Bitdeer Technologies Group Q1 FY2026 Earnings Call

Hello, and welcome to Bitdeer Technologies First Quarter 2026 Earnings Conference Call. Operator Instructions. I would now like to hand the conference over to Tesh Dahya. You may begin.

Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's First Quarter 2026 Earnings Conference Call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Matt Kong, Chief Business Officer; and Haris Basit, Chief Strategy Officer. Today's call will begin with Haris providing a review of the company's first quarter results, operational progress and strategic direction, and I will close with an update on our financial performance. To accompany today's call, we have provided a supplemental investor presentation available on Bitdeer's Investor Relations website under Webcasts and Presentations. 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, please refer to the company's filings with the U.S. Securities and Exchange Commission. I also want to note that beginning with the first quarter of 2026, Bitdeer has transitioned from International Financial Reporting Standards to U.S. Generally Accepted Accounting Principles. As part of this transition, Bitdeer has adopted FASB ASU 2023-08, which requires digital assets held to be measured at fair value each reporting period. Changes in the fair value of our digital assets will flow through GAAP net income and may introduce noncash volatility into reported earnings. We will discuss this further during the financial review. With that, I will now turn the call over to Haris.

Thank you, Tesh, and good day, everyone. The first quarter of 2026 demonstrated Bitdeer's fundamental strength and resilience. In a challenging environment for the broader mining industry, our vertically integrated platform advanced across our four strategic businesses: Bitcoin mining, ASIC development, AI cloud and colocation data center infrastructure. We are making significant progress in each area. First, our Bitcoin mining production has grown almost 500% year-on-year. Second, we launched the industry-leading SEALMINER A4 series. Third, we are rapidly growing our AI cloud revenue. And fourth, we are well on our way towards converting our Tydal Norway facility into what is expected to be Norway's largest AI data center with a lease tenant in advanced stages of negotiation. The combined strengths we see across our portfolio create optionality that is genuinely differentiated within our industry. We remain committed to Bitcoin mining and see significant opportunity ahead. At the same time, our three gigawatt global power capacity is a strategic asset that is increasingly relevant to AI and colocation customers. In Q1, we delivered total revenue of $188.9 million, an increase of approximately 170% year-over-year, with an adjusted EBITDA of $14.4 million, an approximate $60 million increase year-on-year. Tesh will cover additional details of the financials here shortly. But first, let's turn to a review of our power and infrastructure portfolio, which remains the foundational asset underlying everything we are building. We continue to make meaningful progress across our global infrastructure footprint during the quarter. As of the end of March, we had approximately 1.7 gigawatts of electrical capacity online and a total global power pipeline of approximately three gigawatts. We believe this represents one of the largest and most AI suitable power portfolios among publicly listed companies in our sector, and it continues to provide us with strategic optionality as demand for large-scale compute infrastructure intensifies. Our core sites are sizable, dispersed across multiple continents and regulatory jurisdictions. They include access to renewable energy with attractive economics, featuring infrastructure designed to support intensive continuous operations. These are characteristics that are difficult and time consuming to replicate, and they are increasingly what large-scale AI customers are looking for as they pursue power-constrained deployments. Over the past several months, we have seen the demand dynamics for AI data center capacity continue to sharpen. The supply and demand imbalance for AI compute has widened, and we expect this shortage to persist well into 2027 and beyond. Time to power remains a critical variable, and we are positioned to serve customers seeking both near-term and midterm capacity in a way that very few operators can match. Against this backdrop, we are prioritizing colocation arrangements for our larger sites, which are best suited to serve hyperscale, Neo cloud and enterprise tenants seeking substantial committed capacity. For our smaller facilities, we continue to pursue AI cloud opportunities, deploying capacity on a contract-backed basis. This tiered approach reflects a disciplined allocation of capital across our portfolio, matching the appropriate commercial model to the scale and characteristics of each site. Let me walk through where we stand on key development sites. Tydal Norway remains our highest priority colocation opportunity. On March 30, 2026, our subsidiary, Tydal Data Center AS, entered into a formal agreement with Data Center Installation AS, a specialized Norwegian contractor, to develop and convert the Tydal facility into an AI data center. The project will deliver 180 megawatts of gross installed capacity and the first phase is expected to be completed as early as December 2026. Upon completion, the Tydal facility is expected to be Norway's largest operational AI data center and one of the largest in Europe by installed capacity. This facility is being built primarily for colocation usage. Designed in accordance with NVIDIA guidelines and closely following NVIDIA reference designs, it is intended to support deployment of both GB300s and NVIDIA's latest Vera Rubin AI technology. What makes Tydal particularly compelling to prospective tenants is a combination of attributes that are genuinely rare: stable baseload power enabled by 100% renewable sources and an excellent power usage effectiveness, or PUE, of approximately 1.1 enabled by the cold climate and chilled water available from a nearby lake. Furthermore, the site was built such that it substantially reduces retrofit capital requirements relative to a greenfield build. We expect our remaining CapEx costs to complete the Tydal site to be significantly lower than typical greenfield data center development costs. Orders for most long lead equipment have been placed and decommissioning of Bitcoin mining rigs at the site is already underway. Upcoming near-term milestones include finalization of key equipment installation contracts and technical installation work in several of our data halls. Lastly, we have also begun technical due diligence work on behalf of our future tenant. We are in advanced stages of negotiations with a potential colocation tenant for Tydal. These discussions, when completed, would result in highly regarded and well-recognized end users. Morgan Stanley has been retained as our financial adviser for this project. Signing the Tydal lease agreement is management's highest priority. At Clarington, Ohio, we have 570 megawatts of power under contract with AEP. This is one of the largest AI data center development opportunities in the United States among publicly listed companies in our sector. Design and preparation work is continuing for the site. As we have disclosed, litigation filed by a neighboring company could affect the timing of construction. Our attorneys feel strongly that we have a well-founded case and