Financial Data and Key Metrics Changes - Riot Platforms reported total revenue of $647 million for fiscal year 2025, a 72% increase year-over-year, primarily driven by Bitcoin mining which contributed $576 million or 89% of total revenue [22][23] - The net loss for the year was $663 million, translating to $1.95 per diluted share, influenced by significant non-cash charges and adjustments [23][24] - Non-GAAP adjusted EBITDA for the year was $13 million, providing a clearer view of operational performance [24] Business Line Data and Key Metrics Changes - The Bitcoin mining business achieved record revenue of $576.3 million and gross profit of $294 million, reflecting operational efficiency and a strong power strategy [22][23] - Engineering backlog reached a record $224.6 million, a 302% increase from the previous year, with 90% of the backlog related to the data center sector [27][28] Market Data and Key Metrics Changes - Riot Platforms has 1.7 GW of fully approved firm power across Corsicana and Rockdale, with 700 MW at Rockdale and 1,000 MW at Corsicana, both sites being operational and strategically located [18][19][20] - The average load at Rockdale was 351 megawatts, while Corsicana had an average load of 335 megawatts during fiscal year 2025 [19] Company Strategy and Development Direction - The company has transitioned from a Bitcoin mining focus to a data center development strategy, aiming to maximize the value of its power portfolio [5][10] - The signing of a lease with AMD is a significant milestone, validating Riot's capabilities as a credible developer and operator in the data center space [9][13] - Future focus includes delivering the full 25 megawatts for the AMD lease, executing additional leases, and securing low-cost financing [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for data centers driven by the AI revolution and the scarcity of power resources, positioning Riot favorably in the market [32][33] - The company aims to convert its power capacity into long-term contracted cash flows with creditworthy tenants, anticipating a re-rating of its asset value as it executes its strategy [31][33] Other Important Information - The acquisition of the Rockdale site for $96 million was funded through the sale of Bitcoin, eliminating future rental payments and allowing for full ownership [8][9] - The company has maintained a disciplined capital management strategy, focusing on non-dilutive financing options to fund development [11][12] Q&A Session Summary Question: Progress on the AMD lease and best practices learned - Management highlighted the importance of understanding customer needs and delivering on aggressive timelines as key lessons from the AMD lease experience [40][41] Question: Financing discussions and market liquidity - The CFO noted strong liquidity in project finance markets and the potential for low-cost capital due to the predictable cash flows from the AMD lease [45][48] Question: Leasing pipeline and demand environment - Management confirmed active discussions with multiple parties across various customer segments, with a focus on high creditworthy tenants [52][54] Question: Impact of ERCOT developments on power approval - Management confirmed that Corsicana's power has been fully approved and operational, unaffected by ERCOT's new batch process [61][62] Question: Role of Bitcoin sales in funding CapEx - The CFO stated that Bitcoin sales will continue to fund operational needs and growth CapEx, alongside accessing lower-cost debt structures [67][68] Question: M&A considerations for new sites - Management is evaluating opportunities for new developments while focusing on maximizing the value of existing sites [73][74] Question: Accelerating energization of data center megawatts - Management is procuring long lead equipment to ensure timely delivery of capacity and is marketing the entire site for leasing [77][78] Question: Valuation of site attributes and deal economics - Management indicated that proximity to tier-one markets enhances tenant quality and financing opportunities, impacting deal discussions positively [81][82]