really is a function of both the capacity we have available, but also what we think we can efficiently finance and pay for. And so with this transaction, one would think we should be able to maybe increase the pace of that. We'll -- as Patrick said, we're going to work through that here very shortly. And so at the back end of that, maybe that could be a possibility.

關於你的第二個問題，克里斯，關於成長和未來容量，我們提出了 150 到 200 兆瓦的目標，這是設計好的。這其實既取決於我們現有的產能，也取決於我們認為能夠有效融資和支付的資金。因此，透過這筆交易，人們會認為我們應該能夠加快這一步伐。正如帕特里克所說，我們很快就會解決這個問題。因此，從後端來看，這也許是有可能的。

But I think that 150 to 200 megawatts of guidance that we have really is within both the capacity we have available as well as our ability to finance it and pay for that [construction] in a timely way.

但我認為，我們所製定的 150 到 200 兆瓦的指導目標確實在我們現有的產能範圍內，也在我們及時融資和支付（建造）費用的能力範圍內。

Okay. Great. Just one more on the financing side. Are you still anticipating a 70% LTV? Or does that potentially have the ability to increase with these transactions?

好的。偉大的。關於融資方面，再提一個。您仍預期 70% 的 LTV 嗎？或者說，隨著這些交易的進行，這個數字是否有可能增加？

Yes. Chris, I think all of that is out the door. It's no longer relevant. So I think you'll, again, see us attack the market, I think, in a very significant position of strength now with our partners. And I think all of those prior discussions and targets are off the table.

是的。克里斯，我認為所有這些都已經不存在了。它不再相關了。因此，我認為您會再次看到我們與合作夥伴一起進入市場，並且佔據非常有利的地位。我認為所有先前的討論和目標都不再考慮。

Martin Toner, ATB Capital.

ATB Capital 的 Martin Toner。

Congrats, folks. The EBITDA per megawatt of this deal is a little bit higher than what you've given us for Core42. Can you just kind of talk us through like what's different?

恭喜大家。這筆交易的每兆瓦 EBITDA 比您為 Core42 提供的略高一些。您能簡單跟我們講講有什麼不同嗎？

Yes. Martin, I think as you'll see in our disclosures -- and I think this is just natural as we get bigger, right? So before, when we just had Core42 as our customer, we were telling you EBITDA because that was our only customer.

是的。馬丁，我想正如你在我們的披露中看到的那樣——而且我認為隨著我們規模的擴大，這是很自然的，對吧？因此，以前，當我們的客戶只有 Core42 時，我們會告訴您 EBITDA，因為那是我們唯一的客戶。

I think now what you'll see us do going forward is for Core42 and for this deal, right, we're kind of looking at it from a net operating income at the project level, which I think is a more appropriate way to look at it. And you'll see that in our guidance for bitcoin mining.

我想現在你會看到我們為 Core42 和這筆交易所做的一切，對吧，我們是從專案層面的淨營業收入來看待它，我認為這是一種更合適的看待方式。您會在我們的比特幣挖礦指南中看到這一點。

We're looking at that as segment operating income as well, right? So I think the way we think about it is there's profitability at the project entities and then there's SG&A that we've had to take on right at the parent, which we gave you updated guidance on today.

我們也將其視為分部營業收入，對嗎？所以我認為我們的想法是，專案實體具有盈利能力，然後我們必須在母公司承擔銷售、一般和行政費用，我們今天向您提供了最新的指導。

So I think when you combine the specific project entities, right, and the bitcoin mining, that would then kind of roll up into a total and then you can subtract the SG&A from the top to get down to your EBITDA. Does that make sense?

因此，我認為，當你將特定的專案實體和比特幣挖礦結合起來時，它們就會匯總成一個總數，然後你可以從頂部減去銷售、一般和行政費用 (SG&A) 以得出你的 EBITDA。這樣有道理嗎？

Yes, I think so. Does Google have a significant contract with Fluidstack kind of like Microsoft and OpenAI have with CoreWeave? And just -- I'm just wondering, does Fluidstack have like a CoreWeave-like backlog?

是的，我認為是這樣。谷歌是否與 Fluidstack 簽訂了重要合同，就像微軟和 OpenAI 與 CoreWeave 簽訂的合約一樣？我只是想知道，Fluidstack 是否有類似 CoreWeave 的積壓工作？

I don't think we're in a position to disclose Fluidstack's customer base. I think as we mentioned earlier, Fluidstack works with some of the largest companies in the world in delivering customized compute solutions.