that the litigation has limited merit. On the business side, we are evaluating plans that can mitigate the impact on our overall development timeline. We remain optimistic about the potential for the site, and we continue to build strong relationships with the local community and government officials at all our Ohio sites. At Rockdale, Texas, we are pursuing a dual-track strategy that maintains our existing Bitcoin mining operation while developing new AI infrastructure on adjacent land. In addition, we are working with ERCOT on incremental power capacity of 179 megawatts targeted for energization by year-end. This will bring our total power capacity at Rockdale to over 740 megawatts. We are actively engaged in discussions with several prospective colocation tenants for this site. The Rockdale site benefits from its location in the ERCOT market and will be designed from the ground up to support AI workloads. This approach allows us to maintain revenue-generating mining operations throughout the development period rather than interrupting them. Beyond these three primary sites, conversion projects are advancing at Wenatchee, Washington, and at Knoxville, Tennessee. Both sites are undergoing design and permitting work for AI data center conversion with the Wenatchee site and first phase of our Knoxville site targeted for completion in the fourth quarter. At Niles, Ohio, we are actively working towards the development of our 300-megawatt grid interconnected site with a target energization timeline of the fourth quarter of 2028. We also plan to break ground on our 101-megawatt Fox Creek, Alberta, Canada site in June of this year. Furthermore, we continue to aggressively look for additional opportunities to invest in land and power capacity, and we will share these updates as appropriate. The U.S. continues to be the primary hub for Bitdeer's global operations, bolstered by our confidence in pro-business, pro-innovation policies that support the growth of AI and digital assets. We remain firmly committed to scaling our presence in the U.S. On the Bitcoin mining side, the expansion of our self-mining platform continued throughout the quarter. Self-mining hash rate grew from 55.2 exahash per second at the end of December 2025 to approximately 65 exahash per second exiting March. Sixty-five exahash per second represents a year-over-year increase of more than 400%. We mined 668 Bitcoin in January, 705 Bitcoin in February and 661 Bitcoin in March. The modest decline in March relative to February reflects seasonal factors at our Norway and Bhutan facilities rather than any underlying deterioration in fleet performance as witnessed by our April production of 783 Bitcoin. We expect to see continued momentum in the months ahead. Our mining operations are not plateauing. The SEALMINER A4 series, which officially launched on April 7, 2026, represents the most efficient mining rigs anyone has delivered. The flagship A4 Ultrahydro model operates at 9.45 joules per terahash. The A4 series also includes the A4 Pro Hydro and the A4 Pro Air at 10.9 joules per terahash. These machines provide deployment flexibility across different site configurations and cooling environments. The A4 Pro Air is one of the most efficient air-cooled mining rigs in the world. SEAL04-2 chip development continues at our U.S.-based design center. Importantly, our internal manufacturing capability means we are not subject to third-party hardware markups on these rigs when deploying them into our own fleet. This is a structural cost advantage over other mining operations. The inclusion of these new machines will continue to improve our fleet efficiency of approximately 16.4 joules per terahash as of March 31, 2026. That efficiency improvement, combined with our advanced chip design and supply chain resources, translates directly into lower cost per unit of hash rate produced, which means better mining margins at any given hash price level. Over the next several quarters, we plan to leverage our growing fleet of SEALMINERS beyond our existing mining data center capacity and work with third parties to deploy incremental co-mining capacity at their facilities. This will allow us to maximize mining economics in the near term while maintaining flexibility to opportunistically drive SEALMINER sales into the second half of the year, depending on market conditions. On the SEALMINER manufacturing front, preparations for our Reno, Nevada factory are progressing. The facility lease has been signed and construction permit applications have been submitted to local municipal authorities, and we anticipate starting construction by Q3. U.S.-based manufacturing is a core component of our vertically integrated strategy and aligns with both our operational resilience objective and the evolving trade and supply chain environment. Our AI cloud business has matured from a pilot service into a commercially distinct, structurally attractive business segment with rapidly growing revenue and a deepening enterprise customer base. For the AI cloud business, annual recurring revenue, which was approximately $10 million at the end of January, grew to approximately $21 million by the end of February and reached approximately $43 million at the end of March. GPU utilization climbed from 41% in January to 94% in March. At quarter end, we had 2,128 GPUs deployed, including H100s, H200s, B200s and GB200s with 1,948 under active external subscription. More recently, in our April production update, we announced annual recurring revenue has now reached approximately $69 million with over 4,000 GPUs deployed. Customers are committing to longer durations, which improves revenue visibility and cash flow stability. Since late 2025, we have seen hourly pricing of H100s increase by approximately 40%. This is in direct response to demand levels, and the market is absorbing this increase without meaningful friction. This pricing power reflects the strong fundamentals of our AI cloud business. In January, we deployed our initial NVIDIA GB200 NVL72 infrastructure at our Cyberjaya, Malaysia facility. This marks the first phase of an accelerated expansion designed to support enterprise-grade training workloads on the Grace Blackwell architecture. In February, we launched a managed Kubernetes service with GPU-native orchestration, providing enterprise customers with scalable infrastructure for AI training and inference. Our model studio platform now supports more than 50 leading open source models, enabling clients to deploy everything from basic inference to advanced multimodal applications through a single managed environment. In March, we showcased our integrated AI solutions at the NVIDIA GTC Conference, generating incremental business opportunities and strengthening our brand presence within the AI infrastructure ecosystem. We are actively evaluating U.S. data center leasing opportunities and expect to bring GPU capacity and AI cloud services online for U.S. customers in 2026. Consistent with our stated approach, any large-scale U.S. GPU expansion will be backed by committed customer contracts. Turning to our balance sheet. In February, Bitdeer successfully priced an upsized offering of $375 million in 5% convertible senior notes due in 2032. We ended Q1 with cash, cash equivalents and restricted cash of $298 million. We expect that the bulk of our fiscal year 2026 total financing needs will be addressed through project-level debt financing following a signed lease agreement for our Tydal, Norway site. Now I will hand it back to Tesh to go over the detailed financials.

