Questions. If you'd like, you can submit your questions using the Zoom Q&A interface at the bottom of your screen. And with that, Ed, I'll turn it over to you. Great. Thank you, Alex. Thanks so much for that warm introduction, and thanks to Sidoti for inviting us and having us at this virtual conference. It's been a real pleasure. We've had some fantastic meetings, and I really look forward to telling everyone a little bit more about the Digihost story. As Alex said, my name is Ed Carr. I'm going to run you through our presentation. This presentation, by the way, is currently on our website, so it's not made up special for this conference. You can find it on our website. We'll run right through. It is our January 2025 presentation. I certainly will be making some forward-looking statements, like I'm sure all the small-cap companies are here at an investment conference. I will draw everyone's attention to this slide. Just to give you a little overview on Digihost, what we are, and background on the company. We are an energy infrastructure company with this very, we believe, robust portfolio of assets. So we are currently a Bitcoin miner, but we're a lot more than that. And I'm going to tell you that story. We've got a couple of different operations within the company right now, and we're looking to really take advantage of this big macro trend of artificial intelligence, data centers, what we call Tier 3 high-performance computing data centers. We think we're in a great opportunity to pivot some of our existing Bitcoin mining operations into new Tier 3 data centers. If you look at this slide over on the right, just give you a little overview on the company. You know, this sector has done very well. If everyone's been watching the price of Bitcoin, I think we were about $105,000 the last I looked this morning. Obviously, a new administration that just came into Washington, D.C., and the White House seems like the Trump administration is probably the most crypto-friendly administration ever in the history of the United States, so that's very positive. We've had this incredible run since it was known in November that President Trump won again, and we've also seen our stock price do pretty well in the last couple of weeks. Currently, in the company, we have just under 30 million shares issued and outstanding. I think our stock price was right around $2.50, so we're about a $75 million market cap company today. Importantly, we have no debt in the company. In this industry, you'll find the Bitcoin mining. A lot of companies do have a lot of debt. I think we're very fortunate that we have no debt in our company. We currently have just over $10 million in cash, in cash equivalents. That's made up of cash and Bitcoin on the balance sheet, so in pretty good shape. Important to point out as well, we have pretty significant insider ownership in this company. Digihost was founded by a gentleman named Michel Amar. Michel is our Chairman and CEO. Michel is a real entrepreneur. He's been very successful, so he put this company together. His son, Alec, is the President. Between Michel and his son, Alec, they own over 22% of the company. In addition, Michel has a lot of ultra-high net worth friends. They're big shareholders as well, so real commitment to the company. When you look at the history, as Alex pointed out in his introduction, we are a Canadian company. We started out with a listing in Canada on the TSX, so we were founded back in 2021, listed up in Canada. At that point, there was a big run happening in Bitcoin. A lot of these stocks did extremely well. They really took off. Bitcoin was on a rally, so the Bitcoin miners all enjoyed that, and Michel took advantage of that price appreciation and liquidity to raise a bunch of capital. He took that capital and invested the money into infrastructure, so you can see the acquisition of one of our flagship assets, our North Tonawanda Power Plant, so that happened during this time period. You fast forward, we did a Nasdaq listing to do a dual listing, and towards today, in addition to our Bitcoin, both self-mining and colocation a ssets, we're looking to really take advantage of this pivot towards Tier 3 data centers. We think that's a major, major upside for us. Looking at our business strategy in Digihost, so we're driving revenues for the company. We think these are really consistent revenues. Number one, through our utility assets, I mentioned our flagship power plant, North Tonawanda, so we own that outright. We get some nice revenues through that. I'll talk more about it when I come to that slide. In addition, we perform Bitcoin mining, so we've got both colocation and self-mining computers in our facilities right now, so we've got agreements out there with some really large-based companies, and we're utilizing our power, obviously, at this price of Bitcoin, highly profitable, and that third bullet point here in this slide, this is our future. We want to leverage a lot of our existing know-how from managing a power plant, electrical engineers, etc., to be able to transition a couple of our Tier 1 Bitcoin mining assets into Tier 3 high-performance computing data centers in the future. So looking at the operational footprint of our company today, three assets that are currently powered producing revenues. Let's start on the left in Alabama. So we currently have 22 MW in Alabama. But importantly, we do have a load study approved for up to 55 MW. So another 33 MW of expansion potential there. We make revenues in Alabama both through colocation and