Terawulf Inc (WULF) 2025 Q4 法說會逐字稿

Greetings and welcome to Terawulf fourth quarter and full year 2025 earnings conference call. (Operator instruction)

各位好，歡迎參加 Terawulf 2025 年第四季及全年業績電話會議。（操作說明）

I would now like to turn the conference over to your host, Mr. John Larkin, senior Vice President, director of investor relations.

現在我謹將會議交給主持人，高級副總裁兼投資者關係總監約翰·拉金先生。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, operator. Good afternoon and welcome to Terawulf, fourth quarter and full year 2025 earnings call. Joining me today are Chairman and CEO Paul Prager, CTO Nazir Khan, and CFO Patrick Fleury.

謝謝接線生。下午好，歡迎參加 Terawulf 2025 年第四季及全年財報電話會議。今天與我一同出席的有董事長兼執行長保羅·普拉格、技術長納齊爾·汗和財務長帕特里克·弗勒里。

Before we begin, 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。

Words such as anticipate, expect, believe, intend, estimate, project, could, should, will, and similar expressions are intended to identify forward-looking statements. For a discussion of these risks, please refer to our filings with the SEC available at SEC.gov and in the investor relations section of our website.

諸如預期、期望、相信、打算、估計、預測、可能、應該、將等詞語以及類似表達旨在識別前瞻性陳述。有關這些風險的討論，請參閱我們在 SEC.gov 和我們網站的投資者關係部分向美國證券交易委員會提交的文件。

We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are available in our earnings release and filings. With that, I'll turn the call over to our Chairman and CEO Paul Prager.

我們也會參考一些非GAAP財務指標。與最接近的 GAAP 指標的調整表可在我們的獲利報告和文件中查閱。接下來，我將把電話交給我們的董事長兼執行長保羅‧普拉格。

Thank you, John, and good afternoon, everyone. 2025 was a defining year for Terawulf. We said we would transition this company into a scaled, power-backed AI infrastructure platform, and we did. Our strategy is simple and disciplined. Control Energy advantage sites. Engineer infrastructure around power and contract long-term credit-backed AI capacity. Everything we did in 2025 supports that strategy.

謝謝你，約翰，大家下午好。 2025年對Terawulf來說是里程碑式的一年。我們說過要將這家公司轉型為一個規模化、電力驅動的人工智慧基礎設施平台，而我們也做到了。我們的策略簡單而嚴謹。控制能源優勢站點。圍繞電力和長期信貸支援的人工智慧能力，建構基礎設施。我們在 2025 年所做的一切都是為了支持這項策略。

First, we acquired 100% of Beowulf electricity and data, eliminating related party complexity and fully integrating power generation expertise into our platform. In today's market, power is the gating factor. If you don't control power, you don't control your destiny. We do.

首先，我們收購了 Beowulf 100% 的電力和數據，消除了關聯方複雜性，並將發電專業知識完全整合到我們的平台中。在當今市場中，權力是決定性因素。如果你不掌握權力，你就無法掌控自己的命運。是的。

Second, we've secured long duration site control at Cayuga, up to 400 megawatts at a retired coal facility with real grid infrastructure already in place. Ground field, power back, scalable. That's our model.

其次，我們已獲得卡尤加電廠的長期場地控制權，該電廠是一座已退役的燃煤電廠，裝置容量高達 400 兆瓦，並且擁有真正的電網基礎設施。地面場地，動力回饋，可擴展。這就是我們的模式。

Third, we signed a 450 megawatt lease with fluid stack supported by Google's credit. That was a platform defining deal. It validated our model, our execution capability, and ability to contract at scale. With Google's warrants, it will be our largest shareholder. That alignment speaks for itself.

第三，我們與 Fluid Stack 簽訂了一份 450 兆瓦的租賃合同，並得到了谷歌的信用支持。那是一筆具有里程碑意義的交易。它驗證了我們的模型、執行能力和大規模簽訂合約的能力。加上谷歌的認股權證，它將成為我們最大的股東。這種一致性本身就說明了一切。

Fourth, we replicated the model in Texas through the Abernathy joint venture, proving portability across power markets.

第四，我們透過與 Abernathy 的合資企業在德克薩斯州複製了該模式，證明了該模式在不同電力市場之間的可移植性。

And fifth, we executed the Wolf Compute and Flash compute financings. These transactions demonstrated that contracted, credit enhanced AI infrastructure supports scalable and repeatable capital structure. Operationally, we delivered Wolfden and CV1, began recording HPC revenue, and have now delivered CB2A for core 42.

第五，我們完成了 Wolf Compute 和 Flash Compute 的融資。這些交易表明，以合約形式提供的、信用增強的人工智慧基礎設施能夠支援可擴展和可重複的資本結構。在營運方面，我們交付了 Wolfden 和 CV1，開始記錄 HPC 收入，現在已為核心 42 交付了 CB2A。

We are building, delivering, and contracting simultaneously. And since year end, we added approximately 1.5 gigawatts of additional power backpack capacity in Kentucky and Maryland. Now let's talk about what actually differentiates us power and execution. The AI build out is not constrained by GPUs, it is constrained by power, interconnection, transmission, and increasingly new generation.

我們正在同時進行建設、交付和承包工作。自年底以來，我們在肯塔基州和馬裡蘭州新增了約 1.5 吉瓦的額外電源背包容量。現在我們來談談真正讓我們在實力和執行力方面有所區別的是什麼。人工智慧的建構並不受GPU的限制，而是受電力、互連、傳輸以及日益增長的新一代技術的限制。

That's why Morgantown matters. Morgantown is not just another data centre site. It is a former coal generation facility in the Washington DC Northern Virginia corridor, one of the most power constrained data centre markets in the world. Our phase one vision includes approximately 500 megawatts of new dispatchable generation, 250 megawatts of battery storage, and 500 megawatts of data centre load, followed by a similar phase two.

這就是摩根敦的重要性所在。摩根敦不僅僅是另一個資料中心所在地。它位於華盛頓特區北維吉尼亞走廊，原為一座燃煤發電廠，而該地區是世界上電力供應最緊張的資料中心市場之一。我們的第一階段願景包括約 500 兆瓦的新可調度發電、250 兆瓦的電池儲能和 500 兆瓦的資料中心負荷，隨後將進行類似的第二階段。

Critically, the site is being engineered to operate as a net generator to the state. We are not just consuming capacity; we are adding it in constrained markets. That is the only sustainable model at scale. This industry is moving towards integrated, bring your own generation campuses. We are well ahead of that curve because we are fundamentally a power company that builds and operates digital infrastructure, not the other way around.

至關重要的是，該站點的設計目標是作為該州的淨發電站點運作。我們不僅在消耗產能，還在產能受限的市場中增加產能。這是唯一能夠大規模實現永續的模式。這個產業正在朝著一體化、自帶新生代校園的方向發展。我們在這方面遙遙領先，因為我們本質上是一家建設和運營數位基礎設施的電力公司，而不是反過來。

We know how to permit generation. We know how to build generation. We know how to operate generation. We understand grid behaviour, and we know how to integrate generation, storage, and compute in a way that works for customers and regulators. There are very few teams that can do that credibly and at speed.

我們知道如何允許生成。我們知道如何打造一代人。我們知道如何進行發電作業。我們了解電網運作規律，也知道如何將發電、儲能和運算整合起來，以滿足客戶和監管機構的需求。能夠迅速且令人信服地做到這一點的團隊寥寥無幾。

We are premier among them. Turning to Kentucky, demand is extremely strong. We are engaged with every major hyper scaler and several large AI compute platforms. A data room is open, diligence is active. Conversations are robust and substantive. This week, we met directly with Governor Beshear and state leadership. The alignment at the state and local level is clear and constructive. Kentucky understands the economic and strategic import of power-backed AI infrastructure.

我們在這方面處於領先地位。再來看看肯塔基州，那裡的需求非常強勁。我們與所有主要的超大規模資料中心營運商和幾個大型人工智慧運算平台都有合作關係。數據室已開放，盡職調查正在進行中。對話深入而實質。本週，我們與州長貝希爾和州領導層進行了直接會面。州和地方層級的協調一致是清晰且富有建設性的。肯塔基州深知電力支援的人工智慧基礎設施在經濟和戰略上的重要性。

This is 480 megawatts, a campus with immediate power availability, expansion potential, and strong state support. We are excited and highly confident in the long-term value of this asset. While we execute on the platform, we are consistently evaluating a constant pipeline of additional opportunities. We review hundreds of sites, and most do not meet our standards. We are disciplined around 4 key elements.

這是一個裝置容量為 480 兆瓦的校園，可立即獲得電力供應，具有擴建潛力，並得到州政府的大力支持。我們對這項資產的長期價值感到興奮並充滿信心。在平台上執行專案的同時，我們也不斷評估其他潛在的機會。我們審核了數百個網站，其中大多數都不符合我們的標準。我們以 4 個關鍵要素為指導，嚴格執行各項規章制度。

Power control and durability. Scalability in 250-to-500-megawatt phases. Signed credit backed contracts, we do not speculate. And fourth, capital efficiency. We turn sites away all the time, but when we do find one that meets these criteria, we move decisively.

功率控制和耐用性。分階段擴展，每次擴容250至500兆瓦。我們簽訂了有信用擔保的合同，不做任何投機。第四，資本效率。我們經常拒絕一些網站，但如果我們找到符合這些標準的網站，我們會果斷行動。

Importantly, we already control the sites necessary to deliver our targeted 250 to 500 megawatts of contracted capacity annually through the end of the decade. The runway is in place. Growth from here is execution. Finally, we are building the team to match the ambition of the platform. We recently added a senior data centre construction lead for Meta and have strengthened origination, project management, commissioning, and cybersecurity capabilities. This business is one in the trenches of engineering detail, construction discipline, and operational rigor. We are staffed accordingly.

重要的是，我們已經控制了必要的場地，可以實現我們每年 250 至 500 兆瓦的合約容量目標，直到本世紀末。跑道已就位。接下來發展的關鍵在於執行。最後，我們正在組建一支與平台雄心相匹配的團隊。我們最近為 Meta 增加了一名高級資料中心建設負責人，並加強了專案開發、專案管理、調試和網路安全能力。這個行業非常注重工程細節、施工規範和營運嚴謹性。我們已配備相應人員。

So, in summary, the strategy is clear, the sites are secured, the capital is in place, customer demand is strong, the team is built.

總而言之，策略很明確，場地已到位，資金已到位，客戶需求強勁，團隊已組成。

Now it is about disciplined delivery. Turning contracted megawatts into energized capacity and durable recurring cash flow. With that, I'll turn it over to Nazar.

現在關鍵在於有條不紊地執行。將合約約定的兆瓦電力轉化為實際發電能力和可持續的經常性現金流。接下來，我將把麥克風交給納札爾。

Thank you, Paul. Let me start with delivery and risk compression.