Thanks, Haris, and good day, everyone. It's great to be here, and I look forward to meeting many more of our shareholders in the coming months. Let me walk through our detailed financial results for the first quarter. Before I begin, I would like to remind everyone that all figures are in U.S. dollars. And as noted earlier, this is our first quarter reporting under U.S. GAAP. In addition to discussing results calculated in accordance with U.S. GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA. Adjusted EBITDA excludes noncash fair value changes on our digital assets and convertible note derivative liabilities, along with certain other items, and we believe it provides the most consistent basis for assessing core operational performance. For a full reconciliation of non-GAAP measures, please refer to our earnings release published earlier today on Bitdeer's Investor Relations website. First quarter consolidated revenue was $188.9 million, an increase of approximately $119 million year-over-year. The year-over-year growth was driven primarily by the significant expansion of our mining hash rate and associated Bitcoin production, reflecting the continued SEALMINER deployment throughout 2025 and into 2026. Sequentially, revenue declined from $224.8 million in the fourth quarter of 2025, reflecting lower average Bitcoin prices during the first quarter relative to the fourth quarter as well as a larger portion of our manufacturing output going towards self-mining deployment rather than external SEALMINER sales. Total gross profit was negative $39 million, reflecting a gross margin of negative 20.7%. Three converging factors drove the outcome. First, Bitcoin prices remained under pressure throughout the quarter. Second, our mining fleet carries substantial noncash depreciation expense amounting to $70 million, given our rapid expansion. As a reminder, we now depreciate mining rigs on a three-year straight-line basis, and the pace of SEALMINER deployment throughout 2025 and into 2026 generates a significant concurrent charge. Third, seasonal power cost dynamics at our Norway and Bhutan facilities weighed on energy costs in the first quarter. Looking ahead, the path to gross margin recovery is straightforward. A4 Series deployment lowers our cost per Bitcoin mined, spring and summer rate normalization reduces electricity costs and the scaling of AI cloud revenue improves margin composition as that segment grows. Adjusted EBITDA was $14.4 million for the quarter, an increase of approximately $60 million year-on-year. The sequential decline from $24.3 million in the fourth quarter of 2025 reflects the gross margin dynamics described earlier. Operating loss in the quarter was negative $159.5 million and earnings per share was negative $0.68. Net cash used in operating activities was $346.9 million, a 42% reduction versus the Q4 net cash used in operations of $594.7 million. The primary drivers of the sequential reduction were lower SEALMINER supply chain and manufacturing costs, partially offset by higher electricity costs. Turning to the balance sheet. We exited the first quarter with $297.7 million in cash, cash equivalents and restricted cash compared to $177.9 million at year-end 2025. Total borrowings at the end of Q1 were approximately $1.92 billion. For the full year 2026, we reiterate our guidance for total infrastructure capital expenditures in the range of $180 million to $200 million for crypto mining data center construction. This guidance covers crypto mining infrastructure only and does not include CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development. Additionally, we anticipate a continuation of growth in our mining hash rate, albeit at a more moderate pace than we have seen throughout the prior two quarters. In summary, the first quarter of 2026 was a quarter of execution and strategic advancement. Gross margins were under pressure from a combination of low Bitcoin price, the depreciation accounting impact of our fleet expansion and seasonal power costs. These factors are transitory and the forward catalysts for margin recovery are tangible and progressing: A4 deployment, power cost normalization, colocation and scaling our AI cloud. Against that backdrop, we delivered on the key elements that will define the value creation we expect to deliver over the coming quarters. We launched the SEALMINER A4. We grew AI cloud ARR by 105% in a single month. We engaged a construction partner for Norway's largest AI data center, and we strengthened our balance sheet with $375 million in new capital. The colocation pipeline ahead of us is substantial, and we are pursuing it with full organizational focus. We entered the second quarter with strong operational momentum, a differentiated asset base and a team that has demonstrated its ability to execute at scale. We are energized about what lies ahead and remain committed to delivering long-term value for our shareholders. Thank you. Operator, please open the call for questions.

