Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, up 226% year-over-year and 33% sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][22] - Self-mining revenue was $168.6 million, representing year-over-year growth of 306% and sequential growth of 28.7% [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20][21] - Adjusted net loss was $82.6 million, compared to $37.4 million in Q4 2024 and $36.3 million in Q3 2025 [22] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [7] - The average Bitcoin price decreased by 13% quarter-on-quarter, impacting revenue and gross margin [19] Company Strategy and Development Direction - The company aims to be a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company is expanding its GPU-as-a-Service offerings in Malaysia and the U.S., with a disciplined approach to capital deployment [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals despite ongoing negotiations, emphasizing the sensitivity of discussions [31] - The company remains committed to Bitcoin mining, viewing it as a long-term investment despite current market conditions [42] - Management highlighted the importance of operational efficiency and cost control in navigating the current market environment [46][47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - The total cash and cash equivalents at year-end 2025 were $149.4 million, with significant borrowings of $1.0 billion [26] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty, covering price, duration, and design aspects, with confidence in finalizing deals soon [31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32] Question: Can you provide details on the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to hydropower and cold climate advantages [39] Question: How does the company view growth in Bitcoin mining in 2026? - The company remains a long-term believer in Bitcoin and will continue to invest in mining capacity, though specific projections are not yet available [42] Question: Is there a price point at which mining activity would slow down? - There is a price point, but the company has not reached it yet, as efficiency improvements allow some operations to remain profitable [46][47] Question: What is the strategy for GPU rental versus colocation? - Larger sites will focus on colocation, while smaller sites will handle GPU rental, aligning with customer preferences [83]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - VivoPower International PLC has successfully completed a $30 million strategic private investment in public equity (PIPE) to enhance its position in the AI infrastructure sector [1][3] - The investment is structured as convertible preference shares with a conversion price of $6.80 per share and a 6% annual PIK coupon, reflecting long-term alignment with the company's Sovereign AI strategy [3] Investment Details - The PIPE investment includes participation from notable investors such as Blue Sky Capital and sovereign family offices from the GCC region, indicating strong interest from leading technology and infrastructure investors [2][3] - Proceeds from the investment will primarily be used to scale VivoPower's high-performance AI data center portfolio and for general working capital purposes [3] Company Overview - VivoPower, founded in 2014 and listed on Nasdaq since 2016, is a B Corporation focused on developing and operating sustainable data center infrastructure for sovereign nations [5] - The company's mission is to ensure sovereign control over power, data, and national intelligence, helping nations bridge the gap between energy assets and AI ambitions [5]

Core Insights - The US and Japan are nearing the finalization of three initial projects under a $550 billion investment fund, which is a key component of the bilateral trade agreement reached last year [1] - The selected projects include a data center infrastructure project led by SoftBank, a deepwater oil terminal project in the Gulf of Mexico, and a synthetic diamond project for semiconductor manufacturing [2][5] - The investment fund aims to drive significant Japanese investments in critical US industries, thereby revitalizing the American industrial sector [5] Project Details - The three shortlisted projects focus on digital infrastructure, energy, and key materials for semiconductors, aligning with the investment framework established during Trump's visit to Japan [2] - The estimated costs for potential projects range from $350 million to $100 billion [3] Compliance Mechanism - The agreement stipulates that Japan must initiate funding within 45 working days after project confirmation; failure to do so may result in the US reclaiming certain benefits or reinstating higher tariffs [4] - The current tariff rate of 15% on Japanese imports could potentially be raised back to 25% if Japan does not fulfill its funding commitments [4] Context and Urgency - Trump has expressed dissatisfaction with the implementation progress of a similar agreement with South Korea, increasing the urgency for Japan to comply with its commitments [6]

Core Insights - The company reported its "best quarter ever," with over 3,400 customers involved in transactions during the fourth quarter [1] Financial Performance - Fourth-quarter revenue reached $2.4 billion, a 7% increase year-over-year, driven by strong monthly recurring revenue (MRR) [9] - Adjusted EBITDA for the fourth quarter was $1.2 billion, representing approximately 49% of revenue, up 15% from the previous year [10] - Annualized gross bookings for 2025 were reported at $1.6 billion, a 27% year-over-year increase, with fourth-quarter bookings of $474 million, up 42% year-over-year and 20% sequentially [2][6] Growth Metrics - The company achieved normalized MRR growth of 10% in the fourth quarter and 8% for the full year [3][6] - Management expects 2026 revenue growth of 9-10% and MRR growth of 8-10%, with an adjusted EBITDA margin near 51% [5][17] Demand Drivers - Approximately 60% of the largest deals in the fourth quarter were driven by AI workloads, an increase from about 50% earlier in the year [7] - AI deployments showed a 33% increase in power density compared to non-AI deals, indicating a shift towards denser and more complex infrastructure needs [8] Capacity Expansion - The company delivered over 12,000 retail cabinets in the fourth quarter and added roughly 1 GW to its powered land under control through strategic acquisitions [12][14] - Capital expenditures totaled about $1.4 billion in the fourth quarter, with 52 major projects underway across 35 markets [13] Future Outlook - The company anticipates a global MRR churn of 2.2% in the fourth quarter, below plan, and net interconnection additions of 7,800 in the quarter [16] - Management indicated that expectations for 2026 are "meaningfully ahead" of previous guidance shared at the June 2025 Analyst Day [18]

