Terawulf Inc (WULF) 2025 Q3 法說會逐字稿

Greetings and welcome to the Terawulf 2025 third quarter earnings conference call. (Operator Instructions)

各位來賓，歡迎參加 Terawulf 2025 年第三季財報電話會議。（操作說明）

I will now turn the conference over to John Larkin, Senior Vice President, Director, Investor Relations.

現在我將把會議交給高級副總裁兼投資者關係總監約翰·拉金。

Thank you, Mr. Larkin. You may begin.

謝謝你，拉金先生。你可以開始了。

Good afternoon and welcome to Terawulf 's 2025 third quarter earnings call. Joining me today are Chairman and CEO Paul Prager and CFO Patrick Fleury.

下午好，歡迎參加 Terawulf 2025 年第三季財報電話會議。今天與我一同出席的有董事長兼執行長保羅‧普拉格和財務長派崔克‧弗勒里。

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.

在開始之前，請注意，我們今天的發言可能包含前瞻性陳述。這些聲明存在風險和不確定性，實際結果可能與聲明內容有重大差異。

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 at SEC.gov and the investor section of our website at Terawulf.com.

在本次電話會議中，我們可能會使用諸如預期、可能、使能夠、估計、打算、期望、相信、潛在、將、應該、預測等詞語以及類似的表達方式，這些詞語和表達方式表明了前瞻性陳述。有關這些風險和其他風險的更全面討論，請參閱我們在 SEC.gov 上向美國證券交易委員會提交的文件以及我們網站 Terawulf.com 的投資者關係部分。

We will also reference certain non-GAAP financial measures today. Please refer to our 10-k and 10-Q filings on 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 a Q&A session. Now I'd like to turn the call over to our CEO Paul Prager.

今天我們也會提及一些非GAAP財務指標。有關這些非GAAP指標與最可比較GAAP指標的完整調節表，請參閱我們網站上的10-k和10-Q文件。今天的電話會議將首先由保羅和帕特里克發表準備好的講話，然後進行問答環節。現在我想把電話交給我們的執行長保羅·普拉格。

Good afternoon and thank you for joining us today. The third quarter was truly transformational for Terawulf, both operationally and financially. During the quarter, we executed one of the most significant steps in our company's evolution.

下午好，感謝各位今天蒞臨。第三季對 Terawulf 而言是真正意義上的轉型期，無論在營運或財務方面都是如此。本季度，我們完成了公司發展歷程中最重要的一步。

Designing approximately 360 megawatts of critical IT load with fluid stack backstopped by Google at our Lake Mariner campus in upstate New York.

在紐約州北部的 Lake Mariner 園區，我們設計了由 Google 支援的、容量約 360 兆瓦的關鍵 IT 負載，採用流體堆疊技術。

This 10 year agreement representing average annual revenue of approximately $670 million and average annual net operating income of more than $565 million before extension.

這份為期 10 年的協議，在續約前，平均年收入約為 6.7 億美元，平均年淨營業收入超過 5.65 億美元。

Firmly validates our high performance computing hosting strategy and establishes Terawulf as a leader in designing, building, and operating low carbon enterprise scale compute infrastructure.

這有力地驗證了我們的高效能運算託管策略，並確立了 Terawulf 在設計、建置和營運低碳企業級運算基礎設施方面的領先地位。

In October we reinforced that leadership by closing $3.2 billion in senior secured financing backed by the Google Credit enhancement to fully fund the late Mariner high power compute buildout.

10 月，我們透過完成由 Google 信用增級支持的 32 億美元高級擔保融資，進一步鞏固了我們的領先地位，為後期 Mariner 高效能運算建設提供了全額資金。

This transaction is a milestone for the broader industry, demonstrating a repeatable end to end development model that begins with design and site control, extends through customer contracting and construction, and culminates in long-term credit enhanced lease revenue.

這項交易對於整個行業來說是一個里程碑，它展示了一種可重複的端到端開發模式，從設計和場地控制開始，延伸到客戶合約和施工，最終實現長期信用增強租賃收入。

The third quarter also marked an operational inflection point for Terawulf as we recorded our first HPC revenues with lease commencement at Terawulf Den and CB1.

第三季也標誌著 Terawulf 的營運轉折點，因為隨著 Terawulf Den 和 CB1 的租賃開始，我們實現了首次 HPC 收入。

We remain on track to deliver CV2 near year end, subject of course to tenant fit out requests, which will complete our delivery of 60 megawatts of critical IT for core 42. Across our platform. These early deployments are proof points that our strategy is working and our execution is disciplined.

我們仍按計劃在年底前交付 CV2，當然，這取決於租戶的裝修要求，這將完成我們為核心 42 家公司交付 60 兆瓦關鍵 IT 的工程。在我們的平台上。這些早期部署證明了我們的策略是有效的，我們的執行是嚴謹的。

At Lake Mariner, our team continues to perform exceptionally well. In terms of executing for fluid stack in Google. The majority of long lead items have been contracted through CV5, and construction progress is both visible and measurable.

在馬裡納湖，我們的團隊繼續表現出色。就 Google 的 Fluid Stack 執行而言。大部分長週期物料都已透過 CV5 簽訂合同，施工進度既可見又可衡量。

CB3 is more than 50% directed. The final concrete pour is scheduled within two weeks, and the structure will be fully enclosed before year end. CB4 and CB5 are already well underway, with underground work beginning next week, fuel deliveries arriving in early December, and building erection expected to begin before Christmas.

CB3 的定向投放率超過 50%。最後一次混凝土澆築計劃在兩週內進行，該結構將在年底前完全封閉。CB4 和 CB5 專案已經進展順利，地下工程將於下週開始，燃料將於 12 月初到貨，建築物的搭建預計將在聖誕節前開始。

The progress our construction and operations teams have achieved and with rigorous quality standards reflects Terrewolf's deep experience in developing and delivering large scale energy and data infrastructure.

我們的施工和營運團隊所取得的進展，以及嚴格的品質標準，體現了 Terrewolf 在開發和交付大型能源和數據基礎設施方面的深厚經驗。

We also continue to expand our geographic footprint and customer base.

我們也在不斷擴大我們的地理覆蓋範圍和客戶群。

Just two weeks ago, we expanded our partnership with FluidStack and Google, announcing our joint venture to develop and operate the Abernathy HPC campus in Texas within the Southwest Power Pool market.

就在兩週前，我們擴大了與 FluidStack 和 Google 的合作關係，宣布成立合資企業，在德州西南電力池市場內開發和營運 Abernathy HPC 園區。

This project adds 168 megawatts of new HPC capacity with expansion potential up to 600 megawatts and replicates the same credit enhanced structure proven at Lake Mariner.

該專案新增 168 兆瓦高效能運算容量，並有擴容潛力達到 600 兆瓦，複製了在馬裡納湖專案上證明有效的信用增強結構。

This joint venture with Fluid Stack and Google leverages our collective expertise, incorporates HyperTech as EPC partner, and includes two additional options to expand the joint venture, one for future phases at Abernathy and another for a separate site elsewhere in the United States.

與 Fluid Stack 和 Google 的此次合資利用了我們的集體專業知識，將 HyperTech 納入 EPC 合作夥伴，並包括兩個擴展合資企業的額外選擇，一個用於 Abernathy 的未來階段，另一個用於美國其他地方的獨立場地。

This partnership represents the next evolution of our growth model. Scalable, capital efficient, and backed by world class partners.

此次合作標誌著我們成長模式的另一個演進。可擴展、資本效率高，並有世界級的合作夥伴支持。

And while we've made tremendous progress executing the business we have, what's equally important is how we're positioning Terawulf for the next wave of growth. Our approach remains disciplined, expanding only where we have clear structural advantages in power.

雖然我們在執行現有業務方面取得了巨大的進步，但同樣重要的是，我們如何為 Terawulf 的下一波成長浪潮做好準備。我們的方法依然嚴謹，只在擁有明顯權力結構優勢的領域擴張。

Permitting and partnership, and our opportunity set continues to broaden. In August we signed an 80 year lease at the Cayuga site in New York, laying the groundwork for large scale high power compute deployment beginning in 2027.

獲得許可和建立合作夥伴關係，我們的機會範圍將不斷擴大。8 月，我們在紐約州卡尤加基地簽署了一份為期 80 年的租賃協議，為從 2027 年開始的大規模高效能運算部署奠定了基礎。

As just mentioned, the Abernathy joint venture offers meaningful embedded expansion potential both on campus and across future projects with Fluid Stack and Google. Meanwhile, our in-house development pipeline continues to mature, with several high-quality opportunities now approaching realization.

