Gareth Gacetta

Gareth Gacetta asked for detailed timelines regarding power availability and future development for CleanSpark's two new Texas sites, Sealy and Brazoria County.

Answer

Harry Sudock, Chief Business Officer, provided specifics: for the Sealy project (271 acres, 285 MW), the first 207-209 MW are expected in the first half of 2027, with additional capacity in 2028 and 2029. For the Brazoria County project (up to 477 acres), the agreement is signed but not yet closed, with energization projected in the Q4 2027 to Q1 2028 range, pending closing conditions.

Gareth Gacetta asked for details on the two new Texas sites, specifically when power is expected to be available and the going-forward timelines.

Answer

Harry Sudock (Chief Business Officer, CleanSpark) provided timelines: for the Sealy project (271 acres, 285 MW), the first 207-209 MW are expected in the first half of 2027, with additional capacity in 2028 and 2029. For the Brazoria County project (up to 477 acres), closing conditions are expected to wrap up in Q1, with energization projected in the Q4 2027 to Q1 2028 range.

Gareth Gacetta, speaking for Brett Knoblauch, asked for color on the mix of Bullish's SS&O revenue for the fourth quarter, specifically between services, liquidity, and events.

Answer

CFO David Bonanno explained that Bullish does not break out the internal mix of SS&O revenue due to aggressive cross-selling and customized product combinations for partners. He clarified that Q4 did include de minimis events revenue, similar to Q3, noting that the seasonality of events revenue is primarily focused in the first half of the year, a trajectory expected to continue in 2026.

Gareth Gacetta asked for a breakdown of Bullish's SS&O revenue mix for the fourth quarter, specifically between services, liquidity, and events.

Answer

David Bonanno, CFO, explained that Bullish does not break out the internals of SS&O revenue due to aggressive cross-selling and product bundling. He clarified that there was de minimis events revenue in Q4, similar to Q3, as the seasonality of events is focused in the first half of the year.

Gareth Gacetta from Cantor Fitzgerald asked for color on which end markets present the biggest opportunities over the next year and inquired about the potential timing for drawing down the second tranche of the new credit facility.

Answer

CEO John Kedzierski stated that the company values its diverse vertical mix across Education, Entertainment, and Healthcare and aims to avoid overdependence on any single one. Regarding the credit line, CFO Chris Kutsor noted that given the company's positive cash flow momentum, the initial $30 million draw should be sufficient for a while and declined to speculate on the timing of a future draw.

Gareth Gacetta of Cantor Fitzgerald questioned the timeline for accessing the second $250 million tranche of the Macquarie credit facility and inquired about the expected pace of the company's share buyback program going forward.

Answer

CFO Jeff Lucas indicated the review process for the second financing tranche is ongoing and could extend into early 2026, but noted current liquidity is sufficient for 2025 CapEx. He also confirmed the share buyback program is funded by excess cash flow from mining operations (approx. $8 million/month) and is expected to continue at a similar pace, depending on cash generation and capital needs.