Core Points - Hut 8 Corp. announced the results of its 2025 Annual Meeting of Stockholders, where all eight nominees for the board of directors were elected [1][2] - The company operates an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale, focusing on energy-intensive applications like Bitcoin mining and high-performance computing [1][3] Voting Results - Joseph Flinn received 46,451,582 votes for out of a total of 46,957,693 votes cast - Asher Genoot received 46,786,009 votes for out of a total of 46,962,642 votes cast - Michael Ho received 46,785,583 votes for out of a total of 46,958,891 votes cast - E. Stanley O'Neal received 42,508,955 votes for out of a total of 46,940,123 votes cast - Carl J. (Rick) Rickertsen received 45,839,580 votes for out of a total of 46,955,648 votes cast - Mayo A. Shattuck III received 45,566,533 votes for out of a total of 46,951,363 votes cast - William Tai received 42,667,059 votes for out of a total of 46,954,056 votes cast - Amy Wilkinson received 39,326,194 votes for out of a total of 46,866,173 votes cast [2] Company Overview - Hut 8 Corp. manages 1,020 megawatts of energy capacity across 15 sites in the United States and Canada, including five Bitcoin mining and hosting sites, five high-performance computing data centers, and four power generation assets [3]

Core Insights - DigitalBridge is positioning itself uniquely in the market by focusing on investments in AI and digital infrastructure, highlighting the significant growth potential in this sector [1] - The company emphasizes that the current infrastructure developments represent a multi-decade opportunity, which is much larger than previous technological advancements like 2G or 5G [1] Group 1 - The company is leveraging its portfolio of companies to enhance performance and outcomes for shareholders [1] - There is a transformational moment in the infrastructure landscape that the company is capitalizing on [1]

Core Insights - During the "14th Five-Year Plan" period, China's digital infrastructure construction has achieved significant advancements, leading the world in scale and technology [1][3] - The total computing power scale ranks second globally, with the number of 5G base stations increasing fivefold compared to 2020, and gigabit broadband users growing by 34 times [3] Group 1: Digital Infrastructure Development - The "East Data West Computing" project is advancing, promoting a scientific layout of computing power, with five out of eight major computing hubs located in the western region, leveraging clean energy advantages and enhancing regional coordinated development [5] - The number of cities with interconnected data infrastructure is expected to expand to around 50 by the end of 2025, covering 80% of provinces, regions, and municipalities, laying a solid foundation for large-scale data circulation [6] Group 2: Impact on Daily Life - The proactive deployment and iterative upgrading of digital infrastructure are driving the emergence of new models and industries such as online shopping, online education, and smart healthcare, profoundly changing daily life [6]

HPC Infrastructure and Capacity - TeraWulf expects to deploy 150-200 MW of new HPC capacity per year[4] - The company has 1,150 MW of scalable capacity across purpose-built sites[4] - 800-850 MW of capacity is available for future contracts across two sites[5,9] - Cayuga site unlocks 400 MW of scalable HPC capacity[11] - Total capacity is 1,150 MW (gross), with 750 MW at Lake Mariner and 400 MW at Cayuga[36] Key Contracts and Financial Highlights - TeraWulf has a 10-year, $3.7 billion hyperscale lease with Fluidstack, with Google backstopping $1.8 billion of Fluidstack's lease obligations[11,12] - The company has a contract with Core42 for 72.5 MW, which is expected to be online in 2025[5] - Q2 2025 revenue was $47.6 million, with a non-GAAP adjusted EBITDA of $14.5 million[24] - End of period hash rate reached 12.2 EH/s, representing a 53% increase year-over-year[24] - Bitcoin mined in Q2 2025 totaled 485, implying 5.3 BTC per day, up 29% quarter-over-quarter[24] Financial Position - Cash and cash equivalents totaled $90 million at the end of Q2 2025[24] - Net debt was $410 million, including $500 million in convertible notes issued in October 2024[24] - The company projects a fixed operating cost range of $84–$94 million for 2025[38]