如同剛才所提到的，Abernathy 合資企業在校園內以及與 Fluid Stack 和 Google 的未來專案中都具有重要的嵌入式擴展潛力。同時，我們的內部研發專案線不斷成熟，多個高品質專案即將實現。

Together, these initiatives form the very foundation for Terawulf's next phase of growth, executing today while methodically building the platform for tomorrow, scalable, low carbon, and designed to meet the accelerating demand for high performance compute.

這些舉措共同構成了 Terawulf 下一階段成長的基礎，在當下穩步推進的同時，有條不紊地建構面向未來的平台，該平台可擴展、低碳，旨在滿足日益增長的高效能運算需求。

Reflecting that confidence, we recently increased our annual target for new HTC signings from 100 megawatts to 150 megawatts per year to 250 megawatts to 500 megawatts per year.

出於這種信心，我們最近將每年新增 HTC 簽約目標從 100 兆瓦至 150 兆瓦提高到 250 兆瓦至 500 兆瓦。

We did not make this decision lightly. It reflects the tangible progress we've made in advancing our development pipeline and the strength of customer demand.

我們做出這個決定並非輕率之舉。這反映了我們在推動研發流程方面取得的實際進展以及客戶需求的強勁程度。

Over the past year, we've evaluated over 150 potential sites, narrowing that list to a select group that meets our strict criteria grid redundancy, minimum power thresholds, attractive geographies for end customers, and time to power.

過去一年，我們評估了 150 多個潛在站點，最終篩選出符合我們嚴格標準的站點，這些站點包括電網冗餘、最低功率閾值、對終端客戶有吸引力的地理位置以及供電時間。

To support this next phase, we've expanded our site acquisition and development teams, strengthening what is already the most capable organization in the sector.

為了支持下一階段的發展，我們擴大了選址和開發團隊，進一步加強了我們這個產業內最強大的組織。

Our deep understanding of what hyperscale and AI customers need, combined with our access to scalable low-cost power positions Terawulf at the forefront of the infrastructure transformation now underway.

我們對超大規模和人工智慧客戶的需求有著深刻的理解，再加上我們能夠獲得可擴展的低成本電力，這使得 Terawulf 處於當前正在進行的基礎設施轉型的最前沿。

We are proud of what our team accomplished this quarter, but we are even more excited about what lies ahead. With that, I'll turn the call over to our CFO Patrick Fleury to discuss our financial results in more detail.

我們為團隊本季的成就感到自豪，但我們對未來更加充滿期待。接下來，我將把電話交給我們的財務長帕特里克·弗勒里，讓他更詳細地討論我們的財務表現。

Thank you, Paul. The 3Q 2025 results reflect a strong contribution from our legacy Bitcoin mining operations, and more importantly, the start of HPC leasing segment revenues.

謝謝你，保羅。2025 年第三季業績反映了我們傳統比特幣挖礦業務的強勁貢獻，更重要的是，HPC 租賃業務收入的開始。

On our second quater 2025 earnings call, we discussed a series of capital markets initiatives in the second half of 2025.

在 2025 年第二季財報電話會議上，我們討論了 2025 年下半年的一系列資本市場措施。

I'm proud to report that with the benefit of our new financial support from Google and help of our partners, including Morgan Stanley and Paul Weiss, we've executed beyond our expectations, raising over $5.2 billion at incredibly attractive rates, creating durable equity value for our shareholders.

我很自豪地宣布，在谷歌提供的新資金支持以及摩根士丹利和保羅·韋斯等合作夥伴的幫助下，我們超額完成了預期目標，以極具吸引力的利率籌集了超過 52 億美元的資金，為我們的股東創造了持久的股權價值。

Now, let me turn to the results. In the third quarter of 2025, GAAP revenues increased 6% quarter over quarter to $50.6 million from $47.6 million in 2025.

現在，讓我來看看結果。2025 年第三季度，GAAP 營收季增 6%，從 2025 年的 4,760 萬美元增至 5,060 萬美元。

We recognized $7.2 million of HPC lease revenue at Terawulf and CB1, with intra-quarter lease commencement resulting in 22.5 megawatts of energized hosting capacity.

我們在 Terawulf 和 CB1 確認了 720 萬美元的 HPC 租賃收入，季度內租賃開始後，實現了 22.5 兆瓦的供電託管容量。

Continuing with our long-term commitment to financial transparency, we've added a page in our investor presentation detailing lease accounting nuances, which we hope you find helpful.

為了繼續履行我們對財務透明度的長期承諾，我們在投資者簡報中增加了一頁，詳細介紹了租賃會計的細微差別，希望您覺得有用。

We self-mined 377 bitcoin at Lake Mariner, or approximately 4 bitcoin per day, a 22% decrease compared to the 485 bitcoin mined in 2Q '25.

我們在 Lake Mariner 自行挖礦獲得了 377 個比特幣，相當於每天約 4 個比特幣，與 2025 年第二季挖出的 485 個比特幣相比減少了 22%。

Our GAAP cost of revenue, exclusive of depreciation, decreased by 22%, $22.1 million in 2Q25 to $17.1 million in 3Q '25.

我們的 GAAP 收入成本（不包括折舊）下降了 22%，從 2025 年第二季的 2,210 萬美元降至 2025 年第三季的 1,710 萬美元。

Power prices in upstate New York normalized in 2Q25 and continued to decline in 3Q '25 to [4.$0.07] per kilowatt hour, in line with historical levels and our previous guidance of $0.05 per kilowatt hour for the second half of 2025.

紐約州北部地區的電力價格在 2025 年第二季度恢復正常，並在 2025 年第三季度繼續下降至每千瓦時 0.07 美元，與歷史水平和我們之前對 2025 年下半年每千瓦時 0.05 美元的預期相符。

Proceeds from participation and demand response programs, which are recorded as a reduction in cost of revenue during the period in which the underlying program occurs, increased to $7.4 million in 3Q '25 from $3.1 million in 2Q25.

參與和需求回應計畫的收益（在相關計畫實施期間計入收入成本的減少）從 2025 年第二季的 310 萬美元增加到 2025 年第三季的 740 萬美元。

Operating expenses increased 28% quarter over quarter to $4.5 million in 3Q25 from $3.5 million in 2Q25. This trend higher throughout 2025 is primarily the result of increased staffing levels at Lake Mariner necessary to support our entry into HPC leasing.

2025 年第三季營運費用較上季成長 28%，從 2025 年第二季的 350 萬美元增至 450 萬美元。這一趨勢在 2025 年持續上升，主要是由於 Lake Mariner 的員工人數增加，以支持我們進入 HPC 租賃領域。

SG&A expense for 3Q25 was $16.7 million a 17% increase from $14.3 million in 2Q25. After adjusting for stock-based compensation, SG&A increased quarter over quarter from $10.6 million in 2Q25 to $12.3 million in 3Q '25.

2025 年第三季銷售、一般及行政費用為 1,670 萬美元，比 2025 年第二季的 1,430 萬美元成長了 17%。扣除股票選擇權費用後，銷售、一般及行政費用較上季成長，從 2025 年第二季的 1,060 萬美元增至 2025 年第三季的 1,230 萬美元。

Depreciation increased quarter over quarter from $18.8 million in 2Q '25 to $26.5 million in 3Q '25.

折舊額較上季增加，從 2025 年第二季的 1,880 萬美元增加到 2025 年第三季的 2,650 萬美元。

The company recorded accelerated depreciation expense of $7.8 million related to a certain minor building and related minors, of which the company shortened its useful life based on expected shutdown of operations for purposes of supporting the HPC operations.

公司提列了與某小型建築物及相關附屬設施相關的 780 萬美元加速折舊費用，該公司根據預期停產以支持高性能計算運營，縮短了該建築物及附屬設施的使用壽命。

Change in fair value of contingent consideration was $8.8 million in 3Q '25 related to fair value remeasurement of contingent consideration liabilities based on milestones achieved during the quarter related to the acquisition of Beowulf E&D.

2025 年第三季或有對價公允價值變動為 880 萬美元，這是由於根據本季與收購 Beowulf E&D 相關的里程碑事件對或有對價負債進行公允價值重新計量所致。

Loss on disposals of property, plant, and equipment net was $2 million in 3Q' 25, down from $3.8 million in 2Q25.

2025 年第三季處分固定資產淨損失為 200 萬美元，低於 2025 年第二季的 380 萬美元。

These losses related to the sale of 8,900 miners and 2,900 miners, which were sold or otherwise disposed of for proceeds of $6.9 million and $1.9 million in 3Q '25 and 2Q '25 respectively.

