📄 Earnings Call Transcript 번역 결과

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HIVE Digital Technologies Ltd. (HIVE:CA) Q3 2026 Earnings Call February 17, 2026 8:00 AM EST Company Participants Nathan Fast - Director of Marketing & Branding Frank Holmes - Executive Chairman Aydin Kilic - President & CEO Darcy Daubaras - Chief Financial Officer Conference Call Participants Darren Aftahi - ROTH Capital Partners, LLC, Research Division Fedor Shabalin - B.	HIVE 디지털 테크놀로지스 리미티드 (HIVE:CA) 2026년 3분기 실적 발표 컨퍼런스 콜
Riley Securities, Inc., Research Division Mike Grondahl - Northland Capital Markets, Research Division Gareth Gacetta - Cantor Fitzgerald & Co., Research Division Presentation Nathan Fast Director of Marketing & Branding Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended December 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I'll be your moderator for today's call. Before we get started on Slide 2, I would like to briefly note the disclosures for today's presentation. Except for statements of historical facts, this presentation contains forward-looking statements within the meaning of the U.S.	라일리 증권(Riley Securities, Inc.), 리서치 부서 **마이크 그론달(Mike Grondahl) - 노스랜드 캐피탈 마켓
Private Securities Litigation Reform Act of 1995. Words such as expects, believes and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them, except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and free cash flow.	1995년 사적 증권 소송 개혁법에 의거합니다. '예상하다', '믿다'와 같은 단어 및 유사한 표현들이
Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight and they're presented for supplemental purposes only and should not be considered in isolation from GAAP results. Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release and Form 8-K furnished to the SEC. I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank? Frank Holmes Executive Chairman Thank you, Nathan, and welcome to the show by HIVE.	경영진은 이러한 지표들을 영업 성과를 평가하는 데 활용하며, 투자자들에게 추가적인 통찰력을 제공한다고 믿습니다. 이 지표들은 보충적인 목적으로
I've got lots to share with you as the Co-Founder and Executive Chairman and give you sort of an overview of what I'm seeing in the geopolitics around the world and some of the glitches that have happened that have really impacted the crypto ecosystem. And I'll give you also somewhat we'd like to call the standard deviations that this is a great buying opportunity based just on the math of markets that when things become overextended on the downside or upside. But before getting into this detail, I want to share with you that volatility is incredible. And it's also predictable when you take a look at it and you update this every quarter. But the S&P daily is 1% of the time.	공동 창립자 겸 이사회 의장으로서 여러분께 드릴 말씀이 많습니다. 전 세계 지정학적 상황에 대한 저의 견해와 암호화폐 생태계
That means 70% of the time, it's a nonevent for the S&P to go up and down 1%. And over 10 days, 3%. Gold is the same as the S&P 500, but Bitcoin is 3x greater. And that's something just to recognize that the stocks that are in technology, a new innovation like Bitcoin, it just will experience greater volatility. Tesla used to have this 21% volatility over 10 days until it became part of the S&P 500. But you can still see that on a daily basis, it's 4x greater than the volatility of the S&P 500 or gold bullion. And we can also see here that over 10 days, it's 11%. 11% is a normal volatility. Strategy, what is interesting for me is because strategy was always higher volatility than HIVE.	즉, S&P가 1% 오르내리는 것은 70%의 경우 별일이 아니라는 뜻입니다. 그리고 10일 기준으로는 3%입니다.
And now it's a daily basis is plus or minus 5%. But over 10 days, HIVE has a greater volatility, which surprises me because we do not have the same balance sheet. We have a very conservative balance sheet and a very conservative pragmatic way of managing the company's growth. So here's the team. They're all working hard. Aydin Kilic, Darcy, our CEO and CFO, the longest-standing, I think, CEO and CFO in the industry. So I'm very happy about that. And Nathan has joined us a little over a year ago. And now let's get into this macro recap. Here's the picture. And this picture is really important in respect that we grew our business from 6 exahash to 25 exahash in 2025.	현재는 매일 ±5% 정도의 변동성을 보입니다. 하지만 10일 기준으로 보면 HIVE는 더 큰 변동성을 보이는데, 저희는 (다른
And we are 2% of the global network. And you can see that one of the investment bankers there, Jamie Brown, was on the ground floor of the creation of the idea of HIVE. And then you can see some of our directors are there and other key employees, our Chief Operating Officer and the President of Paraguay's operations, and you can see Nico's in there. And you can see Aydin Kilic, our CEO; and Johanna Thornblad, who's the President of Operations in Sweden. So we're really proud and happy that we've been able to grow this business, and we still have more growth ahead in 2026, very pragmatic and thoughtful expansion.	저희는 글로벌 네트워크의 2%를 차지하고 있습니다. 보시다시피, 그곳에 계신 투자은행가 중 한 분이신 제이미 브라운은
And behind there is a 5 kilometer, but a total length of 7 kilometers, 5-mile dam. It's the largest dam in the Western Hemisphere. It's able to generate about 14 gigawatts of electricity, half to Brazil, half to Paraguay. So we recently came out with a production in January, and that was -- Bitcoin produces 191% year-over-year growth. Even though the difficulty went up, we've been able to maintain this substantial growth. And it's helped us with Bitcoin coming off over the past 4 months because we have this economies of scale. We've also been able to drive down our fleet efficiency.	그 뒤에는 5킬로미터이지만 총 길이는 7킬로미터, 5마일 길이의 댐이 있습니다. 이는 서반구에서 가장 큰 댐
And when you see Joules per Terahash, that really is the amount of energy that you have to pay for that's running those machines and how the ASIC machines, how fuel efficient. And it's really remarkable, if you went back 10 years ago, it was about 300 joules, and now we're down with like Moore's Law, it's only 17.5 joules. And the next generation is going to take this down to 11. So it's able to manage if you have new chips, you're able to manage the halving that takes place in the Bitcoin ecosystem. And so we're more than 2%, and we're happy with that. Steve Jobs had this wonderful speech. And in that speech at Stanford, he said, you cannot -- you can't connect the dots looking forward.	줄/테라해시를 보시면, 그것은 해당 기계들을 가동하는 데 지불해야 하는 에너지의 양이자, ASIC 기계들이 얼마나 연료 효율적인지를 나타냅니다
You can only connect the dots looking backwards. So if you have to trust that the dots will somehow connect in your future, it's important that you look back. So let's look back at some of the dots that what's happened to the Bitcoin ecosystem in the past 4 months. On October 10, called 10/10, Bitcoin knock-out. This is a total crypto market cap fell $350 billion because it's alleged that is like Tyson punch, but the Binance had a faulty algo that basically triggered wrong accounts, whatever, and they blew out $19 billion worth of Bitcoin. And this knocked off and created contagion. What I didn't see it in front page of publications. I heard about it.	돌이켜봐야 비로소 점들을 연결할 수 있습니다. 그러니 미래에 그 점들이 어떻게든 연결될 것이라고 믿어야 한다면, 과거를 돌아보는
I thought it was more noise, but actually, it's come out to be quite significant. And so I'm going to show you how by connecting the dots. So October 10, and our CEO, Aydin Kilic has been at the Bitcoin Conference in Hong Kong. And this made the center stage, and there was lots of conversations and interviews regarding it. It's been dismissed by Binance and actually, they would. But what I want to explain to you is that there was this flash crash. It was only $19 billion. No, it's more than 10x FTX blow up. It's really quite significant. And that triggers margin calls in North America. And then we have ETFs.	저는 이것이 단순한 잡음이라고 생각했지만, 실제로는 상당히 중요한 의미를 가지게 되었습니다. 이제 제가 어떻게 이 점들을 연결하여 설명해 드릴지 보여드리겠습니다.