self-mining. So you can see we're currently at a 750 petahash rate, but expandable up to four exahash. In our center column there, North Tonawanda, this is a power plant that we own outright, 60 MW natural gas power plant. So we get revenues both through colocation on site, and we get revenues from the local utility, the grid. We can have that power plant on standby, and we can also sell power back to the grid to get even more revenues. So we've got 60 MW right now at the power plant, but we've got a load study underway in New York for an additional 60 MW. Could bring that up to 120. And then on the right column there, Buffalo, New York, that's only about a 10-minute drive from North Tonawanda. North Tonawanda is not too far from the Buffalo Airport. So our Buffalo, New York is a former industrial facility. We've got 19 MW, both of colocation and self-mining. In addition, on the far right side of this slide, you can see we have this development project in North Carolina. Currently, we've got 200 MW of approved capacity of power. This is a raw, undeveloped site currently at this time, but has a lot of value. Why? Just because of its proximity and location. We are located right at a Duke switchyard, and in addition, right next door to us is a Google 200 MW Tier 3 data center. So we think this is a very, very valuable asset in the future as we build this out, could become a Tier 3 data center or even a colocation for Bitcoin mining. Let's talk a little bit more about our flagship asset, the North Tonawanda Power Plant, so you can see a picture of the power plant here on this slide. As I said, not too far from the Buffalo Airport. In fact, to any of the viewers of this presentation, if you'd want to come on a site visit, do some more in-depth due diligence on Digihost, we would love to invite you. You fly into Buffalo, we could pick you up 15 minutes. We can have you over to the power plant. Got a really nice conference room there. Can make a presentation. You can see the whole facility, so this is a 60-megawatt natural gas turbine, steam-generated power plant. As I mentioned, we're currently undergoing a load study on this right now to expand this up to 120 MW. We hope that that load study is approved this year, so keep your eyes open for that. We get a bunch of revenues from the power plant. Number one, we get revenue from the New York grid just by being on standby. They call those capacity payments. Those are bringing in between $3 million and $5 million of revenue last year. In addition, when we're on standby, sometimes we get called upon for this power plant to sell power back into the grid. And that tends to happen when the grid gets really, really stressed. In Buffalo, as probably a lot of you know, a lot of power is generated via hydroelectricity from Niagara Falls. And the stressful times become July, August, gets really hot. Everyone turns up their air conditioner, and the grid gets a little stressed. So we could sell electricity back into the grid. Usually, it happens at very nice peak rates. So that brings in additional revenue. The other time is winter. Right now, it gets really cold. Everyone turns up the heat. Again, electricity prices really spike in that spot market. So we can make some nice revenues. So revenues from the payments, revenues from selling electricity, and then we get revenues from colocation, so if you look at the picture, just to give you a little kind of introduction, I'm going to do a site tour virtual right now. Let's say we're driving down the road, and then we pull into our driveway here. As we're pulling into our driveway, if we were driving in the car, I'm driving, and you're riding, you would see on the left-hand side here these Bitcoin mining containers, so these are colocation containers. We have a colocation with a major $100 plus billion technology company that Michel has a very, very good relationship with, about 60 MW of Bitcoin mining going on right there, then you have the power plant right there in the background. Important to point out as well is, to the right, we have about 14 acres of undeveloped land. We think this could become a great location in the future, maybe even for a Tier 3 data center, so I mentioned there's a natural gas power plant, so our cost of production, of producing electricity, very competitive. You see here about $0.04 per kWh, and we're hoping this load study comes through so we can increase capacity here to 120 MW. Just looking a little at our infrastructure and power portfolio distribution today, we're currently at 100 MW. You can see in this pie chart how that 100 MW breaks down. Obviously, the majority of our megawatts are on colocation. We do have some self-mining and some utility power sales. We think that our power is going to go just with what we have, ball in hand today, to 220 MW, so we're going to more than double our electricity and power under management. You see how that breaks down both through colocation, but this black part of that pie chart going forward is really a very exciting area for us, and that's the Tier 3 data center moving forward in the future. When we look at the company today, I mentioned our valuation has increased here the last couple of weeks with some of this excitement in Bitcoin, and you can't probably go through an hour, never mind a day these days where you don't hear some sort of major press release or announcement from big technology companies, the White House on artificial intelligence data centers, etc., so the sector's really been getting some notoriety. But when you look at