Hut 8 Corp.

Good morning and welcome to Hut 8's full year 2025 financial results conference call. Joining us today are our CEO, Asher Janute, and our CFO, Sean Glennon. Following the presentation, we will open the line for questions. This event is being recorded and a transcript will be made available on our website. In addition to the press release issued earlier today, our full annual report on Form 10-K is available at hut8.com. on our EDGAR profile at sec.gov and on our CEDAR Plus profile at cedarplus.ca. Unless otherwise indicated, all figures discussed today are in U.S. dollars. Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Certain key risks are detailed in our Form 10-K for the year ended December 31, 2025 and our other continuous disclosure documents. Except as required by law, we assume no obligation to update or revise any forward-looking statements. During the call, management may reference non-GAAP measures such as adjusted EBITDA. We believe these metrics alongside GAAP results provide valuable insight into our performance. Reconciliations of GAAP and non-GAAP results are included in the tables accompanying today's press release available on our website. We will begin with a moderated Q&A session with our CEO, Asher Janute, followed by a detailed financial review from our CFO, Sean Glennon. Okay, everyone, so let's get started. So let's start. Asher, fiscal 2025 was a big year for Hud8. We executed on several important milestones, including the carve-out of our legacy Bitcoin mining business and the execution of our first AI data center transaction. So what were the guiding principles that enabled us to achieve these outcomes in your mind in 2025?

2025 was about rebuilding HUD-8 around capital efficiency and durable cash flow. So two years ago, we rebuilt the company from a first principles approach after our merger with HUD-8 and going public. And everything started with the electron. We chased megawatts, not chips. And we wanted to control the power layer first. And so we don't view electrons as a commodity, but rather strategic assets. And the ABC carve out shifted us from cyclical capex exposure to contracted infrastructure like cash flows. That was a big theme of last year. We also reallocated capital from volatility to long duration agreements. And with ABC being able to self-fund itself on the mining and Huddy providing the infrastructure. And then Riverbend validated that model. We had a true greenfield development. We didn't convert a site. We developed the site from the ground up by power-first thinking. It was really the first domino to fall under an AI infrastructure platform. And we focused only on what compounds? Power control, scalable campuses, disciplined capital structure, and a repeatable execution. And so 2025 was about building the right foundation, And now we compound and we scale going into 2026.

In your mind, what specific operational and strategic milestones were prerequisites before the business could meaningfully accelerate?