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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $232.9M (+187% YoY; +42% QoQ)
โข Colocation Revenue: $215.4M (+1,336% YoY; +58% QoQ)
โข Gross Profit: $123.3M vs. $70.0M QoQ
โข Gross Margin: 52.9% vs. 42.6% QoQ
โข GAAP Net Income: $1.18B vs. -$1.16B QoQ
โข Adjusted EBITDA: $133.6M vs. $41.1M QoQ (+225%)
โข Adjusted EBITDA Margin: 57% vs. 25% QoQ
โข CapEx: $985.1M vs. $797.5M QoQ
โข Liquidity & Debt Service Reserves: $1.74B
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Billing capacity increased to 485 MW from 395 MW in Q2, adding 90 MW sequentially
โข 485 MW of billed capacity represents more than $700M in annualized GAAP colocation revenue
โข Colocation now accounts for approximately 92% of total revenue as the business transitions away from Bitcoin mining
โข First major colocation agreement nearing full delivery, with construction under the second agreement underway across five campuses
โข Adjusted EBITDA margin expanded 3,200 bps QoQ, reflecting rapidly improving operating leverage
โข GAAP net income was heavily influenced by non-cash warrant fair-value gains rather than recurring operating earnings
โข Quarterly CapEx approached $1B, highlighting substantial capital requirements for AI data center expansion
โข Liquidity declined approximately $857M QoQ from $2.60B to $1.74B, including restricted cash and available credit
โข Revenue-generating capacity continues to ramp, with significant contracted megawatts still awaiting delivery
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โWe are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses.โ โ CEO Adam Sullivan