Prepared remarks
Good day. Thank you for standing by. Welcome to Bitdeer's Second Quarter 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Pretesh Dahya, Head of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's Second Quarter 2026 Earnings Conference Call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Haris Basit, Chief Strategy Officer; and Michael Potter, Chief Financial Officer. Today's call will begin with Haris providing a review of our recently announced Tydal, Norway colocation lease agreement, followed by Michael with a review of our business segments and second quarter financial results. Before management begins their formal remarks, I would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially. For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business and industry, please refer to the company's filings with the U.S. Securities and Exchange Commission. I also want to note that we will be discussing certain non-GAAP financial measures and operating metrics today. A reconciliation of these measures to the most directly comparable GAAP measures is included in our earnings release issued earlier today. These non-GAAP measures should not be considered in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP. As a reminder, changes to the fair value of our digital assets are reflected in GAAP net income and may introduce noncash volatility into our reported results. With that, I will now turn the call over to Haris.
Thank you, Tesh, and good morning, everyone. This is our first earnings call since we announced the execution of our $4.7 billion colocation lease at Tydal, Norway. I would like to begin by putting that agreement in context. Over the past several years, we have worked to build a power infrastructure portfolio that we believe is well positioned to support both our Bitcoin mining operations and our expansion into AI infrastructure. Tydal represents an important step in converting that portfolio into long-duration contracted revenue, and it establishes AI infrastructure colocation as an additional pillar of our business alongside our AI cloud, Bitcoin mining and ASIC development and manufacturing operations. We are pleased with the terms of this agreement and with the caliber of Volta as our counterparty. We view Tydal as an important proof point for this strategy, and we intend to pursue additional opportunities of this kind as they arise. Agreements of this scale and complexity reflect the work of our team over the past several years, and I want to thank everyone involved for their efforts in reaching this milestone. With that, let me walk through the terms of the Tydal transaction in more detail. On August 4, we announced that our subsidiary, Tydal Data Center AS, has executed a 16-year colocation lease and services agreement with Volta at our Tydal campus in Norway. Under the agreement, we are delivering 121 IT megawatts, supported by approximately 133 gross megawatts. This will be spread across four existing data halls and will be configured to run NVIDIA GPUs. The lease is expected to generate approximately $4.7 billion in contracted base term revenue over the initial 16-year term. An 8-year renewal option, if exercised, would increase the potential contract value to approximately $8 billion over 24 years with a tenant termination right at the end of year 10. The lease is structured with a modified growth arrangement. Volta pays a combined base rent and service fee with a 3% annual escalator and electricity costs are fully reimbursed on a pass-through basis, which protects our margin from energy price volatility and provides a highly predictable cash flow. Over the 16-year base term, we expect this agreement to generate average annual revenue of approximately $2.4 million per IT megawatt. Importantly, Volta's obligations are anticipated to be backed by an institutional-grade credit structure. This anticipated credit enhancement meaningfully reduces our counterparty risk and improves the financeable quality of these contracted cash flows, which supports our plan to access attractive debt financing terms to fund the remaining development at Tydal. Our remaining capital expenditure is approximately $500 million, which we believe is significantly more capital efficient than a typical greenfield data center build. We expect to raise project level financing to fully fund our remaining Tydal capital needs and to provide significant additional capital. Delivery is structured across two equal-sized phases targeting December 31, 2026, for the first phase and March 31, 2027, for the second. A word on our tenant. Volta is a compute infrastructure developer focused on large-scale AI and data center deployments in power-advantaged markets. Volta has announced a $10 billion strategic partnership with an AI lab and a broader development pipeline exceeding 1 gigawatt. In selecting Volta as our partner at Tydal, we evaluated their technical ability to execute a large-scale GPU deployment, the quality and enforceability of their anticipated credit support and their ability to move rapidly to match the anticipated Tydal construction timeline. It is important to note that Tydal will incorporate leading-edge NVIDIA GPUs, has one of the highest reliability grid connections in Europe, is 100% powered by renewable energy and has an extremely high energy efficiency with a PUE of approximately 1.1. Our broader power and infrastructure portfolio stands at approximately 3 gigawatts of total global electrical capacity at the end of the second quarter, up approximately 12% year-over-year. Furthermore, we continue to evaluate opportunities for additional grid-connected and behind-the-meter expansion sites globally across both new and existing sites. Our objective is straightforward: continue acquiring, building and converting powered infrastructure. We will share updates on our progress here when appropriate. I will now turn the call over to Michael to walk through our business segment updates and second quarter financial results.