The ETFs get amplified because almost $200 billion of retail institutional money rolled into a suite of different asset managers with their Bitcoin ETF. And they've been really hurt with a 50% decline. They just become -- they lose this thing called trust. And really the find out that supposedly a hedge fund made $1.2 billion on this flash crash. And other funds that weren't supposed to get hurt, they got hurt, but Binance made them hold with [ $300 million ] injection, there's no big positive amplification to all the ETFs that felt this stress. So this was a big conversation and Binance comes out at the end of January and discusses it.	거의 2천억 달러에 달하는 개인 및 기관 투자 자금이 다양한 자산운용사의 비트코인 ETF로 유입되면서 ETF들이 큰 주목을
But what's really important is that we've seen this before, and I know I've seen this in the futures market back in the early '80s. We've seen it in the gold markets where major banks would turn around and spoof. And -- but you would have a court system and a court system that go after those traders and then they got charged and they were found guilty and then fines were paid by firms like JPMorgan. There was a -- that builds trust. So it's just -- there has to be a mechanism to -- if you have a rogue, they call this an algo. But I always ask why did that algo didn't work on April 2? Oh, it's all because of Trump and Trump went anti-China during that time period.	하지만 정말 중요한 것은 우리가 이런 일을 전에도 겪어봤다는 겁니다. 저는 80년대 초 선물 시장에서 이런 일을 직접 봤습니다. 주요 은행들이 스푸핑을 일
I think that's just too easy to go blame Trump because on April 2, those algos didn't cause this crisis that the magnitude that took place on October 10, 10/10. So that's what's happened. So I went back and looked at what happened in 1 hour, what -- how fast it just turned around and hit and it only grew that day. So in Consensus Hong Kong this past week, Binance's Richard Teng breaks down the 10/10 nightmare that rocked crypto, but really doesn't explain to what hedge funds and a lot of the chatter that was there that our CEO was listening to and giving us more color on it. It never made the front page of the Wall Street Journal, but Sam Bankman-Fried did.	트럼프를 탓하는 건 너무 쉬운 일이라고 생각합니다. 왜냐하면 4월 2일에는 그런 알고리즘들이 10월 10
And this is a factor of 10x greater. So it's really disappointing, but it is what it is. And the CEO, he's worth $88 billion according to Forbes. And other people say he's worth $30 billion to $40 billion, $50 billion. He's got this brilliant mind, what he's been able to do. But it doesn't make sense that this is an unregulated combination where the exchange and the investment broker is combined. You can't really do that. The New York Stock Exchange doesn't own money management. It's like merging the New York Stock Exchange with BlackRock and all of a sudden, then BlackRock has access to what the trades are and the traders know what the fund flows are doing.	이것은 10배나 더 심각한 문제입니다. 정말 실망스럽지만, 현실이 이렇습니다. 그리고 CEO는 포브스에 따르면 880
That's the difficulty in this unregulated Binance exchange, which say they trade trillions of dollars in notional value in the Bitcoin ecosystem. So I hope that there's a better clarity on what takes place. But it's 4 months later, and it's interesting that they come with explaining at the end of January -- and usually, when these crises happen, it's about 4 months later that we get a bottom in the ecosystem. But what happened after this, it's interesting to me in connecting the dots is Jim Chanos comes out and short the Bitcoin miners, short the NVIDIA, short the HPC, the hyperscalers, there's too much debt and Michael Burry is coming out. He came out a couple of weeks ago again.	이것이 바로 비트코인 생태계에서 수조 달러 규모의 명목 가치를 거래한다고 주장하는, 규제받지 않는 바이낸스 거래소
He short this market. And it really starts to grow that -- this negativity on the ecosystem. And you can see all these headlines. Chanos warns of AI pullback, absurd Bitcoin treasury companies. Michael Burry's latest argument. Chanos is going after Michael Saylor, shorting them, Michael Burry, same thing and all these legendary people. And to me, I just looked at -- I remember commenting that there's something weird that there's just so many people that are all of a sudden negative on the AI, but I know that the demand is so big and the ability to build out is going to take more time.	그는 이 시장을 공매도합니다. 그리고 이것이 생태계에 대한 부정적인 분위기를 정말로 확산시키기 시작합니다. 여러분은 이 모든 헤드라인들을 볼
So I don't see this, the level of this negativity, but the Binance breakdown of the ecosystem that flash crash was part of this. And I always love this scene. It's from the Superman movie at the time. And it's basically saying where they have these monkeys that are out there making all the chats on Instagram and YouTube and X and Super -- this is about Superman's credibilities being destroyed. Well, the same thing happened out of nowhere all this negativity was showing up on Instagram and YouTube and X. And so I just -- it was a short-term fuse, but you look for as a money manager, is this sustainable? Is it real? And it became the trade. Well, let's look and connect the dots.	저는 이러한 부정적인 분위기의 수준이 그렇게까지 심하다고는 보지 않습니다만, 바이낸스 생태계 붕괴와 그에 따른 플래시 크래시
We go back to October 10, and you can see starting at the beginning of October, the stocks have this big rise and CoreWeave goes through the roof, and we see HIVE is on a tear rising up and Marathon has the bounce and we see Core Scientific is rallying. But then after October 10 starts this Binance algorithm, it's like COVID contagion to tech stocks. And you can see what took place with this, this domino effect, and this impacted Bitcoin prices coming off. And I still see every day on CNBC regarding the negativity of the hyperscalers and the Bitcoin treasury companies. But there's these inflection points that happen. They last about 4 months.	10월 10일로 돌아가보면, 10월 초부터 주식들이 크게 상승했고 CoreWeave는 천정부지로 치솟았으며, HIVE
And then we have another cloud that happens at the same time. The U.S. Senate Committee delays the crypto bill after opposition from Coinbase, Brian Armstrong. Why? It's because a lot of the banking system in America is not really cognizant of China's war against the U.S. dollar. They are just not aware that China has taken the BRICS nations and weaponized that trade is not in U.S. dollars, it's in the yuan and don't own one enforcing and pushing that these central banks basically sell their U.S. dollars. And now we're seeing gold become the biggest foreign exchange in many of these countries, central banks.	네, 동시에 또 다른 악재가 발생했습니다. 미국 상원 위원회가 코인베이스의 브라이언 암스트롱의 반대 이후 암호화폐 법안을 연기
And we're seeing now the thought process of offering a reward mechanism or would it be like a money market fund for stablecoins so that the U.S. government would be able to have their stablecoin and places like Coinbase, they'd be able to pay, they call it rewards. But really, to me, in the money management business, it's like a money market fund. But it's very significant for the growth of mutual funds and then ETFs. This would be very significant for the crypto ecosystem and also for the U.S. dollar because we've seen the success of Tether.	현재 스테이블코인에 대한 보상 메커니즘 제공, 혹은 머니마켓펀드와 같은 형태에 대한 논의가 진행되고 있습니다. 이는 미국 정부가 자체 스테
Tether is phenomenal that bad country, bad policies like Venezuela, like Argentina, the Lebanon, you can see that Turkey, the currencies are being devalued and so people turn around and they bought Tether stablecoin and they're protected with U.S. dollars. Now they've been -- the Tether gold coin basically has been growing at a phenomenal rate. So we can see hundreds of billions of dollars going into those -- the success of what Tether has. But Tether doesn't pay a coupon, and therefore, it's not a money market fund, and therefore, it's not a security. So it's able to become a dominant like a U.S.	테더는 경이롭습니다. 베네수엘라, 아르헨티나, 레바논, 터키와 같이 정책이 좋지 않은 국가들에서 통화 가
dollar currency that people can digitally move money all around the world without the big banks turning around and delaying the payments and saying their AML/KYC concerns, et cetera, which is rightfully so, but it's becoming just so onerous to move money around, especially between countries and repatriating. So if I am a worker here from Mexico and my family needs money back in Mexico, I can do it much faster with a stablecoin. I can -- much faster than any other way and the repatriation of that money helps these other families in other countries. Well, along comes the stablecoin and Coinbase wants to pay rewards. They want to basically make it like it's a money market fund.	사람들이 디지털 방식으로 전 세계 어디로든 돈을 옮길 수 있는 달러 통화입니다. 대형 은행들이 지불을 지연시키거나 AML/KYC 우려 등을 표
The banks don't want that because they want their stablecoin to get big. And before they turn around to allow a coupon and they keep saying, what will cause a crash, people will leave the banks and they'll go to the stablecoins because they're paying a coupon. It will hurt banks. You know what, I listened to this, and it happened a long time ago when banks weren't able to pay the coupon in 1980 as interest rates soared to 20%, but money market funds were. And money market funds grew dramatically, which only helped the growth of mutual funds and equity funds. So that wasn't a big loss to banks.	은행들은 그걸 원치 않습니다. 자신들의 스테이블코인이 커지기를 바라기 때문이죠. 그리고 그들이 쿠폰(이자) 지급을 허용하기를 망설이며 계속 말
But what did happen is the S&Ls, they were allowed to pay a higher yield and the banks didn't like that, and they grew. And they had an S&L crisis. So I think it wasn't a banking crisis so much as the banks do not want competition. They do not want this fintech. And really, Bitcoin is a spoke in the wheel of fintech. Coinbase is a critical spoke in that wheel of building fintech around the world is the way, in my opinion, as a money manager looking at what's going on. We're just going through this process. I think that paying rewards, it will win, it will get through, and this will be the reprieve.	하지만 실제로 일어난 일은 저축대부조합(S&L)들이 더 높은 수익률을 지급할 수 있게 되었고, 은행들은 이를 탐탁지
But it's a battle between the self-interest of the banking industry and lobbying groups and fintech growing. So we have this backdrop. We have the carry trade unwinding, which is about $500 billion throughout the month of December, especially January. So that's been behind us now. We have the Binance igniting a huge meltdown in the Bitcoin ecosystem, breaking that trust factor. And then we have this last Coinbase. Well, let me share with you, we are down 2 standard deviations. And it's only happened a couple of times.	하지만 이것은 은행 산업과 로비 단체의 사익 대 핀테크 성장의 대립입니다. 이러한 배경이 존재합니다. 그리고 12월 한 달 내내
You can see when China did its attack on the crypto ecosystem, and we had Bitcoin fall and the miners fall and then America end up benefiting becoming the biggest Bitcoin miners in the world. Then we had the Celsius, the FTX blown up, and we saw the prices fall 1 and then 2 standard deviations. Now we're down to 1.64 standard deviations. And that says to me that mathematically, what is 1 standard deviation over a 20 rolling day period, it's about 17%. So it's suggesting here that we could get from here a rise of 30% to 40%.	중국이 암호화폐 생태계를 공격했을 때를 보면, 비트코인이 하락하고 채굴업체들이 무너졌으며, 결국 미국이 최대 비트
We could get a higher rise if the act gets passed and with -- with where they can pay rewards on stablecoins, that would be a big boom, and we would probably see this go up 2 standard deviations. So you can see that in a bullish cycle, it goes up 2 standard deviations more than it falls. But we are at an inflection point of accumulation is the smartest option, not to capitulate and sell out. So then I asked, let's look at HIVE. Same thing. You can see that HIVE was up at the very top here going into the beginning of October.	법안이 통과되고 스테이블코인에 대한 보상 지급이 가능해진다면 더 큰 상승을 기대할 수 있으며, 이는 엄청난 호황을 가져와 2
We had a big run because we went from 6 exahash to 25 exahash and the world loved it, and we're going through this rerating until the Binance faulty bot they have blew up their system. And then we fell. And we had a rally and now we're down once again over 1 standard deviation. And I think that we're an attractive buy from based on just the math of markets. Something else that is really important. We have never leveraged our balance sheet with incredible debt to go buy Bitcoin or to go and do contracts with for high-performance computing. We have not done that because we're conservative because we know the volatility.	저희는 6 엑사해시에서 25 엑사해시로 확장하며 큰 폭의 상승세를 경험했고, 시장은 이를 매우 긍정
We know that there's building out Tier 3 data centers is fraught with construction difficulty. You have to be very pragmatic and thoughtful. And so we've not done this huge debt financing on our balance sheet. But what we have done is what we make the press release today is that we are -- HIVE isn't chasing AI fairy tales. It's building towards $140 million annualized GPU cloud revenue from measured steps. Today's $30 million 2-year contract secures the initial 504 GPU Manitoba rollout in partnership with Bell Canada, lifting HPC ARR.	티어 3 데이터 센터 구축에는 건설상의 어려움이 많다는 것을 저희는 잘 알고 있습니다. 따라서 매우 실용적이고 신중하게 접근해야 합니다. 그렇기에
And the reason why I share this with you because a year ago, we had a run rate of about $1 million a month, then we got it up to pushing $2 million a month, and this is going to take us to $3 million a month, and our long-term vision is $2 million -- $10 million a month. And we're doing it in a measured way. This is a Tier 1 data center we bought. It's going through the transformation to Tier 3, and we get people knocking on our door that we know that if we had it up and running today, we have contracts for 5 years to buy and that give us big contracts. So it's interesting.	제가 이 말씀을 드리는 이유는, 1년 전만 해도 저희의 런 레이트가 월 약 100만 달러 수준이었기 때문입니다. 그리고 그 후 월
Our strategy is just different than other people that are going out, getting a hyperscaler, giving you about a $0.14 -- when we look at the math of this, a 10-year contract, a 15-year contract, but we're trying to get as much of the upside besides a tier HPC colocation that we know we've been able to build with high margin than people around the world. We've built the 10,000 customers in 80 countries are using our chips and mining by the hours. Some give us contracts for longer time periods. What we're seeing now is that once this is built, this will be solved.	저희의 전략은 단순히 다른 업체들과는 다릅니다. 다른 업체들은 하이퍼스케일러를 확보하고 약 14센트 수준의 수익을 내는
That I mean, we'll sell the asset, but the demand for our GPU chips at much higher prices than where Bitcoin revenue is per hour will be done. So we feel very excited about it and straightforward of how our vision is just different than other people. And that's where we're staying focused. This is another build-out. This is the data centers that we have. And as you can see, we have them in New Brunswick, and this will go through a conversion, we bought more land, and this will go from 70 megawatts.	네, 제 말은 저희는 해당 자산을 매각할 것이지만, 시간당 비트코인 수익이 발생하는 가격보다 훨씬 더 높은 가격으로 저희 GPU 칩에 대한
What's interesting is it will be about 50 megawatts, we'll actually be able to do the HPC because a lot of people don't realize that when you go from Bitcoin mining to Tier 3 HPC or Tier 4, the bulk of your energy is used for air conditioning, 40%, not 5%, but you're now 40% of the electrical bill because those NVIDIA chips consume a lot of power. They give up tremendous amounts of heat. You have to be up 24/7. It's a very different business model. But we're plotting along, and we feel very good about -- and our President is seeing nothing but big demand coming in. If we were up and running today, everything will be taken for our chips at very attractive contract prices.	흥미로운 점은 약 50메가와트 규모가 될 것이며, 실제로 HPC(고성능 컴퓨팅)를 운영할 수 있게 될 것이라는 점입니다.