這些損失與出售 8,900 台礦機和 2,900 台礦機有關，這些礦機分別於 2025 年第三季和第二季出售或以其他方式處置，所得款項分別為 690 萬美元和 190 萬美元。

GAAP interest expense in 3Q '25 was $9.8 million compared to $4.0 million in 2Q25, and we recognized interest income of $4.1 million in 3Q '25 compared to $1.2 million in 2Q '25.

2025 年第三季 GAAP 利息支出為 980 萬美元，而 2025 年第二季為 400 萬美元；2025 年第三季確認利息收入為 410 萬美元，而 2025 年第二季為 120 萬美元。

Cash interest paid during 3Q '25 was negligible compared to $7.1 million in 2Q '25, as the 2.75% interest on our $500 million convertible notes is accrued and payable in 2Q and 4Q of each year.

2025 年第三季支付的現金利息與 2025 年第二季的 710 萬美元相比微不足道，因為我們 5 億美元可轉換票據的 2.75% 利息在每年的第二季和第四季提列和支付。

Change in fair value of warrant and derivative liabilities in 3Q '25 was a loss of $424.6 million related to the Google warrants and the conversion feature of the 2031 convertible notes, which was originally accounted for separately as a derivative liability.

2025 年第三季認股權證和衍生負債的公允價值變動造成 4.246 億美元的損失，與Google認股權證和 2031 年可轉換票據的轉換功能有關，該功能最初作為衍生負債單獨核算。

Our GAAP net loss in 3Q '25 was $455 million compared to a net loss of $18.4 million in 2Q25.

2025 年第三季度，我們以 GAAP 計算的淨虧損為 4.55 億美元，而 2025 年第二季的淨虧損為 1,840 萬美元。

Our non-GAAP adjusted EBITDA improved 25% quarter over quarter, totalling $18.1 million from $14.5 million in 2Q.

我們的非GAAP調整後EBITDA季增25%，從第二季的1,450萬美元增加至1,810萬美元。

As a reminder, these results are inclusive of significant increases in operating expenses and SG&A over the past 12 months as we invested heavily in our HPC business. These incremental costs have been entirely borne by our legacy mining business until now.

需要提醒的是，由於我們對高效能運算業務進行了大量投資，過去 12 個月的營運費用和銷售、一般及行政費用大幅增加，因此這些業績也包含了這部分成長。這些新增成本先前一直由我們原有的採礦業務承擔。

Turning our attention to the balance sheet, as of September 30th, we held $712.8 million in cash and restricted cash, with total assets amounting to $2.5 billion and total liabilities of $2.2 billion.

接下來我們來看資產負債表，截至 9 月 30 日，我們持有現金和受限現金 7.128 億美元，總資產為 25 億美元，總負債為 22 億美元。

In October, we closed over $4.2 billion in capital markets transactions, including $3.2 billion of 7,374 double B rated senior secured notes due 2030.

10 月份，我們完成了超過 42 億美元的資本市場交易，其中包括 32 億美元的 7,374 筆 2030 年到期的 B 級優先擔保票據。

And $1.025 billion of 0% convertible notes due 2032. As seen on page 14 of our 3Q25 investor presentation, with these financings complete and the La Lupa and Aquila Data Center construction projects at Lake Mariner fully funded, our pro forma liquidity totals over $1 billion which provides cash for three important initiatives.

以及 10.25 億美元的 0% 可轉換債券，將於 2032 年到期。如我們在 2025 年第三季投資者簡報第 14 頁所示，隨著這些融資的完成以及 Lake Mariner 的 La Lupa 和 Aquila 數據中心建設項目資金的全面到位，我們的預計流動資金總額超過 10 億美元，為三項重要舉措提供了現金。

One, Terawulf cash equity contribution to the Abernathy JV with fluid stack. second, the acquisition of key sites in our pipeline that have advanced to the final stages of diligence and negotiation.

第一，Terawulf向Abernathy合資公司注資現金股權，該公司擁有流體堆疊技術。第二，收購我們專案儲備中的關鍵項目，這些項目已進入盡職調查和談判的最後階段。

And 3, excess cash to create a fortress balance sheet to weather any storm.

第三，擁有充足的現金，打造堅固的資產負債表，以抵禦任何風暴。

With regard to the Abernathy JV, we anticipate coming to market before year end with a senior secured notes financing similar in all respects to the offering we recently completed at Wolf Compute.

關於 Abernathy 合資企業，我們預計將在年底前推出高級擔保票據融資，其各方面都與我們最近在 Wolf Compute 完成的發行類似。

As a reminder, the Abernathy JV benefits from $1.3 billion of Google credit support over a 10-year period.

需要提醒的是，Abernathy 合資企業在 10 年內獲得了Google提供的 13 億美元信貸支持。

The second half of 2025 has been nothing less than extraordinary for Terrewolf and its stakeholders. We have secured over $16 billion of HPC lease agreements and executed over $5.2 billion of financings at incredibly attractive rates, added significant liquidity to the balance sheet.

對 Terrewolf 及其利害關係人而言，2025 年下半年可謂非同尋常。我們已獲得超過 160 億美元的高效能運算租賃協議，並以極具吸引力的利率完成了超過 52 億美元的融資，為資產負債表增加了大量流動性。

And shown we have a deep multifaceted pipeline to grow the business at 250 megawatts to 500 megawatts annually in the future.

這顯示我們擁有深厚的多面向發展管道，未來每年可實現 250 兆瓦至 500 兆瓦的業務成長。

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

那麼，我就把電話交還給接線員，我們期待回答您的問題。

(Operator Instructions)

（操作說明）

Our first question comes from Mike Grondahl with Northland Securities. Please proceed with your question.

我們的第一個問題來自 Northland Securities 的 Mike Grondahl。請繼續提問。

Hey, thank you guys. First question for Paul.

嘿，謝謝大家。第一個問題問保羅。

Paul, it was noted that there's some key sites that you're close to closing on. Can you talk a little bit about those sites?

保羅，有人注意到你即將完成一些關鍵項目的收購。能簡單談談這些網站嗎？

No, good question, Mike. There are at least two sites that we're very close to sorting out. We're going for some.

沒錯，問得好，麥克。至少有兩個網站我們已經非常接近解決。我們要去拿一些。

Regional diversity, where we think our customers are inclined, to enter into long-term agreements.

區域多樣性，我們認為我們的客戶更傾向於在特定區域簽訂長期協議。

We've built out our team on the front end here to focus. We've looked at over 150 opportunities. I would not be surprised if by year end we announced at least one, possibly two additional sites.

我們已經組建了前端團隊，以便集中精力。我們已經考察了超過150個機會。如果到年底我們宣布至少新增一個，甚至可能是兩個站點，我不會感到驚訝。

That, that's great, and then a question for Patrick. Patrick, I noticed in the slides you're breaking out, segments now with BTC and HPC, and I also noticed on the HPC side the margins look like they were about 72%.

那太好了，接下來我想問派崔克一個問題。Patrick，我注意到你在幻燈片中將 BTC 和 HPC 分成了兩個部分，我還注意到 HPC 部分的利潤率看起來大約是 72%。

And I think in the past you've talked about roughly 85% margins. Can you kind of reconcile that?

我記得你之前也提到過大約 85% 的利潤率。你能勉強解釋一下嗎？

Yeah, sure, thanks, Mike. Yeah, I think you'll see when we file the queue, full detail on the segments, obviously which we're really proud of given the start of HPC leasing revenue, but yeah, if you, the actual margin was about 72% there in the operating expenses there's about.

好的，謝謝，麥克。是的，我想當我們提交隊列時，你會看到各個部分的完整細節，顯然，鑑於高效能運算租賃收入的開始，我們對此感到非常自豪，但是，是的，如果你，實際利潤率約為 72%，營運費用大約是…

700,000 of expense development expense at Cayuga. So if you back that out, you'll see that gets you, to about an 82% margin for the quarter. So obviously much closer to that 85% and then. The quarter is a little off just because we don't didn't have full revenue. It was a stub period for CB1 in particular.

卡尤加的開發費用為 70 萬美元。所以如果你把這些因素減去，你會發現這個季度的利潤率大約是 82%。所以很明顯，更接近 85% 了。本季業績略有偏差，主要是因為我們沒有實現全部收入。對CB1來說，那段時期尤其艱難。

So I think you'll see that, normalize here very quickly in the fourth quarter to to right around that 85% that we've got it to.

所以我認為你會看到，在第四季度，這個數字很快就會恢復正常，達到我們目前設定的 85% 左右。

Great, and.

很好，而且。

Congrats guys on all you've accomplished the last 90 days.

恭喜各位在過去90天裡所取得的成就。

Or so.