Digihost, we are really under the radar and very undervalued. A couple of reasons. I mean, number one, our market cap is only about $75 million. So still very unknown. Number two, we only have today one analyst that publishes research on us. We're really trying to increase our analyst coverage. We have a bunch of potential analysts that I think are going to publish coverage here in 2025. This is a little comparison chart we put together on a couple of our competitors. Obviously, a lot of these companies have much larger multi-billion dollar market caps. But just to give you a little idea how undervalued we believe we are, we can look at it two different ways. Enterprise value to exahash. You look down below. Our little universe here was traded at about $182 when we did this slide, and we were only at $16. You know, today that might be $18-$20, but still about 10 times undervalued, just getting up to an apples-to-apples industry comparison. You can also look at it enterprise value to megawatts. So we've got about 100 MW. Today we're $75 million market caps. We're about $0.75. Our peer group's about $5.64. So we think we've got a lot of upside. Obviously, this market is growing. You know, when you look at Bitcoin mining in general, Bitcoin mining continues to grow. Obviously, at these prices, $105,000 a Bitcoin. Most of us in the industry are extremely bullish. We do think prices are going higher on Bitcoin. But the Bitcoin mining industry has been growing very, very profitable at these current Bitcoin prices. Data centers, I mentioned, you know, this industry is growing extremely by leaps and bounds as well. And not only are we building out data centers, but then you have to bring in the electricity, the infrastructure, the transformers, the high voltage to low voltage. You know, so this industry is really on fire right now. We're seeing tremendous amounts of capital come into it. We think that is going to continue for the future. So as we pivot our company now towards this Tier 3 data center buildout, one important thing to look at is how do you do it? How do you build a Tier 3 data center? Certainly you could start out from scratch and try and go out and find an appropriate piece of land that would be called greenfield, didn't have any infrastructure. If you do that, you've got to acquire the land, so it's going to take you some time to go out and find the right location. You want to be close to like utility switchyards. You want to be probably near metropolitan area. You got to look at all the geology. You don't want to be in an earthquake zone, a floodplain zone, etc., so a bunch of contingencies to look at. That That can take you time, maybe up to a year or more, then you've got to look at regulatory approvals. That can really vary state by state, but you got to get a load study, make sure that that energy capacity is there. That could take you up to 24 months, then you've got to actually start building out the facility, so you've got to go out and you got to purchase transformers, you got to purchase generators, you got to look at substations, high voltage to low voltage, so you got the fiber, etc., so that can really take time, and then finally, you got to find a customer, find a tenant. Yeah, there is a lot of demand right now, and you tend to get the valuation in this industry when you announce a tenant, a really big tenant. We think that we can go a lot faster than what I just outlined. You know, that could take up to four to five years starting from scratch. Why can we go faster? Because we're going to start with one of our existing facilities. So that'll give us a real, real leg up on all of this time frame. So we're going to start in Alabama. And Alabama, Alabama, by the way, is a state, I'm sure a lot of you know, deep southern state, very, very red Republican state. It's kind of what I'd call a regulatory light. Alabama is definitely open for business. And because of that, we think we have a fast pathway towards transitioning our existing 22 MW Bitcoin mining facility into a Tier 3 data center. So this is where we're starting. We are already underway. So Digihost is commencing engineering studies. We're looking at to build this out. The infrastructure we already have in place at this facility, you can see the picture there on the slide. So we have power. We have transformers. We have the high-voltage access. So we have a lot of the equipment. We've got additional transformers. We've got backup generators. We've got fiber. What we will do is ultimately build out the shell. And then we're going to start this in phases. Our plan right now is to start with an additional 5 MW, moving towards 22 MW of buildout. We think we can have this first 5 MW done into 2026, and then to build this out to a 22 MW data center. If we can do that, 22 MW, you look down the bottom, the valuations can be really, really compelling. Why? You know, the Bitcoin miners, because of the volatility historically we've had in Bitcoin, everyone gets worried, oh, Bitcoin's going to crash back down to $50,000. None of these miners will be profitable. So your valuations are not as high in Bitcoin mining as Tier 3 data center. Tier 3 data center. You've got extremely consistent revenues, especially when you announce one of these big major technology company tenants, because people know that you're going to make EBITDA around probably $1 million per MW. Current valuations around 15 times EBITDA, enterprise value to EBITDA. If we could be successful in transitioning this Bitcoin mining operation, Alabama, 22 MW