CleanSpark, Inc.

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's fiscal second quarter 2026 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. Harry, you may begin your conference.

Thanks, Krista, and thank you for joining us today to review the second quarter 2026 financial results for CleanSpark. We encourage you to review our earnings results press release, which was filed today and is available on our website. A webcast replay and transcript of today's call will be added to our website as well once available. On the call today, I'm joined by Matthew Schultz, our Chairman and Chief Executive Officer, and Gary Veccarelli, our President and Chief Financial Officer. Some of the statements we make today will be forward-looking, based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our 10-K. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. you can find a reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it's my pleasure to introduce Matt Schultz.

Thank you, Harry, and thank you, everyone, for joining us this afternoon. This quarter represents continued meaningful progress in Queen Spark's evolution into a digital infrastructure and data center development company, one that utilizes our heritage as energy natives, builds on the strength of our mining operations, and ultimately expands the set of opportunities our portfolio can support. I'm going to take a few minutes to share what we are seeing in the market, how that informs our higher-level strategy, and then provide an update on Sandersville and the unique opportunity it represents, as well as our broader portfolio. We are in the midst of a technology wave similar to the personal computer, the Internet, mobile phones, and cloud computing, except in this case, It has a larger potential total addressable market and an outsized impact on the infrastructure layer required to power it. AI is different because it is compute denominated, and compute is a function of access to energy and data center infrastructure. We've all watched the hyperscalers guide to higher CapEx this year, and the central question was if those investments would have a return profile sufficient to justify them. The revenues reported for the AI labs and the cloud service providers are proving this now in real time. The commercial landscape for AI is converging across hyperscalers, chip manufacturers, neoclouds, and the AI labs themselves. Demand for compute continues to grow, but real-world constraints challenge their ability to secure what is required to continue scaling. Power and infrastructure are at the heart of the supply squeeze. Grids are rapidly adjusting in conjunction with their largest customers to meet the moment and deliver capacity for data centers while maintaining service reliability and price stability for households and businesses. That dynamic aligns directly with how we built CleanSpark. We've spent years operating dynamic, energy-intensive infrastructure. At a high level, there are four key activities that enabled our evolution into a large-scale digital infrastructure business. These are in various stages of completion, but cover the full scope of our activities. First is land and power. This has been the core of the business for years. We have cultivated a range of key relationships across the country that propelled our growth to 1.8 gigawatts of currently contracted capacity and will continue driving fundamental value as we add high-quality assets and projects to our portfolio. we're always striving to enhance or expand existing sites. I can proudly share that we added 25 megawatts of contracted capacity to one of our Metro Atlanta locations just last month, making the existing footprint more attractive for HPC utilization. In keeping with our conservative and transparent approach, All of the megawatts are fully contracted and approved and they do not include our multi gigawatt growth pipeline or potential expansions at our existing facilities that we're pursuing. Second is commercialization. We're focused on long duration leases with high quality tenants as our priority. But as the landscape for compute evolves, we will always stay nimble and aggressive. One important shift We are seeing prospective tenants engage with us on a portfolio basis rather than just a single site. This is reflective of their demand for capacity and of our large, diverse set of assets. Third is financing. Gary will share more detail on our capital strategy, but the markets are constructive, and we have a range of attractive options across the entire project lifecycle. And finally, construction delivery. We've spent a significant amount of time building out the internal talent and key relationships required to deliver projects on time and on budget. We are setting up the supply chain to create repeatable processes, allowing us to rapidly scale up and scale out. Importantly, this includes working with suppliers that have manufacturing and fabrication processes that can reduce on-site labor by up to 70%. by moving production out of the field and into the factory. This business transformation is the largest endeavor Queen's Arc has ever embarked on. It pulls on the threads that made us a market leader in energy development and management, and also the discipline and operational excellence that propelled us to become the largest domestic producer of hash rate. And now we have the pieces in place to execute on building the AI factories that are required for the intelligence age. As we actioned our go-to-market efforts for the portfolio, Sandersville was the natural starting point, given that all 250 megawatts are live. We have a rock-solid community relationship, and in January, we closed on an additional 122-acre parcel necessary to support full Greenville data center build. In marketing the site, we received a range of indications of interest, with several coming from high-credit-quality tenants. Among those, we are progressing with a lead prospective tenant. We understand their engineering requirements and their basis of design. In parallel, we have been negotiating the commercial relationship and the associated suite of contracts. While the process is complex, we're encouraged by the progress and confident that we can offer a compelling solution to their significant data center needs. Ultimately, we know how valuable Sandersville is in this environment And we're committed to providing the right shareholder value through its monetization, while also building a relationship with this tenant that can extend far beyond Georgia. Our approach to counterparty selection is disciplined and prioritizes long-term, risk-adjusted equity value creation. We're thinking about the potential multi-decade relationships and how to best deliver over those type of time horizons. At the heart of everything we've done in Sandersville is a commitment to win-win outcomes. That meant a power arrangement that protected residents on reliability and affordability while securing the volume and pricing we needed. It meant adding substantially to the local tax base. It meant hiring full-time staff and contractors locally. And it meant showing up. Youth sports, holiday events, and local business patronage. When you put down roots in the American heartland, you join those communities, roll up your sleeves, and you contribute. Our community focus is why the acquisition of the additional acreage was seamless. The local Economic Development Authority knows what Clean Spark has built over several years, and they have confidence in what comes next. We are working to replicate this model everywhere we operate. It is the right way to build infrastructure in this country because it creates structural advantages. that protect and accelerate our projects for the long term. Looking beyond Sandersville, the same principles apply across the portfolio. We are building a platform, not a single site strategy. On our last call, I described the formation of what we see as a Houston area infrastructure hub. Sealy and Brazoria together represent nearly 900 megawatts of current potential utility capacity. strategically selected to support multi-phase AI campus deployments. Sealy has 285 megawatts approved with just over 200 megawatts scheduled to come to Energize in the first half of 2027. Substation construction is already underway. We have strong visibility into the Energization timeline and are running a parallel commercialization process. Rosoria has 600 megawatts in two phases. ERCOT approval is already in hand for the first 300 megawatts, a meaningful milestone that reflects the scale of the opportunity and the coordination required to advance projects in the market. The second 300 megawatts is progressing through review, and we look forward to growing across the region. I also want to highlight a capacity, a capability, excuse me, that has continued to differentiate us in tenant conversations. our ability to expand within established grid relationships. Historically, we increased at Sandersville and Washington. More recently, we added 25 megawatts to our metro Atlanta footprint. When a prospective tenant asks what the growth path looks like, we can show them a real track record of unlocking additional scale. We see significant expansion opportunities at several sites throughout our portfolio. Across the broader land and power portfolio, we hold 1.8 gigawatts of currently contracted capacity. Not every site will transition to HPC, and that is not the goal. The goal is optionality, aligning the right assets with the right opportunities as demand evolves, with discipline around capital allocation and shareholder returns always at the center of the analysis. Access to grid-connected power at scale remains scarce. and we believe it will remain so. The ability to find, contract, and develop that power is what we spent years building, and that is exactly what is most necessary to meet the market's relentless demand. As always, none of this is possible without our world-class teams working tirelessly to push the business forward. Their grit and their talent continues to inspire me every day. And with that, I'll turn it over to Gary to walk through the numbers. Gary.