Thank you, Haris, and good morning. I'm happy to join everyone for the first time as Bitdeer's CFO. Execution remains our top priority. While the Tydal lease that Haris described has now been executed, there is significant work ahead to prepare for the first RFS date. We will update as appropriate as those milestones are achieved. The focus, in our view, is on the quality of the secured demand, robustness of the financing structure and contractual protections. We believe this transaction compares very favorably on these dimensions, and we look forward to demonstrating that through continued execution. Looking ahead, we see plenty of interest in various sites within our portfolio that could potentially be used as AI/HPC data centers. A key advantage of our model is the ability to utilize capacity for crypto mining until an AI data center is ready, ensuring our power assets remain productive and secured. Turning to our Bitcoin mining business. Self-mining hash rate reached approximately 73 exahash per second at the end of the second quarter, up approximately 342% year-over-year, supported by approximately 243,000 active self-mining rigs. This is an increase of approximately 113% year-over-year. We mined 783 Bitcoin in April, 921 Bitcoin in May and 990 Bitcoin in June. Total second quarter production was approximately 2,694 Bitcoin, an increase of approximately 377% year-over-year. Our co-mining hash rate also continued to accelerate meaningfully during the quarter. This reflects our continued deployment of SEALMINERs into third-party facilities; it grew over 260% sequentially. We believe our combination of self-mining, co-mining and hosting gives us multiple channels to monetize our growing SEALMINER production. We have the flexibility to allocate hardware to the channel that offers the best returns as market conditions evolve. Our SEALMINER platform continues to reinforce our structural cost advantage. The commercial launch of our A4 Ultra Hydro unit operating at 9.45 joules per terahash at the chip level continues to lower our internal cost per exahash. During the quarter, we also launched the SEALMINER DL1 Hydro, our first machine designed for script algorithm mining. This broadens our product line beyond Bitcoin-focused hardware. Our internal manufacturing capability means that we're not subject to third-party markups when deploying SEALMINER rigs into our own fleet. This remains a structural cost advantage relative to other mining operators. In July, we broke ground on our first U.S.-based manufacturing site, a 187,000 square foot SEALMINER manufacturing facility in Sparks, Nevada. This is expected to be completed by the end of 2026 and will be capable of producing 10,000 units per month. It is expected to create approximately 70 high-quality local jobs. At the Massillon, Ohio site, we have 174 megawatts of capacity currently online for mining. With reconstruction of two previously fire-damaged buildings underway, a significant portion of that cost has been recovered through supplier insurance coverage. We believe the associated capacity could be energized in phases during the third quarter. In June, we broke ground on our Fox Creek, Alberta site. This $155 million investment includes a fully permitted 101-megawatt on-site natural gas power plant with grid interconnection. The site uses a closed-loop dry cooling system. Alberta's Bring Your Own Generation framework gives us the flexibility to curtail compute workloads and sell power back to the grid. Our AI business continued to scale during the quarter. AI cloud annual recurring revenue reached approximately $76 million at the end of June, an increase of approximately 77% quarter-over-quarter. Utilization was approximately 95% across 4,248 deployed GPUs. We also signed a new 10-year lease for 21.7 IT megawatts of capacity in Malaysia with handover expected in the first quarter of 2027. It is designed to support 128 NVIDIA GV300 NVL72 systems. On the product side, we deployed NVIDIA's Nemotron 3 model onto our Bitdeer AI model studio on the first day of its launch. Turning to our financial results. Second quarter revenue was approximately $228.8 million, an increase of approximately 47% year-over-year and approximately 21% sequentially. The year-over-year growth was driven primarily by the continued expansion of our self-mining hash rate and the associated increase in Bitcoin production, along with accelerating contribution from our AI cloud business, which contributed $14 million, an increase of approximately 284% sequentially. Total gross profit was negative $8.5 million with a gross margin of approximately negative 3.7%. Importantly, this represents a $30.5 million sequential improvement that demonstrates the operating leverage of our vertically integrated model. This recovery was driven by two key factors: normalized seasonal power costs, which dropped approximately 15% sequentially, and an improvement in our blended fleet efficiency to 15.8 joules per terahash. On a year-over-year basis, our gross margins