謝謝你，保羅。首先，我想談談交付和風險控制。

Wolfden and CB1 were delivered in the third quarter and generated revenue throughout the fourth quarter. CB2A is operational and CB2B is expected to be fully online in March. By the end of the first quarter, all core 42 capacity will be energized and revenue producing.

Wolfden 和 CB1 在第三季度交付，並在整個第四季度產生了收入。CB2A 已投入運營，CB2B 預計將於 3 月全面上線。到第一季末，所有 42 個核心產能都將投入營運並產生收入。

Following contract execution, [Corps 42] requested incremental fit out enhancements. We adjusted sequencing accordingly. The monthly recurring charge was revised, no penalties were triggered, and revenue commencement remains aligned with the customer's deployment schedule.

合約執行後，[第 42 軍團] 要求逐步進行裝備升級。我們據此調整了排序方式。每月經常性費用已進行調整，未觸發任何罰款，收入開始時間仍與客戶的部署計劃保持一致。

Turning to the fluid stack buildings, CB3 is expected to deliver in mid-May. After signing, the tenant finalized certain design optimizations which we incorporated without changing building footprint or lease economics. The associated revenue timing impact has been incorporated into the financial model. Importantly, CB4 and CB5 were designed collaboratively with the tenants from inception. These buildings reflect a fully standardized repeatable design and represent the majority of contracted Wolf compute capacity.

至於流體堆疊式建築，CB3 預計將於 5 月中旬交付。簽約後，租戶最終確定了一些設計優化方案，我們在不改變建築佔地面積或租賃經濟效益的前提下，將這些方案納入了設計中。相關的收入時間影響已納入財務模型。重要的是，CB4 和 CB5 從一開始就是與租戶共同設計的。這些建築體現了完全標準化的可重複設計，代表了 Wolf 大部分已簽約的運算能力。

Several structural improvements materially reduce execution risk. First, electrical redundancy has been optimized and standardized. Second, trade stacking and sequencing have been refined to minimize rework. Third, long lead equipment was procured after final design alignment. And fourth, mechanical and electrical systems now follow a repeatable installation model.

多項結構性改善顯著降低了執行風險。首先，電氣冗餘已經過優化和標準化。其次，貿易堆疊和排序已得到改進，以最大限度地減少返工。第三，在最終設計定型後，採購了交貨週期較長的設備。第四，機械和電氣系統現在都遵循可重複的安裝模式。

Execution risk declines as design standardizes, and CB4 and CB5 reflect a mature optimized build. Both buildings remain on schedule with targeted lease commencement dates of 3rd quarter and 4th quarter of 2026 respectively.

隨著設計標準化，執行風險降低，CB4 和 CB5 反映了成熟的最佳化結構。兩棟建築的建設進度均按計畫進行，預計租賃開始日期分別為 2026 年第三季和第四季。

Through design optimization, we increase critical IT capacity from 162 megawatts to 168 megawatts per building without impacting the base construction budget. That incremental 12 megawatts across the campus is expected to generate approximately $200 million of additional lease revenue over the initial term.

透過設計優化，我們在不影響基本建設預算的情況下，將每棟建築的關鍵 IT 容量從 162 兆瓦提高到 168 兆瓦。預計校園內新增的 12 兆瓦電力將在初始期限內產生約 2 億美元的額外租賃收入。

Finally, Abernathy, our joint venture, remains aligned with its fourth quarter 2026 lease commencement and continues progressing under a fixed EPC structure, which further limits construction cost variability.

最後，我們的合資企業 Abernathy 仍按計劃於 2026 年第四季開始租賃，並繼續在固定的 EPC 結構下推進，這進一步限制了建設成本的波動。

Execution requires managing scope, timing, and cost in real time. We have incorporated adjustments transparently and remained focused on disciplined delivery. Large scale AI infrastructure requires active management of scope, schedule, and cost.

執行需要即時管理範圍、時間和成本。我們以透明的方式進行了調整，並始終專注於嚴謹的交付。大規模人工智慧基礎設施需要對範圍、進度和成本進行積極管理。

We have incorporated refinements transparently, preserved economics, increased capacity, and maintained budget integrity. Execution remains disciplined and on track. With that, I'll turn it over to Patrick.

我們以透明的方式進行了改進，保持了經濟效益，提高了產能，並維護了預算的完整性。執行工作依然嚴謹有序，按計劃進行。接下來，我將把麥克風交給派崔克。

Thank you, Nazar. The second half of 2025 was transformational for the company. We secured over 12.8 billion of HPC lease agreements. Executed $6.5 billion of debt and equity linked financing and materially strengthened our balance sheet liquidity while carefully managing and minimizing dilution.

謝謝你，納札爾。2025年下半年對公司來說是具有變革意義的一年。我們獲得了超過 128 億美元的高效能運算租賃協議。執行了 65 億美元的債務和股權融資，並在謹慎管理和最大限度減少股權稀釋的同時，顯著增強了我們的資產負債表流動性。

Let's begin at a high level before diving into the financial details. We are a business in transition and executing on rapid growth. The 2025 results still reflect a meaningful contribution from Bitcoin mining and its inherent volatility, including commodity pricing and complex network difficulty dynamics. Over time that volatility will decline. As long-term credit enhanced HBC revenues become the dominant driver of results.

讓我們先從宏觀層面入手，然後再深入探討財務細節。我們是一家處於轉型期並且正在快速發展的企業。2025 年的結果仍然反映出比特幣挖礦及其固有的波動性（包括商品定價和複雜的網路難度動態）的重大貢獻。隨著時間的推移，這種波動性將會下降。隨著長期信用增強型HBC收入成為績效的主要驅動力。

Importantly, while mining introduces revenue volatility, its flexible load profile has been strategically valuable at Lake Mariner, supporting demand response participation and power cost management. Mining is not a long-term growth focus, but it has enabled the transition. The 2025 results of operations reflect that transition in motion, and the balance sheet reflects that we have the capital structure to execute.

重要的是，雖然採礦會帶來收入波動，但其靈活的負載曲線對 Lake Mariner 來說具有戰略價值，支持需求響應參與和電力成本管理。採礦業並非長期成長重點，但它促成了這項轉型。2025 年的經營績效反映了這一轉型進程，資產負債表也反映出我們擁有執行該轉型所需的資本結構。

In the fourth quarter of 2025, revenue was $35.8 million, down from $50.6 million in Q3 2025, primarily driven by lower Bitcoin production. Importantly, HPC lease revenue increased to $9.7 million in Q4, up 35% from $7.2 million in Q3. For the full year, revenue increased 20% to $168.5 million from $140.1 million in 2024. The digital asset revenue of $151.6 million and HPC lease revenue of 16.9 million.

2025 年第四季，營收為 3,580 萬美元，低於 2025 年第三季的 5,060 萬美元，主要原因是比特幣產量下降。值得注意的是，第四季高效能運算租賃收入增至 970 萬美元，比第三季的 720 萬美元成長了 35%。全年營收成長 20%，從 2024 年的 1.401 億美元增至 1.685 億美元。數位資產收入為 1.516 億美元，高效能運算租賃收入為 1,690 萬美元。

We commenced HVC leasing in July 2025 and had energized 18 megawatts of critical IT capacity as of year-end. As additional buildings come online, revenue mix will continue shifting towards stable contracted HPC revenue. Cost of revenue, exclusive of depreciation, increased 10% from $17.1 million in Q3 to $18.9 million in Q4. Demand response proceeds recorded as a reduction in cost of revenue decreased $4.4 million. (unclear Audio) Demand response proceeds also increased year over year from $8.6 million in 2024 to $17.7 million in 2025.

我們從 2025 年 7 月開始進行 HVC 租賃，截至年底已投入使用 18 兆瓦的關鍵 IT 容量。隨著更多建築物投入使用，收入結構將繼續轉向穩定的高效能運算合約收入。不包括折舊在內的營業成本從第三季的 1,710 萬美元成長 10% 至第四季的 1,890 萬美元。需求響應收益計入收入成本減少 440 萬美元。（音訊不清晰）需求回應收益也逐年增加，從 2024 年的 860 萬美元增加到 2025 年的 1,770 萬美元。

Operating expenses increased as we scaled the platform to support HVC deployment. Quarter over quarter operating expenses rose to $8.8 million from $4.5 million. Full year operating expenses increased to 19.7 million in 2025 from 7.6 million in 2024, reflecting staffing and operational readiness.

隨著我們擴大平台規模以支援 HVC 部署，營運費用也隨之增加。上一季營運支出從 450 萬美元增至 880 萬美元。2025 年全年營運費用從 2024 年的 760 萬美元增加到 1,970 萬美元，反映了人員配備和營運準備。

For context, Terra will finish 2024 with under 100 full-time employees and will exit 2026 with close to 300 full-time employees. Let me address the HPC leasing segment profitability as presented in note 19 of our 10K. The ads reported annual segment profit margin is approximately 42% versus our long-term guidance of approximately 85%.

作為參考，Terra 到 2024 年底將擁有不到 100 名全職員工，到 2026 年底將擁有近 300 名全職員工。讓我來談談我們在 10K 報告附註 19 中提出的 HPC 租賃業務獲利能力。廣告部門報告的年度分部利潤率約為 42%，而我們長期預期約為 85%。

That difference is driven by three factors. first, 1.2 million of tenant fit out revenue and associated costs during 2025. PFO carries a modest margin as provided for under the HPC leases. Second, $4.1 million of development and pre-revenue operating costs. And 3rd, partial period revenue contribution as buildings rents. Adjusting for those factors yields approximately 77% segment profit margin in 2025, which is consistent with ramp expectations and converging toward our 85% steady-state margin guidance of utilization stabilizers.

這一差異主要由三個因素造成。首先，2025 年租戶裝修收入及相關成本將達 120 萬美元。根據高效能運算租賃協議的規定，PFO 的利潤率較為適中。其次，410萬美元的開發和預獲利營運成本。第三，部分期間收入貢獻為建築物租金。考慮到這些因素，2025 年的部門利潤率約為 77%，這與產能爬坡預期一致，並逐漸接近我們 85% 的利用率穩定器穩態利潤率指引。

SG&A expense also increased as we scaled the platform to support HPC deployment. Quarter over quarter, SG&A expense rose to $66.6 million from $16.7 million. Full year SG&A extent of 2025 totalled $147.8 million from $70.6 million in 2024.

隨著我們擴大平台規模以支援高效能運算部署，銷售、管理及行政費用也隨之增加。上一季度，銷售、一般及行政費用從 1,670 萬美元增加到 6,660 萬美元。2025 年全年銷售、一般及行政費用總額為 1.478 億美元，而 2024 年為 7,060 萬美元。

After adjusting for stock-based compensation, SG&A increased from $39.7 million in 2024 to $94.5 million in 2025. This increase is primarily attributable to an incremental $47.5 million of new hires, strategic growth performance, and milestone-based employee compensation in 2025, reflecting the notable scale of execution achieved during calendar 2025.

