igoringa

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We hope that the Meta deal is only $12B. If that's the case, then NBIS has sold out its capacity without help from Meta.

Genius move, actually, as Meta is prepaying for part of the data center which helps NBIS build the data center with less borrow.

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I was going to say the meta deal/rate is officially the floor. Everything should be north of here.

And I honestly believe we see the economics as the year moves on - each deal will get better and better. That is why I am in no rush with my other data center play (Iren). The speed I care about is do they have every GPU on hand deployed and the answer is yes with a 150K increase in year one. The 2027 deals are going to be better than the 2025 deals - the rental rates suggest it, the capacity constraint suggests it.

Right now there is a massive shortage of power, and that is even with the several GWs of fake power so many companies are arguing they have. Someone work up in Texas and realized there is more contracts than capacity and they are tiering them. If not tier 0 (guaranteed existing) - dont hold your breath on capacity. That is when the shortage becomes ridiculously clear.

Edit: Which back to NBIS plays right into their hands as they tend to be able to do more with less (power) given their software advantage.

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I bought some 4/17 $115 calls...

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limping in with you

Anemic volume - the two big drops today were less than 50K share sales.

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Again, I didn't hear the quote - but this would be the biggest news of anything, I believe.

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Everything she said was a re-iteration of what she previously has said.

She had no ability to change any previously disclosed information or add any new information given the nature of the event.

Now visually she seemed eager to share soon but who knows - been in that plane for awhile

I stuggled to but was using meeting ID and not password. Make sure you are using the password.

Have not missed anything yet

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In the beginning i loved this thread for it's positiv information. It was the best in the west, But something has changed. Some are getting nervous.

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We are still lovable lol.

Yes some (me to a degree) have some nerves - natural when the numbers become material to net worth and the deadlines seem to move. As I mentioned, when I started this thread the CEO reps were October for everything. Yes I thought that was optimistic but this is definitely taken its time... so I think nerves are natural

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- **GAAP operating expenses** have dropped sharply YoY due to restructuring, workforce reductions, and cost discipline:
- Q1 2025: $12.6M (down from $18.6M in Q1 2024)
- Q2 2025: $10.5M (down from $17.6M in Q2 2024)
- Q3 2025: $11.1M (down from $22.9M in Q3 2024)

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Q4 $14.8 million. Not helpful to trendline.

Non GAAP $13.3 M

I have to be honest - not the quarter I was expecting - although wasnt investing for the quarter

Surprised Q4 over Q4 is down but not a biggie

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The original business model was created by Dr. Sorenson, who is the professor at KSU who invented the machine. He didn't want to be part of creating a manufacturing business, as he liked being a professor. He wanted to have someone manufacture Hyperions and sell them. He was not a businessman and didn't see the big picture.

He sold his patents to the Hyperion and remains a part-time consultant to HGRAF. They took it in the current direction. Ignoring - Can you can confirm my story? I'm pretty sure I didn't must make this up - I think it's all somewhere in this monster of a thread.

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Sort of yes. Sorenson did the experiment. Published about it. Got approached from many folks in Asia but also a Vancouver outfit. He wanted to keep it domesticish so went with Vancouver folks who said if you can build a prototype we will license it and do everything. He did that and they licensed.

It was them who pushed the idea of the old business model. I think Sorenson just went along and wanted to stay in the lab. He assumed they were the business people. There is a small legacy still on the board from that group but now the minority. The change in strategy was pushed by KB to what we see now. The old school now is a minority position, and she has brought in her new blood in directors (Wilkinson, Landis, Bennigson, and the tech advisory board)

I need to dive in on it, it is clear it has a very tiny float, much improved balance sheet etc.

I want to learn more on their margins as they start this rebound (clear rebound going on)

I will buy hundred shares while I wait to find time to look

LOL Blocked online on ML - Fidelity filled

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What does it mean!?!?!!?!

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One consideration of ultra low volume is if a motivated seller or buyer trades today the move can be rather violent