Financial Performance1Q25 results were light as old contracts and equipment rolled off, with revenue coming in below estimates and consensus.
HPC ProgressHPC progress remains limited, and we now expect the main customer in talks for River Bend, LA to be considering 130MW with HUT at an alternate site.
Operational ChallengesRevenue was negatively impacted by the termination of an agreement with Ionic and delays in new bitcoin mining equipment moving through customs.