Brett Knoblauch • Cantor Fitzgerald

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CSO Carrie Langlais noted that the Cayuga site acquisition is crucial for meeting future HPC demand without impacting mining. CFO Patrick Fleury stated that approximately $230 million in CapEx remains for the Core42 project, with spending being back-end loaded. CTO Nazar Khan attributed the higher FluidStack CapEx to its larger scale and more customized design.

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CFO Patrick Fleury clarified that while minor site preparation might occur, the company would not undertake significant construction spending without a signed tenant agreement. Regarding capital allocation, he explained that the management and Board constantly evaluate priorities and find it prudent to have both a buyback program and an ATM available to provide maximum flexibility given the stock's volatility and the dynamic nature of the business.

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CEO Paul Prager identified Montana and the Mid-Atlantic region (Maryland and Virginia) as key areas for future expansion, citing the company's expertise in those energy and regulatory environments. He reiterated that specifics on the Core42 energization timeline would be shared only after discussions with the customer are finalized, emphasizing a focus on meeting their evolving requirements.

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CFO Patrick Fleury explained that formal 2025 guidance will be issued in February and that future buildout cadence depends on customer demand. He clarified that the Wulf Den's capacity is being reserved for the anchor HPC customer(s) rather than for TeraWulf's own use, as it represents the highest value. He also confirmed the next 250 MW utility approval is expected by late Q4 2024 or early Q1 2025 and is not a prerequisite for signing the initial customer contracts.

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CEO Yoni Assia explained that when capital markets are exciting, as they were in April, active traders on the platform often shift focus from crypto to stocks. Regarding the U.S., he noted that expanding the offering to 100 crypto assets has driven significant growth in the U.S. business, a trend amplified by the strong crypto market environment in July.

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CFO Gary Vecchiarelli confirmed that operating leverage is a key competitive advantage, as each new exahash drops primarily to the bottom line, reducing the amount of Bitcoin needed to be sold for OpEx. President and CEO Zachary Bradford noted a general slowing in network hash rate growth as some peers pivot away from mining, expressing confidence in CleanSpark's ability to outpace the global rate through organic growth and potential M&A.

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Executive Zachary Bradford identified Tennessee and Wyoming as the primary areas for future growth due to their power potential and favorable utility environments. Executive Gary Vecchiarelli stated that OpEx is expected to remain relatively flat due to a strict budgeting process, with investments focused on operations. Bradford added that early investments in scalable technologies like remote management help control headcount during expansion.

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CFO Gary Vecchiarelli described the Coinbase facility as another 'tool in the toolbox' for opportunistic growth with a cost of capital below 10%. CEO Zachary Bradford added that the Wyoming expansion to several hundred megawatts is a 2025-2026 goal. Regarding fleet upgrades, Bradford clarified the three-year cycle is a flexible guideline, not a fixed rule, with upgrades planned opportunistically during bear markets to maximize ROI by leveraging the company's scale.

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CEO Jason Les clarified that the 4% network share is an estimate, not a mandate, and noted that power constraints could impact future network growth. He affirmed that Corsicana's large, ready-for-service power capacity is a significant draw for customers with robust demand forecasts, positioning it as a highly attractive site.

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CEO Jason Les confirmed that if a deal for the full gigawatt at Corsicana were accretive to shareholders, Riot would 'definitely look at that.' He clarified that the power supply agreements do not need to be altered, as participation in demand response is voluntary and not a contractual requirement for its power strategy.

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CEO Jason Les clarified that while Riot is always seeking high-value power assets, there isn't an increased sense of urgency because its existing 2-gigawatt pipeline provides a significant runway for organic growth. He confirmed that Riot has not conducted an active marketing process for its power capacity; the interest from blue-chip HPC counterparties has been inbound, driven by Riot's reputation and large-scale power access.

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CEO Tyler Page responded that further Bitcoin mining growth is contingent on the pace of HPC tenant negotiations for Black Pearl Phase 2. While the primary goal is leasing to HPC clients, the company retains the flexibility to deploy miners if market conditions are attractive, likely through spot market purchases rather than long-term contracts.

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CEO Tyler Page explained that the Fortress deal is a joint venture where Fortress unconditionally backstops the full data center construction cost. Cipher can own up to 49% of the JV by contributing its existing assets, like land and the substation, without investing additional cash, and expects to receive about 40% of the economics. Page stated that the pace of tenant conversations has not slowed but has actually increased since the tariff announcements.

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CFO Jason Warnick stated that Robinhood has about $6 billion of stakable assets, with the majority located in states where staking is permitted. He noted that customers have responded quickly and that the broader opportunity lies in continuing to win market share in the overall crypto space.

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CEO John Kedzierski explained that while the company is encouraged by the customer-driven shift towards pure subscription, both ownership models will continue to be offered. He clarified that the 12 new eXpedite customers were a mix, including existing customers expanding their deployments as well as brand-new customers, which he viewed as an optimistic early sign for the product.

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President and CEO Peter George stated that the company continues to collaborate with the FTC towards a resolution, noting such investigations typically last 12-18 months. He clarified that while sales cycles have elongated, they have not worsened since Q1, and close rates remain high. Regarding the NYC subway, he confirmed they are still in a trial phase with the NYPD, leveraging their long-standing presence in New York City.

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CFO Mark Donohue confirmed that management views Q1 as a low point for installs, with signs of a Q2 pickup, but noted the full-year unit forecast is now in the 1,600-1,900 range due to regulatory overhang. President and CEO Peter George stated the sales cycle lengthening is across the board but highlighted a near-100% win rate in healthcare. Regarding the NYC subway, George confirmed Evolv is supporting the NYPD's testing phase, and executive Brian Norris added that any public transit opportunity would be accretive to the company's stated TAM.