So it's now about being pragmatic. You get your chillers, you start -- you have to preorder because the transformers -- there's a backlog for transformers. There's a backlog for the equipment you need for building substations today. There's a backlog for the special server racks and what you find now with HPC with the NVIDIA chips, the server racks are heavier. So now you have to build cement floors that are thicker. And so it's not easy to say, okay, we'll just convert. No, it's very thoughtful, and that's what we're doing as we're managing our cash.	이제는 현실적인 접근이 중요합니다. 냉각기를 확보하는 것부터 시작해서, 변압기처럼 주문 적체가 심한 품목은 선주문해야 합니다. 오늘날 변
This is to share with you that data centers are continuing to grow, and they're a very big part of the GDP growth in America and the GDP growth in Canada. And what people have to be listening to is that it's not just Open Chat that's looking for these data centers. It's also the military spend. And the NATO countries have now gone to 5% of their GDP. Well, a lot of the new weaponry needs data centers that are high-performance computing. And if it's military, they need Tier 4, which is another level of security and backup.	여러분께 말씀드리고자 하는 것은, 데이터 센터가 지속적으로 성장하고 있으며, 이는 미국과 캐나다의 GDP 성장에 매우 큰 부분을 차지한다는 점입니다. 그리고
So we see globally the demand for these data centers is not just these wonderful new platforms like Perplexity or Claude and Grok, I love Grok, I love Claude and Open Chat, it's military spending. And then you have countries are saying, we only want our data centers and data in our country, we want it sovereign. So this creates another pent-up demand. And so we think we're in the sweet spot of being the biggest player in Canada at this stage, and we'll grow this and move this and we'll become the biggest player in Paraguay is our vision. This is just to give you some color about the hyperscalers are ramping up their CapEx. And this gets all this negative news.	그래서 저희는 전 세계적으로 이러한 데이터 센터에 대한 수요가 Perplexity나 Claude, Grok 같은 멋진 신규 플랫폼(저는 Grok, Claude, Open Chat을 정말 좋아합니다
And I think that who's making this negative news is just really helpful for a short-term trade of being short. But the Metas and the Microsoft, they've not been spending like, well, I should have had here is Oracle, too, and CoreWeave, that spending will continue. And I see the reason for it is the backup demand is just immense. So here is to give you an idea of the future shock, the scale and speed of AI disruption, $100 billion hyperscalers are pouring into the AI infrastructure. That's just in America. You got to think about the rest of the world. $25 billion market impact, revenue shift from NVIDIA dominance to Chinese domestic chipmakers.	그리고 저는 이런 부정적인 뉴스가 단기 공매도 거래에 유리하다고 생각합니다. 하지만 메타와 마이크로소프트 같은 기업들은 지출을 멈추지
These are all big real issues in the global race. What China has done for the past 10 years has exploded in sources of energy. They have been building hydro dams. Spain has been unwinding hydro dams, 2,000 of them relying only on solar and wind, and that's created their own energy crisis. But you're not seeing that in China who continues to build from hydro and dams of rerouting glacier water from the Himalayas down the rivers to basically create these massive dams and this hydro is so key, so now they can ramp up their data center business. Here in America, we've got more HPC data centers, but we've got to ramp up both sources of energy and be innovative and creative with that.	이 모든 것이 글로벌 경쟁에서 마주하는 중대한 현실 문제입니다. 지난 10년간 중국은 에너지원을 폭발적으로 늘려왔습니다. 그들은 수력 댐
And now it's nuclear energy is cool. Now nuclear energy is not the bad word. So things are changing, but the idea, it's unprecedented. And every year, I spend a week at Harvard, with 180 CEOs from 80 countries doing cases, and it's interesting to see that AI dominated all the cases. Leadership disruption, what Microsoft had to do in Europe. Greece is now trying to do a huge educational push. Open Chat is partnering with them. The Onassis Foundation is partnering. A former [ McKinsey ] consultant went to Harvard. They're doing everything to fast track the kids' education so that they can participate in this growth in Open Chat and anything to do with AI.	이제는 원자력 에너지가 각광받고 있습니다. 더 이상 부정적인 단어가 아니죠. 이렇게 상황이 변하고 있지만, (이러한) 아이디어는 전례
This is recognizing the future demand for accelerated computing and graphics processing and NVIDIA began designing GPUs specifically tailored for to meet these needs. You know their big move was their pivot was 2010. And at Harvard, one of the cases was on Jensen. And what I did know is that Jensen's parents sent him to a private school in America, and they didn't realize it was a reform school, a Baptist reform school. So that made him really get tough and resilient, and that's what the whole idea of NVIDIA. But they did this big pivot in 2010.	이는 가속 컴퓨팅 및 그래픽 처리의 미래 수요를 인지하고, 엔비디아가 이러한 필요를 충족시키기 위해 특별히 맞춤화된 GPU를 설계
26 -- we're talking about, what, 16 years ago, and then AMD is now related, but the CEO of AMD was a part of another case, and she is related to Jensen. And she has a PhD electrical engineer from MIT. And part of their pivot and AMD is to go in this space, but they're still very far behind where NVIDIA is. So I think we really are in a secular bull market on the adoption and the build-out necessary for AI and stay -- look to buy the dips. I want to thank these investors. Two Sigma Investments, there's a quant shop and Chicago Park Employees and Tidal Investments, Citadel Advisors, Schwab Corporation, that's individual investors.	26년 전... 음, 그러니까 16년 전쯤 이야기인데요. 그리고 AMD도 이제 관련이 있는 회사인데, AMD CEO는 다른 사건에 연루된 적이 있으며
And it just amazes me that Schwab gets sold down and all the fintech just recently, this negative narrative because fintech is going to be disruptive with AI for all their client business. I don't think so. I think if anything, AI is going to probably help on the overall compliance and the complexity of compliance and monitoring and things like that. And we're seeing KPMG has to be honored by independent auditors. And KPMG is going after their auditors for not getting lower audit bill for -- but the KPMG is ahead in using AI. So to say that AI is a bubble and it's all over, it's just market chitter-chatter for trading just short. And so I remain very, very bullish.	정말 놀라운 것은 Schwab과 모든 핀테크 기업들이 최근 매도되고 있다는 점입니다. AI를 활용한 핀테크가 모든 고객 비즈니스를 파괴
There's Aydin with the Chief Minister in Paraguay, very important in the overall business development to be very close. We regularly go meet with ministers in Paraguay. Our President, Gabriel Lamas, and I met with the ambassador from Paraguay, who's based in Washington, D.C., what their vision is. And they have a big vision of making Paraguay the dominant AI infrastructure build-out for all of Latin America. They need other sources of electricity. They know that. They hope to attract solar farms and solar independent electrical grid.	아딘은 파라과이 수석 장관과 함께 있는데, 전반적인 사업 개발을 위해 긴밀한 관계를 유지하는 것이 매우 중요합니다. 저희는 파라과이
They're looking at -- they changed totally, the cost of energy is dropping, long-term contracts, something they didn't give when we first went there, but now they are. We are building out Tier 1 data centers so that they have the runway for Tier 3. During this process from Tier 1 to Tier 3, you need to get dark fiber built over the country, just like we know this has to happen in Eastern Canada. You can't move the data from Tier 3 data centers around the world unless you have dark fiber because these large language models have so much compression of data in them. So, that's what we're doing. Now I'm going to turn over to Aydin Kilic to really give you an in-depth analysis of the company.	그들은 완전히 달라졌습니다. 에너지 비용이 하락하고 있고, 저희가 처음 갔을 때는 제공하지 않던 장기 계약도 이제는 제공하고 있습니다. 저희는 Tier 1
And I hope that my presentation today is to give you some color about this incredible meltdown that's happened, what was the catalyst. We're probably mathematically at the bottom. And hopefully, going forward, I believe that we're going to trade much higher and HIVE is in a strong balance sheet position to monetize that growth with 10 exahash in Paraguay and huge upside in Canada and Sweden and the HPC business. Aydin, take it away. Aydin Kilic President & CEO Frank, thank you very much for the insightful macro summary and now for an executive overview of this quarter. Now it was a really exciting quarter for us, and this is a photo from a recent visit to Paraguay.	오늘 제 발표가 이 엄청난 폭락 사태에 대한 배경 설명과 그 촉매제가 무엇이었는지 이해를 돕기를 바랍니다. 저희는 아마도 수학적으로는 바닥
This is Minister of Foreign Affairs for Paraguay, Ruben Ramirez Lezcano, who you may have recognized in the recent Status of Forces Agreement signing between Paraguay and the U.S.A. with, of course, Secretary, Marco Rubio. More on that later. Okay. So it was a record quarter for HIVE, $93 million of total revenue. Of that $32 million of gross operating margin. Now while we did have a $91 million net loss, that was mostly noncash charges, $57 million in depreciation. Of course, we brought on a lot of new hardware online in Paraguay as we scaled the 300 megawatts and also a $31 million noncash charge on change in fair value derivatives, mostly driven by changes in Bitcoin price.	파라과이 외교부 장관 루벤 라미레즈 레즈카노입니다. 최근 파라과이와 미국 간의 주둔군 지위 협정 서명식
So on an adjusted EBITDA basis, $5.7 million and ending the quarter with 481 Bitcoin on the treasury. So again, record revenue for HIVE and really proud of the team. Let's jump into the next slide. On an annualized basis, we realized $385 million ARR for the quarter, 879 Bitcoin mined. We realized 25 exahash of installed capacity, operated at an average of 22.8 exahash for the quarter as we had ramped up towards 25 exahash. And with the colder months, you have some temporary curtailments due to the very cold weather in the Canadian operations. New Brunswick can occasionally and Lachute, but very happy Paraguay was performing with nearly 100% uptime.	조정 EBITDA 기준으로는 570만 달러를 기록했으며, 분기 말에는 481 비트코인을 재무 자산으로 보유했습니다. 다시 한번 HIVE
