How companies are scaling their mining operations, fleet upgrades, and hash rate targets.
CANG · Q2 FY2026 Earnings Call
…capital discipline. Key Metrics: 656 Bitcoins mined; operating hashrate 27.58 EH/s (self-mining 19.84 EH/s + leased 7.74 EH/s); held 1,056 BTC in treasury as of June 30. Financial Performance (vs Q1 2026) Total revenue: $50.8 million (down ~50% from Q1), with $47.4 million from Bitcoin mining. Net loss from continuing operations: $81.6 million (…
IREN · Q4 FY2026 Earnings Call
…perspective, just given that you already have 2 large-scale energized sites there." (Answered by Kent Draper: Alignment with Abbott directive on transparency/reliability; strong positioning with energized sites.) Michael Colonnese (H.C. Wainwright & Co.): "Congrats on all the strong momentum here across the AI cloud business. Just one for me. I was…
HIVE · Q1 FY2027 Earnings Call
…Operational & Strategic Highlights Bitcoin Mining: 24 EH/s operational (25.3 EH/s installed). Daily revenue ~$750K; ~$275M annualized run-rate. Paraguay expansion (6 EH/s to 25 EH/s) provided scale and resilience amid ~40% Bitcoin price decline. Margin ~36-40% at current hash price (~$31/PH/day). HPC/AI (GPU Cloud): $35M ARR active today (up…
PWCM · Q2 FY2026 Earnings Call
…Oklahoma GPU pilot; assess demand before scaling conversion of mining capacity. Evaluating modular containerized data centers. Liquidity priority: Retain Bitcoin holdings via new low-cost facility rather than selling; participate in price appreciation within collar. Analyst Questions Section Analyst: Matthew Galinko, Maxim Group Question 1: "May…
AVX · Q2 FY2026 Earnings Call
…Initial inference pilot at Redwater facility (converting ~100 kW mining capacity) remains on track but equipment not yet deployed due to lead times. Focus on behind-the-meter natural gas in Alberta via BlueFlare partnership. Capital Actions: Post-quarter restructuring of convertible debentures reduced principal by ~$6.8 million, improving balance s…
SLNH · Q2 FY2026 Earnings Call
…(Aug 2023 directive): Limited direct exposure (146 MW already energized); model aligns with state priorities (behind-the-meter, flexible load, renewables, no transmission upgrades). Seen as tailwind for live capacity. Capital Formation & Strategy Q2 raises: $159.4M ($113.5M ATM, $24.5M debt, $18.9M standby equity, $2.5M warrants) + $23.6M AT…
BGDE · Q2 FY2026 Earnings Call
…revenue: $2.6 million, +120% QoQ. Operating platform: 129 MW energized capacity in PJM market; 630 AI colocation agreement deployed and ramping with no capital investment or debt from Big Digital (company receives 100% operating cash flows). Balance sheet: Strengthened via $15 million Series D preferred (largely funded by management/affiliates); le…
CRWV · Q2 FY2026 Earnings Call
…support 8 GW target. Raimo Lenschow (Barclays): "How does your fleet need to evolve? Because inference needs to do a lot more CPU, a lot more storage... can you do that in the existing data centers?... how you see the market evolving between edge, smaller clouds, neocloud and hyperscalers."Responses: Michael Intrator stated AI-native infrastructure…
RIOT · Q2 FY2026 Earnings Call
…Operations Produced 1,587 Bitcoin (17.4 BTC/day average); deployed hash rate 44.4 EH/s (~4.6% of global network). Mining revenue $113.7 million; utilization 87%. Net power cost $0.036/kWh (industry-leading); direct mining cost $49,912/BTC (up 9% YoY amid network hash rate growth). Power curtailment credits: $10 million ($6,335/BTC). Held 11,380 Bi…
BTDR · Q2 FY2026 Earnings Call
…reached ~3 GW at end of Q2, +12% year-over-year. Self-mining hash rate hit 73 EH/s (+342% YoY), supported by ~243,000 active rigs (+113% YoY). Q2 Bitcoin production: 2,694 BTC (+377% YoY). Co-mining hash rate +260% sequentially. Launched SEALMINER A4 Ultra Hydro (9.45 J/TH chip-level) and new DL1 Hydro for script algorithm mining. Broke ground on 1…
KEEL · Q2 FY2026 Earnings Call
…construction/power/engineering. Site specifics: Moses Lake on track for first 2027 online/energized site and first HPC revenue (possible modified gross lease structure); Sharon and Panther Creek in active triple-net lease discussions (Panther Creek RFS remains end-2027 despite minor DEP permitting delays with no impact on economics or commercial in…
VST · Q2 FY2026 Earnings Call
…Adjusted EBITDA: ~$773 million (up from ~$756 million) Strong fleet performance: >97% commercial availability during summer peaks; nuclear refuelings and 92 gas/coal outages completed Guidance and Outlook Reaffirmed 2026: Adjusted EBITDA $6.8B–$7.6B; Adjusted FCF before Growth $3.925B–$4.725B (expect at/above midpoint) Maintained 2027 Adjusted EB…
OKLO · Q2 FY2026 Earnings Call
…vertical integration to improve capital efficiency and support fleet deployment, with Groves serving as a key proof point for repeatable execution. Key Milestones & Strategic Updates (vs. Prior Periods) Groves Isotope Reactor: Achieved first criticality in under 1 year (11 months from groundbreaking on private land with private capital); full…
MARA · Q2 FY2026 Earnings Call
…down from 50,000 BTC YoY); ~26% loaned/pledged as collateral. Hash Rate: 70.3 EH/s energized (up 22% YoY from 57.4 EH/s; down modestly sequentially due to legacy miner phase-out). Net Income/Loss: -$611M or -$1.60/diluted share (vs. +$808M or +$1.84/diluted share) — driven by ~$343M unrealized BTC mark-to-market adjustment. Adjusted EBITDA: -$361M…
CEG · Q2 FY2026 Earnings Call
…to Calpine implied price. Operational Performance Nuclear fleet: 93% capacity factor, 40 TWh generated, 6 planned refueling outages completed. Capacity factor impact: -1.8% vs. Q2 2025 due to higher planned outage days (includes successful Byron Unit 1 turbine upgrade; 23-day avg outage duration, 40% better than industry avg). Commercial busines…
SEI · Q2 FY2026 Earnings Call
…upside potential as you look at your deployed and contracted fleet over time and what that upside could look like on that run rate EBITDA?" Follow-up: "I was wondering if we could also get your latest thoughts on other technologies outside of the turbines that you've been securing. Does the GESA acquisition make you look maybe more seriously at thi…
TLN · Q2 FY2026 Earnings Call
…industry average); strong performance during spring outages. Fleet performance: 3.9% equivalent forced outage factor; ~30 TWh generated at 51% capacity factor (+14 percentage points YoY), aided by Freedom/Guernsey additions and higher intermediate/peaking runtimes. Acquisitions: Closed Waterford, Darby, and Lawrenceburg plants (+2.5 GW efficient ga…
CIFR · Q2 FY2026 Earnings Call
…delivery H1 2027. Odessa (legacy bitcoin): 207 MW operating at 11.6 EH/s, mined 346 BTC; early HPC conversion discussions underway. Pipeline sites (Reveille/Ulysses 270 MW in 2027; Colchis/Mikeska/McLennan 2 GW in 2028–29; Apollo/Milsing + expansions 2.1 GW 2030+) on track in ERCOT process. Analyst Q&A Section Stephen Byrd (Morgan Stanley):…
AVA · Q2 FY2026 Earnings Call
…reduced system capacity. One key transmission line repaired and energized earlier on the call day, lowering new outage risks. Distribution repairs ongoing as access improves; full damage assessment still in progress. Primary focus: Safety of customers/employees, damage assessment, restoration planning, and community support. Situation remains dynam…
D · Q2 FY2026 Earnings Call
…(~450+ MW capacity online); third offshore substation expected energized by year-end 2026 (~50% of project investment in service). Supply chain: 100% nacelles, 99% towers, 85% blades fabricated. Installation averaging ~2 days per turbine. Timeline for final turbine adjusted +6 months to year-end 2027 due to loadout timing, added weather/vessel cont…
NEE · Q2 FY2026 Earnings Call
…GW). Other Strategic Updates NextEra Energy Transmission: Energized 137-mile NM line ahead of schedule/on budget; selected for $1.6B MISO projects (43% ownership). Duane Arnold nuclear: On track for Q1 2029 restart; now 100% owner. Gas-fired: Advancing 9.5 GW in TX/PA with U.S./Japanese governments. Merger with Dominion Energy: Filings submitted…
GEV · Q2 FY2026 Earnings Call
…delivery in 2026; MV-UPS potential earlier orders. Long-term: HA fleet to double; services growth into 2030s. Onshore Wind repowering opportunity (~10 GW U.S. base). Nuclear SMR progress (tech selects in U.S./Canada). Analyst Q&A Section Nicole DeBlase (Deutsche Bank): "If we could just talk a little bit more about the capacity discussion in the…
ASML · Q2 FY2026 Earnings Call
…the current configurations that you see as you look at current fleet configurations at customers, how big is that opportunity in terms of upgrading? Given there's a strong need from customers to increase capacity of the tools, given limited clean room. Is there perhaps a plan in place to make this more of a agreement of sorts in terms of getting be…
HIVE · Q4 FY2026 Earnings Call
…volatility. Bitcoin Mining (Q4): 876 BTC produced. Installed hash rate 25 EH/s (optimized to 24.6 EH/s at 16 J/TH efficiency). No dedicated CapEx allocated to Bitcoin operations. Operational & Strategic Highlights Global footprint: 860 MW potential capacity (440 MW active Bitcoin mining / HPC data centers). 395 MW power consumed after efficie…
CANG · Q1 FY2026 Earnings Call
…of April 20). Operational Performance and Mining Metrics Hash Rate (End of Q1 2026): 37.01 EH/s total (27.98 EH/s self-mining, 9.02 EH/s hosted). April 2026 Hash Rate: 31.58 EH/s total (20.43 EH/s self-mining, 11.15 EH/s hosted) across 26 sites. Average Cash Cost per Bitcoin: $76,928 (9% decrease vs. Q4 2025); all-in cost $99,747. April Mining O…
PWCM · Q1 FY2026 Earnings Call
…quarter operating expanded fleet at scale. Record energized hash rate of ~790 petahash at quarter-end, up from ~750 petahash at year-end 2025; March production hit record 9.6 Bitcoin. Fleet upgrades included energizing second BC40 Elite immersion unit (~35 petahash) and deploying ~300 Bitmain S19 XP miners in February, replacing older hardware. Gen…
BTDR · Q1 FY2026 Earnings Call
…non-cash volatility to GAAP earnings. Bitcoin Mining Self-mining hash rate: 65 EH/s at end of March 2026 (+18% vs. 55.2 EH/s end-Dec 2025; +400%+ YoY). Bitcoin produced: 668 (Jan), 705 (Feb), 661 (Mar); April output rose to 783 BTC. Launched SEALMINER A4 series (April 7, 2026): A4 Ultrahydro at 9.45 J/TH (industry-leading); A4 Pro Hydro 10.9 J/TH…
OKLO · Q1 FY2026 Earnings Call
…NRC Part 57 framework (microreactor deployment in 6–12 months, fleet-based licensing) viewed as highly aligned with Oklo's repeatable deployment model. DOE-to-NRC transition pathways under development. Board: Added directors with energy, infrastructure, and tech execution experience; Michael Thompson named Lead Independent Director. Investment Th…
CEG · Q1 FY2026 Earnings Call
…opportunistically under $5B authorization Operational Performance Nuclear fleet: 40 million MWh generated at 92.3% capacity factor (impacted by higher planned refueling outages vs Q1 2025) Combined cycle & cogeneration fleet (Calpine assets): 23 million MWh at 47.1% capacity factor; forced outage factor 5.1% (delivered ~95% when called) Stro…
CLSK · Q2 FY2026 Earnings Call
…to think about it? Or has that evolved at all?" (Follow-up on hashrate guidance amid HPC shift.)Answered by Matthew Schultz and Gary Vecchiarelli (conversations consistent; hashrate trending to 55 EH/s by year-end with immersion miners). Brett Knoblauch (Cantor Fitzgerald): "Matt, maybe just on the tenant conversations and the maybe evolution of th…
MARA · Q1 FY2026 Earnings Call
…due to higher network difficulty, partially offset by higher hashrate. Net loss: $1.3 billion ($3.31 diluted loss per share) vs $533.4 million ($1.55 diluted loss per share). ~$1B of the loss was unrealized mark-to-market adjustment on digital assets from Bitcoin price decline. (Note: $10K BTC price change ≈ $350M unrealized impact on holdings.) Ad…
WULF · Q1 FY2026 Earnings Call
…us on the cadence of the Bitcoin mining ramp down maybe on a hash rate basis?" Answered by Patrick Fleury: Currently 5-6 EH/s; no significant further investment; capacity to be repurposed for HPC; likely exit by next halving. Martin Toner, ATB Cormark: "The political risk of the AI data center build-out seems to be like slowly but surely picking up…
IREN · Q3 FY2026 Earnings Call
…million, primarily from lower electricity costs tied to reduced mining capacity. Net loss: $247.8 million (impacted by $140.4 million non-cash impairments on mining hardware and $23.7 million unrealized losses on convertible notes). Adjusted EBITDA: $59.5 million (down from $75.3 million in prior quarter). Cash position: $2.6 billion as of April 30…
VST · Q1 FY2026 Earnings Call
…effective optimization during mild weather periods. Natural gas fleet achieved 97% commercial availability; nuclear fleet achieved 100% during the storm. Retail EBITDA was $68 million, down year over year due to exceptionally mild ERCOT weather, but still on track to meet full-year targets. Strategic Developments Early 2026 acquisitions and agre…
HUT · Q1 FY2026 Earnings Call
…(vs. 16% YoY). Bitcoin mined: 817 (vs. 135 YoY), driven by fleet upgrades and the Vega site ramp. Average revenue per Bitcoin: $76,077 (vs. $91,512 YoY). Capital Structure & Liquidity Cash + Bitcoin at quarter end: ~$1.3B. Unencumbered Bitcoin following refinancing: ~5,600 BTC. Refinanced $200M Coinbase facility into a…
TLN · Q1 FY2026 Earnings Call
…acquisitions, AWS PPA ramp, higher prices, and reduced cash taxes. Fleet Operations: Generated ~16 TWh with a 55% fleet capacity factor, reflecting strong performance during winter events and increased run times for intermediate/peaking assets. Safety: Recordable incident rate of 0.37, remaining below the industry average. Market Conditions: PJM de…
DUK · Q1 FY2026 Earnings Call
…nuclear is critical. But focus remains on extending current fleet. New nuclear requires addressing technology risk, supply chain/workforce needs, and financial risk mitigation for customers and investors. Jeremy Tonet (JPMorgan) Question: “Can you share more views on the larger ESA pipeline and how cadence may expand plans?” Answer (Harry Sideri…
CIFR · Q1 FY2026 Earnings Call
…2026. Odessa Bitcoin mining: Operating 207 MW, generating 11.6 EH/s. Mined 346 Bitcoin in Q1 at industry-leading $0.028/kWh power costs. Expected to wind down entirely by mid-2027, but continues generating strong cash flow in the interim. Development Pipeline Near-term pipeline (fully approved sites): Reveille (70 MW, ERCOT): Interconnec…
SO · Q1 FY2026 Earnings Call
…total) into commercial operation. Part of a 10 gigawatt fleet of new generation resources under development for 2026–2027 service dates. DOE Loan Agreements: 26.5 billion in low-cost federal loans secured for Alabama and Georgia investments. Expected to generate 7 billion in cumulative customer savings over 30 years.…
MSFT · Q3 FY2026 Earnings Call
…accelerator delivers 30% better performance-per-dollar versus prior fleet silicon and is now deployed in Iowa and Arizona. Cobalt CPU now deployed in nearly half of Microsoft’s regions. Fairwater (Wisconsin) data center opened 6 weeks early, allowing earlier revenue recognition. AI Models and Platform Progress MAI-Transcribe-1…
AVX · Q4 FY2025 Earnings Call
…Company remains active in Bitcoin mining with approximately 300 petahash of capacity. Plans to continue operations in the medium term, with selective small-scale expansion while maintaining site-level profitability. 2026 Outlook Management expects substantial improvement in revenue and profitability driven by AVAX token accumulation, staking gro…
KEEL · Q4 FY2025 Earnings Call
…after zoning approvals. Bitcoin Mining Transition Mining hash rate will continue to decline throughout 2026. No capital invested into new miners; operations maintained only until sites require construction. Bitcoin sales will be opportunistic and proceeds reinvested into HPC infrastructure. Analyst Q&A Mike Grondahl – Northland Question: Wha…
CEG · Q4 FY2025 Earnings Call
…(e.g., recent collaborations with NVIDIA and Emerald AI) Fleet and Operations Company has ~10 GW of new potential grid support (batteries, natural gas, nuclear uprates, demand response). 750 MW of new storage and geothermal capacity placed in service last year; 600+ MW of additional capacity planned for 2026. Restart of the Crane nuclear fac…
PWCM · Q4 FY2025 Earnings Call
…infrastructure. Operational Performance Total energized hash rate increased from ~560 PH at the start of 2025 to ~750 PH by year-end and ~782 PH by February 2026. Mississippi acquisition added ~7.5 MW and ~220 PH; produced a 27% jump in BTC production from September to October (5.9 to 7.5 BTC). Immersion program launched in Dec…
CANG · Q4 FY2025 Earnings Call
…Cango built a globally distributed Bitcoin mining network with hashrate scaling to 50 EH/s (about 4–5% of the global network). The year included substantial nonrecurring losses and market-driven impairments, overshadowing operational growth. Financial Highlights Q4 2025 Revenue: $179.5M. Full-Year 2025 Revenue: $688.1M. Bit…
CORZ · Q4 FY2025 Earnings Call
