Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $229 million, up 72% year-over-year [28] - Operating loss for fiscal year 2025 was $150 million, compared to an operating loss of $28 million in 2024 [28][29] - Net loss for 2025 was $209 million, or $0.38 loss per share, compared to a net loss of $7 million, or $0.02 loss per share in 2024 [29] - Adjusted EBITDA for 2025 was $29 million, down from $31 million in 2024 [30] Business Line Data and Key Metrics Changes - The company has shifted focus entirely to North American HPC infrastructure development, moving away from Bitcoin mining [5][6] - The transition includes a significant capital raise of $588 million, which was fully institutional and oversubscribed [11][31] - The company is now positioned as Keel Infrastructure, emphasizing its role in supporting AI and HPC infrastructure [6][10] Market Data and Key Metrics Changes - The company has secured over 2 GW in its pipeline, making it a regional leader in high-demand markets [8][14] - The demand for power and land for AI infrastructure is increasing, with significant barriers to entry in the markets where the company operates [15][25] - The company is experiencing a surge in customer interest, particularly after securing zoning for its Panther Creek site [15] Company Strategy and Development Direction - The company aims to provide critical infrastructure for AI platforms, focusing on colocation facilities rather than competing with hyperscalers [7][10] - The strategy includes a disciplined exit from Bitcoin mining, with plans to reinvest capital into HPC and AI infrastructure [13][24] - The company is focused on executing its three-year transformation plan, with 2026 being a year of execution and 2027 anticipated for revenue generation [11][13] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for power will remain a structural bottleneck for AI infrastructure deployment [16] - The company is confident in its ability to secure leases and generate revenue as it progresses through permitting and site development [12][20] - The management emphasizes the importance of securing favorable lease terms to maximize shareholder value [40][41] Other Important Information - The company will officially rebrand as Keel Infrastructure and begin trading under the new ticker on Nasdaq and TSX [8][12] - The company has a strong liquidity position of $520 million, providing flexibility for future developments [31][32] Q&A Session Summary Question: What were the major drivers for the decision to focus on colocation instead of GPU rental at Moses Lake? - The decision was based on increasing customer conversations indicating that remaining a pure play infrastructure developer would maximize shareholder value [39] Question: Can you update on the lease execution strategy and potential timing? - The strategy remains consistent, focusing on securing the best lease terms to drive long-term value [40][41] Question: What permits are still pending at the various sites? - Permitting is a complex process with progress expected in the coming months, aiming for full permitted status across sites by mid to late summer [46] Question: What is the timeline for data center construction and revenue generation? - The company expects to start generating revenue from its sites in 2027, following the completion of permitting and lease execution [82] Question: How is the company managing its Bitcoin mining operations during the transition? - The company is scaling back its mining operations while maximizing free cash flow before transitioning fully to HPC and AI infrastructure [76][84]

Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $229 million, up 72% year-over-year [28] - Operating loss for fiscal year 2025 was $150 million, compared to an operating loss of $28 million in 2024 [28][29] - Net loss for 2025 was $209 million, or $0.38 loss per share, compared to a net loss of $7 million, or $0.02 loss per share in 2024 [29] - Adjusted EBITDA for 2025 was $29 million, down from $31 million in 2024 [30] Business Line Data and Key Metrics Changes - The company has shifted its focus entirely to North American HPC infrastructure development, moving away from Bitcoin mining [5][6] - The transition included the acquisition of Stronghold and securing more power in Pennsylvania, contributing to a robust pipeline of over 2 GW [11] Market Data and Key Metrics Changes - The company is positioned in high-demand markets with significant barriers to entry, including Pennsylvania, Washington, and Quebec [14][25] - The demand for power and land for AI infrastructure is expected to remain high, with investment-grade tenants seeking to secure sites quickly [16][25] Company Strategy and Development Direction - The company plans to rebrand as Keel Infrastructure, focusing on