Greg Lewis

Matt said non-Texas assets (Washington GA, Wyoming, Tennessee) gained value amid Texas audit uncertainty, though none would jump the line.

Matt Schultz explained that factory-based build vendors introduced portfolio-scale tenants wanting capacity across multiple geographies, including low-latency and larger-scale sites; a direct, illustrative answer.

CFO declined to give specific FTE numbers, citing timing uncertainty and the option to use outside contractors; a partial, non-quantified answer.

Harry laid out the phased ERCOT-approved energization schedule and highlighted room to expand at the site.

Lewis asked whether July's price run-up triggered covered-call exercises; Vecchiarelli reframed around the no-dilution capital strategy rather than confirming specifics.

Gary confirmed roughly $35 million monthly covers operations, with excess going to CapEx or the credit line; direct.

Zach confirmed a 15% rig price decrease and expects further declines as fewer buyers pressure ASIC pricing; direct.

Zach said sentiment has shifted to inbound interest, with communities recognizing the tax and employment benefits and small utilities seeing mining as a way to monetize idle assets in rural America.

Management emphasized supply chain control and speed as the primary ESS Metron benefit, citing the AMD delivery as impossible without internal capabilities, while noting $23.2M in cumulative CapEx savings with larger savings expected at full development scale.

Management described Rockdale as sharing Corsicana's advantages (700 MW approved, active site, ample land) near Austin technology hub, with ongoing work to enhance tenant attractiveness while mining generates cash flow.

Management explained the two-building start reflects current demand signals with ability to rapidly spin up additional buildings if customer conversations require more capacity.

Management noted hyperscalers scaling to gigawatt-plus requirements with neoclouds and enterprises also increasing, making large-scale capacity attractive for pipeline expansion beyond initial leases.

Jason Chung explained Bitcoin sales cover operating costs while Coinbase facility provides additional financing, both reducing ATM issuance and freeing equity raises for value-accretive growth.

Management confirmed multiple parallel tracks including hyperscalers, infrastructure partners, and financing partners to maximize value.

Management confirmed power demand extends beyond 2025 with capacity in 2026-2027 remaining highly valuable due to 4-5 year lead times for new interconnects.

Only lease signing waits on closing; design and tenant discussions are advancing as if the deal were already closed.

Management said no feedback received and expects FERC to respond before year end, with nothing expected to block approval.

Fred described tenant site criteria (always-on power, fast build, internet, water) and prioritizing existing energized sites, but did not name specific regions gaining interest.

Kent cited a diversified supply base and said any tariffs would be felt across the industry, but did not quantify how much equipment is imported.

Dan described extraordinary difficulty getting signed interconnection agreements and Kent added that more recently submitted projects will take incrementally longer as utility/ERCOT queues congest.

CEO said strategic suppliers, some of them NuScale investors, offer competitive rates; as OEM, NuScale's scope is about 30-plus percent of cost with the rest EPC and other contractors.

CFO tied capital draws to the timing of commercialization and pointed to supply-chain and fuel-design investments as signals, but gave no specific deployment timeline.