reflect continued but moderating pressure from the additional depreciation expense from our expanding mining fleet and the still-challenging hash price environment. Adjusted EBITDA was approximately $31.1 million, an increase of approximately 575% over the year and approximately 116% sequentially. This sequential improvement illustrates the operating leverage of our vertically integrated model as both hash price and power cost dynamics continue to stabilize. Operating loss in the quarter was $101.7 million and net loss per share was $0.37. Turning to the balance sheet and cash flow. Net cash used in operating activities was approximately $158.5 million, an improvement of approximately $188 million sequentially. This was driven by the capitalization of SEALMINER-related inventory to PP&E as we're allocating those rigs for internal use. We ended the quarter with approximately $496 million in cash, cash equivalents and restricted cash compared to approximately $298 million at the end of the first quarter. Total long-term debt was approximately $1.8 billion, a reduction of approximately $78 million sequentially. The increase in cash primarily reflects $457 million in proceeds from our at-the-market equity program during the quarter. We view this as a prudent capital raise, establishing the liquidity reserve necessary to execute on our AI/HPC pipeline, powered land acquisition priorities and to help ensure that our Tydal site progresses on schedule. Today, we filed a new shelf registration statement since our previous shelf, which was about 1.5 years old, had largely used up its capacity. We now qualify as a well-known seasoned issuer, which makes us eligible for automatic shelf registration. Considering the increased size and scale of our business, we also filed a prospectus supplement to move our existing ATM program to the new shelf and take down $1 billion for offering under that program. Looking ahead, we expect to broaden our sources of capital with much of our remaining 2026 financing needs to be met through project level debt financing, anchored by our previously discussed goals of accessing the debt markets for Tydal. We expect this debt financing will also unlock significant incremental liquidity to support our broader AI/HPC pipeline. Our preference is to prioritize non-dilutive project level financing over equity issuance wherever the underlying contracted cash flow supports it. Consistent with this, in Q2, our Bitcoin wafer spend was funded entirely through cash generated by our mining operations and debt collateralized by our wafer bank, not equity issuance. In terms of guidance, we are revising our full year crypto mining infrastructure capital expenditures to $200 million to $280 million, driven by additional infrastructure development opportunities we see in North America. As a reminder, this guidance excludes CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development. On expenses, we continue to actively manage our overhead as we scale the organization to support our expanding colocation and AI cloud businesses alongside our core mining and ASIC manufacturing operations. We expect our general and administrative expense run rate in the second half to reflect the incremental headcount and infrastructure needed to support that growth. To summarize, the second quarter was a solid quarter for Bitdeer. In the past few months, we have clearly demonstrated our ability to deliver against our HPC/AI objectives. We executed our first major AI infrastructure colocation lease agreement at Tydal, officially launching our colocation data center business as a core pillar of our company. We reached this milestone on compelling terms and with the partner, Volta, we are excited to work with. Our underlying power portfolio continues to scale. Our AI cloud business is demonstrating strong momentum, and our Bitcoin mining and SEALMINER platforms illustrate the benefits of vertical integration. Thank you for joining us this morning. Operator, please open the call for questions.
Questions and answers
Our first question comes from Nick Giles of B. Riley Securities.
Guys, congrats on getting the first deal done here. You spoke to the pipeline and looking at new opportunities globally. I was just hoping you could frame up kind of some of the opportunities you're seeing outside of the U.S., how near term these opportunities could be?
I want to make sure I understand your question. You want to know what our opportunities are outside the U.S.?
Exactly. Yes. Just hoping to get a better sense for the pipeline ex U.S. How many megawatts are you assessing today? And what's the earliest that some of these megawatts could be brought online?
So I'm sure Jihan could give some additional color on this. But we do have a lot of large Asia-based potential customers that are slowly starting to turn online. Our existing GPUs in Asia are quite used up, and we're expecting to add more capacity as customers come online. I don't know if Jihan has anything additional he wants to talk about.