…financing. Leadership highlighted major build-out advancements, energized capacity milestones, and a robust development pipeline exceeding 1.5 GW of future leasable capacity. Key Financial & Operational Highlights Total liquidity at year-end 2025 was approximately $530 million. Sold 1,900 Bitcoin in January 2026 for roughly $175 million; now hol…
RIOT · Q4 FY2025 Earnings Call
…Bitcoin produced: 5,686 BTC, up 18% from 4,828 BTC in FY 2024. Hash rate deployed: 38.5 EH/s, up 22% from 31.5 EH/s in FY 2024. Cost to mine: USD 49,645 per Bitcoin, up from USD 32,216 in FY 2024 due to a 47% increase in network difficulty. Power curtailment credits: USD 56.7 million, equivalent to nearly USD 10,000 per Bitcoin mined.…
WULF · Q4 FY2025 Earnings Call
…facilities (CB1, CB2A, CB2B) on track; all capacity to be fully energized by end of Q1 2026. Fluidstack buildings: CB3 delivering mid-May 2026; CB4 and CB5 on track for Q3 and Q4 2026 revenue commencement, respectively. Standardized designs for Fluidstack sites increased critical IT capacity from 162 MW to 168 MW per building, adding ~$200M…
MARA · Q4 FY2025 Earnings Call
…Operational Highlights (Compared to Prior Periods) Energized hashrate grew 25% year-over-year to 66.4 EH/s (up from 53.2 EH/s in Q4 2024). Bitcoin holdings increased over 20% to 53,822 BTC (from ~44,000 BTC in Q4 2024). Average daily Bitcoin production fell to 21.9 BTC/day (down from 27.1 BTC/day in Q4 2024), driven by higher global network diffic…
TLN · Q4 FY2025 Earnings Call
…acquisitions Higher energy margin driven by increased fossil fleet dispatch 2025 adjusted free cash flow: $524 million, a significant improvement versus 2024. Notably, Q4 2025 free cash flow alone ($292 million) surpassed full-year 2024 levels. Fleet performance: Recordable incident rate: 0.55 (better than…
VST · Q4 FY2025 Earnings Call
…& Strategic Highlights Strong integrated model: Exceptional fleet performance through Winter Storm Fern, including first storm with acquired Lotus assets. Acquisitions: Lotus Infrastructure Partners: Closed in 2025, adding ~2,600 MW across PJM, New England, New York and California. Cogentrix Energy (announced): Adds ~5,500 MW; expected mid‑…
HUT · Q4 FY2025 Earnings Call
…Infrastructure upgrades. Higher deployed hash rate. Full-year contribution from Highrise AI (+$7.4M YoY). Capital Structure and Strategy 2025 marked a major shift away from high-cost, cyclical Bitcoin mining toward lower-cost, contracted infrastructure. Hut 8 holds almost no parent-level recou…
NRG · Q4 FY2025 Earnings Call
…underway, outperforming underwriting assumptions. NRG’s generation fleet doubled to 25 GW. The company reaffirmed 2026 stand‑alone guidance and rolled forward long-term growth targets through 2030 with a goal of at least 14% annual EPS and FCFbG per share growth. NRG continues to target large data center load growth under its Bring Your Own Power m…
HIVE · Q3 FY2026 Earnings Call
…Forward Outlook 2025 was described as a “scaling year” for hashrate; 2026 is expected to be the scaling year for HPC and AI Cloud revenue. HIVE anticipates reaching $225M ARR from HPC and colocation by year‑end under its current roadmap. Additional 100 MW Paraguay power expansion will be built as Tier 1 initially, with future optionality for Tier…
ETR · Q4 FY2025 Earnings Call
…capacity under construction toward a 13‑GW target. Nuclear fleet delivered a 90% capability factor and added 35 MW of incremental clean capacity through upgrades; Waterford 3 scheduled for a 45‑MW upgrade. Resilience & Storm Response: More than $800M invested in accelerated resilience upgrades during 2025. Winter Storm Fern caus…
BTDR · Q4 FY2025 Earnings Call
…and 28.7% sequentially, driven by major growth in operating hash rate. SealMiner sales revenue: $23.4M, up 105% from Q3 2025. Gross profit: $10.6M (4.7% margin) vs. $40.8M (24.1%) in Q3 2025. Margin decline driven by 13% lower Bitcoin pricing, higher electricity costs (+5%), and increased depreciation. Adjusted EBITDA: $31.2M versus $39.6M in Q3 20…
EQIX · Q4 FY2025 Earnings Call
…are tied to secure power access. Keith Taylor Response: 52 energized projects underway; building capacity in core markets with scalability. Michael Funk (Bank of America) Question: “How much pricing power remains? And can you adjust contract escalators?” Adaire Fox-Martin Response: Strong pricing discipline across all regions; most contrac…
IREN · Q2 FY2026 Earnings Call
…workloads. Bitcoin mining revenue declined due to lower operating hashrate and weaker Bitcoin pricing. AI cloud revenue increased in line with commissioning new GPUs at Prince George. SG&A decreased by $37.6 million due to prior-period accelerated stock-based compensation and payroll tax accruals rolling off. Adjusted EBITDA decline…
CLSK · Q1 FY2026 Earnings Call
…across multiple sites. CleanSpark now operates more than 50 EH/s of Bitcoin mining capacity and continues expanding power and land holdings to support AI development. Financial Performance Q1 revenue: USD 181M. Up USD 19M (12%) year-over-year. Down USD 43M (19%) quarter-over-quarter due to lower BTC prices a…
GLXY · Q4 FY2025 Earnings Call
…possible, but grid upgrades mean new 830 MW capacity won’t be energized until late 2028–early 2029. Development timelines naturally follow after completion of CoreWeave’s phases. Greg Lewis – BTIG Question: “What drove the increase in the loan book? Any new customers or trends?” Response (Paquette & Ferraro): Loan demand is strong despite falling…
MSFT · Q2 FY2026 Earnings Call
…Microsoft’s AI models. Microsoft aims to maintain a flexible fleet mixing NVIDIA, AMD, and first‑party silicon to ensure the best TCO over multiple generations. Brad Zelnick (Deutsche Bank) Question (original wording): What is the enterprise momentum behind becoming “frontier firms” using Microsoft AI, and how does it expand spend?…
CANG · Q3 FY2025 Earnings Call
…405.1 million. Operational Highlights Deployed hashrate: 50 exahash globally; average operating hashrate improved from 40.91 EH in July to 46.09 EH in October. Energy efficiency exceeded 90% uptime, aided by hardware refresh to T21 and S21 miners. Acquisition: 50MW facility in Georgia to reduce operating costs and support infra…
CLSK · Q4 FY2025 Earnings Call
…50 EH/s in Q4. CleanSpark now the largest U.S.-based miner by hash rate. Capital Strategy: Raised $1.15 billion via 0% convertible note with 27.5% conversion premium and 6.25-year term. Used $460M to buy back stock (~10.9% reduction in outstanding shares) and $200M to pay off debt. AI and HPC Expansion: Acquired 285 MW site i…
HIVE · Q2 FY2026 Earnings Call
…(2% margin) YoY and $15.8M (35% margin) QoQ, driven by higher hash rate, Bitcoin price, and fleet efficiency. Adjusted EBITDA: $31.5 million (vs. $12M YoY). Note: QoQ declined from $44.6M in Q1 due to non-cash items. Net Result: $15.8M net loss (non-cash driven by investments/derivatives) vs. breakeven YoY and $35M net income in Q1. ROIC: 18% annua…
PWCM · Q3 FY2025 Earnings Call
…MW), bringing capacity to 26 MW total across two sites. Hashrate: Increased from 0.48 EH/s in June to 0.71 EH/s by October, with additional growth scheduled in December. Mining Infrastructure: 6,700 machines currently operational. Bitmain S21 immersion-cooled rigs to deploy in December (adds ~70 PH/s). Bitcoin Production: In…
KEEL · Q3 FY2025 Earnings Call
…Mining Wind-down: Gradual phase out. Paso Pe facility (~20% hash rate) slated for sale; remaining exahash stable through Q4. Cloud GPU Strategy: Washington site may generate higher net income than total historical Bitcoin mining; financing under discussion with GPU OEMs. Market Positioning: Not pursuing M&A; focused on executing internal ro…
WULF · Q3 FY2025 Earnings Call
…Christopher Brendler – Rosenblatt: "Why is BTC hash rate declining?" Patrick Fleury response: Reconfiguring site for HPC (redundancy, cabling) requires shedding older miner capacity. Still profitable, plan to mine BTC through at least 2026. "Clarify whether development pipeline sits in Phase 2 or 4?"…
DUK · Q3 FY2025 Earnings Call
…years, including 7.5 GW of new natural gas and more than 1 GW of fleet upgrades. Updated 5‑year capital plan expected to be $95–$105 billion, up from the prior $87 billion (earlier 2025 update) and $83 billion at the start of the year. Capital expansion driven by: New generation, especially to serve rapidly growing data cente…
CEG · Q3 FY2025 Earnings Call
…Q3 Adjusted Operating EPS: $3.04 (up $0.30 YoY). Nuclear fleet capacity factor: 96.8% (≈4% above industry average). Commercial and retail margins remained above long-term averages. Strong stock performance year‑to‑date (up over 50%), though this created nonrecurring stock‑compensation O&M headwinds. Full-year standalone adjusted ope…
VST · Q3 FY2025 Earnings Call
…in 2026. Generation availability: Coal/gas fleet: ~93% availability. Nuclear fleet: ~95% capacity factor. ERCOT and PJM demand continues to accelerate, driven by data centers, oil and gas electrification, AI infrastructure spending, and industrial loads. Data center pipeline nationally has more than do…
TLN · Q3 FY2025 Earnings Call
…normalize. Susquehanna data center development: The AWS site is energized and construction continues at a rapid pace. Multiple buildings are underway, and management sees signs of ramp acceleration. IBEW Local 1600: Talen secured a five-year extension of its labor contract. Financing & Capital Allocation Talen completed acquisi…
IRM · Q3 FY2025 Earnings Call
…Rosenbaum, Stifel Question: "How much energy capacity will be energized in the next 12 months, and could this support a return to very large data center leasing quarters?" Response (William Meaney): 250 MW will energize in the next 18 months, with another 200 MW in the following 6 months (450 MW total). This supports strong leasing into 2026–20…
MARA · Q3 FY2025 Earnings Call
…$124.8 million (-$0.42/share) in Q3 2024. Energized hashrate jumped 64% YoY to 60.4 EH/s from 36.9 EH/s. BTC production cost improved with daily cost per PH/day declining 15% YoY. Capital & Liquidity: Issued $1.025B in zero-coupon convertible notes to fund strategic flexibility. Over $7B in liq…
SEI · Q3 FY2025 Earnings Call
…recips/BESS). Jeff LeBlanc (TPH): Pipeline size and potential for fleet >2.2 GW by end of decade. Michael Dudas (Vertical Research): Details on second data center deployment (rolling into Stateline JV) and lengthening contract tenors. Note: Full Q&A covered supply chain, competitive landscape, M&A integration, contract structures, and c…
HUT · Q3 FY2025 Earnings Call
…American Bitcoin deployment of 14.9 exahash, increasing total Hut 8 hash rate to 26.8 exahash. Gross profit increased tenfold to $48M with 68.6% gross margin. Digital Infrastructure: Revenue up 31% YoY to $5.1 million, driven by increased ASIC colocation activity. Shifted to intercompany operation with American Bitcoin, revenue now eliminated…
CIFR · Q3 FY2025 Earnings Call
…Bitcoin Mining Operations: Q3 self-mining hash rate: 23.6 EH/s (up from Q2 levels). Revenue: $72M in Q3 (vs. $44M in Q2) — up 65%, driven by higher bitcoin pricing and increased production from Black Pearl. Mined 629 BTC vs. 434 BTC in Q2. Average BTC price: ~$114.4k (vs. ~$99.7k in Q2). Efficiency: Fleet e…
RIOT · Q3 FY2025 Earnings Call
…1,426 Bitcoin in Q2 2025. Decline attributed to increased global hash rate (+8%) exceeding Riot’s hash rate growth (+3%). Power Credit Income: $31 million generated via power strategy, reducing net power cost to $0.032/kWh. Utilization rate improved to 86%. Bitcoin Holdings: 19,287 BTC (valued at $2.2 billion as of quarter end). CapEx P…
MSFT · Q1 FY2026 Earnings Call
…fungibility and efficiency of Microsoft’s global datacenter fleet as strategic advantages. Microsoft continues prioritizing first-party AI and Copilot workloads over Azure workloads when capacity is constrained. Leadership stressed long-term confidence in monetizing AI investments through high-value agent systems across productivity, coding, securi…
ETR · Q3 FY2025 Earnings Call
…solar and battery storage deployment, and upgrades to existing fleet. Analyst Q&A Highlights 1. Constantine Lednev, Wells Fargo Question: “Is the updated 4.5 GW of power island equipment tied to visible pipeline load? Should we expect incremental CapEx requiring regulatory approval?” Response (Kimberly Fontan): Existing $41B pla…
NEE · Q3 FY2025 Earnings Call
…existing clean energy generation (weaker wind offset by nuclear fleet strength). $0.06 per share benefit from customer supply business activity. $0.09 per share drag from higher financing costs and prior-year asset recycling. Corporate and Other adjusted EPS decreased by $0.04 year-over-year. Management reiterate…
CANG · Q2 FY2025 Earnings Call
…exahash which accounts for approximately 6% of global network hash rate as of June 30, 2025. Revenue: Total revenue reached RMB 1 billion in Q2 2025. Of that, Bitcoin mining contributed RMB 989.4 million. This marks a significant shift from legacy operations to mining-focused revenue streams. Net Loss: Cango reported a net loss of RMB 2.1 b…
IREN · Q4 FY2025 Earnings Call
…tripled to 810 MW. Bitcoin mining platform scaled to 50 exahash; expansion paused but generating $1+ billion annualized revenue. AI infrastructure expanded rapidly, with 10,000+ GPUs either online or being commissioned. AI Cloud Business Growth: NVIDIA preferred partner status secured. L…
HIVE · Q1 FY2026 Earnings Call
…Overview: HIVE reported record results driven by Paraguay expansion, hashrate growth, and operational efficiency. Revenue reached $45.6M with strong margins and profitability. Bitcoin mining accounted for ~90% of revenue; HPC/AI (Buzz) contributed ~10%. Current hashrate at 15 EH/s (post-quarter), targeting 25 EH/s by American Thanksgiving 2025. Foc…
PWCM · Q2 FY2025 Earnings Call
…will increase to 26 megawatts—equivalent to approximately 1.7 exahash—enhancing vertical integration and reducing reliance on third-party hosting. Relocation of Equipment: Completed relocation of 800 miners from a third-party Kentucky site to the company’s Oklahoma facility, improving operational efficiency and reducing power costs by ~40%.…
KEEL · Q2 FY2025 Earnings Call
…initiatives. Argentina operations, which had the least efficient fleet and rising energy costs, will be shuttered by November 11, 2025. This shutdown is expected to result in $18 million in proceeds from cost savings and equipment sales. Key fleet-wide performance improvements post-Argentina exit: Energy efficiency: +1%…
OKLO · Q2 FY2025 Earnings Call
…reactor class rather than by site. Oklo’s strategy focuses on fleet‑wide scalability, not just first‑unit optimization. Maxwell Hopkins – CLSA Question: For nuclear‑specific components, will Oklo source from Korea, BWXT, or others? Response (Dewitte): Many components fall outside traditional nuclear supply chains, reducing cost and complexit…
CLSK · Q3 FY2025 Earnings Call
…Over 200 MW available for immediate expansion. Hash Rate Growth: Operational hash rate reached 50 EH on June 24, 2025, up from 27.6 EH at FY2024-end (80% increase in 9 months). Global hash rate share increased from 4.3% to 5.6%. Fleet efficiency improved to 16 joules/TH. Next phase includes 10…
VST · Q2 FY2025 Earnings Call
…Lotus Infrastructure Partners acquisition (2,600 MW natural gas fleet) on track for late 2025 or early 2026 close. Financial Performance Generation segment: $593 million EBITDA, benefiting from hedging and higher realized prices (+$3/MWh vs Q2 2024). Retail segment: $756 million EBITDA; strong customer count and margins despite sea…
HUT · Q2 FY2025 Earnings Call
…Joseph Vafi (Canaccord) "Have you laid out yet kind of an exahash plan or the size of some goals?" Answer (Asher Genoot): American Bitcoin contributed 10.2 EH from Hut 8 and can scale to over 25 EH short term and 50 EH long term. Focus is on capital efficiency and strategic scale-up tied to return metrics, not just peer-relative growth. Nick…
CIFR · Q2 FY2025 Earnings Call
…Bitcoin Inventory: Increased from 1,034 to 1,063 BTC. Hash Rate: Exceeded guidance by reaching 16.8 EH/s in Q2 (previous target was 16 EH/s). Expected to reach 23.5 EH/s by end of Q3 2025 (previously guided 23.1 EH/s). Efficiency: Fleet operating efficiency improved to 20.8 J/TH with older rigs; expected to reach 16.8 J/TH with incoming h…
RIOT · Q2 FY2025 Earnings Call
…from 1,530 BTC in Q1 2025 amid a 9% increase in global network hash rate vs. Riot’s 5% hash rate growth. Self-Mining Hash Rate: Increased from 33.7 EH/s to 35.4 EH/s (+5%). Adjusted EBITDA: Rose to $495.3 million from a loss of $176.3 million in Q1 2025, driven by a $470.8 million unrealized Bitcoin valuation gain. Net Income: $219.5 mi…
MARA · Q2 FY2025 Earnings Call
…corporate holder of bitcoin globally. Energized Hashrate: Reached 57.4 EH/s, up 82% from 31.5 EH/s in Q2 2024. Operational Highlights: Purchased energy cost per bitcoin: $33,735 (among the lowest in the sector). May 2025 set a new monthly record for blocks won and operational performance. 70% of ha…
SEI · Q2 FY2025 Earnings Call
…67% of total segment Adjusted EBITDA (on track for >80% post-fleet deployment) Adjusted EBITDA attributable to Solaris shareholders (post 49.9% JV NCI): ~$62 million Power Solutions segment: ~600 MW capacity (+50% QoQ); segment Adj. EBITDA $46 million (+43% QoQ) Logistics Solutions: 94 fully utilized systems (-4% QoQ) Power Solutions Segment Add…