差不多是這樣。

Thanks, bye.

謝謝，再見。

Our next question comes from Nicholas Giles with B Riley Securities. Please proceed with your question.

下一個問題來自 B Riley Securities 的 Nicholas Giles。請繼續提問。

Yeah guys, congrats on all the progress. Thanks for taking my questions. Obviously your agreements to date, involve top tier credits just was curious to hear how you're thinking about, customer diversity from here is there a desire to expand the customer base? Appreciate any comments. Thanks.

是的，夥計們，祝賀你們取得的所有進展。謝謝您回答我的問題。顯然，您迄今為止的協議都涉及頂級信貸，我只是好奇您對客戶多樣性有何考慮，是否有擴大客戶群的意願？歡迎提出任何意見。謝謝。

Sure, as we have 22 slash other, world class credits, as our customers. Core 42 backed by G42 and then the fluid that Google deal and those that may be associated, in that deal if you, if you've taken a look at the recognition agreements, you're aware of that and so I could not be.

當然，我們有 22 家其他世界一流的信用機構，作為我們的客戶。Core 42 由 G42 支持，然後是 Google 的交易以及可能與之相關的其他交易，如果你看過這些認可協議，你就會知道這一點，所以我不可能知道。

Happier with the credit quality of our customers, which is the critical element here, and something Patrick pounds the table on because obviously, we want to be able to to get ideal credit terms for our transactions and if. Result in financing.

我們對客戶的信用品質感到滿意，這是關鍵因素，也是帕特里克反覆強調的一點，因為很明顯，我們希望能夠為我們的交易獲得理想的信用條款。最終獲得融資。

So, the answer is I would expect we'll continue to grow, with the customers that we have and certainly, we're continuing to have dialogue with a couple of others, but again the key for us is credit quality, and so it's a little bit of a smaller universe.

所以，我的答案是，我預計我們會繼續發展壯大，依靠我們現有的客戶，當然，我們也在繼續與其他一些客戶進行對話，但對我們來說，關鍵在於信用質量，所以我們的業務範圍相對較小。

As we move forward, but yeah, the sites that we have and the sites that we are anticipating bringing home all would be very compelling to a great quality credit in addition to of course the ones that we already currently have on the books.

隨著我們不斷推進，我們現有的以及我們預期將要引進的網站，除了我們目前已有的網站之外，都將非常有吸引力地提供高品質的信貸。

Thanks Paul, that's helpful. My next question was just on the JV. Can you just talk about how that opportunity came about and then just to clarify, should we consider these type of deals as part of your new updated, kind of megawatt per annum guidance, and should we think about that on an attributable basis?

謝謝保羅，這很有幫助。我的下一個問題是關於合資企業的。您能否談談這個機會是如何出現的？另外，為了澄清一下，我們是否應該將這類交易納入您最新更新的年度兆瓦數指南中？我們是否應該從歸屬角度來考慮這個問題？

Just appreciate, any clarity there.

非常感謝您的解釋。

I'll start maybe Naz, or Patrick could take it from there. We have built a great working relationship, with Flutes that Google Team, and if you think about it, there's no sort of reference models for what we're building. These are design build, opportunities so that the teams, listen, you're either going to succeed because you work together or, it's going to be a disaster.

我先來吧，也許納茲可以，或者派崔克也可以接手。我們與 Google 團隊的 Flutes 建立了良好的工作關係，仔細想想，我們正在建立的東西並沒有任何參考模型。這些都是設計建造的機會，所以團隊要聽著，要嘛你們齊心協力取得成功，要嘛就會以失敗告終。

So we like succeeding. So we work hard with the Flutesack Google Teams. They're on site. We meet constantly. I would tell you that the part of our team now is, as we look to how we want to consider financing Abernathy. So it is in the course of that dialogue, that.

所以我們都喜歡成功。所以我們與 Flutesack Google 團隊密切合作。他們已到達現場。我們經常見面。我想告訴大家，我們團隊現在正在考慮如何為 Abernathy 提供融資。所以，正是在那次對話過程中，發生了這件事。

They indicated that, they had the site, they had the credit quality. They, and that they were thinking about using an EPC but that they recognized, given our experience in energy infrastructure and financing energy infrastructure that, would be additive to the endeavor, and so, everybody decided this made a lot of sense.

他們表示，他們擁有網站，也具備信用資格。他們表示，他們正在考慮使用EPC，但他們意識到，鑑於我們在能源基礎設施和能源基礎設施融資方面的經驗，這將對這項工作有所受益，因此，大家都認為這樣做很有意義。

Our primary strategy as we move ahead. Is to continue to do what we've done, which is, have great sites and look for the right customer, but certainly, we're delighted to partner again with Flutes at Google, and I, like I tell everybody, when Google says, hey, we'd like you to come into this project with us, you say yes.

這是我們未來發展的主要策略。我們將繼續做我們一直在做的事情，那就是建立優秀的網站並尋找合適的客戶。當然，我們很高興再次與Google的 Flutes 合作。就像我告訴所有人的那樣，當谷歌說「嘿，我們希望你加入我們這個計畫」時，你就應該說「是」。

You find a way to say yes so that it makes sense to them and that it is a rewarding experience as well for your shareholders. That's what we did here in Abernathy, and I. In the Abernathy deal, there's room to grow at Abernathy itself, but separately, as you are aware we have a.

你要找到一種既能讓他們理解又能讓股東們覺得物有所值的方法，這樣對股東來說也是一次有益的體驗。這就是我們在阿伯納西所做的，也是我所做的。在阿伯納西的交易中，阿伯納西本身還有發展空間，但除此之外，如您所知，我們還有…

Going forward relationship on the next, project of similar credit quality. So yeah, that will be a project that we continue to, evolve into, but our primary focus is additional sites and additional high-quality credit customers for those sites.

展望未來，我們將在下一個類似信用等級的項目中繼續保持合作關係。是的，這將是我們繼續發展的一個項目，但我們的主要重點是更多的網站以及為這些網站尋找更多的高品質信用客戶。

I think Naz or Patrick, you may want to respond to the how do we think about it from a financial perspective.

我認為納茲或派崔克，你們或許應該回答一下，我們該如何從財務角度來看這個問題。

Yeah, hey, Nick, it's Patrick. I don't really have much to add. I think, as I said in my prepared remarks, we intend to finance this, be in the market, financing it before year end, and it's substantially similar to, the deal that we just printed at Wolf Compute.

嗨，尼克，我是派崔克。我沒什麼要補充的了。正如我在準備好的演講稿中所說，我們打算在年底前完成融資，進入市場，這與我們剛剛在 Wolf Compute 達成的交易基本相似。

Got it, thanks. And just to clarify, we should think about this on an attributable basis, if we see another one of these announced and we're trying to, pair that against your 250 megawatts to 500 megawatts, it would make sense to look at it that way.

明白了，謝謝。為了澄清一下，我們應該從歸因的角度來考慮這個問題。如果我們看到另一個類似的項目宣布啟動，並且我們試圖將其與你們的 250 兆瓦到 500 兆瓦的發電量進行比較，那麼這樣看待這個問題就很有意義了。

Yeah, we own 51% of the JV.

是的，我們擁有合資公司51%的股份。

So, yes.

是的。

Got it. Well guys, thanks again. Congrats on the transformational quarter. Keep it up.

知道了。各位，再次感謝。恭喜你們取得了突破性的季度成績。繼續努力吧。

Our next question comes from Darren Aftahi with the Roth Capital Partners. Please proceed with your question.

我們的下一個問題來自羅斯資本合夥公司的達倫·阿夫塔希。請繼續提問。

Hey everyone, thanks, just a follow-up on sort of how you're talking about your power strategy, the non-JV sites you're looking at, are you procuring those sort of an absolute for marketing, or do you already have customers in mind that you could basically go to right away?

大家好，謝謝。關於你們提到的權力策略，以及你們正在關注的非合資網站，我想跟進一下。你們是在為行銷而尋找這些網站，還是已經有了可以立即接觸的客戶？

So we have an active dialogue with our customer base, and.

因此，我們與客戶群保持著積極的對話，並且。

This is a very competitive market, so we sort of we're we're we're constantly discussing with them what their needs are, what it is they're seeking at the same time that we're trying to complete our diligence and negotiation over some additional sites.

這是一個競爭非常激烈的市場，所以我們一直在與他們討論他們的需求，了解他們想要什麼，同時，我們也在努力完成對一些其他地點的盡職調查和談判。

If you remember, we've just got, a quarter of a century in energy infrastructure development and operation. It's been very helpful in identifying sites that we think, will be in the next wave of data center development, for these hyper scalers and high-quality credits.

