HUT & CIFR Earnings, Huge BTDR Deal , Top IREN, MARA, WYFI, GLXY & WULF News!

Hey guys, welcome back to the channel McNally Money, the official home of Power Analysis, a huge episode on deck for you today. Couldn't be taking a look at both Huddy and Cypher earnings. We've also got a big deal announcement out from BitDear, a number of price targets, and news out from Iron. A lot to talk about before we get into it. Take a second, smash the like button, guys. Big help to myself in the channel. Anthony absolutely loves it. If you're not already subscribed, McNally Money, feel free to join and let us know in the comment section below what you made of today's headlines and your top pick in the space currently. With that being said, let's get into today's video. Alright guys, away we go. Tuesday afternoon, earnings week continues and definitely did not disappoint. We've got Huddy and Cypher, which came out with their earnings this morning. We've got some major headlines, including Iron and a landmark deal from BitDear just to name a few. So should be a good one, Anthony. In typical fashion, Bitcoin price kicking us off here. Just north of 64,000. We have a weekly view. You can see we're up, we're down, we're all over the place. Pretty much ending the week where we started. Yeah, I would just stay in that nice band there between 62 and 65,000. So as I say, don't focus day to day focus a bit more long as turn than that. But it's been going in a nice direction for the last month. It's held this sort of period after a month now and that's just maybe the start of improvement. But you know, all it takes is a bit of ban use or in case some good news and we can see the opposite happens. So yeah, don't focus on the days, focus on the longer term position on this. People's mean no from cycles. It'll tend to do much better during that four year period. Yeah, let's hope. Now you talk about catalysts, whether good or bad, a potential positive catalyst here. We're hearing from Paulie market about a 30% chance. The clarity act will be signed into bill this year. We've got some positive developments out from the senators. And again, really pushing to get this done before recess. Yeah, so most governments will break for some appearance that we do that in the UK as well. So there's usually three or four weeks where they get time to have a break. You know, they're busy most of the year round. They're seeing their constituents and also doing government work as well to make sure the country's running. But we're getting close to potentially an early opportunity to sign this. It may need a few of the Democrats to come and to give it some weight and we're hopeful of that. But we'll keep your breath of any developments. But we just see more and more tweets about the clarity act. And we thought we'd just raise these couple of tweets today. And also the fact that senator Bill Haggerty is he wants to pass his clarity. He's obviously a Republican. He speaks at the conferences. And he wants a number of these Democrats to come with him and get it pass. Because Bitcoin is, you know, it's not a political state. There's more than 50 million people in the United States. Have some sort of Bitcoin or cryptocurrency in their wallets. And so, you know, it's not just Republicans that hold it. You know, there's a lot of people around the world hold it. And so I would imagine it's quite a few Democrats. And so we shouldn't be political. It's trying to politicize this. This is for the benefit of everyone having the right rules, procedures in place to cover people that have crypto or thinking of buying crypto. So something that's all positive. And once we see this established, we'll see the knock on effect around the world. We sure will. And especially in light of last week's cold card issue, this is exactly why we need more framework and structure within the space. Now we talk about senators will move over to governors next. This was an interesting curveball Anthony. The governor of Texas coming out with some news in terms of a halt on new data center applications. This is something we saw and talked about in New York a few weeks back. But I was surprised to see in Irkaut the biggest most active data center market we cover. Really some signs of slowing down. Yeah. And the key point here is is that when it says all your approvals have been paused. But what it doesn't mean is because there are so many projects going through there. 474 gigawatts are in the queue. 100 projects in total. And they're waiting on a haircut connection, which is currently five times the grid's record peak demand with 90% of all the new power requests just coming from data center operators. So hence, you know, they've decided and we talked about the grid not just from Texas, but the grid within the US. That hasn't been that amount of investment put into the grid that there should be to make sure it's capable of dealing with, you know, high demand. And this is the same not just in the US, but probably across many countries there, many developed countries where, you know, infrastructure just doesn't get the necessary amount of capital investment to keep it operating at a very high level. And as a result of this, it looks like the batch zero process has been put on pause during this period. Now the audit scope in terms of developers must now disclose all the tax breaks, the water usage, the power generation plans, the community impacts, all some of that sort of social responsibility stuff that a lot of these companies are providing before reconnection review resumes. And there's no timeline to be given for that completion. So everything's a little bit on the unknown. We don't know how many of the companies that we talk about a daily basis because the majority of them have got sites in Texas. You know, if you look at some of the big names there, like Iron, like Cypher, like CleanSpot, like Riot, like Hot, you know, just go down the list of names. They also seem to have, you know, at least one or two big sites in Texas there. You know, there's also some political pressure been building on this. And this follows the local moratoriums that we've seen in Hod Hill and San Marcos County's plus that similarly year long pause in New York that we raised on the podcast not too long ago. As, you know, the public backlash over water and power use starts to intensify further. I suppose really the question asking Bryce is what does this mean for the value of existing dates and projects within Texas itself? Well, and that's what stood out to me, Anthony, you mentioned two specific things, the batch zero pause process. So companies that are already up and operating many of which you've just listed or have sites with power. You think of course, a canna. What does this mean for the valuation? What does this mean for other areas in the states like PJM, for example, or Miso? And then you brought up the specific behind the meter generation or bring your own power. This is something we've heard from many CEOs recently, whether we're talking Mara, BitDear, even Saluna. So I wanted to get your thoughts there. Initially, the knee jerk reaction to