HIVE Digital Technologies Ltd.

Hello, everyone. Welcome to today's webcast on Hive Digital Technologies financial results for the quarter ended December 31st, 2024. My name is Nathan Fast. I'm the Director of Marketing and Branding at Hive, and I'll be your moderator for today's call. Before we get started on slide two, I would like to briefly note the disclosures for today's presentation. Except for statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates, and assumptions as of the date of this presentation. Further, in addition to discussing results that are calculated in accordance with international financial reporting standards or IFRS, we will also make references to certain non-IFRS financial measures, such as adjusted EBITDA. For more detailed information on our non-IFRS financial measures, please refer to our management's discussion and analysis of our financial results that was published earlier today, which can also be found on our investor relations website. On the next slide, I'm pleased to introduce today's presenters, Frank Holmes, Executive Chairman, Aydin Kilik, President and CEO, and Darcy Dubaris, Chief Financial Officer. I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank.

Thank you, Nathan. And welcome to the team. So I'm going to try to go through before we get into the granularity, the nitty gritty of the financials and some of the other hash rate and factors that we look at. I want to give a bigger picture of what's driving this industry and some really significant events that have taken place in the past three months. But before we do that, I always like to talk about the DNA of volatility. And life is all about managing expectations. And understanding this visual is basically saying that one standard deviation or one sigma It means that something event happens almost 70% of the time. So it means that it's a non-event for the S&P 500 to go up or down 1% in a day. In over 10 days, it's 2%. And when we take a look at Bitcoin, its normal DNA of volatility 70% of the time is up or down 3%. But over 10 days, it's 8%. And then we can take a look at new stocks that are really trailblazers and their DNA volatility starts to really expand. so when we look at the ai and the gpu chip buildup with nvidia you can see the one day dna is the same as bitcoin but over 10 days is plus or minus 10 so a lot of external factors are whipping around the volatility of this particular stock and tesla is even more volatile with a daily volatility of four percent and over 10 days, 13%. And Hive Digital is plus or minus 6% in a day, and over 10-day period, it's 17%. And the ultimate of speculative volatility is MicroStrategy, since they've continued to leverage their balance sheet and buy more and more Bitcoin. Their daily volatility is 7%, which is more than double Bitcoin's daily volatility. And over 10 days, It's three times the volatility of what Bitcoin is. So it's important for investors to understand what the DNA of volatility is before you make an investment in any of these different asset classes. So, quite often we hear, buy the dip, stock your shares, stock your coins, and hodl. And these are filled with memes all over Reddit. They are on Twitter or X Today. They're on Instagram. And I just think it's pretty funny when I see that. But I do not see this commitment to other stocks or coins except for this ecosystem. And that's important for investors to recognize. This brand new, and I like to call it also a metaverse, which started as gamers evolving into what is the crypto global ecosystem. And today, there are 194 countries in the world, but there are over 20,000 nodes validating the Bitcoin network all over the world. So buy the dip, stock and hold, Bitcoin ecosystem. What does that mean? Well, that means if Bitcoin falls more than one sigma, 3% a day, it's probably a better time to buy it. And if high falls more than 6% a day, it's probably a better time to buy it. And for those who are traders, quite often when it jumps to 3% Bitcoin in a day, you take some profits. And if Hive jumps 6% a day, you take some profits. That is the DNA that we experience in the capital markets. And the correlation of Hive with Bitcoin is extremely high. They run in tandem. Like birds of a feather flock together, we all move by the minute in a similar direction. so one of the things that's really interesting for me in talking to registered investment advisors that are now coming into the ecosystem to buy bitcoin etfs is really not knowing uh some of the simple math and and one bitcoin is equal to 100 million satoshis so if you go to robin hood to buy $5,000 worth of Bitcoin and you're buying a slice of it, well, I'm going to walk you through that you're buying about a million Satoshis. And how does this calculate? And it's really important to understand that a Satoshi is so tiny and what gives it the upside and to understand the math between Bitcoin and a Satoshi. So, if one Satoshi is worth a penny, then one Bitcoin is worth a million dollars. And this is very, very important to recognize. I have said that Bitcoin has all the capacity and capability of going to a million dollars, and it can be faster than you think with adoption. And this adoption takes place in many different forms, which I'm going to walk you through. But we know at Hive that we've been offered for what are called special numbers, unique Satoshi numbers, and those numbers have a greater value, such as the day of the inauguration of President Trump. The day of pizza day, they like to calculate when someone gave up all their Bitcoins. Well, certain Satoshis can have incredible value where we've been offered up to $10 of Satoshi, not 0.00097 cents. And that's important to recognize that how Bitcoin is broken down into these fractions. So if one Bitcoin is trading at approximately $97,000 today, then one Satoshi is 0.00971 cents. And if Bitcoin is at $100,000 and Bitcoin goes to a million, that means Satoshis are worth only a penny. and that's important to grasp so we look at the next visual with bitcoin say at a hundred thousand investing a thousand dollars on a robin hood basically buys you one million satoshis or one million penny stock if you can think of it that way because bitcoin is divisible so you can own a fraction And this is part of the global adoption that is happening with the Bitcoin ETF. So, if you go out and buy POTL, H-O-D-L, which is the next Bitcoin ETF, and you buy only $1,000 worth, well, you should be getting close to a call on a million Satoshis. and this is what i found a lot of our registered investment advisors were not aware and when you limit the supply of 21 million coins and you have this adoption then what's called net caps law kicks in and the prices can grow exponentially and that is It is really simple of Metcalfe's law saying that it can go to a penny. Well, that means Bitcoin's a million or Bitcoin, when it hits a million, your Satoshi is going to be worth a penny. So, that's the 10 bagger and that is the exponential move that people can better understand what's taking place. So, let's talk about this beginning because in July, earlier last year, uh president trump showed up to a packed crowd and uh he talked about how he's learned and he's embraced bitcoin and he understands about the element of freedom of private property and the freedom of rights and the capacity to be digital uh and to be able to be able to send anywhere and share anywhere were becoming very valuable. But behind all of this, you must understand that the crypto ecosystem through super PACs basically contribute about $130 million to Congress races, people that are running for Congress that were supporting the Bitcoin blockchain ecosystem. And this resulted in the election of numerous pro-crypto lawmakers. And that is the big change. So, now it's a new dawn for U.S. digital asset policy. And a clear focus on crypto, Trump's executive order. Trump learned a lot from his first four years of being absent for four coming into this term. He basically has two years to move quickly to enact all the changes he wants. And it's very disruptive to the markets. Bitcoin was down because of tariffs with Trump, and this week Bitcoin was up because of Trump's tariffs. And you hear this with gold, and it's all over the board. It's just lots of nuances you have to recognize. People are unused to Trump's executive order. But if you study global capital markets the way I do, and you would take a look at Argentina and Malay, when he came into power, and how he cut deep and wide a lot of government agencies for wasting capital and jobs. And what he did with that fast was that this sort of executive decision making, he dropped inflation dramatically in his country. And many other things have basically there's been no huge unemployment, all these government workers are doing nothing, all of a sudden found new jobs. So I think there's something that's afoot here, and Malay was at the inauguration for President Trump, just like the president of Paraguay, which I'll mention in a few minutes. But it's understanding that the success of Argentina and the experience of what's taking place with President Trump is that he's supporting the blockchain networks, mining activities, and self-custody of digital assets. He's strengthening a global position of the US dollar by promoting stable coins. He's providing clear and fair regulations for the crypto industry with well-defined rules for oversight. And Trump's goal is to make the US the crypto capital of the world and repealed SAB 121. The SEC crypto task force is headed by a pro-crypto SEC commissioner, Hester Peirce. So lots of things are happening and they're happening very quickly. And there's a reset button that's not waiting three months for something that's happening by the day and by the week. So I think this is important for you to recognize. And this also gave Hype the confidence and for many reasons to move its head office from Vancouver to San Antonio and to start the audit process to be able to come up with GAAP accounting, which Darcy can give you