enabling hyperscalers and Neoclouds rather than competing with them [6][7] - The strategy includes a disciplined exit from Bitcoin mining, with plans to reinvest capital into HPC and AI infrastructure [10][24] - The company aims to complete permitting and secure leases in 2026, with revenue generation expected to begin in 2027 [12][82] Management's Comments on Operating Environment and Future Outlook - Management emphasized the structural bottleneck in power generation for AI infrastructure, which is expected to persist for years [16] - The company is confident in its ability to execute its strategy and deliver value to shareholders, with a strong liquidity position of $520 million [31][34] Other Important Information - The company successfully raised $588 million through an oversubscribed convertible offering, enhancing its liquidity [31] - The transition to HPC and AI infrastructure is supported by a new executive team and strategic partnerships with industry leaders [22][23] Q&A Session Summary Question: What were the major drivers for choosing colocation over GPU rental at Moses Lake? - The decision was based on increasing customer conversations indicating a preference for leasing megawatts rather than GPU rental [39] Question: Can you update on the lease execution strategy and timing? - The strategy remains consistent, focusing on securing the best lease terms to maximize shareholder value, with permitting timelines influencing lease negotiations [40][41] Question: What permits are pending at the various sites? - Permitting is a complex process with progress expected in the coming months, aiming for full permitted status across sites by mid to late summer [46] Question: Can you clarify the sequencing between notice to proceed and lease execution? - Customers are likely to want notice to proceed before committing to binding leases, particularly investment-grade counterparties [55] Question: How is the global memory shortage impacting site development? - The memory shortage primarily affects customers, as the company focuses on infrastructure development rather than investing in GPUs [67]

Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $229 million, up 72% year-over-year [28] - Operating loss for fiscal year 2025 was $150 million, compared to an operating loss of $28 million in 2024 [28][29] - Net loss for 2025 was $209 million, or $0.38 loss per share, compared to a net loss of $7 million, or $0.02 loss per share in 2024 [29] - Adjusted EBITDA for 2025 was $29 million, down from $31 million in 2024 [30] Business Line Data and Key Metrics Changes - The company has shifted its focus entirely to North American HPC infrastructure development, moving away from Bitcoin mining [5][6] - The transition included the acquisition of Stronghold and securing more power in Pennsylvania, which supports the new strategy [11] Market Data and Key Metrics Changes - The company has secured over 2 gigawatts in its pipeline, positioning itself as a regional leader in high-demand markets [8][14] - The demand for power and land for AI infrastructure is increasing, with significant barriers to entry in the markets where the company operates [15][16] Company Strategy and Development Direction - The company is rebranding as Keel Infrastructure, focusing on enabling hyperscalers and Neoclouds rather than competing with them [6][7] - The strategy includes designing site developments as powered shell or colocation facilities to maximize shareholder value [9][10] - The company aims to complete its transition from Bitcoin mining to HPC and AI infrastructure by 2027, with significant milestones expected in 2026 [13][14] Management's Comments on Operating Environment and Future Outlook - Management emphasized the structural bottleneck in power generation for AI infrastructure, which is expected to persist for the next five years [16] - The company is well-positioned to capitalize on the demand for AI infrastructure, with a strong balance sheet and liquidity [26][34] Other Important Information - The company successfully raised $588 million in a convertible offering, enhancing its liquidity [31] - The current cash position stands at $520 million, providing flexibility for future developments [32] Q&A Session Summary Question: What drove the decision to focus on colocation instead of GPU rental at Moses Lake? - The decision was based on customer conversations indicating that remaining a pure play infrastructure developer would maximize shareholder value [39] Question: What is the current strategy regarding lease execution? - The strategy is to secure the best terms for leases, which may take longer but will drive long-term value [40][41] Question: What permits are still pending for the various sites? - Permits are being pursued across multiple sites, with expectations to achieve full permitted status in the coming months [46] Question: What is the timeline for data center construction and revenue generation? - The company expects to start generating revenue from its sites in 2027, following the completion of permitting and lease execution [82] Question: How is the company managing its Bitcoin mining operations during the transition? - The company is scaling back its mining operations while maximizing free cash flow before selling miners [83]

Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $229 million, up 72% year-over-year [28] - Operating loss for fiscal year 2025 was $150 million, compared to an operating loss of $28 million in 2024 [28] - Net loss for 2025 was $209 million, or $0.38 loss per share, compared to a net loss of $7 million, or $0.02 loss per share in 2024 [28] - Adjusted EBITDA for 2025 was $29 million, down from $31 million in 2024 [29] Business Line Data and Key Metrics Changes - The company has shifted focus entirely to North American HPC infrastructure development, moving away from Bitcoin mining [4][5] - The decision to focus on colocation rather than GPU rental was made based on increased customer demand for leasing megawatts [8][39] Market Data and Key Metrics Changes - The company has secured over 2 gigawatts in its pipeline, positioning itself as a regional leader in high-demand markets [6][13] - The demand for power and land for AI infrastructure is expected to remain high, with significant barriers to entry in the markets of Pennsylvania, Washington, and Quebec [13][14] Company Strategy and Development Direction - The company is rebranding as Keel Infrastructure, emphasizing its role as an infrastructure developer for HPC and AI [5][11] - The strategy includes a disciplined exit from Bitcoin mining, with plans to reinvest capital into HPC and AI infrastructure [12][23] - The company aims to complete permitting and lease execution in 2026, with revenue generation expected to commence in 2027 [12][84] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for power will remain a structural bottleneck for AI infrastructure deployment in the coming years [15] - The company is confident in its ability to execute its development plans and deliver value to shareholders [24][35] Other Important Information - The company successfully raised $588 million in a convertible offering, significantly enhancing its liquidity [30] - The current cash position stands at $520 million, providing flexibility for advancing development projects [32] Q&A Session Summary Question: What were the major drivers for the decision to focus on colocation instead of GPU rental? - The decision was based on increasing customer conversations indicating that the best opportunity is to remain a pure play infrastructure developer and owner [39] Question: Can you update on the lease execution strategy and potential timing? - The strategy remains consistent, focusing on securing the best terms for leases to maximize shareholder value [40][41] Question: What permits are still pending at the various sites? - Permitting is a complex process with progress being made across multiple sites, with expectations to achieve full permitted status in the coming months [46][47] Question: Can you clarify the sequencing between notice to proceed and lease execution? - Customers are likely to want notice to proceed before committing to a lease, particularly investment-grade counterparties [56] Question: What is the timeline for data center construction and revenue generation? - Revenue generation is expected to commence in 2027, with all three projects anticipated to come online and start delivering megawatts [84]

Core Insights - TeraWulf Inc. is transitioning its focus from digital asset mining to high-performance computing (HPC) and AI infrastructure, securing over $12.8 billion in contracted revenue through long-term lease agreements [1][3] - The company reported total revenue of $168.5 million for 2025, with HPC lease revenue reaching $9.7 million as it scales its operations [3] Group 1: Business Transition and Revenue - In 2025, TeraWulf shifted its primary focus to HPC and AI infrastructure, moving away from digital asset mining [1] - The company executed long-term lease agreements for 522 critical IT megawatts (MW), contributing to significant revenue visibility [1] - Digital asset revenue decreased in Q4 due to lower bitcoin production and pricing, while HPC lease revenue began to scale [3] Group 2: Infrastructure Development - TeraWulf is expanding its physical footprint with the Lake Mariner Data Campus in New York and the Abernathy HPC Campus in Texas [2] - The Lake Mariner campus includes several operational phases, with the 168 MW CB4 and CB5 facilities expected to be energized in the second half of 2026 [2] - The company is increasing its total potential platform capacity to approximately 2.9 gigawatts (GW) through planned acquisitions in Kentucky and Maryland [2] Group 3: Financing and Growth Strategy - To support its infrastructure buildout, TeraWulf secured approximately $6.5 billion in long-term financing [3] - The development pipeline is designed to deliver 250 to 500 MW of critical IT capacity annually to meet AI demand [2]

