Q2 2026 Digi Power X Inc Earnings Call

August 14, 2026

Speaker #1: Good morning, and welcome to DigiPower Inc.'s second quarter 2026 financial results conference call. Please note that this event is being recorded, and the transcript will be available on DigiPower Inc.'s website.

Speaker #1: At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. Unless noted otherwise, all amounts referred to during the call are denominated in U.S. dollars.

Speaker #1: Certain comments made during this call may include forward-looking statements or forward-looking information within the meaning of applicable U.S. and Canadian securities laws. Such statements and information reflect current expectations and, as such, are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations.

Operator: Such statements and information reflect current expectations and, as such, are expected to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. Those risks and uncertainties include, but are not limited to, factors discussed in Digi Power X Inc.'s report on Form 10-Q for the three and six months ended 30 June 2026, and the annual report for the year ended 31 December 2025, as well as the company's other disclosure documents. Except to the extent required by applicable law, Digi Power X undertakes no obligation to publicly update or review any forward-looking statements or information. During the call, management may make reference to certain non-GAAP financial measures that are not separately defined under GAAP, such as EBITDA and adjusted EBITDA. Management believes that those non-GAAP measures, when considered in conjunction with GAAP financial measures, provide useful information for both management and investors.

Speaker #1: Those risks and uncertainties include but are not limited to factors discussed in Digipower Inc.'s report on Form 10-Q for the 3 and 6-month ended June 30, 2026, and the annual report for the year ended December 31, 2025, as well as the company's other disclosures documents.

Speaker #1: Expect the extent required by except to the extent required by applicable law, Digipower undertakes no obligation to publicly update or review any forward-looking statements or information.

Speaker #1: During the call, management may make reference to certain non-GAAP financial measures that are not separately defined under GAAP, such as EBITDA and adjusted EBITDA.

Speaker #1: Management believes that those non-GAAP measures, when considered in conjunction with GAAP financial measures, provide useful information for both management and investors. Reconciliations between GAAP and non-GAAP measures are presented in the tables accompanying the press release highlighting Digi Power financial results as of the quarter ended June 30, 2026, have been filed and made accessible under the company's continuous disclosure profile on SEDAR+ at www.sedarplus.ca and are also available on the SEC's EDGAR website at www.sec.gov/edgar.

Operator: Reconciliations between GAAP and non-GAAP measures are presented in the tables accompanying the press release highlighting Digi Power X financial results as of the quarter ending 30 June 2026, have been filed and made accessible under the company's continuous disclosure profile on SEDAR+ at www.sedarplus.ca, and are also available on the SEC's EDGAR website at www.sec.gov/edgar. I would now like to turn the call over to Michel Amar, CEO of Digi Power X. Please go ahead, sir.

Speaker #1: I would now like to turn the call over to Michelle Amar, CEO of Digipower Inc., please go ahead, sir.

Speaker #2: Good morning, everyone, and thank you for joining us today as we share results for the second quarter of 2026 for Digipower Inc. I'll start with the highlights of the second quarter.

Michel Amar: Good morning, everyone, and thank you for joining us today as we share our results for the second quarter of 2026 for Digi Power X. I will start with the highlights of the second quarter, three months ended 30 June 2026. Revenues of $6.6 million, reflecting the planned wind down of legacy operation as the company transitioned to AI, compute, and colocation revenue. GPU revenue recognized for $1.1 million, representing the company's first GPU bare metal rental initial fleet of B200 and B300 GPU deployed at the Columbiana, Alabama facility. It was started a little bit third week of May till the end of June, so about five weeks of income. Positive adjusted EBITDA of $3.3 million, an increase of $3.2 million compared to last year, Q2 2025. If you add all the depreciation and the non-cash related items, it brings us to a net loss of -$14.4 million for the quarter.

Speaker #2: For the three months ended June 30, 2026, revenues were $6.6 million, reflecting the planned wind-down of legacy operations as the company transitioned to AI compute and colocation revenue.

Speaker #2: GPU revenue recognized for $1.1 million representing the company's first GPU bare-metal rental initial fleet of B200 and B300 GPUs deployed at the Columbiana Alabama facility and it was started a little bit third week of May till the end of June.

Speaker #2: It's about five weeks of income. Adjusted EBITDA was positive at $3.3 million, an increase of $3.2 million compared to last year. Q2 2025.

Speaker #2: If you add all the depreciation and the known cash-related items, it brings us to a net loss of $14.4 million for the quarter.

