Core Insights - The delay in signing new customer contracts is attributed to a temporary halt in hyperscaler engagement during merger discussions, which have now resumed with 500 megawatts currently under exclusivity [1] - The company is shifting its portfolio to 100% colocation within three years, driven by the more predictable and higher margins of AI infrastructure compared to the volatile Bitcoin mining sector [1] - Operational performance is characterized by the 'energization-to-billing' cycle, with 350 megawatts energized and approximately 200 megawatts currently billing, marking the halfway point of the CoreWeave contract [1] Strategic Focus - The strategic positioning emphasizes 'site readiness' as a competitive advantage, prioritizing locations with clear interconnection paths and secured long-lead equipment to meet hyperscaler demands for sub-12 month delivery [1] - The management is enforcing strict counterparty discipline, requiring investment-grade guarantees from chip manufacturers or hyperscalers before entering into neocloud lease agreements [1] Bitcoin Mining Segment - The Bitcoin mining segment is being managed as a 'runoff' business, optimized mainly to cover contractual power costs and maintain minimum power draw requirements through legacy hardware [1]