We break down Q3 results with Frank Holmes and CFO Darcy Daubaras, showing how Paraguay’s low-cost energy and smarter hardware expanded margins while HPC demand accelerated. We share our path to tier three data centers, conservative financing, and the catalysts we see into 2026.

• Paraguay’s 300 MW online driving lower energy costs and higher efficiency
• Margin expansion through S21 hydros, fleet optimization, and daily cash control
• Accelerated depreciation choices on ASICs to reflect real-world lifecycles
• Sweden footprint consolidation to prepare for tier three HPC
• $30m Bell deal in Winnipeg and 4 MW Toronto retrofit progress
• Optionality between tier one mining and tier three compute at new sites
• Paraguay land, power, and dark fiber as the long-term HPC foundation
• GPU lifecycle strategy, H100/B200 financing, and pricing power
• Policy risk contrast across Canada, Sweden, and pro-business Paraguay
• Funding mix: ATM, asset sales, vendor financing, and disciplined capex
• 2026 goals: more exahash in Paraguay and scaled recurring HPC revenue

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