Financial Data and Key Metrics Changes - The company reported record revenue of $187 million for FY 2025, an increase of $42 million from the previous quarter, primarily driven by Bitcoin mining revenue of $180 million [12] - The company achieved 10 times EBITDA growth year on year, with an adjusted EBITDA close to $650 million from Bitcoin mining operations [6][30] - Operating expenses increased to $114 million due to overheads and depreciation costs associated with expanded data center platforms [13] Business Line Data and Key Metrics Changes - The Bitcoin mining capacity increased to 50 exahash, generating over $1 billion in annualized revenue [8][30] - AI cloud revenue reached $7 million during the quarter, with expectations of $200 million to $250 million in annualized revenue from AI cloud business expansion by December [13][19] - The company expanded its Bitcoin mining capacity by 400% and increased contracted grid-connected power by over a third to nearly 3 gigawatts [6][8] Market Data and Key Metrics Changes - The AI cloud business is scaling rapidly, with more than 10,000 GPUs online or being commissioned [7] - Industry reports indicate that the percentage of organizations leveraging AI in more than one business function grew from 55% to 78% in the last twelve months [15] - The company is uniquely positioned to meet the increasing demand for AI infrastructure, with significant near-term grid-connected power and data centers engineered for next-generation compute [16] Company Strategy and Development Direction - The company’s strategy focuses on scaling across the full AI infrastructure stack, from grid-connected transmission lines to digital compute [8] - The construction of Horizon 1, a direct-to-chip liquid cooling AI data center, is underway, with plans for further expansion to Horizon 2 [10][25] - The company aims to capture a broad and growing addressable market in AI, leveraging its vertical integration to control key bottlenecks [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AI cloud market, citing strong demand signals and the ability to scale operations rapidly [15][16] - The company expects to continue delivering strong margins in its AI cloud business, supported by low power costs and full ownership of its data centers [20] - Management highlighted the importance of flexibility in monetizing data center capacity, allowing for a mix of cloud and colocation strategies [108] Other Important Information - The company completed its transition to a US domestic issuer status and reported results under US GAAP for the fiscal year [12] - The company closed the financial year with approximately $565 million in cash and $2.9 billion in total assets, indicating a strong balance sheet [13] Q&A Session Summary Question: Efficiency at sites and backup generation - Management noted that the PUE at British Columbia sites is 1.1, with expectations of slightly higher efficiency after liquid cooling installation [38] - Redundancy is being introduced across the GPU fleet to enhance customer service, driven by customer demand [40] Question: GPU capability and financing impact - The company has introduced flexibility for a wider range of rack densities to accommodate various GPU types, including future generations [44] - Financing structures allow for operational flexibility, with options to return equipment or acquire it at the end of lease terms [71] Question: Cloud business contract duration - The company has a range of contract lengths, with newer equipment often leading to longer-term contracts [49] - Management is evaluating opportunities in both colocation and cloud, aiming to maximize risk-adjusted returns [51] Question: Horizon one and two capacity utilization - The company can monetize data center capacity through a combination of cloud and colocation, maximizing risk-adjusted returns [108] - There is flexibility in how capacity is utilized, allowing for adjustments based on market conditions [108]