Core Insights - Equinix reported revenue of $2.42 billion for the quarter ended December 2025, reflecting a 7% increase year-over-year, but fell short of the Zacks Consensus Estimate by 1.96% [1] - The company's EPS was $8.91, a significant improvement from -$0.14 in the same quarter last year, but also missed the consensus estimate of $9.07 by 1.74% [1] Financial Performance Metrics - Equinix's shares have returned +6.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The company holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3] Capacity and Utilization - Cabinet Equivalent Capacity in EMEA was reported at 140,800, exceeding the three-analyst average estimate of 139,883 [4] - Quarter End Utilization in AMER was 79%, slightly below the three-analyst average estimate of 80.9% [4] - Cabinet Equivalent Capacity in AMER was 157,100, surpassing the three-analyst average estimate of 154,467 [4] Geographic Revenue Breakdown - Geographic Revenues in the Americas for Recurring Other were $5 million, down 28.6% year-over-year, and below the average estimate of $5.06 million [4] - Geographic Revenues in the Americas for Recurring Colocation were $711 million, up 13.6% year-over-year, exceeding the average estimate of $692.56 million [4] - Geographic Revenues in Asia-Pacific for Recurring Other were $4 million, reflecting a 33.3% increase year-over-year, in line with the average estimate [4] - Geographic Revenues in the Americas for Recurring Interconnection were $245 million, a 7.9% year-over-year increase, slightly above the average estimate of $244.76 million [4] Revenue Composition - Non-recurring revenues were reported at $126 million, down 25.9% year-over-year, and below the average estimate of $184.81 million [4] - Recurring revenues totaled $2.29 billion, a 9.7% year-over-year increase, slightly above the average estimate of $2.28 billion [4] - Recurring revenues from Managed Infrastructure were $116 million, a 0.9% year-over-year increase, but below the average estimate of $119.09 million [4] - Recurring revenues from Colocation were $1.71 billion, up 10.3% year-over-year, exceeding the average estimate of $1.69 billion [4]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue [21][22] - Annualized gross bookings for 2025 were $1.6 billion, up 27% year-over-year, with Q4 bookings at $474 million, a 42% increase year-over-year [8][19] - Global Q4 Adjusted EBITDA was $1.2 billion, approximately 49% of revenues, up 15% year-over-year [22] - Q4 FFO was $877 million, up 13% year-over-year [22] Business Line Data and Key Metrics Changes - Monthly recurring revenue grew 10% in Q4 and 8% for the full year on a normalized and constant currency basis [7] - Interconnection revenue increased by 9% year-over-year, with 7,800 net interconnections added in Q4 [15][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [19] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong trend towards enterprise AI adoption [9][10] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [10] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [9][10] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [15][66] - The company is actively expanding its global development portfolio with 52 major projects underway across 35 markets [16][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue and AFFO per share growth to exceed previous expectations [6][27] - The company anticipates continued improvement in Adjusted EBITDA margins and a focus on reducing MRR churn through AI predictive tools [22][27] - Management highlighted the importance of being at the center of a multi-year infrastructure investment cycle driven by AI [29][30] Other Important Information - The company has a strong pipeline, having already booked approximately 45% of its Q1 2026 target and signed an additional $100 million in pre-sales [14] - The balance sheet increased to approximately $40 billion, with net leverage at 3.8x annualized Adjusted EBITDA [24] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors like retail and manufacturing [32][33] Question: Is there any update to the multi-year guidance provided at the Capital Markets Day last June? - Management indicated that while the business is performing well, it is premature to discuss 2027 and beyond, focusing instead on the strong momentum for 2026 [37][38] Question: Do AI deals differ from traditional deals in size or location? - Management confirmed that AI deals showed a 33% increase in density compared to non-AI deals, indicating a shift in customer requirements [42][47] Question: How is the company addressing churn and what tools are being developed? - Management explained that they are using data analytics to identify at-risk customers earlier and deploying customer success teams to facilitate renewals and upsells [50][51] Question: What is the current status of power sourcing to meet customer demand? - Management stated that they have 3 GW of developable land under control, ensuring they can meet the increasing power demands of customers [58][59]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue (MRR) [21][22] - Annualized growth bookings for 2025 were $1.6 billion, up 27% year-over-year, with Q4 bookings at $474 million, a 42% increase year-over-year [8][19] - Global Q4 adjusted EBITDA was $1.2 billion, approximately 49% of revenues, reflecting a 15% increase compared to the same quarter last year [22] - Q4 funds from operations (FFO) were $877 million, up 13% year-over-year [22] Business Line Data and Key Metrics Changes - Interconnection revenue grew 9% year-over-year, with 7,800 net interconnections added in Q4, surpassing 500,000 interconnections globally [15][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [19] - The xScale business is expected to contribute to net revenue retention (NRR) over the next several years, with a healthy leasing pipeline [17] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong demand from various sectors including retail, e-commerce, and financial services [9][10] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [10] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [9][10] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [15][66] - The company is actively expanding its global development portfolio, with 52 major projects underway across 35 markets [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue growth between 9%-10% and adjusted EBITDA margins to improve to approximately 51% [27] - The company is focused on reducing MRR churn, with tools being developed to identify opportunities for customer retention [22][51] - Management highlighted the importance of executing well to capitalize on the current infrastructure investment cycle driven by AI [30] Other Important Information - The company has a strong capital structure with approximately $40 billion in total assets and a net leverage of 3.8x annualized adjusted EBITDA [24] - Capital expenditures for Q4 were approximately $1.4 billion, with plans for continued investment in capacity to meet long-term demand [25][26] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors, indicating a broader enterprise adoption of AI [32][34] Question: Is there an update on multi-year guidance and AFFO per share growth? - Management indicated that while the business is performing well, it is premature to discuss 2027 and beyond, but the momentum is positive [37][39] Question: How do AI deals differ from traditional deals? - AI deals showed a 33% increase in density compared to non-AI deals, reflecting the growing demand for higher capacity [42][47] Question: What is the strategy for managing churn? - Management is focusing on early identification of customers at risk of churn and deploying customer success teams to facilitate renewals and upsells [50][51] Question: How is the company addressing increased power demands from enterprises? - The company has 3 GW of developable land under control and is building against powered land portfolios to meet customer requirements [58][59]

