Financial Data and Key Metrics Changes - Revenue for the quarter was $21.8 million, down from $51.7 million in the prior year, primarily due to planned downtime and top-line pressure from the April 2024 halving [18][20] - Net loss for the quarter was $134.3 million compared to net income of $250.7 million in the prior year [20] - Adjusted EBITDA was negative $117.7 million, down from $297 million [20] - Energy costs per megawatt hour rose to $51.71 from $40.06 in the prior year [21][22] - The company ended the quarter with 10,264 Bitcoin held in reserve, valued at $847.2 million [22][46] Business Line Data and Key Metrics Changes - Power segment revenue declined from $9.9 million to $4.4 million, driven by a reduction in managed services revenue [39] - Digital Infrastructure segment revenue fell from $5.8 million to $1.3 million, primarily due to the termination of an ASIC colocation agreement [39] - Compute segment revenue decreased from $32.1 million to $16.1 million, reflecting planned downtime and increased network difficulty [40] Market Data and Key Metrics Changes - As of March 31, 2025, the power origination pipeline expanded to approximately 10,800 megawatts, with about 2,600 megawatts under exclusivity [11] - The price of Bitcoin declined from approximately $93,000 as of December 31, 2024, to $82,500 as of March 31, 2025 [20] Company Strategy and Development Direction - The company is focused on building an integrated energy infrastructure platform, emphasizing a power-first strategy [9][28] - The launch of American Bitcoin aims to streamline capital allocation and enhance cash flow predictability [29][30] - Investments in infrastructure, including the Vega Data Center and Riverbend site, are expected to drive sustained margin expansion and capital productivity [24][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the transitional cost pressures and external headwinds but expressed confidence in the long-term value creation from recent investments [21][27] - The company anticipates a step change improvement in mining economics beginning in the second quarter following the fleet upgrade [21][24] - Management highlighted the importance of strategic partnerships and the ability to monetize power assets through mining [28][57] Other Important Information - The company executed a fleet upgrade, increasing deployed hash rate to 9.3 exahash with an average efficiency of approximately 20 joules per terahash [24][40] - A proprietary direct-to-chip liquid cooling system is being developed to enhance operational efficiency and reliability [25][67] Q&A Session Summary Question: Update on Riverbend project - Management confirmed initial site work has begun on the Riverbend campus, which includes civil work and substation development [52][54] Question: Logic of colocation agreement with American Bitcoin - The colocation agreement is structured to achieve a payback equivalent to the depreciation cycle of the miners hosted [55] Question: HPC customer conversations and JV potential - Management noted increasing interest in customer contracts and definitive agreements, with a focus on larger announcements rather than small milestones [78] Question: Decline in power under diligence and exclusivity - The decline is attributed to a focus on high-potential projects and a filtering of less promising sites [86] Question: HODL strategy for Bitcoin on the balance sheet - The company aims to use Bitcoin on its balance sheet as investable capital while maintaining exposure to Bitcoin upside through American Bitcoin [90]

Financial Performance - Q4 2024 revenues reached $88.8 million, exceeding the management guidance of $80 million[8, 11] - Full year 2024 total revenues amounted to $269.3 million[11] - Q4 2024 mining revenue reached $15.3 million, a 312.5% year-over-year increase and a 70.7% quarter-over-quarter rise[8] - Q4 2024 Adjusted EBITDA was a gain of $19.3 million[8, 55] - The company held $96 million in cash at the end of Q4 2024, a 34% increase compared to Q3[8] Computing Power and Sales - Q4 2024 computing power sold reached 9.1 million TH/s, up 66% year-over-year[8, 18, 22] - The average selling price (ASP) was $8.1/TH/s in Q4 2024[18] - North American customers contributed approximately 40% of total FY24 mining machine sales revenue[18] - Installed computing power globally reached 5.4 EH/s as of December 31, 2024[24] - Installed Computing Power Reaches 6.60 EH/s as of Mar 24, 2025[27] Self-Mining Operations - Mining revenue in Q4 2024 reached $15.3 million[8, 13, 24] - The company mined 186 Bitcoins during Q4 2024, up 27% quarter-over-quarter[24] - The company held 1,293 Bitcoins as of December 31, with a market value of approximately $123 million[24] Future Guidance - Q1 2025 revenue guidance is $75 million, and Q2 2025 guidance is $120 million to $150 million[48, 59] - Full year 2025 revenue guidance is $900 million to $1.1 billion[48]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $108 million, a 141% increase from 2023 [33] - Adjusted EBITDA reached $73 million, compared to $12.4 million in 2023 [37] - Gross profit was $45.7 million, nearly threefold increase from 2023, with gross margins expanding approximately 500 basis points to 42.3% [35][36] Business Line Data and Key Metrics Changes - Bitcoin mining revenue was $58.6 million, up 32% year over year, despite a 37% decline in Bitcoin production [34] - Cloud services generated $45.7 million in its first year of operations, becoming the largest business segment by revenue in the second half of 2024 [34][9] - Colocation services contributed $1.4 million from October 12 through year-end, following the acquisition of Innovem [34] Market Data and Key Metrics Changes - The HPC business accounted for over 40% of full-year revenue and more than half of Q4 revenue [6] - The company has seen strong demand for B200s, with a potential additional $25 million in annual recurring revenue (ARR) expected from a new cluster [13] - The customer pipeline remains strong, with demand for GPUs outstripping supply [14] Company Strategy and Development Direction - The company is focused on scaling its HPC operations and has integrated its data center operations through the Innovem acquisition [6][19] - A disciplined approach to GPU procurement is being taken to manage capital deployment and avoid excess inventory risk [14] - The company aims to position itself as a leader in AI infrastructure, with a focus on urban data center locations to meet low latency requirements [28][109] Management's Comments on Operating Environment and Future Outlook - Management noted significant and sustained demand for compute infrastructure, which exceeds current capacity [39] - The company believes it is misunderstood by the market, with its stock trading like a pure play Bitcoin miner despite its diversified operations [40] - Future growth is expected to be driven by inference demand in AI compute, with strategic developments in metropolitan areas [28] Other Important Information - The company remains debt-free but is exploring financing options for its HPC business [38][42] - Capital expenditures for 2024 totaled $94 million, primarily for GPU purchases and the acquisition of Montreal II [38] Q&A Session Summary Question: What is the current run rate for cloud services? - The current run rate is $62 million, expected to increase to $72 million with the D&A Fund contract [49][50] Question: What is the revenue contribution from colocation services in Q4? - Colocation revenue recognized was $1.4 million, annualized from the acquisition date [56] Question: Can you provide details on the 100 megawatt site under LOI? - There is currently 24 megawatts of power available, with discussions for an additional 100 megawatts by the end of 2025 [65][66] Question: How confident is the company in sourcing infrastructure equipment? - The company has secured equipment for upcoming deployments and is confident in sourcing for future needs [90] Question: What is the strategy regarding Bitcoin mining? - The focus remains on optimizing the fleet and maintaining Bitcoin exposure without significant growth capital allocation [31][96] Question: How is the company evaluating yield strategies for digital assets? - The company sees a bright future for digital assets and is currently focused on its HPC business [105][107]