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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $71.1M (Est. $77.22M) โ, -14.9% YoY.
โข Net Income: $189.5M (vs. $50.6M YoY).
โข Adjusted EBITDA: $33.0M (vs. $30.5M YoY).
โข Adjusted EBITDA incl. Digital Asset Mark-to-Market: $350.3M.
โข Unrealized Digital Asset Gains: $413.8M.
โข Compute Revenue: $68.4M.
โข Cash & Restricted Liquidity: ~$6.6B.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 revenue missed consensus by ~7.9%, reflecting the ongoing transition toward AI data center infrastructure.
โข Signed a second 352 MW IT lease at Beacon Point, adding ~$9.8B in expected base-term contract value.
โข Total contracted AI data center revenue reached ~$26.6B, including ~$19.6B at Beacon Point.
โข Beacon Point expected annual NOI reached ~$1.3B across both phases.
โข AI data center capacity under construction increased to 1,330 MW, including 1,000 MW at Beacon Point and 330 MW at River Bend.
โข Development pipeline reached ~7.86 GW, with 3.18 GW under exclusivity, up 1.3 GW.
โข Entered agreements to acquire two Texas sites with up to 230 MW of utility capacity for up to $180M.
โข River Bend initial data hall delivery targeted for Q2 2027, Beacon Point Phase 1 for Q3 2027 and Phase 2 for Q2 2028.
โข Closed a $1.07B revolving credit facility, with no borrowings outstanding at quarter-end.
โข Repurchased $250M in shares through early November, funded by Bitcoin sales.
โข Increased total share repurchase authorization to $1B.
โข Q3 net income benefited from $413.8M in primarily unrealized digital asset gains.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โConstruction at both River Bend and Beacon Point remains on track to meet our delivery targets, and we expect these projects to be funded entirely at the project level, without requiring equity issuance or recourse debt at the parent.โ