more color on. But we feel safer as a company having the head office in San Antonio now that we have a government that is pro-crypto, but also pro-blockchain. Next, please. TriplePoint's former PayPal executive David Sachs as AI and crypto czar. New role will help reshape US policy and digital currency. Early evangelist for cryptocurrency. Move comes after Bitcoin soared over 100,000 for the first time. And now we have all this tariff stuff going on. But I think it's just a lot of noise. And I think that we're seeing some of the change of taking a look at blockchain to become in the Treasury Department, so that there's a better way to audit, especially when we look at USAID, and the abuse of all the money that where the money was going. A lot of this probably half of the money was going to NGOs that had political agendas that were really not aligned with U.S. aid to help poor countries or countries that are unfortunate from a storm or from an earthquake or starving children. It was being abused. And I think when you put this on the blockchain, it's much easier to do an audit. And I think that's the direction we're going to have with this new thought leadership. Next, please. So let's take a look at the daily trading. And I want you to remember that Bitcoin has no CEO, no CFO, no board of directors. It's we the people by the people around the world have been adopted and adopted early. Hive was the first crypto mining company to go public. It was the first company to really adopt and adapt to this changing global ecosystem. Bitcoin was only $3,000 at the time. And the trading volume was quite low on a relative basis. But today it's averaging using Bloomberg and Yahoo about $42 billion a day. I mean, this is a big number when you take a look at an industry of a couple of trillion dollars. Next, please. And I always like to compare to JP Morgan that always wants to attack the Bitcoin ecosystem. They want to find fault with it because they want to control all financial movement of money so that they can turn around and charge more fees. And Bitcoin is much faster, more fluid to send money between countries. And we've seen the growth of stable coins. We've seen the unprecedented growth of Tether around the world that now has more US Treasuries than the country of Germany. They are a major player when it comes to the US Treasury So, things are changing and these are important points that Bitcoin trades a magnitude of six times greater than we can see here than JP Morgan. And it's just under Apple, but it's just a matter of time that Bitcoin will surpass Apple around the world for daily trading as this adoption continues. And once again, I believe that's really important to understand Moore's Law, understand Metcalfe's Law. There's some real technological laws to understand about when you're buying equipment that particularly look at AI or we look at buying chips and ASIC, how much more efficient they are. They're really applying that's Moore's Law. But the adoption process is much more traction with Metcalfe's law that talks about this adoption and how prices will increase. Next, please. So BlackRock launched. And remember, I tried to launch a Bitcoin ETF in 2017 and realized it wasn't going to happen, so launched the creation of the first crypto mining company, Hive. And it was fortunate that we did it early, but you can see how long it took to finally get a Bitcoin ETF off the ground. And BlackRock launched its Bitcoin ETF on January 11, 2024, about a year ago. And it's the greatest launch of ETF history by the comments here by ETF Store. But when we look at all the assets that have basically gone into Bitcoin ETFs, it's from zero to $120 billion in assets. Half of that or close to half of that is BlackRock. Next, please. So this is another visual of looking at $115 billion. It's just the volatility is measuring when this snapshot just recently took place. But I think it's really important for it to recognize that this huge adoption is taking place. And I believe that as more RIAs and brokers, et cetera, really understand the scarcity value of Bitcoin, the growth and the need of Bitcoin, and it's all based on the blockchain, that we're going to see big changes being ushered in very positively over the next four years. Next, please. So BlockRock now is expanding its footprint by launching a Bitcoin exchange-traded product in Europe after the success of its $58 billion US ETF. Next, please. The adoption only grows. Here we have Costco. You can now find Bitcoin ATMs in some of the, no, it's supposed to be now in all of the stores. And so it's gone from some to all the Costco stores. And I think that that's what's really important in this rollout. Next, please. So, strengthening our relationship with the President and top government officials in Paraguay. This is myself last May, June, meeting with the President of Paraguay, Santiago Pena. Pena studied in America, went to the University of Columbia in New York, worked in Washington, D.C., has a high bank rating as a sovereign currency, as his bond rating for the country is stellar on a relative basis of other emerging countries. I think it's important to recognize that there's few countries in Latin America which are really pro-America. And Paraguay is one of those. And now with the leadership of Malay and Argentina, they are pro-America. But nothing like Paraguay. And that's what's most interesting, how they look at their country was almost wiped off the face of the earth in 1870 until President Hayes. came in and settled and protected the sovereignty of the country of Paraguay, and so one of the large states in the country of Paraguay is Haze, named after President Haze. So it's interesting to see this strong tradition of this particular country, which is rich in fertile farmland, and rich on hydroelectricity, and that's why we're there. They are generating massive surplus electricity for the largest dam in the Western Hemisphere. It's been paid off. It's a partnership between the countries of Brazil and Paraguay. and what we do in the bitcoin ecosystem is really help their their utility company earn us dollars every month and get paid on time because they were selling energy to argentina argentina has paid back out of 200 and some odd million dollars a hundred million dollars under the new president but but they still owe more money to them and it's it's really difficult when your country when you're when your biggest exports is electricity and you don't get paid on time But when you have Bitcoin mining, you do get paid on time every month. So this helps the overall country, and this helps Hive in its journey to really focus on sustainable green energy. Thanks, please. so the big news we allow now and iden is going to go into more granular detail on it but high digital technologies analysis the acquisition of bit farms uh facilities it enhances our operating capacity in paraguay to 300 megawatts upon completion it plans to expand mining hash rate 4x from 6x to 25x which is a huge increase and based on bitcoin around a hundred thousand it gives us a run rate uh globally of pushing the 500 million dollars uh based on the the technology and the difficulty today next please just a simple visual highest future hash rate growth from six exahash today to 25 exahash. And that, against all of our peers, is the fastest growing this year announcement when you compare to all the other peers. And I think Ian's going to give you some great granularity of what makes this a unique value proposition. Moving to the US also makes us qualify through our process. There's no guarantee, but it does set the stage to qualify for many of the indexes that are out there like the Russell 2000. And if you look at many of the other Bitcoin mining companies, their biggest holders are index related. they're not active uh technology funds uh they are predominantly those uh funds that are indexed and uh i think that we're trying to position the companies in that in that pathway next please so research coverage on hive has grown uh substantially over the past year has been a lot of work by our peers it used to be uh predominantly um Canaccord and Stiefel. But we can see now that we have other people that have come along with Cantor and Roth and we have Northland. H.G. Wainwright. And by the way, as you see, Keith, Brourette and Woods is really a steeple company. So that's the steeple research. And most of these companies are calling between $9 and $11. That's the re-rating. And I think after Darcy gives you an analysis of our financials and you look at our run rate, And I think the important part for investors to look at is the data center business. And data center business trade at a multiples of 10 to 20 times EBITDA. And when you look at that, we have this great potential to go to 800 million on our run rate today of EBITDA. to about $1.6 billion. And if you do it on a performa basis, it's more like $3 billion. So that's what makes the value proposition where Hive is positioning itself for this growth. Next, please. So I mentioned this earlier, the highest relocation in San Antonio aligns with the operations of the America First agenda, enhancing local engagement and operational efficiencies, transition to U.S. GAAP reporting in fiscal year end March 31st to enhance transparency. and comparability it's really important to other uh bitcoin miners so it's easier for any investor retail to institutional to to do relative valuations and uh and visitors if you're in our local area in texas thursday april the 17th i was having retail investor day and ribbon cutting ceremony in san antonio texas and a meet up to talk about bitcoin and where we're going in this world next please So now I'm going to turn it over to our CEO and President Ivan Kilik to give you a more granular update on the financials of where we, the financial operations, more like the operations, a comparative analysis of our value proposition. And then our CFO, Darcy DeVaris, he will give us a detailed financial analysis of the company. Now I'd like to turn it over to Ivan.

