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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $76.2M (Est. $64.07M) โ .
โข GAAP Net Income: $709.9M, benefiting from a non-cash warrant revaluation.
โข Adjusted EBITDA: -$12.8M.
โข HPC Lease Revenue: $63.0M, ~83% of total revenue.
โข Cash, Equivalents & Restricted Cash: ~$2.4B.
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๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Annual New Contracting Target: 250โ500 MW of incremental critical IT capacity, reaffirmed.
โข Lake Mariner CB-4: Phased delivery and rent commencement expected in Q4 2026.
โข Lake Mariner CB-5: Phased delivery expected to begin in early 2027.
โข Justified Campus: Phased service commencement from late 2027 through Q2 2028.
โข Lake Mariner Development Cost: $8Mโ$10M per critical IT MW, unchanged.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 revenue exceeded consensus by ~18.9%, with HPC leasing contributing the majority of sales.
โข Reported GAAP net income of ~$710M was boosted by non-cash warrant fair-value changes, while adjusted EBITDA remained negative.
โข Lake Mariner operated 102 MW of revenue-generating critical IT capacity, with another 336 MW under construction.
โข Signed a 20-year Anthropic lease covering ~401 MW of critical IT capacity and ~$19B in contracted revenue.
โข Secured a Google credit backstop supporting anticipated project financing for the Anthropic lease.
โข Signed a definitive EPC agreement with Fluor covering three data center buildings at Justified.
โข Muskie contracted power capacity doubled to 1 GW, subject to Kentucky regulatory approval, with the second 500 MW phase targeted for 2029.
โข Expanded revolving credit commitments from $250M to $400M, with a potential additional $150M accordion.
โข Sold its 50.1% Abernathy JV stake, receiving $250M in Q3, with ~$280M in further proceeds expected.
โข Recognized a $95M gain on the Abernathy sale.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โLake Mariner is delivering contracted capacity and generating revenue, Justified has the customer, credit support and construction framework to move forward at scale, and Muskie gives us a contracted path to a gigawatt of power.โ