如果你還記得的話，我們在能源基礎設施的開發和營運方面才剛走過了四分之一世紀。它對識別我們認為將在下一波資料中心發展浪潮中出現的地點非常有幫助，這些地點將服務於超大規模資料中心和高品質信用額度。

I think in the case of Abernathy, in the fluids that Google relationship, I think as we look at sites with them, we will, we're obligated obviously to work with their customer in the case of.

我認為就 Abernathy 而言，在 Google 的合作關係中，當我們查看與他們合作的網站時，我們顯然有義務與他們的客戶合作。

Of Terre Wolf identifying and determining that another site makes a lot of sense for us. We're going to want to make sure that it's a competitive process that we end up with a great quality credit, but that we also get rewarded for the unique and wonderful qualities of that site and then we get the most return we can for the shareholders.

Terre Wolf 認定並確定另一個地點對我們來說很有意義。我們希望確保這是一個競爭性的過程，最終獲得高品質的信貸，同時也要因該網站獨特而卓越的品質而獲得獎勵，從而為股東帶來最大的回報。

So it's a little bit of both.

所以兩者兼而有之。

Great, thank you. And as a follow-up.

太好了，謝謝。作為後續。

How are you guys seeing the market in terms of build cost of like the sites you've been building so far have been at existing sites where you've had redundant power and then the food stack Abernathy site, you're not building a substation.

你們如何看待目前的市場，特別是建設成本方面？例如你們目前建造的站點都是在現有地點建造的，這些地點都有備用電力，而像 Abernathy 食品堆場這樣的站點，你們並沒有建造變電站。

So the CapEx per megawatts a little bit cheaper and then you're talking about you've got long lead items procured for through CB5, but how do you see sort of the market in general maybe beyond Lake Mariner?

因此，每兆瓦的資本支出會稍微便宜一些，而且您提到的是透過 CB5 採購的長週期項目，但是您如何看待 Lake Mariner 以外的整個市場？

Hey Dylan, this is Nazar.

嘿，迪倫，我是納札爾。

Yeah, hey, this is Nazar.

嗨，我是納札爾。

The, generally what we TRY to do is be able to deliver capacity, or the bulk of the capacity within 12 months of assigning the customer, and so that often requires engaging with folks kind of on the electrical gear and the coolers and chillers.

通常情況下，我們努力的目標是在分配給客戶後的 12 個月內交付產能，或交付大部分產能，因此這通常需要與電氣設備、冷卻器和冷水機方面的人員進行合作。

In advance of that, and we've developed relationships with a number of different vendors where we have a rolling 12 month projected schedule with them which gives us positions and queues and then you know we can depending upon which, how many megawatts of capacity we sign up then we we take those down.

在此之前，我們已經與許多不同的供應商建立了合作關係，並與他們制定了滾動式 12 個月的預計計劃，這使我們能夠確定位置和隊列，然後你知道，我們可以根據我們簽約的兆瓦容量來安排這些項目。

So we've tried to be ahead in being able to procure the equipment. Which allows certainty to our customer when we engage with them on discussion. So that's been going well and given the capacity that we've signed up and procured.

因此，我們努力提前採購所需設備。這能讓我們的客戶在與我們討論時感到安心。所以目前進展順利，而且我們已經簽約並購買了相應的產能。

We've been, good partners for the vendors and vendors have been good partners for us as well on the equipment procurement side. So that's generally how how we're approaching things and as we look forward, I think the forecast and guidance we've provided for that 250 megawatts to 500 megawatts, that general procurement strategy, covers that capacity as well.

在設備採購方面，我們一直是供應商的好合作夥伴，供應商也一直是我們的好合作夥伴。所以，這大致上就是我們處理事情的方式。展望未來，我認為我們針對 250 兆瓦至 500 兆瓦提供的預測和指導，以及整體採購策略，也涵蓋了這一容量。

Appreciate the call. Thanks.

感謝您的來電。謝謝。

Nasir.

納西爾。

Our next question comes from Kevin Cassidy with Rosenblatt Securities. Please proceed with your question.

下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。請繼續提問。

Hi, thanks, and also congratulations, amazing amount of progress and looking forward to more. I wanted to ask on the, actually a Bitcoin question.

您好，謝謝，也恭喜您，取得了驚人的進步，期待您取得更大的成就。我想問一個關於比特幣的問題。

I noticed the operating hash rate was, sort of 70% I guess of the nameplate hash rate this quarter and expected to go down even further next quarter. Can you just give us a little color on what's going on there? Thanks.

我注意到本季實際算力大約只有標稱算力的 70%，預計下個季度還會進一步下降。可以簡單介紹一下那裡的情況給我們嗎？謝謝。

Yeah, hey Chris, it's Patrick. So you know we're running our site for our HPC clients now and you know as we get closer to bringing all of core 42's capacity online, there's some things electrically that we have to do at the site.

嗨，克里斯，我是派崔克。所以你知道，我們現在正在為我們的高效能運算客戶運行我們的網站，而且你知道，隨著我們越來越接近將核心 42 的所有容量上線，我們必須在現場做一些電氣方面的事情。

So you noticed in my remarks, I talked about, accelerated depreciation on one of our minor buildings of $7.8 million this quarter and sales of minors, so. As we sort of reposition the site, particularly for.

所以你們注意到，在我的發言中，我談到了本季我們一棟小型建築物的加速折舊，金額為 780 萬美元，以及小型建築物的出售，等等。我們正在對網站進行一些重新定位，特別是針對。

Two lines of power and redundancy for the HBC buildings, we're making some changes on the Bitcoin mining side, and that's reflected in those numbers, it's a combination of kind of pulling our fleet to be more efficient, and then again just.

HBC 大樓採用兩條電力線路和冗餘設計，我們在比特幣挖礦方面進行了一些改變，這些改變反映在了這些數據中，這既是為了提高我們車隊的效率，也是其他一些因素共同作用的結果。

Operating the site really for HPC, so you'll see, I mean, obviously site's still very profitable. We had a great quarter from a Bitcoin mining perspective, but I think going forward that's our approach, hence the sales of miners, calling the fleet and then, the accelerated depreciation on the miner building.

該網站主要面向高效能運算 (HPC) 用戶經營，所以你會看到，我的意思是，很明顯，該網站仍然非常盈利。從比特幣挖礦的角度來看，我們這個季度表現出色，但我認為接下來我們將採取這種策略，因此我們出售礦機，召集礦隊，然後加速礦機房的折舊。

Makes sense and that I guess that's not coming is something that continues in 2026.

有道理，而且我猜想這種情況在 2026 年不會發生。

Yeah, I think so. I think like we said, we kind of gave you some guidance in the deck for what we thought we'd have here in the fourth quarter and then look, I think beyond that depends on market conditions, but yeah, I think our intent is to keep mining Bitcoin through certainly the end of 2026 and then dependent upon when.

是的，我也這麼認為。就像我們之前說的，我們在演示文稿中已經給出了一些關於我們認為第四季度會取得的成果的指導，至於之後的情況，我認為取決於市場狀況，但是，是的，我認為我們的目標是至少在 2026 年底之前繼續挖比特幣，之後的時間則取決於具體情況。

The next 250 megawatts that we've requested from the New York ISO comes, I think we could, you could see us operate beyond there till the next halving, but again, I think that will be a function of, additional megawatts at the site as well as just Bitcoin profitability itself.

我們已經向紐約獨立系統運營商 (ISO) 申請了接下來的 250 兆瓦電力，我認為我們可以，你們可能會看到我們運營到下一次減半，但同樣，我認為這將取決於該站點的額外兆瓦電力供應以及比特幣本身的盈利能力。

Excellent. Great, thanks. Speaking of additional megawatts, I like the slide that broke out, how you think about the pipeline on power side on slide 8.

出色的。太好了，謝謝。說到額外的兆瓦，我喜歡第 8 張投影片中關於電力管道的思考方式。

And, some great details there and helpful to think about where that comes together. The gigawatt plus of development pipeline, is that in the phase 4 or the phase 3? I wasn't quite clear where that comment on the following page fits relative to slide 8 on the phases.

而且，那裡有一些很棒的細節，有助於思考它們是如何結合在一起的。超過10億瓦的開發項目，是在第四階段還是第三階段？我不太清楚下一頁的留言與第 8 張投影片（關於各個階段）的關係是什麼。

I see, I think Chris, that's really just going to Paul's comments which again when you think about our funnel, which is really what page 8 is meant to kind of show you just the amount of time and effort that goes into cultivating that pipeline, and again I think unlike some of our peers.