GEV · Q2 FY2025 Earnings Call
…tariff impacts and higher services investment. Onshore Wind fleet availability improved 1 percentage point year-over-year, improving long-term service profitability. Wind is expected to approach breakeven in the second half of 2025 despite ~$300 million losses year-to-date. Offshore installed 34 units and commissioned 33—best quarter to…
HIVE · Q4 FY2025 Earnings Call
…depreciation. Outlook Scale-Driven Margin Expansion: With hash rate doubling and BTC targets of $100K–$150K, HIVE expects annualized revenues of $400M–$700M and gross margins up to $500M. Fully Funded Growth: HIVE confirmed all ASIC orders through 25 EH/s have been paid or reserved with deposits. Strategic Buyback: Plan to repu…
CANG · Q1 FY2025 Earnings Call
…USD 180 million (Dec 31, 2024). Total Computing Power: 32 EH/s operational, with 18 EH/s scheduled for deployment by July, aiming to reach 50 EH/s. Bitcoin Mined: 1,541 BTC in Q1 2025; 2,944.8 BTC held as of April end, ranked 14th among public companies. Mining Efficiency: 94%, with power efficiency at 21.6 J/TH. AutoCango Platform:…
PWCM · Q1 FY2025 Earnings Call
…operations. Operational Highlights Achieved 560 PH/s hash rate capacity at end of March 2025. Deployed LuxOS upgrades across Oklahoma fleet. Executed first power sales back to the grid; starting to operate as a flexible power producer. Ordered two 1MW immersion mining containers for Oklahoma site; construction and energizat…
BTDR · Q1 FY2025 Earnings Call
…Operational & Strategic Highlights Self-Mining Hashrate: 11.5 EH/s at end of Q1. Forecasted Hashrate: 40 EH/s by October 2025—potential upside depending on wafer supply/allocation. New Power Capacity: 500 MW being added in Q2, raising global total to ~1.6 GW; to exceed 1.8 GW by end of 2025 with Clarington and Ethiopia. Chi…
IREN · Q3 FY2025 Earnings Call
…Bitcoin Mining Operations: Average hashrate: 29.4 EH/s, up 30% from 22.6 EH/s in Q2. Year-on-year hashrate up 326%, network difficulty up only 40%—IREN gaining market share. Power cost remains exceptionally low at $0.033–0.036 per kWh. Gross margin per bitcoin: ~$52,000 (Cost: $41,000 vs. Sale Price:…
KEEL · Q1 FY2025 Earnings Call
…Bitcoin Mining Business: Hashrate grew over 50% in Q1 to 19.5 EH/s. Fleet upgrades nearly complete—94% of purchased miners installed. No significant CapEx planned—focus shifting entirely to HPC infrastructure. All-in cash cost to mine Bitcoin: $72,300 vs $92,500 revenue per Bitcoin → ~$20,0…
OKLO · Q1 FY2025 Earnings Call
…technologies. Draft executive orders could: quadruple U.S. nuclear fleet by 2050, designate data centers as defense-critical infrastructure, accelerate DOD procurement, overhaul NRC processes, and rebuild nuclear fuel supply chains. Growing bipartisan support for regulatory modernization and streamlined reactor deployment. Project Execution Comp…
NRG · Q1 FY2025 Earnings Call
…of ranges. Safety performance was top decile, with strong fleet reliability. Executives highlighted growth in Texas Energy Fund projects (1.5 GW in due diligence) and 2.4 GW of GE Vernova turbine reservations for 2029–2030 projects, signaling customer demand for long-term power contracts. Share repurchases totaled $445 million through A…
WULF · Q1 FY2025 Earnings Call
…Energized Miner Building 5, increasing capacity to 245 MW and hash rate to 12.2 EH/s. Fleet efficiency improved to 18 J/TH. Self-mined 372 BTC in Q1 2025, down 12% from 423 BTC in Q4 2024. Value per self-mined BTC was $92,600, up from $82,739 in Q4 2024. Power pricing spike due to extreme weather increased costs—ener…
MARA · Q1 FY2025 Earnings Call
…Purchased energy cost per Bitcoin: $35,728 at $0.04/kWh Hash Rate: 54.3 EH/s in Q1 2025, up 95% from 27.8 EH/s in Q1 2024 Operational Update: Daily cost per petahash improved 25% YoY; Cost per petahash per day declined 10% sequentially Infrastructure Growth: Completed 200MW data center in Ohio (100MW operational); energized 25MW gas-to-…
CLSK · Q2 FY2025 Earnings Call
…EH via vendor options. Plans to reduce use of time-bound hash rate expansion guidance, pivoting toward flexible, ROI-driven growth metrics. High consideration for acquisition activity, with a preference for distressed miners. Awards & Recognition Ranked #35 in Financial Times’ 2025 list of 500 fastest-growing companies in the A…
TLN · Q1 FY2025 Earnings Call
…generated and an equivalent forced outage rate of 1.2%. Fossil fleet generation increased approximately 20% year-over-year, despite the sale of ERCOT assets. Share repurchases totaled $83 million during the quarter. Since 2024, the company has repurchased roughly 14 million shares (23% of outstanding). AWS Susquehanna campus is now electrified and…
HUT · Q1 FY2025 Earnings Call
…~$93,000 to ~$82,500 during Q1 2025. Fleet Upgrade: 9.3 EH/s deployed (up 79% QoQ) with improved efficiency at 20 J/TH (37% QoQ improvement). Upgrade completed despite a four-week customs delay. Strategic Development: First quarter investments of $63.3 million included completion of fleet upgrade and early-stage infrastructure projects at V…
VST · Q1 FY2025 Earnings Call
…Operational Performance & Outlook Commercial availability across the fleet remained ~95%, improving performance during winter storms in PJM and ERCOT. Retail showed continued organic growth in Texas with steady customer additions and strong brand performance. Load growth continues to accelerate in PJM and ERCOT; management maintains expectation fo…
CEG · Q1 FY2025 Earnings Call
…maintained at $8.90–$9.60. Operational Updates Nuclear fleet produced 41+ million MWh with a 94.1% capacity factor. Three refueling outages averaged 24 days vs. ~40‑day industry average. Renewables capture rate: 96.2%; gas generation dispatch match: 99.2%. PJM accelerated interconnection selection included 1,150+ MW of new…
CIFR · Q1 FY2025 Earnings Call
…Pipeline capacity: 2.8 gigawatts Q2 projected hash rate: ~16 EH/s; Q3 projected: 23.1 EH/s Key Site Developments: Black Pearl (300 MW): Phase 1 (150 MW) on track, energization expected by end of Q2. Will deploy 2.5 EH/s of legacy rigs immediately. Barber Lake: Signed JV term sheet with Fortress C…
MTZ · Q1 FY2025 Earnings Call
…in the mid‑60s. Depreciation guidance reduced due to improved fleet utilization and policy adjustments—further reductions expected over time. Market & Strategy Commentary MasTec feels confident in multi-year demand across communications, power delivery, renewables, pipeline, and data center sectors. Management emphasized its strategy of aligning…
RIOT · Q1 FY2025 Earnings Call
…90% uptime and operational efficiency despite a global network hash rate increase of 10%. Hash Rate Growth: Self-mining hash rate rose 7% to 33.7 EH/s from 31.5 EH/s last quarter. Bitcoin Holdings: Increased to 19,223 BTC, up 8% from 17,722 BTC at year-end 2024. Bitcoin per million fully diluted shares rose from 44.3% to 47.4% (7% yield).…
MSFT · Q3 FY2025 Earnings Call
…efficiency improvements beyond Moore’s Law, enabling longer fleet lifetimes and better resource utilization. Amy added: Too early to adjust depreciation schedules for GPUs. Kirk Materne (Evercore ISI) Question: More detail on non-AI Azure outperformance and how it differs from prior optimization periods. Amy’s response: Outperformance driven by…
ETR · Q1 FY2025 Earnings Call
…On schedule and on budget, early construction phase. Nuclear fleet updates: River Bend refueling outage completed on schedule. Waterford 3 outage underway, including LP turbine rotor replacements to boost capacity by ~40 MW in fall 2026. Potential for ~275 MW of additional nuclear capacity upgrades across other units. Entergy int…
SEI · Q1 FY2025 Earnings Call
…Secured additional 330 MW capacity; pro forma total operated fleet ~1,700 MW (~1,250 MW net owned by Solaris). ~70% contracted, with ~500 MW open capacity. Deliveries of new capacity expected H2 2026, full deployment H1 2027. Potential run-rate annual adjusted EBITDA of $575-600 million consolidated or $440-465 million net to Solaris at full deploy…
PWCM · Q4 FY2024 Earnings Call
…liquidating holdings, with 12% interest over 2 years. Hashrate and Infrastructure Expansion: Energized hashrate reached 560 PH/s as of February 2025. Ordered 256 Bitmain S21+ miners to enhance fleet efficiency. Installed Luxor's LuxOS firmware aiming to boost efficiency by 10–15%. Marke…
KEEL · Q4 FY2024 Earnings Call
…supports 2025 expenditures. Operational Highlights Hashrate Expansion: Hashrate nearly tripled in 2024 to 18.6 EH/s with significant efficiency gains (19 watts/TH), meeting Q2 2025 target ahead of schedule. Energy Portfolio: Energized MW increased 90% to 461 MW; cost of power lowered to $0.043/kWh. Total energy pipeline rose to 1.4…
OKLO · Q4 FY2024 Earnings Call
…Submitted multiple licensing topical reports, including fleet-based operator and staffing models. Began drilling and site characterization at Idaho National Laboratory (INL) for its first commercial Aurora Powerhouse. Completed DOE approvals enabling site access and fuel fabrication facility safety design review.…
CANG · Q4 FY2024 Earnings Call
…Cango acquired Onrack Bitcoin mining machines with 50 EH total hash rate for $400 million in November 2024. By December, 32 EH was delivered, positioning Cango as the third-largest Bitcoin miner globally. Bitcoin Mining Performance: November: 363.9 Bitcoins mined December: 569.9 Bitcoins mined Total Holdings: 933.…
HUT · Q4 FY2024 Earnings Call
…and CPU-based cloud services. Capex discipline through fleet upgrades and purchase options (e.g., potential path to 25 EH at 16 J/TH). Key Development: River Bend Campus 300 MW site in Louisiana with 200 MW IT load, adjacent to 1 GW nuclear and 300 MW solar plants. Features dark fiber access and potential to sca…
WULF · Q4 FY2024 Earnings Call
…versus Q3, with 423 Bitcoin mined. Mining Efficiency and Hash Rate: Achieved 9.7 EH/s hash rate by year-end with 60,000 miners. Deployment of S21 Pro miners will increase hash rate to 13.1 EH/s and improve efficiency to 18.2 J/TH. HPC Hosting Expansion: Signed 72.5MW 10-year lease with Core42, generating over $1B revenue. Additional 135MW o…
TLN · Q4 FY2024 Earnings Call
…$283 million, also above the updated guidance midpoint. The fleet generated 36 TWh of power in 2024, with forced outage factor dropping to 2.2% from 5.5% in 2023, marking record reliability. Safety performance remained top-tier with a TRIR of 0.34. PJM demand increased 1.7% year-over-year on a weather‑normalized basis, supporting higher gas fleet d…
VST · Q4 FY2024 Earnings Call
…delivered strongest performance in ~20 years. Generation fleet availability: Gas & coal fleet: ~95% commercial availability. Nuclear fleet: 92% capacity factor. Winter storms February 2025: ~96% fleet availability. Moss Landing update: 300 MW Phase 1 battery facility caught fire; no…
MARA · Q4 FY2024 Earnings Call
…better ROI vs CapEx-heavy mining infrastructure investments. Hash Rate: Grew installed hash rate 115% in 2024. No 2025 target disclosed, but strategy leans toward capital efficiency over aggressively scaling. Relying less on Chinese ASIC supply; partners with Auradine for custom miners (3nm tech). Capital Market Strategy: Diversified source…
CORZ · Q4 FY2024 Earnings Call
…2024; company ended the year with 16.5MW IT load online. Fleet Power Rate: Q4 average fleet-wide power rate was $0.037/kWh, better than the FY target ($0.042–0.044/kWh). Gross Margins: Self-mining: 2%, Hosting: 36%, HPC: 9%; HPC non-GAAP cash gross margin was 16%. Balance Sheet: Core significantly reduced debt ($1B to ~$0.47B) through C…
CIFR · Q4 FY2024 Earnings Call
…by $24 million YoY, driven by Bitcoin price appreciation and hashrate expansion. GAAP Net Income: $18 million in Q4, compared to a net loss of $87 million in Q3. Full year GAAP net loss of $45 million in 2024, compared to a net loss of $26 million in 2023. Adjusted Net Earnings: $51 million in Q4 (▲$54M QoQ). Full year adjusted earnings of…
BTDR · Q4 FY2024 Earnings Call
…impacted by the April 2024 Bitcoin halving, increased network hashrate, reduced cloud mining and hosting revenues, and increased R&D costs. Gross Profit (Q4 2024): $5.1 million, down from $27 million YoY. Gross margin declined to 7.4% from 23.5% primarily due to halving and expiration of high-margin contracts. Adjusted EBITDA (Q4 2024): -$3…
RIOT · Q4 FY2024 Earnings Call
…valued at $1.7 billion as of Dec 31, 2024. Production and Hash Rate: 2024 self-mining hash rate rose 154% YoY from 12.4 EH/s to 31.5 EH/s, outpacing the global network hash rate increase of 67% YoY. Despite April’s halving, Riot’s production remained stable at ~16.6 BTC/day. Bitcoin Yield Increase: Bitcoin holdings per million fully diluted…
SEI · Q4 FY2024 Earnings Call
…of Solaris Power Solutions (mobile power generation). Power fleet started at >150 MW; grew to path of ~700 MW by early 2026; new order for additional 700 MW announced, doubling total to ~1,400 MW (1.4 GW) by early 2027. New strategic long-term partnership: minimum 500 MW contract (6-year initial term) for data center; joint venture formation wit…
SO · Q4 FY2024 Earnings Call
…opportunities include: Recontracting natural gas fleet beginning early 2030s, expected at higher pricing due to regional demand. Upgrades to existing natural gas units, adding potentially hundreds of MW in capacity. New brownfield gas plants at existing Southern Power sites. New natural gas facilities outside…
IREN · Q2 FY2025 Earnings Call
…Operational Updates: Current Bitcoin hashrate: 31 exahash; targeting 50 exahash by mid-2025, revised target to 52 exahash (from 57) due to AI data center reallocation 31 to 52 exahash expansion to be completed within next 5 months Efficient production: 15 joules per terahash, $0.03/kWh cost in Childress site…
HIVE · Q3 FY2025 Earnings Call
…total of 300MW. Paraguay fleet to help HIVE surpass 25 EH/s hashrate by September 2025 (up from 6 EH/s currently). Efficiency Metrics: Global fleet to reach energy efficiency of 16.5 joules/terahash, becoming one of the most efficient fleets. Projected Bitcoin Revenue: Depending on Bitcoin price: At $100,000/BTC → $330M annua…
CLSK · Q1 FY2025 Earnings Call
…BTC: $34,000 (down from $36,250 in Q4 — a 6% improvement) Hashrate: Achieved 39.1 exahash by quarter end (above 37 exahash target), 40 exahash deployed by Jan 31 Fleet Efficiency: Improved from 21.94 to 17.59 joules per terahash QoQ; further down to 16.15 J/TH in January Power Cost: $0.049/kWh, slightly higher YoY and QoQ, but offset by…
MSFT · Q2 FY2025 Earnings Call
…and strategically aligned; Microsoft emphasized its “fungible fleet” strategy to balance training and inference compute globally. AI model efficiency advancements (e.g., DeepSeek, o1) materially lower inference costs, enabling broader product accessibility and customer adoption across the portfolio. Analyst Q&A Keith Weiss (Morgan Stan…
NB2.DE · Q4 FY2024 Earnings Call
…and expected valuation in the range of EUR 30–90 million per exahash. Expected to release audited 2024 results by March 2025. Expansion into U.S. continues with sites in Georgia and Pittsburgh progressing well. AI hardware lifespan proving to be longer than anticipated; pricing remains stable. Analyst Q&A H…
APLD · Q2 FY2025 Earnings Call
…YoY. Cost of Revenues: $52.4M, up $22.6M YoY, reflecting energized facilities and increased services. SG&A: $29.8M, up $9.5M YoY. Depreciation & Amortization (D&A): $26.4M (vs $13.4M YoY), driven by GPU lease amortization. D&A in Cloud segment reduced by $8.5M due to transitioning from 2-year to 5-year amortization. Expect ~$15M/quarter…
CLSK · Q4 FY2024 Earnings Call
…Improved to 19 joules per terahash from 28.4 joules last year Hash Rate Growth: Sept 2023: 9.6 EH/s Sept 2024: 27.6 EH/s Current: 33.5 EH/s, targeting 37 EH/s by December 2024 2025 Goal: 50 EH/s Power Capacity: Increased by 425 MW to a total of 726 MW All-in Power Cost (2024): $0.046/k…
IREN · Q1 FY2025 Earnings Call
…821 BTC at avg realized price of $66K Average Operating Hash Rate: Increased to 12.1 exahash (from 9 exahash) All-in Cash Cost per Bitcoin: $35,400 (would have been $26,700 under new spot pricing strategy applied for full quarter) Electricity Costs: $28.7M (↑$4.6M QoQ) Total CapEx: $387M (including Childress expansion and GPU purcha…
BTDR · Q3 FY2024 Earnings Call
…and cloud mining revenue due to contract roll-offs from cloud hash rate customers and transition from hosting to self-mining. Self-Mining Revenue: $31.5 million, up 4.7% from Q3 2023, supported by increased average hash rate (7.8 EH/s vs. 6.1 EH/s) and higher BTC prices, partially offset by impacts from the April 2024 Bitcoin halving and increa…
PWCM · Q3 FY2024 Earnings Call
…what you have mining now, where it is and where you think your hash rate goes by the end of the year?" Answer (Richard Russell): 3,300 machines in Oklahoma (~$0.04/kWh), 800 in Kentucky (~$0.07/kWh). Additional 2,200 in warehouse planned for deployment by year-end or January. Site power capacity is 15MW; currently using 10MW. Question…
DGXX · Q3 FY2024 Earnings Call
…NYISO. Operational Highlights Operating mining hash rate: 3 EH/s. Total developed power capacity: 100 MW across three locations. Maintenance affected Q3 output: North Tonawanda power plant was under maintenance for ~two-thirds of the quarter; expected full resumption by early December 2024. Expansion and Development Roadm…