All right, Frank, thanks for that introduction. That was a phenomenal macro overview of the industry. So now we're going to have a closer look at the executive summary highlights for Hive this quarter. Let's kick it off. It was a great quarter for us. So $29 million of revenue with a $6.1 million gross operating margin works out to 21% operating margin for the company this quarter, in addition to that $17.3 million of adjusted EBITDA. And furthermore, 2,805 Bitcoin on the balance sheet, mined with green and clean energy, unencumbered, no debt on those Bitcoin. Another metric I'm very proud of, and we started tracking this, is we hit an annualized ROIC of 37% this quarter, which I think is phenomenal and in fact means a whole industry. We're going to look at some comp charts later to see how we stack up against our peers. And by the way, right now, Hive is the best bang for your buck, full stop. For every high share that you purchase, you're getting 78% Bitcoin per share. 78% Bitcoin for sure. And later in the presentation, we actually have a comp table that then acted backing this and we led the whole sector. So I think all the smart money now is going to high because they clearly see we provide the best value proposition in terms of exposure to Bitcoin for every share that you buy. Biggest growth in the sector right now with Forex and best ROIC. But more on that in the following slide. Let's jump into the next one. so how do we do this it's our differentiated growth strategy we prioritize roic when we deploy our capital and by the way even in january our huddle was 2657 we deployed some capital to acquire the bit farm site in iwazu and so we sold some of that bitcoin very strategically for that purpose. But nevertheless, we're still up 37% year over year. So we are putting our balance sheet to work and whether it's using proceeds from the ATM or in certain cases, Bitcoin, we always want to make sure it's accretive and it is something that will provide the best value to our shareholders and the lowest cost of capital. And as a result of that, we are demonstrating the best enterprise value to Bitcoin mind and the most attractive enterprise value to adjusted EBITDA in the sector. Our target is to hit 3% of the global hash rate this year, which will be 25x a hash by September 2025. We're going to have some slides that demonstrate what the cash flow of that looks like. And it's very attractive. Of course, our HBC and AI business A lot of institutions are very excited about that as Bitcoin miners are pivoting. We've demonstrated our position in the market We get $10 million in annualized revenue this year. I'm sorry, this quarter. And we are on track to get to $20 million, but more on that later. By the way, we're an NVIDIA Cloud partner. We're going to be attending the NVIDIA Global Tech Conference this March to see the Jensen Wong keynote and meet with some of our OEMs and technology partners. If you're there, come say hi. Next slide. all right so this is the big sexy bitcoin slide that everybody wants to talk about so we have a binding loi to acquire the 200 megawatt site in iwasu the site's phenomenal we were there in december it was very well on its way to completion you can see here an aerial photo of the adjoining substation and what this gets us is a formative step towards our strategy of 25x a hash by September. And by the way, as we are populating our expansions with the latest generation gear, that gets us to a global fleet efficiency of 16.5 joules a terahash, which will give us one of the best fleet efficiencies in the industry. And as you know, The lower that number means the less energy you need for every hash you produce, which means a lower cost of Bitcoin production. So we are going to have one of the most modern, efficient fleets. And the power costs in Paraguay lower our global average cost of electricity. So very excited about that. How it rolls out is summarized here on the bottom. So the first 100 megawatts is forecasted to be air-cooled. and that'll be 6x a hash. Those air-cooled machines are 16.5 joules per carahash. Then the second 100 megawatts is actually at our Valenzuela site that we press released a few months ago. Those will be hydro, and those are 15 joules a carahash, and that means you could fit 6.5x a hash in that 100 megawatts. And then the third tranche of 100 megawatts is the second phase of the Iwazu site, another 6.5x a hash, right? So you tally that up and that is how we get to our 25x a hash target. Now, we actually announced two lead orders from Bitmain and Cayman in December, which secured 15x a hash of hash rate. And by the way, those purchases were both at phenomenal prices. So the Bitmain order was at $14 a terahash for S21 plus hydros, and it worked out to about a 10-month ROI after OpEx. After OpEx, phenomenal deal. And the Kanan, we weren't allowed to say what the dollar per terahash price was, but it was a great deal, and it was a sub-one-year ROI. after cost as well. So we're thrilled about that. And of course, we'll be announcing other strategic ASIC orders to get us to the 25x hash pipeline. Let's jump to the next slide. So for all the analysts out there and all the keen investors that have their spreadsheets, here it is by the numbers. So our global existing footprint works out to 140 megawatts between Canada and Sweden, and the additional 300 megawatts in Paraguay gets us to 440 megawatts. So currently we're at 6x a hash with installed hash rate, and our pipeline, once everything is completed, is 25x a hash. Now if you add up the numbers there, you actually get to 25.5x a hash, But just to keep things simple, for the street, the target is 25x a hash. And in addition to that, we have 2.2 megawatts of Tier 3 operating in Stockholm and Montreal. More on that later. But again, you've got the status, what's online, and what's prescribed for the energization dates of the expansions. And by the way, 100% green energy. Next slide. So this is really, what this translates to is a 4x growth in our current hash rate of 6x a hash rate. And so again, you see here on this bar chart, it's a visual representation of that growth. So the 6 going to 6.5x a hash is an internal upgrade. Although it's a modest upgrade only increasing by half x a hash, you actually see our efficiency increased from 22 to 19. That's the upgrade of those tandems that we ordered, air cooled going into New Brunswick in Sweden. Next up, we add 6.5 exahash from the hydros. That will go in the first 100 megawatts, another 6 exahash air-cooled in the second 100 megawatts, and of course, another 6.5 exahash in the final 100 megawatt tranche, ending us with a global fleet efficiency of 16.5 joules a tera. So for all the analysts out there that are doing their models and forecasting, I hope this slide is very helpful. Any questions, feel free to reach out. Next slide, please. Now, this is what the projected cash flows look like once the 25 exahash is operational. So we've done sort of a three scenario cash flow projection. Bitcoin at either 100,000, 125,000, or 150,000. So in this scenario, at 25 exahash, You're a 3% of the global network, which works out to 13.5 Bitcoin per day. So using that on a pro rata basis, you're doing either 1.4 million in daily revenue up to 2 million. Now, let's just zoom out and look at it macro. Really what this works out to is an annualized mining margin of approximately $330 million in the base case. $450 million. And by the way, this is after assuming an electrical cost of approximately 4.5 cents for the model here. $450 million if Bitcoin is at $125,000. And over $500 million of cash flow from operations, from gross mining margin, if Bitcoin hits $150,000. Keep in mind, our market cap today is a little under $400 million. And so I think there's immense upside here. With Bitcoin at $150,000, if