CLSKW

• CleanSpark is evolving into a digital infrastructure and data center development company, with Bitcoin mining remaining foundational. • The company is in the second phase of AI development, having secured scarce power and land, and working on tenant-driven technical and commercial alignment. • Acquired 271 acres in Austin County, Texas, with 285 megawatts of contracted power and a second development initiative in Brazoria County, Texas, forming a Houston area infrastructure hub. • Sandersville saw the acquisition of a 122-acre parcel in proximity to substation and power infrastructure, with advanced diligence underway. • Digital asset management generated over $13 million in premiums and cash, with a covered call derivative program and basis trade contributing to returns.

• Expect to move from portfolio formation into commercialization milestones for AI, including site-specific announcements and structured long-term offtake agreements. • Confidence in the embedded option value in power and land portfolio as options convert to visible cash flows. • Normalized EBITDA of $55 million for the quarter, indicating cash generated from operations, with focus on AI data center business for stable cash flows and high margins.

During the fiscal first quarter 2026, CleanSpark's Bitcoin mining segment generated over $180 million in revenue with a gross margin exceeding 47%. The Bitcoin mining segment contributed significantly to the overall revenue. Additionally, the digital asset management segment generated over $13 million in premiums and cash during the quarter, representing about 24% of normalized adjusted EBITDA.

• ERCOT's proposed large load bag study could impact energization timelines for Sealy and Brazoria County projects. • Potential delays in site development due to closing conditions and regulatory processes. • Market conditions affecting Bitcoin mining economics, such as Bitcoin price fluctuations and network difficulty changes.

Q: Mike Grondahl asks about the demand environment for HPC and which sites have the most demand.

A: The executive responds that demand for HPC is escalating, with Sandersville being a top site currently due to its 250 megawatts already energized, Sealy site has strong demand with energization in Q1 '27, and the next site is also appealing.

Q: Brian Dobson asks about confidence in signing HPC contracts in the near future.

A: The executive is very confident, working on a basis of design with offtake customers to ensure delivery certainty, and demand is escalating rapidly with many inbound inquiries.

Q: Michael Colonnese asks about milestones to watch for in HPC over the next quarters.

A: Matthew Schultz mentions working on basis of design with hyperscalers, modular MEP construction, and ensuring all build parameters are established ahead of time for certainty in delivery.

Q: Greg Lewis asks about costs and employee growth for HPC.

A: Gary Vecchiarelli states that while there's a plan to bring on FTEs, timing drives costs, and there's optionality to rent services, with growth expected to slowly uptick throughout the year.

Q: Stephen Glagola asks about ERCOT's proposed large load bag study affecting Sealy and Brazoria projects.

A: Harry Sudock explains that ERCOT's study is in comment period, assets in Texas are in favorable position, with detailed discussions with counterparties, and Sealy project is more advanced with specific timelines.