And of course, being in the Southern Hemisphere, when it's cold and there's cold snaps in the north in the Southern Hemisphere, it's actually summertime. So being geographically diversified has its benefits. Ladies and gentlemen, 440 megawatts of operating capacity with an additional 100-megawatt PPA, we announced the signing of that late last year. And long lead items such as transformers have been ordered, and we expect that to come online September of this year. Now on the BUZZ side, another very solid quarter.	물론, 남반구에 위치해 있기 때문에 북반구에 한파가 닥치거나 추울 때 남반구는 실제로 여름입니다. 따라서 지리적으로 분산되어
Looks to me, $5 million revenue for the quarter, keeping, tracking the $20 million ARR, and we are on track to reach our target of 11,000 GPUs on the BUZZ cloud by the end of this year. Currently, 5,000 GPUs, will be adding 6,000 GPUs this year as well that target of $225 million ARR between the GPU cloud business and the HPC colo is on track as well. And we have some very exciting news. Next slide, massive progress on that front, 70% increase to our HPC ARR. The $20 million ARR will be at $35 million ARR at the end of this quarter. And that comes from the signing of a 2-year contract for our incoming NVIDIA Blackwell B200 GPUs.	제가 보기에, 이번 분기 매출은 500만 달러이며, 연간 반복 매출(ARR) 2천만 달러를 순조롭게 유지하고
So we announced in November that we ordered a 63 node cluster with NVIDIA Blackwell. They were destined for Manitoba, our first site with Bell. These GPUs are now fully contracted, receiving a deposit this week and the GPUs will go live this quarter in March and therefore, be cash flowing. So we will be ending the current quarter period end March 31 with $35 million ARR, again, which is a 70% increase from the current quarter or reporting quarter of December 31. So huge news. Craig Tavares and the BUZZ team have done an absolutely phenomenal job.	네, 11월에 저희가 NVIDIA Blackwell 기반의 63개 노드 클러스터를 주문했다고 발표했습니다. 이 클러스터들은 Bell과의 첫 번째 사이트인
And I also want to point out that this is a very nimble, agile CapEx-light strategy allows to scale the GPU cloud business with the infrastructure that Bell AI Fabric is bringing online, and we've had very, very attractive single-digit lease-to-own financing on the GPUs themselves. So no CapEx upfront for the GPUs. The entire full value of the GPUs, we are effectively leasing with a $1 buyout. So it works out like a finance, let's say when you finance a car with 0 down and single-digit interest. So very attractive. Again, Craig and the BUZZ team have done an absolutely tremendous job and more great news to come. Please stay tuned. Let's hop into the next slide.	덧붙여 말씀드리자면, 이는 Bell AI Fabric이 구축하고 있는 인프라를 활용하여 GPU 클라우드 사업을 확장할 수 있게 해주는, 매우 기민하고
We have a vertically integrated growth strategy. We have the land, the power, the data centers, whether it's ASICs or GPUs, we build, we operate and we optimize. So on the Bitcoin mining business this quarter, we realized $350 million ARR, mining approximately 10 Bitcoin a day in our Tier 1 data centers globally. On the HPC business, as mentioned, our new benchmark is $35 million ARR in the current quarter, March 30 -- end March 31, and that will scale to $225 million. We're going to have a closer look at that very shortly, and that's a Tier 3 data center strategy.	저희는 수직 통합 성장 전략을 가지고 있습니다. 토지, 전력, 데이터 센터, 그리고 ASIC이든 GPU든 관계없이 저희가 직접 구축하고, 운영하며
Another nice Easter egg that we are providing the Street an update on is we realized $14 million of value from our Bitcoin pledge. You may recall, we had a substantial amount of Bitcoin, almost 1,400 Bitcoin pledged at $87,000. What that meant was we put up our Bitcoin at $87,000 to buy our ASICs, which was for expansion to 25 exahash in Paraguay. Once that Bitcoin was pledged at $87,000, that was it. However, we had an option to buy back the Bitcoin at $87,000 when Bitcoin rallied above that price. And so we did that and realized $14 million of value, which is great news. And we call that our dynamic HODL strategy.	투자자 여러분께 알려드릴 또 다른 좋은 소식은 저희 비트코인 담보(pledge)를 통해 1,400만 달러의 가치를 실현
We're going to provide a bit more color, but I just want to clarify, there's no cash call. There's no obligation. There's nothing like that. It's a free call option is what it was. Locked in the price at $87,000. Any upside beyond that, it was at our discretion, our call option to exercise, and we crystallized $14 million of value. So very exciting news. Next slide, please. An overall footprint of the HPC various operating jurisdictions and data centers, you can kind of see how it ramps up to $225 million, which is a target for the end of this year between GPU cloud and HPC.	좀 더 자세히 설명드리겠지만, 명확히 하고 싶은 점은 현금 요구(cash call)나 의무 같은 것은 전혀 없다는 것입니다. 그런 종류의 것은 아무것도 없습니다
The HPE conversion would be for New Brunswick to be converted to 50 megawatts of critical IT load as a Tier 3 data center, adding $85 million of ARR to $140 million coming from the GPU cloud spread out over the various Canadian facilities and showing how we increment from the current 5,000 GPUs to 11,000 GPUs. Again, we recently announced that 504 GPU contracts. So let's go to the next slide. So here's what the growth of the HPC revenue looks like on a time series basis. We provided this projection last quarter as well. And as you can see here, for every 1,000 B200 GPU cluster, we'd be adding $20 million of ARR.	HPE 전환은 뉴브런즈윅 시설을 50메가와트(MW)의 핵심 IT 부하를 처리하는 티어 3 데이터센터로 전환하는 것입니다.
Now keep in mind, the prevailing market rate at the time was about $2.20 per GPU per hour. And so this ramp from $20 million to $140 million ARR came along with 6,000 NVIDIA B200s being brought online. And then in addition to that, the $85 million estimated ARR from the conversion of New Brunswick to hyperscale and colo. However, next slide, please. Due to the very strong market demand, the realized value of the GPU contract that the BUZZ team secured was 30% above forecasted prices. So what that means is where previously we projected $20 million ARR per 1,000 GPUs, we realized $15 million of ARR for 500 GPUs. So that is tremendous, 30% above forecasted.	참고로 말씀드리자면, 당시 GPU 시간당 일반적인 시장 요율은 약 2.20달러였습니다. 따라서 2천만 달러에서 1
Again, this is liquid-cooled GPUs, and this works out very well. Here's an illustration of what that does for our projected revenue. Let's hop to the next slide. I do want to say this is a potential and the team did a tremendous job. There's strong market demand right now. And so this is a blue-sky slide where if we were to scale the rest of the 6,000 GPUs at the same rate that the current deal was secured at, it would actually bring the GPU cloud ARR potentially up to $200 million by the end of this year. And then in addition to that, roughly $85 million from the NB colo, $285 million potential.	다시 한번 말씀드리지만, 이는 액체 냉각 GPU이며, 매우 효과적입니다. 다음은 이것이 저희 예상 매출에 어떤 영향을 미치는지 보여주는 그림입니다
Now again, we're going to stick with our baseline projections on the previous slide, just tremendous job by the BUZZ team where they realized the 30% higher contract value due to -- driven -- strong market demand. But it's not just having strong market demand. Let's hop to the next slide. Craig and the team have done a phenomenal job building out the BUZZ HPC cloud, which was awarded Bronze on ClusterMAX, which is in very good company with other very reputable clouds in the Bronze category. And you'll note a lot of peers actually were underperforming or even unavailable and some very well-known clouds in those categories that BUZZ outperformed. Next slide.	네, 다시 한번 말씀드리지만, 이전 슬라이드에서 보여드린 기준 전망을 고수하겠습니다. 이는 BUZZ 팀이 강력한 시장 수요에 힘입어 계약 가
And I recently had a call with an analyst who didn't quite grasp what that meant. Well, when you're just renting GPUs bare metal, what that means is the user has to use an SSH key to get secure access into a GPU environment. They have to install the operating system. And really, it's just bare bones. And so not everybody -- if you're a model builder or a researcher, that's different. That's -- loading up an operating environment and clustering GPUs yourself is different than actually doing your LLM work. So what you want is this to be done for you. So you're getting a managed AI service. You have Kubernetes, you have Slurm. These are 2 integral components to having a proper cloud.	최근 한 애널리스트와 통화했는데, 그 의미를 잘 이해하지 못하더군요. 음, GPU를 베어메탈로 임대한다는 것은 사용자가 SSH
So it's very easy for you to have this elastic GPU resource, whether you want 1, 8, 32 GPUs when they're properly orchestrated, they all work as 1 elastic computing resource. And so that is virtue of having proper cloud technology, which the BUZZ team has done a remarkable job. And so that's how we're able to attract these great clients and have strong demand. So again, a phenomenal job by the BUZZ team. And really, I think there's going to be some more exciting announcements in the months to come. So stay tuned as we execute and march toward those revenue growth targets. Next slide.	네, 그래서 1개든, 8개든, 32개든, 필요에 따라 탄력적인 GPU 리소스를 확보하는 것이 매우 용이합니다. 이 GPU들이
So on the Bitcoin mining side of the business, for the recent month of January, we did about 9.6 Bitcoin a day, again, 440 megawatts globally. We lead the sector in low G&A per Bitcoin mined, maintaining optimized ROIC Bitcoin modeling -- Bitcoin mining model. Let's go to the next slide. So as you know, we've got another 100 megawatt PPA that was announced in Paraguay. Paraguay has been very strongly aligned with the U.S. In December, Minister Ruben Ramirez Lezcano signed the Status of Forces Agreement with Marco Rubio, Secretary of State for the U.S. in a very momentous occasion. So it just shows the very strong alignment between Paraguay and the U.S.	비트코인 채굴 사업 부문에서는, 최근 1월 한 달간 하루 약 9.6 비트코인을 채굴했습니다. 다시 말씀드리지만, 이는
And Paraguay is really emerging as, I believe, one of the strongest U.S. allies, not only in Latin America but globally. The SOFA, Status of Forces Agreement, is only held by a handful of countries globally with the U.S. And so really emphasizes Paraguay as a stable and safe jurisdiction for foreign investment. And we see a very bright future for Tier 1 and Tier 3 data centers in Paraguay. Stand by for some very exciting updates over the course of the next few months as well as we continue to have a very bullish outlook on our investment and expansion into Paraguay. Next slide, please.	파라과이는 제가 보기에 라틴 아메리카뿐만 아니라 전 세계적으로도 가장 강력한 미국의 동맹국 중 하나로 부상하고 있습니다. SOFA,