we're throwing off over $500 million cash flow from operations, you know, at a 3-4x multiple on cash flow, it's a $2 billion company is what it is. By the way, we have our HODL as well, which is, you know, over $250 million of Bitcoin on the balance sheet. So it's going to be a very exciting year. Historically, by the way, we've seen every bull market come really in full force and effect a year after the halving. So, little history lesson 2016. We had the halving in April, and Bitcoin really started to take off in summer of 2017, hitting its all-time high of $20,000 in December of 2017, right? So the following year. Now, in 2020, we saw the halving in May, and the bull market, well, it really kicked off in February of 2021. We saw an all-time high of $65,000, and then again in November, it was a twin peak bull market, $72,000 Bitcoin. In 2024, we had our halving again in April. And in sort of December, January, we saw Bitcoin hit 100,000 for the first time ever, which was very momentous. and so we look to the balance of calendar year 2025 are we going to see 120 000 bitcoin 180 000 bitcoin i think everybody has a different opinion especially with all of the tailwinds with the new admin trump administration which we're so excited about and we feel is great for america next slide now we at high are now leading the industry in growth for calendar 2025 you know again i just want to back up and remind the street that high has made really big plays you go back to 2020, when we acquired Lachute, a 30-megawatt facility, was the largest in Canada at the time. 2021, when I joined Hive, was to oversee the acquisition in New Brunswick, which was 70 megawatts. Again, the largest single-site Bitcoin mine in Canada at the time. And so we'd been waiting. It's a road less traveled to get green energy, but we found that in Paraguay, and so we're adding 300 megawatts to our portfolio. That's a 4x growth just calendar year. Sierra Piers are sort of in the 1.2 to 1.8 range for the most part. And, of course, Bitfarms, who, by the way, we think they also did a great deal. They're focusing on their gigawatt of growth in the U.S. They're looking at 3.5x growth. So, you know, clearly Hive and Bitfarms are leading the sector in terms of growth prospects. Cypher's there at 2.7. But then we're going to look at the other aspects. We're going to look at ROIC, and we're going to look at G&A, and there's other fundamentals of business that will be very interesting. But, again, we lead the sector here. with the biggest growth for 2025. It's going to be a great year for Hive. Next slide. Okay. So if you look at the enterprise value relative to our projected cash rate, we are a very, very attractive buy. And this again, I'll say, I believe the smart money, the savvy money, the investor that really does their homework and understands the mining industry sees Hive as the best bet. You could see $5 per exahash. $5 million. I guess it's in millions, I should say. You know, by a long shot, you know, our peers are trading at anywhere from 4 to 8 to 16 times our value for ExaHash based on current growth this year. So again, because we have the biggest growth this year, we're such an attractive value proposition. And this is why I think it's a very strong case for the savvy investor that's looking for value stock in Bitcoin mining. Next slide. So, again, just a reminder, we are very data-driven. It's all about deploying our capital for the best dollar per terahash when we're buying ASICs, which, by the way, you have to keep in mind, the joules per terahash. You have to model the variability of hash price and understand, out of cost, when are you going to ROI on your ASICs. If you are not outperforming, the market. By that what I mean, if you are not generating more yield and returns from your mining operations than if you just bought Bitcoin, then you should just be buying Bitcoin. Otherwise, what's the point, right? And so we see a lot of capital that's sort of, you know, deployed, some would even say destroyed in the mining industry when people are raising a lot of capital and just expanding. We have slower upgrade cycles with our ASICs. Why? Because we want to mine for their full economic life cycle. So, for example, what that means is if an ASIC has useful economic life of three, maybe four years if you're lucky, then you want to be ROI-ing that first year to year and a half. So, for the balance of the two years or one and a half years of that ASIC's life cycle, you want that to be free cash flow. However... The latter seasons of that A6 life will have lower margins. And so when you look at the quarterly mining economics, if you're free cash flowing on older machines, your gross mining margin might be thinner, but that's free cash flow. And the industry doesn't really track that. So we just have to remind the street to really pay attention about where to show up. our ROIC. And of course, this is where we've continued to lead the sector. And by the way, you know, we've got best in class uptime as well. So when we talk about efficiency, we talk about having the best uptime. And also, we're going to be leading the industry with the most energy efficient fleet, as well as 16.5 joules of terahash. So let's hop to the next slide and see some numbers. So here it is. So for the quarter, 9.3% ROIC, annualized 37%. And so far, only Hyde and Cleanspark have reported because this is not our year end. We have a March 31st year end, of course, Cleanspark in September. And so these numbers will populate. But just look at the past quarters as well. And you see we've led the industry head and shoulders with the best ROIC quarter over quarter. That comes from our disciplined deployment of capital being very data driven. And here's the results. I'm very proud of the team and the hard work that we do to deliver value for shareholders, which I think is very strongly represented here. Next slide, please. Now, cost management, lowest G&A per Bitcoin mined as well. You can see in the sector, some of our peers, Look at the previous, you know, the current quarter, again, we just have Hyden Feenspark, the data. But you can compare those two data points. And in previous quarters, you could see that we are a mere fraction. You know, even in a bear market, right, when margins are thin, you see our G&A was 27% of revenue. That percentage is higher because it was a bear quarter. PCR peers, 50%, 60%, 40%. In some cases, 98%. You know, so it's about like, how does the longest standing Bitcoin miner, the first to go public, go into our eighth year of operation, we've weathered three bear markets. So you have that discipline and understanding. You have to have a very lean operation, A, to offer a good value for shareholders, but B, to make sure you can weather the tough quarters. And so we have that discipline, which we prove, you know, quarter-over-quarter year in, year out. I'm very proud of my team. We all work super hard. We huddle every day at 7 a.m. my time, Vancouver, 10 a.m. Toronto time, 4 p.m. Sweden time, and we pretty much run 24-7 just like crypto markets. That's the high advantage for shareholders. Next slide. So again, we've talked about our hodl. If you look at that year over year, it's gone up almost 4x, right? So that's 2,805 Bitcoin on the balance sheet, mine with green energy, unencumbered. You know, we haven't bored against it or anything like that. Very little to no debt at Hive as well. We're in a very clean balance sheet as well as having profitable operations. So again, discipline and growth. And by the way, you know, 2024 was not exactly the most bullish year overall for Bitcoin mining. So again, very proudly we were able to grow that huddle very substantively while also scaling our operation and upgrading our fleet to more energy efficient miners. Let's hop to the next