Operator Instructions. Our first question comes from the line of Greg Lewis with BTIG.

Haris, I appreciate we're in advanced discussions on Tydal in Norway. That being said, I'm curious how you're thinking about the design. I noticed in the comments we talk about design and planning. How far in the process of the final design can we get? Is that something that we then need to wait for the customer to move forward? And just as we think about the opportunity in Norway, I know we're talking about hyperscalers. How important is that? I know there are some big tech Scandinavian companies that some might not think are traditional hyperscalers, but are big tech companies in Northern Europe. Could you provide any color around those questions on that opportunity?

Okay. Sure. Thank you, Greg. With regards to the exact technical specifications, there are differences between customers because different customers want to put in different machines, whether GB300s or Vera Rubin and different mixes of those machines. We have, I would say, the vast majority, almost entirely, of the design in hand. We're still communicating with the most likely tenant here, the one that we're very close to signing, to make sure that all the design elements meet their requirements, which turn out to be very close to the NVIDIA reference designs. So we think we have that well in hand. There's ongoing discussion, but just over very detailed type of items at present. With regard to the type of tenant, the two most important things here are that there would be a very sound credit, an investment-grade client or a very good credit wrapper, and the economics of it are important. We're focusing on those two things. If it goes through the way we expect, in the time frame we expect, I think investors should be relatively pleased with both of those issues. I can't say too much more about the tenant, but it won't be too long before I think we can announce that deal.

