Good afternoon, everybody. I'm Milton "Todd" Ault III, and I go by Todd. Today we have Will Horne, the actual CEO of Hyperscale Data. I know that many people confuse me as the CEO. I am not. I'm the Executive Chairman. Will and I have been together for more than 20 years. We have Ken Cragun, the CFO, who I'm super excited is here. Ken has an enormous amount of public company reporting experience and has been with us for a long time, many, many years, I think more than half a decade, maybe longer than that. We have Jay Looney, the President of the data center business in Michigan, Alliance Cloud Services. In the background there that will be joining us, the Chief Technology Officer of Hyperscale Data, Joe Spaziano, who's been with us for 20 years. I thought it was important today to really bring the team together as this is a long culmination of us trying to figure out how we're going to grow the company, and we're pretty proud together that we're going to try to accomplish a $300 million-$350 million enterprise next year. It's taken a lot of work. As you guys know, before we read these forward-looking comments, I'll say this. Building a small-cap holding company is like driving a car down the road where you have to lay the asphalt and the concrete to make the road. It is not an easy challenge. It is quite difficult and as many shareholders have experienced, like myself and Will and the whole team, quite volatile being a small cap company that has to raise capital in an environment that is such a difficult thing, being so small as a holding company. Joe, could you do me a favor and read the forward-looking statements? Joe, the most important thing is you can just read down to the second paragraph. Cautionary statements regarding forward-looking statements. This presentation and other written, oral statements and communications made from time to time by representatives of Hyperscale Data, Inc., Hyperscale Data or the company contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. As amended, the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, the Exchange Act. Forward-looking statements reflect the current view about future events, and they are not guarantees of assurance of future performance. Statements that are not historical in nature, such as forecasts for the industries in which the company and its subsidiaries operate, and which may be identified by the use of words like "accept," "assume," "project," "anticipate," "estimate," "believe," "could be," "future," "intend," "plan," "guidance," "potential," "forecast," "target," or the negative of these terms, and any other words similar meaning are forward-looking statements. Such statements include, but are not limited to, statements contained in this presentation relating to the business strategy, expansion, growth, products, and services that may be offered in the future, and the timing of their development, sales, and marketing strategy, and capital outlook of the company and its subsidiaries. Forward-looking statements are based on management's current expectations and assumptions regarding the company's business, the economy, and other future conditions are subject to inherent risks, uncertainties, and changes of circumstances that are difficult to predict and may cause actual results to differ materially from those contemplated or expressed. Hyperscale Data cautions the reader, therefore, against relying on any of these forward-looking statements. These risks and uncertainties include those risk factors discussed under the heading Risk Factors in the company's filing with the Securities and Exchange Commission, the SEC, including the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q and other filings, each of which is available on the company's website and on the SEC's website at www.sec.gov. Any forward-looking statements made in this presentation speaks only as of the date of the presentation. All forward-looking statements are qualified in their entries by referencing the risk factors discussed in the company's SEC filings. This cautionary statement regarding forward-looking statements should be one or more of these risks or uncertainties materialize, or in certain cases, fail to materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Perfect. Thanks, Joe. Yep. Let's go to the next slide. Obviously, what we're going to talk about to do is the executive overview, the organizational chart, the key drivers around why we think EBITDA is going to appear in 2027. We're going to talk about Ault Capital Group, the lending and financial services and digital outlook, and try to bifurcate for everyone that we have a portfolio company, a group of portfolio companies. One example of this is I never hear anyone talk about the crane company, right? We own a crane company in Texas, about 140 employees generating just under $50 million in revenue and about $10 million - $12 million of EBITDA, and this is because we started out as a holding company. Upfront, I want to say to people, there's a lot of outlook around the name changes and the things we've had over the last nine years, and unfortunately, there's probably some poor decisions have been made by myself. I don't blame anyone else for that. Around the idea that when we were Bitcoin miners, it became very difficult to operate as a public company. For a long period of time, we can't remember back, but just not too long ago, we were being debanked multiple times, and it was a really difficult outlook. We're going to try to summarize for everyone where we are today, and we're going to focus on where we are right now and where we think we're going to be over the next 18 months. If we could go forward with this slide, that'd be great. Okay, let's continue. All right. The bulk of what we're going to talk about today is two basic businesses, which is Hyperscale Data proper and Alliance Cloud Services, which is part of Hyperscale Data, owned by Hyperscale Data, Omnipresent Robotics, and the MSA Contract with the California Neocloud provider. If those of you who don't know and understand the structure of the company properly, we do have a 617,000 sq ft data center in Michigan, 30 MW live and energized, and we've been mining Bitcoin there for many years. I think