slide. So this is also a metric we wanted to revisit Because even though we've been growing the business and upgrading our fleet, we still manage to have the lowest dilution across the peer set. Let me recap. We have the highest growth prospects in the industry. We announced $120 million order with Bitmain. $36 million of that has been paid up in our initial deposits to secure that. We announced our binding LOI with Bitfarms. $20 million has been paid towards that. So we're using our ATM very judiciously and when it's strategic and accretive to you. So we will sell a little bit of Bitcoin as we announced our January huddles $26.50. and so we still we do all of this it's it's a symphony of strategy so we have the lowest uh dilution and so you can see here um quarter over quarter that's our year over year we've managed to have the lowest dilution in the industry by a long shot while also having um the highest growth. So again, part of my team, greater capital efficiency and earnings per share protection. So again, having this discipline going into a year of growth and what we expect to be a bull market for Bitcoin mining, if the past cycles of halving is anything to go by, which again, we have three halving events, we believe that this is going to be a great year for Hive. Next slide. Anthony Powers, very good. If you've ever met Anthony in person, he's so passionate about numbers. He's a CPA of the UK and he does a great job. And you could see here we're neck and neck. Again, you know, we at Bitfarms and Hive have been amongst the longest standing crypto miners both. going public during the Canadian era of 2017. And so we leave the sector here. We're neck and neck for first place. And this, by the way, this is for the full calendar year. This is for the full calendar year of 2024. We led the sector. And you can see that that waterfall rolls off pretty substantively. You know, some of the peers are sub 30 Bitcoin per exahash. But again, you know, we not only want to offer shareholders the best bang for your buck, but best performance. So I can confidently say as president and CEO of Hive, I really think that pound for pound, we are the best Bitcoin miner in the sector. um and and it's the numbers that really back it up but again we're very diligent we work extremely hard to keep this level of performance uh and we want to scale this level of performance as well um let's hop to the next slide so i i alluded to this it's a very interesting summary by van hat and so what they're looking at is bitcoin value per exahash as you look at the enterprise value and value of the treasuries, et cetera, And really what you could see here, if you look at the rightmost column, we need the sector 67% Bitcoin value as a percentage of our enterprise value. And you see Marathon is number two at 63. And Marathon has gone out, I think they've raised quite a bit of money just to buy Bitcoin. But we've managed to organically farm our own operations, strategically, hotly, while also having the lowest dilution rate. in this space. Again, this is a testament to our discipline. We're very data-driven when we deploy our capital. We keep costs low, so we have cash flow positive operations. This slide alone, I think, says a lot. But anyways, and this is on their website, too. I think the URL is down there at the bottom. VanEck, they're a great ETF. I think they're going to be doing a new discretionary ETF where they'll be able to deploy more capital into the crypto mining sector. So we're very grateful to have them as a shareholder. Next slide. and this is this revisits the hype ratio so look at the january production report you've got everybody's press releases it's tabulated here for convenience again this is all market data and you look at our market cap and you back up the value of the huddle so you've got what you call value excluding hodl fair value or just it's called enterprise value for convenience for 117 million to produce 102 bitcoin So if you analyze that, we're trading at a value per Bitcoin mine in 96,000, which is basically the price of Bitcoin. And you look at what our peers are trading at. Some of them are trading at 200,000, 400,000, but some of them are trading over a million dollars per Bitcoin mine. And you can kind of normalize that to a ratio. And because we have the most attractive value, If we're trading at a 1x, our peers are trading anywhere from 1.5 to 2.5 to 8 to 10 to 12x. So again, we believe the smart money will start funneling its way to high. We are the best value, pound for pound the best miner in terms of uptime, lowest dilution, lowest GNA per Bitcoin mined. Again, I'm an engineer by training, so it's all about numbers for me. I'm a numbers guy. I'm sure everybody else is that enjoys crypto mining because it's a numbers game. And this is another metric where we lead. It's very clear that we're an incredibly attractive value proposition right now. Let's see the next slide. Of course. So we're going to talk about AI. We hit $10 million of annualized revenue this quarter, $2.5 million, and that's coming from our 4,000 A-series cars, which are operational in Montreal and Stockholm, Sweden. But very exciting, we just ordered a 32-node H100 cluster with InfiniBand, and that was actually shipped and arrived in December, and it was configured over the following six weeks. So it's now operational. We're looking to hand that over to a client in the next week or two. And that will add $4 million of top-line revenue. And then the H200 cluster we also announced is currently being configured and should be ready in about four to five weeks. I believe Supermicro is at the data center next week. pressure testing and configuring uh everything and of course this is with infiniband as well so we're building in video reference architecture by the way uh multiples of 32 nodes is what nvidia prescribes with infiniband of course and that h200 cluster we expect to add nine million top line revenue so we're at ten you add four you add nine gets us to about 23 million dollars of annualized revenue the target is 20 just to keep it simple for the street And we're focused on hitting that in the next quarter. So we stand by for updates on that. And $100 million of annualized revenue Target is still there, and all we said is that's going to be focused more on the infrastructure side. We'd be building and converting our green energy data centers to support Tier 3, where we can either build more GPU clusters or provide co-location services. More on that. But right now, the focus and the recent news is that we've got the H100 and H200 clusters in our data centers. Again, H100 will already be turned over to clients very soon, and H200 should be ready to turn over in hopefully four to five weeks. And so we've alluded to this. We said we're focusing on next-generation video compute. And by the way, we realize it's no secret that Blackwell is going to be liquid-cooled. And so if you're going to be building – Tier 3 infra, well, it better support the next generation of compute, which will be 130 kilowatts per rack if you look at an NBL-782. And so it's about understanding where the market is going and preparing that. So anyways, we've commented about that, just sort of acknowledging that again. We'll hop to the next slide. So again, the focal point here is to hit the $20 million of annualized revenue once the H100 and H200 clusters are rented. And we're planning to rent these clusters to single customers. And then that's in addition to the cash flow from our existing GPs of the $10 million. Next slide, please. And it is time for Mr. Darcy Dabaris, the longest standing CFO in crypto mining industry. He's got more audits under his belt than anybody else and more having events under his belt than any other CFO in the crypto mining. Mr. Dabaris, it's all yours.