扣除股票選擇權費用後，銷售、一般及行政費用從 2024 年的 3,970 萬美元增加到 2025 年的 9,450 萬美元。這一成長主要歸功於 2025 年新增 4,750 萬美元的員工、策略成長績效以及基於里程碑的員工薪酬，反映了 2025 年日曆年內取得的顯著執行規模。

Adjusting for this item results in total SG&A of approximately $47 million in 2025 in line with our prior guidance of $50 million to $55 million.

調整此因素後，2025 年銷售、一般及行政費用總額約為 4,700 萬美元，與我們先前 5,000 萬美元至 5,500 萬美元的預期一致。

Depreciation increased to $88.6 million in 2025 from $59.8 million in 2024, reflecting infrastructure placed into service and accelerated depreciation of 19.6 million associated with certain mining assets transitioning to HBCU. Interest expense in Q4 was $62.4 million compared to $9.8 million in Q3, and we recognized interest income of $31.5 million in Q4 compared to $4.1 million in Q3.

2025 年折舊額從 2024 年的 5,980 萬美元增加到 8,860 萬美元，反映出投入使用的基礎設施以及與某些礦業資產過渡到 HBCU 相關的 1,960 萬美元加速折舊。第四季利息支出為 6,240 萬美元，而第三季為 980 萬美元；第四季確認利息收入為 3,150 萬美元，而第三季為 410 萬美元。

Annual interest expense for 2025 and 2024 was $80.2 million and 19.8 million, and we recognized interest income of $39 million and $3.9 million respectively. The increases in net interest expense were expected following our capital raises at Terawulf and Wolf Compute in the second half of 2025. Actual cash interest paid during Q4 and calendar year 2025 was $6.9 million and $13.9 million respectively.

2025 年和 2024 年的年度利息支出分別為 8,020 萬美元和 1,980 萬美元，我們分別確認了 3,900 萬美元和 390 萬美元的利息收入。2025 年下半年，Terawulf 和 Wolf Compute 的融資完成後，淨利息支出增加是意料之中的。2025 年第四季和日曆年實際支付的現金利息分別為 690 萬美元和 1,390 萬美元。

Change in fair value of warrant and derivative liabilities in 2025 was a loss of $429.8 million, primarily related to the Google warrant. This is a non-cash loss and therefore does not affect our liquidity.

2025 年認股權證和衍生負債的公允價值變動造成 4.298 億美元的損失，主要與Google認股權證有關。這是一筆非現金損失，因此不會影響我們的流動性。

Equity and net loss of investee net of tax for 2025 is $4.1 million, which represents Terawulf 50.1% share of the net loss of the Abernathy joint venture, which was formed in October 2025 and has not yet commenced operations.

2025 年被投資企業的淨資產和稅後淨虧損為 410 萬美元，其中 Terawulf 佔 Abernathy 合資企業淨虧損的 50.1%。該合資企業成立於 2025 年 10 月，但尚未開始營運。

Our GAAP net loss in 2025 was $661.4 million compared to a net loss of $72.4 million in 2024, with the increase primarily driven by non-cash fair value adjustments related to the Google warrants and non-cash depreciation.

我們 2025 年的 GAAP 淨虧損為 6.614 億美元，而 2024 年的淨虧損為 7,240 萬美元，虧損增加主要是由於與 Google 認股權證相關的非現金公允價值調整和非現金折舊造成的。

Our non-GAAP adjusted EBITD in 2025 was $23.1 million, down from $60.4 million in 2024. As a reminder, these results are inclusive of significant increases in SG&A and operating expenses over the past 12 months as we invest heavily in our HBC business. Turning to the balance sheet and liquidity, as of December 31, 2025.

我們 2025 年的非 GAAP 調整後 EBITD 為 2,310 萬美元，低於 2024 年的 6,040 萬美元。需要提醒的是，由於我們對HBC業務進行了大量投資，過去12個月的銷售、一般及行政費用和營運費用大幅增加，因此這些業績包含了這部分費用。接下來看一下截至 2025 年 12 月 31 日的資產負債表和流動性。

Cash and restricted cash totaled $3.7 billion. Total assets amounted to $6.6 billion with total liabilities of $6.4 billion. Regarding liquidity, as detailed in our fiscal year-end 2025 investor presentation on the slide titled Capital Structure, as of January 31, 2026, the Holdco parent entity had approximately $500 million of available cash, or approximately $300 million pro forma for the Kentucky acquisition announced on February second.

現金及受限現金總額為37億美元。總資產達 66 億美元，總負債達 64 億美元。關於流動性，正如我們在 2025 財年末投資者簡報中題為「資本結構」的幻燈片上詳細說明的那樣，截至 2026 年 1 月 31 日，控股公司母公司擁有約 5 億美元的可用現金，或按 2 月 2 日宣布的肯塔基州收購的備考金額計算，約 3 億美元。

Regarding project level capital positions and construction progress. Both Wolf Compute and Abernathy are fully funded through substantial completion with long-term fixed rate financing, eliminating construction funding uncertainty, and reducing reliance on near-term capital markets access.

關於專案層面的資金狀況和施工進度。Wolf Compute 和 Abernathy 兩家公司都已透過長期固定利率融資完成實質建設，資金充足，消除了建設資金的不確定性，並減少了對近期資本市場准入的依賴。

With $850 million of cap expend complete and $2.38 billion remaining. That leaves approximately $200 million of cash cushion, which is incremental to the substantial contingency embedded in the financing structure.

已完成 8.5 億美元的資本支出，還剩 23.8 億美元。這樣就留下了大約 2 億美元的現金緩衝，這是在融資結構中嵌入的大量應急資金之外的額外資金。

As Nasr noted, schedule adjustments resulted in approximately $16 million less projected revenue in the years 2025 through 2026. However, design optimization has increased capacity from 162 to 168 critical megawatts across CB4 and CB5, generating approximately $200 million of incremental revenue over the initial lease term. The net effect improves projected cash flows and reduces expected debt and maturity by approximately $45 million versus prior projection.

正如納斯爾指出的那樣，進度調整導致 2025 年至 2026 年的預計收入減少了約 1,600 萬美元。然而，設計優化使 CB4 和 CB5 的容量從 162 兆瓦增加到 168 兆瓦，在初始租賃期間產生了約 2 億美元的增量收入。與先前的預測相比，淨效果可改善預期現金流，並減少預期債務和到期債務約 4,500 萬美元。

Finally, with regard to the Abernathy JV, as of January 31, 2026, the JV had approximately $1.5 billion of gross cash, or $1.2 billion net of debt service reserve, interest during construction, letter of credit, and Holdco lockbox accounts, with $268 million of cap spend complete and $1.1 billion remaining.

最後，關於 Abernathy 合資企業，截至 2026 年 1 月 31 日，該合資企業擁有約 15 億美元的現金總額，扣除償債儲備金、建設期間的利息、信用證和控股公司鎖箱帳戶後淨額為 12 億美元，其中 2.68 億美元的資本支出已完成，剩餘 11 億美元。

That leaves approximately $70 million of cash cushion at flash compute with a further $100 million liquidity reserve at the parent JD supported by a $1.35 billion lump sum CPC contract with Hyper tech.

這樣一來，快閃記憶體運算方面就留下了大約 7,000 萬美元的現金緩衝，而其母公司京東還有 1 億美元的流動性儲備，這得益於與 Hypertech 簽訂的 13.5 億美元的一次性 CPC 合約。

With respect to Kentucky, we have proposals in hand for secured loan facilities to fund pre-lease development to preserve Hold co parent liquidity. Demand for near-term power remains strong, and we are targeting 480 megawatts online in the second half of 2027. We do not build on speculation. In summary, 2025 reflects a business transitioning from volatile Bitcoin mining revenue to stable contracted HBC revenue. Mining has strategically supported that transition. Contracted HBC revenue is ramping. Liquidity and contingency are strong. With that operator, we're ready to take questions.

關於肯塔基州，我們已準備好擔保貸款方案，為租賃前開發提供資金，以保持 Hold 共同母公司的流動性。近期電力需求仍然強勁，我們的目標是在 2027 年下半年實現 480 兆瓦的併網發電量。我們不搞投機取巧。總而言之，2025 年標誌著企業從波動較大的比特幣挖礦收入過渡到穩定的 HBC 合約收入。採礦業為這項轉型提供了策略支援。合約HBC收入正在成長。流動性和緊急儲備充足。有了這位接線員，我們就準備好回答問題了。

(Operator instruction) Mike Grandal, Northland Securities

（操作員指示）麥克·格蘭達爾，北地證券

Hey guys, thank you. First, I just wanted to start with Kentucky. That site sounds like the reception has been strong. Could you give us a few more details on the site and what an ideal customer or lease would look like there?

嘿，各位，謝謝你們。首先，我想先從肯塔基州開始。聽起來那個網站的反應很好。您能否詳細介紹一下該網站，以及理想的客戶或租賃模式是什麼樣的？

Hey, Mike, this is Paul Prager. It's a fantastic site, This was the site of a former smelter. It's at a transmission superhighway. Multiple utilities can service the property. What was most compelling about it, was its central location and the immediate availability of power in scale. Demand for the site is extremely strong, our data room is open. Every major hyper scaler and several large AI compute platforms to do in diligence, the conversations to date have been substantive, with some written, term sheets, already, coming over the desk, earlier this week I was down in Kentucky. I met with Governor Beshear and state leadership.

嘿，麥克，我是保羅‧普拉格。這是一個很棒的遺址，這裡以前是個冶煉廠。它位於傳輸高速公路上。該物業可接觸多種公用設施。它最引人注目的地方在於其中心位置和大規模電力供應的即時性。網站需求非常旺盛，我們的資料中心已開放。所有主要的超大規模資料中心營運商和幾家大型人工智慧運算平台都進行了盡職調查，迄今為止的對話都很有實質內容，一些書面條款清單已經送到了辦公桌上。本週早些時候，我在肯塔基州。我與州長貝希爾和州政府領導會面。

The alignment at the state and local level is clear, very constructive, very pro-business. The importance of this project for the local community, particularly the public schools which Kentuckians are super proud of, is massive. We held a community info session two nights ago. We had a job fair yesterday. We filled the auditorium and then some.

州和地方層級的立場一致，非常具有建設性，非常有利於商業發展。這個計畫對當地社區，特別是對肯塔基州人民引以為傲的公立學校來說，意義重大。兩天前我們舉辦了社區資訊交流會。我們昨天舉辦了一場招聘會。我們把禮堂坐滿了，還有剩餘空間。

We're extremely excited and confident in the long-term value of the asset. As Patrick has said from day one, we're all focused on, the best financial credits to be our long-term customers. I think we've operated that way in the past and that's the message going forward. I think you'll see a world class credit as our next customer for, what we're hoping to be a 10-to-15-year deal. I think, we'll see that deal happen pretty soon. I don't want to give you a drop-dead date, but you know we're in very active and substantive discussions.