we're close to five years of mining Bitcoin there. We have a targeted program to get to 300 MW. Of course, recently that we signed that Master Services Agreement, this puts us in a great spot because 20 MW of critical, which we're going to have Jay Looney talk about today, that Jay and Will were smart enough to start ordering equipment last year, knowing and anticipating that we thought this was finally going to happen. We've commented before that we had a chance to consider doing deals for the data center, and we always thought that we were being undercut by that. Now we feel very comfortable and have added space. If you see here some of the things we'll talk about, the business model, data center colocation, which is through Sentinum and ACS, digital treasury mining, and robotics. The Michigan Data Center, 617,000 sq ft, 30 MW. The MSA, which I want to point out to everyone, if the entire MSA is fully used, I think, Will, you would comment that isn't the entire MSA, if we use the full MSA, which is 52 MW, we're going to be around 17% of the data center, or what exactly what percentage will we be if we did the full MSA for $3 billion? It would just be about 20%, actually. 52 MW of critical, you assume that 65 MW-70 MW energized, somewhere in that ballpark. 70 MW out of 340 MW is about 20%. Yeah, I can tell you from personal experience in being involved with this that demand for compute's very high. We have multiple other tenants that we're talking to that potentially do more offtake. So this is a really important asset for us to make sure that we monetize it and get the full value for the shareholders. One of that's going to be a very key conversation because one of our stresses is the fact that we needed to raise more capital, and yet at the same time, we want to minimize dilution. Everyone thinks that we don't care about that. We deeply care about dilution, and we deeply care about putting these things in a place to earn the kind of money that we think they can earn. We'll be talking about the Bitcoin Treasury Strategy and what we did there recently, and we'll definitely be talking about Omnipresent Robotics. I really want everyone to understand, as Will said, who is the CEO, and we have Ken, the CFO here, it's about 20 MW or 20% of the data center if it's at full capacity, which means we have a lot of room for expansion. Let's go to the next slide. Next slide, please. Perfect. Thank you. We initially started off as effectively an investment from Ault & Company, and we have an internal business that controls everything that is not data center, robotics, and Bitcoin mining, and that's called Ault Capital Group. We view Ault Capital Group, ACG, as a hybrid private equity and holding company that acquires, finances, builds controlling interest in financial services, digital assets, defense technology, industrial services, hospitality, the real estate sector, private credit, structured credit, activities conducted through our licensed lender in California, and we are a licensed lender. That licensed lender has really become something important over the last few years. We own and operate and manage the different portfolio companies. Some of those principal operations includes private credit, Ault Lending, the blockchain protocol, which we went live in March for Mainnet. Ault is actually the blockchain is operational. Our defense electronics business, Gresham Worldwide, the digital platform that is OnlyBulls and askROI, hospitality, Power Electronics, TurnOnGreen, Digital Power Corp, the equipment rental business, which we call Circle 8, the aviation business, and our commodities business, which we'll talk about soon. One of the key elements that's the driver for Ault Capital Group is Ault Markets, which is a software program. You can actually see it in the background here. It is a software program that allows you to access DEX, centralized exchanges. Effectively, you can trade it. Think of it like a Bloomberg for DeFi. You can trade on multiple DEX around the world. You can trade on actually things like Robinhood and Alpaca. They're all API connections. It's a software we're rolling out that we've been investing a lot of time and energy to. We believe the big driver here is going to be tokenized real-world assets, which we'll talk about soon. Our investment that we have in a Fintech Holding Company, where we own 24.9% of that, where we have a position in broker-dealers, transfer agents, corresponding clearing firms, et cetera. This will be a big driving component of the financial services part, the interest income, the net asset value of what we make around Ault Capital Group and its portfolio companies. Next slide, please. This is the current structure of the company. To say that this isn't a little frustrating for us, there's an old saying, it takes five minutes to get married and a lifetime to get divorced. We probably didn't expect Ault Capital Group to be bigger than the data center side. That wasn't planned the way this worked itself out, but it has. You can see some of the operating subsidiaries that are here. This is comprised of 618 employees in five countries. We recently deployed an office in Korea, and we operate effectively, literally in England, Israel, and across the United States. The 618 employees represent the entire package here, including Crane, Defense, et cetera. Let's go to the next slide. Let's go to the key performance drivers of what's happening next. I'm going to bring in Jay Looney and Will to talk about this. We also have the Chief Technology Officer, Joe Spaziano here, who may comment. I want to talk about the Michigan Data Center, and Jay, what I'd like you to first comment on is that kind of where we are. They have a two-year opportunity to expand to 52 MW via natural gas distribution. We have nuclear power on site that we've had there. Maybe can you talk about the data center itself, sort of where it started from when we bought it many years ago to where it is today, and then kind of an overview. I want to talk a little bit about Jay Looney, because I think that we don't give credit to the people that work here that are dedicated their lives to working here, and Jay is one of those guys. Jay came to us with years of data center