我明白了，克里斯，這其實就是保羅的評論，當你想到我們的銷售漏斗時，第 8 頁實際上就是為了向你展示我們投入了多少時間和精力來培養這個銷售渠道，而且我認為，與我們的某些同行不同。

We're not telling you a fictitious pipeline of thousands of megawatts all in the same region. We're telling you, about stuff when it's literally imminent and ready to go. So I think as Paul mentioned. We're getting very close on a handful of sites that, hit on page 9 the development pipeline of 1 gigawatt.

我們並沒有虛構一條連接同一地區、輸送數千兆瓦電力的輸電線路。我們是在事情即將發生、準備就緒的時候告訴你們的。所以我覺得就像保羅提到的。我們在幾個專案上已經非常接近目標，這些專案在第 9 頁達到了 1 吉瓦的開發目標。

Awesome. Great. Thanks so much, Patrick. Appreciate it.

驚人的。偉大的。非常感謝你，派崔克。謝謝。

Our next question comes from Stephen Glagola with Jones Research. Please proceed with your question.

我們的下一個問題來自瓊斯研究公司的史蒂芬·格拉戈拉。請繼續提問。

Hey, thanks for the questions. On the, raised AI, capacity growth targets to 250 megawatts to 500 megawatts in that annually, are there any, structural or operational constraints like whether I guess like EPC capacity, financing availability, or, like internal bandwidth, that could just limit the number of projects you can execute simultaneously.

嘿，謝謝你的提問。關於人工智慧方面提出的每年250兆瓦至500兆瓦的產能成長目標，是否存在任何結構性或營運性限制，例如EPC產能、融資可用性或內部頻寬等，這些限制可能會限制您可以同時執行的專案數量。

This is Paul, I'll start.

我是保羅，我先來。

The answer is yes. I mean, I think.

答案是肯定的。我的意思是，我想。

We've always tried to emphasize here a focus on our ability to execute and you know I think that we're more than capable of meeting that goal of 250 megawatts to 500 megawatts, but it takes a lot of time to really get to the bottom of these sites. It's a very competitive market you need.

我們一直努力強調我們的執行能力，而且我認為我們完全有能力實現 250 兆瓦到 500 兆瓦的目標，但是要真正了解這些站點的情況需要很多時間。你需要的是一個競爭非常激烈的市場。

You need to sort of look near and far afield. You have to make determinations on site suitability for the customer, but also, what's power like at the node, what are the environmental and regulatory considerations. It's just a lot. So, we're very confident we could do what we now say, which is increase from where we're at.

你需要把目光投向近處和遠處。你必須確定場地是否適合客戶，也要考慮節點的電力狀況、環境和監管的考量。確實很多。所以，我們非常有信心能夠實現我們現在所說的目標，那就是在現有基礎上實現成長。

I'm not terribly worried about the EPC side.

我並不太擔心能源性能證書（EPC）方面的問題。

I feel pretty good about that and procurement capability and you know supply lines aren't what they were. I feel very good about that. I think that.

我對此感覺還不錯，採購能力和供應鏈都比以前好多了。我對此感到非常滿意。我覺得是這樣。

The key is going to be our ability to meet schedule and price. That's what the street's looking for. That's what our customer wants. That's what we promised our shareholders. So I'm very comfortable at 250 megawatts to 500 megawatts.

關鍵在於我們能否按時按預算完成專案。這正是街頭巷尾所期待的。這正是我們的客戶想要的。這是我們對股東們的承諾。所以我覺得250兆瓦到500兆瓦的功率範圍很適合。

And as we grow, listen, we're building, as Patrick used to say, serial model number 6, as we get down to 10 or an 11. And we find more efficacious ways to do this and neater ways to scale, then, we could grow from there, but I think 250 megawatts to 500 megawatts is the right way to think about us for the coming year.

隨著我們的發展，聽著，正如帕特里克過去常說的，我們正在打造的是序號為 6 的產品，而當我們達到 10 或 11 時，就會出現這種情況。如果我們能找到更有效的方法來做到這一點，以及更簡潔的擴展方法，那麼我們就可以以此為基礎發展壯大，但我認為，對於我們來說，明年250兆瓦到500兆瓦的目標才是合適的。

Thanks, Paul, and if I can just ask one more, are you seeing any meaningful demand from tenants for the AI capacity with ready for service dates beyond 12 months, and how is that, shaping your pipeline site acquisition priorities?

謝謝保羅，如果可以的話，我再問一個問題，您是否看到租戶對服務準備日期超過 12 個月的 AI 容量有任何實質需求？這又是如何影響您的管道站點收購優先事項的？

Thank you.

謝謝。

Yeah, demand is real and it's a constant, and I think that.

是的，需求是真實存在的，而且是持續不斷的，我認為是這樣。

Listen, there was, I think there was a site out in Ohio the other day. They got a letter from AEP saying, they were in the queue and they were in the queue for 26, and now, you should probably not think about that power in 26, but you should think about it for like 29 and 30.

聽著，我想前幾天在俄亥俄州有一個網站。他們收到 AEP 的一封信，信中說他們已經排上了隊，排的是 26 號機組，現在，你可能不應該考慮 26 號機組的電力，但你應該考慮 29 號和 30 號機組的電力。

And that is a way of saying that you've got to pick your sites really carefully. You have to understand, what the grid's capable of, are you in an area where, the whole grid is only, X and the demand is 3 times that. So it's, it goes to the notion that.

也就是說，你必須非常謹慎地選擇網站。你必須了解電網的容量，你所在地區的電網容量是否只有 X，而需求卻是它的 3 倍。所以，這引出了一個觀點。

You've gotta have a very good handle where you cite these things, but that then, when you go back to the customer and you say, hey, how do you want to think about it if you want to be in this region, are you okay moving from 26 to 27, the answer has been yes universally. The answer from 27 to 28 is yes.

你必須非常清楚該如何引用這些內容，但當你回到客戶那裡，問他們：「嘿，如果你想留在這個地區，從 26 號搬到 27 號，你覺得怎麼樣？」答案幾乎都是肯定的。第 27 題到第 28 題的答案是肯定的。

I don't think you get the power problem solved by then. You've got hyperscalers now looking. At island generation, which means they're going to bring their own power to the table, and that's at least four years to five years away.

我覺得到那時電力問題還是解決不了。現在有超大規模資料中心正在關注你們。島嶼發電意味著他們將擁有自己的電力，而這至少還需要四到五年。

If you look at the deal that was signed with Nexterra for bringing back the nuke, they looked at a 30-year transaction which doesn't come online until 29, and I don't think there's any way that nuke is back online in 29.

如果你看看與 Nexterra 簽署的恢復核電站的協議，他們考慮的是一份 30 年的交易，但要到 29 年才能投入使用，我認為核電站不可能在 29 年恢復使用。

So the demand, I think is just increasing and, it took a little while to get here. I think everyone was waiting to see who was going to make that first move, but now that we're here.

所以我認為需求只會不斷增長，而這需要一些時間才能達到現在的水平。我想大家都在等著看誰會率先出手，但現在我們已經到了這一步。

The demand from the hyperscalers and the cloud companies is very significant.

來自超大規模資料中心和雲端運算公司的需求非常巨大。

Thanks, Paul.

謝謝你，保羅。

Our next question comes from Brian Dobson with Clear Street. Please proceed with your question.

下一個問題來自 Clear Street 的 Brian Dobson。請繼續提問。

Hey guys, this is, Justin not for Brian. Obviously the increase in incremental HBC guidance underscores a lot of optimism demand over the next two to three years.

大家好，我是賈斯汀，不是布萊恩。顯然，HBC增量指導的增加凸顯了未來兩到三年需求的樂觀情緒。

You guys have had a great couple months. Some of your peers have had a great couple months, but could you dig in a little bit deeper into what gives you the confidence in the heightened demand outlook over the medium term?

你們這幾個月過得真棒。你們的一些同行在過去幾個月裡業績斐然，但你們能否更深入地探討一下，是什麼讓你們對中期內需求前景的增強充滿信心？

It seems like a pretty interesting dichotomy in the market at the moment, right? We're seeing. Some talk over AI evaluation frogginess, but at the same time there's been a ton of, imperial success momentum in your space, so.

目前市場上似乎存在著一個非常有趣的二元對立現象，對吧？我們看到了。有人談論人工智慧評估的不足之處，但同時，你們領域也取得了巨大的成功，勢頭強勁。

I mean, as I, I'm happy to start, maybe you could follow-up, but as I just said, we're looking, we've been asked by customers to look at opportunities where we have to bring our own generation to the table, and you have to assume that if you're bringing your own generation to the table, you're at least four years out.