this is, oh my god, they're pausing data centers. That's bad. But when you look behind the curtains, I guess, Anthony, how does that impact some of those existing factors? Yeah, I don't think it's, I don't think it over the impacts a lot of the comes we talk about in terms of we've been to these sites. So when we talk about the course, the canna, they just literally completed the additional 400 megawatts of power there. So they've got 800 megawatts to power outside there with a further 200 to be connected. It's a one gigawatt site. So that's already been approved. I'm just assuming it's just down to them getting the necessary equipment to deliver that. And they just spent the last 12 months completing that their additional 400 megawatts. Then we look at the sites that Iron have got there at Sweetwater, and that's just been energized there. So I imagine that this process is there to energize more and more power through a project timeline. Hotates have obviously with their sites, there's currently sort of like building their infrastructure now. They've got the power at those sites and so they deliver them there. So and one clear thing is if you look at the share price they will come on so a second. I don't see too many highlighting it red affected by this there. There is a coupling red but we'll come up with some reasons for that. So I'm not sure how much it's impacting. Remember the companies that had the power were the Bitcoin mining companies. It's just that there'll be a lot of other companies out there chasing new power or trying to get hold of new new areas within Texas where they can maybe deliver a data center and that amount of power in the pipeline there. Five times the current usage. That's going to take some working out to whether that's feasible or whether it's just going to be delayed or delayed. Like until new power is sought to come on to the grid itself because it's like 90% of all new requests are coming from data centers and this is what we're talking about. People are saying is it a bubble? No, it's not a bubble. The man is there but what we're seeing now is potentially that supply of power not going to be readily available in Texas in the very early near future. - Yeah, and I talked about this yesterday. I said, I don't think we're bullish enough. The demand keeps rising, but whether it's the NIMBY activism, not in my backyard, whether it's the actual approvals permitting or now some of these moratoriums, the demand continues to get smaller. Now we move over to the heat map. You just said actually a really good looking day, could green across the board for the most part. I wanted you to double click on a few of the companies focused on the bring your own generation. So Saluna with Brisco, we know Mara has a wind farm, we know BitDear has a natural gas plant, we know Keel has some onsite generation. This was another key theme we're hearing across the board. If you're gonna require a lot of power, you need to bring some to the table. - Yeah, and you know, you look at the position share price that we're seeing a really, really green day. And those companies that have got power there, or Bill and Pearl, you mentioned Saluna, they're having a positive day there, it's not affecting them. There are two that you've met, you know, Hutt and Siphon not having the greatest days, but we'll cover the reasons why for those two companies are in the, in the not so good day in the podcast. But again, a promptly green day, look at the day range there, you can see that it's been improving as the day's gone on. It's been a bit choppy since we've been, you know, literally doing the podcast, we can see the live prices coming through. And so there's a little bit of choppin' us there, but nothing to say there's, you know, there's a big effect of that news item there, but we thought it was worth mentioning because, you know, it came out from the governor's office. And so, you know, we're only just letting you know there, but the impact's on the lot of the companies we talk about. Most of them already got the power anyway, and those that haven't often to be using it, have got the approvals for that power to go ahead. So we'll be sure to be asking some of our CEOs this week as we interview, I think we've got five interviews this week and we'll be sure to ask that question to a number of them that are operating in Texas and what they feel on the current situation there. - Yeah, it's gonna be a busy week here on Power Analysis. You can see the list of earnings releases here, they're pretty stacked over the next few weeks. And as you mentioned, we've got a big lineup, ABTC, Hot, Terror Wolf, Mara, and Riot, just to name a few this week. So make sure you guys tune in. Moving over to the heat map, Anthony, as you can expect, starting to look quite a bit more positive the one month column, still giving us a bit of trouble. But as we said yesterday, the Leopold Asham Brenner saga has come to an end. Hopefully these companies are ready to run. - Yeah, the one month their chart, an average of 7% down there. So that's a little bit of an improvement there. The rest of the periods are in positive territory. We've had a couple of good days. The five day change day, you can see now some of the companies well into double digits and the likes of Iron having the best of last couple of days and BitDM will talk about BitDM again during the podcast there, but Iron Up 24% recovering some of those where the share price drops. So it did drop below $30. And I think a lot of people felt that was maybe a drop to far considering the amount of power assets that they've got in play. And the fact that they are well decentralized in terms of not all their powers in Texas. They have British Columbia, they have Spain, they have a science company in Australia, Oklahoma. So maybe some of these companies that are far more decentralized into other energy areas, maybe the ones that sort of benefit from that don't have all your eggs in one basket. But as I say, I don't think it's going to affect too many. Looking for some of these interviews over ice during the week and hopefully as we've seen today, it's not just about earnings, it's about the four thinking strategies and giving a bit more color to some of the conversations that these companies are having with potential clients and at the same time maybe a deal of two being announced as well. And we'll come on to one that announced a deal today. - Yeah, speaking of which, BitDeer, tier point about a deal and geographic diversification. They had an L.O.I for their title facility. I think you said yesterday only that we were hoping to see that convert to an actual deal by earnings. And again, BitDeer delivered here and awesome move up today. And again, I think this is one a lot of people are overlooking. - It certainly is. And again, if you look at the time frames of these deals, again, these co-location deals, this one, that BitDeer announced is a landmark 16 year HPC data center lease for its title facility in Norway. Now remember, we talked about the L.O.I. there about a month ago. Now they've confirmed that. Now, if you look at the