Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $38 million, up 41% year over year, driven by increased capacity in the data center hosting business [14] - Cost of revenues increased by $7.5 million to $30.2 million, also due to increased capacity [14] - SG&A expenses rose by $15 million to $28.1 million, influenced by business growth and increased stock-based compensation [15] - Net loss attributable to common stockholders was $26.6 million, or $0.12 per share, while adjusted net loss was $7.6 million, or $0.03 per diluted share [15] - Adjusted EBITDA for the quarter was $1 million [16] - The company ended the quarter with $120.9 million in cash and $688.2 million in debt [16] Business Line Data and Key Metrics Changes - The data center hosting segment operates 286 megawatts of fully contracted capacity for cryptocurrency customers [11] - The cloud services business is under review for strategic alternatives, with no updates provided [11] Market Data and Key Metrics Changes - The company signed a transformative 15-year lease with CoreWeave for 250 megawatts at the Polaris Forge One campus, expected to generate approximately $7 billion in contracted revenue [6] - The first 100-megawatt facility is scheduled to be operational in Q4 2025, with additional facilities planned for mid-2026 and 2027 [7][39] Company Strategy and Development Direction - The company aims to position itself as a leader in AI and HPC infrastructure, focusing on scalable solutions and efficient designs [6][9] - Strategic decisions include reducing the number of SKUs by approximately 50% and consolidating suppliers to enhance efficiency [7] - The company is actively marketing its multi-gigawatt pipeline to a diverse group of customers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong relationships with hyperscalers and a robust pipeline of projects [19] - The company anticipates significant revenue increases in the upcoming quarters due to the technical fit-out of the Polaris Forge One building [17] Other Important Information - The company has raised approximately $270 million post-quarter through ATM and Series G preferred stock offerings [13] - Management highlighted the advantages of building in the Dakotas, including low-cost energy and efficient cooling systems [8] Q&A Session Summary Question: Development cadence for 2026 and potential groundbreaking for a second campus - Management expects to break ground on one additional campus and potentially two before the end of the year [22] Question: Additional color on financing timeline and gating items - The biggest gating item is the general slowdown in August, with reliance on professional service providers for construction reports and documentation [23][24] Question: Status of advanced negotiations with a customer - Management confirmed advanced negotiations with an investment-grade North American hyperscaler, with ongoing discussions with several others [30] Question: Fit-out status for the Ellendale facility - The fit-out is underway, with expectations for customer gear to be brought on-site in Q4 of this year [31] Question: Terms of project financing for CoreWeave - Financing terms are largely as expected, with costs in the high twos to low fours for investment-grade tenants [37] Question: Timeline for Building 2 and penalties for delays - Building 2 is progressing well, with a timeline of approximately twelve months, and standard lease penalties apply for late delivery [44][48] Question: Focus on owning infrastructure versus powered shells - The company is focused on full-stack ownership of buildings rather than powered shells, which are less appealing as a public company model [52] Question: Progress on sales tax in South Dakota - No progress has been made on sales tax, with focus currently on a large campus in North Dakota [54]