Core Viewpoint - Hyperscale Data, Inc. is resuming Bitcoin mining operations at its Montana site due to a recent increase in Bitcoin prices, which the company believes is sustainable for generating positive cash flow from operations [3]. Group 1: Company Operations - Sentinum, a wholly owned subsidiary of Hyperscale Data, plans to restart Bitcoin mining operations on or around June 10, 2025, at one of its two Montana sites [1]. - The Montana site has a power capacity of up to 10 megawatts, sufficient to operate approximately 3,200 S19j Pro Antminers, with initial operations set to commence on about 2,600 Antminers [2]. - The company expects to ramp up operations to full capacity of approximately 3,200 Antminers by July 2025 [2]. Group 2: Strategic Direction - Hyperscale Data intends to divest its subsidiary Ault Capital Group, Inc. (ACG) by December 31, 2025, after which it will focus solely on data center operations and may continue Bitcoin mining [5]. - Until the divestiture, the company will provide mission-critical products across various industries, including AI, gaming, and medical sectors, through ACG and its subsidiaries [5]. Group 3: Financial Instruments - On December 23, 2024, the company issued one million shares of Series F Exchangeable Preferred Stock to common stockholders, which will be exchanged for shares of ACG upon the divestiture [6].

Financial Data and Key Metrics Changes - The company reported a net profit of $24 million for Q3 FY 2025, reflecting a 28% growth quarter on quarter [5][66] - Revenue reached a record $148 million for the quarter, up 24% from approximately $120 million in Q2 [17][66] - Adjusted EBITDA increased from $62 million in Q2 to $83 million in Q3, marking a 32% rise [18][66] - The average operating hash rate grew by 30% from 22.6 exahash to 29.4 exahash [66] Business Line Data and Key Metrics Changes - The Bitcoin mining segment averaged 29.4 exahash of operating capacity, representing a nearly 5x uplift year on year [6][12] - The AI cloud segment saw a 33% quarter on quarter revenue growth, with hardware profit margins of 97% [33][66] - The company achieved an all-in cash cost of $41,000 per Bitcoin mined, compared to a realized revenue of $93,000 per Bitcoin, resulting in a gross profit of approximately $52,000 per Bitcoin [15][16] Market Data and Key Metrics Changes - The company is on track to reach 50 exahash of installed capacity by June 30, 2025, which would represent a 4x increase from 10 exahash in June 2024 [7][19] - The company reported a cumulative average growth rate of 361% in installed hash rate since December 2022 [20] Company Strategy and Development Direction - The company is focusing on value-accretive investments in both Bitcoin mining and AI infrastructure, pausing further mining expansion to allocate capital towards AI [7][24] - The AI data centers are advancing with significant build-outs, including a 50 megawatt liquid-cooled data center and a 2 gigawatt flagship data center hub in West Texas [9][58] - The company aims to maximize return on invested capital, particularly in the AI vertical, while maintaining a disciplined capital allocation strategy [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued earnings momentum into fiscal Q4, driven by key growth initiatives [6][11] - The company highlighted the importance of maintaining margins and operational efficiency despite macroeconomic headwinds [12][14] - Management noted that the demand for AI compute is expected to triple in the next five years, indicating a significant growth opportunity [36][38] Other Important Information - The company plans to transition to U.S. domestic issuer status from July 1, 2025, aligning its reporting with U.S. GAAP [10] - The company has $160 million in cash on the balance sheet and estimates a net funding requirement of up to $250 million for growth initiatives [63][64] Q&A Session Summary Question: How should we think about your appetite to fill out the available capacity of Prince George and growth beyond that? - Management indicated a focus on capital and risk-adjusted returns, preferring to match debt with customer contracts for growth in the AI cloud vertical [72][75] Question: At what stage could it make sense to bring a partner in for joint ventures? - Management acknowledged the need for further partners for project financing and equity, especially for large-scale developments like Sweetwater [76][77] Question: Can you provide details on the performance of your AI cloud business from an uptime and utilization perspective? - Management stated that they track a full range of metrics and receive positive feedback from customers regarding uptime and performance compared to other providers [82][84] Question: What milestones or signals are you looking for to indicate progress towards formal agreements at Horizon One? - Management mentioned ongoing advanced negotiations with multiple customers and expressed confidence in contracting ahead of commissioning in Q4 [86][88]