Group 1 - Cipher Mining Inc. is experiencing significant analyst attention, with price target adjustments reflecting market conditions and company performance [1][2] - The company has shifted focus from traditional Bitcoin mining to high-performance computing (HPC) and AI infrastructure, which has led to a substantial revenue increase [3] - In Q3 2025, Cipher Mining reported a 65% quarter-over-quarter revenue surge to $72 million, driven by Bitcoin mining and facility expansion [3] Group 2 - Rosenblatt has lowered its price target for Cipher Mining to $25 from $33 while maintaining a Buy rating, indicating cautious optimism amid challenging market conditions for Bitcoin miners [1] - JPMorgan upgraded Cipher Mining to Overweight with a new price target of $18, citing the company's strong position to secure further HPC contracts as a growth catalyst [2] - The company’s financial position improved significantly due to a $1.3 billion convertible note offering, increasing cash and equivalents to approximately $1.2 billion [3]

Financial Data and Key Metrics Changes - In Q3 2025, Bitfarms achieved total revenue of $84 million from continuing and discontinued operations, with $69 million from continuing operations, representing a year-over-year increase of 156% [40][41] - Gross mining profit from continuing operations was $21 million, with a gross mining margin of 35% and an average direct cost of $48,200 per Bitcoin mined [41] - Adjusted EBITDA from continuing operations was $20 million, or 28% of revenue, up from $2 million, or 8% of revenue year-over-year in Q3 2024 [42] Business Line Data and Key Metrics Changes - The company confirmed the ability to convert its Bitcoin megawatts for HPC and AI, representing a strategic opportunity to increase total data center megawatts in Quebec by 25% [19] - The Washington site is set to convert to HPC and AI workloads, with a fully funded agreement for $128 million for critical IT infrastructure [20][21] Market Data and Key Metrics Changes - Lease rates for data center infrastructure have grown at an average rate of 12% since 2022, compared to an average of 3% over the last 20 years [8][10] - Analysts predict a massive shortfall of nearly 45 gigawatts of power for data centers by 2030, confirming the increasing demand for data center capacity [10][11] Company Strategy and Development Direction - Bitfarms aims to optimize lease rates and margins through prioritizing infrastructure development, locking in higher rates under multi-year agreements, and developing infrastructure for next-generation GPUs [12][13] - The company plans to transition from Bitcoin mining to HPC and AI infrastructure, with a focus on developing facilities for NVIDIA's Vera Rubin GPUs [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed high conviction in the demand for HPC and AI infrastructure, emphasizing the strategic value of their energy portfolio and the unique positioning of their megawatts [16][35] - The company is well-capitalized with over $1 billion available for funding development projects, indicating strong financial health and a clear vision for future growth [44][45] Other Important Information - The company has transitioned to U.S. GAAP for Q4 and is working towards a U.S. redomicile in 2026 to improve institutional composition [35] - Bitfarms has maintained steady mining operations, achieving approximately $8 million in monthly free cash flow after G&A, which will support HPC and AI development projects [39][40] Q&A Session Summary Question: Can you share more on how you guys are thinking about economics for the Vera Rubin GPU infrastructure? - Management indicated that the economics will improve due to the increasing shortage of infrastructure and the specific requirements of the Vera Rubin GPUs, which will command a premium [47][49] Question: What is the expected timeline for expanding power capacity at Panther Creek and Scrubgrass? - Management noted that the timeline for expansion is uncertain but could happen quickly due to existing infrastructure and regulatory approvals [59] Question: What are the biggest challenges to meeting timelines for Washington, Sharon, and Panther Creek? - Management highlighted that construction bottlenecks are hard to forecast but emphasized the importance of having strong partners and project management teams in place [75]