Darren Aftahi • ROTH MKM

Answer

CFO Patrick Fleury and CEO Paul Prager affirmed their commitment to maintaining pricing discipline due to very strong market demand. Regarding financing, Fleury explained that the Google partnership fundamentally improves their credit profile, enabling them to pursue a series of lower-cost capital market initiatives with their advisors at Morgan Stanley, rather than providing a specific capital requirement.

Ask Fintool Equity Research AI

Answer

CEO Paul Prager stated that no specific 'bogey' is required to sign new deals as conversations are ongoing, but energizing the first Core42 building (CB-1) will serve as a powerful proof point to accelerate customer commitments. CFO Patrick Fleury explained that higher incremental margins are expected due to operating leverage; with base costs for the site already in place, additional capacity can be added at a much higher margin than the initial 75% projected for the first phase.

Ask Fintool Equity Research AI

Answer

CEO Paul Prager declined to provide a specific timeline for the Core42 deployment, explaining that the schedule depends on ongoing discussions with the customer regarding their power option and evolving needs. He assured that TeraWulf has a robust 'Plan B,' with multiple, mature dialogues underway with other high-quality potential customers who have NVIDIA allocations and long-term growth plans.

Ask Fintool Equity Research AI

Answer

CEO Jason Les explained that the basis of design is foundational for engaging in serious discussions with a wide range of potential customers. Regarding Rockdale, he stated that while the primary focus is on developing Corsicana, the strategy is to monetize Rockdale's power with Bitcoin mining in the near term, with the ultimate goal of transitioning that capacity to data center use as well.

Ask Fintool Equity Research AI

Answer

CEO Jason Les estimated the existing pad could support 100-200 MW of critical IT load, depending on tenant preferences for density. He explained that the newly acquired land provides more development options and would require civil and electrical work to prepare. Regarding the Rhodium assets, he stated it's too early to decide the best use, but retrofitting the existing building for AI/HPC is unlikely; instead, they might build a new data center on the available land to use the secured power capacity.

Ask Fintool Equity Research AI

Answer

CEO Jason Les stated that Riot is procuring 'hundreds of acres' to maximize optionality at Corsicana. He confirmed that if the economics were compelling, Riot would 'certainly be interested' in converting the entire Rockdale site for an HPC opportunity, highlighting the strategic advantage of offering 1.7 gigawatts across both sites to a single partner.

Ask Fintool Equity Research AI

Answer

CEO Jason Les explained that utilization improvements stem from a wide range of initiatives, including electrical infrastructure upgrades, cooling tweaks, enhanced analytics, and better on-the-ground minor repair organization. Regarding the Corsicana expansion, Les confirmed the current plan is for Bitcoin mining but stated Riot is open to other opportunities, like HPC, if the economics are superior for shareholders, noting preliminary discussions are ongoing.

Ask Fintool Equity Research AI

Answer

CEO Asher Genoot stated that approximately 1 gigawatt is targeted for Bitcoin mining, with the remainder being either dual-purpose or exclusively for AI compute. He highlighted a focus on both near-term power availability and long-term capacity planning, with more site-specific details to be disclosed next quarter.

Ask Fintool Equity Research AI

Answer

CEO Asher Genoot estimated that approximately 1 gigawatt of the pipeline is suitable for Bitcoin mining, with the remainder being either dual-purpose or exclusively for AI compute. He emphasized a strategy of securing both near-term and long-term power to ensure continuous growth and development.

Ask Fintool Equity Research AI

Answer

CEO Wes Cummins expressed confidence in the timeline for Building 2, citing significant process improvements that have halved build times, and confirmed standard late-delivery penalties are in the lease. Regarding location, he stated that while they are focused on North Dakota, they are also evaluating other sites in the MISO territory, including in the southern U.S.

Ask Fintool Equity Research AI

Answer

Executive Wesley Cummins declined to comment on prior interest in the cloud business. He confirmed that technical issues with the multi-tenant cloud configuration were resolved in early March. He also explained that while overall hyperscaler demand remains strong, the active party in leasing discussions tends to rotate among the major players.

Ask Fintool Equity Research AI

Answer

Executive Wesley Cummins stated that the timing of the Macquarie deal was driven by securing the right terms, not by other external factors. He also affirmed his strong belief that the entire Ellendale campus will be leased to a single customer.

Ask Fintool Equity Research AI

Answer

Executive Wesley Cummins confirmed the initial lease is for 100 megawatts, but it is expected to include a reservation for the remaining 300 megawatts for the same tenant, to be covered under a second lease. He noted one lease would be a colo model and the other a yield-on-cost model, but with similar economics. Regarding future builds, he stated that while they won't build speculatively, the market is showing signs of hyperscalers offering upfront capital.

Ask Fintool Equity Research AI

Answer

Kent Draper, Chief Commercial Officer, attributed the cost efficiency to over seven years of experience in building power-dense data centers, optimizing designs, and leveraging existing infrastructure. Daniel Roberts, Co-Founder and Co-CEO, emphasized that IREN's in-house, first-principles engineering approach avoids layers of third-party contractor markups, creating a significant competitive advantage in delivering a new asset class of power-dense computing infrastructure.

Ask Fintool Equity Research AI

Answer

Co-CEO Daniel Roberts explained the decision was strategic, capitalizing on a unique market opportunity in liquid-cooled AI that offers compelling returns and unlocks value for the entire platform. He added that announcing Sweetwater 2 provides crucial context for the Sweetwater 1 strategy and the broader market's demand for multi-gigawatt campuses. CCO Kent Draper noted that customer demand for liquid cooling has recently crystallized, supporting the timing.