Speaker #2: Balance sheet and liquidity as of June 30, 2026: Cash and cash equivalents of $142.4 million, versus $1.7 million last year. Working capital of $131 million, representing a $130 million year-over-year increase from June 30, 2025.

Michel Amar: Balance sheet and liquidity as of 30 June 2026. Cash and cash equivalents of $142.4 million versus last year, $1.7 million. Working capital of $131 million, representing a $130 million year-over-year increase from 30 June 2025. Basically, we had no working capital a year ago. Digital assets holding of $14.3 million. Net fixed assets and equipment deposits for the build-up of the data center in Columbiana, $127.5 million. An increase of 447% year-over-year, reflecting capitalized investment at the Columbiana, Alabama facility. No long-term debt. Total assets of $279 million versus $37 million a year ago. Balance sheet and liquidity as of today. The company's cash and cash equivalence position is approximately $115 million today. Approximately $110 million year to date of CapEx deployed to our GPU equipment and data center build-out for our contract with Cerebras in Alabama facility. Operational highlights and outlook.

Speaker #2: Basically, we had no working capital a year ago. Digital assets holding of $14.3 million. Net fixed assets and equipment deposits for the build-up of the data center in Columbiana: $127.5 million.

Speaker #2: An increase of 447% year-over-year, reflecting capitalized investment at the Columbiana, Alabama facility. No long-term debt. Total assets of $279 million versus $37 million a year ago.

Speaker #2: Balance sheet and liquidity as of today: the company's cash and cash equivalents position is approximately $150 million today. Approximately $110 million year-to-date of capital expenditures deployed towards GPU equipment and data center build-out for contract with Cerebras in Alabama facility.

Speaker #2: Operational highlights and outlook: At the Columbiana, Alabama AI campus, the company is still targeting phase one to be ready for service in December 2026, and phase two by the end of Q1 2027.

Michel Amar: At the Columbiana, Alabama AI campus, the company is still targeting phase 1 ready for service in December 2026, and phase 2 in end of Q1 2027. Through its GPU as a service and bare metal rental, energy sales, and legacy colocation segments, the company anticipates Q3 to increase by approximately over 100% as compared to Q2. Q2 signified a substantial turning point for Digi Power X as the company recognized its first AI revenues ever, along with positive adjusted EBITDA and grew substantially year-over-year. Our balance sheet remains a source of strength for the company as we hold approximately $115 million in cash and cash equivalents as of today, no long-term debt, and we have already deployed approximately $110 million of CapEx year to date into our infrastructure in Columbiana, Alabama.

Speaker #2: Through its GPU-as-a-Service and bare-metal rental, energy sales, and legacy colocation segments, the company anticipates Q3 to increase by approximately over 100% as compared to Q2.

Speaker #2: Q2 signified a substantially turning point for Digipower Inc. as the company recognized its first AI revenues ever, along with positive adjusted EBITDA and substantially growth substantially year-over-year.

Speaker #2: Our balance sheet remained a source of strength for the company as we hold approximately $150 million in cash and cash equivalent as of today no long-term debt and we have already deployed approximately $110 million of capex year-to-date into our infrastructure in Columbiana Alabama.

Speaker #2: The company is currently in advance debt financing discussions for the Alabama data center to advance our path to growth and mitigate dilution. As you know, being the major shareholder since privately 2016, we are invested personal funds of about $8 million and have sold one share and I'm very sensitive about dilution as it affects me primarily.

Michel Amar: The company is currently in advance debt financing discussions for the Alabama data center to advance our path to growth and mitigate dilution. As you know, being the major shareholder since privately 2016, where I invested personal funds of about $8 million, I never sold one share. I am very sensitive about dilution as it affects me primarily. So I am on the same side of most of shareholders. I try to mitigate dilution as much as we can. Considering that last year, 12 months ago, we had basically no cash, $1.7 million, we had basically no assets, $37 million. We had basically no working capital. We had to utilize certain tools like ATM in order to raise cash, in order to be eligible for debt financing. Now I will be ready for a Q&A.

Speaker #2: So I am on the same side as most shareholders. I try to mitigate dilution as much as we can. Considering that last year, 12 months ago, we had basically no cash—$1.7 million—we had basically no assets, $37 million, and we had basically no working capital, we had to utilize certain tools like the ATM in order to raise cash, in order to be eligible for debt financing.

Speaker #2: Now I'll be ready for a Q&A.

