灿谷CANG.N 2026年第二季度业绩交流会

发布时间：2026-09-01 一、AI总结内容 一、核心要点 1. 本季度比特币挖矿业务：主动处置低效率矿机、将部分算力转至托管租赁模式，挖矿656枚比特币，平均现金挖矿成本约7.33万美元/枚，刨除折旧后营收4740万美元，总营收同比下降约50%；本季度末持有1056枚比特币，现金及等价物、加密资产合计约2300万美元，长期债务约3120万美元，算力组合为自运营19.84艾哈希/秒、租赁7.74艾哈希/秒，合计27.58艾哈希/秒。 2. 对冲安排：本季度启动比特币对冲项目，以短期比特币贷款形式管理价格波动风险，相关头寸计入短期债务与对应当期资产，目的为提升运营现金流可预测性，不用于投机。 3. AI基础设施业务：第三季度（6月30日后）核心进展为佐治亚州LN站点基础设施完工，可支持3兆瓦容量，集装箱及GPU正在安装，已签署客户合同，将业务从技术验证推进至商业化变现，相关收入预计第三季度确认，初始贡献较小；业务模式含GPU托管（依托现有电力设施）与场地托管，正在洽谈完全托管合同，德州与西海岸设测试节点，评估新建站点，未来挖矿与AI业务并行发展。二、投资线索 1. 挖矿业务后续：将基于经济效益调整自运营与租赁算力组合，持续淘汰低效率老旧矿机，第三季度算力不会大幅变动，但需警惕夏季部分地区电力管控影响，现有算力中S19系列占比约三分之一，未来可优化空间依赖于外部托管合同的电力价格谈判机制；第三季度挖矿收入预计趋于稳定，后续成本优化可通过电力议价实现。 2. AI业务后续：核心进展为佐治亚站点基础设施落地，商业化阶段从第三季度启动，收入贡献初期有限，为业务模式验证与运营积累基础，未来将评估更多站点，不排除自建。三、风险与关注 1. 比特币价格波动：虽启动对冲项目，仍存在价格下跌影响现金流的风险，本季度因比特币价格下跌导致加密资产公允价值变动损失410万美元，低于第一季度的1.518亿美元。 2. AI业务不确定性：目前仅为技术验证阶段，商业化落地进度、客户签约规模、收入确认时间均存在不确定性，需关注第三季度AI收入落地情况。 3. 运营风险：挖矿业务受外部电力价格变动、夏季电力管控影响，AI业务依赖于客户需求与站点建设进度，需持续跟踪相关运营效率与资本纪律执行情况。四、后续优先级 1. 平衡自运营与租赁算力组合，优化运营效率；2. 审慎推进AI部署，拓展客户并依托佐治亚站点运营经验；3. 维持资本纪律，聚焦核心业务发展。 二、音频原文（转写） Of our asset base as of June thirtieth, we heldone thousand fifty six bitcoins. In addition, our cash cash equivalent and cryptocurrencies posted approximately twenty three million dollars, w hile long term debt was approximately thirty onepoint two million dollars. Now let Many workedthrough the money business and AI infrastructurebusiness in more detail. This quarter, we continued to actively resize our money operations, disposing of machines with lower marginal efficiency, and introduced a leasing model to shift ourfocus from scale to economics. As of June 30th,our self-money hatred was. nineteen point eightfour extra hashes per second and our least hashrate. was seven point seven four はい。 hesions per second for a combined operating hatred of twenty seven point five eight exahertz persecond. under the leasing arrangement. But let's see, there's the direct operating cost. Associated with the hatred. which also reduces our exposure to variable costs. We mined 656 bitcoins.they quarter Production was done sequentially. largely reflecting the deliberate reduction in self money capacity and shift of some capacity into leasing. We will continue to evaluate. the mixbetween self learning and leasing based on economics rather than skill We will keep facing outless efficient legacy capacity. this quarter butalso began in Implementing a hedging arrangement. to manage our exposure to bitcoin price volatility. THE enhancing the dictability of our operating cash flow. Our average cash money cost inQ two. 我 うん。 seven k three thousand three hundred and. thirteen per quad. down about five percent from Q one.no like Let's turn into AI infrastructure. A quick. 嗯，排名。Everything I'm about to cover. took place after june thirtieth Since the start of thethird quarter. So it isn't reflected in the quarter's financial results. But we want to share itwith you. on infrastructure Construction at ourGeorgia L N site was completed. In june, in early july. with the site infrastructure. Able to s upport up to three megawatts. listening room forfuture extension. CONTAINER 自由なやつ have arrivedoutside and being installed and g p u s are arriving outside in batches on the customer side. Since the start of the third quarter. We've signeda customer contract. and discussion with pro. perspective Customers are ongoing. that. Takes our AI business from technical validation into commercial monetization. This is a development. Since quarter end. contracted revenue is still small And we expect to begin. Recognizing related revenue in the third quarter. on the business model We expected. Pursue both. Air Metal GPU Hosting. using our existing site 嗯，好。 Power infrastructure to offer a standardized deployment environment. and colocation 令亲 It to improve over. Will overall infrastructure utilization. we haven't sign a full mode COLLOCATION CONTRACT YET and terms are still being worked out. We also have test nodes in Texas and on the westcoast. mainly to support customers who need deployment closer to their location in the future weare evaluating several potential new sites as well. and we haven't ruled out building our own We will continue to run money and AI as parallel.businesses Looking into the second half. our priority are managing the mix. of self-manning andthis hatred prudent. prudently Executing our AIdeployment. and continuing to sign new customers. and building on the operating experience FROMGEORGIA As we evaluate. FURTHER THAN EXPANSIONCapital discipline and operating efficiency remain our priorities. That concludes my remarks. Iwill now turn it over to our staff of Simon. fordetail review of the financials Thank you. Thanks for. Hi, good morning. Hi, everyone. And welcome to our second quarter twenty twenty six earnings call. Before I start to review our financials. Please note that, unless otherwise stated. All I must discuss are in US dollars. Total reven ues were 50.8 million. Revenue during the quart