Strong Fiscal Year Revenue and Margin Expansion
Reported ~ $300M revenue for fiscal 2026; gross operating margin expanded to ~ $107M (≈4x YoY from $25M); net operating income of ~$76M for the year (≈9x YoY from $8.5M). Management reported ROIC ~13.3% and stated fiscal-year adjusted EBITDA of ~$73M (non-GAAP).
Meaningful YoY and Operating Cash Improvements
Operational cash-rate grew over 200% year-over-year (management commentary). Installed capacity grew ~20% year-over-year. The company emphasized positive cash generation from its Bitcoin mining engine used to fund growth.
Robust Bitcoin Mining Engine and Operational Scale
Installed ~25 EH/s (operational ~23 EH/s average for the quarter); mined 876 BTC in Q4; treasury of ~150 BTC as of March 31; global footprint ~860 MW with 440 MW active capacity (≈395 MW consumed). Firmware and fleet optimizations improved efficiency (~16 J/Terahash) and lowered breakeven costs.
GPU Cloud (BUZZ) Traction and Growth Runway
BUZZ has ~5,500 GPUs today with a target to double to ~11,000 by year-end (+100%). BUZZ reported contracted/realized revenue of ~$35M (cluster deals cited); target GPU cloud ARR of $200M. Two large GPU cluster MOUs referenced (~2,304 GB200s and ~2,080 GB300s) that drive substantial incremental ARR per cluster.
Gigafactory and Canadian Sovereign Compute Strategy
Announced a GTA Gigafactory concept for ~100,000 GPUs (CAD ~3.5B CapEx) expected to generate ~CAD 316M (≈US$) ARR on completion; site land purchased (~$58M) and company states they have the power allocation for the site with energization targeted late 2027 and compute live early 2028. Canada pipeline quoted ~400 MW sovereign capacity and an expected ~$450M EPC colo revenue through 2028.
Successful Capital Raise and Institutional Interest
Closed a $115M 0% exchangeable senior note (due 2031) with conversion protections (base conversion $2.57; capped conversion mechanics to ~$4.92 using a bought cap call). Management reported >$500M demand for the deal and 24 institutional buyers, improving market visibility and liquidity.
Validated Partnerships and Global Footprint
Key partnerships highlighted: Bell Canada (AI fabric / colo), Dell (BUZZ HPC), academic collaboration with Columbia University (Paraguay compute R&D), plus institutional shareholders (Invesco, Citadel, Millennium, Two Sigma). Operations span Canada, Sweden, Paraguay and coast-to-coast Canadian presence.