to a Tier 3 data center, this asset alone could give us market valuation of $330 million. Real big upside here for the company. As we move towards this Tier 3 data center and transitioning to the high-performance computing, we did put out a press release in December, very exciting. Now Digihost has announced a LOI and a memorandum of understanding with NANO Nuclear. NANO Nuclear is traded on the Nasdaq. This is another sector that has done extremely well, the small modular reactor or micronuclear sector. There's several publicly traded stocks that have had incredible performance. You know, NANO Nuclear is developing right now a small modular reactor. They plan to deploy this out to the field in the future. Michel has the visionary foresight to bring NANO Nuclear to the Digihost story. The idea is going to be to deploy in the future one of NANO Nuclear's small modular reactors at our power plant in North Tonawanda, New York. That could potentially provide carbon-free power 24/7, you know, very reliable power at the power plant there that could power a Tier 3 data center. In addition, we're talking to the local authorities there. The University at Buffalo in New York really wants to become one of the leading state New York university epicenters of AI research. So maybe they could come in as a tenant that could bring in some real local support, be very, very exciting. So this agreement with NANO Nuclear, I think, is very exciting for both of the companies transitioning not only towards the data center, but looking to the future towards, you know, carbon-free energy and very consistent power that we're going to have. Major milestones coming up here for Digihost. You know, look for us to, I think, number one, that load study in North Tonawanda to go from 60 MW to 120 MW. That'll be pretty significant. In addition, we're going to definitely plan on signing more memorandums of understandings with colocation customers. So if we can get North Tonawanda to 120 MW, we can bring in more Bitcoin mining operations, those containers, probably on a colocation agreement, really expand that, will expand revenues. That'll be very exciting. We're definitely looking to build out our Alabama asset, as I've talked about, pivot that from a Bitcoin mining operation to a Tier 3 data center. Right now it's 22 MW, but we have the load study already in place for 55 MW. So that gives us another 33 megawatts we could colocation with there or even ultimately build out to a 55 MW Tier 3 data center. And then we've got that North Carolina site, which is a real huge upside for us in the future. When you look at, as we pivot towards this Tier 3 data center, a lot of our competitors in our space have been doing exactly this. The research analysts know once you announce those credible tenants and you actually have a deal in place, that's when you can get the valuation re-rate and the upside. Currently, right now, as a Bitcoin miner, we're trading about 5.8 x enterprise value to EBITDA. But important point off this slide, look down on the right, those high performance computing, those data center focused publicly traded companies, they're trading like 22 x enterprise value to EBITDA. So you get a real, real valuation lift, be very exciting for us. When we look basically to some of the parts of the company today, we have about 100 MW power, you know, show how this is broken out across our four sites and where we're going in the future. We think in 24 months we're going to have 220 MW of power. You see how all of these different facilities will build up and expand. We are moving very rapidly towards all of this right now. And how will that break down? How does it look like for a potential valuation? Well, if you look down the bottom of this slide, we think in the next 24 months our 220 MW of power, it's going to be about 90% Bitcoin mining, 10% Tier 3 data center high performance computing. How does that break down on a valuation? Well, if we are in colocation on 198 megawatts, that should be about $100 million worth of market cap on current comps. And if we can get 22 MW in Alabama in the next 24 months to high performance computing, that could be worth potentially $275 million of market cap. So combined, you know, asset in the company about could give us an upside of $375 million. So very, very exciting from our $75 million market cap today. And I think we have a real path forward to move and execute on that. Our management team that we have at North Tonawanda, you know, these guys have huge experience been running that power plant since 1992, FERC regulated power plant. So everything from operational managers to electrical engineers, we have the capacity to go out. We're very confident to build that Tier 3 data center. We've got the existing site. We think this can be a pretty fast pivot. So just to give you an idea of how the company, you know, those revenues, our revenues have been breaking down the three different segments. Currently today, we have over $10 million in cash because the price of Bitcoin has rose. That's cash and cash equivalent. Take into account the Bitcoin on the balance sheet. Company carries no debt. If you look at our December press release, you know, we announced that we generated 35 Bitcoin in December. We think that rate is definitely going to increase in 2025 as we bring more power on and more colocation agreements, but look at that segment analysis detail, you know, just to give you an idea. Through the first nine months of last year, about $10 million, just over $10 million in crypto mining, that's