Financial Data and Key Metrics Changes - Revenue for the third quarter of 2025 was $83.5 million, representing a 91% increase year-over-year [5] - Net income was $50.6 million compared to $0.9 million in the prior year period [7] - Adjusted EBITDA was $109 million versus $5.6 million in the prior year period [7] - A significant gain of $76.6 million on Digital Assets was recorded, compared to a loss of $1.6 million in the prior year [7] Business Line Data and Key Metrics Changes - Power segment revenue declined from $26.2 million to $8.4 million year-over-year, primarily due to the wind-down of a managed services agreement [16] - Digital infrastructure revenue increased by 31% year-over-year to $5.1 million, driven by ASIC colocation activity [18] - Compute segment revenue increased more than fivefold year-over-year from $13.7 million to $70 million, primarily due to Bitcoin mining revenue from American Bitcoin [20] Market Data and Key Metrics Changes - The company expanded its managed services agreement with American Bitcoin to 325 megawatts of contracted capacity, the largest in its history [17] - The total hash rate increased from approximately 12 exahash to approximately 26.8 exahash due to the deployment of additional mining capacity [21] Company Strategy and Development Direction - The company introduced a 2025 strategy centered around a Development Flywheel framework to compound returns through integrated stages of platform development [4] - The focus is on scaling lower-cost-of-capital businesses such as colocation and leveraging a power-first architecture [8] - The company aims to build a diversified platform that evolves alongside energy-intensive technologies for decades to come [14] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of execution in 2026, highlighting the need to deliver on promises made to customers [45] - The company sees significant demand for power and aims to capitalize on this by focusing on long-term contracts and strategic partnerships [30] - Management believes that the current power infrastructure will support a broader class of next-generation technologies beyond AI [14] Other Important Information - The company holds 13,696 Bitcoin in reserve, valued at approximately $1.6 billion, which has contributed significantly to liquidity and optionality [23] - A $200 million revolving credit facility was added, along with a new $1 billion at-the-market equity program [24] Q&A Session Summary Question: Update on AI HPC tenant conversations and market valuation of power pipeline - Management noted that execution will drive value for the power pipeline and that demand for AI has increased significantly [29] Question: Specifics on future chapters beyond AI - Management indicated that the company is positioned for future technologies beyond AI, including advanced manufacturing and robotics [36] Question: Progress on securing long lead time items for the 1.5 GW project - Management confirmed that all four sites have land control and utility agreements, with power available before development [39] Question: Key themes expected for next year - Management sees 2026 as a year of execution, emphasizing the importance of delivering on commitments to customers [45] Question: Expected ready-for-service date for River Bend - Management expects the River Bend site to be ready by the end of 2026, with ongoing construction progress [49] Question: Insights on Bitcoin holdings and GPU as a service demand - Management highlighted the strategic importance of Bitcoin holdings and the rising demand for GPU services, indicating a focus on long-term lease agreements [55] Question: Power pipeline allocation between AI and Bitcoin mining - Management stated that the company is designing data centers to be flexible for both AI and Bitcoin mining, ensuring a balanced approach to power allocation [74]

Financial Data and Key Metrics Changes - Revenue for the third quarter of 2025 was $83.5 million, representing a 91% increase year-over-year [4][6] - Net income rose to $50.6 million compared to $0.9 million in the prior year period [6] - Adjusted EBITDA increased to $109 million from $5.6 million in the prior year [6] - A significant gain of $76.6 million on digital assets was recorded, contrasting with a $1.6 million loss in the prior year [6] Business Line Data and Key Metrics Changes - Power segment revenue decreased from $26.2 million to $8.4 million due to the wind-down of a managed services agreement [14][15] - Digital infrastructure revenue increased by 31% year-over-year to $5.1 million, driven by ASIC colocation activity [16] - Compute segment revenue surged from $13.7 million to $70 million, primarily due to Bitcoin mining revenue from American Bitcoin [18][19] Market Data and Key Metrics Changes - The company expanded its managed services agreement with American Bitcoin to 325 megawatts of contracted capacity, marking the largest in its history [15] - The total hash rate increased from approximately 12 exahash to approximately 26.8 exahash, with American Bitcoin contributing about 25 exahash [18] Company Strategy and Development Direction - The company introduced a 2025 strategy centered around a development flywheel framework to enhance returns through integrated stages of platform development [4][9] - A significant expansion initiative was launched across four U.S. locations with a combined 1,530 megawatts of utility capacity, aiming to double the scale of the platform [9][11] - The focus remains on commercializing the expansion portfolio while maintaining a disciplined approach to capital allocation and risk management [13][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing on commitments to customers and maintaining credibility in a competitive market [42] - The demand for