Speaker #1: Thank you. We will now be conducting a question-and-answer session with questions previously asked by shareholders. First question: What are the remaining tasks that DGXX needs to complete before the company can deliver the first 15 MW to Cerebras?

Operator: Thank you. We will now be conducting a question and answer session with questions previously asked by shareholders. First question: What are the remaining tasks that DGXX need to complete before the company can deliver the first 15 MW to Cerebras?

Michel Amar: Basically, we are done with the first 15 MW in terms of equipment purchases. All the long-term equipment has been placed, and we are starting to receive them this month, actually. We are actually a few weeks earlier than scheduled, so we feel very confident that we will be ready by December for phase one.

Speaker #2: So, basically, we are done with the first 15 megawatts in terms of equipment purchases. All the long-term equipment orders have been placed, and we are starting to receive them this month, actually. We are actually a few weeks ahead of schedule, so we feel very confident that we will be ready by December for phase one.

Speaker #1: Thank you. Second question—a similar question for phase two. What are the major items that need to be complete for delivering the second 25 MW?

Operator: Thank you. Second question. A similar question for phase two. What are the major items that need to be complete for delivering the second 25 MW?

Speaker #2: So, we also are basically done for Phase Two. We secured, and as mentioned earlier, in our total assets you saw a big portion of deposits for equipment.

Michel Amar: We also are basically done for phase two. We secured, and as mentioned earlier in our total assets, you saw a big portion of deposits for equipment. We already secured all the long-term equipment to be received November, December. And we believe that we are in good shape to also complete phase two by March 2027.

Speaker #2: We already secured all the long-term equipment to be received in November and December, and we believe that we are in good shape to also complete phase two by March 2027.

Speaker #1: Thank you. Our third question: As it relates to your NeoClouds business and your goal of exiting next year with delivery and 10 MW in GPU-as-a-Service, what are the obstacles to securing leases for these similar, smaller-sized data centers?

Operator: Thank you. Our third question. As it relates to your Neocloud business and goal of exiting next year with delivery 10 MW and GPU-as-a-service, what are the obstacles to securing leases for these smaller sized data centers? Is it capital, permits, locating long lead time items?

Speaker #1: Is it capital permits locating long lead time items?

Speaker #2: So that's a very good, interesting question. We have no issue with power and permits in the sense that 10 megawatts is not a lot of power in our power infrastructure.

Michel Amar: That's a very good, interesting question. We have no issue of power and permits in the sense that 10 MW is not a lot of power in our power infrastructure. We do have the power and the allocation. GPUs are very CapEx intensive. We started to buy GPUs, and we are running very successfully 100% uptime, a really successful operation for us. As you know, we placed more GPU orders, the Vera Rubin, that should land early Q1 next year, and that will add additional income on the GPU bare metal. Good news in the last few weeks, as you read, NVIDIA and most of the banks, BlackRock, Blackstone, Goldman Sachs, KKR, have created a fund and actually residual value for the GPUs.

Speaker #2: So, we do have the power, and the allocation. GPUs are very, very capex intensive. We started to buy GPUs, and we're running very successfully—100% uptime. Really successful operation for us. And as you know, we placed more GPU orders, but there are a few that should land early Q1 next year, and that will add additional income on the GPU bare metal. Good news in the last few weeks, as you read, NVIDIA and most of the banks—BlackRock, Blackstone, Goldman Sachs, KKR—have created a fund and actually value residual value for the GPUs.

Speaker #2: So, it's going to be much easier to get debt financing or asset-based financing on GPUs, which will allow us to accelerate our GPU bare metal program.

Michel Amar: It's going to be much easier to get debt financing or asset-based financing on GPUs, which will allow us to accelerate our GPU bare metal program. We feel comfortable that we'll get the financing separately from the data center for growth for GPUs.

Speaker #2: So we feel comfortable that we'll get the financing separately from the data center for growth for GPUs.

Speaker #1: Thank you. Our fourth question: Given your sites in North Tonawanda, Buffalo, New York, does the one-year moratorium on data centers in New York impact your ability to meet your targets of, by 2027, delivering on 10 MW for NeoCloud and an additional 50 MW for co-location data centers for HPC?

Operator: Thank you. Our fourth question. Given your sites in North Tonawanda, Buffalo, New York, does the one-year moratorium on data centers in New York impact your ability to meet your targets of exiting 2027, delivering on 10 MW for Neocloud and 9 in additional 50 MW for co-location data centers for HPC?