Ask Fintool Equity Research AI

Answer

Co-CEO Daniel Roberts stated that building out Bitcoin mining currently presents the best risk-return proposition, though the company retains optionality to pivot if a superior AI colocation deal materializes. CFO Belinda Nucifora clarified that the prepayments consist of $122 million for mining hardware, $8.1 million for GPUs, and collateral related to the Childress electricity contract.

Ask Fintool Equity Research AI

Answer

CEO Stephen Trundle stated the guidance does not model a significant tariff impact on demand but does include some conservatism by modeling a normalization of revenue retention. He explained that while Alarm.com encourages dealers to have a diverse business mix, they are also actively prospecting dedicated commercial integrators who have not traditionally been partners.

Ask Fintool Equity Research AI

Answer

CEO Stephen Trundle expects meaningful sales from the EBS platform to begin mid-year 2025, describing it as a 'little bit of a blue bird' for the international business in the second half, rather than a massive needle-mover. Regarding the SaaS guidance, he clarified that the increase was not solely due to the CHeKT acquisition; the company was positioned to hit its initial numbers organically. The final guidance reflects a contribution from CHeKT that is less than the total increase from the preliminary look.

Ask Fintool Equity Research AI

Answer

CEO Stephen Trundle acknowledged his prior commentary on 18% margins and explained that with several growth initiatives reaching a more impressive scale, the company is now comfortable guiding to a 19%+ EBITDA margin level going forward. For potential SaaS growth upside, Trundle pointed to possibilities like landing new domestic or international logos, corporate development activities, or faster-than-expected acceleration in the international business, while noting the current forecast is based on more tangible factors.

Ask Fintool Equity Research AI

Answer

CEO Tamir Poleg explained that Leo AI is currently focused on internal agent support, so consumer-facing productivity metrics are not yet available as that functionality is still in testing. CFO Ravi Jani stated that while the higher mix of capped agents will continue to impact margins in Q2, he expects this to be increasingly offset by recent fee changes and growing contributions from ancillary businesses as the year progresses.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Tamir Poleg attributed the strong quarter to aggressive market share gains and unexpectedly favorable market conditions in December. Regarding 2025 initiatives, Poleg highlighted the hiring of Nancy Marsden to scale the title business, noting current attach rates are around 1% for mortgage and 4% for title. He mentioned new product initiatives are planned to drive these rates higher. CFO Michelle Ressler added that 2025 will be an investment year for operations, product, and compliance, but the company aims to grow gross profit faster than operating expenses.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Michelle Ressler affirmed that the operating leverage is sustainable due to efficiency and automation, but noted that investments in regulatory compliance will temporarily increase costs over the next year before stabilizing. Chairman and CEO Tamir Poleg added that this profitability was impressive given the heavy investment in new technology. Regarding churn, Mr. Poleg attributed the low 2-3% quarterly revenue churn to the platform's strong value proposition for productive agents, who see no better alternative in the market.

Ask Fintool Equity Research AI

Answer

CEO Adam Sullivan stated that large enterprises have a faster timeline to contract and offer a higher return profile, making them attractive anchor tenants for new sites. He noted that the large enterprises being considered have acceptable creditworthiness. Regarding the delivery cadence, he explained that capacity will come online as it's ready, making it difficult to pinpoint an exact day.

Ask Fintool Equity Research AI

Answer

CEO Adam Sullivan stated that securing the additional power is an ongoing process that varies by utility, but some approvals could be secured by the end of 2024. On customer strategy, he acknowledged that while the CoreWeave deal is "extraordinarily attractive," diversifying the client base with other large tech companies is a key long-term goal for stability and growth.

Ask Fintool Equity Research AI

Answer

Chief Strategy Officer Haris Basit clarified that the company remains bullish on Bitcoin mining at its existing sites and the Alberta acquisition doesn't change that strategy. He explained that the current priority is to use new ASICs for self-mining to fill their own capacity. However, he anticipates a shift towards prioritizing external sales, particularly with the A3 miner, likely beginning in 2026 as their internal capacity fills.

Ask Fintool Equity Research AI

Answer

Chief Strategy Officer Haris Basit explained that the company remains bullish on mining at its existing sites and the Alberta acquisition does not change that strategy. He clarified that the current priority is to use new miners for self-mining to fill internal capacity, with a likely shift toward more external sales in 2026, especially with the next-generation A3 miner.

Ask Fintool Equity Research AI

Answer

Jihan Wu and Jeff LaBerge stated they do not anticipate any significant impact from a new administration. On the HPC business model, Jeff LaBerge noted they are open to various partnership structures, which will determine human capital needs. Haris Basit added that both Texas and Ohio have pro-business environments, and the final site decision will be driven by commercial factors, not regulatory hurdles.

Ask Fintool Equity Research AI

Answer

Chief Financial Officer Darcy Daubaras addressed the Paraguay acquisition, stating that communication with Bitfarms is strong and he foresees no major obstacles, with the focus being on due diligence and strategic equipment deployment. The question regarding the AI cloud business was directed to CEO Aydin Kilic, who was experiencing audio difficulties and could not provide a response.

Ask Fintool Equity Research AI

Answer

CFO John Janedis confirmed the Discovery content drop was the main headwind but also highlighted a difficult year-over-year comparison of 34% growth in Q3 2023. He noted the two-year stacked growth actually accelerated to 11% in Q3. Regarding new offerings, Janedis stated they will be accretive to margin dollars and will have a similar margin profile to the core product, expressing confidence that they will improve overall margin dollars over time without significant degradation.

Ask Fintool Equity Research AI