May 2024 Monthly Investor Update

Core Insights - The company reported record revenue, adjusted EBITDA, and operating cash flow for 3Q FY24, with $322 million in cash and no debt [1][7] - The company is expanding its Bitcoin mining operations and AI Cloud Services, with a focus on renewable energy usage [3][18] Financial Performance - The average operating hashrate increased to 9.4 EH/s, with a 14% rise from the previous month [18] - Bitcoin mined decreased to 230 in May due to reduced block subsidy, while mining revenue was $15.079 million [3][18] - AI Cloud Services revenue reached $892,000, reflecting a significant increase from previous months [3] Operational Highlights - The company secured latest-generation Bitmain S21 Pro miners, enhancing efficiency to 15 J/TH [4] - Childress Phase 1 (100 MW) was completed ahead of schedule, with ongoing construction for Phases 2 and 3 [9][21] - The company has a total operating capacity of 260 MW and plans to expand to 510 MW in 2024 [20][21] AI Cloud Services - The company operates 816 NVIDIA H100 GPUs, generating an estimated annualized hardware profit of $14-$17 million [2][19] - There are ongoing customer conversations regarding cloud and colocation solutions, indicating potential growth opportunities [19] Future Plans - The company aims to increase its Bitcoin mining capacity to 30 EH/s by the end of 2024 [8][21] - Additional development sites are planned, with a total power and land portfolio exceeding 3,000 MW [9][21]