experience. He actually started out in the industry in 1982. Believe it or not, he doesn't look that old. He worked at EDS, which later became Hewlett-Packard, and he's been in the data center space solidly for 20 years. We have real talent there. Jay runs the organization, and the way it operates, et cetera. I have sort of lumped on to Jay the visual testing for robotics, Jay has a very big facility there. He just acquired an additional 48.5 acres. He has an 83-acre campus. Jay, could you talk a little bit about where the $1.2 billion MSA Contract is, sort of where we think we're going to be in deployment and sort of where you are in the big picture of what's happening there? All right. Thanks, Todd. Current status on that, we're in the middle of renovation, retooling the existing space, which previously was dedicated to the mining operations. We've taken a portion of that and are repurposing that space as we speak. Our anticipation is that we will have the first 10 MW of critical load up and active before the end of this year, with the next 10 in Q1 of 2027. That makes that initial 20 MW worth of critical load conversion targeted to be complete by the end of 2027. Things that have been going on, actively been going on over the past several weeks, in particular, since we've closed on this customer opportunity. As Todd had mentioned, we began ordering long lead time items, large equipment-type things, last year. We have begun receiving that equipment several months ago, continue to receive that equipment. What we're doing right now is again, repurposing the space so that we can deploy that equipment. That's all on schedule to continue to move forward with the goal of, like I said, the first 10 MW of critical IT load to be online before the end of this year. Jay, I want to talk about actually in the facility, because I don't know if people on this call realize that when you build a data center and you off-take to someone important like this Neocloud provider in California, you actually build a data center inside a data center. Can you talk about what that is like and the security around it and maybe the concept of building a data center inside a data center where we're actually not even really allowed to go in there. With the customer on site, I just thought maybe you could give them a little bit of an overview of what that's kind of like. For sure. What you have, as mentioned, it's a large existing structure. There are various physical security techniques that manage the perimeter and an access to the campus, to the building. Inside a portion of that building is another space. This is the part that I'd mentioned that was being repurposed. That'll have its own access points to it. It'll be controlled by biometrics and multilayer electronic security devices with camera systems and motion detectors and a very sophisticated security access system. It takes multiple layers to work through, and as Todd mentioned, it's effectively a data center within a data center, if you will. Yeah. I want to comment on the cost here. Jay, we've talked about $100 million-$120 million of cost to retrofit and build out the first 20 MW of critical. You already have invested a lot of money and time and energy over the last year or so in the facility. Will, I wanted to bring you in on this conversation because I think one of the stress points that we have from people is they're worried about dilution. I'm going to make a comment, and I'd like you to comment on that too, Will. That is $120 million for the development of the data center, the 20 MW of critical that could expand to 52 MW sounds like a lot of money, but we have a lot of ready access to capital outside funding available through traditional sense sources of lending money on data centers. We could take non-dilutive capital and borrow, call it $100 million, call it $90 million. We're presently evaluating two potential, I would say considerably great financing on our side. I'm going to comment to say that we're able to borrow against our Bitcoin at 4.9%. I really don't know that the market's giving us credit for the fact that we've been building up a Bitcoin treasury. I wondered if you could comment about the contract, the size of the contract, and the availability of capital to go borrow if we need to provide more capital. Absolutely. As you pointed out, we have a contract, it's a 10-year initial term. There's two five-year options. If all the customer wants is the 20 MW, then that's a $1.2 billion opportunity over a 20-year period. It's effectively, if you were to average it out, call it $50 million a year. It has price escalators in it. $1.2 billion, 10% of that is going to be what we have to invest in the facility. It's a good return for us. It's a good return for our shareholders. Yep. Obviously, we have multiple sources. I don't think that we are going to fund the $120 million build-out entirely with use of proceeds from an ATM. I think we'll be using a significant amount of proceeds from third-party lenders. As you mentioned, we were talking to, you said two, I think there's three or four, but multiple lenders have expressed interest. With a signed contract with a quality customer, you can get these things on a loan-to-value ratio of what, 70%-80%? For sure. Yeah. Yeah. Yeah. I'm really proud of this asset because it's probably the first time the company has had the ability to borrow at really great rates to fund that $100 million-$120 million. I think that if you were a shareholder or someone contemplating an investment, you should think that in the next 30-60 days, we will likely secure all the money needed to build out the data center and roll that out and explain that to shareholders. We're just being very careful here because we think the company is on a growth trajectory and will start generating free cash flow. It's very important to us that we're really deliberate here. We're not open willy-nilly selling equity, and raising equity, at the expense of not looking at other forms of capital. Will, I want you to comment on the Bitcoin borrow, which I thought is just remarkable. I talk about Michael Saylor saying that Digital Credit is going to happen. We're a user of digital credit. I'm incredibly proud of that, Will. By the