Financial Data and Key Metrics Changes - In Q3 2025, GAAP revenues increased by 6% quarter over quarter to $50.6 million from $47.6 million in Q2 2025 [11] - The company recorded a GAAP net loss of $455 million in Q3 2025 compared to a net loss of $18.4 million in Q2 2025 [16] - Non-GAAP adjusted EBITDA improved by 25% quarter over quarter, totaling $18.1 million from $14.5 million in Q2 2025 [17] Business Line Data and Key Metrics Changes - The company recognized $7.2 million of HPC lease revenue at Wolf Den and CV1, with intra-quarter lease commencement resulting in 22.5 megawatts of energized hosting capacity [11] - Self-mined Bitcoin decreased by 22% to 377 Bitcoin in Q3 2025 from 485 Bitcoin in Q2 2025 [12] - Operating expenses increased by 28% quarter over quarter to $4.5 million in Q3 2025 from $3.5 million in Q2 2025 [13] Market Data and Key Metrics Changes - Power prices in upstate New York normalized to $4.7 per kilowatt-hour in Q3 2025, in line with historical levels [12] - The company has evaluated over 150 potential sites for expansion, narrowing it down to a select group that meets strict criteria [10] Company Strategy and Development Direction - TeraWulf signed a 10-year agreement with FluidStack backed by Google, representing average annual revenue of approximately $670 million [4] - The company increased its annual target for new HPC signings from 100-150 megawatts per year to 250-500 megawatts per year [9] - A joint venture with FluidStack and Google was announced to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new HPC capacity [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for high-performance compute, noting significant interest from hyperscalers and cloud companies [66] - The company is focused on disciplined execution and thoughtful expansion to create sustainable long-term value for shareholders [91] - Management highlighted the importance of credit quality in customer relationships and the ongoing dialogue with potential customers [28] Other Important Information - The company closed $3.2 billion in senior secured financing to fully fund the Lake Mariner high-power compute buildout [4] - As of September 30, the company held $712.8 million in cash and restricted cash, with total assets amounting to $2.5 billion [17] Q&A Session Summary Question: Can you talk about the key sites you're close to closing on? - Management indicated they are very close to finalizing at least two additional sites, focusing on regional diversity for long-term agreements [21] Question: Can you reconcile the HPC margins? - Management explained that the HPC margin was about 72%, but adjusting for certain expenses would bring it closer to the previously discussed 85% [23] Question: How is the company thinking about customer diversity? - Management expressed satisfaction with the credit quality of current customers and indicated ongoing discussions with potential new customers [27] Question: Can you clarify the Abernathy joint venture opportunity? - Management detailed the collaborative relationship with FluidStack and Google, emphasizing the strategic fit and potential for future projects [30] Question: What are the penalties for missing delivery timelines? - Management stated that there are significant grace periods in the leases, with minimal penalties for the first 30-90 days [73] Question: How is the company able to add more power pipeline? - Management highlighted long-term relationships and strategic site selection as key factors in securing additional capacity [76]

Company Overview - Bitdeer Technologies Group (NASDAQ: BTDR) is a Bitcoin mining company diversifying into the high-demand, high-performance computing market [1] - The company aims to reduce its dependency on Bitcoin and its volatility, which is a strategic move among legacy miners [1] Market Strategy - Bitdeer is positioning itself to strengthen its business model by entering a market that is experiencing significant demand [1] - This diversification reflects a broader trend in the industry where companies are seeking to mitigate risks associated with Bitcoin's price fluctuations [1]

Core Insights - The 38th week of the year is historically the third-worst performing week for bitcoin, averaging a return of -2.25% [1] - Bitcoin is currently trading around $113,000, down nearly 2%, with September's monthly options expiry indicating a max pain level at $110,000, suggesting potential further downside [1][2] - Market enthusiasm for bitcoin has diminished, with perpetual funding rates dropping to 4%, one of the lowest levels in a month, indicating reduced demand for leveraged long exposure [2][3] Market Performance - Despite the weekly dip, bitcoin is 4% higher in September and up 6% for the quarter, with historical trends suggesting potential positive returns in the remaining weeks of the year [4] - Implied volatility for bitcoin is near historic lows at 37, reflecting subdued market expectations for future price swings [3][4] Competitive Landscape - The impressive rally in gold, which has increased more than 42% year to date, is impacting bitcoin sentiment negatively [4] - Gains in artificial intelligence and high-performance computing stocks, such as IREN, are also detracting from bitcoin's appeal in the short term [5]

CoreWeave IPO Overview - CoreWeave, backed by NVIDIA, had a highly anticipated IPO that priced below expectations, settling at $40, which equaled its IPO price [1][5] - The company aimed to raise up to $2.7 billion but ultimately raised $1.5 billion due to lower investor demand [5] Analyst Reactions - Analysts expressed disappointment over the IPO but noted potential positives for miners transitioning to high-performance computing [2][4] - Rosenblatt analyst Chris Brendler highlighted that the IPO could still be beneficial for miners despite the overall disappointing market sentiment [2][3] Financial Performance and Market Position - CoreWeave's business model focuses on renting high-performance GPU infrastructure for AI and machine learning, but the company is currently unprofitable with $7 billion in debt [5][6] - The company reported $1.9 billion in revenue last year, which may be overshadowed by its debt situation [5] Partnerships and Future Outlook - Partnerships with major players like NVIDIA, OpenAI, and Microsoft indicate long-term potential, although investor sentiment remains mixed [6] - Analysts are monitoring CoreWeave's public market performance for signs of stabilization and momentum maintenance despite challenges [7] Stock Performance - Following its IPO, CoreWeave's stock fell by 7.31% to $37.04, trading between $36 and $41.94 since going public [7]