Speaker #2: So great. So I get this you know this questions a lot from many shareholders and I want you to appreciate shareholders that we've been running Bitcoin mining legacy operation there since 2016 on one site and since 2021 on another site and we were fully permitted then to run at these two sites on the moratorium law which was you know it's not a new law it was always there for the last four years or five years and we are grandfathered in New York.

Michel Amar: Great. I get these questions a lot from many shareholders. I want you to appreciate, shareholders, that we've been running, been combining legacy operation there since 2016 on one site and since 2021 on another site. We were fully permitted then to run at these two sites under moratorium law. It's not a new law. It was always there for the last four years or five years. We are grandfathered in New York. We cannot expand our current footprint of power. I think we are using 60 MW in North Tonawanda, and we are using 18 MW in Buffalo. We are allowed to use the same power. We are not allowed for now to expand power.

Speaker #2: We cannot expand our current footprint of power. So I think we are using 60 megawatts in North Tonawanda and we are using 18 megawatts in Buffalo, so we are allowed to use the same power.

Speaker #2: We are not allowed for now to expand power but our goal is to just convert another co-location deal of 40 to 50 megawatt and GPU as a service or bare metal for another 8 to 10 megawatt.

Michel Amar: Our goal is to just convert another co-location deal of 40 to 50 megawatts and GPU as a service or bare metal for another 8 to 10 megawatts. That is our goal for 2027. We have plenty of power there to sink our goal.

Speaker #2: That's our goal for 2027. So we have plenty of power there to achieve our goal.

Speaker #1: Thank you. Question number five: Please provide an update on the LOI with Omnis Pleasance, LLC, owner of the Pleasance Power Station, a 1.3 GW power generation facility in West Virginia.

Operator: Thank you. Question number five. Please provide an update on the LOI Omnis Pleasants LLC, owner of the Pleasants Power Station, a 1.3 GW power generation facility in West Virginia.

Speaker #2: So, great. So the owners of that power plant, one of the owners is AJ Gupta, who is on my board of directors, and we sat in an LOI. It's a monumental asset.

Michel Amar: Great. The owners of that power plant, one of the owners is Ajay Gupta, is on my board of directors, and we signed an LOI. It is a monumental asset. 1.3 gigawatts is huge. I do not want to be involved in the battle there on the power plant side. I just want to get land, access to the electrical infrastructure, and utilize utility power of up to 1.3 gigawatts. I am working very hard with my board member, to try to establish a growth path starting with 100 megawatts up to 1.3 gigawatts, because the infrastructure is there, without being involved in potential liabilities of that power plant. That is why it is a little bit slow. In any event, it would be more for an end of 2027 to 2030 growth pattern event.

Speaker #2: 1.3 gigawatts is huge. And I do not want to be involved in the battle there on the power plant side. I just want to get land access to the electrical infrastructure and utilize utility power of up to 1.3 gigawatts.

Speaker #2: So I'm working very hard with, you know, my board members to try to establish a growth path, starting with 100 megawatts up to 1.3 gigawatts, because the infrastructure is there, without being involved in potential liabilities of that power plant.

Speaker #2: That's why it's a little bit slow, and in any event, it would be more for an end of '27 to 2030 growth pattern event.

Speaker #1: Thank you. Our next question: What is the current strategy for the company's North Carolina property holdings?

Operator: Thank you. Our next question. What is the current strategy for company's North Carolina property holdings?

Speaker #2: So, we own two parcels of land over there, about 40 acres. We acquired, within the last 12 months, an additional adjacent piece of land so we can properly design and build an adequate data center there.

Michel Amar: We own 2 lands over there, about 40 acres. We acquired, within the last 12 months, an additional adjacent land so we can properly design and build an adequate data center there. We are in the process with Duke Energy and the zoning to get all the necessary load studies, permits for a major data center. We believe that we will be able to utilize that asset towards 2029, 2030 with an additional 150 to 200 MW of power. We are trying to plan our growth through all these sites from now till 2030, 2031. If we just succeed in converting or pivoting in colocation and GPU bare metal, half of these assets will become a huge company.

Speaker #2: We are in the process with Duke Energy and the zoning to get all the necessary load studies and permits for, you know, a major data center.

Speaker #2: And we believe that we will be able to utilize that asset to work through 2029 and 2030 with an additional 150 to 200 megawatts of power.

Speaker #2: So we are trying to plan our growth through all these sites from now till 2030–31. And if we just, you know, succeed in converting or pivoting to co-location and GPU bare metal, half of these assets, we become a huge, huge, huge company.

