"Operationally, execution is tracking well across the portfolio, and we expect to deliver 140,000 GPUs by the end of 2026, positioning us to deliver $3.4 billion in annualized run rate revenue."
Co-CEO · Daniel Roberts
"We secured a $3.6 billion delayed draw term loan from Goldman Sachs and J.P. Morgan. Combined with Microsoft's $1.9 billion in prepayments, this covers 95% of the GPU-related CapEx for the $9.7 billion Microsoft contract. We essentially got the GPUs for next to nothing."
Co-CEO · Daniel Roberts
"Total revenue was $184.7 million, down 23% on the prior quarter, primarily on account of lower Bitcoin mining revenue, driven by a reduction in Bitcoin mined. This was as a result of the AI transition, which lowered operating hash rate."
CFO · Anthony Lewis
"Our $3.4 billion ARR target for the end of calendar 2026 reflects utilization of only around 10% of our 4.5 GW of secured grid-connected power capacity. That means the vast majority of our portfolio remains available to support additional deployments."
CCO · Kent Draper
"We recorded $31.8 million of mining hardware impairment associated with the transition to AI cloud, versus $16 million in the prior period. EBITDA and net income were also impacted by unrealized losses on prepaid forwards totaling $219.4 million."
CFO · Anthony Lewis
"Time to power is critical, but time to data centers is actually the more limiting factor on how fast we can monetize our power capacity and scale revenue. When you've got scarcity around how many data centers you can physically bring online, every incremental 200 MW can deliver multiples of that in billions under a cloud contract."
Co-CEO · Daniel Roberts
"Every incremental 200 MW can deliver either $300 million-ish through a colocation or multiples of that in the $ billions under a cloud contract. The cloud opportunity creates a lot more upside, and we're not dogmatic, but right now AI cloud looks very compelling."
Co-CEO · Daniel Roberts
"The 2,000 MW [at Sweetwater] is secure. Like, none of this batch stuff, none of the market chatter is influencing whether or not this 2,000 MW is available. We've got the signed interconnection agreement. It was signed in 2023."
Co-CEO · Daniel Roberts
"As it relates to the Microsoft contract, that will come online progressively over the course of the year, commencing, we expect Q2 in terms of initial revenues flowing through."
CCO · Kent Draper
"If you think of A100s, H100s, those are more than 5 years old and more than 3 years old, respectively. Those chips are still effectively 100% utilized across the industry and still earning very good rates of return against their original capital costs."
CCO · Kent Draper