This is a summary of, of course, our 440 megawatts of operating capacity worldwide and then the additional 100 megawatts we'll be bringing on. It's actually Phase 3 of our Yguazu site in Paraguay. Next slide. Okay. Here, we're going to talk about that $14 million in realized value from our Bitcoin pledge. So as we previously discussed, we have pledged Bitcoin at numerous prices. And we had a large pledge of approximately 1,400 Bitcoin at $87,000. So what that meant was when we purchased our ASICs, we put up Bitcoin when it was $87,000, and we have the opportunity to buy it back at that same price. We redeemed our Bitcoin at $93,000, at $110,000 and $123,000 with respect to the pledge.	물론, 전 세계적으로 운영 중인 440메가와트(MW) 용량과 추가로 가동할 100메가와트(MW)에
And on that, we realized a value of approximately $14 million. Then we took that realized value and translated it into approximately 3,800 Bitmain S21 XP air cooled, which then replaced our BUZZMiners, which very recently, as we've seen a contraction in hash price, those BUZZMiners have faithfully served us in hash for years and years. Approaching end of life, they've been upgraded. And so what it did is, it upgraded and increased our global fleet efficiency from 17.5 to 16.7 Joules per Terahash. What does that mean?	이를 통해 저희는 약 1,400만 달러의 가치를 실현했습니다. 그리고 그 실현된 가치를 활용하여 약 3,800대의
We used our pledge strategy to get a cashless realized value of $14 million, turn that into over 300 new generation ASICs and effectively lowered our global cost of mining in a bear market by 5% through dynamic HODL treasury management. And so it's just how we operate at HIVE. We're, again, deeply analytical. We very much study hash price and have a dynamic HODL strategy that allows us to realize value beyond our mining, but also through treasury management. So I hope this is really helpful for the analysts. And in addition to that, we still have 540 Bitcoin at the $87,000 strike price. Now with Bitcoin at about $66,000 as of time recording, that doesn't mean we have to put up any money.	저희는 담보 전략을 활용하여 현금 지출 없이 1,400만 달러의 가치를 실현했으며, 이를 300개 이상의
It's downside protection. We already did not pledge Bitcoin at that price. So in the current climate it's downside protection. If Bitcoin happens to rally in the next couple of months, beyond $87,000, we can realize further value. So really happy with how this all played out. Again, we've been through numerous bear markets. HIVE has been through Bitcoin halvings and Ethereum merge. We built our own ASIC miner with Intel. You learn a lot along the way when you've been through it all. So let's hop into the next slide. Of course, mining economics have contracted a bit. We had the calamity from 10/10.	네, 알겠습니다. 해당 발언을 한국어 투자자들에게 적합하도록 자연스럽고 전문적으로 번역하겠습니다. --- 이는 하방 보호입니다. 저희는 이미
The structural errors where the collateral coins held by Binance were effectively shorted and that led to auto deleveraging in October 10 and Bitcoin dropped from $126,000 to $105,000. But moreover, all those auto deleverage positions, a lot of people got washed out. Binance put up $300 million to make some people whole. A lot of retail investors took a hit though. And recently, Binance put $1 billion to help support Bitcoin at the $60,000. So really, it was worse than the FTX crash. And it's just for people to be aware of why did Bitcoin sell off. And again, there's obviously broader market headwinds where we've seen a risk-off environment.	네, 바이낸스가 보유한 담보 코인에 사실상 숏 포지션이 취해졌던 구조적 오류가 있었고, 이것이 10월 1
And so as a result, we've updated the annualized mining margin analysis for all the shareholders and anyone watching this podcast, so, $30, $35 and $40 hash price, here are your projections. So current difficulty of $126 trillion with Bitcoin at $60,000 the left column, you've got a $30 hash price, well below where it is today. Today, Bitcoin is about $35 hash price. And if -- and then with Bitcoin at $80,000, we be a $40 hash price. So let's just start on the left column. Even in a more bearish scenario of $30 hash price -- by the way, we did see hash price flip down to $27 in last week when Bitcoin hit down to $63,000. Keep in mind, difficulty was still $141 back then.	그 결과, 저희는 모든 주주분들과 이 팟캐스트를 시청하시는 모든 분들을 위해 연간 채굴 마진 분석을 업데이트했으며, 해시 가격 3
We saw flash crash at $27 hash price. And so anyway, I just want to give context where has hash price been. Has it been as low as $30? Yes, for a moment in time. So nevertheless, we project that even at $30 hash price, we still have an annualized mining margin after direct operating cost of about $90 million. So still healthy margins. At $35 hash price, mining margin is $135 million and at $40 hash price, $180 million. So this helps you have an outlook of what it could look like in a contracted Bitcoin environment. Like -- I saw Richard Teng, the CEO of Binance, actually speak at Consensus Hong Kong today actually.	해시 가격 27달러에서 급락을 경험했습니다. 어쨌든, 해시 가격이 어떤 수준이었는지 맥락을 설명해 드리고 싶습니다. 30
His accounting of it, he was quite stoic and he mentioned that you have these near-term measured in months and these calamities that happen in crypto. But when you look at the years horizon, the asset class consolidates and has grown in value. So it is another headwind that we will navigate, again, having low G&A, a very best-in-class mining operation amongst our global sites and great fleet efficiency. Again, that upgrade basis was done on a cashless basis, $14 million in realized value. I'm very proud of the HIVE team for all of the great scaling and very judicious and, in my opinion, expert-level Bitcoin mining. Next slide.	그가 상황을 설명할 때 상당히 냉철하게, 암호화폐 시장에서는 몇 달 단위로 측정되는 단기적인 재앙들이 발생한다고 언급했습니다. 하지만 수
Again, this is a really helpful visual, just sort of like a math textbook. What is the fundamentals of Bitcoin mining? A lot of people understand it, but do they truly understand it? And so really, what you're trying to do is ROI in the first year to 1.5 years, and that's shown in the blue section. Your hash price does eventually commodify as more hashrate comes online, and there is an implicit breakeven and therefore, end of life cycle. So your power cost, as that goes up and down, the higher your power cost, the shorter your x-axis, your horizon of useful economic life, the lower your power costs, the longer you can mine, therefore, the longer you can free cash flow.	다시 한번 말씀드리지만, 이 시각 자료는 마치 수학 교과서처럼 매우 유용합니다. 비트코인 채굴의 기본 원리는 무엇일까요? 많은
So anyways, it's just something to be aware of how does crypto mining work by design. Yes, you do upgrade your machines every 3 to 4 years, but we run them for as long as possible. Keep in mind, our BUZZMiners, those came online in 2022. So all those BUZZMiners have been mining for almost 4 years now. Let's hop into the next slide. Again, a big part of our ROIC-driven ethos, also having low G&A. And so let's go to the next slide. Not all of our peers have reported yet, but just based on those that have, again, lowest G&A in the sector. By the way, I do want to point out, if you compare on a year-over-year basis, our G&A is up about 80%.	어쨌든, 암호화폐 채굴이 본질적으로 어떻게 작동하는지에 대해 알아두셔야 할 점이 있습니다. 네, 채굴기는 3~4년마다 업그
However, our revenue is up over 300%, it is over tripled. And our corporate margin is about $30 million this quarter, is up about 40x from a year ago when the corporate margin was $700,000. So the point is even as we've scaled the business dramatically, our G&A has not grown nearly as much. And so, again, we maintain that lean and mean mindset. And by the way, we have a Bitcoin mining business and an HPC business. So very proud of the entire executive team. We've had to huddle over 9 time zones every single day. We're in 2 hemispheres. We're in multiple continents. Let's go to the next slide. Also, best value.	하지만 저희 매출은 300% 이상, 즉 3배 이상 증가했습니다. 그리고 이번 분기 저희 기업 마진은 약 3천만 달러로,
If you look at our peers, where they're trading on a EV to exahash, it would place HIVE with a $3 billion multiple, everybody is going to say, yes, but everybody else has HPC and landing power. So do we refer back to the tremendous growth that we're experiencing and that we further have projected for the rest of the year on the HPC business and stable and steady cash flows even in the sort of temporary bearish Bitcoin mining climate that we see. And of course, Bitcoin is a very cyclical asset class. You really make hay when the sun shines. And so we'll be ready for the next bull run when it comes. But in the meantime, we'll be cash flowing. Next slide.	경쟁사들이 EV/엑사해시(exahash) 기준으로 거래되는 것을 보면, HIVE의 기업 가치는 30억 달러 수준이 될 것입니다. 물론,
Darcy, longest-standing CFO in crypto mining. Over to you. Thank you. Darcy Daubaras Chief Financial Officer Thank you, Aydin, and good morning, everyone, and thank you for joining us today. I will be walking you through the highlights of the quarter. We are providing certain non-GAAP measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance prepared in accordance with U.S. GAAP, do provide investors with an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under U.S. GAAP and therefore, may not be comparable to other issuers.	Darcy, 암호화폐 채굴 분야 최장기 CFO입니다. 말씀해주십시오. Darcy Daubaras 최고재무책임자**
Further details are found in the management discussion and analysis for the 3 and 6 months ended December 31, 2025. Starting on the next slide, HIVE ended the December 31, 2025 quarter with 243.1 million shares, 2.6 million options, 13.6 million RSUs and 3 million warrants outstanding. I'll now walk through our financial results for the quarter ended December 31, 2025, beginning with key operational and financial metrics. Q3 represented a quarter where we continued to execute operationally while navigating market volatility in digital assets. Our focus remains consistent, disciplined capital allocation, operational efficiency and cash-oriented returns on invested capital.	2025년 12월 31일로 마감된 3개월 및 6개월 기간에 대한 경영진의 논의 및 분석(MD&