On the GPU deployment, I think in the near future, mostly in Malaysia. We have a data center already signed up, and we also have other opportunities in active discussion. Demand is also very strong, and it is multiyear, highly profitable contracts. The bottleneck right now is our execution, so we are quite busy executing those AI contracts in Malaysia. Norway will be the next. We reserved a little under 50 megawatts in Norway ourselves; that will be a little later than Malaysia and is expected within next year. Then we will have some of our U.S. data centers activated in Tennessee and Washington.
That's helpful. Would you consider any new sites outside of the U.S. for colocation purposes? Or are you seeing any opportunities for expansion in your European footprint on the colocation side?
We are actively looking for other power asset opportunities in Europe. But since we haven't done any deal yet, it's too early to really talk about our plan in Europe. Right now, our focus should be on executing the deal in Tydal. If we can execute that, we will generate revenue and cash flow, and it will also generate credibility for our data center execution. That's very important for us right now.
Understood. And then maybe one more, if I could. I saw, if I read correctly, just at the Knoxville site, there was a full redesign of the project, and I believe ready-for-service time was slightly pushed out. Can you just talk about — maybe provide some additional background on what drove that? Was that potential customer driven? Was that just kind of better fit for NVIDIA architectures? What was the reason for that?
I don't know if you want to talk about that, Haris, or you want me to jump in on it.
I think probably best for you, Michael.
So when we have been going to market and looking at the requirements around our Tydal, Norway site, originally we had expected Tennessee to be two different projects, but the market demand is more for a single, more monolithic amount of megawatts offered in one place. So we redesigned it instead of having two separate smaller sites inside our bigger site to just be one data hall complex. That was the redesign we did, and it's reflected from the discussions we've had with potential customers and what their requirements are.
The expectation actually aligns with the second phase. So there will be a low Phase I, Phase II as only one phase, and it will all be online at the same time. If we look at the expected Phase II, actually it pushed out a lot, but there will be early Phase I activation.
Our next question in queue coming from the line of Mike Grondahl with Northland Capital.
Could you spend a minute on how you decided on Volta and kind of what maybe their ultimate demand is? And then secondly, Rockdale and Clarington, what are next steps at both of those sites?
Maybe I'll start with the Volta side and then have Michael or Jihan speak to the other sites. Why we chose Volta was they have done a great job in finding innovative ways of addressing this business in both the capital markets and the customers they have obtained and their contracts with customers. They were also able to move rapidly, which is something we wanted to see at the Tydal site since that site is coming online in just a few months. In general, the commercial terms were also very favorable. So we thought they were the right choice for us at the Tydal site. Their ultimate demand can be much larger, but of course, they're just getting started. The initial lease is for 121 IT megawatts.
Got it. Then just an update on next steps at Rockdale and Clarington.
I don't know if Jihan wants to add some further color, but we're continuing to build out the power infrastructure as per our previously discussed timeline in Rockdale. That was something that predates the batch or the allocation of the power in the site. We're preparing in the background what we believe we need to do if we want to do an AI data center at that site. Clarington, we're developing it for crypto mining right now. The power is becoming available soon, and we'd like to use it fully. There's no big update on the lawsuit in Clarington now. The motion to dismiss that we had filed was turned down by the judge, which is pretty common in these pretrial things, and it's gone into discovery now. We continue to believe that the lawsuit doesn't have any merit, and we continue to work on that.
Our next question coming from the line of Kevin Cassidy with Rosenblatt Securities.
Congratulations on landing Volta. Two things on that. Well, maybe with the Texas government putting a pause on the new data center grid, maybe Haris, you might have touched on that, but how does that affect your colocation opportunities in Texas?
Michael, do you want to answer that one?
It's still a little bit early to make strong comments on that because the actual criteria haven't come out yet. The one big site we have in Texas, which is Rockdale, that site's activity is pre-batch 0 and not related to that. As the actual news gets out and the criteria come out, I think we'll be in a better position to be more specific in our comments.
Okay. Great. And with Volta being a large cloud developer worldwide, is there a chance to expand your relationship with them to other sites?
There is that potential with Volta, of course, but we haven't released any information on that yet.
Okay. Maybe I'll ask one other: how should we model SEALMINER rigs going forward and for external sales?