OKLO · Q3 FY2024 Earnings Call
…recent NRC guidance), sharply accelerating scale-up of Oklo’s fleet. Project Execution Oklo expects initial site preparation for the Idaho plant as early as 2026. The company continues to form manufacturing and engineering partnerships (e.g., Siemens Energy) to strengthen the end‑to‑end value chain. Atomic Alchemy Acquisition…
TLN · Q3 FY2024 Earnings Call
…large loads could double peak demand by 2030, benefiting Talen’s fleet given geographic exposure. AWS Data Center Agreement and FERC/ISA Update Talen remains committed to the AWS agreement and continues to develop the campus under the existing 300 MW ISA. FERC’s rejection of the ISA amendment does not halt development; a motion for…
HIVE · Q2 FY2025 Earnings Call
…receivables/prepaids. Operational Updates Current Global Hash Rate: 5.6 EH/s as of October 2024. Upcoming Plans: Expand to 12.5 EH/s by summer 2025 (120% growth in next 9 months). Efficiency Improvements: Global fleet efficiency to improve from over 30 J/TH to 17.6 J/TH post-upgrades. Recently Ordered: 6,500 Canaan Avalon A…
HUT · Q3 FY2024 Earnings Call
…Q1 2025 Fleet Upgrade: Boosting self-mining hash rate from 5.6 EH/s to 9.3 EH/s and improving efficiency by 37%. Opportunity to reach 24 EH/s in Q2 2025 through Vega-hosted miners. Balance Sheet: Ended Q3 2024 with $649 million in cash and Bitcoin. No significant debt maturities until June 2025. CapEx Outlook:…
KEEL · Q3 FY2024 Earnings Call
Bitfarms Q3 2024 Earnings Call Summary Hashrate Growth: Hashrate surged 83% year-to-date, reaching 11.9 EH/s, up from 6.5 EH/s at the start of 2024. Efficiency Improvements: Electrical efficiency improved from 35 watts/TH to 21 watts/TH—a 40% gain, achieving the 2024 target three months early. Strategic Acquisition: Announced acqu…
WULF · Q3 FY2024 Earnings Call
…more stable returns. BTC profitability is more volatile due to hash rate and market dynamics. Long-term focus on high-power compute for next 500 MW of expansion. Joe Flynn – Compass Point Research & Trading Q: "Next request for 250 MW in NYISO? Any updates on Cayuga Lake project?" A (Patrick Fleury & Paul Prager): Next request will…
MARA · Q3 FY2024 Earnings Call
…Q3 2023, despite the Bitcoin halving event and rising global hash rate. Energized Hash Rate: Grew 93% YoY to 36.9 EH/s in Q3. The energized fleet surpassed 40 EH/s after the close of Q3, moving toward a target of 50 EH/s. Cost Efficiency: Cash cost of revenue dropped 18% YoY, from $45.20 to $37.10 per petahash/day. Sequentially down 10% fro…
VST · Q3 FY2024 Earnings Call
…generation and 35 million dollars to retail). Gas and coal fleet availability: approximately 96%. Nuclear fleet capacity factor: approximately 98%. Updated 2024 Guidance Raised and narrowed adjusted EBITDA guidance to 5.0 to 5.2 billion dollars (previously trending toward the high end of the range). Raised and narrowed adjusted…
CORZ · Q3 FY2024 Earnings Call
…One Bitcoin: $42,351 (↑ YoY due to halving event and network hash rate increase) Bitcoin Mined: 1,115 Power Cost per kWh: $0.038 (↓ from $0.045 in Q3 2023) Strategic and Operational Updates Secured full 500 megawatts (MW) of HPC hosting contracts with CoreWeave, projected to generate $8.7 billion over 12 years Reallocated 1…
SEI · Q3 FY2024 Earnings Call
…capacity (2-4 year terms); line of sight to full utilization. Fleet expanding from ~150 MW at close to 535 MW by end of Q3 2025. Logistics Solutions segment (legacy): Maintained multiple systems on >60% of customer locations (double early 2023 levels); 91 fully utilized systems (flat vs. 92 in Q2 2024). Returned $5M in Q3 dividends; announced Q4 di…
CEG · Q3 FY2024 Earnings Call
…authorization remains available. Operational Performance Nuclear fleet produced over 41 million MWh at a 95% capacity factor. Two refueling outages completed in under 18 days on average (versus historical ~22 days and industry average of ~40 days). Year‑to‑date outage duration averaging under 20 days. Renewables capture rate: 96%. Natural gas fl…
SO · Q3 FY2024 Earnings Call
…Question: “What is the uprate potential across your nuclear fleet?” Response (Tucker): Six units have feasible uprates; IRA incentives improve economics. Question: “Coal retirement timing and carbon capture application?” Response (Womack): EPA rules will inform retirement schedules; carbon capture R&D continues with focu…
CIFR · Q3 FY2024 Earnings Call
…post-halving effects, decline in Bitcoin price, and increase in network hash rate. Bitcoin Produced: 396 BTC in Q3 (compared to 563 BTC in Q2). Net Loss: GAAP net loss of $87M in Q3 vs. $15M in Q2 and $19M YoY. Adjusted net loss of $3M, consistent with prior quarter. Power Contract Derivative Valuation: Marked down $49M in Q3 due to mil…
RIOT · Q3 FY2024 Earnings Call
…-$3.1 million in Q3 2023. Operational Highlights Hash Rate: Reached 28 EH/s by quarter-end, a 27% increase QoQ and a 159% YoY increase from 10.8 EH/s in Q3 2023. Target Update: End-of-2024 revised target hash rate is now 35 EH/s (previously 36 EH/s). The 2025 hash rate target was revised down from 56 EH/s to 46.7 EH/s mainly due to…
NEE · Q3 FY2024 Earnings Call
…avoided nearly 740,000 outages during the storms. Solar generation fleet experienced minimal damage: less than 0.05 percent panel impact across 16 million panels exposed. Energy Resources Performance Adjusted earnings increased by 0.04 dollars per share year-over-year. New investments added 0.15 dollars per share, driven by renewables portfolio…
GEV · Q3 FY2024 Earnings Call
…Margins expanded year‑over‑year despite higher service costs for fleet availability improvements. GE expects high single‑digit EBITDA margins for 2024 on flat revenue; similar performance expected in 2025. Offshore Wind A challenging quarter due to blade manufacturing deviations at the Canada facility and project delays. Approx…
NB2.DE · Q3 FY2024 Earnings Call
…88%). Full year projection remains on track to reach 7.9 EH/s. Expected Q4 mining revenue: EUR 15–20 million with improved uptime. Updated 2024 Full-Year Guidance Revenue: EUR 200–240 million (unchanged). Adjusted EBITDA: EUR 50–80 million (unchanged). CapEx: >EUR 1 billion gross, 2025 and Bey…
IREN · Q4 FY2024 Earnings Call
…new entrants difficult. Supply chain bottlenecks prevent quick hash rate expansion. Follow-up (Mike Colonnese): “T21 miner performance issues—what’s the fix and delivery timeline?” Response (Daniel Roberts): Assembly/heat sink defects caused issues. Bitmain fully accepted and is replacing ~1.5 EH/s over coming…
PWCM · Q2 FY2024 Earnings Call
…miners now stand at 5,900 units, measuring up to a projected hash rate capacity of 639 PH/s. Relocated miners to more cost-effective facilities and completed repositioning of 3,000 S19j Pro miners to new Oklahoma City hosting site operated by Arthur Mining. Strategic Developments Texas Acquisition: Entered LOI to acq…
HIVE · Q1 FY2025 Earnings Call
…milestone. Targeting $20M ARR by H2 FY2025 and $100M longer term. Hash Rate: ~5.5 exahash installed capacity with plans to reach 12.1 exahash through 100MW Paraguay expansion (expected Q3 FY2025). Mining Efficiency: Global fleet energy efficiency at 24.5 J/TH currently, expected to improve to 19.3 J/TH post-Paraguay expansion. Growth St…
TLN · Q2 FY2024 Earnings Call
…from carbon-free Susquehanna. Forced outage rate only 2%. Fleet Performance: Gas fleet contributed 1.5 TWh more generation and roughly $20 million higher margin vs. Q2 2023 due to warm weather and strong PJM demand. Net Leverage: 2.4x, well below the 3.5x target. Liquidity: Over $1.1 billion available, including $400+ million cash.…
HUT · Q2 FY2024 Earnings Call
…industry's oldest). Upgrading to 12 J/TH expected to more than 2.5x hash rate. Energized 63 MW at Salt Creek in Q2. Announced development of a 205 MW site in Texas Panhandle targeting AI or mining workloads. Secured $150M convertible note investment from Coatue to scale power portfolio development. GPU-as-a-Service vertical launches wit…
CIFR · Q2 FY2024 Earnings Call
Cipher Mining Q2 2024 Earnings Call Summary Hash Rate and Efficiency: Reached 8.7 EH/s in July 2024, with plans to scale to 13.5 EH/s by year-end through upgrades at the Odessa facility. Fleet-wide efficiency expected to improve from 28.7 J/TH to 18.6 J/TH by year-end and further to 15.3 J/TH in 2025. Future Growth: Plans to reach 35…
WULF · Q2 FY2024 Earnings Call
…Mining Expansion: Building 4 complete — total capacity exceeds 10 EH/s. Power costs projected at $0.035 per kWh for 2024. Bitmain S21 Pro Miners: Purchased 5,000 units from option; monetized remaining at $16/TH. AI/HPC Buildout: WULF Den: 2MW proof of concept with 128 NVIDIA H100 GPUs — completion by September 2024.…
CLSK · Q3 FY2024 Earnings Call
…secured (cost below 10%). Operational & Strategic Highlights Hash Rate: Achieved 20 EH/s target by quarter-end (doubled since Jan 2024); reached 22.3 EH/s shortly after. On track for 32 EH/s by end of FY2024 and 50 EH/s in 2025. Fleet Efficiency: 22.3 J/TH (improved 21% from 28.4 J/TH at start of FY2024). Accelerating upgrade to remove units…
KEEL · Q2 FY2024 Earnings Call
…trading. Infrastructure & Fleet Upgrade: 70% increase in hashrate QoQ. Delays in achieving 12 EH/s due to hardware issues now resolved. Efficiency improved to 25 w/TH, on track for 21 w/TH by year-end. 48% of 88,000 2024 miner orders deployed. Facility upgrades remain on schedule. New Construction Updates: Paso Pe (70 MW) – N…
BE · Q2 FY2024 Earnings Call
…at-site power generation is positioned as a superior solution. Fleet-wide availability achieved 99.995% across 850+ sites. Bloom highlighted increasing opportunities both behind-the-meter and front-of-the-meter (utility partnerships). Silicon Valley Power approved 20 MW of Bloom servers as part of a larger 100 MW development for AWS—Blo…
CORZ · Q2 FY2024 Earnings Call
…the 2024 halving and a 68% year-over-year increase in network hash rate. However, a 28% increase in Core’s self-mining hash rate helped offset the decline. Margins: Gross profit: $39 million (up 5% YOY) Operating income: $7 million (down 31%) Adjusted EBITDA: $46 million (up 2% YOY) Gross margins: Self-min…
VST · Q2 FY2024 Earnings Call
…in Q2 EBITDA (about $260 million YTD), with the PJM nuclear fleet representing roughly 75% of this contribution. Record power production across Vistra’s diversified fleet and strong retail performance supported results. Power prices cleared below hedge levels, but hedging programs protected earnings. Guidance and Outlook 2024 a…
NRG · Q2 FY2024 Earnings Call
…large-load applications; strategic review underway. Reliability: Fleet performed at 97% reliability during Hurricane Beryl with no storm-related outages. Airtron HVAC Sale: Expected to deliver $400 million in net proceeds before year-end. Capital Allocation $176 million of 2024 buybacks completed; $649 million remaining for the…
CEG · Q2 FY2024 Earnings Call
…$250M for 2025. Operational Performance Nuclear Fleet: 41 million MWh produced with a 95.4% capacity factor. Outages averaged 21 days. Renewables/Natural Gas: 96.6% renewable capture and 98% dispatch match, outperforming expectations. Market & Regulatory Developments PJM Capacity Auction Auction clearing prices excee…
NB2.DE · Q2 FY2024 Earnings Call
…adds 28MW of renewable energy capacity. Mining to reach 7.9 exahash by year-end. New 300MW site acquired in Corpus Christi, Texas, and AI Accelerator initiative launched to support AI startups. Guidance & Outlook 2024 Full-Year Guidance: Revenue of EUR 200–240 million; Adjusted EBITDA of EUR 50–80 million. Q3 Expectation: Reven…
MARA · Q2 FY2024 Earnings Call
…2024. Key Operational Highlights Total Installed Hash Rate: 31.5 EH/s, up from 17.7 EH/s YoY; on target for 50 EH/s by year-end 2024. Fleet Efficiency: Improved to 23.5 J/TH; expected to improve further with S21 Pros and immersion cooling. Energy Efficiency: Software upgrades improved hosted miner efficiency from 29 J/TH to 23…
PWR · Q2 FY2024 Earnings Call
…cycles. TS Conductor is a small strategic investment aligned with energized reconductoring needs. Jamie Cook (Truist) Question: Underground/Utility mix issues, lowered margin target, Stronghold performance; strategic question about mix of organic vs M&A growth. Response (Duke Austin): Industrial strong; some project timing shifts a…
RIOT · Q2 FY2024 Earnings Call
…Riot Platforms Q2 2024 Earnings Call Summary Deployed Hash Rate: Grew 77% vs Q1 2024 from 12 EH/s to 22 EH/s. Up 106% YoY (vs 10.7 EH/s in Q2 2023). Exceeded Q2 guidance of 21 EH/s. Raised 2024 Hash Rate Target: Upped to 36 EH/s by year-end (previously 31 EH/s). Raised 2025 Hash Rate Target: Now targeting 56 EH/s by end of 2025 (up f…
HIVE · Q4 FY2024 Earnings Call
…Targeting 25 J/TH efficiency with new S21 Pro ASICs; operational hashrate ~5 EH/s post-halving. Post-halving: Mined profitably (~4 BTC/day in May at >$250K daily revenue); grew HODL while peers sold most production. Valuation edge: EV/Adjusted EBITDA at 3.3x (lowest among peers at 12x-38x); EV/Annualized Revenue at 1.4x (vs. peers 4x-9x). AI/HPC G…
KEEL · Q1 FY2024 Earnings Call
…Operational Highlights: Targeting 21 exahash hash rate by Q4 2024 (223% increase from current levels). Infrastructure capacity to grow to 428 megawatts, up 80% from year-end 2023. Energy efficiency expected to improve from 35 to 21 watts/terahash by end of year. VAT refund in Canada approved: $24 million refun…
PWCM · Q1 FY2024 Earnings Call
…April, replacing 200 older machines. Machine count similar, but hash rate increased. Kevin Dede: “The earnings press talked to a hash rate of $673, but I don't know, I may have heard $639 just make sure I have that number right, because that's what we're based our forecast on.” Bruce Rodgers & Richard Russell: Confirme…
IREN · Q3 FY2024 Earnings Call
…Answered by Daniel Roberts: Slight decline in hashrate noticed post-halving, but expects it to continue growing. Organic expansion remains the most accretive growth pathway.…
HUT · Q1 FY2024 Earnings Call
…facilities to gain cost control. Infrastructure Growth: Energized 63 MW Salt Creek site at ~$275,000/MW cost, estimated 30% cheaper than hosted facilities. 1,100 MW pipeline of expansion sites under exclusivity. Managed Services Growth: Entered 4-year $20M/year contract with Ionic Digital supporting 300 MW+ total across several sites. Trans…
WULF · Q1 FY2024 Earnings Call
…in Q1 2024, up 95% from $16.4 million in Q4 2023. EBITDA per exahash: ~$4,100. Efficiency: Cost to mine a bitcoin estimated at ~$40,000 post-halving; marginal cost in Q1 2024 was approximately $29,000. Gross Margin: GAAP gross margin at 66% (71% non-GAAP). Operating & SG&A: Operating expenses stable at $1.7 million; non-GAAP SG&A at $7.…
TLN · Q1 FY2024 Earnings Call
…Flow: $194 million. Operational performance: 8 TWh generated; fleet EFOF 1.9%; strong nuclear performance with Susquehanna outage completed in April; OSHA incident rate 0.3. Liquidity and Leverage: Nearly $2 billion in liquidity; net leverage at 1.2x vs. 3.5x target. Notable Developments Completed sale of 1,700 MW ERCOT fleet to CPS Energy for $…
CLSK · Q1 FY2024 Earnings Call
…Bitcoin Production: Strong output despite increased global hashrate; growth outpaced global network Total Hashrate: Over 17 EH/s (Up from 6.7 EH/s YoY; +63% YTD) Total Machines Deployed: 134,000 (Up from 68,000 YoY) Cash & Liquidity: $681 million total liquidity, including $323 million cash and 5,021 BTC valued at $358 million Debt…
MARA · Q1 FY2024 Earnings Call
…of its infrastructure versus just 3% at the end of 2023. Hash Rate Progress: Achieved a record high operating hash rate of 27 exahash, up from 11.5 exahash a year ago. Targeting 50 exahash by year-end 2024 (previously 35-37 exahash), supported by recent acquisitions and new miners arriving in Q3. Launch of New Products & Services:…
CLSK · Q2 FY2024 Earnings Call
…100% of its production, highlighting its HODL strategy. Hashrate and Fleet: Operating capacity increased 63% in Q2, reaching 16.7 EH/s, compared to 10.1 EH/s in Q1. Year-over-year growth from 6.7 EH/s in Q2 2023 (150%+ annual growth). Current total capacity over 17 EH/s; 134,000 machines deployed. Upgraded…
CEG · Q1 FY2024 Earnings Call
…24/7 clean energy versus intermittent renewables. Nuclear Fleet Performance Produced 41 million MWh in the quarter at a 93.3% capacity factor. Completed three refueling outages, each under 22 days on average and ahead of plan. Quad Cities outage completed 8 days faster than planned. Renewables achieved 96.3% capture; gas fleet achieved 9…
CORZ · Q1 FY2024 Earnings Call
…signed. 2024 Guidance Highlights Hashrate Target: 21.8 EH/s for self-mining by year-end Average Power Cost: $0.045–$0.047 per kWh expected for 2024 Tax Rate: 23% effective statutory rate NOL Carryforwards: Over $300 million CapEx: $4.5 million additional for Austin HPC center; 72 MW Denton expansion…
DUK · Q1 FY2024 Earnings Call
…assessing impacts across generation types, reliability needs, coal fleet transitions, and potential litigation. Question: What incremental capital could be required from higher load growth? Response (Brian Savoy): Expect expanding capital plan for both generation and T&D. Next financial update will reflect integrated load, CapEx, and…