Let's start with the headline financial outcomes on the next page. For Q3, we generated $93.1 million in revenue with approximately 95% coming from hashrate services on our Bitcoin side and nearly $5 million contributed by HPC operations, demonstrating the scale we've achieved as we continue ramping toward higher hashrate and HPC expansion. Adjusted EBITDA remained positive at roughly $6 million, reinforcing that our operating model generates cash despite cyclical pricing conditions.	다음 페이지에서 주요 재무 성과부터 살펴보겠습니다. 3분기 매출은 9,310만 달러를 기록했으며, 이 중 약 95%
Operational output remains strong with approximately 884 Bitcoin equivalent produced, which is up from 719 in the prior quarter, supported by stable operations, strong uptime across our sites and the execution of our Paraguayan expansion. At quarter end, we held 481 Bitcoin on the balance sheet, reflecting our hybrid strategy of liquidity management and strategic digital asset exposure. These numbers reflect disciplined cost management, a focus on efficiency and the benefit of our diverse global footprint. Now let's, on the next slide, take a look at how this operational performance translates into our balance sheet. HIVE takes pride in maintaining a healthy balance sheet.	운영 실적은 계속 견조하게 유지되고 있으며, 약 884 비트코인 상당을 생산했습니다. 이는 전 분기 719 비트
Turning to liquidity. We closed the quarter with approximately $14 million in cash and $14 million in digital currencies, bringing total current assets to about $91 million. Current liabilities stood at approximately $52 million, providing us with a healthy working capital position. This balance sheet supports our dual growth strategy, expansion in Paraguay and scaling our subsidiary, BUZZ HPC, while maintaining financial flexibility. Our strategy remains conservative on leverage and disciplined on capital deployment. With that context, let's look at how our earnings metrics have evolved starting on the next slide.	유동성 현황입니다. 당사는 분기 말 기준 약 1,400만 달러의 현금과 약 1,400만 달러
Shifting our focus to our gross operating margin on a year-over-year basis, comparing the results of this quarter to Q3 last year, our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and HPC service fees, increased to $32.1 million in the most recent quarter compared to $5.3 million in Q3 last year. In this most recently completed quarter, we are reporting a basic loss of $0.38 per share compared to a net income of $0.53 per share reported for Q3 last year.	이제 전년 동기 대비 매출총이익을 살펴보겠습니다. 총 매출액에서 직접 운영 및 유지보수 비용과 HPC 서비스 수수료를 차감하여 산출되는 저희의
This reduction in earnings per share is largely driven by noncash accounting impacts such as the accelerated ASIC depreciation tied to our expansion in Paraguay, unrealized losses on investments and digital currencies held on the balance sheet and changes in the fair value of derivatives. Taking a look at our revenue increases year-over-year on the next slide, we generated total revenue in the third quarter of fiscal 2026 of $93.1 million versus $29.2 million in the previous year's third quarter. On a year-over-year basis, revenue growth was supported by higher production scale and operational uptime.	이번 주당순이익 감소는 주로 비현금성 회계 영향에 기인합니다. 여기에는 파라과이 확장과 관련된 가속화된 ASIC 감가상
Year-over-year, we saw a significant improvement in gross operating margin, expanding from roughly 18% to about 35%. This reflects the benefit of our efficiency initiatives, though it continues to move with Bitcoin pricing and network difficulty. It is important for investors to understand that our margin profile is heavily influenced by external variables, whether this be hash price, power costs and market volatility, while internally, we continue to focus on controllable drivers like uptime, fleet efficiency and SG&A discipline. Even in volatile market conditions, our goal is to maintain a structurally stronger operating model.	전년 대비 매출총이익률은 약 18%에서 약 35%로 확대되며 상당한 개선을 보였습니다. 이는 당사의 효율성 이니
We're focused on expanding the structural margin, not chasing cyclical upside. And if we zoom in just the last 2 quarters, you'll see our continued strength on the next slide. Comparing our current fiscal Q3 quarter to the previous Q2 quarter, we generated revenue in fiscal 2026 Q3 of $93.1 million versus $87.3 million in the previous quarter. A slight increase in revenues versus the prior quarter was impacted by continued increases in exahash capacity from Paraguay in spite of digital asset price movements and changes in network difficulty.	저희는 경기 순환적 상승을 쫓기보다는 구조적 마진 확장에 주력하고 있습니다. 지난 두 분기만 자세히 살펴보시면 다음 슬라이드에서 저희의
Our gross operating margin decreased to $32.1 million or 35% in the most recent quarter compared to $42.4 million or 49% in the prior quarter's comparative. These quarter-over-quarter comparisons show margin compression relative to Q2, primarily reflecting digital asset price movements and timing effects rather than structural changes in our business. Operationally, our facilities continued to perform well with strong uptime and efficiency metrics. What you're seeing here is market sensitivity. This is economics of the cycle, not a change in the trajectory of the business.	저희의 매출총이익률은 최근 분기에 3,210만 달러(35%)를 기록하여, 전 분기의 4,240만
As we scale toward higher hashrate and benefit from ongoing efficiency upgrades, we expect operating leverage to improve over time. And on the next slide, I'd like to remind our stakeholders that our net income is comprised of our operational earnings or cash flow, plus our investment earnings, which includes realized and unrealized earnings, which often includes noncash charges. Our adjusted EBITDA for this quarter ended December 31, 2025, was $5.7 million compared with adjusted EBITDA of $82.9 million for the December 31, 2024 period. The largest contributor to the high adjusted EBITDA in the prior year was a $77.4 million unrealized gain on digital currencies.	해시레이트가 높아지고 지속적인 효율성 개선의 혜택을 받으면서, 시간이 지남에 따라 영업 레버리지가 개선될 것으로 예상합니다. 다음 슬라이
I will highlight again that adjusted EBITDA is a non-GAAP figure. For this completed quarter, we experienced a loss of $91.3 million compared to a net income of $68.2 million in the previous year comparative. On earnings, year-over-year comparisons include significant noncash impacts. Specifically, we have accelerated ASIC depreciation tied to the Paraguayan expansion, which reduces accounting earnings in the near term. This accounting treatment aligns depreciation with asset utilization, but does not materially impact cash generation. Adjusted EBITDA, therefore, often provides a clearer representation of underlying operating performance.	조정 EBITDA는 비GAAP 지표임을 다시 한번 강조드립니다. 이번 완료된 분기에는 9,130만 달러의 손실을 기록했으며, 이는
On the next slide, the quarter-over-quarter view tells a similar story. Quarter-over-quarter earnings are affected by depreciation timing and fair value adjustments related to digital assets. Our adjusted EBITDA in this third quarter of fiscal 2026 was a profit of $5.7 million versus adjusted EBITDA profit of $31.5 million in the previous 2026 Q4 quarter. In the third quarter of fiscal 2026, we experienced net loss of $91.3 million compared to a net loss of $15.8 million in the previous 2026 Q2 quarter. Operational KPIs, including uptime, efficiency and production remained strong throughout the period. Our internal focus is squarely on cash ROIC rather than accounting volatility.	다음 슬라이드에서 분기별 비교도 비슷한 양상을 보입니다. 분기별 실적은 감가상각 시점 및 디지털 자산 관련 공정가치 조정
Accounting noise should not be confused with operating performance. Q3 fiscal 2026 was a solid quarter for HIVE. We delivered strong revenue, expanded margins and maintained a robust balance sheet. Our discipline, fleet expansion and cost control measures continue to position us well to compete in a challenging environment and capture opportunities for growth, both on the hashrate side and on the high-performance computing side in our data centers. I want to thank our local -- loyal stakeholders and encourage them to continue to follow our dual engine expansion efforts, both in hashrate services and HPC operations.	회계적 노이즈를 영업 성과와 혼동해서는 안 됩니다. 2026 회계연도 3분기는 HIVE에게 견조한 분기

📌 요약

HIVE Digital Technologies Ltd.의 2026년 3분기 실적 발표

❓ Q&A

Original	Translation
Nathan Fast: Director of Marketing & Branding Thank you, Darcy. That concludes the presentation for today. We will now begin the question-and-answer portion of our call. Analysts on the line, if you could please click raise hand when you are ready with your questions. We will begin to choose and ask you to unmute. Our first question comes from the line of Darren from ROTH. Darren, if you kindly unmute, the floor is yours.	Nathan Fast: Darcy, 감사합니다. 이것으로 오늘 발표는 모두 마쳤습니다. 이제부터 질의응답(Q&A) 시간을 갖겠습니다. 참여하고 계신 애널리스트(analyst) 분들께서는 질문 준비가 되시면 '손들기' 버튼을 클릭해 주시기 바랍니다. 저희가 질문하실 분을 선택하여 음소거 해제를 요청드리겠습니다. 첫 번째 질문은 ROTH의 Darren 님께서 해주시겠습니다. Darren 님, 음소거 해제 부탁드립니다. 질문해주십시오.
Darren Aftahi: ROTH Capital Partners, LLC, Research Division Can you hear me?	Darren Aftahi: 잘 들리십니까?
Nathan Fast: Director of Marketing & Branding We can hear you.	Nathan Fast: 네, 잘 들립니다.
Darren Aftahi: ROTH Capital Partners, LLC, Research Division Congrats on all the progress. Two questions, if I may. Just as you kind of push forward on your HPC strategy, can you kind of maybe benchmark how you're thinking about the thought process of returns with AI cloud versus colocation? And maybe what specific metrics, whether it's payback period, return on invested capital, et cetera, that you're kind of making those decisions off of? And then second question, you mentioned in the, I think, release about New Brunswick, and you kind of mentioned specifically Tier 3 hyperscaler. Is that put in there to sort of benchmark the level you want to build to? Or do you actually have interest from hyperscalers? And I'd be kind of curious about the level of interest there.	Darren Aftahi: 제공해주신 내용은 애널리스트의 질문이며, 경영진의 답변이 아닙니다. 경영진의 답변을 번역해 달라는 요청에 따라, 해당 질문에 대한 경영진의 답변 내용을 제공해주시면 자연스럽고 유창한 한국어로 번역해 드리겠습니다.