numbers, these are some really, really impressive numbers. But again, I'm going to stress, these are the revenues. We don't know the level of costs associated with some of these. We can make some assumptions. But the revenues are looking really, really strong, 4.7 billion in contracted revenue. And the potential for this 16 year deal to have an extension of eight years, which will then take the total revenues to about $8 billion. Now, the agreement itself covers 121 IT, make lots of NVIDIA GPU capacity. And the PUE for this company, and the PUE for this particular project is 1.1, which is absolutely in terms of the industry. That is Cluster's excellent. We've talked about some of the other companies that are operating in the northern states of the US. In New York state, they're the likes of Terrowolf. And they're getting closer to 1.25, 1.3. If you go down to Texas, you're looking very much closer to 1.5. A 1.5 might be just slower than the industry. I'm just going to show you about 1.58. So this at 1.1 is significant. And the reason it's significant is the fact that they've got a site there, 225 megawatts. You're getting more compute for your power. So therefore, you're achieving more revenue for every megawatt you've got. If you're having to service your compute with 50% of additional uncillary power, you're not benefiting from that power. You're incurring your cost for using that power, but you're not generating any revenue. On this type of deal here, which makes it really stand out-ish. If you look at the revenue per megawatt, we look at the light. And this is for co-location. I don't want to get into the sphere we talk about. CSP is a different type of contract. You're getting massive amount more revenue, but you're buying GPUs, which are very expensive. So there's a big cost against that revenue. But for co-location, your responsibility is to make sure the site is fit for purpose for your client in terms of delivering a tier 3 data center. And their revenue per megawatt is a ground-breaking $2.427 million, which is pretty impressive. We talked about the last terrible deal. They were at 2.35. And we can see now that that's increased with this deal here. And when we had Ben Gannon on the podcast, literally, just over a month ago, he was saying that he could see more and more new deals getting better and better throughout the year and not necessarily wanting to rush in and sign the first deal. He felt there was better deals out there. And actually, he's been proven right. And we'll show you a little bit later in the podcast, what some of those deals look like in terms of how they compare. But this particular deal was absolutely good. Now, if you look at the margin they're going to achieve on this, 90% net operating income, which effectively, that 242, that brings in over $200 per kilowatt with electricity fully reimbursed by the tenant. And so this makes it a deal like we saw with the hot 8-deal at their beacon hill site there, really, really impressive. What we don't know, though, is all the other costs associated. Remember, you've got to go out there and finance these deals. And so the level of borrowing may be higher, but they're getting certainly getting a revenue to cover that. Now, when you think about the CapEx, they've got only 500 million remaining CapEx, which is roughly about $4 million per IT megawatt to complete with Phase One targeted for December 26. That's literally about four months away from where we are. And Phase Two to be completed for March 20, 27. And then you'll start seeing those revenues coming through year after year there. So effectively, $280 million per year in revenues coming through in this deal. It does have a 3% escalator as well. So that takes account of the inflation year on year. And if you think about the site itself, it's 100% owned. with zero dilution, bit dear retains, full ownership of the campus, with no equity or warrants issued in the transaction. I think that's probably a look at what some companies have been doing in terms of when they've been dealing with some of the big hyperscalers, the hyperscalers you've been taking. Small percentage of the companies, some shares, were like that. And actually, when we spoke into those CEOs, or the CFOs, those respective companies, from their position there, having a hyperscaler, having that sort of connection there, of ownership there, he's only seen as a positive. And I don't think that's an actual negative way to look at it. I think it's extremely positive that hyperscaler is willing to have partly company there, as that deal goes through there, it keeps that relationship pretty much focused there all on the same, you know, the same incentive to get the deal through, and to achieve that contract throughout the period of the contract itself. Now, the 90% NOI margin on a 16-year credit back stock, at least, is about as clean as economics profile as this sector reduces. And BitDeer didn't have to give up, as I say, any shares for the companies to get it right. And you look at the share price, $12 and change today. This was a company in excess of $24 last year, before they had the SEALMiner A4L, before they had that massive hash rate growth, and a lot of these AI developments. So, one we're watching closely, with the deal done now, we move into earnings. Two big companies reporting today, Cypher and Hadeat will go through Cypher first. This was their Q2. I'll let you walk through some of the financial results. But again, really, the focus here was on the future in this AI conversion. Yeah. And really, we've set this, and I'll reiterate this point. You know, earnings is going to be quite challenging for the, for the, literally, the vast majority of the companies coming through, with their earnings now, because the fact that they're still reliant for their revenues being predominantly Bitcoin mining revenues. And if they're holding any Bitcoin on the treasury, then they're subject to the MBSB rules for valuing that Bitcoin at true value, at the end of the, at the end of the period. So, in terms of Cypher there, you know, when you look at the fact that they delivered about $25 million of revenue, and the fact that they're growing their sites in terms of Black Pearl and Barber Lake, they're spending money that they're not getting any revenue at the moment, they made a significant loss of about $267 million, which represents about $0.65 a share in terms of loss there. The vast majority of that loss was one-offs. At the valuation of warrants, the valuation of Bitcoin as well, there's also a fact to them. If you, if you strip out the one-offs and literally go down to a cash position there, they're just an ebit, Darfur the company was 30 million negative there. Now, we should start to see improvement because we know that really some of the good news stories that came out of the update is the fact that Black Pearl is delivery accelerated. So, they'll begin delivering the initial HPC capacity two months ahead of schedule. And the rents will commence at the site from August. So, in the next earnings update, you're going to have two months of rent for the Black Pearl site