way, Ken, you're part of that system with Morpho for us to be able to borrow that money. Maybe you could comment also on the ease of use there. Maybe, Ken, you could go first on the 4.9% loan that will allow us to potentially borrow hundreds of millions of dollars as we put Bitcoin to work. Yeah. The nice thing about having the Bitcoin treasury that we've built is it gives us some financial flexibility. There's a Morpho lending protocol or borrowing protocol that we've availed ourselves of, where we're able to borrow against some coin pledged. It's very locked down, as far as security with dual authentications and two-factor authentications. It's a great cost of capital for us, under 5%. It's been, again, it's been a double benefit. We still get to maintain the Bitcoin and benefit from what we hope to be appreciation, but also leverage the asset and get a low cost of capital. I want to say, Ken, one thing that people should think about is we actually deploy Bitcoin that we mine back into the protocol, we actually don't come out of pocket for more payments on that protocol loan. You can do the entire borrow payback in less than 20, 30 minutes. Nowhere in history have I ever been part of something where we could borrow $30 million, it took an hour to do it. I really believe we built in some flexibility here. What about you, Will? Your thoughts on the Bitcoin loan? Well, there's really two components to it. One is purchasing the Bitcoin. As we've put out, we acquire Bitcoin primarily through either mining operations, which are going to be trailing off to a certain extent as we transition the Michigan campus, which is the bulk of our Bitcoin mining. Purchases of Bitcoin are generally coming from proceeds raised on the ATM. To me, it's a great strategy because you're taking cash and you're putting it into potentially a much more appreciating prone asset like Bitcoin. At the same time, because it's a Bitcoin-backed loan, we've never have been able to borrow the bulk of our corporate borrowings at sub 5%. It's a phenomenal rate. It's simple. There's no warrant coverage. There's no derivative liabilities associated with it. It's really keeping it clean. For small cap companies, microcap companies, that's not the norm. In talking about Omnipresent Robotics, Jay, maybe you could comment on the size of the facility and how this 100,000 sq ft, Center of Excellence, robotics for assembly, et cetera, testing. I want to give everyone a description of this. Imagine walking into 100,000 sq ft where there's like a fake kitchen and a fake bathroom, but they're real, they're built there. The robots' activities are recorded visually and then used for large language models that we do not share outside the U.S. Jay, I thought you could comment about what's underway there and what that looks like. Right. We've earmarked, as you said, roughly 100,000 ft, again, within the existing campus, in the existing building, this 617,000 sq ft building. Are in the process of finalizing designs and layouts to accommodate these kind of scenario rooms, if you will, that could represent a convenience store. It could represent a laundry service. With the idea being is that the units would be able to execute tasks and be trained on those tasks based on what a preferred outcome would be from a potential customer, what they want to see it do, how they want to have that data collected and analyzed and captured. Again, that process is underway. We know where it's going to go. We're working to finalize designs and final layouts and looking to move forward to getting that piece of the building renovated and built out. Jay, we've already taken delivery on robots there, that's an exciting thing. Guys, these are full humanoid robots that are built. They're really fascinating, and we actually have one in Vegas too, that we'll be demoing for everyone. When we look at Michigan and we look at key drivers, I think the key component is bringing the first 10 MW online, bringing the 20 MW online, looking for additional potential customers, seeing if the Neocloud provider expands to 52 MW. What's happening with robotics, I would assume we will be announcing partnerships there in the coming weeks and months ahead. On the Digital Asset Treasury side, we're going to maximize the flexibility to minimize dilution so that we can build that data center out efficiently and borrow as least money as possible and as little equity as possible. Very comfortable here. Will, do you have any comments before we move on at all? No, I think that's a good summary. Appreciate it. Let's go to the next slide. Jay, stay with us. I know that some of the other stuff does involve you, but we'll probably bring you in later. Thanks. When you look at the licensed California Lender, this is the core business that we're in. We lend to other companies. We just announced yesterday that Ault Lending provided $25 million to Alzamend Neuro, $7.5 million upfront. What people don't understand is that we're able to get participation agreements as a licensed lender. We have an investor group that participates. Sometimes we're able to do $20 million, $30 million, $40 million deals even bigger than that because we're part of a participation group. We sometimes lead the loans, sometimes we don't lead the loans. Most of the loans are convertible, some of them are not. When you look at structured finance and public-private credit, this is a key driver of our balance sheet. We actually have a lending balance sheet. We consolidate all that in as a reporting holding company, but there is actually activity, and you saw that in the first quarter when that $9 million came in from one of the old loans we had that we finally got paid back on. Ault Markets is a key driver of people being able to tokenize loans. The global commodity business will be tokenizing silver, gold, platinum, and other precious metals through the Ault Blockchain, and we're pretty excited about that. We got great partners out of Korea. After 10 years of development, we really went with the best developers we could that are really well-known in the space. I would say to you, if you want to compare Ault Markets and what we're doing internationally, I would compare it to Hyperliquid, sort of a Hyperliquid