Financial Data and Key Metrics Changes - The company reported second quarter revenues of $47.5 million, an increase of 8% sequentially and 83% year over year [11] - Adjusted EBITDA reached $42.5 million, representing a sequential increase of 981% year over year, with an adjusted EBITDA margin of 89% [12][13] - Free cash flow was approximately $36.1 million, with a free cash flow margin of 76%, aligning with long-term expectations of about 70% [13] Business Line Data and Key Metrics Changes - Surface use royalties and revenue increased by 31% sequentially, driven by easements and other surface-related revenue [11] - Resource sales and royalties experienced a 26% sequential decline due to lower brackish water sales and royalty volumes [12] - Oil and gas royalties declined by 19% sequentially, with net royalty production volumes falling from 9.23 BOE per day in Q1 2025 to 8.14 BOE per day in Q2 2025 [12] Market Data and Key Metrics Changes - The company has increased its land holdings by over 50,000 acres in the past year, positioning itself to capitalize on growth opportunities in the Permian Basin [5] - The relationship with Waterbridge is highlighted as a strategic advantage, providing reliable recurring revenue through market-driven surface royalties [6] Company Strategy and Development Direction - The company aims to maintain a capital-light business model, focusing on growth in the Permian Basin without significant operating and capital expenditures [4] - There is a commitment to diversifying revenue streams to reduce commodity risk, with fee-based arrangements now accounting for 94% of total revenues [12] - The company is actively pursuing value-enhancing land acquisitions and has adjusted its adjusted EBITDA guidance for 2025 to between $160 million and $180 million [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in the Permian Basin and the potential for new projects in digital infrastructure and renewable energy [5][8] - Recent regulatory changes in Texas regarding produced water handling are viewed positively, aligning with the company's sustainable management strategy [9][50] - The management believes that the fundamentals for data centers in the Permian Basin are strong, despite the current lack of announcements from major tech companies [74][76] Other Important Information - The company declared a quarterly dividend of $0.10 per share, reinforcing its commitment to returning capital to shareholders [13] - The company ended the quarter with total liquidity of $95.3 million, including cash and cash equivalents of $20.3 million [13] Q&A Session Summary Question: Can you elaborate on the DBR solar project and its timeline? - Management explained that the solar project was delayed due to the need to finalize preparations and that they are now ready to market it to developers [20][21] Question: How does the Devon deal relate to the Speedway pipeline? - The management indicated that the Devon deal complements the Speedway project, highlighting the critical need for pore space in future growth [24][25] Question: Thoughts on the ARRIS acquisition by WES? - Management noted that the acquisition underscores the value of pore space, reinforcing their thesis about its importance in the industry [31][34] Question: Can you summarize the new Texas Railroad Commission guidelines on injection pressure? - The management stated that the new regulations focus on spreading out injection to avoid overconcentration, which positions the company favorably due to its contiguous acreage [47][50] Question: Why are there no announcements for data centers in the Permian Basin? - Management acknowledged the challenges of introducing tech companies to a new region but remains optimistic about future developments as fundamentals align [72][74]

Core Insights - Applied Digital's stock surged 31% to close at $13.14, driven by a strong fiscal Q4 earnings report and an expansion of its lease with CoreWeave [2][4] - The company reported $38 million in revenue for fiscal Q4, a 41% increase year over year, and an adjusted EPS loss of $0.03, surpassing analyst expectations [4] - CoreWeave exercised a 150-megawatt lease option, increasing total contracted capacity to 400 MW, potentially unlocking up to $11 billion in revenue over the next 15 years [4][5] Market Performance - Applied Digital significantly outperformed broader market indices, with the S&P 500 declining 0.4% and the Nasdaq Composite effectively flat [3] - The trading volume for Applied Digital was more than 2.5 times its recent average, indicating strong institutional interest [2] Future Outlook - CEO Wes Cummins highlighted plans to generate $1 billion in annual NOI within 3–5 years, driven by demand from hyperscale cloud customers [5]