我們對該資產的長期價值感到無比興奮和充滿信心。正如帕特里克從一開始就說過的那樣，我們所有人都專注於為我們的長期客戶提供最佳的財務信貸。我認為我們過去一直都是這樣運作的，這也是我們今後要傳達的訊息。我認為你會看到我們下一個客戶是一家世界級的信貸機構，我們希望與他們簽訂為期 10 到 15 年的合約。我認為，這筆交易很快就會達成。我不想給你設定一個最後期限，但你知道我們正在進行非常積極和實質的討論。

Great. And then secondly, the Maryland site. Seems like a lot of potential up to 1 gigawatts but a little bit more complex and. Kind of playing into what you guys have talked about, bring your own power. How does that play into some of Terawulf strengths?

偉大的。其次，是馬裡蘭州的站點。看起來潛力巨大，最高可達 1 吉瓦，但稍微複雜一些。這其實也呼應了你們剛才討論的內容，要靠自己的力量。這如何與 Terawulf 的一些優勢相契合？

Sure, just to be clear, Chesapeake Data, it's about the power and load differentiation. It's a gig site, with a certainly a gig data centre load capability, 500 megawatts of battery storage capability.

當然，為了明確起見，切薩皮克數據公司，這與功率和負載差異有關。這是一個千兆站點，具備千兆資料中心的負載能力，以及500兆瓦的電池儲能能力。

It's a former coal generation campus. It's in the Northern Virginia corridor, which means prices are exceedingly competitive. It's designed to be a net contributor to the Maryland grid. It's very well supported by Governor Moore and MDE. Again, both Maryland and Kentucky, by the way, have very sophisticated brownfield programs which make it really easy for a guy like us who's been around the block and owned and operated coal-fired power plants, shut them down, mitigated them, did everything the right way. These two states have very progressive programs on how we do that at commercial feasibility. Listen, the market is moving to bring your own generation. We said that a year ago. In December, Alphabet bought [Intect] for almost $5 billion.

這裡以前是一個燃煤發電廠。它位於維吉尼亞州北部走廊地帶，這意味著價格極具競爭力。它的設計目標是成為馬裡蘭州電網的淨貢獻者。這項計劃得到了摩爾州長和馬裡蘭州教育部的大力支持。順便一提，馬裡蘭州和肯塔基州都有非常完善的棕地治理計劃，這使得像我們這樣經驗豐富的人——我們曾經擁有並運營過燃煤發電廠，關閉了它們，進行了緩解措施，一切都按正確的方式進行——能夠輕鬆地開展工作。這兩個州在如何實現商業可行性方面都有非常先進的方案。聽著，市場正在向你們這一代轉變。我們一年前就這麼說了。去年 12 月，Alphabet 以近 50 億美元收購了 [Intect]。

In January, Microsoft raised dedicated generation as part of their 5 point infrastructure strategy. President Trump in January floated the notion that PJM emergency auctions needed to incentivize new generation. New generation projects would go to the top of the queue for interconnect. And then just the other night in the State of the Union, the President stated data centres need to build and fund their own generation.

今年一月，微軟提高了專用發電能力，這是其五點基礎設施策略的一部分。川普總統在一月提出了PJM緊急拍賣需要激勵新一代發電的想法。新一代專案將優先進行互聯互通。就在前幾天晚上，總統在國情咨文中表示，資料中心需要建造和資助自己的電力系統。

So that's where the world is going. We have a real and growing power shortfall. Morgan Stanley says potentially 47 gigawatts, 25 to 28, the hyper scalers are openly stating that power is the binding constraint. Look at anything, recent public commentary by Collette Cress, Nvidia CFO, Sundar, Alphabet CEO, certainly Jents Wang, Nvidia CEO. I mean, it's all about we need power. So, delivering generation alongside that load solves the problem. We could bring incremental megawatts to the grid or the system dispatchable generation using CCGTs, not just bridging power, and we have a history of partnering with grid operators to solve reliability and adequacy challenges.

這就是世界的發展方向。我們面臨日益嚴重的電力短缺問題。摩根士丹利表示，潛在的容量為 47 吉瓦，而超大規模資料中心營運商公開表示，功率是限制因素。看看最近的公開評論，例如英偉達財務長科萊特·克雷斯、Alphabet 執行長桑達爾，當然還有英偉達執行長王健林。我的意思是，這一切都與我們需要權力有關。因此，在滿足負載需求的同時進行發電就能解決這個問題。我們可以使用燃氣複合循環發電廠（CCGT）為電網或系統可調度發電增加兆瓦功率，而不僅僅是過渡功率，而且我們一直與電網營運商合作，解決可靠性和充足性方面的挑戰。

What's our core competence? I, we've been talking about this. This is the only team out there for 25 years. We have been developing, building, renovating, rescuing. Generation, 6 gigs of power generation experience on this team together on this team and it's been over 25 years.

我們的核心競爭力是什麼？我，我們一直在討論這件事。這是過去25年來唯一一支這樣的隊伍。我們一直在進行開發、建造、翻新和拯救工作。團隊擁有 6 兆瓦的發電經驗，並且已經合作超過 25 年了。

We have deep expertise in sighting, interconnection, generation development, and that's why we could go and take on a project like Morgantown and have the support that we can from both the local and state communities as we pursue this. We're really excited about Morgantown. It's a big job, but it fits into our schedule and again we've told the world we're 250 to 500, incremental megawatts of data centre load every year, and you know this fits right in.

我們在選址、互聯、發電開發方面擁有深厚的專業知識，正因如此，我們才能承擔像摩根敦這樣的項目，並在推進該項目的過程中獲得當地和州政府的支持。我們對摩根敦這座城市充滿期待。這是一項艱鉅的任務，但它符合我們的日程安排，而且我們已經向全世界宣布，我們每年將新增 250 至 500 兆瓦的資料中心負載，你知道這完全符合我們的計劃。

Really helpful and all the best for 2026 guys.

真的很有幫助，祝各位2026年一切順利。

Tim Horan, Oppenheimer

提姆霍蘭，奧本海默

Thanks guys. Do you think the pricing in terms and conditions in Kentucky can be, materially better than what you've done in the past, and the construction schedule seems pretty ambitious. Do you have the labour and, all the equipment you think you'll need, and I guess the permits to get it done? Thanks.

謝謝各位。您認為肯塔基州的定價和條款條件能否比您過去的做法有實質的改善？而且施工進度似乎相當雄心勃勃。你們有足夠的勞動力、所有需要的設備，以及完成這項工作所需的許可證嗎？謝謝。

So I think I'll go first and maybe now you can go second, in terms of the labour, yeah, Kentucky is a fantastic, it's just a fantastic place, you have not only the construction expertise and the trades expertise, but you got people that that really want to work. We brought on for that job floor, which I consider to be a world class contract, party. We've dealt with them in the power space for a long time.

所以我想我先說，也許現在可以由你第二個說了。就勞動力而言，肯塔基州真是個好地方，不僅擁有建築和貿易方面的專業知識，而且還有真正想工作的人。我們為那項工作引進了地板，我認為這是世界一流的合同，派對。我們在電力領域與他們打交道已經很久了。

We, they have relationships along in our C-suite for many years at every level. We are already ahead of the curve and sort of procurement. We have a proven design, that our hyper scale our customers really like, and you know we think because it's immediate available power, well, we don't think we know because we've got this very robust conversation going on right now with folks that want to come in, and be our customers there for competitive pricing, yes.

我們與他們在我們的高階主管團隊中各個層級都保持著多年的良好關係。我們在採購方面已經領先一步。我們擁有成熟的設計，我們的超大規模客戶非常喜歡，而且你知道，我們認為因為它能立即提供電力，嗯，我們不確定，因為我們目前正在與那些想要加入我們並成為我們客戶的人進行非常深入的討論，以提供具有競爭力的價格，是的。

Yeah, and just add to what Paul said, as Paul said, we brought the floor on the EPC side, so we're already hitting the ground running with respect to the overall development of the project and so the timelines that you see for the second half of 27 are reflective of ongoing and meaningful discussions already with the EPC. So that's, so we feel pretty good about the overall timeline. The other big component is, gathering the labour that's going to support the project as well. And so there have been efforts already underway for both the mechanical, electrical, and civil scopes to get the requisite labour to support the project as well. So that date is informed by quite a bit of discussion that we've had with Flor, who's our EPC, as well as the work that we've done on site since the acquisition. In terms of just the overall economics, I think we've said this on prior calls, we really think about, these projects on an unlevered yield basis and so if you look at where we've been historically, we think, we'll be in that zip code.

是的，補充一下保羅剛才說的，正如保羅所說，我們在EPC方面已經取得了進展，所以我們已經在項目的整體開發方面迅速行動起來，因此你看到的2027年下半年的時間表反映了我們已經與EPC進行了持續而有意義的討論。所以，我們對整體時間表感覺相當不錯。另一個重要組成部分是，招募到能夠支持該計畫的勞動力。因此，機械、電氣和土木工程方面都已開始努力，以獲得必要的勞動力來支持該計畫。所以，這個日期是根據我們與EPC承包商Flor進行的大量討論，以及自收購以來我們在現場所做的工作而確定的。就整體經濟效益而言，我認為我們在之前的電話會議上已經說過，我們確實會根據無槓桿收益率來考慮這些項目，所以如果你看看我們過去的情況，我們認為，我們會達到那個水平。

Or maybe you know better over time, but again as we think about the overall economics of the project we're always kind of zeroing in on what's the unlevered yield that we're developing at and pushing to kind of maintain and continue to increase that as well.

或許隨著時間的推移，你會更了解情況，但當我們考慮專案的整體經濟效益時，我們總是會專注於我們正在開發的無槓桿收益率，並努力維持並繼續提高該收益率。

Thank you.

謝謝。

Chris Bender, Rosenblatt Securities

Chris Bender，Rosenblatt Securities

Hey, thanks so much and congratulations on the progress here. I wanted to ask on a couple on the power side, first, the, I noticed that the PUE across all these sites is, right in line with the initial deals at 1.25 and you mentioned the slides that's best in class, and my understanding was there were certain aspects of Lake Mariner and Cayuga that that drove that 1.25, but maybe I'm mistaken. It seems like it's standard for Terra Wolf to operate at that incredible efficiency. Can you just give us a little cover there on why you're able to, sort of run circles around your competitors when it comes from a PEE standpoint? Thanks.

嘿，非常感謝，也祝賀你在這裡取得的進展。我想問幾個關於電力方面的問題。首先，我注意到所有這些站點的 PUE 值都與最初的交易價格 1.25 完全一致，您提到了同類最佳的幻燈片，我的理解是 Lake Mariner 和 Cayuga 的某些方面促成了 1.25 的 PUE 值，但也許我錯了。Terra Wolf 似乎一直都以如此驚人的效率運行。能否請您簡單介紹一下，為什麼您在 PEE 方面能夠遙遙領先於您的競爭對手？謝謝。

Sure, hey Chris, it's Nazar here. So there's a couple of factors in that, as you noted, 11 is just the geographic location, and again, as we are more in the northern half of the country versus southern half of the country, there are benefits that we have from an ambient conditions perspective, with respect to the design and being able to meet that peak PUE. You'll see the Abernathy site is at a 1.4 PUE again, which is reflective of just the geographic location.