there. That will start to offset some of these problems with Bitcoin. And I said before, if the Bitcoin price starts to rise over these remaining two months of the quarter, then that also will benefit in terms of not only the margins will improve, but also the fact that if you've got us an amount of Bitcoin on the balance sheet, and some of these companies have a lot of Bitcoin on the balance sheet, Cypher has some on the balance sheet. Not as much as some of the companies we'll talk about today with earnings as well. But it means that they can carry that positivity into their next earnings update there. So, it'll make the numbers look a little bit better. But remember, when you are growing and developing, especially with a new strategy, this new technology of HPC, this is not the same as Bitcoin mining in terms of delivering sites. These are expensive. You've got to spend a lot of money not just on, on actual build costs, but also the fact that you're requiring to pay for high-end engineers in terms of electricians, in terms of construction managers. At the same time, that everybody else is trying to get those same stuff. So, you're probably paying a premium. And that's feeding through to earnings as well. Now, in terms of the lease updates, we've already talked about the early delivery there. That's been now being updated in the lease to support that timeline itself. And they've also, in addition to this, they've now secured a option for a further site in Texas, named Apollo, which is up to 900 megawatts. That's based near San Antonio in Texas. There's 288 acres there. And that is part of the hook-up batch zero study loan. Now, I don't know if Tyler mentioned during the earnings call today, whether that was going to be an issue with what we just heard from the governor of the state there. But certainly, they'll have done some of the due diligence before announcing this as one of their main stories of the day. They've also talked about stingray development. It's now fully funded. They completed a bond offering to fully fund stingray through some substantial completion. And they've been reimbursed 56.7 million of prior expenditures. And to talk about Barbara Lake Progis, they're the tenant's already commenced beneficial use with partial occupancy and network rack deployment. And will continue through phase one and two works underway. Stingray, which is their third site, the construction is way on track now. Earthwork, grading, pad prep and underground electrical is also very much underway. So we'll get more and more updates about that site. And we'll keep you abreast of what we hear about those sites in Texas that are part of that batch zero process as to whether there's any impacts there. But I'm quite pleased to hear the story then. Remember what we said a couple of weeks ago. When these earnings updates come out, they'll have some additional information. Some other good news stories to basically tell you that the future is going to be better than the current because you know, this Bitcoin mining business for a lot of them has not proved to be as opportunistic as it was thought maybe five or six years ago. No, it definitely hasn't. And we're going into a having as well. So it's going to be interesting to talk to ABTC about how they're planning for that. Talking about the pipeline here for Cypher. Again, they've got that new Apollo site. But if we look at the map, Anthony, I think this is Ohio, the only exception. But pretty concentrated in Texas and Urkot. So this is going to be a really interesting trend to watch develop as we've got some miners very focused on specific regions, other miners fully diversified across the world. So with that being said, you can see their current portfolio and pipeline and capacity. Pretty exciting stuff at Cypher. And as you mentioned yesterday, this company has a plan to just continue to bring on one or two projects a year. Absolutely. That end, the end column there where it shows you the Barbara Lake Stingray. You know, and now the Apollo of 900 megawatts there. That's in addition to what they're also doing at Mekelska, Meklen and Kuchis, where they've got a further two gigawatts of power. And then we've also covered the fact that Rivelle and Eulacee are also being developed as 270 megawatts. And the 207 megawatts that they are developing at Odessa for when the mining stops there because they're currently all the Bitcoin mining is being done through Odessa. That's got an extremely low power cost there. I think, you know, in the region of about maybe three cents a kilowatt hour. The last time we we highlighted that. But we know from Tairon the last earnings update. So that was three months ago that he felt there'd be no more mining, you know, by the next 12 months. So literally there may be down to maybe less than nine months of mining. And then Odessa becomes opportunistic. And that's a 207 megawatts site there with power already. So that's going to be certainly quite key to maybe a number of opportunistic enterprise or NeoClouds and certainly maybe even a couple of hyper scalars as well. The final part of this site for update is all about counter and what they believe in terms of the updates. Now counter are analysts to a number of the things that we talk about a daily basis. And they also include at cipher. So when these big companies bring out an update, you can just see the, you know, Brett and his team there. They'll be cracking through all the Excel spreadsheets time to putting the new information there. And they've basically provided, you know, a target of $28. Now it's an overweight rating. Current cipher share prices is lower than $24 at the moment. So there's potential there. And basically they've given this target price there because of access accelerating the data delivery and that growth in pipeline. So we talked about the Cypher that the two months early in terms of rent commencing in August. We talked about the fact that barbellates on track for October for end of the start, stingrays fully financed, and that extension of the pipeline in San Antonio for the Apollo site there targeting that 900 megawatts by 2031 to remember having enough pipeline to keep doing this rinse and repeat. And they've got also, they've got a potential of another further two gigawatts for 2829, which we covered on the slides showing you the pipeline there and additional capacity beyond there. So the company there, they've you know, as you start doing these first two big projects here and they've got stingray coming on as well, it's that constant sort of like, you know, the next projects now have been sought very much in the same way that Terrell for been highlighting theirs. And you'll probably see this from a number of companies. Remember Ben Ganger is going to come on the podcast in the next week or so and tells not that they are those three potential deals that he's due to be signing in this financial year. Yeah, some really nice looking stuff out of Cypher and we've got an interesting slide actually comparing the portfolios of these companies in a few minutes here before that though Anthony, the second heavy hitter to