Financial Data and Key Metrics Changes - Revenue grew 45% to $235.1 million, driven primarily by the compute segment, while cost of revenue increased by 24% to $107.8 million, resulting in gross margin expansion from 47% to 54% [34] - Net loss was $248 million, with an Adjusted EBITDA loss of $135.4 million, compared to a net income of $331.4 million and Adjusted EBITDA of $555.7 million in 2024, largely due to a $220 million unrealized mark-to-market loss in 2025 on the Bitcoin stack [35] - Sequentially, Q4 2025 revenue grew by 179% and gross margin expanded from 36% to 60% [34] Business Line Data and Key Metrics Changes - In the power segment, revenue was $23.2 million, down from $56.6 million in 2024, while cost of revenue declined to $20.5 million from $21.5 million [36] - Digital infrastructure revenue was $9.6 million compared to $17.5 million last year, with cost of revenue declining to $8.9 million from $15.6 million [37] - Compute revenue more than doubled to $202.3 million from $80.7 million, with cost of revenue increasing to $78.4 million from $45 million, driven by infrastructure upgrades and a full year of steady state operations of Highrise AI [38] Market Data and Key Metrics Changes - The company is focusing on converting existing capacity for AI use cases, with 300 megawatts of power generation sold to TransAlta and 700 megawatts of compute supporting American Bitcoin [47] - The demand environment for high-performance computing (HPC) has evolved positively, with record high utilization on the Highrise cloud and increasing applications and use cases [69] Company Strategy and Development Direction - The company aims to build a durable cash flow and capital-efficient structure, focusing on power control and scalable campuses [3] - The strategic evolution includes a shift from Bitcoin mining to AI infrastructure, with a focus on long-term, credit-worthy counterparties and repeatable partnerships [11] - Future phases include value engineering the infrastructure stack and integrating AI into the business to enhance productivity and efficiency [31][32] Management's Comments on Operating Environment and Future Outlook - Management emphasized that 2026 will focus on execution and delivery, converting the pipeline to contracted revenue and maintaining capital discipline [33] - The company is optimistic about its ability to navigate evolving regulatory environments and believes it has a competitive edge in developing power assets [16][17] Other Important Information - The company has a clean balance sheet with minimal recourse debt, allowing for strategic flexibility and a path towards an investment-grade rating [27] - Stock-based compensation increased significantly, reflecting the company's investment in its team and long-term value creation [28][29] Q&A Session Summary Question: Will the company define what portion of its pipeline will be allocated to Bitcoin mining and HPC? - The company is focusing on AI utilization and development, with Bitcoin as an alternative use case to support development confidently [47] Question: Can you provide detail behind the $163 million deposit for future sites? - The deposit is allocated towards land options and procuring long lead time equipment for future sites [49] Question: How has pricing changed since the Fluidstack Anthropic deal? - The deal was structured appropriately and reflects market terms in the private markets, with ongoing discussions about deal economics [53] Question: Can you describe the demand environment for HPC? - Demand signals are strong, with record utilization on the Highrise cloud and increasing applications [69]