self mining with our own rigs, about $10 million just over of energy sales. That's both the payments from the grid and selling energy back into the grid at those peak rates and $10 million of colocation services, so it really breaks down nicely a third, a third, a third, and we think those are going to scale up here into the future. Talked a little bit about the leadership team. You know, Michel, Chairman and CEO, a real entrepreneur. Michel is always out there looking for new deals, new assets, finding a distressed asset like a North Tonawanda Power Plant at an attractive price. Don't be surprised in the future if you see Michel do more deals, maybe even mergers, acquisitions. We certainly want to grow. We're not happy with a $75 million market cap. That's why we're coming to this conference, telling the story a lot more. And we want to get out there. So that's pretty much the overview, Alex. You know, I'm going to leave you plenty of time for any questions we might have from the audience or yourself. Ed, thank you very much. Maybe just to start, we could talk a little bit about, you know, asset allocation, some questions from the audience around, you know, buying Bitcoin directly, lending against your Bitcoin, you know, selling Bitcoin. So could you talk a little bit about, you know, generally how you think about that? Sure. Yeah, great question. And you know, you see a lot of interest in companies developing that strategic Bitcoin reserve. Obviously, Michael Saylor at MicroStrategy has done so well and his stock has done phenomenally on that. And a lot of companies now are taking some of their U.S. dollars and allocating them towards Bitcoin, you know, and even small amounts. All of us in the industry are bullish on the future price of Bitcoin, Alex. So I definitely think that makes sense. You know, President Trump and the new administration, he said vehemently that he wants to get inflation under control. I'll believe it when I see it. You know, all central bankers, all politicians love to print and spend money. And that an increase of the money supply is the definition of inflation. That's what inflation is. So Bitcoin gives you a real hedge. And that's why the price of Bitcoin has been going up so much, because we have stealth inflation, whether it's housing prices, healthcare costs, you know, education, food. It's not just the CPI government statistic that you'll look at. So on your question specifically with Digihost, we hold on to Bitcoins that we self mine and colocate. So, you know, we keep those on our balance sheet. We're a very small company today. So cash is always king in a small company. Michel has been very, very prudent. You know, he runs the company, he's a major shareholder, plus his friends. So he kind of runs it like his own, you know, private family office. I know we're public, but he's a big shareholder. We hate dilution. I don't think at this stock price you're going to see us go out and raise $100 million of equity or debt just to buy Bitcoin, you know, but we definitely are going to bring on more capacity. North Tonawanda doubling in capacity, 60 MW-120 MW. Alabama going from 22 MW-55 MW. We've got the North Carolina site with potential 200 MW. We can generate a lot more Bitcoin. And we're very bullish. You know, we think the price is going higher. And the more Bitcoin we can make and hold, the happier we are. Great context. Thank you, Michel. And, Ed, I have, you know, just kind of a summary question given where we are with time. Could you sort of sum up the value proposition for investors, you know, who may be looking across Bitcoin mining or, you know, AI infrastructure opportunities? Yeah, yeah, great question, and look, we think Digihost specifically is extremely unique. Our market cap is only $75 million. We have no debt, really reiterate that, no debt. A lot of our competitors have a lot of debt. And if the price of Bitcoin were to turn over and go into a winter bear market, a lot of those levered companies with a lot of debt, they might have trouble, so, you know, where we are today, this value proposition, we've got real infrastructure. Our power plant that we own in North Tonawanda is a major asset, generates revenues not only from Bitcoin, but also from standby payments from the grid, selling electricity back to the grid, $0.04 per kilowatt hour electricity cost production on natural gas. That's very, very competitive. Colocation agreement with a $150 billion technology company that Michel has a great relationship with, lots of value, and the expertise from that management team, you know, 30 employees up there running a power plant that have the operational chops to build out a Tier 3 data center, the image behind me, so we're going to start in Alabama. We're going to build out, pivot our 22 MW facility to a Tier 3 data center. We're very, very confident that's going to bring a lot of value to the company. Once we get there and we can announce the tenant that comes in, that's when you tend to get the real valuation re-rate on a lot of these companies moving towards that space. So we're very, very excited, you know, for the opportunity that's out there and the macro environment we're currently in. Great. Well, thank you very much. You know, with that, we are at time. So I'd like to thank you overall for sharing the story with us. And I'd also like to thank everybody listening for spending time with us today. Thanks so much, Alex. Really appreciate it. Thanks for the questions. Great host and great to be here at the Sidoti Conference. Thank you.