Understood. And then I did want to touch on Clarington. In the press release and in the prepared remarks, you mentioned some delays that are ongoing. Could you provide some broad strokes around what is actually happening? That was news to us, so I want to understand what headwinds you're dealing with.

Which location are you referring to?

Clarington.

Clarington. We announced earlier about the litigation at that site. We're still working through that, and we expect that will have an impact on the construction schedule. There's not really a lot more I can say about that. We are looking at ways of mitigating those impacts.

Our next question comes from the line of Mike Colonnese with H.C. Wainwright.

Nice to see all the progress across your business lines here. It sounds like SEAL is progressing nicely. I was wondering if you could provide a little bit more color around Rockdale. It sounds like you're going to simultaneously construct a new AI data center alongside your Bitcoin mining operations there. Can you talk about the level of client demand for that specific asset? Given the power capacity and what the development timelines could ultimately be for that part of the portfolio for an AI colocation opportunity, how should we think about it?

I think it's a little early to predict the exact development timeline for that. It's a very attractive site for AI. One of the things to make it even more attractive would be to have more land, which is what we're working on at that site. But the power is there, and it's going to be expanded to an even larger envelope of power over 700 megawatts. So it's a good location for AI. We're speaking with several potential tenants there. They span from hyperscalers to Neo clouds and even some others. The level of demand is very high. I can't really put a precise time frame on the execution of that site yet, but we're moving forward on making sure we have appropriate land space where we can develop the AI data center while the Bitcoin mines are still operating.

Got it. Very helpful color, Haris. And then just sticking on the AI side but more on the cloud business, that is seeing really strong growth here between GPU deployments and utilization rates. Can you share more information around the contracted element to it? Are customers signing longer-term commitments? And are there internal benchmarks you're targeting to grow that business this year? Thinking about GPU expansion from around 4,000 GPUs that you have today, what's the best way for investors to think about that growth?

I think there's tremendous demand for GPUs. We're limited by how quickly we can bring up these GPUs and AI cloud sites, but the demand is there across the board. We were able to raise rates on our H100s by 40% and have no problem booking those. We're also starting to get longer-term contracts, which improve visibility. Jihan, did you want to add anything?

Okay. I muted myself earlier. Right now, most of our contracts are long-term contracts. The majority of our machines are under long-term contracts, with customers agreeing on terms for three to five years.

Our next question comes from the line of Mike Grondahl with Northland Capital Markets.

This is Logan on for Mike. First, can you provide some insight into the conversations around pricing and terms in Norway and also some color on what the remaining hurdles are to getting a lease signed at the site?

I don't think we're going to give you full pricing details other than we think it's near the top of the market of what we've seen announced. So we think it will be quite good. What's left are a lot of detailed items. We are in the late stages of negotiating the lease, and there's a lot of small details. There's no one big thing that stands in the way, but all these small things have to get handled before we can have a finished signed lease. It's our highest priority within the management chain and we're applying a tremendous amount of resources to it. There's just a lot of detail that needs to be covered.

Got it. That's great to hear on favorable pricing. And then one more: in your April update, you mentioned that various other sites outside of Norway, Clarington and Rockdale are in advanced stage negotiations. Are you at a point to formally call out those sites by name? If not, can you provide color around how demand for your sites has changed over the last 90 days?

The last 90 days demand has stayed very strong. I can't quantify whether it's gotten a little stronger, but we haven't seen any diminishment. We are not in a position to announce the schedule for any of the other sites in terms of colocation. For AI cloud sites, we have announced Q4 of this year for Wenatchee and the first phase of the Knoxville, Tennessee site.

Our next question comes from the line of Kevin Cassidy with Rosenblatt.

Congratulations on all the progress. Just going back to the AI cloud, very impressive that you're able to raise hourly rates by 40% on the H100. What's the trend as you go to higher performance GPUs? What kind of rate increase should we expect on the hourly rate?

Maybe I'll ask Jihan to answer that question since I don't have a detailed feel for the differences by GPU tier.