我認為我們沒有資格透露 Fluidstack 的客戶群。我認為正如我們之前提到的，Fluidstack 與世界上一些最大的公司合作，提供客製化的運算解決方案。

I appreciate that. And then last one for me. Can you kind of talk us through why like 95 million shares was the right price for Cayuga? Were there some competing bids? And any detail there you can give us there would be appreciated.

我很感激。這是我的最後一個。您能否向我們解釋為什麼 9500 萬股是 Cayuga 的合理價格？是否存在一些競爭性投標？如果您能提供任何詳細信息，我們將非常感激。

Sure. Martin, it's Kerri. So I think we probably first brought up the Cayuga process back in our first call in February, or at least that's when Paul had begun a process -- a competitive process for Cayuga. That process quickly attracted multiple third-party bids. Because it was a related party transaction, the Board then formed an independent committee, which brought in its own financial and legal advisers to sort of evaluate the opportunity for TeraWulf.

當然。馬丁，我是克里。所以我認為我們可能在二月的第一次電話會議中就首次提出了卡尤加進程，或者至少那時保羅已經開始了一個進程——一個針對卡尤加的競爭進程。該流程很快就吸引了多個第三方競標。由於這是一項關聯方交易，董事會隨後成立了一個獨立委員會，該委員會引入了自己的財務和法律顧問來評估 TeraWulf 的機會。

Ultimately, in terms of pricing, the committee approved moving forward at a discount to those third-party bids. And we agreed that equity rather than cash was the right way to structure the deal to keep everybody aligned.

最終，在定價方面，委員會批准以低於第三方投標的價格繼續進行投標。我們一致認為，股權而非現金才是建立交易的正確方式，以使各方保持一致。

So we're thrilled now to have Cayuga as our second site. Much like Lake Mariner, it's a former site of a coal plant and has all that amazing infrastructure: redundant grid, water, fiber, and mostly zero-carbon power. So that's the process that we ran. It was a competitive process. We got third-party bids and then, ultimately, the transaction was done at a discount to where those bids came in.

因此，我們很高興現在將卡尤加作為我們的第二個網站。與水手湖非常相似，它以前是一座燃煤電廠的所在地，擁有所有令人驚嘆的基礎設施：冗餘電網、水、光纖，以及幾乎零碳電力。這就是我們所進行的流程。這是一個競爭性的流程。我們得到了第三方的投標，最終，交易以低於這些投標的價格完成。

Stephen Glagola, JonesTrading.

史蒂芬·格拉戈拉（Stephen Glagola），JonesTrading。

Just wanted to clarify on that prior Q&A. When you include the extra nonproject level SG&A, is the margin then more comparable then to that 75% level at Core42?

只是想澄清一下之前的問答。當您包括額外的非項目級銷售、一般和行政費用 (SG&A) 時，利潤率是否與 Core42 的 75% 水平更具可比性？

No. No, Stephen. Again, I think I was just trying to make the point that we've kind of -- we've changed how we're guiding you, right, because before we literally just had one customer. So it was easy to kind of just give you an EBITDA margin. Now what I'm saying is I expect the net project operating income margin for each project, right, to be its own.

不。不，史蒂芬。再說一次，我想我只是想說明我們已經改變了引導你的方式，對吧，因為之前我們實際上只有一個客戶。因此，很容易就能給出 EBITDA 利潤率。現在我要說的是，我預計每個專案的淨專案營業收入利潤率都是它自己的。

I mean I think we're saying, I think, 85% on that. So I think if you were to apply that to, let's say, each of the projects and then take our SG&A guidance, that would get you to EBITDA. Is that helpful?

我的意思是，我認為我們說的是，我認為，85% 是這樣的。因此我認為，如果您將其應用到每個項目，然後採用我們的銷售、一般和行政費用 (SG&A) 指導，那麼您將獲得 EBITDA。這樣有幫助嗎？

Yes. No, that's really helpful, Patrick. Appreciate it. And then just had one more. So it seems like the successful delivery of CB-1 and CB-2 are pivotal for showcasing your capabilities and establishing credibility for Tier 3 or 4 data center development.

是的。不，這真的很有幫助，派崔克。非常感謝。然後又吃了一個。因此，CB-1 和 CB-2 的成功交付對於展示您的能力和建立 Tier 3 或 Tier 4 資料中心開發的信譽至關重要。

So I was hoping maybe you could share any key learnings your team has gained during the build-out process. Any processes that you maybe expect will be more efficient or streamlined with the Fluidstack build-out or future projects, et cetera?