Right now, the existing wafer inventory that we have, we've designated for internal use. With the challenging hash rate environment and our desire to expand our ability to do self-mining and co-mining, we made the decision to use it internally. We have the capability and the capacity to deploy it, and that's the best way to get that working and earning us some cash. It is an example of our model being extremely flexible in that we do have a fair amount of powered land that's in earlier stages of development for other uses that we can quickly deploy cryptocurrency mining into and generate cash off the power. Also, if you keep using the power, it's less likely that the utility will try to move it away from the land. So it's important that we can quickly react when we do get land into our portfolio; crypto mining is a big advantage there.
Our next question in queue coming from the line of John Todaro with Needham.
Congrats on the lease. First question, just as it relates to the lease, it was 133 gross megawatts signed. I think we have that site going for 225. Just trying to understand why Volta didn't go for the full amount and are you keeping some for cloud? And if so, I guess, why that strategy there? And then I have a follow-up.
So the full amount of power there is actually 180 gross megawatts. Of that 180 gross megawatts, we're leasing 133 gross, which would be 121 IT megawatts to Volta and then retaining 47 megawatts gross for our own AI cloud use there. This market is dynamic; there's a lot of activity in both the colocation and AI cloud space. We think there are opportunities for us in Norway with the 47 megawatts that we've retained. We haven't made final decisions on exactly how that would be deployed and for whose benefit in terms of the ultimate tenants. We think that's a significant potential upside for us, and we felt it would be beneficial to retain that power for ourselves.
Understood. And then just one on the credit guarantee. We've seen in the past where you have a cloud developer and your offtaker is similar to an infrastructure aggregator, but there's still either the chip manufacturer or a hyperscaler involved in the credit guarantee. Can you walk us through how that process worked and what some of the other avenues were before ultimately settling on the way it's structured now?
I don't want to speak about the alternatives we looked at since those are proprietary in many cases. But the letter of credit structure here is quite useful and might be useful to the industry as a whole because, for the first time, it has backing from someone other than a chip vendor or a hyperscaler. So it opens up additional funding opportunities. It is a very high level of credit backing from the types of banks we expect these letters of credit to come from. We know this is innovative and new to the industry, but we think it's going to be something that catches on.
Our next question moves you coming from Brett Knoblauch with Cantor Fitzgerald.
I just have a few. Haris, on the Tydal lease, you talked about an additional $500 million of CapEx needed. Curious how much money you guys have put into that site, excluding the additional CapEx you need?
Actually, let me ask Michael to answer that question for how much has actually been put in.
We've put hundreds of millions of dollars of development into the site already, some of which was spent around AI data center preparation and originally developing the site to be used for cryptocurrency. We made a reasonably significant investment in the past, which prepared us so that we could act very quickly when this opportunity came up. This is more of a brownfield or semi-developed site than a complete greenfield, which allowed us to act quickly and meet Volta's desired timelines.
Understood. And then high level, how should we think about how you're going to allocate capital between leasing some of the powered land you have and building your own AI or expanding your AI cloud business? If we think about Volta and your AI cloud, to some extent, they compete against each other — you're both selling compute. Is there a preference for you to be bigger on the cloud side? Is it going to be a mixed approach? How are you thinking about it internally?
I think Jihan can give some deeper color on that. But we're remaining flexible. If there's a good colocation deal that we feel is in the best interest of the company, we can execute it. If we can own the GPUs ourselves or provide GPUs ourselves and serve customers directly, it's something we strongly consider as well. We have not committed to one exclusive approach.
Awesome. Then maybe one more. As I look at three gigawatts of existing power and power coming online over the next several quarters, is there a site that we should be focusing on that is most ready or the next catalyst to either be leased or converted? Anything we should think about for the future ramp?
Jihan talked about this earlier: in Asia, Malaysia is likely to grow quickly because of the new site we signed up in Malaysia. In the short term, Malaysia will show the most activity. Washington State and Tennessee are the two in the U.S. that are designated specifically for AI/HPC and where we're actively working on construction. In terms of near-term news, those are the two most likely to produce updates. Other sites depend on customer discussions and decisions, and we'll update as that develops.
Our next question in the queue coming from the line of Mike Colonnese with H.C. Wainwright.