report today, HUD eight. Again, we just had that big lease update prior to earnings. So didn't get a ton in terms of new deals, but we did get some great visibility onto the financials and how things are progressing on these existing contracts. Yeah. So the caveat here is remember ABTC or subsidiary of HUD eight and because HUD eight owns more than 50 cents of the company, they have to include their share of the revenues and costs associated that within their accounts there. So as well as when ABTCs were finalized. It's today HUD eight at the same time having to their own accounts, which to be honest with you, because they're not getting as much revenues from the HBC at the moment, probably not too much work, but they certainly have to incorporate the ABTC into their numbers, which again didn't make things look very rosy from a numbers point of view. But as I said before, this earnings is not about the numbers. This is about what these companies are about to deliver that will show far more regular positive earnings than we've seen over the past three or four years. So revenue in terms of total revenue for HUD eight was 74.9 million. The vast amount majority that was the ABTC mining revenue where they were producing their Bitcoin. Now it's all 81% year over year, but it missed the target of 80 to 81. So you know about five, six percent lower in terms of revenue there. The net loss itself, 177.1 million. That's the gap net loss. So that works out about $1.27 per share. Now that was driven by this non-cash 138.9 million. Unrealized loss on digital assets. Remember, we'll take, I've got this staggering amount of Bitcoin on the balance sheet, the Bitcoin price in terms of quarter by quarter fell nearly $10,000. So that $10,000 will apply to the majority of that hoddle. And therefore you see that unrealized loss. Adjusted EBITDA just to give you a positive point was actually positive 10.4 million. So we take out all the one offs and the non-cash items and look at things from a cash perspective, 10.4 million positive. That's an improvement from 4.2 million in quarter to 2025. So an improvement there. And we'll see that number hopefully improve quarter on quarter as they start to receive revenues from their clients in their two big sites. The Bitcoin production we talked about yesterday, mind roughly 935 BTC. That's all A BTC. That's been incorporated. During the course, that's up from 308 Bitcoin in a private, private year. And if you're just looking at liquidity, they've got on the balance sheet approximately 8.1 billion in combined cash, restricted cash and Bitcoin reserves as at the end of June 2026. Now if we talk about infrastructure and AI progress itself, we talk about financing. They've closed a 7.5 billion total non-recourse investment grade project financing. And that's 3.25 billion for riverbend and 4.25 billion for beacon point phase one. And if you think about the scale contracted AI data sensor now, that capacity's risen to 949 megawatts with an expected based on contract value roughly 26.6 billion only core scientific can actually highlight a larger amount of compute megawatts in terms of the comes out we talk about on a day-to-day basis. I'm not not including here that the Neoclowns and the hyperscores I'm talking about that the miners that have now pivoted towards HBC. So core scientific having signed that recent deal with AMD took them over the 1.1 gigawatts, putate their fast on their hills with 949 megawatts followed by Terawulf, who were also over 922 maybe down to 25 compute megawatts there. Now if you look at the construction times, the active construction spans for that total 1.3 gigawatts of sites there. Remember, the compute capacity plus the PEE they're using 1.3 gigawatts of utility capacity across both those riverbend and beacon point campuses with initial holes delivered targeted for Q2 2027 and Q3 2027 respectively. So again, this time next year you'll start seeing revenues coming through to their accounts. So you know Q2, Q3 next year starts in the position. So we've got a few more quarters to go through with the challenges there but this is what's going to happen. You've seen these companies grow so quickly. Whilst that site's been energised and ready for clients to move in, then you'll start seeing the revenues follow and that 26.6 billion over the contract period rises to about 50 billion if they take up the extensions on those contracts and remember Huttay had some of the best contracts in terms of the fact that they were able to pass through the majority of costs to the client. So very very strong contracts, very very high net operating income. I think there's certain terms that I think it was nearly 100%. So again, Ash will come on the podcast tomorrow and give us more of a call to these numbers tomorrow but absolutely, you know, very much in the driving seat going forward with plenty, plenty more opportunities down the line. They certainly are now. I know you talked about the pipeline, some of those different categories. We also got an update out from Cantor based on this round of earnings. So it looks like again a lot of opportunity both in terms of AI infrastructure and upward price movement. Yeah and Cantor have actually, they've actually given them an overweight rating but they've loaded the targets now under $80 which we look at today's share price as potentially there, you know, maybe 80% potential upside from where the share price is today. And you know, they've obviously taken into account the full one gigawatt of beacon point campers to investment grade 10 and they close at 7.5 billion a project finance into court when they're still there talking about the total $1949 megawatt's of IOT and the 26.6 billion aggregate base to value with an expected net operating income annually a $1.75 billion. Now remember this quarter we just talked about just over 70 million dollars coming in there and you're going to be looking at circa four to 500 million once these sites are operating there per quarter. This is the difference in terms of business strategy. Yes, you're going to spend a lot of money now delivering those sites but once that really starts coming in and we'll start seeing some excellent margins potentially and start racking up some profits because you know that the challenge every company's had on the balance sheet is when you look at the mining business and look at the accumulated profits or losses. I'm afraid every company that we talk about at the moment has an accumulated loss and we'd like to start seeing that turn and I think given you know the next couple of years we'll start to see a lot of companies making inroads into that and maybe by year 3, 4, 5 they'll start showing green on that particular line in the balance sheet showing you now that they've got a strong viable business and that's what we expect in this in this particular strategy. And actually a good example of that another target out from Rosenblad in relation to Galaxy digital holding so this is another one that we've been following obviously the Helios site their deal with CoreWeave another company with a lot of potential upside based