NRG · Q1 FY2024 Earnings Call
…Question: Impact of EPA regulations on NRG’s Texas generation fleet and potential acceleration of gas development? Response (Rob Gaudette): Regulations will be litigated; NRG’s investment decisions are driven by market opportunity, not regulatory pressure. Question: Update on CEO search? Response (Larry Coben): Search continues; no rush. He will r…
CIFR · Q1 FY2024 Earnings Call
…1,351 BTC mined through April 30, 2024. Self-mining hash rate increased to 7.7 EH/s. Odessa Data Center remains the flagship operation, producing roughly 90% of BTC output with 6.7 EH/s. Alborz site (powered 100% by wind) currently at 40 MW, expected to improve from 75% to 95% uptime with grid connection in Q2. Bear…
SO · Q1 FY2024 Earnings Call
…growth and available technology. Coal retirements and gas fleet implications will depend on EPA rule feasibility; options remain open. Carbon capture geological suitability exists in parts of Alabama and Mississippi, but commercial viability remains uncertain. Analyst Q&A Summary Goldman Sachs – Carly Davenport Question: “As…
RIOT · Q1 FY2024 Earnings Call
…of March 31, 2024, up from 794 BTC as of March 31, 2023. Hash Rate: 12.4 EH/s as of Q1 2024 (up 18% YoY). Riot expects to reach 31 EH/s by YE 2024 and is targeting 100 EH/s long-term via Corsicana expansion and MicroBT orders. Bitcoin Mining Segment Revenue: $74.6 million (+$26.6 million YoY). Bitcoin Mining Margin: 45% GAAP; 52% non-GA…
SEI · Q1 FY2024 Earnings Call
…cases; pressure pumping consolidation largely neutral. Electric fleet utilization higher; expect net adds as mix shifts toward electric fleets. Analyst: Don Crist, Johnson Rice Question: "Given the pullback in CapEx, obviously, you're going to spin off a lot of free cash flow. And in the first quarter, given where your stock was, you bought back a…
GEV · Q1 FY2024 Earnings Call
…price. EBITDA margins up 340 bps; EBITDA nearly doubled. Gas fleet utilization up low-single digits, reflecting coal-to-gas switching and rising demand for dispatchable power. Wind Orders down 40%; primarily driven by lower onshore orders. Revenue down 7%; lower onshore volume offset by higher offshore deliveries. Wind services up >20% driven by…
ETR · Q1 FY2024 Earnings Call
…Gas LDC sale remains on track for Q3 2025 close. Nuclear Fleet Update All nuclear units are now in NRC Column 1 (strong performance category). Waterford 3 offline due to transformer failure; temporary transformer expected to enable ~90% output by summer, while replacement transformer faces industry-wide backlog delays. Grand Gu…
NEE · Q1 FY2024 Earnings Call
…as major competitive advantages: 74 GW operating fleet today, expected to exceed 100 GW by 2026. Over 560 billion operational data points captured daily; extensive AI tools for siting, dispatch, and optimization. Substantial U.S. solar manufacturing expansion expected to reduce trade-related risks. Analyst Q&A Summar…
ASML · Q1 FY2024 Earnings Call
…offers 220 wafers/hour (37% productivity increase vs. NXE:3600D). Fleet upgrades expected through early 2025. EUV revenue expected to grow in 2024, including 1–2 High NA systems. Non‑EUV Lithography Non‑EUV (immersion) revenue expected to decline in 2024 due to lower system sales vs. 2023. Installed base revenue expected to rem…
PWCM · Q4 FY2023 Earnings Call
…Mining fleet at year-end: ~5,900 machines, 614 PH/s hash rate Expected hash rate increase to 674 PH/s with 300 new BITMAIN S21 Antminer units (each 200 TH/s) Strategic Investments: $1.1 million invested in S21 machines to enhance mining efficiency before halving event Symbiont blockchain platfo…
HUT · Q4 FY2023 Earnings Call
…Vafi (Canaccord Genuity): "Do you expect reduction in hash rate due to halving and miner efficiency differences?" Asher Genoot (CEO): We're proactively relocating miners, underclocking inefficient units, and using dynamic energy pricing to stay profitable. Our core strategy is mining profitably and maximizing rack space yield.…
WULF · Q4 FY2023 Earnings Call
…Key Operational Highlights Self-Mining Capacity: 8 exahash/second (EH/s) as of February 2024, up more than 3x year-over-year. Bitcoin Mined: Q4 2023: 971 BTC (vs. 994 in Q3; −2%) Full Year 2023: 3,407 BTC (2,168 from Lake Mariner and 1,239 from Nautilus) Mining Cost: Q4 Power Cost p…
TLN · Q4 FY2023 Earnings Call
…maintenance spending, debt service payments, and outages. Fleet generation totaled 33 TWh in 2023, with 55% from the carbon‑free Susquehanna nuclear facility. Safety remained strong with a 0.6 OSHA recordable incident rate. Key Drivers of 2023 Results Higher realized energy margins from disciplined hedging. Strong physical…
CORZ · Q4 FY2023 Earnings Call
…than any other public North American miner. Self-mining Hash Rate: 16.9 exahash at year-end 2023, 25.2 exahash as of February 29, 2024. Hosting hash rate of 6.3 exahash. Fleet Energy Efficiency: 26.79 joules/terahash as of February 2024, improved from 27.94 J/TH at end of 2023. More S21 deliveries to further improve performance. Power C…
KEEL · Q4 FY2023 Earnings Call
…Lucas Pipes): “Can you talk more about outperformance of T21 hash rate?” Response by Ben Gagnon (CMO): T21s performing 235–241 TH in high energy mode, outperforming manufacturer specs. Lower cost per TH and high efficiency offers fast ROI. Fedor Shabalin (B. Riley): “Cadence of additional capital raises in 2024?” Respon…
CIFR · Q4 FY2023 Earnings Call
…Odessa ($0.027/kWh). Mining Capacity: Total self-mining hash rate has reached 7.4 EH/s. Expected to reach 9.3 EH/s by end of Q3 2024 through Bear/Chief expansion and rig optimization. Future Outlook: Black Pearl development (300 MW site) has commenced, with energization slated for Q2 2025. Target is to increase to 25.1 EH/s by 1H 2025.…
MARA · Q4 FY2023 Earnings Call
…Dobson (Chardan Capital): “What decline do you expect in global hash rate post-halving? Can it be offset by new large-scale miners?” Fred Thiel: Estimates 11%–18% of hash rate may come offline post-halving (machines above 30 J/TH struggle). But offset by new industrial-scale miners and sovereign entities ramping up.
NRG · Q4 FY2023 Earnings Call
…assumptions. Positioned similarly to 2023 for weather events; fleet performed well in Winter Storm Heather. Question: Inquiry on long-term storage procurement—will NRG be signing offtake contracts rather than owning batteries? Response (Larry Coben): Likely to rely on third-party storage providers since capital-light options are plentiful in Te…
CEG · Q4 FY2023 Earnings Call
…growth. Illustrative example: selling attributes for half the fleet at $10/MWh yields ~$900 million of revenue and more than $2 EPS uplift. Management indicates actual long-term prices should exceed $10/MWh. Commercial Business Highlights Retail power margins in 2024 expected to exceed the 13-year average by about $1.75/MWh. This compares to a m…
ETR · Q4 FY2023 Earnings Call
…Mississippi, expected online between 2025–2028. Generation fleet performance was strong, with the lowest forced outage rate since 2011 despite record heat and a new winter peak during Winter Storm Heather. Grid reliability improved, achieving the lowest outage frequency in the last decade. Significant progress in renewable resource appr…
AVA · Q4 FY2023 Earnings Call
…million therms annually. Partnering with 9 school districts on fleet electrification by end of 2024. Published 2023 Corporate Responsibility Report highlighting clean energy and diversity progress. Board increased annual dividend to $1.90 per share. Filed two-year general rate cases in Washington (Jan 2024): Electric increases of $77.1M (Year 1) an…
IREN · Q2 FY2024 Earnings Call
…a $6.4 million loss in H1 FY23, driven by a 167% increase in hashrate (from 2.1 EH to 5.6 EH) and a 62% increase in average Bitcoin price realized ($32,300). Bitcoin Mining Highlights: 2,367 Bitcoin mined (up 57%), despite a 6% quarter-over-quarter decline in BTC mined due to higher network hashrate. Electricity cost per…
BE · Q4 FY2023 Earnings Call
…Response (KR): Continuous manufacturing (semiconductors), EV fleet charging, and utility distribution-constrained zones. Biju Perincheril, FSG Question: Are data centers seeking full-site power? And natural gas access? Response (KR): Yes—most want Bloom to supply full power. Medium-pressure natural gas availability is strong, with customers…
HIVE · Q3 FY2024 Earnings Call
…Production: 830 BTC mined, maintaining 1% of the global network hash rate (approx. 9 BTC/day), a 4% increase QoQ despite 19% rise in network difficulty. Cash & Crypto Holdings: $17.8 million in cash and $71.9 million in crypto (mostly Bitcoin) as of December 31, 2023. Total Q3 2024 Bitcoin holdings (HODL): 1,704 BTC; increased to ~1,974 BTC…
DUK · Q4 FY2023 Earnings Call
…achieved its best reliability in more than 10 years. Nuclear fleet in the Carolinas achieved a 96% capacity factor—its 25th consecutive year above 90%. Record safety performance with a total incident case rate of 0.31. Piedmont Natural Gas ranked #1 in customer satisfaction in the Southeast for the second year in a row. 2024–2028…
CLSK · Q4 FY2023 Earnings Call
…(including ~$70 million cash and ~$100 million Bitcoin) Hashrate: Surpassed 10 EH/s; aiming to exceed 20 EH/s after full deployment of S21s in 2024 Fleet Efficiency: 26.4 J/TH currently; expected to improve to 25.2 J/TH and eventually under 24 J/TH post S21 installation Expansion Projects: Sandersville: 150 MW expansion n…
PWCM · Q3 FY2023 Earnings Call
…$35,000–$37,000. Active mining fleet: 5,900 machines with 614 PH/s hashrate across various facilities. Installed Braiins OS+ on 1,000 machines, potentially increasing their hashrate by up to 25% and eliminating pool fees when using Braiins’ own pool. Adopting an infrastructure-light mining model focused on capital-efficient investment i…
HIVE · Q2 FY2024 Earnings Call
…transcription (e.g., Whisper). Hashrate Expansion: Company hash rate expanded by 80% YoY. Targeting 6 EH/s during the next year (currently at 4.3 EH/s). Capex Strategy: 29,000 new-generation ASICs acquired in past 12 months, including 8,900 combined S19K Pros and XPs in last 6 months. Strategic procurement with minimal dilution (~5%). C…
TLN · Q3 FY2023 Earnings Call
…generation was carbon‑free (Susquehanna nuclear facility). PJM fleet: Forced outage factor ~4% in Q3. Mild summer and lower gas prices reduced physical margins, but hedging offset these declines. Susquehanna Unit 1 experienced an unplanned outage in early Q4 but no safety issues. ERCOT fleet:…
HUT · Q3 FY2023 Earnings Call
…the playbook after merger with USBTC. How do you plan to ramp exahash and strategy post-closing?” A (Jaime Leverton): Strategic focus remains on diversified revenue including managed infrastructure, hosting, and growth of data centers. Transaction close by Nov 30. Refers analysts to company’s deal deck and emphasizes synergy of Canad…
WULF · Q3 FY2023 Earnings Call
TeraWulf Inc. Q3 2023 Earnings Call Summary Hash Rate and Capacity Expansion: TeraWulf reported a total self-mining hash rate of 5.5 EH/s as of September 30, 2023—more than triple the EH/s from the same period last year. The company's infrastructure expansion is on track, with a third building at Lake Mariner nearing completion. This 43 M…
MARA · Q3 FY2023 Earnings Call
…million to fund growth projects. Operational Progress Hash Rate: Energized hash rate grew 8% from Q2, ending Q3 at 19.1 EH/s; Goal is 26 EH/s by end of 2023 and ~30% growth targeted for 2024. Uptime Improvement: Increased 20% in McCamey, TX site despite 84% more curtailment hours vs. Q2. International Growth: Abu Dhabi site ful…
CIFR · Q3 FY2023 Earnings Call
Cipher Mining Q3 2023 Earnings Summary Hashrate and Production Growth: Cipher reached 7.2 EH/s of self-mining capacity with all four data centers operational. With new rig acquisitions, total capacity under contract now stands at 8.4 EH/s. By end of 2025, anticipated growth may bring capacity to 23.5 EH/s. Odessa Facility: Odessa, Cip…
KEEL · Q3 FY2023 Earnings Call
…and 1,515 BTC in Q3 2022 due to higher network difficulty. Hashrate Growth: Increased to 6.1 EH/s by September 30 (up 15% from June 30, and 45% YoY); reached 6.3 EH/s in October. Adjusted EBITDA: $7M in Q3, down slightly from $8M in Q2; equates to profit per BTC of $5,900 (vs. $6,300 in Q2). Production Costs: Q3 direct cost per BTC: $16…
VST · Q3 FY2023 Earnings Call
…results, benefiting from extreme ERCOT summer heat and strong fleet performance across all markets. Adjusted EBITDA from ongoing operations reached approximately $1.613 billion, significantly above prior expectations. Year-to-date adjusted EBITDA from ongoing operations exceeded the same period in 2022 by more than $800 million. Key F…
CEG · Q3 FY2023 Earnings Call
…delivered an exceptionally strong quarter, driven by high nuclear fleet performance, strong commercial margins, and favorable market conditions. Adjusted EBITDA for Q3 2023 was $1.199 billion, up from $592 million in Q3 2022. Management raised full-year 2023 EBITDA guidance to a range of $3.8 billion to $4.0 billion (midpoint: $3.9 billion)…
NRG · Q3 FY2023 Earnings Call
…included in current plan. Question: Will ERCOT loan bill impact fleet decisions? Response (Gutierrez): One more data point; unclear until rules are finalized. 5. Ryan Levine – Citi Question: With valuation shifts, would NRG reconsider large acquisitions? Response (Gutierrez): No; committed to no large M&A and sticking to 80…
ETR · Q3 FY2023 Earnings Call
…but Entergy met customer expectations with strong generation fleet performance. Nuclear fleet achieved a 99% capability factor; Waterford 3 undergoing extended refueling outage with major longevity investments. Significant grid investments year-to-date: 21,000 distribution poles replaced 1,500 transmission structures…
SEI · Q3 FY2023 Earnings Call
…lower costs. Proactive maintenance/upgrade program completed on fleet during soft market; expect to service ~100 frac fleets in 2024 with upgraded systems (60% with multiple systems); additional 40 systems available for upgrades if needed. Top fill newbuild program wrapping up; expect ~58 top fill systems by year-end. Outlook and Guidance Q4 2023…
STX · Q1 FY2024 Earnings Call
…(Mosley): Data growth persists regardless of macro; fleet refresh and TCO improvements will drive upgrades. (Romano): Underutilization expected through at least early calendar 2024, though gradually declining. Ananda Baruah (Loop Capital) Question: Potential for tight supply in 2024 given reduced industry ca…
APLD · Q1 FY2024 Earnings Call
…contributing to results. Garden City (220 MW) expected to be energized by October 23, 2023, leading to 500 MW in total hosting capacity. Annual revenue guidance for hosting: ~$300 million in revenue and $100 million in EBITDA once all facilities are online. AI Cloud Services: First GPU cluster activate…
IREN · Q3 FY2023 Earnings Call
…600MW of scalable power at Childress, TX — targeting up to 30 exahash (EH/s) mining capacity from the current 5.6 EH/s. A.I. Expansion: Purchased 250 NVIDIA H100 chips for generative AI computing. Anticipated launch later in 2023 or early 2024. Engaged in multiple customer conversations. Lowest Power Costs in Sector: Achieved average electr…
TLN · Q2 FY2023 Earnings Call
…reliable operations, strong hedging gains, and a diversified fleet anchored by the Susquehanna nuclear facility. Management introduced 2023 full-year guidance with higher midpoints than previously forecast in January 2023. The company successfully emerged from financial restructuring on May 17, 2023, strengthening liquidity and lowering leverag…
PWCM · Q2 FY2023 Earnings Call
…Braiins OS+ on 360 machines, expecting up to 25% increase in hashrate for those units and potential for pool fee savings. Acquisitions: Completed a $2.6 million stalking horse bid to acquire Symbiont.io, including its Assembly blockchain platform targeting financial services. In active discussions with partne…
WULF · Q2 FY2023 Earnings Call
…and Q2 2022. Operational Highlights Achieved 5.5 EH/s and 160 MW of operating power capacity by end of Q2 2023. Deployed 50 MW of zero-carbon capacity at the Nautilus facility and another 50 MW at the Lake Mariner facility. Announced expansion including purchase of 18,500 S19j XP miners to further enhance fleet efficiency to 25…
HUT · Q2 FY2023 Earnings Call
…Strategic Updates Drumheller Site: Operations at ~20% of installed hash rate due to electrical issues causing miner failures and high energy rates increasing curtailment. Remediation includes custom firmware, added repair staff/shifts, and new hardware; full resolution expected within calendar year. Medicine Hat Site: Operations stable; utilized e…
HIVE · Q1 FY2024 Earnings Call
…capital remains strong. Operational Highlights High Hashrate Utilization: Averaging 3.46 EH/s in July 2023, closing at 3.64 EH/s by month-end. Targeting 6 EH/s by year-end. ASIC Acquisition: Purchased over 11,000 ASICs YTD in 2023. Notably efficient purchases with close to 1-year ROI targets. 2,000 new S19 XP units acquired on imme…
CLSK · Q3 FY2023 Earnings Call