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Founder and CEO Michael Novogratz asserted that Galaxy is focused on both 'monster trends' of AI data centers and crypto, clarifying that the company is 'doubling down' on its crypto business and focusing on innovation in areas like tokenization. Regarding M&A, he stated that the NASDAQ listing and a more fairly valued stock will allow them to consider acquisitions more seriously, expecting a mix of organic growth and strategic acquisitions.

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CFO Alesia Haas provided a direct and clear answer, stating that the commercial arrangement with Circle would persist through an acquisition and that there would be no change to their contract.

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CFO James Caci confirmed that the full-year guidance raise beyond the Q1 beat is due to FX, reflecting a prudent approach given the uncertain geopolitical and macro environment. CEO Tianyi Jiang stated that they have not seen any slowdown in customer AI implementation plans, emphasizing that businesses feel a sense of urgency and view AI adoption as mission-critical and more real than ever.

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CFO James Caci reiterated that the margin guidance reflects a strategic choice to reinvest in the business for long-term growth in 2026 and beyond. He stated that while free cash flow is expected to improve in 2025, the rate of acceleration will likely not be as dramatic as it was from 2023 to 2024, as the company balances investment with profitability.

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CEO Tianyi Jiang identified sustained demand for data governance, control, security, and resiliency as primary growth vectors, with data migration serving as a significant door-opener. CFO Jim Caci explained the 90% gross retention target is a medium-term goal for the next couple of years. He attributed the recent improvement to 88% to strong public sector performance and successful initiatives, like pooled Customer Success, to better serve the long-tail customer base.

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CEO Adam Sullivan explained that the large enterprise sales channel has been building for six months as companies finalize their AI needs, with demand ranging from 50-100 MW. He expects to announce new sites alongside new customer deals in 2025. COO Matt Brown added that successfully executing on these complex projects will build market confidence and attract potential tenants.

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CEO Adam Sullivan noted that market lease rates for 2025-2026 capacity are "much higher than we expected," particularly as clients are willing to co-invest in CapEx. For distressed data centers, he estimated acquisition costs in the $3-6 million per megawatt range and retrofit costs between $1-3 million per megawatt, depending on the existing infrastructure.

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CEO Ben Gagnon clarified that existing power capacity requires no further approvals, while expansion and redundancy configurations face a 12-36 month regulatory process. He noted strong interest from partners due to the multi-year growth potential. CFO Jeff Lucas detailed the ~$95 million CapEx plan, with only ~$7 million allocated to finalize miner upgrades and the balance dedicated to infrastructure development, primarily at the Stronghold sites.

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CEO Ben Gagnon confirmed that proximity to metro areas is now one of several factors evaluated for new sites, as the company seeks locations suitable for multiple applications. He stated that the ideal customer for an HPC/AI facility would be a single, large-scale partner, such as a hyperscaler with a strong credit profile, who would take all the capacity. This allows Bitfarms to focus on its strength in building and operating energy infrastructure rather than developing a sales force.

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Co-Founder and CEO Andrew Bialecki stated that while the company is happy with the adoption, they always aim to grow faster. He emphasized that the 26% attach rate for SMB and mid-market customers is a more indicative metric of success. CFO Amanda Whalen added that customers who adopt SMS see significant revenue uplift, citing a 20% increase in e-commerce revenue during Black Friday Cyber Monday for those who added the channel.

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CEO Fred Thiel and CFO Salman Khan addressed the questions by outlining MARA's strategic shift towards becoming a vertically-integrated energy and technology company. Thiel emphasized a focus on high-margin inference AI over commodity data center leasing, a dual strategy for international energy partnerships and domestic asset acquisition, and using owned energy to improve capital efficiency by extending miner lifespans. He confirmed the NGON project is on schedule. Regarding capital strategy, both executives described the convertible note issuance as an opportunistic, high-yield investment in Bitcoin. For future growth, Thiel prioritized capital efficiency and a flexible U.S.-centric supply chain via Auradine over specific hash rate targets, stating that removing governmental friction on energy generation would be a key industry catalyst.

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Chief Commercial Officer Kent Draper confirmed that the uptick in demand for liquid-cooled capacity post-DeepSeek factored into the decision, highlighting IREN's competitive advantage in delivering this capacity in 2025. He agreed that Horizon 1 serves as a tangible demonstration of their advanced infrastructure capabilities, which is beneficial for conversations regarding larger projects like Sweetwater.

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Co-CEO Daniel Roberts acknowledged increased perceived demand post-FERC but reiterated that only signed deals matter. He stated that IREN is taking a measured approach to further GPU investment due to cost of capital and a potential market pause ahead of new NVIDIA chips. He expressed confidence in their relationship with BITMAIN, noting they've had a fantastic experience and expect final miner deliveries shortly.

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Executive Wesley Cummins explained that the ROFR applies to financing at the asset level, not to public equity of the parent company. He clarified the 15% equity is in the HPC subsidiary only. He also stated that when blended with other financing, the company's total cost of capital is expected to be well below the project returns.

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Jeff LaBerge detailed that the CapEx is for constructing sites in Norway, Texas, Bhutan, and Ohio, primarily for self-mining, and includes everything but the miners themselves. Jihan Wu explained that chip fabrication requires a roughly 6-month working capital period. Jeff LaBerge estimated the SEAL02 capital requirement at $125-$175 million. Jihan Wu confirmed the Rockdale delay was due to construction and supply chain issues.

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Co-CEO Trac Pham acknowledged the need to optimize the cost structure and stated that improving internal execution, discipline, and operational rigor is the key to driving better productivity and growth, rather than relying on the macro environment. He added that the company will continue to evaluate the best use of its cash and strong balance sheet but did not announce a new buyback program.

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