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    James McIlree • Chardan Capital Markets

    James McIlree's questions to CleanSpark Inc (CLSK) leadership

    James McIlree's questions to CleanSpark Inc (CLSK) leadership • Q3 2025

    Question

    James McIlree of Chardan Capital Markets asked what factors limit the digital asset management strategy to 40% of the HODL balance and inquired how the current U.S. administration's energy strategy might impact the company's expansion.

    Answer

    CFO Gary Vecchiarelli explained that the 40% allocation is a conservative risk management decision, representing the maximum portion of the treasury they are willing to place at some risk. President and CEO Zachary Bradford commented that the administration's focus on new generation is a positive long-term tailwind for U.S. power costs, though the impacts will be felt over the medium to long term, further solidifying the U.S. as a strategic place to grow.

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    James McIlree's questions to VinFast Auto Ltd (VFS) leadership

    James McIlree's questions to VinFast Auto Ltd (VFS) leadership • Q1 2025

    Question

    James McIlree of Chardan Capital Markets asked for a projection on the trajectory of vehicle Average Selling Prices (ASPs) for the rest of 2025. He also questioned the drivers of the adjusted gross margin, which held steady despite lower volumes, and inquired about the expected timeline for achieving positive variable and full gross margins.

    Answer

    CFO Nguyen Thi Lan Anh projected that the full-year 2025 ASP would likely remain under $20,000, influenced by a higher mix of smaller models like the VF3 and VF5. Regarding margins, she explained that the adjusted gross margin improved to -20% in Q1 2025 from -26% in Q4 2024, even with lower delivery volumes. This improvement was attributed to successful BOM optimization and production cost reduction efforts, which keeps the company on track for its previously stated gross margin targets for 2026.

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    James McIlree's questions to VinFast Auto Ltd (VFS) leadership • Q4 2024

    Question

    James McIlree of Chardan Capital Markets questioned the outlook for capital spending in 2025 and 2026 compared to 2024 levels, and also asked if the sales mix of the VF 3 and VF 5 models in 2025 would be similar to Q4 2024.

    Answer

    CFO Anh Thi Nguyen stated that the 2025 cash burn is projected to be around $2.5 billion, with $1.8 billion allocated to CapEx and R&D for new CKD facilities. She noted the cash burn from operations is expected to decrease slightly to around $800-$900 million. Executive Thuy Thu Le clarified that the sales contribution from the VF 3 and VF 5 in 2025 will be less than 50%, a smaller share than in Q4 2024, due to the introduction of the new 'Green series' which is expected to account for nearly a quarter of deliveries.

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