…Mined: Over 5,600 BTC mined FYTD through July 2023 Fleet Hash Rate: Operating over 9 EH/s; targeting 16 EH/s by year-end (currently fully funded) Machine Fleet: ~90,000 deployed machines; 60,000 pending delivery — fully funded for 150,000 total Fleet Efficiency: Currently ~29 J/TH, with expectations to improve to 25 J/TH when new hardwa…
MARA · Q2 FY2023 Earnings Call
…Marathon Digital Holdings - Q2 2023 Earnings Summary Hash Rate Expansion: Marathon increased its operational hash rate by 54% in Q2 2023, growing from 11.5 exahashes on April 1 to 17.7 exahashes on June 30. As of the latest update, operational hash rate is approximately 19 exahashes. The company has installed its full fleet to reach 23 exaha…
KEEL · Q2 FY2023 Earnings Call
…full repayment by Feb 2024 Mining Capacity: Hash rate: 5.3 EH/s at end of Q2 (up 10% QoQ, 47% YoY) Target: 6.3 EH/s by Q3 2023 end; 7 EH/s by Q1 2024 Future potential: up to 7.8 EH/s if 30MW in Paraguay is developed Operational Highlights Paraguay Expansion: Acquired 150 MW…
NRG · Q2 FY2023 Earnings Call
…conservative plant operations and increased maintenance—improved fleet performance. Purchased supplemental power to guard against extreme weather risk. Parish Unit 8 is in final testing and expected to return to service by the end of August. Regulatory updates: PUCT approved "bridge solution" establishing positive price floors; market d…
CIFR · Q2 FY2023 Earnings Call
…increase from 0 in Q2 2022 as Odessa was not yet operational. Hash Rate: 6.8 EH/s as of Q2 end, targeting 7.2 EH/s by end of Q3 2023 and 8.7 EH/s with near-term expansions. Net Loss (GAAP): $12.7 million or $0.05 per share in Q2 2023 vs. $29.2 million or $0.12 per share in Q2 2022. Non-GAAP Net Income: $7.3 million or $0.04 per share, c…
CEG · Q2 FY2023 Earnings Call
…financial year. Operational Highlights Nuclear fleet achieved a 92.4% capacity factor in Q2, despite five refueling outages (average outage duration under 24 days, approximately two weeks faster than industry average). Power fleet delivered 99.1% dispatch match; Texas assets benefitted from extreme heat and high prices. Renewab…
ETR · Q2 FY2023 Earnings Call
…These upgrades support over 120 MW of load growth. Nuclear fleet performed strongly with a 99% capability factor (excluding refueling). River Bend and ANO Unit 2 completed successful refueling outages with long‑term reliability investments. Industrial sales pipeline continues to strengthen. Adjusted for cogeneration, industrial sales grew ~…
SEI · Q2 FY2023 Earnings Call
…up from 29% in Q1 2023; deploying 50% more systems per frac fleet vs. historical average. Technology Momentum: Nearly 50 top fill/AutoBlend units in field (vs. ~2 a year ago); strong backlog for electric systems; all-electric design aligns with customer electrification trends. Market Position: Expanded market share with new customers (majors and Ro…
NEE · Q2 FY2023 Earnings Call
…in buying/building/operating cheaply and repowering existing fleet. Question: “Any updates around the FTC case?” Response (John Ketchum): No new developments; expect an update in Q1 2024. Julien Dumoulin-Smith – Bank of America Question: “Thoughts on development cadence for ‘23–’24 vs. ‘25–’26?” Response (John Ketchum): On…
APLD · Q4 FY2023 Earnings Call
…All three crypto hosting sites in North Dakota are now fully energized with 280 megawatts capacity, generating contracted revenue with steady cash flow. AI Cloud Expansion: Launched AI cloud services beginning with 9-megawatt HPC facility in Jamestown, serving customers like Character.AI and a second unnamed AI firm. Major Contracts:…
TLN · Q1 FY2023 Earnings Call
…prices, Talen offset the impact through strong hedge execution. Fleet capacity factor was 25%, down from 36% in Q1 2022, due to mild weather and lower call‑on hours. Operational reliability remained strong with a forced outage rate of only 1.5%, one of the best in five years. Operational Highlights Susquehanna nuclear plant continued as a…
BGDE · Q1 FY2023 Earnings Call
…facility (12MW) and next 70MW at Midland. Aim to reach 7.2 Exahash by end of 2023 and 10 Exahash in 2024. Currently operating at 1.7 Exahash, generating approx. $124,000/day or ~$45M/year at current BTC prices. Operational uptime at 92%, with remaining time monetized via energy market curtailments. Operations powered entirely by car…
PWCM · Q1 FY2023 Earnings Call
…continued acquisition of high-efficiency machines. Positioning fleet for profitability post-2024 bitcoin halving event. Company intends to reinvest mining revenues into more hardware without taking on debt. Intensified effort to broaden investor relations and close the gap between stock price and book value. Analyst Q&A Ana…
KEEL · Q1 FY2023 Earnings Call
Bitfarms Q1 2023 Earnings Summary Hashrate Growth: Achieved a hashrate of 4.8 EH/s by March 31, 2023—a 7% QoQ increase (from 4.5 EH/s at year-end 2022) and a 78% YoY increase. Reached 5.0 EH/s post-quarter. Bitcoin Production: Mined 1,297 BTC in Q1 2023, up 35% YoY (vs. 961 BTC in Q1 2022), but down 10% QoQ (from 1,434 BTC in Q4 2022)…
CIFR · Q1 FY2023 Earnings Call
…BTC YTD at Odessa and 320 BTC YTD at Alborz. Self-mining Hashrate: 6 EH/s as of Q1 (vs. 0 EH/s in Q1 2022). Forecast to reach 7.2 EH/s by end of Q3 and potentially 8.2 EH/s by end of FY 2023. Rig Fleet: Over 59,000 mining rigs in operation. Purchase of 11,000 new rigs will boost this to over 70,000. CapEx Strategy: CapEx for Odessa expa…
CLSK · Q2 FY2023 Earnings Call
…debt now $17.6 million. Growth & Expansion Updates Hash Rate: 6.7 EH/s as of quarter end; target 16 EH/s by year-end 2023 remains on track. New Equipment Orders: 20,000 Bitmain S19 J Pro+ and 45,000 Bitmain XPs secured (~99% of required fleet). These add 8.74 EH/s, bringing capacity to 15.9 EH/s, with only 100 PH/s still needed to…
MARA · Q1 FY2023 Earnings Call
…record 2,195 bitcoins in Q1, a 41% increase from Q4 2022. Hash Rate Growth: Operational hash rate increased by 64% during Q1, from 7 EH/s at the start of January to 11.5 EH/s by the end of March. As of early Q2 (April), operational hash rate reached 14 EH/s; installed hash rate stands at 18 EH/s – 80% of the goal. Target: Company remains on…
VST · Q1 FY2023 Earnings Call
…acquisition remains on target to close by year-end 2023. Nuclear fleet will expand by 4,000 MW in PJM, more than doubling Vistra’s zero-carbon generation. Forward curve improvements since 2022 indicate rising EBITDA potential for 2024–2026, with hedging creating strong visibility. Operational Performance Generation delivered $583 m…
CEG · Q1 FY2023 Earnings Call
…Outlook Constellation owns nearly 25% of the U.S. nuclear fleet and produces ~11% of U.S. clean energy. Nuclear fleet provides unmatched asset longevity (up to 80 years), reliability, and clean generation. Commercial business serves 25% of competitive C&I load and 75% of Fortune 100 customers. Inflation Reduction Act (IRA) provides structu…
APLD · Q3 FY2023 Earnings Call
…years left. Halving impact depends on BTC price and network hash rate, but efficiency and top-tier equipment provide resilience. Q2: "HPC competitiveness – outlook?" A (Wes Cummins): Significant demand for HPC. Traditional data centers lack the power/cooling for AI workloads. Applied Digital’s designs, climate advantages, and energy strateg…
WULF · Q4 FY2022 Earnings Call
…Stifel: Q: "Hoping to gain some outlook on network hash rate and broader outlook for mining economics...? Any general commentary?" A: (Kerri Langlais) – Hash rate expected to rise leading to halving. BTC price historically offsets halving effects. Low-cost operations critical in navigating cycles. A: (Patrick Fleu…
BGDE · Q4 FY2022 Earnings Call
…million Operational Metrics: Exahash Rate: Averaged 0.8 EH in 2022; peak of 1.63 EH in June 2022 Midland, PA Facility: Phase 1 completed for 120 MW; commissioning ongoing Sharon, PA Facility: 120 MW facility with first 12 MW fully funded Strategic Activities: Exited Austr…
KEEL · Q4 FY2022 Earnings Call
…million to $32 million. Operational Highlights Hashrate reached 4.7 EH/s as of end February 2023, more than doubled from prior year. All-in quarterly cash cost of production remained below average Bitcoin price of $18,100. Direct cost per BTC mined in Q4 2022: ~$11,100 (vs $9,600 in Q3). Total cash cost (operation + G&A): $…
CIFR · Q4 FY2022 Earnings Call
…date Key Operational Highlights Total self-mining hash rate of 5.2 EH/s as of February 2023, heading toward 6.0 EH/s target 59,000 machines purchased and paid for; 48,000 energized with 11,000 more pending activation Bitcoin produced: Over 15.5 BTC/day capacity as of February 2023 Bitcoin reserve: 465 BTC Unit power cos…
HUT · Q4 FY2022 Earnings Call
…positives included 28.1% YoY growth in Bitcoin mined and 25% YoY hash rate growth. The company announced an all-stock merger of equals with US Bitcoin Corp. (USBTC), expected to close in Q2 2023, creating a diversified U.S.-domiciled entity with self-mining, hosting, managed infrastructure, and HPC operations. Full Year 2022 Financial Highlights (…
VST · Q4 FY2022 Earnings Call
…availability and higher realized prices. Operational Highlights Fleet-wide commercial availability reached 95.4% in 2022. Retail brand TXU Energy grew Texas residential customers by nearly 2% year-over-year and maintained a top-tier rating. The company managed Winter Storm Elliott successfully, balancing extra generation capacity with higher ret…
HIVE · Q3 FY2023 Earnings Call
…Infrastructure: 147 MW built capacity, 2.8 EH/s current hash rate, targeting 3.25 EH/s in March 2023 Key Strategic Moves: First public company to deploy own ASIC mining rig: HIVE BuzzMiner (co-developed with Intel) Purchased over 3,500 S19j Pros at favorable prices (~90% lower than peak) Pilot project launched…
SEI · Q4 FY2022 Earnings Call
…thereafter). Shift to lower maintenance capex mode expected post-fleet buildout, supporting significant FCF in flat/slightly down frac market. Q1 2023: ~7 incremental top fill units fully utilized; sand system count expected down a few due to natural gas price weakness impacting gas-directed activity. System/total profitability to increase sequenti…
PWR · Q4 FY2022 Earnings Call
…ability to gain market share? Response (Austin): Labor and fleet management are competitive advantages; Quanta anticipated constraints early, supporting market share gains. Neil Mehta (Goldman Sachs) Question: How is the Inflation Reduction Act influencing customer conversations and backlog? And how should investors view renewable margin pro…
CEG · Q4 FY2022 Earnings Call
…supplier. The company emphasized the unique value of its nuclear fleet: reliability, resiliency, and ability to support decarbonization goals. Financial Highlights (Comparisons vs. Prior Guidance/Year) 2022 adjusted EBITDA: $2.667 billion, above the guidance range of $2.45–$2.65 billion. Paid down $2.5 billion in debt; strength…
NRG · Q4 FY2022 Earnings Call
…(on-peak prices 45% below expectation), reducing expected Q4 gas fleet contribution by ~$115 million. Free cash flow before growth was $568 million for 2022, below prior expectations due to EBITDA shortfall and ~$100 million in delayed insurance proceeds (now received in January 2023). NRG executed $645 million of its $1 billion share repurchas…
IREN · Q2 FY2023 Earnings Call
…bitcoins from 780 bitcoins in Q1, attributed to increasing global hash rate and greater network difficulty. Revenue: Q2 Bitcoin mining revenue was $13.8 million (down from $16.2 million in Q1). Operating Costs: Increased from $14.6 million in Q1 to $16.7 million in Q2, primarily due to higher electricity and operational costs from n…
BE · Q4 FY2022 Earnings Call
…corporates and utilities for local generation to support EV fleet charging and urban congestion constraints. Expect acceleration aided by IRA incentives. Jordan Levy – Truist Securities Question: More details on Bloom’s combined heat and power (CHP) offering. Response (K.R. Sridhar): CHP allows customers to extract more value from fuel molecules…
CLSK · Q1 FY2023 Earnings Call
…FY2022. Quarter-over-quarter (QoQ) increase of 25%. Network Hashrate: Began Q1 with 4.2 EH/s, increased by 48% to 6.2 EH/s by quarter end. As of the call, hashrate at 6.6 EH/s. Machines Running: 63,700 miners active as of December 31, 2022. Energy Efficiency: Fleet operated at 31W per terahash, better than peers (>40W/TH). Immersion-coo…
APLD · Q2 FY2023 Earnings Call
…would we see?” Also, what is preventing Garden City from being energized? Answer (Wes Cummins): Garden City is fully built with miners being installed; approvals received; minor utility technical finalizations pending. Ellendale has buildings erected and is waiting for utility substation work. Both expected to be energized by Q3 end.…
CLSK · Q4 FY2022 Earnings Call
…Adjusted EBITDA: $65.7 million for FY2022, up 500% YoY. Hash Rate: Ended FY2022 at 4.16 EH/s, a 312% YoY increase; reached 5.8 EH/s as of call date and expects 6 EH/s by year-end 2022. Mining Operations: Currently operating 4 owned & operated sites using 140 MW; expanded footprint through acquisitions (Washington and Sandersville). Oper…
PWCM · Q3 FY2022 Earnings Call
…Bitcoin Mining Progress: 1,200 machines (120 petahash capacity) electrified and actively mining Bitcoin as of November 15, 2022. Targeting 2,700 machines electrified by year-end 2022, achieving ~270 petahash capacity. Total miners currently owned: 5,646 machines; once all are online, capacity expected to reach ~570 pe…
BGDE · Q3 FY2022 Earnings Call
…Bitcoin levels right now? Is there any risk to achieving your hash rate targets?” Response (James Manning): Confident in achieving targets given robust power contracts and profitability even at $15K BTC levels. Infrastructure build is a major focus, with hardware acquisition decisions made based on market conditions. “…
HIVE · Q2 FY2023 Earnings Call
…the Ethereum merge (Proof of Work to Proof of Stake). ASIC Hashrate: Increased from 2.25 exahash to 2.45 exahash in the quarter. Combined Hashrate: Reached 2.8 exahash with repurposed GPUs. Gross Mining Margin: $15.9 million or 54% compared to $46 million or 86% in Q2 FY2022. Loss Per Share: $0.45 compared to income per share of $0.…
KEEL · Q3 FY2022 Earnings Call
…production added another 487 BTC. Hasrate Growth: Increased hashrate to 4.4 EH/s at end of Q3 2022, up 17% from Q2. Year-to-date, hashrate had doubled from beginning of 2022. Revenue: $33 million in Q3 2022, down from $42 million in Q2 2022 (reflecting a 35% drop in average Bitcoin price offsetting higher production). Adjusted EBITDA: $…
CIFR · Q3 FY2022 Earnings Call
…electricity when financially advantageous. Potential to expand hash rate through opportunistic acquisitions or market dynamics. Analyst Q&A Analyst: Mike Colonnese, H. C. Wainwright Question: “How should we think about your strategy for purchasing additional mining rigs to fill out the remaining 44 megs of inf…
HUT · Q3 FY2022 Earnings Call
…conditions including fluctuating energy prices, rising global hash rate, Ethereum merge, and Bitcoin trading around US$20,000. Key Financial Results (Comparisons to Prior Periods) Revenue: $31.7 million (down $18.6 million from $50.3 million in Q3 2021). Decrease driven by lower Bitcoin price, offset partially by fleet expansion and HPC contribut…
MARA · Q3 FY2022 Earnings Call
…(King Mountain wind farm) and others have increased operational hash rate. Hash rate grew from 0.7 EH/s on July 1 to 3.8 EH/s by Sept 30, and then to 7.0 EH/s by Nov 1 — nearly a 10x increase quarter-over-quarter. Bitcoins mined increased significantly: July: 72 BTC August: 184 BTC Sep…
CEG · Q3 FY2022 Earnings Call
…retention by reducing plant closure risk. Support for nuclear fleet longevity and community economic stability. Downside commodity price protection and inflation-indexed production tax credits (PTCs). Growth avenues in hydrogen, nuclear uprates, and 80‑year plant life extensions. S&P upgraded Constellation to BBB with a…
NRG · Q3 FY2022 Earnings Call
…years, improving revenue stability. Generation fleet performed well despite challenges; NRG increasing maintenance capex due to higher power price environment. Analyst Q&A Julien Dumoulin-Smith – Bank of America Question: “How do you think about the state of the generation portfolio overall... and how are you seeing…
VST · Q3 FY2022 Earnings Call
…Performance Drivers and Market Context Texas ERCOT fleet performed at maximum capacity during extreme July heat and periods of low wind/solar, capturing scarcity pricing (three hours at $5,000/MWh price cap). Retail segment showed strong ERCOT customer counts, margin strength, and steady profitability despite elevated commodity costs a…
DUK · Q3 FY2022 Earnings Call
…perspective on offshore wind risk/reward, plus questions on coal fleet reliability amid rising demand. Response (Lynn Good): DEC North Carolina rate case filing expected early 2023; South Carolina timing TBD. Offshore wind remains a long-term option but must be economically viable and aligned with regulatory frameworks; Duke will move cautiously. C…
SEI · Q3 FY2022 Earnings Call
…rates; expect price increase in 2023 tied to investments in fleet/modifications. Follow-up: "If I just look at the implied growth CapEx for Q4 and 2023... that kind of points to 30 or more top fill systems... is this just kind of the right way to think of it that just that growth capex alone is probably pointing to 10 or more systems being added be…
