Hut 8 Corp.

Cedar Plus Profile at cedarplus.ca. As 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 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 measures, 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 Genoot, followed by a detailed financial review from our CFO, Sean Glennan. Let's get started.

Hi, good morning, everyone, and thank you for joining us. I'll start today with a conversation with Mark Eidelman, our new head of investor relations, who joined us in June from Nextera Energy. Marcus spent the last several weeks speaking with the research and investor community, and I asked him to share some of the comments, questions, observations that he has heard most. After our discussion, Sean will walk through the quarter, and then we'll open up the line for questions.

Thanks, Asher. Investors often describe HUD-AIDS as a Bitcoin miner that transitions to data center development. I do not think that framing is quite right. What is HUD-AIDS, and what does PowerFirst actually mean?