lighter model, but also the tokenization of real-world assets. This is going to be a huge driver for us with our relationship with Universal DeFi. I think that the margins here and then the margins on the AI data centers are somewhat similar. We'll come back to this, but we kind of thought, if you can think about I'll have you comment later, but we think the margins on the data center are around 65%. On the lending side, the margins are very big. We operate a small staff, and when we generate return there, the margins are substantial in the upper 85% range, with the only thing being our cost of capital and or the employees that work there. This is something we think is going to be a big driver in terms of Lending Financial Services and data, and digital assets. We have made strategic 24.9% investments in holding companies that own broker-dealers and transfer agents. If you look to see what the driver's going to be there's going to be a lot of drivers around tokenization of real-world assets. We expect those broker-dealers we're part of to start tokenizing actual companies that are public, companies that are private. If you look at Securitize, which you can compare the two together, Securitize tokenized their own stock, right? You can actually go to their website and trade their own stock. I think securitization around tokenization is going to happen in a big way. I think this is the next 5- 10 years of growth around assets going on-chain as DeFi and TradFi mix together, and it becomes easier to put money on-chain and off-chain. I think this is going to be a key driver to our lending financial services. We really spent a lot of time developing relationships there. In the future, you're going to see a lot of partnerships coming out of this and real growth opportunity, which we're going to get to in a second. OnlyBulls is a really consumer app. I can report today there's over 25,000 people on OnlyBulls, active accounts and growing. That's a consumer-facing app that leads into the Ault Markets ecosystem to be able to trade stocks, bonds, commodities, and ultimately everything, including a DeFi wallet. We went with a very large provider for the DeFi wallet so we could be secure and offer Web3 to clients around the world. This is something we think is going to be a big driver that leads into the entree of tokenization, block trade, and trading, and the idea of creating tokenized loans and structured products. This is going to be a big driver for us. Will, do you want to comment at all here? This is sort of a little bit of my domain and your domain in terms of the loans we make out there and maybe the margins a little bit. Because this is, I think, an untold story about how we make money in the financial services business. I think you did a great job describing it. Obviously, Lending Financial Services is going to get much bigger as the balance sheet grows, I think that's really been our limiting factor over the last, I'll call it two years. Absolutely. Ken, would you like to comment at all on the financial services side? I know that you've seen a lot of volatility there, this is something that continues to contribute. Right. There has been volatility, it has helped us generate some good returns. As you mentioned, last quarter, we received $9 million-$10 million from a legacy investment that was 100% margin. It's encouraging to see. Ken, I want to interrupt you. We actually received $9 million or $10 million of profit. We received an additional $16 million from one of our subsidiaries. It was actually, I think, around a $26 million or $27 million cash change. Is that correct? That's right. Of that $10 million was revenue for the lender. The other $16 million we received, we'll have some disclosures on that for the second quarter. Okay, great. I think it's encouraging to see a pipeline of potential deals for the lender, which our expectation is that generates more consistent and higher level of revenue. Again, that's encouraging to see. It's good to see some participating partners. It's also nice. Some of these companies we lend to are public companies. We get the warrants, we get the downside protection, we get a convertible note. It's good to have the shoe on the other foot. As a small cap, we've experienced having to accept those terms as a borrower. Yeah. As a licensed lender, it's kind of nice to have the shoe on the other foot, lending to some of these smaller companies. Joe, I hope you're available real quickly here. I wanted to talk about, just very briefly, I don't want to mention them by name, just if you could comment on the Blockchain going live on Mainnet. We just went live on Mainnet for the DEX, which we talked about the last year or so, and where you think the key drivers are on there and some of the partners like Fireblocks. Maybe just a quick overview. You're the Chief Technology Officer. You've been spearheading this for the better part of 10 years. I wonder what your thoughts are. Yeah. We're pretty happy with where we are with blockchain right now. As Todd mentioned, we think we have a unique proposition in what our blockchain does and how the governance does, and how we're building it and what we're building it for. We're pretty excited that the DEX has gone to Mainnet. Now it's in a private test Mainnet for us, just so that we can make sure that any of the security vulnerabilities that may happen when you trade are covered. We feel pretty confident that there won't be any, as we've been audited multiple times. Yeah, we audit a lot, don't we? Yeah. It's a lot. Yeah. The security of it is really important to us. We're doing all this with a goal in mind. We're pretty happy with our partners. Excuse me. We use partners like Fireblocks as we build out our tokenization platform. We're with QuickNode, we're with Protofire Safe. Uh-huh. Say that again? RPC. Yeah, for our RPC nodes. Yeah. We're with a lot of the big names. We decided when we were going to build this, we were going to build it right. More importantly, we've gone after and have some very large partners that are helping us build this blockchain, right? Some real experts in the area that have worked on some of the major projects and names you'd know. They've worked on projects such as- Like