嗨，克里斯，我是納札爾。所以這其中有幾個因素，正如你所指出的，11 只是地理位置，而且，由於我們位於該國北部而不是南部，從環境條件的角度來看，我們在設計和達到峰值 PUE 方面都有優勢。你會發現 Abernathy 站點的 PUE 值再次為 1.4，這僅反映了其地理位置。

In addition to that, we have invested heavily kind of on the cooling side as well, and so we're giving ourselves extra room on the design that we have on cooling as well to maintain that lower PUE. So, in general, as we think about, where we are for, generally kind of in the northern half of the country where we have these, offseasons. During the winter and the spring and where the summer, isn't sustained heat, we think we can kind of maintain that 1.25 PUE.

除此之外，我們還在散熱方面投入了大量資金，因此我們在散熱設計方面也留出了額外的空間，以保持較低的 PUE 值。所以，總的來說，當我們思考我們所處的位置時，我們通常位於該國北部，那裡有休賽期。在冬季、春季以及夏季沒有持續高溫的地區，我們認為我們可以將 PUE 維持在 1.25。

Okay, was there also a redundancy aspect to it? Are you still not using big diesel generators in these sites?

好的，這其中是否存在冗餘因素？你們這些工地仍然沒有使用大型柴油發電機嗎？

That's correct. And again that gets back to these brownfield sites. So typically, you're seeing us play at brownfield industrial sites and. The way to think about it is when the smelter was there was a significant investment to design and build the smelter at that site. The last thing that Century wanted was a single point of failure on power coming into the site, no different than a data centre, right? So, there's 5 different lines coming into that site which provides a considerable amount of kind of redundancy.

沒錯。而這又回到了這些棕地問題。所以通常情況下，你會看到我們在棕地工業區演出。可以這樣理解：當初建造冶煉廠時，為了在該廠址設計和建造冶煉廠，投入了大量資金。Century公司最不希望看到的就是站點供電出現單點故障，這和資料中心的情況沒什麼兩樣，對吧？所以，有 5 條不同的線路接入該網站，這提供了相當大的冗餘度。

So, when we look at sites like that, we see that there are multiple independent pathways for the delivery of power which obviate the need for on-site kind of backup generation. So again, Morgantown, similar, used to be a former coal-fired power plant. That 1.5 gigawatt coal-fired power plant did not want to have a single point of failure in getting power out. We're utilizing that same system now to kind of bring power back in. So, the big benefit with these industrial former industrial brownfield sites is that usually they have that built in redundancy that data centres want as well.

所以，當我們觀察這樣的站點時，我們發現有多個獨立的供電途徑，因此無需現場備用發電。同樣，摩根敦以前也是一座燃煤發電廠。那座1.5吉瓦的燃煤發電廠不希望在電力傳輸方面出現單點故障。我們現在正利用同樣的系統來恢復電力供應。因此，這些工業用地（以前是工業用地）最大的好處是，它們通常具有資料中心所需的內建冗餘。

I just wanted to thank you for that question regarding PUE because you know we put a page in the deck, called Critical IT Capacity, The Metric That Matters, and what we're going to be trying to do and really sort of ensure that the street and our retail shareholders understand gross megawatts measure scale, but it's critical IT megawatts that measure monetized execution.

我只是想感謝您提出的關於 PUE 的問題，因為您知道我們在演示文稿中專門有一頁，叫做“關鍵 IT 容量，重要的指標”，我們將努力確保華爾街和我們的零售股東理解，總兆瓦衡量的是規模，而關鍵 IT 兆瓦衡量的是貨幣化的執行。

And we think of Terror Wolf as an execution story. So, we're really going to be reporting more in the context of critical IT as opposed to just gross megawatt capacity. We think it's far.

我們認為《恐怖之狼》講述的是一個處決的故事。因此，我們將更多地從關鍵 IT 的角度進行報道，而不僅僅是關注總兆瓦容量。我們認為很遠。

Okay, great. One more quick question is, the half gig of battery power, sort of caught my eye. Can you just give us a little colour on why and what that means?

好的，太好了。還有一個小問題，500克的電池容量吸引了我的注意。能否簡單解釋一下原因和意義？

So as we're adding these large loads and if you see in the statements that we've made, we want the site to be overall a net supplier of energy back to the grid and to the state.

因此，隨著我們增加這些大負荷，正如我們所做的聲明中所述，我們希望該站點總體上成為向電網和州淨供應能源的供應商。

So having that battery storage allows the load at the site to operate in a way where really impacting peak demand and so it's kind of a critical peak demand shaver which we think again provides makes the loads that are there, assets back to the grid rather than burden.

因此，有了電池儲能，現場的負載可以以一種真正影響尖峰需求的方式運行，所以它是一種關鍵的尖峰需求削減器，我們認為這再次使那裡的負載成為電網的資產而不是負擔。

So we think, the right composition is about 0.5 megawatt of storage per megawatt of load and so that's why you see in each of the phases at Morgantown. For every megawatt of load there's about half a megawatt of battery storage.

所以我們認為，合適的配置是每兆瓦負荷配備約 0.5 兆瓦的儲能，這就是為什麼你在摩根敦的每個階段都能看到這一點。每兆瓦的負載大約對應半兆瓦的電池儲能。

Alright man, that's great. Thanks so much and congrats in 2025 transformational year. Looking forward to 2026. Thanks guys.

好的，太好了。非常感謝，並祝賀您在2025年迎來變革之年。期待2026年。謝謝各位。

Thank you.

謝謝。

Nick Giles with BReilly.

Nick Giles 與 BReilly 合作。

Great, thanks, operator. Guys, I want to congratulate you, for the progress across all fronts. Maybe just following up on that last one as you mentioned, the battery storage, and there just appears to be some different moving parts at, Chesapeake. So, can you just give us a sense for how CapEx could differ from, Mariner and what you're doing to really de-risk that that development? Thanks. Sure.

太好了，謝謝接線生。各位，我要祝賀你們在各方面都取得了進步。或許可以接著你提到的最後一個問題，電池存儲，而且切薩皮克似乎有一些不同的活動部件。那麼，您能否簡要說明一下，CapEx 與 Mariner 有何不同，以及您正在採取哪些措施來真正降低專案開發的風險？謝謝。當然。

So when we think about as we think about, the composition of Morgantown, as you noted, there's a few different legs here versus what we're doing at Lake Marin or other sites.

所以，當我們思考摩根敦的組成時，正如你所指出的，這裡有一些不同的方面，這與我們在馬林湖或其他地點所做的有所不同。

On the data centre side, we're in that $8million to $10 million per megawatt range for CapEx, and so that's what we've done at Lake Mariner, at Abernathy, and as we look to contract Kentucky, we're in that same range. In Morgantown now we're adding two incremental legs, one is the power generation side and the second is the battery storage. On the power gen side, we're in that, we're going to be somewhere in the $2million to $3 million per megawatt range for the fully delivered power plant. Part of that will be time. Part of that will be the type of turbines that we are deploying, and we're working on a number of different alternatives for that site as we speak, but that will be around $2million to $3 million per megawatt for that.

在資料中心方面，我們的資本支出在每兆瓦 800 萬至 1000 萬美元之間，我們在 Lake Mariner 和 Abernathy 的專案就是這麼做的，當我們考慮與肯塔基州簽訂合約時，我們的預算也在這個範圍內。現在我們在摩根敦增加了兩個增量部分，一個是發電部分，另一個是電池儲能部分。在發電方面，我們預計，一座完全交付的發電廠每兆瓦的成本將在 200 萬至 300 萬美元之間。一部分原因在於時間。其中一部分取決於我們部署的渦輪機類型，我們正在為該場地研究多種不同的替代方案，但每兆瓦的成本約為 200 萬至 300 萬美元之間。

That capacity and there's about another million or so kind of dollars per megawatt on the critical IT load so kind of the battery storage you know is usually kind of priced in a megawatt hour basis but as when we translate it back to just kind of the overall load.

這種容量，以及每兆瓦關鍵 IT 負載大約還有一百萬美元左右，所以電池儲能通常以兆瓦時為基礎定價，但當我們將其轉換回總負載時。

That's around another million dollars. And so, when we think about what we're offering back to our customer, it's the data centre that they're already paying for in other deals that we have that $8million to $10 million per megawatt range. In addition to that, now it's the components on the generation side, the $2million to $3 million per megawatt on the dispatchable gas-fired generation, and then another million dollars or so on the battery storage. So, all in around, $13million to $14 million per megawatt on a fully loaded basis.

那大約又是一百萬美元。因此，當我們考慮我們為客戶提供什麼時，那就是他們已經在其他交易中支付的資料中心費用，每兆瓦的價格在 800 萬到 1000 萬美元之間。除此之外，現在還要考慮發電方面的組件，可調度燃氣發電每兆瓦需要 200 萬至 300 萬美元，電池儲能還需要約 100 萬美元。所以，總成本大約是每兆瓦1300萬美元至1400萬美元（滿載運行）。

What that does, kind of embedded within that, we will be seeking to kind of charge that full cost back in the capacity payment back to the underlying customer. So they'll effectively now be long the value of the generation as well as long the capacity in the data centre with the grid connectivity we will have now kind of the ability to both bring the power in from the grid as well as generate, more than enough power to offset that load kind of going out and so on a net basis we think over time. The net cost of power that the tenant will realize will be meaningfully lower than just a grid solution only, so kind of on the ins and outs again they'll be kind of, paying a capacity payment for all of the CapEx, both on the gen side as well as the data centre, but they'll belong kind of the value of that gen.

這意味著，我們將嘗試把全部成本以容量費的形式回饋給最終客戶。因此，他們現在實際上將長期持有發電的價值，以及資料中心的容量，透過電網連接，我們現在既可以從電網獲取電力，也可以發電，產生足夠的電力來抵消負載的減少，因此從淨收益來看，我們認為隨著時間的推移，情況會有所改善。租戶實際獲得的電力淨成本將比僅使用電網解決方案要低得多，因此，從某種程度上來說，他們將為所有資本支出（包括發電方面和資料中心）支付容量費，但他們將獲得該發電設施的價值。

The value of that energy and that will be offset by whatever they you know they pay for the power coming in. So net, we think it's a very strong position. It gives the tenants a quicker path to scale up, in scale that gigawatts a large amount, and B, we think over time their net cost of power will be meaningfully lower than a solution that's relying on the grid only.