Thank you, Aydin. At this point of the presentation, I will be taking you through a snapshot of the period, looking at the most recent completed quarter and some financial indicators. We are providing certain non-IFRS measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. Further details are found in the management discussion and analysis for the three and nine months ended December 31st, 2024. As you can see on the slide, Hive ended December 31st, 2024 quarter with 140.2 million common shares, 3.3 million auctions, 6.2 million RSUs, and 3.2 million warrants outstanding. On to the next slide. During this most recently completed quarter of December 31, we recorded 29.2 million of revenue and a 17.3 million profit measured in adjusted EBITDA. This was driven by the production of 322 Bitcoin equivalent being produced. Onto the next slide, we always and have since day one taken pride in maintaining a healthy balance sheet. Our cash position was $9.8 million as of December 31st, 2024, in addition to $260.8 million in digital currencies, a healthy increase from the prior quarter driven by higher total balances and higher Bitcoin prices And as we know, our total is consistent of Bitcoin. We also had $8.9 million in amounts receivable and prepaid. This is an increase from the prior period. The total market value of our strategic investments increased by 26% from the prior quarter to $30.7 million. We have a strong net cash position and healthy working capital to support our operations and growth objectives. With a current ratio of 10.4 calculated as current assets divided by current liabilities. Moving on to the next slide, let's shift our focus to our gross operating margin on a year-over-year basis. We'll be comparing the third quarter of this year to the third quarter of last year. Our gross mining margin, which is calculated as total revenues minus direct operating and maintenance costs and high performance computing service fees decreased in absolute terms to 6.1 million or 21% in the most recent quarter compared to 11.3 million in the same quarter last year. One significant factor to consider and remember is the impact of the halving event that occurred in April of 2024. This event led to rewards earned by miners in the third quarter of this year being halved compared to the same period last year. The gross mining margin is influenced by several additional external factors. These include the high mining difficulty currently being experienced, and the reduced amount of digital currency rewards received by miners, as I mentioned, which is now half of what it was a year ago. And the market price of the digital currencies at the time of mining, which is how our revenue is recorded, which has been higher compared to the previous quarter. Taking a look at basic income or loss per share, in the most recently completed quarter, we are reporting a net profit of $0.01 per share compared to a net loss of $0.08 per share reported for the quarter ending December 31, 2023. And looking at the nine-month period, year-to-date, we are reporting a net loss of $0.03 per share compared to a net loss of $0.55 per share in the nine months ended December 31, 2023. The net loss reported by Hive is in accordance with the regulatory requirements of IFRS, as we are a Canadian-listed entity rather than following US GAAP. However, we are going through the process to get a transition to US GAAP. One of the things that we'll do is allow our investors and our listeners of this session to have greater comparability of ourselves to our peers. Onto the next slide and looking at our year-over-year revenue, we generated total revenue in the third quarter of fiscal 2025 of 29.2 million versus 31.3 million in the previous year's quarter. The steady revenues compared to the same quarter in fiscal 2024 can primarily be attributed to the higher average Bitcoin price, which is more than double what it was last year. However, this increases offset by a rise in Bitcoin difficulty hash rates over the past year, as well as the impact of the halving event on the current period results. It's a huge badge of honour for our operations team and the company as a whole to be able to maintain these high revenues, even with receiving half of the rewards that we were receiving a year ago as an effect of the halving event. As previously mentioned, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and HPC service fees decreased in absolute dollars to 6.1 million or 21% in the most recent quarter compared to 11.3 million or 36% in the prior year. Moving on to the next slide, comparing our current fiscal Q3 quarter to the previous Q2 quarter, We generated revenue in this third quarter of fiscal 2025 of 29.2 million versus 22.6 million in the previous quarter. This increase in revenues versus the prior quarter was impacted by an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining. We also saw a 35% higher HPC revenues quarter over quarter. Our gross operating margin, also in absolute dollars, decreased to 6.1 million, or 21%, in the most recent quarter, compared to 1.2 million, or 5%. That increase is great on a quarter-over-quarter basis, and it was greatly due to the higher comparative Bitcoin prices and resulting revenues. Looking at our adjusted EBITDA on the next slide, In this third quarter of fiscal 2025, it was $17.3 million versus an adjusted EBITDA of $5.6 million in the prior quarter. I will highlight again that adjusted EBITDA is a non-IFRS figure. In the third quarter of fiscal 2025, we experienced a net profit of $1.3 million compared to a net loss of $7.7 million in the prior quarter. At this point, as I always like to do, I want to thank our loyal shareholders that have been with us over this period of time. It has been an incredible journey. It has been incredible what Hive has been able to achieve and announce over the last three months. And at this time, I'd like to pass it to Nathan, who will be running our Q&A portion for our covering analysts. Nathan?