Hyperliquid, for one. Yeah, like Hyperliquid, like Stable. We're very confident with what we're building and trying to bridge this sort of gap between where DeFi is right now and where TradFi is right now. Move forward in a way that will allow us to not only blend those, but blend those with true governance, which we think is lacking in a lot of the chains right now. One thing to keep in mind, anyone who's watching, is we've already generated millions of revenue on blockchain. We are already underway. We've been generating it for the first six months. It's contributing to margins. We expect that to expand. I don't think people, since it's not really broken out, but I think that's in the neighborhood of a $3 million -$3.5 million range in terms of margin already generated for the first half of the year. This is something you're going to be hearing a lot about, which is the tokenization of assets. I've had 37 years of TradFi experience, so those of you who follow me know I know a lot of people in the space, and I think the backlog for tokenization for us is going to really lead to gross margin, and I'm very, very excited about financial services. Let's go to the next slide real quick. Let's talk about the portfolio companies. Now, I'm going to categorize these and let Ken talk about stability here. Before we get to this, these are legacy companies we own. Gresham Worldwide, the Defense business. Most people don't realize this, but we own a $40 million global defense business. We had a little issue with the way it was run when it was public company. We took it back. We took it private, out of bankruptcy. We reconsolidated. We put in new management. We could not be happier with the way the company's operating. We'll change its name to Ballista Group. I expect them to be moving towards drone production. A lot of opportunities around there. Love the guy who runs it, Marcus. Ken, I'm going to come back to you in a second about stability. Crane company runs independently. We bought it multiple years ago. It produces around $10 million a year of EBITDA. We have not had to put a penny into the Crane company since we bought it. Right. It is a cash generator. We're really excited about that. The hotel operations, it does have a big component of our debt level. It's non-recourse. We'll talk about that in a minute. TurnOnGreen is the legacy company run by Amos that's been around for a long time in consumer power electronics. The real misleading thing there, not misleading. It's not the right word. The real hidden gem in there is that Amos has lots of defense contracts and does a great job internally there. These are the four main operating subsidiaries that we have that still operate today. Ken, can you talk about the stability there? Because I don't think people appreciate that the last few years, we've been trying to get these things stabilized. The nice thing about these businesses, Todd, is that, as you know, they're very predictable, which is nice in a world of volatility around our lending and investing and a world of volatility around Bitcoin pricing, price of Bitcoin, difficulty levels. This gives us a baseline of predictability in our model and gives us confidence in our projections because we can build on this base. There's also opportunities for growth, even though we talk about kind of a baseline. There's also opportunities for growth. When we invested in the Crane business, we thought there's potential for expanding, and they may be interested in doing some acquisitions or roll-up within the Crane business space. We'll see. We're here to support that. We're here to also improve governance, make sure the systems are right, the teams are right. I feel like we're adding value in this hybrid private equity model. We think that there is also opportunity for growth here. Will, I thought you could talk about maybe the stabilization here, your thoughts around the portfolio companies. I know I'm going to talk in a second about acquisitions. Will, you have any comments about the portfolio companies? You're on mute, by the way. Look, I think Ken said it well. I guess what I would highlight is these are actively managed portfolio companies. Last year, we spent a lot of time with Gresham Worldwide as we were moving it out of bankruptcy. Then, of course, also Circle 8 took a fair amount of time. I looked at 2025. Circle 8 really is a transition year for it, where new management, the new CEO, the new CFO that we brought in really started hitting their stride. We restructured the debt. We made some critical acquisitions of cranes, and it's just starting to perform better. Much better. I would say AGREE is in that space right now. We've made significant changes. As a matter of fact, effective July, we just changed hotel operators. We believe there's revenue growth there that's not being captured. We'll find out. To the extent that they're languishing or not performing the way we want them, we're willing to make changes. That's why I would say this is really an active management of the portfolio companies. Yeah, I appreciate that. I really think that we talk about acquisitions when we probably won't be doing any new acquisitions other than our operating portfolio companies, which we'll talk about what we think this can be. We think that when we start to focus on them, we're focused on companies that can contribute to EBITDA as we start to move and migrate to no longer growth at any cost, but now the growth at reasonable cost and making sure that our EBITDA numbers and our cash flow are improving. Can we go to the next slide real quick? One more slide, thanks. This is where the rubber meets the road here. To transition to EBITDA reporting is not easy. As a public company, you got to be really careful on what you disclose here and how you do it. We've told the Street this morning that we think consolidated revenue is $300 million-$350 million. I am warned that I should stick within that guidance, and I will. I think that if we are able to execute, that number could be a lot higher in 2028 and beyond, and I'll explain that to you in simple terms. That is, Will, when you look at the AI infrastructure and data center, we know that margin is 65%. When you look at the EBITDA that comes from