這些能源的價值將被他們為輸入的電力支付的費用所抵消。總的來說，我們認為這是一個非常有利的地位。它為租戶提供了一條更快的擴展路徑，擴展規模可達千兆瓦級，而且我們認為，隨著時間的推移，他們的淨電力成本將比僅依賴電網的解決方案顯著降低。

Hey Nez, I really appreciate all that detail. I'm sure, others will have follow-ups. I just wanted to squeeze one in on. The regulatory side, I think you still need approvals from, FERC at Morgantown. Can you just walk us through what the timing looks like there and how we should think about, what you ultimately need to get across the finish line from a third-party perspective?

嘿，Nez，我真的很感謝你提供的所有細節。我相信，其他人也會有後續報道。我只是想擠出一點時間。監管方面，我認為你仍然需要獲得摩根敦聯邦能源監管委員會（FERC）的批准。您能否為我們詳細介紹時間安排，以及我們應該如何考慮，從第三方角度來看，您最終需要做些什麼才能完成任務？

Yeah, it's pretty pro forma, approval process that we've done countless times. It happens any time you transfer an existing power facility, to another party. We're certainly. They tend to look for things like RO monopoly in the area, stuff like that. We are not; we consider this to be just pretty routine. We would expect, for approval within three to six months.

是的，這是一個非常形式化的審批流程，我們已經做過無數次了。每當您將現有電力設施轉讓給另一方時，就會發生這種情況。當然。他們往往會尋找諸如該地區的 RO 壟斷之類的東西。我們並不這麼認為；我們認為這只是很常規的事情。我們預計在三到六個月內獲得批准。

Great. Okay, well, I'm sure PGM is glad to have you back and, guys, congrats again on all the progress.

偉大的。好的，我相信 PGM 很高興你們回來，夥計們，再次祝賀你們取得的所有進展。

Thank you.

謝謝。

Steven Glagola, KBW

Steven Glagola，KBW

Hi, thanks for the question. Can you update us on any remaining, zoning requirements or state and local approvals needed to move forward with the Hawesville, Data Centre campus? That's one. And then two, separately, while Cayuga has already, received zoning approval, are there any additional permitting or regulatory steps still outstanding for that site? Thank you.

您好，感謝您的提問。能否告知我們霍斯維爾資料中心園區計畫還有哪些剩餘的規劃要求或州和地方政府的批准需要辦理？這是其中之一。另外，雖然 Cayuga 已經獲得了分區批准，但該地塊是否還有其他許可或監管步驟尚未完成？謝謝。

Yeah, we'll go backwards. I'll start with Cayuga.

是的，我們要倒退一步。我先從卡尤加河說起。

And in Cayuga, we had our first informal, session with the planning board a couple of nights ago. It went very well. They were engaged. They asked good questions, and so that process is one where we go ahead and finalize your application.

幾天前，我們在卡尤加與規劃委員會舉行了第一次非正式會議。一切都很順利。他們訂婚了。他們問了一些很好的問題，因此，接下來我們將完成您的申請。

That will take another month or so. They then meet on it, they review it. We come to an agreement together on what that permit should look like, they'll be solving for certain conditions like are you drawing water from the lake? What will noise levels. Be in the midst of operation, what are you doing for the site, in terms of beautification things like that. These are all reasonable things. It's what we do. It's what any company in redeveloping a former power plant or industrial complex does.

那大概還需要一個月左右的時間。然後他們會為此開會討論，進行審查。我們共同商定許可證的形式，他們會解決某些條件，例如你是否從湖中取水？噪音水平會是多少？身處營運之中，你為場地做了哪些工作，像是美化之類的。這些都是合理之舉。這就是我們所做的。這是任何公司在改造舊發電廠或工業園區時都會做的事情。

The the Cayuga process, as first was had to go through a zoning board of approval to ensure that it was consistent with the definition required to achieve a permit. It did win the day on that, and so we're just ordinary course routine working together with the planning board of the town to move forward. With respect to Kentucky, Nez, yeah.

卡尤加河的審批流程首先需要經過分區委員會的批准，以確保其符合許可證所需的定義。最終它贏得了這場勝利，所以我們現在正按部就班地與鎮規劃委員會合作，推進這項工作。至於肯塔基州，內茲，是的。

So on Kentucky, Steven, from a permit perspective, we have to obtain the requisite building permits. That being said, we had a town hall this week in Hawesville. We had a workforce session for potential employees and so the entire Judge, executive, economic development director in Hawesville are all kind of fully on board and very eager to kind of get us going, as Paul mentioned earlier, it's an extremely supportive environment and so while we don't have the permits in hand, everyone's fully aware of what we're doing. We've briefed them on both the scope, size, and scale of the buildings that we're bringing. Importantly, as a part of what we're doing at Hawesville, we're also, decommissioning and taking down the old aluminium smelter, so there's a big clean up that's happening at the site as well, which the town is very eager to have happen. So yeah, so we got to do all that, but that's, I think, going to come in time. We're expecting.

所以，史蒂文，從許可證的角度來看，在肯塔基州，我們必須取得必要的建築許可證。話雖如此，我們本週在霍斯維爾舉行了市政廳會議。我們為潛在員工舉辦了一場勞動力培訓會，因此霍斯維爾的法官、行政長官和經濟發展主管都非常支持我們，並且非常渴望讓我們開始行動。正如保羅之前提到的，這是一個非常支持的環境，所以雖然我們還沒有拿到許可證，但每個人都完全了解我們正在做的事情。我們已經向他們簡要介紹了我們將要建造的建築物的範圍、規模和體積。重要的是，作為我們在霍斯維爾所做工作的一部分，我們也在拆除舊鋁冶煉廠，因此該場地也在進行大規模的清理工作，而該鎮非常渴望這項工作能夠完成。所以，是的，我們必須做所有這些事情，但我認為，那會隨著時間的推移而實現的。我們即將迎來寶寶。

As soon as we can get this lease signed up, we will be in a position to kind of submit all that those things we have previewed a number of those things and we're hopeful that, it should be a pretty smooth process to kind of get approvals around that.

一旦我們簽署了這份租賃協議，我們就可以提交所有我們已經預覽過的內容，我們希望審批過程能夠相當順利。

Just two more things. One is with respect to both of these projects, there's not just one permit you get. There's a principal notion of a permit for a facility, but all along the way you have whether it's a specific demolition permit or a building permit for a particular structure, you need to get local permits.

還有兩件事。一是這兩個項目，你不可能只拿到一個許可證。對於設施而言，許可證是一個基本概念，但在此過程中，無論是特定的拆除許可證還是特定建築物的建築許可證，您都需要獲得當地的許可證。

The second thing I just wanted to mention about Cayuga, which is kind of interesting, as the state has become, really a popular place for people, and they look forward to doing, more data canters, they're starting to come with this notion of what about power.

關於卡尤加，我想提一下第二件事，這很有趣，因為隨著該州逐漸成為一個非常受人們歡迎的地方，他們期待著開展更多的數據中心工作，他們開始思考權力問題。

The beautiful thing about the Cayuga site is it was a former power site. It can be again we have the ability, both, in terms of the landlord's, huge site, which is 400 acres, we have the ability to sort of bring in our own power generation if that was ever something important to state or local constituents. So Cayuga's, I think really a much better site than just.

卡尤加遺址的美妙之處在於它曾經是一個發電站。我們再次展現了我們的實力，一方面，就房東的400英畝巨大土地而言，我們有能力引進我們自己的發電設施，如果這對州或地方選民來說曾經是一件重要的事情的話。所以我覺得卡尤加島的網站比其他地方好很多。

Any other one in terms of that part of the world because of its ability to have, a power plant on it if it's needed.

就世界那個地區而言，任何其他城市都有能力在需要時建造發電廠。

Great, thank you.

太好了，謝謝。

Darren Apner, Roth

達倫·阿普納，羅斯

Hey guys, thanks for checking my questions. First one, if I may, could you kind of characterize the Maybe competitive process at Hawesville, maybe comparing that to Lake Mariner and are we talking about, one entity taking [3- 4] is it going to be multiple entities and then I've got a follow-up thanks.

各位，謝謝你們查看我的問題。首先，如果可以的話，您能否描述一下霍斯維爾的競爭過程，或許可以將其與馬裡納湖進行比較？我們說的是一個實體獲得[3-4]名，還是多個實體？然後我還有一個後續問題，謝謝。

Yeah, I'll start maybe just by giving you, in the environment that we were contracting for Lake Mariner, I think we were very confident we had a really special site, but I think the hyper scalers were on the growth curve in terms of education, they were on the growth curve in terms of figuring out design.

是的，我先從我們當時承建的 Lake Mariner 專案的環境說起。我認為我們當時非常有信心，我們擁有一個非常特別的場地，但我認為超大規模企業在教育方面正處於發展階段，他們在設計方面也處於發展階段。

If you, when we started Lake Mariner, I think people were not as, rock solid in their design notions or in terms of how they would fill out the customers, their cus customers, ledger, so I think we're in a very different environment now. We're in an environment where the hyper scalers are, I mean this is a bad.

如果你，當我們開始做 Lake Mariner 的時候，我認為人們在設計理念上，或者在如何填寫客戶帳簿方面，還沒有那麼堅定，所以我認為我們現在所處的環境非常不同了。我們現在所處的環境，尤其是超大規模資料中心，我的意思是，這很糟糕。

Because I've been in and over the course of the last 45 years. I mean, you've got, Med is very aggressive, Google's, got a great program. Amazons got a great program. Microsoft come back into the market. They're extremely competitive. You've got, some of the NEOs that are really seeking larger and larger facilities, so we're in a much more competitive environment where the customers actually have much more definition to what it is they want.

因為在過去的45年裡，我一直參與其中。我的意思是，Med公司非常積極進取，Google也有一個很棒的專案。亞馬遜的這個項目很棒。微軟重返市場。他們競爭非常激烈。有些新興企業正在尋求規模越來越大的設施，因此我們身處在一個競爭更加激烈的環境中，客戶對他們想要的東西有了更清晰的認識。

The second thing is, when we started out with Lake Mariner, we'd already built some buildings a little bit, and so we had to sort of work with our customers, for instance, in Wolf Den and CB1 and 2, on sort of figuring out the design elements that they wanted even in CB3. Whereas 4 and 5 we built those buildings from the ground up with the customer, which made the whole procurement and build process that much more efficient so I would tell you we have a much more committed and sophisticated customer right now, who knows the design needs that he or she want, and we're in a much more competitive environment.

第二點是，當我們開始做 Lake Mariner 專案時，我們已經建造了一些建築物，所以我們必須與客戶合作，例如在 Wolf Den 和 CB1 和 CB2 專案中，弄清楚他們想要的設計元素，即使是在 CB3 專案中也是如此。而 4 號和 5 號樓，我們與客戶一起從零開始建造，這使得整個採購和建造過程更加有效率。因此，我可以告訴你，我們現在擁有一個更投入和成熟的客戶，他們知道自己想要的設計需求，而且我們身處在一個競爭更加激烈的環境中。

So, we're pretty excited about, that was what the beautiful thing about Kentucky is its immediate availability has just enabled, a very robust, dialogue, for us in terms of filling out our customers. But now, do you want to add.