NEE · Q3 FY2022 Earnings Call
…Ketchum & Silagy: FEMA changes unnecessary; Hurricane Ian showed fleet resilience with minimal solar damage. Michael Lapides (Goldman Sachs) Question: Future FPL CapEx levels? Renewable cost inflation trends? Responses: Silagy & Ketchum: CapEx to remain around $8.2B–$8.5B annually, consistent with plan.…
APLD · Q1 FY2023 Earnings Call
…once started. “Without delays, when would Texas have been energized?” Response (Wes Cummins): Between now and November. Delay would result in full ramp instead of staged energization (12.5 MW/week). "Too early to talk about site #4?" Response (Wes Cummins): Yes, still evaluating market including distressed assets. Focused…
IREN · Q4 FY2022 Earnings Call
…from $1.4 million and 18% margin in FY2021. Achieved 3.7 exahash capacity by end of September 2022, up from 0.7 exahash about a year ago. Goal to reach 4.7 exahash by end of calendar Q4 2022; 6 exahash capacity targeted using secured hardware from Bitmain. No corporate debt; $110 million in cash on balance sheet as of June 30, 2022.…
VIVO · Q4 FY2022 Earnings Call
…new Labour government ("Green Rush"). SES pivoted to mining fleet electrification, EV charging, battery storage, microgrids. 57% CAGR in SES revenues since FY2019. Seed investment in Green Gravity (energy storage). Caret (Solar/Power-to-X): Incremental value from development; positive Inflation Reduction Act tailwinds. Focus on data infrastructure…
APLD · Q4 FY2022 Earnings Call
…now. So are we still on track?" A: Wes: Facility was re-energized last week, ahead of schedule. Lucas Pipes, B. Riley Securities Q: "Opportunities of non-Bitcoin mining… how big would you size this up initially?" A: Wes: Testing up to 20MW expansion; in talks with a major potential HPC customer that could anchor shift to broade…
BGDE · Q2 FY2022 Earnings Call
…Texas expansion. “What hardware/setup is used for exahash to megawatt conversion?” Answer (James Manning): Based on approx. 3,400W per machine, mainly using MicroBT and Canaan miners with 90-100 TH output. “Any plans or thoughts on immersion mining strategy?” Answer (James Manning): Actively evaluating for Te…
PWCM · Q2 FY2022 Earnings Call
…scale up to over 5,000 by Q4 2022, equating to a projected 504 petahash in hash power. Rebate Credits: Due to the decline in bitcoin prices, LM Funding has received over $2 million in rebate credits for mining machine purchases, improving expected ROI significantly. Bitcoin Production Potential: Once all current mining machines are operatio…
HIVE · Q1 FY2023 Earnings Call
…increase from 14.7 BTC Q1 avg). Operational Highlights Hashrate: Increased BTC hashrate by 13%, Ethereum hashrate by 3% compared to March 2022. Hashrate Growth Target: On track to reach 4.6 Exahash by December 2022. Infrastructure Capacity: Currently operating 130MW globally, with 144MW completed and 14MW for upcoming ASIC depl…
KEEL · Q2 FY2022 Earnings Call
…in Q2. Operations: Increased hash rate by 33% to 3.6 EH/s (now 3.9 EH/s, nearly 4 EH/s achieved post Q2). Expanded capacity to 166 MW (up from 137 MW in Q1). Targeting 229 MW by year-end 2022. Installed 10,300 miners in Q2; total active fleet now 44,000+ miners. July: 500 BTC mined with 135 BTC…
CIFR · Q2 FY2022 Earnings Call
…a 40 MW wind-powered facility capable of producing up to 1.3 EH/s and generating 5.7 BTC/day in favorable conditions. Additional centers (Bear, Chief, Odessa) are nearing completion or under construction, targeting a total deployment of 6.9 EH/s by early 2023 with 265 MW capacity. Strategic Power Contracts: Secured 5-year power purchase agreeme…
CORZ · Q2 FY2022 Earnings Call
…targeting 20%–30% EBITDA margins. Expecting self-mining hash rate of 30-32 EH/s and 1GW power capacity by year-end 2022. Balance Sheet & Liquidity Total Debt: ~$960 million. Convertible Notes: $500+ million due 2025; low interest burden with no early principal amortization. B. Riley Loan: $57 million remains (originally $75…
HUT · Q2 FY2022 Earnings Call
…million revenue (full quarter since acquisition end of Jan 2022). Hash rate grew >9% since Q1 end; targeting organic growth to ~3.55 EH/s by end of 2022. Maintained HODL strategy: 7,406 BTC held unencumbered ($188.8 million fair value); no Bitcoin sold since early 2021. Recalled 2,000 BTC from yield programs in mid-May. Three-pillar strategy: Bitco…
CLSK · Q3 FY2022 Earnings Call
…the previous quarter and a 400% increase year-over-year. Hash Rate Growth: Increased from 2.3 EH/s to 2.9 EH/s during Q3 (26% growth). Compared to ~1 EH/s same time last year. Revenue and Profit: Revenues for Q3 were nearly $31 million, up 244% YoY (from $9M), but down 17% from Q2 due to lower Bitcoin prices. Gross profit tripled YoY to ~$2…
MARA · Q2 FY2022 Earnings Call
…hosting arrangements now support Marathon’s 2023 target of 23.3 EH/s. Fleet Upgrades and Strategy: Marathon purchased 30,000 new, energy-efficient S19 XPs to enhance fleet with 66% adoption expected. Plans include replacing older machines and selling Harden facility’s miners. Hosting Agreements: New 200MW agreement with Applied Blockchain,…
VST · Q2 FY2022 Earnings Call
…strength, and stable pricing during commodity volatility. Generation Fleet Strength: Achieved 95% commercial availability despite unseasonably warm Texas weather. The fleet’s strong availability supported grid reliability during tight summer conditions. Hedging Strategy: Vistra is over 60% hedged for 2023–2025, with 2023 hedged at ~80%. Forward cur…
CEG · Q2 FY2022 Earnings Call
…to $2.75 billion. Strong operational performance across the fleet: nuclear fleet capacity factor at 94.2% for Q2 and preliminary July data near 98%, reflecting best-in-class reliability. Commercial business performed strongly, with significant volume delivery, margin expansion, increased customer renewals, and major sustainability-related contract…
SEI · Q2 FY2022 Earnings Call
…needs, and carbon footprint; positions Solaris for electric frac fleet adoption in 2023+. Guidance and Outlook Q3 2022: Fully utilized systems expected +5-10% sequentially (driven by tech deployments). Top fill systems to average 10. Gross profit margin per system +5% sequentially (net of labor/repairs headwinds). SG&A ~$6 million. Full Year 202…
SO · Q2 FY2022 Earnings Call
…expected to materially apply to Southern’s existing nuclear fleet. Analyst Q&A Summary Shahriar Pourreza, Guggenheim Partners Question: “On the IRP… do you think the most viable pathway forward for the Bowen plant… convert to gas, get transmission, or more renewables? And what’s the required transmission?” Response (Thomas Fanni…
KEEL · Q1 FY2022 Earnings Call
…2021 ($28.2 million), mainly due to growth in the company’s hash rate outpacing Bitcoin network difficulty despite lower Bitcoin prices. Bitcoin Mined: 961 BTC in Q1 2022 at a direct production cost of $8,700 per BTC, maintaining one of the lowest cost structures in the industry. Gross Mining Profit: $30 million in Q1 2022, up from $22 mill…
BGDE · Q1 FY2022 Earnings Call
…Kevin Dede (H.C. Wainwright): “What was the hash rate at the end of the March quarter? Was that the 1.8 number or is the 1.8 number, the current number?” Answer (James Manning & Nick Hughes-Jones): 1.2 EH/s average in March, 1.35 EH/s at the end of March, rising to 1.8 EH/s at the end of May. Kevin Dede:…
CORZ · Q1 FY2022 Earnings Call
…Over 10,000 self-mined Bitcoins held as of April 30, 2022. Hash Rate: Increased from 13.5 exahash (end of 2021) to 16.2 exahash by end of Q1 2022; grew further to 17 exahash in April. Segment Revenue Breakdown: Digital Asset Mining: $133 million (69%) Hosting: $33.2 million (17%) – up 162% YoY Equipment Sales:…
CEG · Q1 FY2022 Earnings Call
…energy, avoiding 30.2 million metric tons of CO₂. Nuclear fleet capacity factor: 93% with 3 outages averaging 22 days (well below industry average). Texas fleet delivered 99.4% power dispatch match, validating weatherization investments. Wind & solar energy capture: 96.1%, exceeding plan. Commercial & Customer Business Deli…
HUT · Q1 FY2022 Earnings Call
…professional fees, and higher insurance. Operational Highlights Hash Rate: Increased to ~2.2 EH/s from under 900 PH/s in Q1 2021. Bitcoin Holdings: 6,460 BTC in reserve (marked at $367.6 million fair value as of Mar 31, 2022); no Bitcoin sold during quarter under HODL strategy. Added ~$30 million in assets from TeraGo acquisition. HPC/Colocation…
IREN · Q3 FY2022 Earnings Call
…Bitcoin Mined: 357 BTC (up 449% year-over-year) Operating Hash Rate: Increased 686% YoY due to new site activations Cash and Equivalents: $158 million Total Assets: $557 million CapEx Invested To-Date: Over $400 million; ~$400 million remaining to reach full 15 EH/s capacity Operational Highlights Current Operational Ca…
CLSK · Q2 FY2022 Earnings Call
…Line of sight on 600MW of power, enough to support up to 20 EH/s. Financing: Secured $35M non-dilutive financing from Trinity Capital post quarter-end. Employee Compensation: Raised wages for mining techs above industry norms and launched equity participation programs. Norcross Facility: Progressing towards 100% operational status with…
CIFR · Q1 FY2022 Earnings Call
…operations in February 2022 at its Alborz data center. Increased Hash Rate Forecast: The company boosted its projected operational hash rate to 7.5 EH/s by early 2023, up from previous estimates due to an improved mix of more efficient machines under contract with MicroBT. Machine Efficiency & Cost: Average machine efficiency on order now s…
DUK · Q1 FY2022 Earnings Call
…strong responses, with CPCNs expected later this year. Nuclear fleet fuel supply remains secure despite global geopolitical risks. Capital Strategy & Outlook Duke is confident in maintaining its 5%–7% earnings growth rate despite solar supply chain pressures. Commercial solar capital needs for 2023 represent only 1% of Duke’s five‑year Cap…
VST · Q1 FY2022 Earnings Call
…open position and mild winter, but supported by exceptional fleet availability (~96%). Guidance reaffirmed: 2022 Adjusted EBITDA: $2.81–$3.31 billion 2022 Adjusted FCF before growth: $2.07–$2.57 billion Strategic and Market Context Power and natural gas forward curves for 2023–2030 have risen dram…
BE · Q1 FY2022 Earnings Call
…sourced natural gas; Bloom committed to powering its entire U.S. fleet with responsibly sourced gas. T-Mobile to deploy Bloom systems at ~20 data centers with responsibly sourced gas. New 1.5 MW waste-to-energy project in Fayetteville, NC utilizing landfill, wastewater, and swine gas. Bloom electrolyzer operating successfully in Gumi, South Korea—d…
MARA · Q1 FY2022 Earnings Call
…Scale-Up: From 12,000 to 37,000 installed miners YoY, expanding hash rate more than 3x. Employee count increased from 4 to 15. CapEx & Investments: Spent $192.4 million in miner server deposits, $6.5 million in property, plant & equipment, and $6.3 million in co-host infrastructure. Cash Balance: $118.5 million; down from $268.5 million in…
SEI · Q1 FY2022 Earnings Call
…active in Q1 (ramping up); expects 2-3x TAM growth per frac fleet via more capital deployed per crew and new customers attracted by Top Fill. Kyle Ramachandran added that last-mile offering and new tech are converging with tight market conditions. Analyst: Ian MacPherson, Piper Sandler Question: "Good. And then curious how -- what you're watching…
CORZ · Q4 FY2021 Earnings Call
…remaining for 2022 deliveries) Operational Highlights Hash Rate: Grew from under 3 EH/s to 13.5 EH/s in 2021 Self-mined Bitcoins in 2021: 5,769 BTC (most by any U.S.-traded company) Bitcoin Mining Feb 2022 YTD: 2,000 BTC (on pace to double 2021 output) Hash Rate at Feb 2022: 7.7 EH/s in hosting capacity Geographic Footp…
DGXX · Q4 FY2021 Earnings Call
…Per Share: Increased to $3.13 in 2021, up 251% from 2020. Hashrate Growth: Ended 2021 at 416 PH/s; current hashrate as of March 2022 is 720 PH/s. Company targets 1.5 EH/s average for 2022. Bitcoin Production: Producing 3.35 BTC/day at 720 PH/s; aiming for 6.7 BTC/day by achieving 1.5 EH/s. Projected 2022 Revenue: Estimated $114 million…
KEEL · Q4 FY2021 Earnings Call
…an average production cost per BTC of $8,000. Installed Hash Rate at Dec 31, 2021: 2.2 EH/s (up 47% QoQ and 166% YTD from 965 PH/s); current rate as of call: 2.7 EH/s. Daily BTC Production: ~12.5 BTC/day, or ~$590,000/day based on BTC price of ~$47,000. Operational Highlights Completed construction of a new 10 MW facility in Pa…
BGDE · Q4 FY2021 Earnings Call
…EBITDA in 2020. Operational Milestones Self-mining hash rate reached 0.83 EH in Dec 2021. Committed to expand hash rate to 4 EH by Q3 2022 (previous guidance was 3.35 EH), and further increased 2023 target from 5 EH to 5.5 EH. Energy infrastructure capacity increased from 220 MW to 350 MW. Hosted colocation business signifi…
HUT · Q4 FY2021 Earnings Call
…listing (first Canadian digital asset miner), surpassing 2 EH/s hash rate, holding over 5,000 BTC in reserve, and acquisition of TeraGo's data center business. The company emphasized its "hurdle strategy" of holding Bitcoin without sales and diversification into data centers/cloud for Web 3.0 infrastructure. Annual Financial Performance (2021 vs 2…
CIFR · Q4 FY2021 Earnings Call
…delivery to retain capital flexibility; expected 2022 installed hash rate adjusted to 7.2 EH/s. Weighted average rig cost: $42.81 per terahash (up from prior quarter due to Bitfury exclusion). Target mining rig efficiency: 33.8 j/TH; Power prices average $0.0273/kWh. Outlook: Infrastructure bottlenecks…
ETR · Q4 FY2021 Earnings Call
…customer usage insight and operational efficiencies. Nuclear fleet performance improved meaningfully; Grand Gulf achieved its highest-ever generation output in 2021. Customer clean energy demand is rising rapidly. Electrification and decarbonization are expected to generate substantial new load opportunities (up to 30 TWh incremental clean ener…
SEI · Q4 FY2021 Earnings Call
…demand signals from existing and new customers; significant fleet expansion planned for 2022. AutoBlend Electric Blenders: Four units completed and in field (all working or scheduled in Q1 2022); positive customer feedback on reliability, automation, and throughput. Parallels 2017-2018 sand silo ramp; multiple additional units to be built in 2022.…
HIVE · Q3 FY2022 Earnings Call
…Spring 2022. Mining Capacity: Current ≈ 1.9 EH/s Bitcoin; 4.5 TH/s Ethereum (2.9 EH/s BTC equivalent). Forecasted near-term upgrade to ≈ 2.2 EH/s BTC and 5.4 TH/s ETH (3.4 EH/s BTC equivalent). January 2022 Production: 425 BTC equivalent mined (highest efficiency among peers at 147 BTC per…
CLSK · Q1 FY2022 Earnings Call
…Mined 660 BTC in Q1 2022. Ended the quarter with a hash rate of 1.9 EH/s, now over 2.1 EH/s post-quarter. Operating 74 MW of power: 47 MW owned, 27 MW co-located; additional 20 MW under development. Efficiency: $4,500 energy cost per BTC mined at company-controlled sites. Liquidity: $5.2 mill…
IREN · Q2 FY2022 Earnings Call
…significantly below current market prices of $60-80/TH). Installed Hash Rate: 0.8 EH/s at Canal Flats, outperforming earlier estimates (0.7 EH/s). Sites in Development: Mackenzie (BC): 50 MW total capacity; 9 MW online by early Q2, remainder by Q3 2022. 1.5 EH/s total capacity. Prince George (BC): 85 MW total capacity…
CLSK · Q4 FY2021 Earnings Call
…$0.74. Bitcoin Mining Operations: Current hash rate: ~1.3 exahash. YTD Bitcoin production (as of Nov 30): 1,083 BTC. Operating machines: Over 40 megawatts worth installed. College Park, GA facility includes 48 mobile data centers ready to go live imminently. Upcoming immersion cooling installation…
GPUS · Q3 FY2021 Earnings Call
…and scaling up to 2,300 miners monthly in March 2022. Target hash rate: 2.2 exahash. Gresham Worldwide: Defense subsidiary revenue up 47% YoY in Q3, showing strong execution by subsidiary leadership. Strategic Reorganization: Company to be renamed BitNile Holdings (trading symbol: NILE) by year end. Two distinct entities created:…
HIVE · Q2 FY2022 Earnings Call
…Bitcoin Mining Capacity: Increased by 35% in last 3 months to 1.25 Exahash, approx. 0.8% of total BTC network. Ethereum Mining Capacity: 4,200 Gigahash; aggregate equivalent mining rate over 2.1 Exahash in BTC terms. New Brunswick Data Center: 50 MW online by December 2021; full 70 MW online in Q1 2022. Future Capacity Outlook (2022): T…
KEEL · Q3 FY2021 Earnings Call
…BTC in Q3 2021, up 38% from Q2 2021’s 759 BTC. Hash Rate & Capacity: Exceeded 2 EH/s during Q3 2021 (up from 1.4 EH/s at Q2 close). Targeting 3 EH/s by March 31, 2022, and 8 EH/s by end of 2022. Daily Production: Currently producing approximately 12 BTC/day, representing $762,000/day at ~$63,500 per BTC.…
CIFR · Q3 FY2021 Earnings Call
…off-grid. Mining Equipment: Contracts signed for up to 19.5 exahash/second (EH/s) of Bitcoin hashpower through diversified suppliers: Bitmain, MicroBT, and Bitfury. Weighted average cost: $38.58 per terahash (TH). Average efficiency: 33.2 joules/TH. Infrastructure Development Plan: Q1 2022: 60 MW across Alborz, Bear, and Chie…
BE · Q3 FY2021 Earnings Call