data center and AI infrastructure robotics, it's pretty much, is it fair to say, Will, that the portfolio companies combined don't generate the same EBITDA as you will generate with the data center? Oh, it's a fair statement. I'm going to go back one more. When you look at our revenue guidance of $300 million-$350 million, keep in mind, in 2025, our revenue was about $102 million. Ken can quote me on the exact number. This is pretty aggressive growth. If you look at the data center, it's only $40 million-$50 million projected in 2027, but that's because it's the transition year. Jay, as you heard, predicts that we will have phase one, which is the first 10 MW of critical IT load running in really Q4, and in Q1 of 2027, you're going to get an additional 10 MW. That puts us at, if we had all of that running on day one, we'd be closer to $50 million. That's only 20 MW of critical. The reality is, in 2028, we expect to bring on an additional capacity, which is 40 MW energized and approximately 32 MW of critical. That's going to put your full year numbers closer to $110 million-$120 million, just on the data center, not including robotics. There's a ton of growth here. As you mentioned, Todd, it's high margin growth, lending and data center. When you look at financial services and you look at $100 million-$150 million, there's a large margin there, and that's where you start to get more comfortable with data center margins, lending and financial services, and digital asset margins. Then you look at the portfolio companies, you say, "Okay, $60 million-$80 million of adjusted EBITDA makes sense for 2027." As we transition into reporting EBITDA numbers, we of course hope that we get a better multiple. We do not understand, and I'll never understand it, I've been doing this for 37 years, why the market continues to not reward us even a little bit for what we own and the assets we own. We think it's tremendously undervalued, and if I had my way, which I do not, we'd be doing something different about it. Unfortunately, going private and things like that are very difficult in a public environment. Quite honestly, I believe the shareholders deserve to get rewarded. This is part of our model here is, when you look at the portfolio company line of this group, you look at Crane, Defense, hotels, and whatever else we put in that category, we really wanted the shareholders to be part of a holding company that rewarded them with IPOs, the ability for them to participate, special dividends, et cetera. We really haven't had that luxury. We've tried it. The market has not rewarded us for it. We made a decision to actually slow down growth a little bit, focus our CapEx on the key things we already own to start generating EBITDA and cash flow to give us huge financial flexibility on whether we're buying stock back or whether we're buying another company or whether we're financing internally or whether we're using our Bitcoin treasury or whether we sell off a portfolio company. I mean, imagine selling. I'm not going to sell it. We're not selling Crane. I'll just be very clear right now, Crane is not for sale. What do you think Crane's worth? I'm telling this to the shareholders. What do you think Crane is worth if we sold it? Let's say if a company's doing $10 million of EBITDA in the Crane business, is it worth 4x EBITDA, 5x EBITDA? The team that runs it, Arnold Mabee. This is a great company run by 147 people that are dedicated to servicing oil and gas in Corpus Christi and Midland, Texas. He's a proven operator, came out of a Berkshire Hathaway subsidiary, and yet that asset has no value in this portfolio. The entire $60 million of Bitcoin, $70 million of Bitcoin, was almost the entire market cap at multiple points. To say that my frustration level isn't as high as it's ever been is high, but Will and I and the team made a decision to put our head down, focus on EBITDA, and focus on getting the company properly valued. Because it's impossible to get proper valuation when people don't understand what we're building. We decided that they'll understand cash, they'll understand EBITDA, and we'll start reporting that way. Ken, I know you're not a big fan of the work you have to do. Maybe I'm paraphrasing a little bit, but can you talk about EBITDA reporting and sort of what mindset that changes, or how hard do you think that's going to be, or what your comments are around us starting to report EBITDA? Well, the wonderful thing will be when we can start generating positive EBITDA. We do want to give our shareholders some transparency. Obviously, the GAAP metrics are the most important. We'll lead with our GAAP metrics, and we'll reconcile that to adjusted EBITDA. I think most sophisticated investors are used to seeing that, and it's something that we'll incorporate in the future. Yeah. One thing, Will, I want to comment on is a lot of these data center companies who were mining Bitcoin transitioned to AI. Yet, when you look at a company that's potentially going to generate $30 million, $40 million, $50 million, potentially $35 million of free cash, don't know the final number. We know that those multiples for data centers are really, really high. Obviously, this is a focus for us. Maybe you could talk about what you think the next couple of years look like the best you can. Of course, this is a forward-looking statement, but we do have a lot of power capacity. It seems everyone wants it. What's your plan there? Short term, which is the next six months, it's just making sure we address all of our customers' needs. It's got to be a phenomenal experience, and we are working with them, and it's definitely collaborative. Once we push out of that six months, or even during that six months, we'll aggressively start pursuing natural gas, and getting those plants in place and starting the build-out. Whether or not the existing customer takes it or doesn't take it will be utilized. There's too much need for power right now. There's too much need for data centers with everything that's going on in the economy and in culturally. That's our short term, and I define short term as two years. I expect 2028 numbers to be significantly above 2027 expectations from the data center side. The long-term plan