Financial Data and Key Metrics Changes - The company reported a net profit of $24 million for Q3 FY 2025, reflecting a 28% growth quarter on quarter [5][18] - Revenue reached a record $148 million for the quarter, up 24% from approximately $120 million in Q2 [5][18] - Adjusted EBITDA increased from $62 million to $83 million, marking a 32% rise [18][71] - The average operating hash rate grew to 29.4 exahash, a 30% increase from the previous quarter [14][71] Business Line Data and Key Metrics Changes - The Bitcoin mining segment averaged 29.4 exahash of operating capacity, representing a nearly 5x uplift year on year [6][14] - The AI cloud segment saw a 33% quarter on quarter revenue growth, with hardware profit margins of 97% [35] - The company is on track to reach 50 exahash of installed capacity by June 30, 2025, a 4x increase from 10 exahash in June 2024 [7][20] Market Data and Key Metrics Changes - The company noted a 326% year on year hash rate growth against a 40% increase in network difficulty, indicating market share gains [14] - The global AI data center demand is projected to grow three and a half times in the next five years, necessitating new infrastructure [40] Company Strategy and Development Direction - The company is focusing on value-accretive investments in both Bitcoin mining and AI infrastructure, pausing further mining expansion to allocate capital towards AI [7][25] - Significant build-outs are underway for AI data centers, including a 50 megawatt liquid cooled data center and a 2 gigawatt flagship hub in West Texas [9][62] - The company aims to transition to U.S. domestic issuer status to align reporting with U.S. GAAP and reflect its increased U.S. asset footprint [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued earnings momentum into fiscal Q4, driven by key growth initiatives [6] - The company is practicing disciplined capital allocation amid broader market volatility, emphasizing the importance of cash flow from Bitcoin mining to fund AI growth [11][25] - Management highlighted the competitive advantage in securing large-scale sites and power capacity to meet rising AI infrastructure demand [44][62] Other Important Information - The company is transitioning to U.S. GAAP reporting from July 1, 2025, which will impact the accounting for convertible notes and other financial instruments [74] - The company has $160 million in cash on the balance sheet, supporting its growth plans [67] Q&A Session Summary Question: How should we think about your appetite to fill out the available capacity of Prince George and growth beyond that? - The company is focused on capital and risk-adjusted returns, looking to match debt with customer contracts for growth in AI cloud services [79] Question: At what stage could it make sense to bring a partner in for joint ventures? - The company may need to bring in partners for project financing and debt, especially for large-scale developments like Sweetwater [81] Question: How is the AI cloud business performing in terms of uptime and utilization? - The company tracks a full range of metrics and receives positive feedback from customers, indicating strong performance compared to industry norms [90] Question: What milestones are you looking for to indicate progress towards formal agreements at Horizon One? - The company is in advanced negotiations with several customers and expects to finalize contracts ahead of commissioning in Q4 [94]

Q3 FY25 Financial Highlights - Record revenue of $148.1 million[18] - Record Adjusted EBITDA of $83.3 million[18] - Record EBITDA of $82.7 million[18] - Profit After Tax of $24.2 million[18] Bitcoin Mining Operations - Average Operating Hashrate of 29.4 EH/s[18] - Target installed capacity of 50 EH/s by June 30, 2025[18] - Pausing further mining expansion at 50 EH/s to focus on AI opportunities[18] - Best-in-class fleet efficiency at 15 J/TH[24] - Low electricity costs at 3.3 c/kWh at Childress power price[24] - Illustrative Adjusted EBITDA of $588 million at 50 EH/s (assuming $95k Bitcoin price)[29] - 326% YoY hashrate growth[26] AI Cloud Services - Launched IREN Cloud in August 2023 and scaled to 1,896 H100 & H200 GPUs[38] - AI Cloud revenues scaling with strong margins and 33% QoQ revenue growth[45] - 97% Hardware profit margin for AI cloud service[46] - Annual run-rate revenue of $28 million[49] AI Data Center Expansion - Horizon 1: Up to 50MW (IT load) liquid-cooled capacity targeting Q4 2025 delivery with $6-7 million forecast capex per MW of IT Load[18, 75] - Sweetwater 1: 1.4GW April 2026 energization[18] - Sweetwater: 2GW of high-voltage power across >1,800 acres[83] Financial Position - $160 million cash as of April 30, 2025[89] - Up to $250 million expected net funding requirement during 2025[89]

Core Viewpoint - Cango Inc. reported significant growth in the first quarter of 2025, primarily driven by its entry into the Bitcoin mining industry, resulting in total revenues of RMB1.1 billion (US$145.2 million), a substantial increase from RMB64.4 million in the same period of 2024 [3][5][10]. Financial Performance - Total revenues for Q1 2025 were RMB1.1 billion (US$145.2 million), compared to RMB64.4 million in Q1 2024, marking a year-over-year increase of approximately 1,610% [5][8]. - Revenue from Bitcoin mining was RMB1.0 billion (US$144.2 million), with 1,541 Bitcoins mined during the quarter, up from 933.8 Bitcoins in the previous quarter [3][5]. - Revenue from automotive trading-related income was RMB7.6 million (US$1.0 million), a decrease from RMB64.4 million in the same period of 2024 [6]. Operating Costs and Expenses - Total operating costs and expenses in Q1 2025 were RMB1.2 billion (US$166.7 million), primarily related to Bitcoin mining operations [7][8]. - The cost of revenue for Bitcoin mining was RMB955.1 million (US$131.6 million), compared to RMB29.1 million in Q1 2024 [7][8]. Profitability Metrics - Loss from operations in Q1 2025 was RMB155.5 million (US$21.4 million), compared to income from operations of RMB74.2 million in Q1 2024 [9]. - Net loss for the quarter was RMB207.4 million (US$28.6 million), a decline from net income of RMB90.0 million in the same period of 2024 [10][30]. - Adjusted EBITDA was RMB27.6 million (US$3.8 million), down from RMB108.4 million in Q1 2024 [11][30]. Balance Sheet and Cash Position - As of March 31, 2025, cash and cash equivalents totaled RMB2.5 billion (US$347.4 million), an increase from RMB1.3 billion as of December 31, 2024 [16]. - The total outstanding balance of financing transactions facilitated by the company was RMB2.6 billion (US$358.4 million) as of March 31, 2025 [8]. Business Outlook - The company aims to increase its computing power from 32 EH/s to approximately 50 EH/s by the end of July 2025, enhancing its position among top-tier Bitcoin miners [3][12]. - Cango plans to continue optimizing its existing resources and explore high-quality M&A opportunities to scale operations and deliver long-term value [3][12].

