Keel Infrastructure Corp. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Transition Strategy: Bitfarms is actively transitioning from Bitcoin mining to a High Performance Compute (HPC) and AI infrastructure company focused on long-term shareholder value.
  • Thesis: Infrastructure—and specifically power availability—is the primary bottleneck for AI growth. Bitfarms aims to capitalize on this dynamic by prioritizing infrastructure development and targeting facilities suited for the next-gen NVIDIA Vera Rubin GPUs, expected in late 2026.
  • Geographic Focus: Bitfarms’ facilities are located in Pennsylvania, Quebec, and Washington—all high-demand, cooler-climate regions outside of Texas with power access constraints, providing a competitive edge.

Key Facility Updates

  • Washington (Moses Lake):
    • 18 MW of renewable power secured in a high-demand West Coast cluster with a 10-year power waitlist.
    • $128M critical infrastructure deal signed. Project fully funded and targeted for completion in Dec. 2026.
    • Pursuing both colocation and GPU-as-a-service (cloud) strategies.
  • Panther Creek (PA):
    • 350 MW secured with phased build-out: 50 MW by end of 2026, 300 MW by end of 2027.

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Operator: Thank you for standing by, and welcome to Bitfarms' Third Quarter 2025 Earnings Conference Call. I would now like to hand the call over to Jennifer Drew-Bear from Bitfarms' Investor Relations. Please go ahead. Jennifer Drew-Bear: Thank you, and welcome to Bitfarms' Third Quarter 2025 Conference Call. With me on the call today are Ben Gagnon, Chief Executive Officer and Director; and Jonathan Mir, Chief Financial Officer. Before we begin, please note, this call is being webcast with an accompanying slide presentation. Today's press release and our presentation can be accessed on our website, bitfarms.com, under the Investors section. Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during the call, and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms' MD&A for a complete list. Please note that references will be made to certain measures not recognized under IFRS and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our MD&A for definition of the aforementioned non-IFRS measures and their reconciliations to IFRS measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted. And now turning to Slide 3. It is my pleasure

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