I'm not sure if I've been unmuted for the question, but it seems like I have been. With respect to the Paraguay expansion strategy, I'm curious if you guys could share some details in terms of whether you see further opportunity expand in the region now that you've established a foothold in the market with the 300 megawatts expected to come online in roughly eight months. Thank you.

Sorry, Bill, I don't know if I can't hear anything on my end. Can you repeat the question? I apologize.

Yeah, no worries. Good morning, everyone. And thanks for having me here. So my first question was with respect to the Paraguay strategy. I'm just curious to hear the team's thoughts on, you know, further opportunity to expand in the region now that A 300-megawatt foothold will be established in roughly eight months. Just curious to hear on general thoughts on Paraguay. Thank you.

Yeah, no, thanks for the question, Bill, and I apologize for the silence. I wasn't sure if it was just on my end. I think with the team that we've had gone down there, you know, Frank has been down there, Aydin's been down there, Luke, our chief operating officer, It's opening up some other opportunities. People are – you know, we're seeing more of the region. We're having conversations with existing miners down there. So I think that there's potentially a lot of opportunities in Latin America to – do some additional Bitcoin mining. But right now, because this is, as everybody on the call knows, this is the biggest transformational announcement that Hive has made since its inception back in 2017. We're laser focused to get these done. I don't think that we want to overburden ourselves with going after another 300 megawatts or whatever. As the conservative CFO, I think the team wants to make sure that We get this done, get it done properly, get it up and running. And with the Bitfarm is one because it was already, once we close, be able to get this one up and running. The timeline is a lot tighter. We're going to learn a lot. It's like any country, you know, you can have all of your plans, you know, the operations team, finance team, everybody. But until you energize that, um that's when the excitement really starts so we are continuing to take a look we are always whether it's in latin america or other places taking incoming opportunity questions so we're continuing to look and haven't closed our eyes to anything and with the access to the green energy from these large dams that have stranded power. I think that there's going to continue to be opportunities, whether we take them or not. You know, that will continuously be part of our corporate development strategy, taking a look at it and seeing if it makes sense. But the big thing we're looking at, you know, through calendar 2025 is getting these operations up and running so that we can, you know, put Bitcoin on our balance sheet.

Awesome. Thank you for the color there. And then if I may ask a second one, how should we think about the ramp in SG&A expense going forward, you know, the impact of operating leverage as the business scales here?

Yeah, I think the SG&A is going to continue to be very lean. It's not going to be linear from the standpoint of us having 6x to hash now and then, you know, getting a 4x to hash. 25 exahast that our SG&A is going to increase by four times, there's going to be economies of scale. And, you know, the great thing that I've, in my head, Bill, it's not the operations side, but I would much rather have one 200 megawatt facility, like we're looking at in In Paraguay with the LOI with BitFarms, then have 10, 20 megawatt ones. You can keep your overhead a lot lower. You can get a lot more economies of scale. As we've talked about before, we are going to be adding some people on the strategy side for the accounting and auditing. And we'll obviously have to add some people down in Paraguay to run the operations there. But it's not going to be a four times. We're going to continue to keep it lean. And this is where, you know, you can maintain a very low SG&A while your revenues go four times.

Really appreciate the call. Congrats again on the quarter.

Great. Thanks, Bill. I appreciate you calling in.

Bill, thank you for the question. For our next question, we'll go to the line of Darren from Roth. Please unmute.

Hey, guys, can you hear me? Yes, Darren. Great. Good morning. Thanks for taking my questions. Congrats on the progress. So I guess my first question, appreciating all this stuff sort of occurs linearly, can you just walk through – what logistically needs to occur in order to, one, close the Paraguay site from BitFarms, and then, two, with respect to the aggregate 300 megawatt project, kind of what are the biggest obstacles between, you know, once you close a BitFarms transaction and getting up to 35 exahash by the third quarter target?

I think the target is 25, but I don't know where the extra 25 will get to get to 35. I think it's well on its way. We're having numerous calls with BitFarms every week. We've got a very good relationship, a very good relationship. open communication with them because both ourselves and Bitfarmers want to make this transaction successful to be able to close on time. So they've been incredibly accommodating, sharing information with us on what's happened. We are working with people that have already built and are continuing to build down there. So the synergies that we've been able to have have been very... very beneficial. I don't see any big, you know, rocks or stumbling blocks that we need to get over. It's just continuing that communication with bit farms to be able to get to the energization. We already had a good relationship with the energy provider Andy down there when we hooked up our and had the relationship for the 100 megawatts. So, it's more just, you know, working with the existing team that's there, continuing to, you know, check things off the box from both a due diligence point of view and making sure that we've got operational people that are ready to run the facility. From what I understand, our imports that we have to come in for the facility up and running is all working well. We are looking at the purchases of ASIC equipment that we already made for our existing facility, and taking a look at both our 200 megawatts with BitFarms and our 100 megawatt that we had announced for our own, what's the most strategic and best utilization of that equipment to get energization as quickly as possible across the two facilities in Paraguay?

Great. Appreciate that detailed response. If I could sneak one more in, just maybe for Ivan. On the AI cloud business, you know, since the deep seek stuff kind of came out, I mean, have you seen any changes in the demand environment, good, bad, and different? Just kind of curious on your thoughts there. Thanks.

I think Ivan might be having some – audio problems, unless he's talking and I can't hear him.

