Financial Data and Key Metrics Changes - Revenues in Q4 2025 were $202.3 million, down from $214.4 million in Q4 2024, while full-year revenues grew 38% to $907.1 million from $656.4 million in 2024 [20][21] - The company reported a net loss of $1.7 billion or $4.52 per diluted share in Q4 2025, compared to a net income of $528.3 million or $1.24 per diluted share in Q4 2024 [22][23] - For the full year, a net loss of $1.3 billion was recorded, compared to a net income of $541 million in the prior year [23] - The average cost per kWh for the company's own sites was $0.04 in 2025, with purchased energy cost per Bitcoin for the quarter at $48,611, up from $31,608 in Q4 2024 [24] Business Line Data and Key Metrics Changes - The company mined an average of 21.9 Bitcoin per day in Q4 2025, down from 27.1 Bitcoin in Q4 2024, resulting in approximately 481 less Bitcoin mined this quarter [21] - Bitcoin holdings increased by over 20% from approximately 44,000 Bitcoin to nearly 54,000 Bitcoin between Q4 2024 and Q4 2025 [22] - Energized hash rate increased 25% from 53.2 EH/s to 66.4 EH/s during the same period [22] Market Data and Key Metrics Changes - Bitcoin price volatility was significant, starting at approximately $111,000 and reaching a high of $125,000 before falling to around $87,000 by quarter end [19] - The total network hash rate increased modestly, affecting the total amount of Bitcoin mined [20] Company Strategy and Development Direction - The company announced a strategic partnership with Starwood Digital Ventures to expand into AI and high-performance computing, transitioning from a Bitcoin miner to an energy and digital infrastructure company [4][5] - The joint venture is expected to deliver over 1 GW of near-term IT capacity with a pathway to more than 2.5 GW, enhancing the company's ability to serve enterprise and AI customers [6][18] - The acquisition of a 64% stake in Exaion aims to diversify revenue and expand enterprise-grade AI and HPC capabilities [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by Bitcoin price volatility and emphasized the importance of maintaining financial flexibility [16][19] - The company remains committed to capital discipline and prioritizing high-value near-term opportunities despite market uncertainties [15][16] - Management expressed confidence in the long-term value of Bitcoin and the strategic advantages of their energy-dominant digital infrastructure platform [17][19] Other Important Information - The company recorded a non-cash goodwill impairment charge of $82.8 million during the quarter, which did not impact liquidity or cash flows [23] - Approximately 28% of total Bitcoin holdings were activated through a digital asset management strategy as of year-end [26] Q&A Session Summary Question: Financing dynamics around the 50% stake in the partnership - Management clarified that the initial contribution to the joint venture would be the asset itself, with options for capitalizing development costs [31][33] Question: Load balancing between mining and HPC - Management explained that advanced battery technology allows for effective load balancing, enabling Bitcoin mining during periods of low HPC demand [32][35] Question: Timeline for signing deals and project execution - Management indicated that the timeline for signing deals would be accelerated due to established relationships with tenants through Starwood [46][47] Question: Interest in acquiring powered sites - Management confirmed ongoing interest in acquiring sites with immediate power availability, prioritizing quick deployment [51][52] Question: Leveraging Exaion's capabilities - Management detailed Exaion's focus on private cloud operations and the importance of data security for enterprise customers [82][88]