Record Revenue and Expanded Gross Margin
Total revenue of $93.1M for the quarter with a gross operating margin of $32.1M (35%). Revenue increased from $29.2M year‑ago to $93.1M (+219% YoY) and gross operating margin rose from $5.3M to $32.1M (+~506% YoY).
Material Scale-Up in Hashrate and Capacity
Installed capacity reached 25 EH (22.8 EH average operated during the quarter). Operating capacity totaled 440 MW with Paraguay scaled to ~300 MW and an additional 100 MW PPA announced (expected online September). Company grew from ~6 EH to 25 EH in 2025 and now represents ~2% of the global Bitcoin network.
Significant Traction in GPU / HPC Business
Buzz (GPU cloud/HPC) generated ~$5M revenue this quarter and is on track to $20M ARR. A two‑year contract (initial 504 GPUs) and OEM lease financing support a target of 11,000 GPUs by year‑end. Management projects GPU cloud ARR potential of $140M–$200M and total HPC ARR target of $225M for the year; the initial GPU contract realized pricing ~30% above forecast.
Treasury Management Converted to Operational Gain
Realized $14M from a Bitcoin pledge strategy and used proceeds to acquire ~3,800 Bitmain S21 XP ASICs (cashless swap). This upgraded fleet improved global efficiency from 17.5 to 15.7 J/TH (~10% improvement) and preserved cash. Ending quarter BTC balance: 481 BTC.
Positive Operating Cash Performance and Conservative Balance Sheet
Adjusted EBITDA was positive at $5.7M and management emphasized disciplined capital allocation. Company closed the quarter with roughly $14M cash and ~$14M digital currencies (total current assets cited at ~$91M), low leverage and conservative financing approach (no large leverage taken to buy Bitcoin or GPUs).
Attractive GPU Financing Enables CapEx‑Light Growth
Buzz secured single‑digit lease‑to‑own financing on GPUs (effectively zero down, finance structure with $1 buyout), enabling rapid scaling of GPU capacity with limited upfront CapEx and predictable cash payments.