我的意思是，我很樂意開始，也許你可以跟進，但正如我剛才所說，我們正在尋找機會，客戶要求我們尋找機會，讓我們這一代人參與進來，你必須假設，如果你要讓這一代人參與進來，你至少要領先四年。

nd so when you have Those kinds of, questions coming in from world-class credits, and that just speaks to just massive amounts of demand.

所以，當世界級院校提出這類問題時，就足以說明市場需求龐大。

I think the shortfall in energy is real.

我認為能源短缺問題確實存在。

It's, it, it's greater than I think originally forecast, and the demand for energy by users like These high load data centers is more significant than was originally forecast so you know we, we've been getting calls since, certainly since May, and they haven't abated, every time we come up with a site, we have at least five phone calls that we could go to to ask, would this kind of be something that is of interest to you, so you know.

這比我最初預測的要大得多，像這些高負載資料中心這樣的用戶對能源的需求比最初預測的要大得多，所以你知道，我們從五月份開始就一直接到電話，而且電話量絲毫沒有減少，每次我們推出一個網站，我們至少會接到五個電話，詢問我們是否對這類項目感興趣。

I think if you just look at diaper scales and two or three of the big, leading cloud players, they're being very aggressive in how they're looking at at further locations and sites and And again, a lot of these sites wouldn't have any availability for electrification for two to threee years out.

我認為，如果你看看尿布秤和兩三家大型領先的雲端服務商，你會發現他們在拓展業務方面非常積極，而且很多地方在未來兩三年內都無法實現電氣化。

So I don't know what to say other than tell you the phone's ringing, they show massive demand and. We don't see that abating anytime in the near future.

所以我不知道除了告訴你電話響個不停之外還能說什麼，這顯示需求量龐大。我們認為這種情況在短期內不會緩解。

Got it. That's super helpful. Thanks for the.

知道了。這太有幫助了。謝謝。

Congrats on the court.

恭喜你上法庭。

Our next question comes from John Todaro with Needham. Please proceed with your question.

我們的下一個問題來自 Needham 公司的 John Todaro。請繼續提問。

Hey guys, thanks for taking my question. First one here as we kind of move from a phase of signing some of these leases, to executing on them, can you just give us kind of any color as it res relates to penalties, if you missed timeline of delivery, and then just, kind of frame up your confidence in hitting delivery dates, and then have a follow-up question.

各位好，感謝你們回答我的問題。首先，在我們逐漸從簽署租賃協議過渡到執行租賃協議的階段時，您能否就違約處罰方面給我們一些建議？如果您錯過了交貨時間表，能否談談您對按時交貨的信心？然後，我還有一個後續問題。

Yeah, hey, Patrick. I'll.

嗨，派崔克。患病的。

Sorry, Nazer, you go ahead.

抱歉，納澤爾，你先請。

No, go.

不，走吧。

Ahead, Patrick.

派崔克，你先行。

Yeah, so John just with regard to penalties and you know I'm not going to tell you the specific ones because that's confidential to the lease, but I would tell you, given the accelerated build timelines and all the work we've done with our customers here.

是的，約翰，關於罰款方面，你知道我不會告訴你具體的罰款金額，因為這是租賃合同的機密信息，但考慮到加快的建設進度以及我們與客戶共同完成的所有工作，我可以告訴你…

There are pretty significant grace periods, so the leases cannot be terminated until we're over 180 days late. Obviously, as Paul said, we're meeting weekly, daily, monthly, like both in person and, via teleconference with our customers, so there's no surprises, the folks, are well aware of. Budgets, timelines, etc.

寬限期相當長，所以除非逾期超過 180 天，否則租約不能終止。顯然，正如保羅所說，我們每週、每天、每月都會與客戶見面，既有面對面的，也有透過電話會議進行的，所以不會有任何意外，大家都很清楚。預算、時間表等。

In general we have very minimal penalties, for the first, 30 days to 90 days. Generally there's a penalty for the 30 days, then there's another one for 60 days, another one for 90 days, and then the penalties start to accelerate from day 90 days to 180 days, but those are relatively de minimiss for us. Through 90 days and then scale from 90 days to 180 days.

一般來說，對於最初的違規行為，我們的處罰非常輕微，僅為 30 天至 90 天。通常情況下，逾期 30 天會受到處罰，逾期 60 天會受到處罰，逾期 90 天會受到處罰，從第 90 天到第 180 天，處罰力度會逐漸加大，但這些對我們來說都是微不足道的。先持續 90 天，然後從 90 天擴大到 180 天。

Great, that's super helpful, and then second question, if we do just take a step back, I guess, how are you guys able to add more of the power pipeline?

太好了，這非常有幫助。第二個問題，如果我們退一步來看，你們是如何增加電力管道的呢？

Like some of the stuff was procured pretty quickly like Abernathy, I would just have to think, major hyper scalers, neo clouds, maybe private equity, everyone's competing now, just I guess give us, frame it up a little bit more for how you guys are able to win.

就像 Abernathy 一樣，有些東西很快就被收購了，我只能想到，大型超大規模資料中心、新型雲端服務商，或許還有私募股權公司，現在每個人都在競爭，我想請你們再詳細解釋一下，你們是如何贏得這場競爭的。

That.

那。

Yeah, I'm not sure I understand the question. I mean, Abernathy didn't, I wouldn't look at that as came on real quickly. I wouldn't, again, we've had a long-term relationship now with Google Influence Stack and so.

是的，我不太明白這個問題。我的意思是，阿伯納西並沒有，我不會認為他的轉變來得很快。我不會再說了，我們和 Google Influence Stack 已經建立了長期的合作關係等等。

We're aware of the strategy here and they decided that bringing us alongside would be additive to the overall effort, but I'm not sure I understand the balance of your question.

我們了解他們的策略，他們認為讓我們加入會對整體努力起到積極作用，但我不太明白你問題的重點。

I guess just the main crux of it is if we take a step back and there's such a power constrained environment, one of the biggest questions we get from investors is just how these guys are able to continue to procure capacity like that 250 megawatts to 500 megawatts you talked about when we are in still a constrained environment and there's just likely so many bidders for these.

我想，問題的關鍵在於，如果我們退後一步，考慮到電力供應如此緊張，投資者提出的最大問題之一就是，在電力供應仍然緊張的情況下，這些人是如何繼續採購像你提到的 250 兆瓦到 500 兆瓦這樣的容量的，而且這些項目的競標者可能非常多。

Assets.

資產。

Yeah, I think the answer is, so some of them are looking at island generation where they bring their own power.

是的，我認為答案是，他們中的一些人正在研究島嶼發電，也就是自備電力。

Some of them are looking at at at at high electrification sites that had former industrial uses and they're looking at repositioning them into data centers, and some of them are are talking to utilities about figuring out if there's a way that they could.

他們中的一些人正在考察以前用作工業用途的高電氣化場地，並考慮將其改造成資料中心；還有一些人正在與公用事業公司洽談，看看是否有辦法實現這一目標。

Could work out a deal like the next era transaction. I think they're following multiple strategies to get to the answer of they have long-term demand and it's near term in terms of its, immediate urgency, but you know they're looking at.

或許可以達成類似下一代交易那樣的協議。我認為他們正在採取多種策略來找到答案，因為他們既有長期需求，也有近期的緊迫性，但你知道他們正在考慮。

The 25 years and 30 year deals, if you take a look at the Abernathy deal, it's 25 years. So, I'm.

25 年和 30 年的合約，以 Abernathy 的合約為例，合約期限為 25 年。所以，我是。

I can't tell you or opine to what the long-term answer is other than the United States needs to build more generation, but I think everyone's figured that one out.

我無法告訴你或發表意見，長期的解決方案是什麼，除了美國需要建造更多發電設施之外，但我認為每個人都已經明白這一點了。

The question is, are there sites. That one can discover in the right regulatory frame set and from an environmental perspective, not too injurious to a customer that could enable, a high-quality credit to come along and be a customer, and I think the answer is yes, but you've got to know where to look.

問題是，是否有這樣的網站？在合適的監管架構下，從環境角度來看，如果對客戶造成不太大的傷害，就能找到高品質的信貸產品，進而吸引客戶。我認為答案是肯定的，但你必須知道在哪裡尋找。

Got it.

知道了。

Thank you for that. I should emphasize, I guess I should emphasize, Terry Wolf knows where to look, so which is why I think, prior to your end we'll be bringing on at least one, maybe two other sites.

謝謝。我應該強調，特里·沃爾夫知道該去哪裡找，所以我認為，在你離開之前，我們至少會引入一個，也許是兩個其他網站。

Yeah, understood.

嗯，明白了。

Thank you, congrats.