All right, we'll go ahead to our next question. Apologies for the audio difficulties. Brett from Cantor, if you would please unmute yourself and proceed with your question. We will move to Nick from B. Riley. Nick, please unmute yourself and proceed with your question.

Hey, Nathan, thanks a lot. My first question, guys, congrats on the progress so far, first of all, but Frank, you talked about the change in administration giving you the comfort to move the head office to San Antonio. Obviously, you have an impressive growth pathway and Paraguay, but has the change in administration impacted your desire to own operating assets in the U.S.?

I don't think Frank was able to make it on the call this morning, but it definitely has changed Hive's viewpoint on the United States prior to the current administration's come in, as everyone is aware. It was challenging to not know what was around the corner with any regulation in the United States. You had Gensler going after everybody that either had blockchain, crypto, or anything in their name. They made it extremely difficult through Chokepoint 2.0 to get anything done. Having a new administration have... It's very clear that the new administration loves crypto. They're putting out their own, you know, trying to put out their own ETFs. They brought in a SEC chair that's a lot more friendly to the blockchain and cryptocurrency environment. They actually have a crypto czar. So any kind of additional... spotlight that can be put on the sector. A lot more adoption will be happening in the United States. And I think it becomes a lot more mainstream. So when you've got states taking a look at how they're going to handle crypto, having the national environment a little bit more friendly can only benefit what's what can be useful for Bitcoin miners. You know, over the last seven years, you know, that I've been with the company, I've just taken a look at different things in the United States. You know, we've moved in where the first ones to be dual listed. There was always an underlying, I'll say for myself, discomfort because you didn't know where the lines were drawn operating in the United States. I think over the next four years, there's a great opportunity for the United States to get regulation in, make it a lot more mainstream. So no matter who is in power four years from now, we'll have the guardrails to make this industry incredibly special and incredibly booming past Trump's presidency. And from a CFO point of view, I agree. I welcome regulation. Sometimes you don't like it, but at least you know where the guardrails are and you know where you can go and where you can't go. In prior administration, you didn't know where those guardrails were because they would just come in and make up the rules as they came along, whether they were lawful or not.

Thanks for those comments. My second question, if I may, was correct me if I'm wrong, but I think you alluded to the potential for some site conversion in the existing portfolio, more geared towards the HPC side. So I just was hoping to get any additional color on what kind of work has been done for potential, you know, co-location opportunities or, you know, have you come up with any capex per megawatt estimates, any additional color you might add? Thanks a lot.

Yeah. On that, Nick, in terms of the actual numbers, I'd have to defer to the operations team, but I know that we have been looking at our flagship facility up in Boden, Sweden. There is a small, actually beside our – our flagship facility where we've been doing analysis. We brought in a consultant to take a look at what it would cost to repurpose that from basic mining, doing cryptocurrency to doing the HPC. And we've also taken a look at that in our New Brunswick facility to be able to look at the energy that is available to the company and to make the best use of it. We could just say, you know, keep it completely separate and say, okay, we're only going to work with outside parties for our tier three. But using our existing facilities and saying, what's the best purpose of that electricity that we have? And is that better used to do high performance computing or for Bitcoin mining? The one thing that we need to take into account is is if we're doing HPC, it has to be up 100% of the time. So we have to, in addition to the affects it would take to get it to a Tier 3 level, including the redundancy of power, redundancy of the fiber optics, all that, we've got to make sure that it's an environment where we can have useful, low-cost energy, but it's stable energy. We can't have it in a location where we're going to be curtailed because we just can't afford to have the power going down. You've got to make sure that you've got it 99.97% or whatever the amount is to making it keep up there. But we have had engineers come in, do some analysis, and provided us with some estimates in terms of what that would take. So we'd love to be able to do those in our own facilities. And then, you know, outside of our own facilities, we're continuing to look for sourcing locations to do our own HPC, owning the property, owning our own facility so that we don't have to rely on any landlords.

Thanks again, Darcy, and keep up the good work.

Thanks, Nick.

Thank you for that question. In the interest of time, we will accept one more question from the line of Joe from Canaccord. Please go ahead and unmute yourself, Joe.

Hey, Darcy, and I'm not sure if Aydin and Frank are still on. Yeah, I'm here, Joe.

Oh, great.

Yeah, nice to see you.

I hear a technical question coming, so I'm glad Aydin's here.

I mean, it may not go into a technical question, but nice to see all the progress and the expected ramp here on Exahash. Maybe I'll just throw one question in. You know, as the business is about to, you know, get a lot larger and looks like it's going to be, you know, throwing off more profit, Just wondering how you consider maybe the use of debt moving forward as a funding mechanism to grow the business, you know, relative to, you know, for example, using the ATM and, you know, it's working, but, you know, if you were to employ some debt, maybe you could grow a little more accretively and with a bigger P&L you'd be able to service some debt. So just wondering what the most updated thoughts are on using a little bit more of the cap structure of the balance sheet here. Thanks a lot.

We saw a lot of convertible debt deals done in the last quarter of 2024, and we've spoken to different institutions on those lines. But what we noticed was a lot of those debt deals had use of proceeds that were diminished from the total amount borrowed. So, for example... We see convert deals done for $500 million, $600 million, but cap calls and share buybacks were also included in that structure. And as you know, these are detailed and everybody's press releases. And so a $600 million deal might only have $350 to $400 million of proceeds to say buy Bitcoin if that's what the debt was for. And so down the road at the end of the term, you're still going to have to repay the $600 million. So it seemed to be... trendy or popular because there was a lot of liquidity that that was opening, like doing those securitized death yields was opening up, but... What if things don't pan out? Like a lot of these debt deals were done to buy Bitcoin. And so what if that doesn't pan out perfectly? What if Bitcoin doesn't go to 200 grand? So right now we've got a strong balance sheet. And we've got, I think, a little under 100 million left on the ATM. 100 million beyond that on the base shelf. And as well, we've got roughly... $250 million, over $250 million of Bitcoin on the balance sheet. So we always look at the cheapest cost of capital And if there is a good debt deal, which, by the way, in the HPC world, it is a different ecosystem. It's different than financing Bitcoin expansions or operations. So there are potential opportunities there that are more conventional sort of debt financing options. But, yeah, we always look for the lowest cost of capital.

Great. Thanks very much, Aydin. Congrats on all the progress.

Thank you, Joe. Thank you to all of our analysts, all of our attendees. That concludes our Q&A session and our Q3 2025 earnings call. Thank you very much for joining. We look forward to speaking to you again soon.