President & CEO: Yes. Thanks for those questions, Darren. This is Aydin here. The ROIs typically on the GPUs are approximately 2.5 years after direct operating costs, and we have a lot of experience operating GPUs going back to Ethereum mining days, moreover, having had AI cloud revenue on our income statement for the past 3 years. We had 38,000 NVIDIA A series GPUs, A40s, A6000s, A5000s, A4000s. So we're still running 4,000 of those cards and 34,000 of those cards, we were able to sell at 80% to 90% of face value, and that's what -- those proceeds went to upgrading and buying H100s and H200s. The point is we don't just talk about it, we've done it. And so we've seen the demand ebb and flow in GPUs, but they have strong residual market value. And so where you're able to ROI in, call it, 2.5 years, but have these cards potentially be worth 60%, 70%, 80% of their value after 3 or 4 years, we've seen a huge uptick in demand for H100s as you've likely heard. And so the demand comes in 2 ways. One is the hourly rate that the GPUs rent for goes up. But in turn, the market price for people purchasing the GPUs goes up because people realize you can get more cash flow from them. So it's an attractive business, I believe, because if you have the proficiency to do so, if you have the cloud technology platform, which we have and we've demonstrated, and there'll be a lot more updates and exciting news to come as we bring more GPUs online and march towards that 11,000 GPU cloud target, and that crest over that $200 million ARR target in the slides, we believe that it's an accretive business because the residual value -- a, you aligned the GPUs plus you have GPUs that have strong residual value. So you come out well ahead. So I think that answers the first half of your question. And then the second half of your question, we actually talked about the conversion of New Brunswick in the previous quarter. We bought 32 acres of land adjacent to the site. Engineering design has been advancing since then. And so we have been in talks with groups that are interested. And so there are different ways to deliver power, power shell build-to-suit. And so I can't get into any more specifics other than what we've already disclosed, but a sort of market rate of what gets us about $130 a kilowatt a month for New Brunswick is a secondary -- primary secondary markets. New Brunswick is a secondary market. And so that's where that run rate of approximately $80 million ARR comes from. You do about 53 megawatts of IT load, but do stand by for updates as we advance our designs and our conversations. We just wanted to acknowledge to the Street that, that is moving forward. And it is not to be forgotten. It's still part of the road map and part of the game plan, but stay tuned for more updates on that. Does that cover it all for you, Darren?	President & CEO: 네, 질문 감사합니다, Darren. GPU에 대한 투자수익률(ROI)은 일반적으로 직접 운영 비용(direct operating costs)을 제외하고 나면 약 2.5년 정도입니다. 그리고 저희는 이더리움 채굴(Ethereum mining) 시절부터 GPU를 투자 회수 기간(ROI, Return on Investment)이 2.5년 정도 되면서도, 이 카드들이 3~4년 후에도 잠재적으로 가치의 60%, 70%, 80%를 유지할 수 있는 상황이다 보니, 아마 들으셨겠지만 H100에 대한 수요가 엄청나게 급증했습니다. 이러한 수요는 두 가지 방식으로 나타납니다. 하나는 GPU 대여 시간당 요금(hourly rate)이 상승하는 것이고요. 그 결과, 사람들이 GPU를 통해 더 많은 현금 흐름(cash flow)을 창출할 수 있다는 것을 깨닫게 되면서, GPU 구매 시장 가격(market price) 또한 상승하고 있습니다. 저희는 이 사업이 매우 매력적이라고 생각합니다. 그럴 역량을 갖추고 있고, 저희가 보유하고 입증해 보인 클라우드 기술 플랫폼을 가지고 있다면 말이죠. 저희가 더 많은 GPU를 가동하고 1만 1천 개 GPU 그 이후로 엔지니어링 설계는 계속 진전되고 있습니다. 이에 따라 저희는 관심 있는 그룹들과 논의를 진행해 왔습니다. 전력을 공급하는 방식은 다양하며, 전력 인프라를 맞춤형으로 구축하여(build-to-suit) 이는 여전히 저희 로드맵(roadmap)과 게임 플랜(game plan)의 일부입니다. 해당 사안에 대해서는 더 많은 업데이트를 기대해 주십시오. 이 정도로 충분하실까요?
Darren Aftahi: ROTH Capital Partners, LLC, Research Division	Darren Aftahi: 제공된 내용은 발언자의 소속 정보이며, 번역할 경영진의 답변 내용이 포함되어 있지 않습니다. 답변 내용이 주어지면 번역해 드리겠습니다.
Nathan Fast: Director of Marketing & Branding Next we'll go to the line of Fedor from B. Riley.	Nathan Fast: 다음은 B. Riley의 Fedor님 연결하겠습니다.
Fedor Shabalin: B. Riley Securities, Inc., Research Division I wanted to just like ask about current breakeven price for Bitcoin mining operations, assuming all-in cost to mine, not only power. And additionally, I'd like to understand how Bitcoin at current levels influences your capital allocation decisions for AI and HPC infrastructure. And if you could outline your expected CapEx spending over the next 1 or 2 quarters with any detail on the split between mining and AI HPC investments that also would be super helpful.	Fedor Shabalin: 비트코인 채굴 사업과 관련해서, 전력 비용뿐만 아니라 모든 총비용(all-in cost)을 고려했을 때 현재 손익분기점 가격(breakeven price)이 어느 정도인지 궁금합니다. 더불어, 현재 비트코인 가격 수준이 AI 및 HPC(고성능 컴퓨팅) 인프라에 대한 자본 배분 결정(capital allocation decisions)에 어떤 영향을 미치는지도 설명해 주시면 감사하겠습니다. 또한, 향후 1~2분기 동안의 예상 자본 지출(CapEx) 계획을 개략적으로 말씀해 주시고, 채굴 사업과 AI/HPC 투자 간의 배분(split)에 대한 자세한 내용을 알려주시면 매우 도움이 될 것 같습니다.
President & CEO: Yes, definitely, Fedor. So I think it's quite evident that 2025 is a year of scaling our Bitcoin mining business, having brought on the 300 megawatts in Paraguay, scaling to 25 exahash. So that reflects a lot of capital deployment in that business unit. And what you'll note from our investor presentation that we just debuted and of course, last quarter, this year, 2026, our focus is on scaling the HPC revenue from $20 million ARR to $225 million ARR, so over 10x. And how do we accomplish that? Expanding the cloud from 5,000 GPUs to 11,000 GPUs, which in my section was detailed growing that revenue from $20 million to $140 million ARR. And then, of course, bringing on the conversion of New Brunswick to Tier 3 HPC for hyperscaler colocation, which at $130 a kilowatt on 53 megawatts of IT load gets you to about $80 million of ARR. So directionally, you can see where the capital deployment is being scaled. I do want to take a moment to acknowledge though that with OEM vendor financing on our GPUs, we're able to get lease to own, so effectively equal lease payments over 36 months with a $1 buyout, so effectively a finance with single-digit interest rates, which is very, very attractive. Nothing funky like some of our peers have done with pref shares and warrants and all this convoluted mezz financing, just very attractive. And so we've been able to scale that GPU cloud business, of course, in the partnership with Bell AI Fabric Canada, that data center capacity, we're building the cloud on co-located premises with Bell. So again, that allows us to operate a CapEx-light high-margin GPU cloud business. And so we do have the 100 megawatts in Paraguay that we announced, and we announced that PPA late last year. And so long lead has been ordered, the substation, the design. So that's a long-tail project because, of course, Bitcoin mine economics right now, we're looking at $30 to $35 hash price. So we, of course, are proceeding very carefully. But what I do want to point out is just remind everybody that we had our recent press release where we're sending nodes to the largest telco player in Paraguay to do a proof of concept for HPC AI. And we're going to be launching GPUs out of an existing Tier 3 telecom center in Asuncion, which is the capital of Paraguay. So we're taking meaningful strides to actually realize and bring HPC compute to Latin America by partnering with an existing data center -- sorry, a telco provider with Tier 3 data centers, much like we found success doing that in Canada with Bell. We're doing it with largest telco player in Paraguay. They're actually owned by a multinational NASDAQ-listed company. So that is directionally where we're also taking things in Latin America. So that 100 megawatts that we're bringing online, we are really looking at the ability to build a Tier 1 infrastructure today. So the high voltage switchgear, all the power distribution and that infrastructure can be used for Tier 1, i.e., Bitcoin mining or can be expanded upon with chillers and gensets and everything else that you need for Tier 3 for future HPC conversion. So we're looking at evaluating a road map where we could do both in Latin America. But for right now, we're building the power infrastructure to power that additional 100 megawatts of land. But that is not massively CapEx intensive to buying -- compared to buying ASICs or certainly not building Tier 3. So I would say the biggest CapEx will be building out New Brunswick in -- for converting it to Tier 3. I hope that answered your question.	President & CEO: 네, 페도르 씨. 2025년은 저희 비트코인 채굴 사업을 확장하는 해가 될 것이라는 점은 매우 분명합니다. 파라과이에 300메가와트(MW) 규모의 시설을 가동하면서 그리고 물론, 뉴브런즈윅을 하이퍼스케일러 (hyperscaler) 코로케이션 (colocation)을 위한 티어 3 (Tier 3) HPC (고성능 컴퓨팅 - High-Performance Computing)로 전환하는 것은 IT 부하 Bell AI Fabric Canada와의 파트너십을 통해 GPU 클라우드 사업을 확장할 수 있었고, Bell과 공동 시설(co-located premises)에 클라우드를 구축하여 데이터센터 용량을 확보하고 있습니다. 덕분에 저희는 자본 지출(CapEx) 부담이 적은 고마진(high-margin) GPU 클라우드 사업 하지만 제가 강조하고 싶은 점은, 최근 보도자료를 통해 파라과이 최대 통신사에 고성능 컴퓨팅(HPC) AI의 개념 증명(PoC: Proof of Concept)을 위해 노드(node)를 보내고 있다고 말씀드렸다는 것입니다 가동할 100메가와트와 관련하여, 저희는 현재 티어 1(Tier 1) 인프라를 구축할 수 있는 역량을 면밀히 검토하고 있습니다. 고전압 개폐기, 모든 전력 분배 시스템 질문에 대한 답변이 되셨기를 바랍니다.