Speaker #1: Thank you. Next question: What is the current strategy for—I'm sorry. What is happening with US Data Centers Inc.? Any updates?

Operator: Thank you. Next question. What is the current strategy for, I am sorry. What is happening with US Data Centers, Inc.? Any updates?

Speaker #2: Yes. So the reason why US Data Center owns 48% today, down from 55%, is that we started to raise dollars separately in order to avoid taking the cash that we need—100%—on the balance sheet of DigiPower to fuel current data centers and future data centers’ growth.

Michel Amar: Yeah. The reason why US Data Centers owns 48% today from 55%, is that we started to raise separately dollars in order to avoid taking the cash that we need 100% on the balance sheets of Digi Power to fuel current data centers and future data centers growth. We cannot be distracted in financing basically an equipment business, which is US Data Centers purpose, to basically design, manufacture modular system, mini data centers, prefabricated, that you assemble in different sites. We did not want to distract or pull any cash from the Digi Power pool. We started to raise money on this separately, and we raised money up to $125 million pre-revenue valuation. We plan to raise a little bit more on a higher valuation. US Data Centers plan for 2027 is to deliver to different sites modular systems, like a piece of equipment.

Speaker #2: We cannot be distracted in financing basically an equipment business, which is U.S. data center purpose—to basically design and manufacture modular system mini data centers, prefabricated, that you assemble at different sites. So we did not want to distract or pull any cash from the DigiPower pool.

Speaker #2: So we started to raise money on this separately, and we raised money up to a $125 million pre-revenue valuation. We plan to raise a little bit more at a higher valuation, and the US data center plan for '27 is to deliver to different sites modular systems.

Speaker #2: Like a piece of equipment. So it's a completely different business purpose than DigiPower, which is in the power and data center processing and GPU bare metal.

Michel Amar: It is a complete different business purpose than Digi Power, which is in the power and data center processing and GPU bare metal.

Speaker #1: Thank you. And our last question. Is the company still using its ATM vehicle? How were the funds utilized? What are you what are your strategies to mitigate shareholder dilution and also please provide an update on the company's debt financing discussions.

Operator: Thank you. Our last question is the company still using its ATM vehicle? How were the funds utilized? What are your strategies to mitigate shareholder dilution? Also, please provide an update on the company's debt financing discussions.

Speaker #2: So that's one of the most important concerns from all shareholders, including myself, the biggest shareholder. Sometimes, the ATM is a necessary evil.

Michel Amar: That is one of the most important concerns from all shareholders, including myself, the biggest shareholder. Sometimes the ATM is a necessary evil. 100%, I can assure you that with USD 1 million last year, USD 1.7 million last year of cash, I could never take off, borrow, or start any type of AI business. Impossible. So I had to position the company in a way where we could be eligible to attract lenders with a strong balance sheet. Of course, everything has to be done in measures, and I think we raised most of our ATM capital early Q2, at an average of, I am not going to guarantee the average, but much higher of our stock price today. I think our last ATM draw was at $7.25 or $7.50 a share. We did not draw any dollars below that, if my memory serves right.

Speaker #2: And 100%, I can assure you that with $1 million last year, $1.7 million last year of cash, I could never take off, borrow, stop—any type of AI business, impossible.

Speaker #2: So I had to be—I had to position the company in a way where we could be eligible to attract lenders with a strong balance sheet.

Speaker #2: Of course, everything has to be done in measures, and I think we raised most of our ATM capital early in Q2 at an average of—I'm not going to, you know, guarantee the average—but much higher than our stock price today.

Speaker #2: I think our last ATM draw was at $7.25 or $7.50 a share, so we did not draw any dollars below that, if my memory serves right.

Speaker #2: So now we've accumulated enough cash to, A, self-fund most of the data center in Alabama, so we are not at risk of execution from a financial perspective, and I think that it was very important to secure the execution of our first data center, which is a real catalyst for us.

Michel Amar: Now we accumulated enough cash to, A, self-fund most of the data center of Alabama, so we are not at risk of execution from a financial perspective. I think that it was very important to secure the execution of that first data center, which is a real catalyst for us. Then, how can I talk to a lender if I do not have cash sitting on my balance sheet? Lenders want to see cash, strong balance sheets, specifically this year. Now, because we have a strong balance sheet, and I will talk about our company debt financing discussions today. We ended up engaging Goldman Sachs, a very reputable bank that has proven to be able to syndicate a lot of financing for very big companies.

