HIVE Digital Technologies Ltd. (HIVE) Earnings Call Transcript & Summary

Hello, everyone. Welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended December 31, 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 2, 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 Kilic, President and CEO; and Darcy Daubaras, 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 3 months. But before I 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 1 sigma 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. And over 10 days, it's 2%. And when we take a look at Bitcoin, it's normal DNA of volatility. 70% of the time is up or down 3%. But over 10 days, it's 8%. And then we could 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 build-out with NVIDIA, you can see the 1-day DNA is the same as Bitcoin, but over 10 days, it's 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 4% and over 10 days, 13% and HIVE Digital is plus or minus 6% in a day and over a 10-day period, it's 17%. And the ultimate of speculative volatility is MicroStrategy since they continue 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 3x the volatility of what Bitcoin is. So it's important for investors to understand what the DNA of volatility is before you take -- make an investment in any of these different asset classes. So quite often, we hear buy the dip, stack your shares, stack 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 that this brand new, and I'd like to call it also a metaverse of what 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, stack and HODL, Bitcoin Ecosystem, what does that mean? Well, that means if Bitcoin falls more than 1 sigma, 3% in a day is probably a better time to buy it. And if HIVE 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 advisers that are now coming into the ecosystem to buy Bitcoin ETFs is really not knowing some of the simple math. And Bitcoin is equal to 100 million Satoshis. So if you go to Robinhood to buy $1,000 worth of Bitcoin and you're buying a slice of it, well, I'm going to walk you through that you're buying about 1 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 1 Satoshi is worth $0.01, then Bitcoin is worth $1 million. And this is very, very important to recognize. I have said that Bitcoin has all the capacity and capability of going to $1 million, and it can be faster than you think with the 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 a 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 $0.00097. And that's important to recognize that how Bitcoin is broken down into these fractions. So if 1 Bitcoin is trading at approximately $97,000 today, then 1 Satoshi is $0.000971. And if Bitcoin is at $100,000, then Bitcoin goes to $1 million, that means Satoshis are worth only $0.01. And that's important to grasp. So we look at the next visual with Bitcoin, say, at $100,000, investing $1,000 on a Robinhood basically buys you 1 million Satoshis or 1 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 ETFs. So if you go out and buy HODL, H-O-D-L, which is VanEck's Bitcoin ETF and you buy only $1,000 worth, well, you should be getting close to a total of 1 million Satoshis. And this is what I found a lot of our registered investment advisers were not aware. And when you limit the supply of 21 million coins, and you have this adoption, then what's called Metcalfe's 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 $0.01. Well, that means Bitcoin is 1 million or a Bitcoin when it hits 1 million, your Satoshi is going to be worth $0.01. 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, President Trump showed up to a pack crowd, and 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 and to be able to send anywhere and share anywhere, we're 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 4 years being absent for 4 coming to this term. He basically has 2 years to move quickly to enact all the changes he wants, and it's very disruptive to the markets. Last week, 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. 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, you would take a look at Argentina and Milei 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 this sort of executive decision-making. He dropped inflation dramatically in his country. And many other things are basically, there's been no huge unemployment. All these government workers that were doing nothing, all of a sudden found new jobs. So, I think there's something that's a foot here and Milei 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 up global position of the U.S. dollar by promoting stablecoins. 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 U.S. the crypto capital of the world and repeal 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 3 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 HIVE 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. Trump appoints former PayPal executive, David Sacks, as AI and Crypto Czar. New role will help reshape U.S. 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 changes, taking a look at blockchain to become into the Treasury Department so that there's a better way to audit, especially when we look at USA 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 USA 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 all in 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 adopted and adopted it 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 JPMorgan 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 stablecoins. We've seen the unprecedented growth of Tether around the world that now has more U.S. treasuries than in the country of Germany. They are a major player when it comes to the U.S. treasury auction. So things are changing, and these are important points that Bitcoin trades a magnitude of 6x greater than what you can see here than JPMorgan. 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 it'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 and particularly when we 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 in ETF history by the comments by here by ETF STORE. But when we look at all the assets that have basically gone into Bitcoin ETFs, it's from $0 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. 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 4 years. Next, please. So, BlackRock now is expanding its footprint by launching a Bitcoin exchange-traded product in Europe after the success of its $58 billion U.S. ETF. Next, please. And 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, with the University of Colombia in New York, worked in Washington, D.C., has a high bank rating as a sovereign currency. 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 a few countries in Latin America, which are really pro-America and Paraguay is one of those. And now with the leadership of Milei in 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. And so Presidente 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 Hayes, named after President Hayes. So it's interesting to see the 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 utility company earn U.S. 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, $100 million under the new President, but they still owe more money to them. And it's really difficult to run your country 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. Next, please. So the big news we have announced, and Aydin is going to go into more granular detail on it, but HIVE Digital Technology announces the acquisition of Bitfarms 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 100,000, it gives us a run rate globally of pushing the $500 million based on the technology and the difficulty today. Next, please. Just a simple visual, HIVE's future hashrate growth from 6 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 Aydin is going to give you some great granularity of what makes us a unique value proposition. Moving to the U.S. 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 technology funds. They are predominantly those funds that are indexed. And I think that we're trying to position the company in that pathway. Next, please. So, research coverage on HIVE has grown substantially over the past year. There's been a lot of work by our peers. It used to be predominantly Canaccord and Stifel, but we can see now that we have other people that have come along with Cantor and ROTH and we have Northland, H.C. Wainwright. And by the way, as you see, Keefe, Bruyette & Woods is really a Stifel company. So, that's the Stifel Research. And most of these companies are calling between $9, $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 is a data center business. And data center business trade at multiples of 10x to 20x 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 pro forma 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 HIVE relocation in San Antonio aligns with the operations of America First agenda, enhancing local engagement and operational efficiencies, transition to U.S. GAAP reporting in fiscal year-end March 31 to enhance transparency. And comparability, it's really important to other Bitcoin miners. So it's easier for any investor retail institutional to do relative valuations and visit us if you're in our local area in Texas, Thursday, April 17, HIVE is 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, Aydin Kilic, to give you a more granular update on the financials of where we -- the financial operations, more like operations, a comparative analysis of our value proposition. And then our CFO, Darcy Daubaras, he will give us a detailed financial analysis of the company. Now, I'd like to turn it over to Aydin.

