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    Stephen Glagola • JonesTrading

    Stephen Glagola's questions to Bitfarms Ltd (BITF) leadership

    Stephen Glagola's questions to Bitfarms Ltd (BITF) leadership • Q2 2025

    Question

    Stephen Glagola of JonesTrading sought guidance on potential annual revenue per megawatt and EBITDA margins for a powered shell lease at Panther Creek, the expected Power Usage Effectiveness (PUE), and the cost structure of the T5 partnership.

    Answer

    CEO Ben Gagnon stated it was premature to provide specific revenue or EBITDA forecasts, as they depend on final customer contracts. He confirmed the T5 partnership fee is included in the $400M CapEx estimate and should not materially impact costs, as T5's expertise helps avoid delays. CFO Jeff Lucas added that they are projecting a PUE of around 1.25, which is superior to the industry average.

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    Stephen Glagola's questions to Riot Platforms Inc (RIOT) leadership

    Stephen Glagola's questions to Riot Platforms Inc (RIOT) leadership • Q2 2025

    Question

    Stephen Glagola from JonesTrading inquired how the new requirements of Texas Senate Bill 6 might affect the cost structure and operations of Riot's mining and HPC activities at both its Corsicana and Rockdale sites.

    Answer

    CEO Jason Les explained that since both sites have existing interconnection agreements (FEAs), he does not expect a need to renegotiate them due to the new legislation. He noted the bill primarily initiates information gathering and will likely impact new agreements more than existing ones. Riot's policy and power teams are actively engaged in the process, particularly regarding potential changes to the 4CP program.

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    Stephen Glagola's questions to CleanSpark Inc (CLSK) leadership

    Stephen Glagola's questions to CleanSpark Inc (CLSK) leadership • Q3 2025

    Question

    Stephen Glagola of JonesTrading pressed for more details on the potential for using sites for alternative applications like AI/HPC, asking about the calculus for such a strategic shift and if any preliminary discussions with partners had occurred.

    Answer

    President and CEO Zachary Bradford reiterated that any alternative use case would need to generate returns superior to their current 55% margins from Bitcoin mining, factoring in the significant opportunity cost of downtime for a site rebuild. He emphasized that proximity to metro areas adds value but stated the company would only announce a deal when it is real and finalized, not while it is being figured out.

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    Stephen Glagola's questions to CleanSpark Inc (CLSK) leadership • Q1 2025

    Question

    Stephen Glagola asked if there is a point where the focus shifts from increasing scale to maximizing free cash flow and returning capital to shareholders.

    Answer

    Executive Zachary Bradford stated that the company has achieved 'scale velocity,' where each incremental exahash adds directly to free cash flow. Executive Gary Vecchiarelli added that while returning capital is a future option, the current priority is strengthening the balance sheet and capitalizing on growth opportunities. He pointed to the recent share buyback as a significant investment in the company's own growth trajectory.

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    Stephen Glagola's questions to Hut 8 Corp (HUT) leadership

    Stephen Glagola's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Stephen Glagola of JonesTrading asked about the preferred leasing model for new AI capacity (powered shell vs. turnkey) and the long-term plan for monetizing the American Bitcoin stake.

    Answer

    CEO Asher Genoot stated they are flexible, pursuing both triple-net leases and build-to-suit projects based on partner needs. He added that given their large power pipeline, they are open to powered shell deals to monetize assets. Regarding the American Bitcoin stake, he acknowledged its significant value and noted they are exploring how it can be leveraged for low-cost financing for Hut 8's core infrastructure business.

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    Stephen Glagola's questions to Hut 8 Corp (HUT) leadership • Q2 2025

    Question

    Stephen Glagola from JonesTrading asked about the preference between powered shell and turnkey build-to-suit leases for its AI sites and the long-term vision for monetizing its stake in American Bitcoin.

    Answer

    CEO Asher Genoot responded that they are pursuing both models, including a triple-net lease colo build and a build-to-suit project. Regarding the American Bitcoin stake, he described it as a strategic, multi-billion dollar asset that provides synergistic value and could be leveraged for low-cost financing for Hut 8's core infrastructure business, while acknowledging the need to manage its impact on consolidated earnings.

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    Stephen Glagola's questions to Terawulf Inc (WULF) leadership

    Stephen Glagola's questions to Terawulf Inc (WULF) leadership • Q1 2025

    Question

    Stephen Glagola asked if the timing of additional capacity for Core42 was dependent on their customer visibility or on seeing the first build-out completed, and also inquired about the expected timeline for the 170MW of capacity planned for 2026.

    Answer

    CEO Paul Prager clarified it's not a 'delay,' but a focus on perfectly executing the current contract, which will enable better terms for future expansion for all parties. CFO Patrick Fleury explained the 2026 capacity currently has no signed customer and represents roughly three 50MW buildings. He noted a reasonable timeframe from lease signing to operation is 12 months, implying contracts would need to be signed by year-end 2025 to meet that timeline.

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    Stephen Glagola's questions to MARA Holdings Inc (MARA) leadership

    Stephen Glagola's questions to MARA Holdings Inc (MARA) leadership • Q1 2025

    Question

    Stephen Glagola of Jones Trading questioned the disconnect between MARA's stock performance and its fundamentals, the company's off-grid expansion strategy, and its capital allocation policies. He sought details on public-private energy partnerships, the economic trade-offs of off-grid mining versus grid-connected sites, and the timeline for international growth. Glagola also inquired about the progress of the 2PIK immersion cooling pilot for AI applications, the rationale for the $2 billion ATM facility over debt, and the company's commitment to its 'full hoddle' Bitcoin treasury strategy.

    Answer

    CEO Frederick Thiel and CFO Salman Khan addressed the questions. Thiel explained that the market currently values MARA's Bitcoin holdings but undervalues its mining operations. He detailed the strategy to partner with global energy firms and governments to monetize underutilized energy, which will lower costs and enable co-location with AI data centers. Thiel also noted progress in developing proprietary 2PIK cooling technology for AI and custom miners through its investment in Oradin to mitigate tariff impacts. CFO Salman Khan elaborated on capital strategy, stating the ATM program provides opportunistic funding for high-return projects focused on Return on Capital Employed. Khan reaffirmed the 'twin turbocharge' strategy of combining low-cost mining with holding Bitcoin, which he believes creates superior long-term shareholder value.

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    Stephen Glagola's questions to IREN Ltd (IREN) leadership

    Stephen Glagola's questions to IREN Ltd (IREN) leadership • Q2 2025

    Question

    Stephen Glagola raised investor concerns regarding the HPC monetization of Sweetwater 1, specifically its suitability for inference compute and the willingness of hyperscalers to partner with a Bitcoin miner, and asked if retaining land ownership has affected deal talks.

    Answer

    Co-CEO Daniel Roberts asserted that these concerns are outdated, stating the 'world's moved past' them. He pointed to major market announcements validating West Texas for AI and reiterated that IREN has always built multi-purpose data centers, noting they have been operating NVIDIA GPUs alongside miners for a year. He believes these issues have been comprehensively addressed.

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