Financial Data and Key Metrics Changes - Q4 revenues reached $2.4 billion, a 7% increase year-over-year, driven by a 10% growth in monthly recurring revenue (MRR) [20][21] - Global Q4 adjusted EBITDA was $1.2 billion, approximately 49% of revenues, up 15% year-over-year [21] - Q4 funds from operations (FFO) totaled $877 million, a 13% increase compared to the same quarter last year [22] Business Line Data and Key Metrics Changes - Monthly recurring revenue grew 10% in Q4 and 8% for the full year on a normalized and constant currency basis [5] - Interconnection revenue increased by 9% year-over-year, with 7,800 net interconnections added in Q4, surpassing half a million interconnections globally [13][23] - The retail business delivered record bookings across all deal sizes, contributing significantly to overall performance [18] Market Data and Key Metrics Changes - Approximately 60% of the largest deals in Q4 were driven by AI workloads, indicating a strong trend towards AI adoption across various sectors [8][34] - The company completed over 17,200 transactions in 2025, with Q4 transaction volume being the highest ever at over 4,500 deals [9] Company Strategy and Development Direction - The company is focused on enhancing its digital infrastructure and connectivity to meet the growing demands of enterprise customers, particularly in AI [8][12] - A disciplined pricing strategy is being implemented to align with strong demand patterns and the differentiated value of solutions [13][70] - The company is actively expanding its global development portfolio, with 52 major projects underway across 35 markets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the 2026 plan, expecting revenue growth of 9%-10% and adjusted EBITDA margins to improve to approximately 51% [27] - The company anticipates continued strong demand for its services, particularly in AI, which is expected to drive future growth [8][34] - Management highlighted the importance of disciplined execution to achieve healthy revenue growth and superior shareholder returns [17] Other Important Information - The company has a strong backlog of cabinets sold but not yet installed, reflecting robust bookings performance [23] - The capital structure remains solid, with a balance sheet of approximately $40 billion and a net leverage of 3.8x annualized adjusted EBITDA [24] Q&A Session Summary Question: Can you elaborate on the bookings momentum in Q4 and the role of AI workloads? - Management noted that 60% of the largest deals were driven by AI workloads, with significant contributions from non-cloud sectors like retail and manufacturing, indicating a broader enterprise adoption of AI [34] Question: Is there an update to the multi-year guidance provided at the Capital Markets Day last June? - Management stated that while the business is performing well, it is premature to discuss 2027 and beyond, emphasizing strong momentum and favorable currency conditions [40] Question: How do AI deals differ from traditional deals in terms of size and location? - Management indicated that AI deals showed a 33% increase in density compared to non-AI deals, reflecting the growing demand for higher capacity [49] Question: What is the company's strategy regarding churn reduction? - Management highlighted the use of predictive tools and customer success teams to address churn, focusing on early identification of customers ready to renew [53] Question: How is the company addressing increased power demands from enterprises? - Management confirmed that they have 3 GW of developable land under control, ensuring they can meet the power requirements of customers [61]

Q4 2025 Earnings Conference Call NASDAQ: EQIX Presented on February 11, 2026 © 2026 Equinix, Inc. Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as "believe," "anticipate," and "expect." These forward-looking statements involve risks and uncertainties that may cause Equinix's actual results to differ materially from the expectations discussed in such forward-looking statements. Factors t ...