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 when we started tracking this is we hit an annualized ROIC of 37% this quarter, which I think is phenomenal. And in fact, means the 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 HIVE share that you purchased, you're getting 78% Bitcoin per share. 78% Bitcoin per share. And later in the presentation, we actually have a comp table that VanEck did tracking this, and we led the whole sector. So, I think all the smart money now is going to HIVE 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 4x 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 HODL was 2,657. We deployed some capital to acquire the Bitfarm site in Yguazu. 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 mined 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 25 exahash 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 HPC 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 hit $10 million of annualized revenue this year -- 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 Huang's keynote, 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 Yguazu. The site is 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 at 25 exahash 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 will 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 will be 6 exahash. Those air-cooled machines are 16.5 joules per terahash. Then the second 100 megawatts was actually at our Valenzuela site that we press released a few months ago. Those will be hydro and those are 15 joules a terahash. And that means you could fit 6.5 exahash in that 100 megawatts. And then the third tranche of 100 megawatts is the second phase of the Yguazu site, another 6.5 exahash, right? So you tally that up, and that is how we get to our 25 exahash target. Now, we actually announced 2 lead orders from Bitmain and Canaan in December, which secured 15 exahash 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+ Hydros, and it worked out to about a 10-month ROI after OpEx, after OpEx, phenomenal deal. And the Canaan, we weren't allowed to say what the dollar per terahash price was, but it was a great deal, and it was a sub-1-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 25 exahash 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 6 exahash of installed hash rate. And our pipeline, once everything is completed, is 25 exahash. Now if you add up the numbers there, you actually get to 25.5 exahash. But just to keep things simple for the Street, the target is 25 exahash. 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. Next -- 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 6 exahash rate. And so again, you see here on this bar chart, it's a visual representation of that growth. So the 6 going to 6.5 exahash is an internal upgrade, although it's a modest upgrade only increasing by 0.5 exahash. We actually see our efficiency increase from 22 to 19. That's the upgrade of those Canaans 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 terahash. So for all the analysts out there that are doing the 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 3-scenario cash flow projection, Bitcoin is either $100,000, $125,000 or $150,000. So in this scenario at 25 exahash, you're 3% of 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 electrical cost of approximately $0.045 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. With Bitcoin at $150,000, if we're throwing off over $500 million cash flow from operations at a 3x, 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 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 in effect a year after the halving. So, a little history lesson. In 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. Now 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 Trump Administration, which we're so excited about, and we feel is great for America. Next slide. Now, we at HIE are now leading the industry in growth for calendar 2025. Again, I just want to back up and remind the Street that HIVE 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've been waiting to 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 this calendar year. You see our peers 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 clearly, HIVE and Bitfarms are leading the sector in terms of growth prospects. Cipher, they are 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 the business that will be very interesting. But again, we lead the sector 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 hash 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 a $5 per exahash, $5 million, I guess. It's in millions, I should say, by a long shot, our peers are trading at anywhere from 4 to 8 to 16x our value per 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 this 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 net of cost, when are you going to ROI in your ASICs. If you are not outperforming the market, and 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 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 3 years, maybe 4 years if you're lucky, then you want to be ROI in that first year to 1.5 years. So for the balance of the 2 years or 1.5 years of that ASIC life cycle, you want that to be free cash flow. However, the latter seasons of that ASIC 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 does it show up in our ROIC. And of course, this is where we've continued to lead the sector. And by the way, 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 a 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 HIVE and CleanSpark have reported because this is not our year-end. We have a March 31 year-end. Of course, CleanSpark is 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, low SG&A per Bitcoin mined as well. You could see in the sector, some of our peers look at the pre -- the current quarter, again, we just have HIVE and CleanSpark, the data, but you can compare those 2 data points. And in previous quarters, you could see that we are a mere fraction -- 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. You see our peers 50%, 60%, 40%, in some cases, 98%. So it's about -- like HIVE is the longest-standing Bitcoin miner. The first to go public, going into our eighth year of operation. We've weathered 3 bear markets. So, you have that discipline and understanding you have to have a very lean operation, a, to offer good value for shareholders; but b, to