Hut 8 Corp.

Good morning and welcome to HUD-AIDS first quarter, 2026 financial results conference call. Joining us today are 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 quarterly report on Form 10-Q is available at hud8.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. Certain statements made during this call may constitute forward-looking statements within the means of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to occur 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. Let's get started. Asher, before we get into the quarter, I wanted to start with something more fundamental. There are several companies building data center infrastructure right now. HUD-8 is clearly doing something different. How do you think about what this company is and what we're building?

I'll start with thanking everyone for joining the call today. Really appreciate you all for spending this morning with us and continuing to follow our journey. As we think about HUD-8, We think about HUD-AID as building the foundational infrastructure layer for one of the most important technology shifts in our lifetime. It starts with power. Power is a scarce resource. Those who control access to power will ultimately shape the industry. Most start with building and working backwards, but we always started with power and built forward. And second, we position ourselves as partners, not a vendor. In traditional data centers, long-term triple net leases with investment grade counterparties are pretty standard. And so as a new entrant, we've been able to execute the structure across our first two transactions. And that speaks to how our counterparties view our assets and our approach and our partnership long-term. And zooming out, as energy demand continues to grow alongside compute and AI, The data supports that. And so the company's best position at the intersection are at the intersection of power, infrastructure, and compute, and they will capture outsized value. And we believe HUD-8 is one of those companies.

Let's talk about what has been built over the last two years to support that vision. You fundamentally restructured the business. What were the deliberate decisions behind that, and why do they matter now?