所以，我們對此感到非常興奮，肯塔基州的美妙之處在於它的即時可用性，這為我們提供了非常強大的對話，以便更好地滿足客戶的需求。但現在，你想增加什麼嗎？

Something? Yeah, the only thing to add, Darren, is we're targeting one, maybe two customers for the entire site.

某物？是的，達倫，我唯一要補充的是，我們整個網站的目標客戶可能只有一到兩個。

That's helpful. And then just as a follow-up, I mean, so you've given, you've kind of raised your bogey and given this 250 to 500.

那很有幫助。然後作為後續，我的意思是，你已經提高了你的目標，把這個目標設定在了 250 到 500 之間。

Range, I guess one of the one or two deterministic factors that kind of drive that range and given your background in power as a team, I mean, is there any reason we could think maybe there's upside to that range? I'm just trying to get an understanding of what that context really means.

射程，我想，決定射程的一兩個決定性因素之一，考慮到你們團隊的實力背景，我的意思是，我們有什麼理由認為這個射程可能會有上升空間呢？我只是想弄清楚這個語境到底是什麼意思。

Thanks. I can start here and then Paul you can jump in. The 250 to 500 is a very kind of calibrated range that we're giving you. It factors in.

謝謝。我可以先從這裡開始，然後保羅，你可以接著說。250 到 500 是我們為您提供的一個經過校準的範圍。它也是一個考慮因素。

The operational and just deployment capabilities, again this is, getting hundreds of people on site, across multiple trades, it's a procurement process around equipment and ensuring that, we're not the last buyer, but you know we have quite a bit of room between what we need and where the market has availability and then from a financing perspective it's what the company can bear.

營運和部署能力，也就是讓數百名人員跨多個行業到現場，這是一個圍繞設備的採購過程，要確保我們不是最後一個買家，但我們有相當大的空間，在我們所需和市場供應之間，從融資角度來看，這取決於公司能夠承受的程度。

From an accretive perspective, so when we talk about 250 to 500 megawatts per year, that's $2.5billion to $5 billion of incremental capital per year that we are guiding the market that we're going to spend every year for the next few years.

從增值角度來看，當我們談到每年 250 至 500 兆瓦時，這意味著每年將有 25 億至 50 億美元的增量資本投入市場，我們將在未來幾年內每年投入這筆資金。

And so when we talk about the 250 to 500, it really is a calibrated guidance around all of the various facets that are required to properly execute and deliver upon capacity. So that's where we are. That's what we see is available, a year and a half or so ago we were guiding at 100 to 150 as we've been able to now deploy capacity and understand the needs of customers, we've upped that guidance to 250 to 500. We remain very confident that every year for the next few years we will continue to sign up another. 250 to 500 megawatts of critical IT load with customers deliver that, twelve to eighteen months hence and do that year over year and continue to kind of, grow shareholder value as we're doing that.

因此，當我們談到 250 到 500 時，這實際上是對正確執​​行和交付產能所需的各個方面進行校準的指導。這就是我們目前的處境。這就是我們目前看到的可用產能。大約一年半前，我們的預期產能為 100 至 150 人，但隨著我們能夠部署產能並了解客戶的需求，我們已將預期產能提高到 250 至 500 人。我們仍然非常有信心，在未來幾年裡，我們每年都能繼續簽下新的項目，為客戶帶來250到500兆瓦的關鍵IT負載，並在未來12到18個月內持續實現這一目標，逐年增長，從而不斷提升股東價值。

Yeah, I would want to add a few things. Number one is, we selected Flor to be our contractor in Kentucky. Why?

是的，我還想補充幾點。第一，我們選擇 Flor 作為我們在肯塔基州的承包商。為什麼？

Because we think they're the most skilled contractors, in the country. They're particularly good on the front end projects so that the execution side goes flawlessly.

因為我們認為他們是全國技術最精湛的承包商。他們尤其擅長前端項目，因此執行方面能夠完美無瑕地進行。

I think as we as we move forward, the notion of the selection of floor was scalable growth so that we could work with them on additional projects on a national level. The second thing is we're all about execution again, whether it's on the development side or the execution side.

我認為，隨著我們不斷前進，選擇樓層的概念是可擴展的增長，這樣我們就可以與他們合作，在全國範圍內開展更多項目。第二點是，我們又重新專注於執行力了，無論是在開發方面還是在執行方面。

We could talk as much about our pipeline as you want. We could talk as much about all the projects that we're reviewing, before we decide to make a move, but at the end of the day if we don't deliver for our customers we're out of business and we have failed our investors so we need to be conservative here because we're still on the, we're still a nascent business. I mean we, we've seen.

我們可以盡情討論我們的管道項目。在決定採取行動之前，我們可以詳細討論我們正在審查的所有項目，但歸根結底，如果我們不能為客戶交付成果，我們就會倒閉，辜負投資者的期望，所以我們需要謹慎行事，因為我們仍然處於起步階段，我們仍然是一家新創公司。我的意思是，我們都看到了。

Changes in the design of our facilities just between CB2AB 3, then 4 and 5, and so I think as we're learning and growing in partnership with our customers and now our leading contractor in Kentucky, we will continue to enhance our execution capabilities and you know if there is an opportunity to grow beyond what we've said and, is 250 to 500 incremental, IT critical IT load, then we will, but for right now we have to keep our eye on the ball, the table is full of lots of cookies and cakes and candies, but we have to stay focused on the meat and potatoes and deliver for our customers.

僅在 CB2AB 3、4 和 5 之間，我們的設施設計就發生了變化。因此，我認為，隨著我們與客戶以及現在我們在肯塔基州的主要承包商合作學習和成長，我們將繼續提高我們的執行能力。你知道，如果有機會超越我們所說的，例如增加 250 到 500 個 IT 關鍵型 IT 負載，那麼我們會這樣做。但就目前而言，我們必須專注於核心業務，雖然有許多誘人的前景，但我們必須專注於核心業務，為客戶提供服務。

Appreciate the Insight thanks guys.

感謝各位的見解。

Brent Knobloch, Cantor Fitzgerald

布倫特·諾布洛赫，康托·菲茨杰拉德

Hi guys, thanks for taking my question. Paul, I guess you have multiple attractive sites that you could theoretically kind of go out and lease out now. I guess I'm talking to prospective customers, is there a reason why they would want maybe the Kentucky site over Lake Cayuga or maybe the mega campus that you're building in Maryland, and has in your mind what maybe site is next up for grabs changed? Has kind of Kentucky jumped to the top of the list?

大家好，感謝你們回答我的問題。保羅，我想你手邊有很多條件優越的地塊，理論上你可以把它們出租出去。我想我是在和潛在客戶交談，他們為什麼會想要肯塔基州卡尤加湖畔的地塊，或者你們正在馬裡蘭州建造的大型園區？你們心中下一個可供選擇的地塊是否有改變？肯塔基州是不是已經躍居榜首了？

Listen, I, so first off, the answer is the demand is so significant. I think that, a party would be happy to take everything off the table at any one time, but it's about time to power.

聽著，首先，答案是需求非常巨大。我認為，任何政黨都樂於一次性排除所有可能性，但現在是時候掌握政權了。

And that's why Kentucky has become so important to the customers that we're in discussion with, the ability to have that kind of scale within this short period of time or have it promptly, if you will, just makes it, one of the most exciting sites in the country. The one thing that we've been pushing, Brett, is we like regional diversity. We think hyper scale of customers are getting focused on that too. We think, they've seen now they've experienced what happens now first in Ohio and then.

正因如此，肯塔基州對我們正在洽談的客戶來說變得如此重要。能夠在如此短的時間內達到如此規模，或者說能夠迅速達到如此規模，這使得肯塔基州成為全國最令人興奮的地點之一。布雷特，我們一直在強調的一點是，我們喜歡地域多樣性。我們認為，超大規模的客戶群也開始關注這一點。我們認為，他們現在已經看到了，他們已經體驗到了現在發生的事情，首先是在俄亥俄州，然後在其他地方。

Now down in IRCO, when you know you get everybody all in one place, it's a question of security, but it's also a question of what can the grid really handle, and so I think having regional diversity is something that our customers find compelling, and, that's a good reason for them to really focus on Kentucky that and the immediacy of its power.

現在，在IRCO，當你知道所有電力都集中在一個地方時，這不僅是一個安全問題，也是電網真正能承受多大負荷的問題。因此，我認為區域多樣性是我們的客戶認為很有吸引力的，這也是他們真正關注肯塔基州及其電力供應的直接性的一個重要原因。

Awesome. And then I think in the prepared remarks you said that Kentucky could potentially expand beyond the 480. I guess, to what extent have you guys looked into that and how much do you think it could expand down 480?

驚人的。然後，我認為你在事先準備好的演講稿中提到，肯塔基州有可能將業務擴展到 480 號公路以外。我想問的是，你們對此進行了多大程度的研究？你們認為它能向下擴展到 480 的多少？

I think, listen, we, we've talked to our power suppliers there. We understand the grid there. I think that, and again I was just with the governor a couple of days ago, and he's really terrific. He runs DGA he's very commercial. He's very pro-business for the state. I think that we will have opportunities to expand our footprint, in both in the generation side and on the customer side in Kentucky, but again, I have to stay focused, right? My job is execution. I've got to deliver these facilities to our customers and we're doing that at Lake Mariner, and Kentucky is going to be, a very prompt bid. We've already issued a limited notice to proceed to floor, just because our customers really want to get onto that onto that property so we're doing everything we can to facilitate that just going to really focus on execute.

我想，聽著，我們已經和那裡的電力供應商談過了。我們了解那裡的電網。我覺得是這樣，而且我前幾天剛和州長見過面，他真的很棒。他掌管美國導演工會，他非常注重商業利益。他非常支持州內企業發展。我認為我們在肯塔基州的發電和客戶方面都有機會擴大我們的業務範圍，但是，我必須保持專注，對吧？我的工作是執行。我必須把這些設施交付給我們的客戶，我們正在馬裡納湖進行這項工作，肯塔基州將會非常迅速地提交投標書。我們已經發出有限的施工通知，允許客戶進入該樓層，因為我們的客戶真的希望進入該物業，所以我們正在盡一切努力為他們提供便利，我們將真正專注於執行。

Awesome, thank you guys congrats.

太棒了，謝謝大家，恭喜！

Thank you.

謝謝。

Michael Donovan, Compass Point.

邁克爾·多諾萬，指南針點。

Thank you guys. To follow-up on what you're talking about, Paul, on sizing and design plans for Maryland and Kentucky phase buildouts, what is the target critical IT. Megawatt per building or hall you're thinking about today? Should we think about repeatable modules similar to fluid stack and what drives that sizing decision?