Fedor Shabalin: B. Riley Securities, Inc., Research Division It does. And just if you allow me to squeeze one related follow-up on Brunswick HPC facility. Specifically, I would like to understand, you already outlined the total CapEx for this project roughly in previous broadcast. But if you can outline current construction status and milestones completed to date for HPC-related portion of the facility? And what's remaining milestones and maybe CapEx for this or next quarter? Just to understand the CapEx spending.	Fedor Shabalin: 네, 그렇습니다. 브런즈윅 HPC 시설과 관련해서 한 가지만 더 여쭤봐도 될까요? 구체적으로 말씀드리자면, 이 프로젝트의 총 자본 지출 (CapEx) 규모는 이전 발표에서 대략적으로 설명해주셨습니다만, 이 시설의 HPC 관련 부분에 대한 현재 건설 현황과 현재까지 완료된 주요 단계 (milestones)를 설명해주실 수 있을까요? 그리고 남은 주요 단계는 무엇이며, 이번 분기 또는 다음 분기의 자본 지출 (CapEx)은 어느 정도 예상하시는지요? 자본 지출 (CapEx) 집행 상황을 이해하기 위함입니다.
Nathan Fast: Director of Marketing & Branding Not sure if we lost Aydin. Fedor, we will follow up you after this.	Nathan Fast: 아딘과 연결이 끊긴 것 같습니다. 페도르님께는 저희가 이 후에 다시 연락드리겠습니다.
President & CEO: Yes, no, I'm here. So sorry, the question was -- I don't know, I was put on you for some reason. The question was what are the milestones for the New Brunswick Tier 3 conversion?	President & CEO: 아, 네, 제가 듣고 있습니다. 죄송합니다만, 제가 잠시 연결에 착오가 있었는지 질문을 제대로 듣지 못했습니다. 질문 주신 내용은 뉴 브런즈윅(New Brunswick) 티어 3(Tier 3) 전환의 주요 이정표(milestones)에 대한 것이었죠?
Fedor Shabalin: B. Riley Securities, Inc., Research Division Yes, yes. I just can quickly repeat, pardon me. It's just like for -- specifically for HPC portion of this data center, what's already completed to date? And what's the near-term plan with associated CapEx for next 2 quarters, let's say, this way.	Fedor Shabalin: 네, 네. 죄송하지만 다시 한번 여쭤봐도 될까요? 데이터센터의 HPC (고성능 컴퓨팅) 부분에 대해서 구체적으로 말씀드리자면, 현재까지 완료된 부분이 어느 정도인지요? 그리고 향후 두 분기 동안의 단기 계획과 그에 따른 자본적 지출 (CapEx)은 어떻게 되는지 궁금합니다.
President & CEO: Yes. So what we've put out is we've worked -- we've bought the additional land. We're going through the design development. So we have design and permitting underway for that site. The next step would be ordering long lead items. But beyond that, I don't want to provide any more specificity at this time. We'll provide the market with announcements as those milestones are realized. So that's what I got to you right now, Fedor. Good question. I know you want to know more, but you got to hang tight, buddy.	President & CEO: 네, 저희가 말씀드린 바와 같이 추가 부지 매입을 완료했습니다. 현재 설계 개발(design development)을 진행 중이며, 해당 부지에 대한 설계 및 인허가(permitting) 절차가 순조롭게 진행되고 있습니다. 다음 단계는 장기 조
Nathan Fast: Director of Marketing & Branding We've got time for 2 final questions. Mike from Northland. I know you've had your hand raised for quite some time. If you kindly mute. The floor is yours.	Nathan Fast: 저희가 마지막 질문 두 가지를 더 받겠습니다. 노스랜드의 마이크님, 오랫동안 손을 들고 계셨던 걸로 압니다. 음소거 해제 부탁드립니다. 질문해주시죠.
Mike Grondahl: Northland Capital Markets, Research Division First question is just for Aydin. If your OEM financing is for 3 years, can you talk a little bit about why you're signing 2-year deals that mismatch? And then secondly, for Darcy, could you help us think about depreciation expense in the next couple of quarters?	Mike Grondahl: OEM 파이낸싱(OEM financing)이 3년 만기인데, 왜 2년 계약을 체결하여 기간이 불일치하는지에 대해 설명해 주시겠습니까? 그리고 다음 몇 분기 동안의 감가상각비(depreciation expense)에 대해 저희가 예상할 수 있도록 설명해 주시겠습니까?
President & CEO: Because when you have a longer term, your payments are less. So you cash flow better, Mike. And so we know that these GPUs have great residual value in the market. So at the end of the 2-year term, we may elect to sell them for a gain. We could simply re-rent them out. There's lots of optionality. That's all. But it's mostly -- you just want to structure payment, so you cash flow nicely.	President & CEO: 계약 기간이 길어지면 월 납입액이 줄어듭니다. 따라서 현금 흐름(cash flow)이 더 좋아지는 효과가 있습니다. 그리고 저희는 이 GPU(그래픽 처리 장치)들이 시장에서 잔존 가치(residual value
Mike Grondahl: Northland Capital Markets, Research Division Got it. And then on the depreciation, maybe.	Mike Grondahl: 알겠습니다. 그리고 감가상각(depreciation)에 대해서는요?
Chief Financial Officer: Yes. On the depreciation side, I think you can take a look at what we've got in for the Q3 right now for the 9 months. As we've noted, there was some catch-up depreciation in there -- so if you sort of take the incremental amount that you've got from sort of Q1 to Q3, you can probably take that as running forward. Through Q3, we had all of our ASIC equipment up and running within Paraguay. So that's the best driver moving forward.	Chief Financial Officer: 네. 감가상각(depreciation) 측면에서 말씀드리자면, 현재 3분기(Q3)까지 9개월간의 실적을 참고하시면 될 것 같습니다. 저희가 말씀드렸듯이, 일부 소급 감가상각(catch-up depreciation)이 있었습니다. 따라서 1분기(Q1)부터 3분기까지의 증분 금액을 보시면, 앞으로도 그 추세가 이어질 것으로 예상하시면 될 것 같습니다. 3분기까지 파라과이에 있는 저희 모든 ASIC 장비가 가동을 시작했습니다. 이것이 앞으로의 가장 중요한 동력이 될 것입니다.
Nathan Fast: Director of Marketing & Branding Excellent. Thanks, Mike. Gareth Gacetta from Cantor close us out with your final question.	Nathan Fast: 네, 좋습니다. 마이크님, 감사합니다. 이제 캔터(Cantor)의 가레스 가세타님께서 마지막 질문으로 마무리해주시겠습니다.
Gareth Gacetta: Cantor Fitzgerald & Co., Research Division I just wanted to dig in on any potential CapEx requirements for the remaining GPUs you have at Manitoba. So I know you said about 500 have been or will be deployed in 1Q. So I wanted to figure out kind of have the remaining 1,500 GPUs been purchased? And if not, how are you thinking about the funding for those? And lastly, is there any CapEx on the data center side of things at Manitoba?	Gareth Gacetta: 매니토바에 남아있는 GPU들과 관련하여 잠재적인 자본 지출(CapEx) 소요에 대해 좀 더 자세히 여쭤보고 싶습니다. 1분기에 약 500개의 GPU가 배포되었거나 배포될 예정이라고 말씀하셨는데요. 그렇다면 나머지 1,500개의 GPU는 구매가 완료되었는지 궁금합니다. 만약 아직 구매되지 않았다면, 해당 GPU들에 대한 자금 조달은 어떻게 계획하고 계신가요? 마지막으로, 매니토바 데이터센터와 관련하여 추가적인 자본 지출(CapEx) 계획이 있으신지도 알려주시면 감사하겠습니다.
President & CEO: So the 504, the purchases those were announced in November and the leasing or contract -- contracted term of those GPUs was really announced last week. And so those GPUs should be -- they're being delivered to the facility now and they're expected to go live. So really, the focus is to let the Street know that, that first cluster, 63-node cluster is being commissioned with InfiniBand and all the bells and whistles is going to be live with the client. This quarter ends March 31. So very soon. We've got 6 weeks left in this quarter. And so I would say, stand by for updates on that. And so once that first cluster is deployed, Gareth, then we intend to reload very quickly. And this model is shaping up to prove to be very successful. And so our intent is to reload and repeat as we rent a cluster, get -- order another one, finance it in a similar way, and get it delivered, rent it out, rinse and repeat. I hope that's helpful. What was the second half of your question?	President & CEO: 504대 GPU 구매는 11월에 발표되었고, 해당 GPU들의 리스(leasing) 또는 계약 기간은 지난주에 발표되었습니다. 이 GPU들은 현재 시설로 배송되고 있으며, 곧 가동될 것으로 예상됩니다. 따라서 저희의 주요 저희의 의도는 클러스터(cluster)를 임대하고 나면, 또 다른 클러스터를 주문하고, 유사한 방식으로 자금을 조달(finance)하여 이를 인도받아 다시 임대하는 과정을 재투자를 통해 계속해서 반복하는 것입니다.
Gareth Gacetta: Cantor Fitzgerald & Co., Research Division Just if there's any potential CapEx needed on the data center side of things at Manitoba.	Gareth Gacetta: 매니토바 데이터센터 관련해서 혹시 추가적인 자본 지출(CapEx)이 필요할 가능성이 있는지 여쭙니다.
President & CEO: No, no. I mean there was some deposits upfront, but that was all taken care of.	President & CEO: 아니요, 그렇지 않습니다. 선지급 예치금(upfront deposits)이 일부 있었던 것은 맞지만, 그 부분은 이미 모두 처리되었습니다.
Nathan Fast: Director of Marketing & Branding Excellent. Thank you. That concludes our Q&A session and our Q3 2026 earnings call. Thank you for joining. We look forward to sharing more exciting announcements very soon and speaking to you again soon. Thank you.	Nathan Fast: 네, 좋습니다. 감사합니다. 이것으로 저희 질의응답(Q&A) 세션과 2026년 3분기 실적 발표(earnings call)를 모두 마치겠습니다. 오늘 함께 해주셔서 진심으로 감사합니다. 조만간 더 좋은 소식들을 전해드리고 다시 인사드릴 수 있기를 기대합니다. 감사합니다.

📌 요약

다음은 Q&A 세션 요약입니다.

* **HPC