謝謝，恭喜。

Our next question comes from Timothy Horan with Oppenheimer. Please proceed with your.

我們的下一個問題來自奧本海默公司的蒂莫西·霍蘭。請繼續。

Question.

問題。

Thanks, guys. .

謝謝各位。。

Was there a specific trigger that caused you, to kind of basically die to more than doubling your incremental capacity per year, or your customers?

是否有某個特定的觸發因素，導致你基本上無法承受每年產能或客戶數量翻倍以上的成長？

I mean, it seems like demand is much stronger than maybe you were thinking about we were 69 months ago. Yeah, anything that really drove that?

我的意思是，現在的需求似乎比你想像的要強得多，比我們69個月前的情況好得多。是的，有什麼真正促使你這麼做的原因嗎？

Is that in Yune?

那是在尤恩語裡嗎？

Yeah, maybe I can start ball. You can jump in. Yeah, I think there's a few things, right? So one is If you go back a year ago, we hadn't gone through the full cycle, right, as we have laid out in the deck, there's not just the site, there's not the design, there's the engineering, there's the financing, and then there's the construction.

是啊，也許我可以先發。你可以加入。是的，我覺得有幾點需要說明，對吧？所以，如果你回到一年前，我們還沒有完成整個週期，對吧？正如我們在甲板上闡述的那樣，這不僅僅是選址，還有設計，還有工程，還有融資，然後是施工。

So we've been through that full cycle now and so sitting 18 months ago looking forward, there were pieces of that process that we had not completed, pending this quarter, through this quarter we've completed, all of those cycles and so now we have a much better.

所以我們已經完成了整個週期，18 個月前展望未來時，還有一些流程尚未完成，而本季度我們已經完成了所有這些週期，所以現在我們有了更好的情況。

Nuanced understanding of what's required for each one of those phases, what we can get done, there was a question earlier on capacity, so all of that is factored into that 250 megawatt to 500 megawatt forecast, which again, a year and a half ago we didn't have that visibility.

對每個階段所需內容的細緻理解，以及我們能夠完成的工作，之前有人問過產能問題，所有這些都被納入了 250 兆瓦到 500 兆瓦的預測中，而一年半前我們還沒有這樣的前景。

So I think that that is a reflection both of our capacity, capability to get each of those phases done as well as the size of the demand that's coming from the customers.

所以我認為這不僅反映了我們完成每個階段的能力，也反映了客戶的需求規模。

Yeah, I would just want 22 more things. One is obviously after we had, 442 online, that enabled us to sort of do show and tell to other customers. So I think, the level of credible incomings to us just, it was.

是的，我還想要另外22樣東西。顯然，在我們擁有 442 個線上客戶之後，這使我們能夠向其他客戶進行展示和講解。所以我覺得，我們所獲得的可靠資訊水準就是這樣。

Multiples of what it was prior to that. Secondly, Patrick, who is, the architect of our financing strategy, from day one, we didn't want to sort of have an arrangement where our customer was also financing our CapEx.

比之前的數量多了許多。其次，作為我們融資策略的設計者，Patrick 從一開始就不希望有客戶也為我們的資本支出提供融資的情況。

He wanted to go about it in the way which we have, which was to say we would do it, and we would require credit support to enable, good financing. In our case, Patrick's been able to get absolutely great financing.

他想用我們一直以來的方式來做這件事，也就是說，我們會去做，但我們需要信貸支持來實現良好的融資。就我們而言，帕特里克獲得了非常好的融資。

So once we went through that also opened up the doors to our ability to sort of get the capital we needed, to build these things out, and also showed customers, hey, this is how we do this, and Patrick led the way. I mean, everyone's followed suit, since then, but we were the first through that door.

所以，一旦我們經歷了那段時期，也為我們打開了獲得所需資金的大門，從而能夠發展這些項目，同時也向客戶展示了，嘿，我們就是這樣做的，而帕特里克則引領了這一進程。我的意思是，從那以後，大家都紛紛效仿，但我們是第一個踏出那一步的。

And it was on the back of, Patrick's original vision for that. So I think.

而這一切都源自於派崔克最初的設想。我想是這樣的。

Both what Nazer and Patrick sort of.

納澤爾和派崔克都有點這種感覺。

We're prescient in thinking about once we were able to execute on both those visions, I think that just led to increased demand that we, you're correct, we hadn't quite anticipated.

我們很有先見之明，一旦我們能夠實現這兩個願景，我認為這就導致了我們之前沒有預料到的需求增加，你說得對，我們確實沒有預料到。

And just two quick questions, Abernathy, do you have a sense how much equity you're going to have to put up to finish that project, and are we talking like $8 million per megawatt for the build out and then.

阿伯納西，我還有兩個問題想問你，你大概知道要完成這個計畫需要投入多少資金嗎？我們說的是每兆瓦800萬美元的建造成本嗎？

Lake Mariner, can you talk about what items or item is on the critical path, on the construction schedule, please? Thanks.

Lake Mariner，請問您能否談談施工進度計畫中的關鍵路徑上有哪些項目或事項？謝謝。

Yeah, I'll answer the first question. So on Abernathy, we've given you guidance of $8 million to $10 million per critical megawatt. If you do that quick math, just, and again take the wide end of the range, it's roughly [17], and there's a $1.3 billion Google back.

好的，我會回答第一個問題。因此，對於 Abernathy 項目，我們給出的指導意見是每關鍵兆瓦 800 萬至 1000 萬美元。如果你簡單計算一下，再取範圍的上限，大約是 [17]，而谷歌還有 13 億美元的回報。

Stuff, so again you can kind of do that quick math, and I said would again just say stay tuned we're kind of sorting out the details, with Morgan Stanley and our partners right now and we'll be in the market as soon as we can be.

所以，你可以快速算一下，我再次強調，請繼續關注，我們正在與摩根士丹利和我們的合作夥伴一起敲定細節，一旦條件允許，我們就會進入市場。

And then all the construction item critical path.

然後是所有施工項目的關鍵路徑。

Now sir, do you want to take that?

先生，您要拿走嗎？

Sure, on the second, the question on critical path.

當然，第二個問題是關鍵路徑。

There are from an equipment perspective, we are on schedule or ahead of schedule for all of the long lead time pieces, so those are.

從設備角度來看，所有交貨週期長的零件我們都按計劃或提前完成了，就是這樣。

Mostly on site CB4 and CB5 are on schedule for construction. We are currently ramping up labor at the site. We're going to peak probably sometime in the month of March, and so ramping that labor up is probably, the near term, the biggest item that we're we're focused on.

CB4 和 CB5 工地上的施工基本上按計畫進行。我們目前正在增加現場勞動力。我們預計三月會達到高峰，因此，近期內我們最關注的重點可能是增加勞動力。

So that's again, we've got a number of different things ongoing to accomplish that, but that's the big driver, I think over the next couple of months is getting that ramp up as. CB4 and CB5 get through civil and get into kind of full swing on mechanical and electrical.

所以，我們目前正在進行許多不同的工作來實現這一目標，但我認為在接下來的幾個月裡，最大的驅動力是加快這一進程。CB4 和 CB5 完成土木工程後，將全面投入機械和電氣工程。

We have reached the end of our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the floor back over to Paul Prager for closing comments.

現在我想把發言權交還給保羅·普拉格，讓他做總結發言。

Listen, everybody, I really appreciate you joining us today. I think if there's one takeaway from the quarter, it's that Terra Wolf is executing. We're methodical, we're consistent, and we're doing this at scale.

各位，非常感謝你們今天能來參加我們的節目。我認為如果說本季有什麼值得總結的，那就是 Terra Wolf 的執行力很強。我們做事有條不紊，始終如一，而且我們正在大規模地進行這項工作。

We are building a differentiated platform at the very intersection of AI, power, and infrastructure, supported by long-term contracts, strong partners, and a proven ability to deliver.

我們正在人工智慧、電力和基礎設施的交匯點上建立一個差異化的平台，並以長期合約、強大的合作夥伴和已被證明的交付能力為支撐。

I'm convinced we have the right strategy, the right team, and the right assets to continue this momentum well into '26 and beyond.

我確信我們擁有正確的策略、正確的團隊和正確的資產，能夠將這種勢頭延續到 2026 年及以後。

My focus and our focus remains disciplined execution, thoughtful expansion, and creating sustainable long-term value for both our shareholders and partners.

我和我們始終專注於嚴謹的執行、深思熟慮的擴張，並為我們的股東和合作夥伴創造可持續的長期價值。

I want to thank you for your continued support and confidence in Terawulf.

我要感謝您一直以來對Terawulf的支持與信任。

Thank you again.

再次感謝。

This concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。