on where they're currently trading. Yeah and Rosenblad have actually lowered their estimates due to that sort of the weakness of the crypto asset business model but at the same time they're also looking at what galaxy are doing with that L.ios site and the core. core business model, which is going to be start being priced in more. So they've given the price to I've got $35. The price at the time of this update came out late yesterday was $21. So there's potentially there a good upside. They do reiterate their buy rating, but they've lowered that target of $35 from $39. And that's based on 23 times the 2028 adjusted EBITDA estimates. Remember we talked before about these analysts don't look at this year. They're looking at future years when the projects are going to start delivering. And remember 133 megawatt of compute has already been effectively energized for core weave there. But that site is a 1.6 gigawatt site. And so there's a further 8 to 900 megawatts to be delivered on that site there. And I think what Rose and Black are doing, like many of the analysts are doing, they're looking at that deal. And when those revenues are likely to be brought in and what that will do to their finances. And so there are just a little bit of data, which is basically looking at all the cash items. So just don't look at the non cash items there and calculating a multiple based on that upside there. But a strong price target of $35 on what they're delivering at the moment. And there's plenty of upside from where the share prices today again, close to maybe 78% upside. But again, do you do diligence on this there? A lot of these analysts will be coming out with a lot of targets as we're seeing earnings coming out day to day. We'll see a lot more of these targets and we'll hopefully try and give you as many as we can on the podcast day by day. Let us know which companies you're hoping to see those coming through as we've got earnings for the next two weeks for majority of companies. Who are you following there? Who have you been impressed with? And where do you think the analysts are going to be targeting some of these companies in the next week or so in terms of the deal? Where do you think those price targets lend up? Put them in the comments and we'll have a lot through them in the next day or so. Yeah, exciting times in the earnings world here. Speaking of revenue, this is a really interesting graph. We found courtesy of Matt Seagull looking at the ARR per megawatt. So there is a ton of different storylines in here. Really for me, you talk about the trend as your friend. Many of the CEOs have said we're seeing increasing rates on a per megawatt basis. We look back over the past 24 deals. You just talked about the new deal today from BitDeer and it appears that trend is intact and well. Yeah, that's that bit dear deals not on here. But if you look at where wolf is there sitting in terms of the co-location deals and way over 2.25 million per megawatt, then you can add another couple of centimeters on that graph to put in BitDeer as well. That'll be over 2.427 million dollars per megawatt then. Now again, this is only about annualized revenues. And don't look at some of these other deals there. People might be saying, "Oh, well, that's not a great deal for core scientific. Core scientific was an excellent deal. Core we've paid about six billion dollars for those facilities to be built. That's not how to be picked up by core scientific." At the end of the contract, those facilities get how they don't core scientific. So they keep the facilities at the end of the contract. So again, don't always associate high annualized revenue with the best contracts there. It does give you an indication if you're looking and you've got certain grade of client. And if you look at the applied deals that we've talked about there, numbers before, they've got three deals, happened recently in terms of April and May. And they're below the line, but they're below the line because they're all hyper-scaled deals. So when you start looking at the contracts that they're going to need funding for, the doors will open widely for them to go in there. And they'll be able to save some of that gap in terms of the weight and average cost of capital. Delivering the financing for these deals. Right, the two contracts they've signed there. Again, don't look at those deals and think, "Well, that's not very good. What do we expect from Corsica? They are hybrid deals. Right, I've only paid just over three million dollars per megawatt. Instead of the nine, ten, eleven, twelve million dollars per megawatt, that these other companies are paying now to deliver their contracts. And the revenues are extremely good. So again, if you look at the value of the return on your investment, Riot would be significantly higher than where they're at a moment. So it's a good graph to show you the trend. If everything was equal, that would be fine, but there are some anomalies here that I wanted to highlight. And I think I've covered the main ones there. Terrible, they obviously have that great deal. Bit dear, needs to be added to that there just to show you how good that deal is there. But the majority on the line there, pretty strong deals all round price and I'm hoping, just like Ben Gagnon said, there are better deals to come further throughout the year. And they've got three to announce. So let's see where Bit dear end up in terms of that line when they announce their deals. Yeah, and you and I were also discussing the iron stars. They're obviously a CSP model, so much higher ARR per megawatt. But there's a lot more cost associated, more risk. But interesting to see internally for iron, the difference between the Microsoft versus Nvidia contracts. So more to come on that, hopefully in their earnings. This is another great visual here, Anthony, actually comparing the planned portfolio for data center capacity in gigawatts for the companies we cover. So we talk a lot about these pipelines. This table essentially looks out what they've got locked up or available currently. This is a great slide because it's not talking about potential or under discussion. This is what they've got. And we talked about iron there, nearly six gigawatts of power that they have within their remit. Remember sweet water is two gigawatts itself. Oklahoma 1.6 gigawatts. Children of 7.5, they've got the Spanish site there, over 500 megawatts there. And then they've got South Australia, 800 megawatts there. Not even counting the fact they've got British Columbia, their oldest sites there, also delivering significant power. 