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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $28M vs. $68M YoY (-59%)
โข GAAP EPS: -$0.10 vs. -$0.02 YoY
โข Net Loss (Continuing Operations): -$62M vs. -$11M YoY
โข Operating Loss: -$8M vs. -$18M YoY
โข Adjusted EBITDA: -$27M vs. +$19M YoY
โข G&A Expenses: $34M vs. $17M YoY
โข Unrestricted Cash: ~$780M (Nov. 4)
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๐ฏ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
โข Moses Lake: First HPC revenue expected in 2027
โข Secured Data Center Capacity: 478 MW
โข Potential Secured Capacity: Up to 1,928 MW
โข Expansion Load Studies: Expected completion Q1 2027
โข Development Pipeline: 2.2 GW
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Began construction at Moses Lake after securing all required permits
โข Moses Lake engineered to optionally support next-generation NVIDIA Vera Rubin architecture
โข Advanced lease negotiations with multiple creditworthy counterparties across three near-term sites
โข Sharon and Panther Creek permitting progressing, with four environmental permits outstanding
โข Panther Creek expansion could add up to 500 MW, while Scrubgrass could add up to 1.3 GW
โข Potential secured capacity expansion remains subject to load studies and approvals
โข Revenue decline reflects deliberate shutdown of U.S. Bitcoin mining operations as company pivots toward HPC/AI infrastructure
โข Sold 2,520 BTC for $192M, effectively eliminating Bitcoin treasury price exposure
โข Q3 net loss included a $55M non-cash loss from convertible-note capped-call revaluation
โข Management sees no immediate need for additional debt or equity financing before signing a lease
โข First HPC lease agreements remain unsigned, making commercialization and project financing key execution milestones
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โKeelโs 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter.โ โ CEO Ben Gagnon