Shares declined 3.0% as investors reacted to signs of margin pressure and a cautious outlook amid significant capital raises and integration costs related to renewable asset acquisitions.
- Revenue grew 145% year-over-year, driven by hosting services for Bitcoin miners and expansion of data center capacity.
- Capacity under management reached 192 megawatts, with an increase to 206 megawatts expected this summer.
- Company completed key acquisitions including full ownership of Project Dorothy 1 and the 150-megawatt Briscoe Wind Farm, shifting towards asset ownership to control power supply.
- Raised $159.4 million in Q2 and additional $23.6 million post-quarter through equity issuance, resulting in dilution but enabling asset consolidation and debt retirement.
- Introduced new revenue streams including grid ancillary services and on-site wind generation, but profitability and margin outlooks remain cautious amid continuing capital intensity.
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