- Revenue: $79.5M, -56% YoY
- Net Income: $580.7M, +176% YoY
- Adjusted EBITDA: -$6.1M vs $88.0M in Q1 2024
🌱Revenue & Growth
- Digital Asset Self-Mining: $67.2M, -55% YoY
- Digital Asset Hosted Mining: $3.8M, -87% YoY
- Colocation: $8.6M, N/A YoY
- Bitcoin Mined: -75% YoY
💰Profits & Health
- Gross Margin: 10% vs 43% in Q1 2024
- Operating Loss: -$42.6M vs $55.2M income in Q1 2024
- Cash & Equivalents: $697.9M, -17% QoQ
- Total Debt: $1.12B, -0.4% QoQ
📌Business Highlights
- Delivered 16 MW colocation capacity to CoreWeave
- Signed ~500 MW colocation contracts in 2024
- Transitioned focus to high-density colocation
- Strong liquidity: $778.6M in cash and digital assets
🔮Future Outlook
- Colocation capacity: +250 MW by Dec 31, 2025
- Annualized colocation revenue: ~$360M by 2026
- Total colocation capacity: ~590 MW by early 2027
- Revenue potential: >$10B over 12-year contracts