CIFRW

• Strategic Pivot to HPC: Executed key transactions with Fluidstack/Google and AWS, solidifying position in high-performance computing. - Convertible Offering: Completed a $1.3B convertible offering, the largest digital infrastructure convertible issuance to date, oversubscribed, strengthening balance sheet. - Project Progress: Barber Lake construction underway, on track for 2026 delivery. Black Pearl ramped up mining capacity. Development portfolio includes Stingray (100 MW, energizing 2026), Reveille (70 MW, energizing 2027), and 3Ms (Mikeska, Milsing, McLennan) in interconnection approval processes.

• Expect to use debt financing for majority of HPC construction costs, with no need for further equity fundraising. - Convertible offering proceeds to be used for HPC construction, working capital, and general corporate purposes. - Confident in delivering HPC projects on time, leveraging existing infrastructure and strategic partnerships.

Bitcoin Mining: The company operated approximately 23.6 exahash per second of self-mining capacity. Odessa was the most significant part of the portfolio, representing ~56% of bitcoin production in Q3, with an operating hash rate of ~11.3 exahash per second using ~207 MW and fleet efficiency of ~17.6 joules per terahash. Black Pearl began contributing significantly in Q3, with the first 150 MW mining at ~10.1 exahash per second, contributing ~36% of production, and fleet efficiency of 13.9 joules per terahash. The joint ventures (Alborz, Bear, Chief) had a total power capacity of 120 MW and generated ~4.4 exahash per second, contributing ~9% of overall bitcoin production. HPC: Executed a second landmark HPC transaction with AWS, contracting 300 MW of gross capacity with ~$5.5B in contract revenue over 15 years. The Barber Lake project with Fluidstack and Google is on track to deliver 168 MW of critical IT capacity by September 2026 with ~$3B in contracted revenue. Secured a joint venture for a 1-GW site in West Texas called Colchis with a 1-GW Direct Connect Agreement with American Electric Power, targeted for 2028 availability.

• Supply Chain Constraints: Potential delays in procuring long lead time assets. - Market Dynamics: Intense competition in the HPC space and uncertainties in power approval processes for development sites. - Regulatory Uncertainties: Risks associated with interconnection approvals and regulatory compliance for development sites.

Q: On deal points, pricing, and power delivery for AWS deal.

A: Inks still drying on the AWS deal, design still finalizing; PUE and cost in line with Barber Lake project.

Q: Financing plans for HPC projects.

A: Exploring debt options, convertible offering provides funds for construction.

Q: Power availability and ERCOT approval for development sites.

A: Sites in queue, Colchis expected 2028, 3Ms in interconnection process.

Q: Use of 56 MW at Barber Lake.

A: Exploring colocation and own GPU operations, high interest from multiple parties.

Q: Design and CapEx for Colchis, impact of HPC deals on approvals.

A: Cost in line with previous sites, deals enhance credibility with regulators and transmission providers.

Q: Supply chain constraints for long lead assets.

A: Experienced team, good track record, supply chain managed.

Q: Expansion outside Texas, progress with hyperscalers.

A: Looking at PJM, focus on risk-adjusted returns.

Q: Revenues from HPC deals over time.

A: Rent commencing 2026, phased delivery.

Q: Urgency in HPC deals, changes in counterparty behavior.

A: Meteoric rise in AI demand, increased urgency from hyperscalers.

Q: Odessa PPA, evolution of Black Pearl site.

A: PPA valuable, mining economics strong, potential for HPC conversion.

Q: Confidence in delivering AWS deal at Black Pearl.

A: High confidence, site built for long-term convertibility.

Q: Competition for Colchis site, hyperscalers building own sites.

A: Local knowledge and credibility give advantage, competition from traditional players.