make sure you can weather the tough quarters. And so we have that discipline, which we prove quarter-over-quarter, year in, year out. So, very proud of my team. We all work super hard. We huddle every day at 7:00 a.m. Light time, Vancouver at 10:00 a.m. Toronto time, 4:00 p.m. Sweden time. And we pretty much run 24/7 just like crypto markets. That's the HIVE 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, mined with green energy, unencumbered. We haven't borrowed against it or anything like that. Very little to no debt at HIVE as well. We run a very clean balance sheet, as well as having profitable operations. So again, discipline and growth. And by the way, 2024 was not exactly the most bullish year overall for Bitcoin mining. So again, very proud we were able to grow that HODL 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 managed to have the lowest dilution across the peer set. So let me recap. We have the highest growth prospects in the industry. We announced a $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 do so, we will sell a little bit of Bitcoin as we announced our January HODL 2,650. And so we still -- we do all of this. It's a symphony of strategy. So, we have the lowest dilution. And so you could see here quarter-over-quarter -- sorry, year-over-year, we've managed to have the lowest dilution in the industry by a long shot while also having the highest growth. So again, proud 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 halvings anything to go by, which, again, we have 3 halving events, we believe that this is going to be a great year for HIVE. Next slide. Anthony Power's, very good. If you've ever met Anthony in person, he's so passionate about numbers. He's a CPA of the U.K. and he does a great job. And you could see here, we're neck and neck. Again, 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 lead 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 could see that, that waterfall rolls off pretty substantively. Some of the peers are sub-30 Bitcoin per exahash. But again, 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. 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, and we want to scale this level of performance as well. Let's hop to the next slide. So, I alluded to this. It's a very interesting summary by VanEck. And so what they're looking at is Bitcoin value per exahash as they 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 #2 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 do organically from our own operations, strategically hard way, while also having the lowest dilution in the 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 capital -- 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 HIVE 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 HODL, so you've got what you call value excluding HODL fair value or just called enterprise value for convenience. For $117 million, we produce 102 Bitcoin. So if you annualize that, we're trading at a value per Bitcoin mined at $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 $1 million per Bitcoin mined. 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 HIVE. We are the best value. Pound-for-pound, the best miner in terms of uptime, lowest dilution, lowest G&A 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 the figures. 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 cards, 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 6 weeks. So it's now operational. We're looking to hand that over to a client in the next week or 2. 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 4 weeks to 5 weeks. I believe super micro is at the data center next week, pressure testing and configuring everything. And of course, this is with Infiniband as well. So, we're building NVIDIA reference architecture, by the way, multiples of 32 nodes is what NVIDIA prescribes with Infiniband, of course. And that H200 cluster, we expect to add $9 million of top line revenue. So, we're at $10 million, you add 4, you add 9, gets us to about $23 million of annualized revenue. The target is $20 million, 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 the $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'll be building and converting our green energy data centers to support Tier 3, where we can either build more GPU clusters or provide colocation 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 ready to be turned over to clients very soon and H200 should be ready to turn over in hopefully 4 weeks to 5 weeks. And so we've alluded to this. We said we're focusing on next-generation NVIDIA 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 NVL72. 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. I'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 GPUs of the $10 million. Next slide, please. And it is time for Mr. Darcy Daubaras, the longest-standing CFO in crypto mining industry. He's got more audits under his belt than anybody else and more halving events under his belt than any other CFO in the crypto mining. Mr. Daubaras, 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 3 months and 9 months ended December 31, 2024. As you can see on this slide, HIVE ended the December 31, 2024, quarter with 140.2 million common shares, 3.3 million options, 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. On to the next slide, we always and have since day 1, taken pride in maintaining a healthy balance sheet. Our cash position was $9.8 million as of December 31, 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 prepaids. 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 9-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 9 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 U.S. GAAP. However, we are going through the process to get a transition to U.S. GAAP. One of the things that will do is allow our investors and our listeners of this session to have greater comparability of ourselves to our peers. On to 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 increase is 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 honor 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 3 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, curious if you guys could share some details in terms of whether you see further opportunity to expand in the region now that you've established a foothold in the market with the 300 megawatts expected to come online in roughly 8 months?