Speaker #2: Then how can I talk to a lender if I don't have cash sitting on my balance sheet? Lenders want to see cash-strong balance sheets, specifically this year.

Speaker #2: So now because we have a strong balance sheet and I'll talk about the our company debt financing discussions today we ended up engaging Goldman Sachs a very reputable bank that has proven to be able to syndicate a lot of financing for very big companies okay and we are very confident that we will lend debt financing for not only this project which we will get cash back because we already as you we stated earlier we already capex over 110 million dollars so we're going to get cash back we're going to preserve a strong balance sheet we find a great partner financial partner not only for this year but for next year and the next few years of growth we have all the cards in our hands a little bit of you know faith from our shareholders the same faith that I give to my company that I invested privately 10 years ago and we will be in a very amazing situation in the next three months to six months.

Michel Amar: We are very confident that we will land debt financing for not only this project, which we will get cash back because we already, as we stated earlier, we already CapExed over USD 110 million. So we are going to get cash back. We are going to preserve a strong balance sheet. We found a great financial partner, not only for this year, but for next year and the next few years of growth. We have all the cards in our hands. A little bit of faith from our shareholders, the same faith that I give to my company, that I invested privately 10 years ago, and we will be in a very amazing situation in the next three months to six months. You have to appreciate that in 12 months, we changed that company numbers dramatically.

Speaker #2: You have to appreciate that in 12 months we change that company numbers dramatically. We went from a million seven to 150 billion dollars of of cash today plus 110 dollars of capex that's a huge delta we went from 37 million dollars of assets to 279 million dollars of assets.

Michel Amar: We went from $1.7 million to $150 million of cash today, plus $110 million of CapEx. That's a huge delta. We went from $37 million of assets to $279 million of assets. You have a company that has real assets with a very, in my opinion, low market cap compared to the assets and compared to the cash. We are very close to execute our plan. We execute. That's our mission. We are focused on the execution. We have all the elements to do so, and next quarter, we should have a great update for you guys.

Speaker #2: You have a company that has real assets with a very, very, in my opinion, low market cap compared to the assets and compared to the cash.

Speaker #2: So we are very close to executing our plan. We execute—that's our mission. We are focused on the execution. We have all the elements to do so.

Speaker #2: And next quarter, we should have a great update for you guys.

Speaker #1: Thank you. We have reached the end of the question and answer session. Michelle, do you have any closing remarks?

Operator: Thank you. We have reached the end of the question and answer session, and therefore, Michel, do you have any closing remarks?

Michel Amar: I think I just did it. That was my closing remarks. I need to be focused, and all the team focused at work. I wanted to add that subsequently, we are building a very, very small team in Silicon Valley with our CTO, Jag. We have very talented engineers building the layer of software for GPU-as-a-service. We got an office that will be open soon, actually very close to Cerebras, NVIDIA, Supermicro. We plan to offer more. To be all vertical in all the different layers of this business. The team we are building, some come from, like Jag from Oracle, where he worked for 11 years there as a big 2 GW data centers. I think we are in good shape. We just need to push, focus. The path is there. Okay?

Speaker #2: I think I just did it. That was my closing remark. You know, I need to be focused, and all the team needs to focus as well. I wanted to add that subsequently we are building a very, very small team in Silicon Valley with our CTO, Jag.

Speaker #2: We have very talented engineers building the layer of software for GPU as a service. We have an office that will be open soon, actually very close to Cerebras and NVIDIA Super Macro.

Speaker #2: And we plan to offer more, to be fully vertical in all the different layers of this business. And, you know, the team we're building—some come from, like, Jag from Oracle, where he worked for, like, 11 years there at a two-gigawatt data center.

Speaker #2: So, I think we are in good shape. We just need to push focus—we are, the path is there. Okay, it's all about execution, and we are closing the loop on the financial—the financial answers to mitigate dilution.

Michel Amar: It's all about execution, and we are closing the loop on the financial answers to mitigate dilution. That's the goal for. It's my goal. It's the goal for every company. But sometimes you have to get to a spot where you're eligible for debt financing. We are there now. Thank you, everyone.

Speaker #2: And that's the goal for—it's my goal, it's the goal for every company. But sometimes you have to, you know, get to a spot where you're eligible for debt financing.

Speaker #2: We are there now. Thank you, everyone.

Speaker #1: Thank you. This concludes today's conference, and you may disconnect your lines at this time. Have a good day.

Operator: Thank you. This concludes today's conference. You may disconnect your line at this time. Have a good day.

Michel Amar: Thank you.