謝謝大家。Paul，關於你剛才提到的馬裡蘭州和肯塔基州分階段建設的規模和設計方案，目標關鍵 IT 是什麼？您今天考慮的每棟建築或大廳的兆瓦容量是多少？我們是否應該考慮類似流體堆疊的可重複模組，以及是什麼因素決定了模組的尺寸？

Thanks. Yeah, it's this and those are here. So in the fluid stack context that 168 megawatts of critical IT load is the base design that we worked closely with them on developing, you've seen that number pop up subsequently with other, of our peers as well, but in that context, that's kind of the base design, that puts you a little over kind of 200 megawatts of gross capacity.

謝謝。是的，就是這個，那些也在這裡。因此，在流體堆疊的背景下，168 兆瓦的關鍵 IT 負載是我們與他們密切合作開發的基礎設計，您隨後也看到其他同行也採用了這個數字，但在這種背景下，這只是基礎設計，總容量略高於 200 兆瓦。

And so in general as we're having discussions with various customers, we typically look at that 200-megawatt gross, 160-megawatt net. As kind of a building block that we're building off of and so the design that we're working on with floor really kind of incorporate that again roughly 200 megawatts plus or minus gross, 160 megawatts plus or minus net critical IT megawatts as the base building block from which we're kind of deploying that and so when we talk about Kentucky for example in that 380 of net, that's a couple of those buildings, would kind of consume that that capacity.

因此，一般來說，當我們與各種客戶進行討論時，我們通常會考慮總功率 200 兆瓦、淨功率 160 兆瓦的情況。就像我們正在建造的基石一樣，我們正在與樓層合作進行的設計實際上再次融入了大約 200 兆瓦（總功率）或 160 兆瓦（淨功率），這是關鍵 IT 設備所需的基本構建模組，我們以此為基礎進行部署。例如，當我們談到肯塔基州時，那 380 兆瓦的淨功率，就是其中幾棟建築，將會消耗掉這些容量。

Appreciate that.

謝謝。

John Darryl with Needham & Company

約翰·達裡爾，尼德姆公司

Thanks for taking my question. First one is, more high-level Political regulatory. Sounds like really good conversations with the governors in Kentucky and Maryland. Just wondering. Though, more of a broader level how you are viewing some of the pushback, at the state level to data centre builds, just any commentary there whether you know sort of the media articles might be overblown or if there is, some risk.

謝謝您回答我的問題。首先，需要更高層次的政治監管。聽起來和肯塔基州州長以及馬裡蘭州州長的對話非常精彩。只是好奇問問。不過，從更廣泛的層面來看，您如何看待州級對資料中心建設的一些阻力？您是否了解媒體報道是否誇大其詞，或者是否存在一些風險？

So It all requires, I would say thoughtful and careful, engagement. How you bring your load on is critical to how you're perceived and what impacts you have. And so, if you have been listening to us for the last few years when we talk about Bitcoin mining, we've said from the beginning, there's a way to do Bitcoin mining that's accretive and an asset back to the grid, and there's a way to do it where you're not.

所以，我認為這需要深思熟慮、謹慎參與。你如何看待自己，對別人如何看待你以及你產生的影響至關重要。所以，如果你在過去幾年裡一直關注我們關於比特幣挖礦的討論，我們從一開始就說過，有一種比特幣挖礦方式可以帶來收益，並將收益回饋給電網，而且這種方式可以在你不在電網的地方進行。

And so, we have been very engaging with, I mean, for example, in Kentucky, we spent a tremendous amount of time with the energy supplier there Big Rivers, and have developed a very close and strong working relationship with them where we are, kind of aware of the challenges they have on committing to supporting a large load. And if it's there it's great and then when it's gone it's not so great.

因此，我們一直積極參與，例如，在肯塔基州，我們與當地的能源供應商 Big Rivers 進行了大量的溝通，並與他們建立了非常密切和牢固的工作關係。我們大致了解他們在承諾支持大量負載方面所面臨的挑戰。如果它在那裡，那當然很好；但如果它消失了，那就沒那麼好了。

That's a kind of ensuring that our interests are aligned with them and they have clear visibility on where we are and then B, just in terms of the overall load profile and when you're consuming power and what happens at that kind of peak demand hours. And so, we've been very again thoughtful in thinking through how does our load and where we're locating these loads.

這不僅能確保我們的利益與他們的利益一致，也能讓他們清楚地了解我們的位置；此外，還能了解整體負載曲線、用電時間和高峰時段的情況。因此，我們再次非常認真地思考了我們的貨物如何裝載以及我們將這些貨物放置在哪裡。

Tie back to what's happening in the grid around it and how do we ensure that again that our loads can be overall assets and kind of beneficial back to the grid and to the local communities versus just kind of coming in and being burdens and so I think you know the articles the news is news it kind of it comes out how it comes out. But we, pride ourselves in trying to be, very thoughtful around the issues that we think are pertinent and properly addressing them and so hopefully over time you'll see, even in Kentucky, based upon how we're structuring things with the local utility down there that it hopefully becomes a model for how things should be done, an example of how data centres should be integrated back to grids.

回到電網周圍正在發生的事情，以及我們如何確保我們的負載成為整體資產，並對電網和當地社區有益，而不是僅僅成為負擔。所以，我認為你知道，新聞就是新聞，它就是這樣發布的。但我們引以為傲的是，我們會認真思考我們認為相關的問題，並妥善解決這些問題。因此，希望隨著時間的推移，您會看到，即使在肯塔基州，基於我們與當地公用事業公司合作的方式，它有望成為一個典範，一個數據中心如何與電網整合的範例。

Great, thanks.

太好了，謝謝。

For that. And then second one is just on, kind of where we are in the headcount growth for Kentucky and Maryland and just, I guess maybe frame up some of the DNA garner out there.

為此。第二點是關於肯塔基州和馬裡蘭州的人員成長情況，我想也許可以藉此機會總結DNA數據。

So we are, in the early stages on both, we have kind of ramped up the Kentucky team to, 6 dozen or so folks, over time. Including the on-site personnel, that's going to be over 100 people, for Kentucky by itself. Each of our sites, we are targeting somewhere around that 100 to 120 people range for fully loaded staffing once the site's fully operational, and we're probably a couple people in in in Maryland right now, as was noted earlier, we're. We're pending kind of FERC approval to take over the site. There's existing generation at the site, and so we're ramping that team up to kind of support the operations as well.

所以，目前這兩個項目都還處於早期階段，我們已經逐步將肯塔基州團隊的人數增加到大約 60 人。包括現場工作人員在內，光是肯塔基州就有超過 100 人。我們每個站點的目標員工人數都在 100 到 120 人左右，一旦站點全面投入運營，我們就會滿員。正如之前提到的，我們現在在馬裡蘭州可能只有幾個人。我們正在等待聯邦能源管理委員會的批准才能接管該場地。該站點已有發電設施，因此我們正在擴充團隊，以支援營運。

So I'd say, we're in a couple dozen people, between the two sites now, but that's quickly, increasing. And again, we should be hitting towards the end of the year, early next year, we should be hitting, pretty sizable numbers in Kentucky, and we'll kind of be in that 100, people range at Kentucky. By this time next year I'd guess. We've also of course added at the corporate level so that we can manage, the much larger portfolio and stay on top of everything from procurement and so it's legal, it's accounting, it's IT, it's everything that you need at the corporate level to manage projects of this scale.

所以我想說，目前兩個站點加起來有幾十個人，但人數正在迅速增加。再次強調，我們應該在今年年底或明年年初達到目標，在肯塔基州達到相當可觀的數字，肯塔基州的人口數量應該會達到 100 人左右。我猜到明年這個時候就到了。當然，我們也增加了公司層級的職能，以便管理更大的專案組合，並掌控從採購到法律、會計、IT 等所有環節，涵蓋公司層級管理如此大規模專案所需的一切。

Understood. I appreciate all the details. Thanks, gentlemen.

明白了。感謝您提供的所有細節。謝謝各位先生。

Thank you.

謝謝。

Martin Toner, ATB Cormark

Martin Toner，ATB Cormark

Thanks for taking the question. When do you think phase one of Morgantown might be able to be turned on?

感謝您回答這個問題。您認為摩根敦計畫第一期工程何時能夠啟動？

We're working through that as we speak, so at Morgantown, in addition to the three legs we mentioned earlier, just kind of run the load, the data centre, the gas gen, and the battery storage, there's also, a remediation, that goes along with that, we were with the MDE just this afternoon and kind of scoping that out and so once we get definition around the timing and scope of that remediation plan that will then kind of feed into, just the timing.

我們正在著手處理此事，所以在摩根敦，除了我們之前提到的三個環節（即運行負載、資料中心、燃氣發電機和電池儲能）之外，還有一個修復工作與之相關。我們今天下午剛和馬裡蘭州環境部 (MDE) 一起探討了這個問題，一旦我們確定了修復計劃的時間和範圍，這將影響到後續的進度安排。

If you look at what we said kind of in the deck we've kind of, positioned this is kind of end of 2028, kind of in 2029 and beyond, so generally that's where we are, but you know over the next I'd say. Couple quarters a year will have greater definition to provide around, the specific timing of Morgantown.

如果你看看我們在簡報中所說的內容，我們已經把目標設定在 2028 年底、2029 年及以後，所以總的來說，這就是我們目前的情況，但你知道，在接下來的時間裡，我會說。每年有幾個季度會提供更明確的訊息，具體時間安排如下：摩根敦。

Coming at it from 10,000 ft, the state of Maryland, had some challenges, because they've shut down a lot of their great generation. They were, they weren't really as pro generation as, and or as prescient to what would happen. As a lot of other states which have been very supportive like Pennsylvania next door, so, the governor has really changed policy. We've received, written commitments for expedited permitting. For our site, so I don't think this is going to be business as usual. I think they're really keen to have us come there, create jobs both at the county level and the state level. The reception's been amazing, but they have literally given us this sort of an office to work with to expedite all sorts of permitting from the repowering to the remediation.

從宏觀角度來看，馬裡蘭州面臨一些挑戰，因為他們關閉了許多優秀的一代企業。他們確實存在過這種現象，但他們並沒有像其他人那樣支持下一代，也沒有像其他人那樣預見會發生什麼事。就像鄰州賓州一樣，其他許多州也給予了大力支持，因此，州長確實改變了政策。我們已收到加快審批流程的書面承諾。對於我們的網站來說，我認為這不會像往常一樣了。我認為他們非常希望我們去那裡，在縣級和州級層級創造就業機會。接待情況非常好，他們實際上為我們提供了一個專門的辦公室，以便加快從電力改造到修復等各種許可審批流程。

That's great, thanks for all that detail. That's it for me.

太好了，謝謝你提供這麼多細節。就這些了。

Thank. We have reached the end of the question-and-answer session, and this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

感謝。問答環節到此結束，今天的會議也到此結束。現在您可以斷開線路了，感謝您的配合。