Core Insights - AgriForce Growing Systems Ltd. has successfully delivered 500 Bitmain S19j Pro 100T Bitcoin mining machines for installation at its second facility in East Palestine, Ohio, marking a significant step in its expansion strategy [1][4] - The new equipment is expected to add 50 petahash per second (PH/s) of mining capacity, bringing the total operational hashrate in Ohio to 130 PH/s, which includes the existing 80 PH/s from another facility [2][3] - The company emphasizes its competitive position in the North American Bitcoin mining sector by leveraging low-cost power agreements and vertically integrated infrastructure [3] Company Strategy - The delivery of the new machines is seen as a strategic milestone in AgriForce's scale-up roadmap, aimed at enhancing operational capacity and cost efficiency [4] - The company aims to reach a target of one exahash in total mining capacity, showcasing its commitment to growth and efficiency in converting investments into revenue-generating assets [4] - AgriForce's ability to quickly locate and install well-priced miners demonstrates its operational agility and effectiveness in optimizing success rates [4] Technical Specifications - Each Bitmain S19j Pro 100T unit has a hashrate of 100 terahash per second (TH/s) and a power consumption of approximately 2,950 watts, contributing to a total system power draw of around 1.475 megawatts (MW) for the 500 units [8] - The facility in East Palestine has a total capacity of 2 MW, allowing for optimized load balancing [8] Company Overview - AgriForce Growing Systems Ltd. is focused on addressing challenges in agriculture, digital infrastructure, and environmental innovation, with a commitment to building energy-efficient operations [5] - The company leverages proprietary infrastructure strategies and clean energy assets to drive sustainable growth and long-term value creation [5]

TeraWulf (WULF) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Company Participants John Larkin - SVP & Director of Investor RelationsPaul Prager - CEO, Co-Founder & ChairmanPatrick Fleury - Chief Financial OfficerMike Grondahl - Head of Equities & Director of ResearchNazar Khan - Co-Founder, COO, CTO & Executive DirectorBrett Knoblauch - Managing DirectorStephen Glagola - Director - Equity ResearchMartin Toner - Managing Director - Institutional Research, Growth & InnovationBill Papanastasiou - Vice Presid ...

TeraWulf (WULF) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Speaker0 Greetings and welcome to the TerraWolf twenty twenty five First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Larkin, Senior Vice President, Director of Investor Relations. Thank you, sir. You may begin. Speaker1 Thank y ...

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Operational Highlights - TeraWulf deployed 122 EH/s in Q1 2025[9] - The company mined 372 BTC in Q1 2025, averaging 41 BTC per day[9, 16] - TeraWulf is on track to deliver 60 MW of critical HPC hosting capacity to Core42 in 2025[9] - The company achieved an 18 J/TH fleet efficiency in Q1 2025[13] Financial Performance - Revenue reached $349 million in Q1 2025, a 102% increase year-over-year, with an average value per BTC self-mined of approximately $93k[16] - Non-GAAP Adjusted EBITDA was ($47) million in Q1 2025, down from $319 million in 1Q24 due to various factors[16] - As of March 31, 2025, TeraWulf held $2182 million in cash and cash equivalents, excluding BTC valued at $14 million[12, 16] - Net debt stood at $2818 million as of March 31, 2025, including $500 million in 275% Convertible Notes due 2030[16, 17] - Power cost was $0081/kWh in Q1 2025, a 65% increase year-over-year due to extreme winter weather conditions[16] Strategic Initiatives and Guidance - TeraWulf has a scalable infrastructure with 750 MW of potential capacity for HPC Hosting[3] - The company is targeting 225 MW and 12 EH/s for Q2 – Q4 2025[3] - TeraWulf secured its first data center lease with Core42 for 60 MW of capacity[27] - The company anticipates ~$16 million per MW Base Rent in Year 1 from the Core42 deal, escalating at 3% annually[27]