Core Insights - Vertiv reported record GAAP revenue of $2,638 million for Q2 2025, exceeding analyst expectations of $2,353.9 million, driven by strong demand for data center solutions, particularly in the Americas and Asia Pacific regions [1][2] - Adjusted diluted earnings per share reached $0.95, surpassing the consensus estimate of $0.83, reflecting a year-over-year increase of 41.8% [2] - Despite strong sales growth, higher supply chain and tariff-related costs pressured adjusted operating margins, which fell to 18.5% from 19.6% year-over-year [2][10] Financial Performance - Revenue (GAAP) for Q2 2025 was $2,638 million, a 35.1% increase from $1,952.8 million in Q2 2024 [2] - Adjusted operating profit was $489.3 million, up 28.1% from $381.8 million in the previous year [2] - Adjusted free cash flow decreased by 17.7% to $277 million compared to the prior year [2][11] Regional Performance - The Americas segment saw net sales increase by 42.9%, driven by robust North American data center investment, with adjusted operating profit rising by 34.9% [6] - Asia Pacific net sales grew by 35.1% year-over-year, with adjusted operating profit jumping 83.3% [7] - EMEA region reported a 12.5% increase in net sales, with management noting robust growth in the pipeline [7] Strategic Focus - Vertiv is focusing on product innovation, particularly in AI and cloud deployments, while investing in its global supply chain and manufacturing [4][9] - The company aims to strengthen relationships with large data center operators and technology leaders to position itself as a reliable infrastructure partner [4] - A recent acquisition of Great Lakes Data Racks & Cabinets is expected to enhance its portfolio in high-density racks and enclosures [9] Future Outlook - For FY2025, Vertiv raised its financial outlook, expecting net sales between $9.93 billion and $10.08 billion, with organic growth of 23% to 25% [12] - Adjusted operating profit is projected to be between $1.95 billion and $2.03 billion, with adjusted earnings per share forecasted at $3.75 to $3.85 [12] - Q3 2025 projections include net sales of $2,510 million to $2,590 million and adjusted EPS between $0.94 and $1.00, with caution regarding potential impacts from proposed tariffs [13]

Project Overview - A new digital infrastructure project is launching to support Indonesia's digital transformation [1] - The project targets a country with a population of over 280 million people [1] - The project is built on Polkadot [1] Company/Industry Focus - The project is named MandalaChain (@MandalaChain) [1]

Core Viewpoint - AgriFORCE Growing Systems Ltd. is reaffirming its Bitcoin treasury strategy and has initiated operations at its Berwyn, Alberta site, capitalizing on the recent surge in Bitcoin prices, which surpassed $119,700 on July 14, 2025, driven by institutional inflows and positive regulatory developments [2][4]. Group 1: Bitcoin Treasury Strategy - The company plans to initiate Bitcoin purchases with its next significant capital influx, allocating up to 50% of its net investment capital for this purpose [2][8]. - AgriFORCE is strategically accumulating Bitcoin as a core treasury asset, enhancing financial resilience and shareholder value through expanded BTC accumulation [6][9]. - The company aims to retain up to 50% of self-mined Bitcoin for long-term holdings, leveraging a blended cost basis through low-cost in-house mining [8][9]. Group 2: Operational Developments - The Berwyn Power & Compute site is fully operational, with miners actively generating Bitcoin daily, showcasing the company's rapid deployment capabilities [3][5]. - The site was commissioned on June 17, 2025, and has transitioned from gas flare to Bitcoin production in a matter of days and weeks, demonstrating an efficient decentralized infrastructure model [5][10]. - AgriFORCE is advancing its 1.3 MW expansion agreement with BlueFlare Energy, with additional sites in Oyen and Hinton planned for rapid deployment [12]. Group 3: Infrastructure and Future Plans - The company's growth strategy is built around a three-pillar framework focusing on harnessing stranded energy, deploying sovereign infrastructure, and capitalizing on next-generation compute economies [5][10]. - AgriFORCE is laying the groundwork for future modular infrastructure that supports a wider range of decentralized workloads beyond Bitcoin [10][11]. - The company is exploring stablecoin on/off ramps for improved payment efficiency and liquidity management [14].

Core Insights - Blockmate Ventures Inc. presented updates and growth initiatives for its investees Hivello and Blockmate Mining at the AI & Technology Virtual Investor Conference on July 10, 2025 [1] Group 1: Company Overview - Blockmate Ventures is a Blockchain & Web3 venture builder focused on investing in scalable blockchain, mining, and digital infrastructure companies [2] - The company's portfolio includes Hivello, which specializes in decentralized computing, and Blockmate Mining, providing diversified exposure to emerging sectors within Web3 [2] Group 2: Recent Developments - The Hivello platform has seen strong uptake, with approximately 10,000 nodes currently running to generate passive income for users [6] - Blockmate Mining is characterized by high-capacity, low-cost Bitcoin and AI mining operations [6] - There are plans to launch a third venture, with early interest from Nasdaq in the mining arm [6]