…K.R. Sridhar): Longer-life, lower-cost modules and improved fleet operations. New service contracts already priced at ~20% margins. Question: “How does the SK partnership help you target markets outside Korea?” Response (Management): SK’s global construction and project development businesses enable rapid replication of the Korea model in o…
SO · Q3 FY2021 Earnings Call
…Company reaffirmed its net-zero emissions goal for 2050. Coal fleet reduction: from over 20,000 MW in 2007 to under 4,500 MW expected, an 80% decline. Fleet transitions and retirements will influence future capex plans, with updates expected next quarter. Recognition Southern Company named “#1 Best for Vets Employer” by Military Times for 2021.…
EXC · Q3 FY2021 Earnings Call
…investment growth). Generation & Hedging Nuclear fleet capacity factor: 96% for the quarter. Fleet generated 40.5 TWh of zero-carbon power, avoiding ~21M tons of CO2. Total gross margin increased $500M since Q2 due to: Reversal of Byron/Dresden retirements. Full CENG ownership. 2021 open g…
NBIS · Q3 FY2021 Earnings Call
…performing strongly with 535 million miles in September, and B2B fleet-sharing revenue at 12% of total but 30% of EBITDA. E-commerce Strong growth supported by marketing, logistics expansion, B2B tools, and a major shift from CPC comparison ads to CPA marketplace structure. Dropship-by-seller (DBS) rose faster than expected, aiding…
HIVE · Q1 FY2022 Earnings Call
…Operational Highlights: Achieved 1 Exahash of active Bitcoin mining capacity in August; second Exahash expected in the next 3 months. Expanded New Brunswick facility from 50 MW to 70 MW, with 30 MW operating and remaining 40 MW coming online later this year and early 2022. Planned target: 3 Exahash Bitcoin m…
NVDA · Q2 FY2022 Earnings Call
…delivery vehicle platforms. Recent wins include AutoX, Amazon fleet vehicles via Plus, and Embark partnerships with major truck OEMs. Margin Performance GAAP gross margin: 64.8%, up 600 basis points year-over-year. Non-GAAP gross margin: 66.7%, up 50 basis points sequentially. ARM Acquisition Update NVIDIA reiterat…
CLSK · Q3 FY2021 Earnings Call
…as of August 14: 525 BTC valued at ~$24.7 million Current hash rate capacity: 820 PH/s — Nearly doubled in 46 days Expected hash rate by end of Q4 FY2021: 1 EH/s Future Goal: 2 EH/s by end of 2021, 3.4 EH/s in 2022 Energy Segment Highlights Energy backlog: $24.2 million Residential installations increased more than 3x i…
KEEL · Q2 FY2021 Earnings Call
…2021, marking a major milestone in its growth strategy. Hash Rate Growth: Q2 2021 average hash rate reached 1.3 EH/s, an 89% increase year-over-year (YoY) from 694 PH/s in Q2 2020. As of the end of Q2, hash rate exceeded 1.4 EH/s. The company targets 3 EH/s by Q1 2022 and 8 EH/s by year-end 2022. Bitcoin Production: Mined 759 BTC in Q2 2021…
DUK · Q2 FY2021 Earnings Call
…Duke subsidiary eTransEnergy named preferred provider for GM fleet electrification. Regulatory and Legislative Updates North Carolina: House Bill 951 passed the House; includes coal retirements, support for renewables, and modern ratemaking tools. Duke supportive; Senate process ongoing. South Carolina: Commission requested additio…
NRG · Q2 FY2021 Earnings Call
…prompting NRG to announce retirement of 1.6 GW (55%) of its PJM coal fleet and to launch a strategic review of remaining PJM assets. NRG continues its asset sale program; the 4.8 GW sale remains on track to close in Q4. Strategic Roadmap and Long-Term Growth Plan NRG outlined a strategic growth plan through 2025, targeting $720 million of increm…
VST · Q2 FY2021 Earnings Call
…emphasizes the long‑term vision: using the cash‑heavy thermal fleet to fund shareholder returns while simultaneously growing a large renewables and storage platform that eventually becomes the core generation fleet. Capital Markets & Liquidity Issued $1.25 billion of senior unsecured notes due 2029; proceeds repaid the 364‑day term loa…
BE · Q2 FY2021 Earnings Call
…production trials. Initiative to shift Bloom’s entire fleet to certified low-leak natural gas, encouraging a broader market transition to cleaner gas. Marine sector progress: Fuel‑cell powered LNG carrier concept with Samsung Heavy Industries received Approval in Principle from DNV, earlier than expected.…
EXC · Q2 FY2021 Earnings Call
…top‑decile performance in both metrics. Nuclear fleet performance: 36.6 TWh of zero‑carbon generation. Approximately 20 million metric tons of CO₂ avoided. Capacity factor: 93.7% for the quarter. Fossil and renewables fleet: Dispatch match: 99.5%. Wind and solar c…
SEI · Q2 FY2021 Earnings Call
…driven by DUC inventory, higher commodity prices, and rising frac fleet needs; timing tied to individual operator budgets. Gross profit per system: ~$60,500 in Q1 2021 rising to ~$64,000 in Q2 2021 (aided by storm recovery and last-mile performance); expected to remain relatively flat in Q3 assuming continued last-mile strength. Analyst Questions…
EKSO · Q2 FY2021 Earnings Call
…(Jack Peurach): There are currently 26 units in the subscription fleet. Question: "When you say there is an increase in the size and number of the orders… what was it before, like in the first quarter and also late last year… and what is it now in the second quarter?" Response (Jack Peurach): Growth is driven primarily by network operator…
CHRN · Q2 FY2021 Earnings Call
…cycles, and building recurring revenue; 26 units in subscription fleet. Key wins: Standard-of-care at all Kindred inpatient rehab hospitals; multi-unit order with Kindred long-term acute care (4 Florida sites); partnership with Excelsior Care Group (SNFs in NY Tristate area). EMEA strong via partners: More devices placed in H1 2021 than all of 2020…
NEE · Q2 FY2021 Earnings Call
…down ~31% vs. 2018. Reliability improvements: generation fleet up 71%, service reliability up 63% since 2018. Regulatory capital employed increased 17% YoY. Energy Resources Adjusted EPS up more than 7% vs Q2 2020. Signed 1,840 MW of new wind, solar, and storage since last call. Contributions from new investments added…
KEEL · Q1 FY2021 Earnings Call
…Bitfarms can begin trading three to four business days later. Hashrate Growth: Average hashrate for Q1 2021 was 988 petahash (PH), a 39% increase from 709 PH in Q1 2020. Ending hashrate stood at 1.2 exahash (EH), with a current hashrate of ~1.42 EH. The Company expects to reach 2.5 EH in fall 2021 and 3.0 EH by end of 2021. Bitcoin Producti…
NVDA · Q1 FY2022 Earnings Call
…Jarvis (conversational AI), Merlin (recommendation systems) and Fleet Command highlighted as major strategic software platforms. Gross Margins & Financial Outlook Non‑GAAP gross margin increased 70 basis points sequentially and 40 basis points year‑on‑year. Q2 FY2022 revenue expected to be 6.3 billion (plus or minus 2 percent). Thi…
AVA · Q1 FY2021 Earnings Call
…Transportation: WUTC approved tariffs enabling EV rates and fleet electrification programs (e.g., for Spokane Transit Authority). Colstrip: Planned exit from portfolio end of 2025 per IRP; RFP process underway for replacement resources. Earnings Guidance (Confirmed) Consolidated: 2021: $1.96–$2.16; 2022: $2.18–$2.38; 2023: $2.42–$2.62 per dilute…
SEI · Q1 FY2021 Earnings Call
…"When you think about sort of the incremental profitability per fleet... on a gross profit basis, I think, sort of the target is probably close to annualized number of $900,000 to $1 million. Is that a reasonable way to think about it as we go forward here?" Kyle Ramachandran: Yes, pricing/costs consistent; Q1 had some catch-up costs. Yvonne Fletch…
CLSK · Q2 FY2021 Earnings Call
…Expected to reach 400 PH/s within a month Targeting >1.2 EH/s by September 2021; >3.2 EH/s by September 2022 Potential annual revenue (at $57,000 BTC): $145–$185 million (1.2 EH/s); $370–$415 million (3.2 EH/s) 95% carbon neutral operations—aiming to be fully carbon neutral Energy Segment Highlights:…
EXC · Q1 FY2021 Earnings Call
…decile; ComEd top quartile; PHI improved year-over-year. Nuclear fleet output: 37 TWh of clean energy generated with a 95.3% capacity factor. Regulatory & Policy Updates Momentum growing for nuclear support policies at federal and state levels. Federal proposals include a 100% clean electricity standard by 2035 and incentives for EV infrastructu…
SO · Q1 FY2021 Earnings Call
…conditions; $75 million donated to company foundation. Carbon & Fleet Transition GHG emissions reduced 50% in 2020, achieving 2030 goal a decade early. Mississippi IRP proposes retirement of last coal unit by 2027. Ongoing engagement with federal leaders on net‑zero goals and support for nuclear and storage technologies. Lo…
PWR · Q4 FY2020 Earnings Call
…Expect margin uplift from cross-utilization of electric crews and fleet efficiencies. Question: Long-term evolution of gas infrastructure with hydrogen. Response (Austin): Hydrogen introduces corrosion challenges; pipeline integrity work will grow as new lines become harder to build. Brent Thielman – D.A. Davidson Questio…
ETR · Q4 FY2020 Earnings Call
…reliability and resiliency. Company continues progress on nuclear fleet improvements; some equipment reliability upgrades remain at Grand Gulf. Hydrogen & Clean Energy Strategy Long-term hydrogen strategy underway through partnership with Mitsubishi Power. Orange County Power Station designed for 30% hydrogen capability initial…
EXC · Q4 FY2020 Earnings Call
…satisfaction reached best-ever scores across utilities. Nuclear fleet: Generated 150 TWh of zero-emission power. Achieved a 95.4% capacity factor, second-best in fleet history. Completed 12 refueling outages with fewer days than planned. Constellation retail: 79% customer renewal rat…
SEI · Q4 FY2020 Earnings Call
…by Bill Zartler: Too early on share impact; strong electric fleet position; pricing steady to sustain relationships vs. commoditized swings; capacity available without aggressive hikes. Ian MacPherson (Simmons): "I also wanted to ask about your new blending system... where do you see your natural sort of alliance and friction points as you look to…
SO · Q4 FY2020 Earnings Call
…projects, transmission investment, and potential accelerated fleet transition. These could provide upside. Current CapEx supports the 5–7% range without relying on future additions. Steve Fleishman – Wolfe Research Question: Implications if Vogtle misses November deadlines and whether NRC leadership changes affect timeline. Response (Fanning…
BE · Q4 FY2020 Earnings Call
…grid upgrades. Multiple customer types possible (utilities, fleet operators, corporates, charge‑point operators). Michael Weinstein – Credit Suisse Question: Asked about backlog reporting frequency, service business profitability timeline, service margins, cash flow positivity in 2021, and power module service life (Gen 5 & Gen 7.5).…
NEE · Q4 FY2020 Earnings Call
…operation. Announced intent to develop electric/hydrogen school bus fleet solutions with the nation’s largest school bus operator. NextEra Energy Partners (NEP) Full-year 2020 adjusted EBITDA: $1.263 billion (up 14% year-over-year). Cash available for distribution (CAFD): $570 million, up 40% year-over-year. Raised longest-dated (10-year), lowes…
D · Q3 FY2020 Earnings Call
…through its Smithfield Foods partnership. Completed and energized the 12 MW offshore wind test project—first permitted federal‑waters wind project in the U.S. Preparing to file the federal permit application for a 2.6 GW, 8 billion commercial offshore wind project by year‑end; full construction expected in 2024 with service in 2026. R…
ET · Q3 FY2020 Earnings Call
…compression/treating optimization, and $2 million via processing fleet optimization. Q3 2020 vs Q3 2019: Natural gas gathered, processed, and transported volumes decreased due to lower production, especially from Anadarko shut-ins earlier in the year. Crude oil/condensate volumes increased in Anadarko but declined in Will…
VST · Q3 FY2020 Earnings Call
…Drivers Generation Performance: Texas fleet performed exceptionally well, outperforming 2019 despite fewer scarcity events. Benefits from the Operations Performance Improvement (OP) program continued, targeting $100 million incremental EBITDA in 2020. Synergies from Dynegy, Crius, and Ambit expected to reach ne…
EXC · Q3 FY2020 Earnings Call
…storms; restoration was completed in record time. Nuclear fleet produced 38 TWh of carbon-free energy at 96% capacity factor. Strategic Developments Exelon announced retirement of Byron and Dresden nuclear plants in 2021 and the Mystic gas plant in 2024 due to revenue shortfalls and unfavorable market designs. Retirements will…
SEI · Q3 FY2020 Earnings Call
…(Answered by William Zartler: Not planning to own trucks; manage fleet but partner for hauling; focus remains well-site expertise.) Stephen Gengaro (Stifel): "Any update on the chemical side? ... any update on any progress, traction and outlook there?" (Answered by Kyle Ramachandran: One system active Q3; another starting late Q4; multiple units re…
BE · Q3 FY2020 Earnings Call
…long-term trends remain positive. Stack life improvements and fleet optimization are lowering service costs and replacement frequency. Service margins expected to turn positive in 2022. Response (K.R. Sridhar): Gen 5 systems replacing legacy units by 2022 will materially reduce future service burden; Korea deployment statistics validate durabil…
NBIS · Q3 FY2020 Earnings Call
…investment doubled YoY to RUB 800 million. Self-driving fleet ~130 cars across Russia, Israel, U.S.; >5 million miles driven autonomously. Adjusted EBITDA loss RUB 1.9 billion (from RUB 1.2 billion in Q3 2019). Financial Position RUB 3.2 billion cash at quarter end, including RUB 200 million from Yandex.Market consolidation.…
ETR · Q3 FY2020 Earnings Call
…and Texas. Company continues transitioning to a cleaner fleet; utility CO₂ emissions are down ~30% over 20 years. Management reaffirmed its longer-term growth outlook of 5%–7% annual EPS increases and plans to resume dividend growth in late 2021. Financial & Operational Highlights Lower sales volumes driven by Hurricane Laura,…
NEE · Q3 FY2020 Earnings Call
…exceeds 15,000 MW—larger than the entire existing renewables fleet built over 20 years. Florida Power & Light (FPL) Q3 net income: $757 million (up $74 million YoY); EPS of $1.54 (up $0.14 YoY). Regulatory capital employed grew 11% YoY, driving earnings growth. Capital expenditures: $1.3 billion for the quarter; full-year expec…
NVDA · Q2 FY2021 Earnings Call
…Major partnership with Mercedes-Benz for 2024 software-defined fleet using full NVIDIA DRIVE stack. Positions NVIDIA for a recurring software revenue model in automotive. Data Center Revenue: $1.75 billion, up 167% year-over-year and 54% sequentially. Mellanox contributed ~14% of total revenue and over 30% of data center revenu…
DUK · Q2 FY2020 Earnings Call
…Modernizing grid infrastructure Transitioning generation fleet toward carbon-free resources Solar and renewable expansion in Florida and the Carolinas New natural gas infrastructure solutions following ACP cancellation Carolinas Integrated Resource Plan (IRP) to be filed in September, evaluating paths to 50%–…
VST · Q2 FY2020 Earnings Call
…executed 86 spring outages on time and under budget, positioning fleet reliability for summer demand. COVID-19: Residential usage increased ~5%; business volumes were down 5–15% but recovered toward quarter-end. ERCOT demand has recovered to pre‑COVID expectations; other markets are within 1–5% of expected levels. 2021 Outlook and Market Conditio…
EXC · Q2 FY2020 Earnings Call
…0.90 per share. Operational Highlights Nuclear fleet delivered its best Q2 capacity factor in over a decade at 95.4 percent. Utilities remained top quartile in outage duration and frequency despite pandemic and storms. PECO managed its eighth-largest storm event with rapid restoration measures and remote storm support operation…
SEI · Q2 FY2020 Earnings Call
…but the pricing dynamics are such that you think revenue per fleet is still going to be down in 3Q?" Follow-up: "Can you guys give any hints at what you’re working on is kind of the next step in efficiency gains, whether it be another piece of equipment, the software aspect, data analytics." Additional: "What’s the type of business that you guys wo…
NBIS · Q2 FY2020 Earnings Call
…Robotics Over 4 million autonomous miles driven; 130 vehicles in fleet with 70 additional expected in 2020. Commercial usage of “Yandex.Rover” delivery robots began, with Skolkovo as first customer. Education Initiatives Yandex.School saw >2 million children learning online in April–May, with over 4 million video lessons viewed. Practicum by Ya…
BE · Q1 FY2020 Earnings Call
…contracted systems. Service revenue base: $2.1B from installed fleet, plus $1.1B potential from backlog. 37 microgrids powered in Q1, supporting 155 grid outages. Increased inbound interest from hospitals, manufacturing, telecom, and food service sectors. South Korea installations resumed quickly after early COVID disruption; a 19.8…
IRM · Q1 FY2020 Earnings Call
…Image‑on‑Demand. Meaningful reductions expected in labor, fleet operations, and facility usage. SLA change is permanent beyond COVID‑19. Additional temporary cost actions: furloughs, hiring freezes, reduced hours, lower variable compensation. Annualized cost reductions exceed $350M against prior plans. Capi…
