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- **Revenue Surge**: Q2 2026 revenue of $87.3M (+287% YoY), driven by 25 exahash Bitcoin mining and $20M AI cloud ARR. 
- **Profitability**: 49% gross margin, 18% ROIC, $31.5M adj. EBITDA. 
- **Expansion Plans**: 35 exahash by end-2026, $250M AI cloud ARR, and $550M Bitcoin mining ARR. 
- **Strategic Partnerships**: Bell Canada AI Fabric deal, tier-3 conversions in Toronto/Sweden. 
- **Financial Strength**: $136M digital assets, no material debt, $22.6M cash. 
- **Risk Management**: $22/THD breakeven, 50%+ GPU utilization, and 100 MW Paraguay expansion at $250k/MW.

**【CEO Summary Section】**
- **Paraguay Expansion**: Achieved 25 exahash capacity, with plans to scale to 35 exahash by end of 2026, leveraging 100 MW of additional green energy at $250k/MW. 
- **Bitcoin Mining Growth**: Q2 production of 719 BTC (vs. 406 BTC prior), 10 BTC/day run rate, and 17.5 J/T efficiency. 
- **AI Cloud Strategy**: 5,000 GPU fleet (Hopper/H200) generating $20M ARR, targeting $140M ARR by end-2026 with 11,000 GPUs. 
- **Partnerships**: Bell Canada AI Fabric deal for 1,000 B200 GPUs, and Toronto/Sweden tier-3 conversions for 4,000 B300s. 
- **Valuation**: AI cloud business could reach $250M ARR, implying multi-billion dollar valuation at 10x multiple. 

**【CFO Financial Commentary】**
- **Q2 Results**: $87.3M revenue (vs. $22.6M prior), $31.5M adj. EBITDA, 18% ROIC, and $22.6M cash. 
- **Gross Margin**: 49% (vs. 2% prior), driven by Paraguay scale and fleet efficiency. 
- **Balance Sheet**: $136.7M in digital assets vs. $55.5M liabilities, no material debt. 
- **Hash Price Floor**: $22/THD breakeven, with $40/THD+ hash price stability. 

**【CFO Financial Results】**
- **Revenue Breakdown**: 94% from Bitcoin mining ($82M), 6% from AI cloud ($5M). 
- **Cash Flow**: $42.4M gross op margin, $31.5M adj. EBITDA, $15.8M net loss (non-cash). 
- **Liquidity**: $22.6M cash, $24.4M BTC, $17M receivables. 

**【Q&A Highlights】**
- **CapEx Strategy**: $25M/Bodén, $40M/Toronto for tier-3 conversions; vendor financing for GPUs. 
- **GPU Utilization**: 50%+ of 38,000 Ampere GPUs still operational after 4 years. 
- **Paraguay Power**: 100 MW expansion at $250k/MW, targeting $550M ARR by end-2026. 
- **Hyperscale Colo**: New Brunswick 70MW site for $85M ARR, if not leased, could pivot to AI cloud. 
- **Itaipu Dam**: 14GW capacity, potential for future green energy partnerships.

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