power is expected to continue rising, with the company positioned to capitalize on this trend through its integrated platform [12][43] - The company aims to build a category-defining business at the intersection of energy and technology, focusing on long-term value creation [23] Other Important Information - The company holds a strategic Bitcoin reserve of 13,696 Bitcoin, valued at approximately $1.6 billion [20] - A new $200 million revolving credit facility and a $1 billion at-the-market equity program were established to enhance capital access [21] Q&A Session Summary Question: Update on AI HPC tenant conversations and market valuation of power pipeline - Management noted that execution will drive value for the power pipeline, and there is significant demand for AI-related projects [27][28] Question: Specifics on future chapters beyond AI - Management indicated that the company is positioned for future technologies beyond AI, including advanced manufacturing and robotics [31][34] Question: Progress on securing long lead time items for the 1.5 gigawatts - All four sites have land control and utility agreements, with a focus on securing long lead time items to ensure timely delivery [38] Question: Key themes expected for next year - Next year is anticipated to be a year of execution, with a focus on delivering on promises made to customers [42][43] Question: Expected ready-for-service date for Riverbend - The expectation for the 300 megawatts at Riverbend is by the end of 2026, with ongoing construction progress [47] Question: Insights on Bitcoin holdings and GPU as a service demand - The GPU business is seen as a complementary opportunity, with ongoing discussions about leveraging power infrastructure for both GPU and ASIC investments [52] Question: Power pipeline allocation for AI versus Bitcoin mining - The company is designing data centers to be flexible for both AI and Bitcoin mining, with ample demand for both sectors [73]

Financial Data and Key Metrics Changes - Revenue for the third quarter of 2025 was $83.5 million, representing a 91% increase year over year [7] - Net income rose to $50.6 million compared to $0.9 million in the prior year period [9] - Adjusted EBITDA increased to $109 million from $5.6 million in the prior year [9] - The company recorded a gain of $76.6 million on digital assets, compared to a loss of $1.6 million in the prior year [9] Business Line Data and Key Metrics Changes - Power segment revenue declined from $26.2 million to $8.4 million due to the wind down of a managed services agreement [22] - Digital Infrastructure segment revenue increased by 31% year over year to $5.1 million, driven by ASIC colocation activity [24] - Compute segment revenue increased more than fivefold from $13.7 million to $70 million, primarily due to Bitcoin mining revenue from American Bitcoin [26] Market Data and Key Metrics Changes - The company expanded its managed services agreement with American Bitcoin to 325 megawatts of contracted capacity, the largest in its history [22] - The total hash rate increased from approximately 12 exahash to approximately 26.8 exahash due to the deployment of additional mining capacity [26] Company Strategy and Development Direction - The company introduced a 2025 strategy focused on a development flywheel that integrates power, digital infrastructure, and compute layers [6] - A significant expansion initiative was launched, expanding four U.S. locations with a combined 1,530 megawatts of utility capacity [15] - The company aims to build a platform that evolves alongside energy-intensive technologies for decades to come [18] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of executing on promises made to customers and maintaining credibility in a competitive market [52] - The company believes that the same power infrastructure supporting AI will also support a broader class of next-generation technology [19] - Management remains focused on disciplined capital allocation and minimizing enterprise risk while pursuing long-term growth [31] Other Important Information - The company holds 13,696 Bitcoin in reserve, valued at approximately $1.6 billion [29] - A new $200 million revolving credit facility was added, along with a $1 billion at-the-market equity program [30] Q&A Session Summary Question: Update on conversations with potential HPC tenants and valuation of power pipeline - Management noted that execution will drive value for the power pipeline and that market demand for HPC has increased significantly [36][38] Question: Specifics on AI being the first chapter and future opportunities - Management indicated that the company aims to be a leader in data centers while also exploring other technologies like green hydrogen and carbon capture [41][45] Question: Progress on securing long lead time items for the 1.5 gigawatts - Management confirmed that all four sites have land control and utility agreements, and they are comfortable with the delivery timelines [47][49] Question: Key themes expected to emerge next year - Management sees next year as a year of execution, focusing on delivering on promises and increasing transparency in the pipeline [52][53] Question: Expected ready for service date for Riverbend - Management expects the Riverbend site to be ready for service in 2026, with ongoing construction progress [57][58] Question: Insights on Bitcoin holdings and GPU as a service demand - Management highlighted that the GPU business is a key focus and that they are exploring opportunities to leverage existing power infrastructure [62][64] Question: Power pipeline split between AI data centers and Bitcoin mining - Management stated that they have ample demand for both AI and Bitcoin mining, with flexibility in transitioning between the two [92]