5.8 gigawatts of power puts them ahead of nebius core we even applied. These are the Neo Clouds coming up behind them. And I think if we go to iron, say, should you be including that Neo Cloud? Bachelor, they probably disagree and say no. We consider ourselves a hyperscale. Well, if you're attracting powers quickly as they're getting, maybe they've got a case for that. One thing we'll need to see obviously is, as they've started to release some of the power 4HPC, there is a real potential, you know, for more deals to be announced there. And to see those targets hit in terms of annualised revenue, in terms of showing what they can do at the children's site. Remember that was energized recently, 300 megawatts of the two gigawatts has been energized. They're vastly working now, building the steel infrastructure on that site there. So again, I'm looking forward to their earnings, maybe more information coming out. Because again, the revenues and the cost from their Bitcoin mining are going to be a bit of a challenge. And the fact that they're investing so much money in delivering these new strategies, some of them without a client, hopefully, Dan's kept a little bit of good news for us there. But a really interesting one there. Interesting, Galaxy at the bottom there, 1.63. And you can sort of look at some of these companies now and think, look at what their market capitalisation is. I mean, irons, nowhere near as in terms of market cap as big as nebius or core weave. But you look at the hot wolf cipher core scientific, we talk about and riot. We talk about these companies having very, very similar share prices, very, very similar market capitalisations. Does that is that a reflection of the power that they've got? So it's an interesting second to iron on the regular goodness that we talk about. Then followed by the likes of wolf cipher causing, right? So maybe, I think right is actually valued more than causing terms of market cap. So maybe there is some correlation there. Cleansfark at 1.8 gigawatts of power with already a signed deal for 175 megawatts. That valuation in terms of market cap is significantly low. So maybe there's some upside. And Mara were looking forward to their earnings. Because they've signed this agreement with Starward and we've yet to hear any sort of like new. So maybe they're keeping something under their table just for that earnings update there. Because they've got the largest Bitcoin treasury position of all these companies. And that's going to initially provide a significant downside there. Their loss on Bitcoin treasury will be in the region of maybe $350 million. And when you think about the revenues coming through, they're not earning that amount of revenues from mining. So, you know, we know it's going to be a loss. It's just the case of how big that loss is going to be. Is Fred keeping a little bit of good news to soften the blow of that? I think he is. Hey, now we've talked about deals. We've talked about earnings, hot off the press here, Anthony, I was just looking on Twitter. It appears the company you just chatted about with BitDear has inked another pretty significant deal with that in Thropic. So maybe we'll throw that one in ad hoc here. Then we want to get into some personnel changes. Absolutely. And that deal takes Volts as deal today to around about $15 billion. So plenty of upside there in terms of that there. But again, we've seen these deals coming through thick and fast. I don't see any sort of any downside in terms of demand for this technology. Now moving over to personnel, we've got some internal shuffles here for both Wi-Fi and Mara will handle White Fiber first, swapping out a few board positions along with naming a new CFO. Yeah, so Wi-Fi have just announced a new Chief Finance Officer just in Zoo has been promoted from within. He was the previous Chief Accounting Officer at Wi-Fi since August 2025. So been there just about a year, he's had his promotion. So his vice-printer finance at BIT Digital. So the sister company there was six years prior, Ernst and Young advising, Fortune 500 clients. Now Eric Wanger stepped down, he designed a CFO and board member, transitioning to Senior Advisor and non-voting board and observer, whilst remaining the CFO of BIT Digital. So these are just internal moves here. The company confirms that there's been no disagreement over operations or practices. And one final note is that Santa Bar, the CEO since February 2025 and Wi-Fi has been elected to the Board of Directors as David Andre has departed also citing no disagreement. So couple of in-house changes at Wi-Fi. And similar story over at Mara as well, they've actually appointed two new independent directors. This is something we've seen pretty consistently over the past few years as these companies reposition from BIT Coin Mining to AI, obviously different skill set, different connections needed and that's exactly what we're seeing here play out. Yeah, they've announced the appointment of Craig Hart and Nancy Novak as the independent director's effects if from the first of August this year. Now Craig has been the senior portfolio manager and global co-head of energy and power at Avenue Capital and he brings with him an expertise in power markets and energy infrastructure. Nancy herself was the former Chief Innovation Officer at Compostees DCs and as extensive experience in hyperskill day center development. Again, you're seeing these independent directors bringing a wealth of experience to these companies. These companies up until recently were building BIT Coin Mining sites. This is not data centers. You need that experience, not just in case of building but in case of the markets as well. So having these key personnel on the board there shows the market that they have strengthened debts in their personnel and they can use that experience to guide the board when they're making decisions about future strategies involving this delivery of HPCAI. Now as part of the plan transition, Barbara Huntson and George's Antoon have stepped down. The board remains at seven directors of which six are independent and these appointments, strength and moral capabilities, it advances energy, digital infrastructure and on the POOT strategy. Yeah, good updates there. Now shifting over to some more recent SEC filings out from Terrible Wolf. An interesting storyline here, some shares given, some shares sold and an interesting price target update to boot. Yeah, we don't sort of tend to put all four falls on the podcast but this was an interesting one there because both carried long lay and Patrick Flurry, the Chief Strategy Officer and the Chief Finance Officer respectively have just received 500,000 shares, RSU shares this week. And so normally in the vast majority of times when your issue shares, you'll see the director at the same time, they'll sell some of those shares to effectively pay the tax. Although shares, remember those shares would be treated like receiving income and so they'll have to pay the tax on those shares there, the fact that they just can't just give out millions of dollars of shares and there's no tax involvement there. We all are liable to pay taxes for everything we do and the only two certain things in life price are taxes and death. So in this case here, Kerry's decided to sell the shares equating to the tax liability and so she disposed 276,500 so that's more than 50% of the shares just to cover the tax liability. Now the reason we're showing this is because Patrick and we're out, we're going to run the podcast this week. He's going to, you know, obviously you're talking about the company but we might just pose this question