Congrats on the Tydal deal. Great to see. I have two. First on the AI/HPC business: Haris, you touched on this a bit earlier, but could you follow up on the preferred use for the additional 47 megawatts of gross capacity at Tydal at this stage? It sounds like you're considering either the GPU-as-a-service model or another colocation deal. If you were to do a colocation contract, would Volta be interested in this incremental capacity? Or would you be marketing that out to new prospective tenants?
I don't really want to speak for Volta here on this call, but there is a lot of interest from Volta in expanding our relationship, and we will consider it along with other options.
Jihan, do you want to add some color there?
And then given where GPU pricing is, you guys have had some success in that business as well. Would you say you're more or less likely to deploy your own GPUs to use that additional 47, or do you think a colocation model would be preferred at this juncture?
We haven't made any final decisions for the 47 megawatts. I don't know if Jihan wants to add color.
There are already some interested customers discussing that capacity with us. For any GPU deal, we need to consider financing and deployment technicals together. Right now, it's not the right time to discuss in too much detail. Our execution line indicates Malaysia is more front of mind; we have a lot of interest there and will focus on initial capacity discussions before we start executing on Tydal's 47 megawatts for AI cloud.
And then one more on the Bitcoin mining side. Bitdeer has been one of the few miners that has continued to aggressively expand capacity in this environment, positioning you well for the next stage of the cycle. How should we think about hash rate growth in the back half of the year? It sounds like you have wafer inventory to develop, deploy and manufacture your own SEALMINERs for proprietary use. What's the best way to model hash rate expansion from here?
For modeling purposes, if you look at the steady increase we've had over the last few quarters, it will be similar going forward where we're deploying about the same amount of mining machines per month. I don't think it'll be greatly accelerating from where we are, but steady deployment at a reasonably high rate as we've shown over the last few quarters.
Our next question coming from the line of Brian Kinstlinger with Alliance Global Partners.
This is Kevin for Brian. For the Tydal site, what tasks does Bitdeer need to accomplish between now and the beginning of both Phases 1 and 2?
Phases 1 and 2 are full RFS, meaning they will be completely ready for the customers' GPUs at that time. All the long-lead items have been ordered and are scheduled to arrive before the respective RFS dates. We have to finish installing and commissioning them, which is critical. It's in a very good state right now. We've had an engineering analysis, and it looks like we'll hit our target dates. There are hundreds of people on site working on this, and it's moving ahead. There's no specific single item that stands out as more critical than the others that could potentially cause a problem, so we feel we're in a pretty good position to hit those dates.
Got it. And then Bitdeer recently announced it will lease a 21.7 megawatt data center in Malaysia for AI cloud. Can you share more details like the cost and how you finance the GPUs and any other infrastructure needed? When do you expect this data center will be ready for customers? And could you share a range at full capacity of what the annual revenue run rate would be for this data center?
It's a little early to talk about specifics and forward forecasts on that. Jihan can give additional color, but we have several customers interested. GPU financing will depend on the contract and how it needs to be structured; with a good quality customer backing, it's normally easier to find financing for GPUs.
Last question coming from the line of Ben Sommers with BTIG.
Haris, you mentioned exploring behind-the-meter opportunities. I know you're doing on-site generation in Alberta, but any additional color on preliminary conversations or steps you've taken to develop behind-the-meter power moving forward?
Other than discussing Alberta in the past, it's too early to talk about behind-the-meter opportunities at other sites. If any of those develop further, we'll mention it in the future.
We have talked about Fox Creek in Alberta as a first site and the potential to expand. This is a test of concept for us under Alberta's Bring Your Own Generation program and the availability of stranded gas in quite a few locations, which helps ensure reasonable supply at reasonable costs. If Fox Creek works well, we can expand using the same model and capabilities we've been developing. We've looked at other sites where we could do more, and if we decide to proceed, we'll update everyone.
Helpful. On the AI cloud business, what are you seeing in terms of term length for new GPU cloud contracts and how has that changed over the past 90 days?
Haris or Jihan, do you have any comments on that?
Right now, when we discuss GPU contracts with customers, we are mostly focusing on long-term contracts, typically around five years. We are not spending much time on shorter contracts. Our expansion will mostly be supported by these long-term arrangements.
I will now turn the call over to Michael Potter for any closing comments.
Thanks, everyone, for joining us, and we look forward to speaking again soon. Operator, you can end the call.
This concludes today's conference call. Thank you for your participation. You may now disconnect.