所以我希望您能分享您的團隊在建立過程中所獲得的任何重要經驗。您是否期望透過 Fluidstack 的建設或未來的專案等使任何流程變得更加高效或簡化？

Naz, do you want to start and let maybe Sean talk a little bit as well?

納茲，你想先開始，然後讓肖恩也講一講嗎？

Sure. Stephen, I think there's a couple of things that are important. One is we've been in construction at our site for the last four years straight. So we've been building bitcoin mining buildings. And so we had several electrical mechanical contractors on site.

當然。史蒂芬，我認為有幾件事很重要。一是我們已經連續四年在我們的場地進行施工。所以我們一直在建造比特幣挖礦建築。因此我們在現場安排了幾位電氣機械承包商。

And those folks and some of those folks that showed up four years ago are still at the site because they're rolling from one building and one project to the next. So momentum in being able to deliver on a schedule is important.

這些人以及四年前就來過這裡的一些人仍然留在現場，因為他們要從一個建築物、一個項目趕往另一個建築物、另一個項目。因此，按時交付的動力非常重要。

And part of the diligence process that all of our customers have is really, hey, if there's this time line of schedule out there, what's your ability to meet it? And so given that we've got quite a bit of activity at the site and there's a lot of momentum, it's easier to see how the existing folks there can roll into the next. And then as we scale up and are delivering greater sizes and capacity, it's really a question of can we augment and add to that kind of labor force.

我們所有客戶都要經過盡職調查過程，其中一部分實際上是，嘿，如果有這個時間表，您有什麼能力滿足它？因此，考慮到我們在該站點上開展了相當多的活動，並且勢頭強勁，我們就更容易看到現有的人員如何融入下一個站點。然後，隨著我們規模的擴大和規模的擴大，產能的提高，真正的問題是我們能否增加和增加這種勞動力。

And so that's one thing that I think is important and we've been able to convey and articulate to customers, everyone that comes on and being able to show them these schedules are really grounded in being able to point to who's going to do the work. That's one.

所以我認為這是一件很重要的事情，我們已經能夠向客戶、每個來的人傳達和表達這些時間表，並能夠向他們展示這些時間表，真正基於能夠指出誰來完成這項工作。那是一個。

Second is the design of these things, as Paul mentioned earlier, we are in the very early stages here. And we are at our site deploying multiple different OEM GPU equipment. And each one of those comes with its own set of unique attributes and needs and desires.

第二是這些東西的設計，正如保羅之前提到的，我們還處於非常早期的階段。我們正在現場部署多種不同的 OEM GPU 設備。每一個都有其獨特的屬性、需求和願望。

And so having the experience of going through that design process, understanding what those different configurations look like, what they need, and being able to deliver solutions to our customers kind of comes through as well.

因此，擁有經歷該設計過程的經驗，了解這些不同配置的樣子、它們需要什麼，並能夠為我們的客戶提供解決方案，這也是實現的方法。

We've been through this process now both with Core42 as well as with Fluidstack and Google now. And so I think people see that, as they're thinking through and figuring out how to deploy various types of technology, we are a very good partner to work with, and especially on the electrical side, delivering that capacity. And Sean probably has a few other things to add.

我們現在已經與 Core42 以及 Fluidstack 和 Google 一起經歷了這個過程。因此我認為人們會看到，當他們思考並弄清楚如何部署各種類型的技術時，我們是一個非常好的合作夥伴，特別是在電氣方面，可以提供這種能力。肖恩可能還有其他一些事情要補充。

Yes. I would just add to what Nazar said. A lot of the contractors we've had on site have been there for four years. So maintaining the workforce at Lake Mariner has been a huge benefit for our deployment at this site. So rolling them from CB-1, CB-2, CB-3 and so on has really been the momentum that we've kept at the site.

是的。我只是想補充一下納札爾所說的話。我們現場的許多承包商已經在那裡工作了四年。因此，保留水手湖的勞動力對於我們在這個地點的部署來說是一個巨大的優勢。因此，從 CB-1、CB-2、CB-3 等開始滾動確實是我們在現場保持的勢頭。

We've also had huge lessons learned from CB-1 and CB-2. And also, as Nazar said, we've been in detailed technical discussions with Fluidstack for the past several months on CB-3. So instead of building a very wide envelope for Fluidstack deployments, we've really narrowed down on the design that meets their needs. So by doing that design and level-setting us upfront, it allows us to further accelerate our construction schedules.