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

Yes, no worries. here. So my first question was with respect to the Paraguay strategy. I'm just curious to hear the team's thoughts on further opportunity to expand in the region now that a 300-megawatt foothold will be established in roughly 8 months. Just curious to hear on general thoughts on Paraguay.

Yes. 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; Frank has been down there; Aydin has been down there. Luke, our Chief Operating Officer, it's opening up some other opportunities. We're seeing more of the region. We're having conversations with the 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 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 a 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 Bitfarms one because it was already once we close, be able to get this one up and running, the time line is a lot tighter. We're going to learn a lot. It's like any country, you can have all of your plans, the operations team, the finance team, everybody. But until you energize that, 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, that will continuously be part of our corporate development strategy, taking a look at and seeing if it makes sense. But the big thing we're looking at through calendar 2025 is getting these operations up and running so that we can put Bitcoin on our balance sheet.

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

Yes. I think the SG&A is going to continue to be very lean. It's not going to be linear from a standpoint of us having 6 exahash now and then getting a 4x to 25 exahash that our SG&A is going to increase by 4x. There's going to be economies of scale. And the great thing that I've in my head, Bill, it's not the operations side, but I would much rather have 1 200-megawatt facility like we're looking at in Paraguay with the LOI with Bitfarms than 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. But it's not going to be a 4x. We're going to continue to keep it lean. And this is where you can maintain a very low SG&A while your revenues go 4x.

For our next question, we'll go to the line of Darren from ROTH.

Can you hear me?

Yes, Darren.

Congrats on the progress. So I guess my first question, I appreciate the 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 2, with respect to the aggregate 300-megawatt project, kind of what are the biggest obstacles between once you close the 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 open communication with them because both ourselves and Bitfarms 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 been very, very beneficial. I don't see any big rocks or stumbling blocks that we need to get over. It's just continuing that communication with Bitfarms to be able to get to the energization. We already had a good relationship with the energy provider Andy down there and had the relationship for the 100 megawatts. So it's more just working with the existing team that's there, continuing to 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 remaining equipment to get that 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-megawatt 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 2 facilities in Paraguay.

Great. Appreciate that detailed response. If I could sneak one more in, just maybe for Aydin. On the AI cloud business, since the DeepSeek 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.

I think Aydin 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. Nick from B. Riley.

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 in 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 administrations 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 the new administration, it's very clear that the new administration loves crypto. They're trying to put out their own ETFs. They brought in an SEC chair that's a lot more friendly to the blockchain and cryptocurrency environment. They actually have a crypto jar. 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 can be useful for Bitcoin miners over the last 7 years that I've been with the company. I've just taken a look at different things in the United States. We''re 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 4 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 4 years from now, will have the guardrails to make this industry incredibly special and incredibly booming past Trump's presidency. And from a CFO point of view, 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.

My second question, if I may, 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 colocation opportunities? Or have you come up with any CapEx per megawatt estimates? Any additional color you might add?

Yes. 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. Actually beside our flagship facility, 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 make the best use of it. We could just keep it completely separate and say, okay, we're only going to work with outside parties for our Tier 3, 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. One thing that we need to take into account is if we're doing HPC, it has to be up 100% of the time. In addition to the CapEx that 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 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 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.

In the interest of time, we will accept one more question from the line of Joe from Canaccord.

I'm not sure if Aydin and Frank are still on, but...Nice to see all...

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

I 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, as the business is about to get a lot larger and looks like it's going to be throwing off more profit. Just wondering how you consider maybe the use of debt moving forward as a funding mechanism to grow the business relative to, for example, using the ATM and it's working, but 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.

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 in every press releases. And so $600 million deal might only have $350 million to $400 million of proceeds to say by 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 debt deals 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, but if Bitcoin doesn't go to $200,000. 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 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 yes, we always look for the lowest cost of capital.

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.