Previously, we had mostly short-term contracts. After those contracts ended, we had an opportunity to raise the rates. Right now, most of our GPU capacity is in longer-term contracts, so rates will be relatively stable going forward. If we deploy higher-end GPUs, that means deploying new GPU types. All those contracts are in negotiation as we prepare the data centers and the installation work. Generally, demand is competitive and customers are willing to pay good prices. We need to carefully choose clients that are stable and profitable. Overall, I'm quite optimistic about the profitability of the GPU renting AI cloud business because customers are willing to pay a good price to get GPU access.

Okay. And just perhaps it wouldn't be complete if I didn't ask about the SEAL04 second version. You mentioned you're still working on it, but do you have any timing? What is the targeted joules per terahash?

No, we haven't changed the target, but we're not ready to announce new timing on that yet. Sorry about that.

Our next question comes from the line of Nick Giles with B. Riley Securities.

Maybe a follow-up from an earlier question: at what stage across some of these other sites would you be willing to build for colocation purposes? What level of CapEx would be associated with that? Do you have a rough estimate of how much CapEx you've deployed to date towards colocation conversions across the platform?

We haven't revealed our CapEx for colocation conversion other than to say that the amount of capital required in Norway is remarkably less than the normal amount of CapEx required. We expect CapEx requirements at other U.S. sites will be closer to the typical amount needed to build an AI data center. We may be able to get some of the savings we had in Norway at other sites, but not to the same extent.

Understood. I appreciate that. Maybe switching gears to the Reno, Nevada ASIC facility, any preliminary estimates on what CapEx could be there? How would this change your margin profile in that business, if at all?

That's the site where we're assembling ASIC mining rigs.

Probably not.

We haven't reported the amount of capital required for that site. It's significantly smaller than the capital required for a data center or even a Bitcoin mining site. Most of the cost of our mining rigs is embedded in the silicon itself, which is still made by TSMC in the same location. So we think the incremental cost of assembling in the U.S. will be covered by, for example, tariffs and other trade-related considerations. We think it will be a very good location for us and within a reasonable price increment of building in Asia, especially if you account for tariffs.

Our next question comes from the line of John Todaro with Needham.

Congrats on the progress so far. Going back to Rockdale and Clarington, some pieces still need to be completed to get development moving along. I think my understanding is it's mostly acreage. What are the limiting factors there? Are you in negotiation processes for land? Do you need additional cash to get those items done? I'm trying to understand how far along you can be.

One way to think about it is that the amount of power in Rockdale is much larger than the amount of land, so that's something we want to rectify. It's around those issues that we want to make sure we're able to fully utilize all of the power at those locations. In Clarington, there's the additional complication of the litigation.

Understood. And then shifting to Bitcoin mining machine sales: a lot of U.S. public miners are pulling back as they shift towards AI HPC. You guys have had more external sales in international markets. How does that change the sales strategy? Is it a benefit that U.S. miners are pulling back, shifting more opportunity to international sales? How does this affect external sales longer term?

We are not pushing external sales very hard at this point. Almost all of the output is being used internally by our data centers. We do sell internationally, so the pullback by many U.S. miners has limited impact because of that. Jihan, do you want to add comments on ASIC sales or demand?

Right now, because of constrained semiconductor fabrication capacity, we intend to do more self-mining. Self-mining is also, I believe, a profitable business. We still have some Bitcoin mining sites we haven't filled, and we have many partners that want co-mining partnerships, where we provide the rigs and they provide the farm. We share the hash rate and we typically get the majority. Electricity billing is transparent with no markup from the mining partnership side. It's quite scalable. We are not very aggressive on selling rigs right now. Bitcoin price is still in a bearish situation, and if we sold the rigs now, we'd likely do so at a poor price. Expanding self-mining is the best economic decision for our company at present.

Understood. So the focus is primarily internal.

Operator Instructions. Our next question comes from the line of Brian Kinstlinger with Alliance Global Partners. I am showing no response from Brian. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Haris for closing remarks.

Well, I think actually it's Tesh — do you have some closing remarks, Tesh?

Yes. I think we just want to thank everyone for joining the call. We're exiting the first quarter with clear operational momentum, a focused strategy, and we're really executing decisively on our AI infrastructure pipeline. Thank you for joining us today, and we look forward to driving sustainable long-term value creation.

Thank you, everyone.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.