我們也從 CB-1 和 CB-2 中吸取了巨大的教訓。而且，正如 Nazar 所說，過去幾個月我們一直在與 Fluidstack 就 CB-3 進行詳細的技術討論。因此，我們並沒有為 Fluidstack 部署建立一個非常廣泛的範圍，而是真正縮小了滿足其需求的設計範圍。因此，透過提前進行設計和設定水平，我們可以進一步加快施工進度。

And the only thing I'd want to add to that is the beauty of our bias regionally right now is that all those contractors and many of the same folks on the ground who are employees at Lake Mariner, they move right over to Cayuga when that's ready to roll so that we're taking advantage of all those lessons learned and working with the same people as we continue to refine our efforts here. So it made Cayuga far more compelling to us than just any other site.

我唯一想補充的是，我們目前在區域上採取的偏見非常美妙，因為所有承包商和許多在水手湖工作的當地員工，在卡尤加項目準備就緒時都會直接轉移到那裡，這樣我們就可以利用所有的經驗教訓，並與同一批人一起工作，繼續改進我們在這裡的工作。因此，卡尤加對我們來說比其他任何網站都更有吸引力。

Ed Engel, Compass Point.

艾德‧恩格爾 (Ed Engel)，指南針點。

Congrats on all the announcements. You just mentioned that you've been interacting with Fluid over the past couple of months. I was wondering what the involvement was with Google kind of during that whole process. Were they involved early in those negotiations or were they a bit more later in the process? And then just kind of curious whether, I guess, GCP themselves has expressed any interest in any other sites in your pipeline.

對所有公告表示祝賀。您剛剛提到過去幾個月您一直在與 Fluid 互動。我想知道在整個過程中與Google的合作情況如何。他們是否早期就參與了談判，還是稍後才參與其中？然後我只是有點好奇，我猜 GCP 本身是否對您管道中的任何其他網站表示過興趣。

Yes. We've been involved with Google as part of the Fluidstack effort since very early on. It takes a while to get these things over the finish line. The deal took three to four months from beginning to end. And we've established great working relationships amongst the parties at every level of their respective organizations.

是的。我們很早就開始與 Google 合作 Fluidstack 工作。要完成這些事情需要一段時間。這筆交易從開始到結束花了三到四個月的時間。我們在各方各自組織的各個層面建立了良好的工作關係。

Having a signed deal is more than simply having land and access to power. You have to finance the transaction. It's critical to the magnitude of spend. And that's why it was so important to have Google involved pretty much from the start. I think Google taking 8% of our company is not simply about doing a deal, but they want to be a part of where we are going given their natural need for compute.

簽署協議不僅僅是獲得土地和權力。您必須為該交易提供資金。這對於支出的規模至關重要。這就是為什麼從一開始就讓谷歌參與如此重要。我認為Google收購我們公司 8% 的股份不僅僅是達成交易，而是他們希望成為我們發展方向的一部分，因為他們對計算有天然的需求。

And so again, it was complicated, and we've been talking about it for a long time. Anyone who's listened to Google's Q2 call is aware they have substantial data center needs given the size of their large, growing cloud business; they have $106 billion backlog. They have acquired substantial quantities of third-party data center space. And they're -- backstopping the transaction provides Google with a lower expected cost than a guaranteed value. And since in the unlikely event that Google steps in for Fluidstack due to the backstop, Google would likely add the facilities to their data center portfolio. They were instrumental in helping us get this deal done and very welcome partners.

所以，這又是一個複雜的問題，我們已經討論很久了。任何聽過谷歌第二季度電話會議的人都知道，鑑於其龐大且不斷增長的雲端業務規模，他們對資料中心的需求巨大；他們有 1060 億美元的積壓訂單。他們已經獲得了大量第三方資料中心空間。而且他們——支持交易為谷歌提供了比保證價值更低的預期成本。而且，即使萬一谷歌因為擔保條款介入 Fluidstack，谷歌也可能會將這些設施添加到其資料中心組合中。他們在幫助我們完成這筆交易方面發揮了重要作用，也非常歡迎合作夥伴。

That's great color. And then you also mentioned that there is early termination protections with Google. Can you talk about some of those conditions, just assuming that they're performance related? And then just one quick follow-up. The 30-day option that's still being considered, would that also include more warrants to Google as well? Or is that just a onetime thing?

顏色真棒。然後您也提到 Google 有提前終止保護措施。您能否談談其中的一些情況，假設它們與性能有關？然後只需快速跟進一次。30天期限的方案仍在考慮中，這是否也包括向谷歌授予更多認股權證？還是只是一次性的？

Maybe I'll start, and then we'll go to you, Naz, on the walkaway concerns, which we don't really have. But I would expect that -- a, I have high degree of hopes with respect to the option and the extension of additional capacity. And all parties have worked in good faith to come to the realization that, that's a good thing. And I would imagine that the terms will be very similar, as Kerri pointed out earlier, and that Google's backstop and equity participation would be part and parcel of that. So feel pretty good about that.