to him. He's received the shares and he hasn't sold any of the shares which may be an indication that he believes if he's going to cover that tax liability because it will still be a liability, he'll have to find that with other funds, maybe, you know, savings but that's going to be the best part of about five million dollars to cover that there. And so, you know, if you're looking at this from an at and at this point of view, maybe Patrick believes it's better to use savings than shares because he may believe the share price at $19 today has significantly higher to go and therefore why would you be selling shares if your share price is going to rise and we've seen some of the updates on Terrible, we've covered some this week and we've got another one from B-Riley today. They're now raising their price targets of $40. So if you think about the share price at the moment, $19 there, he would have to sell shares at $19 about $276,000 to cover that actual tax liability. Now if the share price does get close to $40 with the gas to, you know, that rating by B-Riley, then he's going to achieve effects of the doubling of that money there and so maybe he thinks there's some strength in whole no shares but well that's Patrick when he comes on the channel if he wants to mention it and then hopefully will include it if not that's it's a personal thing and you know and maybe you won't want to its part of the podcast but from an outsider's point of view, it looks like you know he feels the share price is going significantly higher and with all the updates they brought out there with over 900 megawatt of compute power on the table and lots more sites in the pipeline remember this is a power company and that started to mine Bitcoin not a Bitcoin mining company that realize they have power for HPC so the strength and depth in the actual team at Terriwall, some of those people have been working together for the best part of 20 years. Patrick has been absolutely transparent every step of the way from when that share price was lower than a dollar and me and you brought, I remember I was buying some of those shares at you know circa 50 cents when he was then there and him and Paul on the podcast was saying this isn't going to last forever Paul was buying millions of shares when it was one dollar and you can understand why they've basically highlighted all this along the last three years and you can see it's only going to get better from here price. It is yeah and I was chuckling we just talked about that range 20 to 30 dollars for many of these stocks the ciphers the riots and the terror wolf now seeing that creep up to 40 dollars so that's going to be an interesting one and as you say I doubt Patrick will have any issue talking about the RS use he's pretty transparent with everything now we saved a big one for last year iron they announced the potential acquisition of Morantis they've now closed on that but this is really a big step in completing that vertical integration. I know you've got some comments around what this actually does for iron but for me this was kind of the missing piece of the pie that's now enabled them to go out and get these enterprise AI lab type of customers independently without a middle man. Yeah they've completed the acquisition of Morantis and by doing that they've used 12.6 million shares plus 40 million dollars in cash the deal structure is fixed shares that signing plus cash are issues and some other consideration closing the acquisition of this particular cloud software provider. Now remember Morantis has about 1500 enterprise customers and it brings us up substantial existing customer base and deep software engineering expertise to iron's platform and videos AI cloud really initiative. Morantis is an inaugural partner with its cordon AI platform already integrated within video DSX OS for current and next gen architectures and this is now from Dan Roberts position this is the full stack now complete and he basically you know as has been on the stage and explained iron now arms the land the power the data centers and what Miranda Springs is he has the software layer to serve everyone from hyperscalers on bare metal to enterprises wanting managed cloud and already driving contracts with Sin that as as they've as the contracts for Nvidia and for Microsoft this acquisition is reportedly already facilitated several of irons announced and prospective AI cloud deals suggesting it wasn't just the cables play but really an active deal closer. Yeah interesting development there and again earnings from iron very anticipated or looking forward to that one in the retail community I know you and I have large positions in iron as well speaking of earnings and interviews we've got a big week all throw up on screen here what we're expecting over the next 10 days or so also wanted to draw your attention to the power analysis dot IO website always nice to go in and touch up or refresh on the last interview going into the next round here so a lot of development s Anthony we had a big deal from bit here earnings week continues the momentum in terms of share price looks strong I'll give you the last thought here and remember guys tomorrow asher jenuit hot eight on the channel for an interview yeah the thing that stands out to me is we we we reiterate the numbers aren't going to be good and and I wouldn't tell people just to focus on the numbers only it looks like every company's holding a little bit back there to soften the blow of the numbers and I think with some of the big hitters coming out for the rest of the week and some of them without deals been signed and we're likely to hopefully get some some more color to what potentially is going to happen out there and I think everyone's been saving a little bit for for this particular week itself and it doesn't happen that you sign deals on earnings day I think there's been some some orchestrating of doing this and you need to have it you know if you're going to have just an earnings day with these results here the market will just look at that but if you've got something to add to that you know then you've got something to to show the market that things down the line are going to look a little bit better than they are currently and we know that the mining with the Bitcoin price at the moment which is out of the control of everybody that we we deal with you know they can't control a Bitcoin price they're trying to control their cost structures and some of them doing it really well but even at the price at the moment 64,000 it's a challenge to make a reasonable margin to cover all your costs now with these deals been signed for billions and billions of dollars and there's a real opportunity that companies can get back into a position where they're bringing out regular quarterly positive earnings updates. Yeah looking forward to it I think we're really in the right place at the right time keep in mind the market is forward looking we'll continue along with our earnings reports tomorrow with our regular podcast and joined by Asher in the afternoon thanks so much for watching we'll see you back here then.