也許我會先開始，然後我們會去找你，納茲，討論一下我們實際上沒有的放棄擔憂。但我期望——我對選擇和額外容量的擴展抱有很高的希望。各方都真誠地努力地認識到這是一件好事。正如 Kerri 之前指出的那樣，我認為條款會非常相似，而且谷歌的支持和股權參與將是其中不可或缺的一部分。所以對此感覺很好。

Naz, do you want to address the notion of SLA penalties or walkaway considerations?

Naz，您想談談 SLA 處罰或放棄考慮的概念嗎？

Sure. I mean the terms or the specific terms are fairly confidential. That being said, the arrangement has what I would call usual SLAs around performance and delivery. We have worked very closely with the Fluidstack and Google teams to ensure that both of those items from -- on the performance side, the design, really incorporates the number of things that they're looking for. So the window of [operational] ranges is fairly tight.

當然。我的意思是這些條款或具體條款是相當保密的。話雖如此，該安排具有我所說的圍繞性能和交付的通常的 SLA。我們與 Fluidstack 和 Google 團隊密切合作，以確保這兩項產品從效能方面和設計方面真正融入了他們所尋求的許多東西。因此，[操作]範圍的視窗相當狹窄。

And second, on the delivery, there is a fairly robust schedule kind of supporting that. Then again, if you look at what we've done with Core42, we had similar provisions within that agreement. We have an obligation to deliver capacity on a certain time line, and we've been doing that on schedule and on budget.

其次，在交付方面，有一個相當完善的時間表來支持這一點。再說了，如果你看看我們與 Core42 所做的事情，我們在該協議中也有類似的規定。我們有義務在一定時間內交付產能，而且我們一直按計畫和預算完成這項工作。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Congrats on this deal. I think most of the analysts went through a lot of the questions. But with respect to the Cayuga site, it appears capacity will be coming online in the second half of '26. Curious to hear your thoughts on how management is thinking about diversifying the tenant base, if that's a consideration. Or now that you have the two partners in your pocket, will you continue to scale hand in hand?

祝賀這筆交易成功。我認為大多數分析師都思考過很多問題。但就卡尤加電廠而言，其產能似乎將在 2026 年下半年投入使用。我很想知道您對管理層如何考慮多元化租戶群體的看法（如果這是一個考慮的話）。或者現在你已經擁有這兩個合作夥伴，你會繼續攜手擴大規模了嗎？

Yes. It's Paul. I've been telling everybody for the last three to six months, I mean, we need to land a new customer and expand our capacity. We've done that. But in doing so, we've seen a tremendous amount of demand from multiple parties.

是的。我是保羅。在過去的三到六個月裡，我一直在告訴大家，我們需要找到一個新客戶並擴大我們的產能。我們已經做到了。但在這樣做的過程中，我們看到了來自多方的巨大需求。

I think we ended up in a great transaction here with world-class partners. And we want to grow with them and meet their needs. But we have had significant real interest expressed by other quality customers. And we're going to continue to engage with all those parties as we look to grow. We think that's prudent.

我認為我們最終與世界一流的合作夥伴達成了一項偉大的交易。我們希望與他們共同成長並滿足他們的需求。但其他優質客戶也對我們展現了濃厚的興趣。我們將繼續與各方合作，尋求發展。我們認為這是謹慎的做法。

But at this point, we're really grateful for the confidence and trust Fluidstack and Google have demonstrated in us right now and really want to get going on that and then focus on CB-5. And then we could see who the right customer is for Cayuga. Demand is real. It's unbelievably powerful right now. So we're excited about the opportunity, but we're most grateful for the contracts that we've announced today and the future of this partnership.

但此時此刻，我們真的很感激 Fluidstack 和 Google 對我們的信心和信任，我們真的希望開始著手這項工作，然後專注於 CB-5。然後我們就能知道誰是卡尤加的合適客戶。需求是真實存在的。現在它的威力令人難以置信。因此，我們對這個機會感到非常興奮，但我們最感激的是今天宣布的合約以及這項合作關係的未來。

Thank you. Ladies and gentlemen, that does conclude the question-and-answer session, and with that, does bring this call to a close. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。女士們、先生們，問答環節到此結束，本次電話會議也正式結束。感謝您的參與。現在您可以斷開線路。享受你剩餘的一天。