is really, I'll call it the five-year plan, and that's working with the utility and getting 300 MW of primarily nuclear power at the facility. Because if we're at 20% and we're doing $125 million a year top line with 60%-65% gross margins excluding depreciation, you can multiply it by five and kind of figure out where you're going to be if you're at 100%. Will, the parent company, Ault & Company, has put in $56 million into a preferred. We've done this because we believe in the company, but we're also frustrated with the market not giving us any kind of market multiple at all. Will and I are committed to leading. Will is, of course, the Vice Chairman of the parent company, and I'm the CEO and Chairman. We started this venture nine years ago. We continue to put in money, and we'll continue to put in money over the next couple of years to be a shareholder. We really believe we've got the right team now. We have the cultures developed. We have hired internally four lawyers on the lending and deal side making. We have a general counsel that's been with us for, God, I think 10 years. I don't know how long Henry's been with us. We have James Turner, our Deputy General Counsel. Both of them came from a really good law firm that was doing a lot of deals and really been instrumental in helping us. We think the whole team's together with Jay Looney, who has all the data center experience we could ask for. Our CTO has been with us for 22 years, at least been with me for 22 years. Of course, Will and I are pretty comfortable. Can we go to the next slide? I think that's the end. Yep. All right. We are using non-GAAP measures. We'll continue to outline for you what EBITDA looks like for us. I'll leave you with one comment, and that is, one of the top things I hear- Oh, you know what? We actually have some questions. Gary, just that you guys were on the last conference call, Gary didn't get fired. Although we did give him a little help today with Joe on making sure the technology was working. Can we have a quick conversation, Gary? I know there were a few questions that were sent in. Not as many this time as last time. Let's answer a couple of those questions. What's the first question, Gary? Now that you have guidance, how often will you provide EBITDA? Ken, I assume we're going to report EBITDA starting in 2027. We'll update it quarterly, or what is the traditional way- Right. of doing that? Right. No, you said it just right, Todd. Okay, we're going to be updating the numbers quarterly. As we go into 2027, obviously, we'll have more conference calls that talk about EBITDA. That'll be a key metric for us, is that we'll be reporting something that we're not going to get off of. We actually are going to be cutting some corporate expenses. Some of our marketing budget's going to change. We are taking on some more partnerships. We are going to try to reduce corporate overhead at the same time that we increase revenue and profitability. What's the next question? How secure is the MSA Contract? How secure is the MSA? I don't know that I could answer that. Will, do you want to comment on how secure the MSA Contract is? I guess the idea is how secure is people's demand for AI? I don't know. Will, your thoughts? We have a contractual right to deliver the power. They have a contractual right to accept the power. They are a. Will, it's fair to say. They are currently large company with operations in multiple data centers. The only out really is if we cannot deliver the power, and we can deliver the power. It's fair to say they've been around a long time, actually a lot longer than some people like CoreWeave and others. They've been around a long time. Oh, yeah. They've been around for many years. Yeah. Decades. I would say, Gary, I think we're pretty comfortable that it's a secure contract. Like anything, if AI goes away and there's no need to use your iPhone and no need for power and no need for data, it may not be secure. But as long as you need it, if you think AI's here to stay, I think the contract is pretty well secure. That's just my thoughts on it. I don't know the client as well as Will and Jay. Jay, you have any comment on how secure it is? Well, I think you hit it exactly, is we live in a world where computing, regardless of the style, is with us forever and there'll always be a need to have places that can handle high-performance computing. And this is the one that we have right now, and we're very comfortable that this relationship is solid and is going to be fruitful for us. Gary, the next question. Last question. Is the company going to continue to use the ATM? Oh, God. Using the ATM is not very easy down here. We're not thrilled to get diluted ourselves. We're not thrilled about the way the stock is performing, and I'm not going to comment on the ATM specifically. I'm simply going to say we wouldn't borrow the $30 million at 4.9%. We wouldn't be looking for alternative lenders or good lenders on the data center side if we weren't cognizant of the fact that the ATM is something that we don't like and no one likes. No one wants to be diluted. I actually used to look at it a different way, and I really wish, unfortunately, the shareholders don't see it this way. When you go to do financing and you raise equity, you know you need it for growth, and you go to the traditional lenders out there that lend to small cap companies, they usually want to tie you up for years with purchase right agreements and warrants and resets and all kinds of scenarios. The ATM has always been the lowest cost of capital, 3% to the broker, 97% to the company. When you use the ATM to buy Bitcoin and then you have it as collateral, it's even a better asset. It's something that we're very sensitive of, especially with the price down here and the fact that the market isn't rewarding, in our opinion, anything we're doing around the growth of the company. Our core focus right now is to get good financing that's as least dilutive as possible. Will, do you have any comment on the ATM at all? I presume I covered that for you. I think you covered it. Again, I really think you need to identify or hit home the fact that when we're borrowing or raising capital on the ATM and we're buying Bitcoin, although it's dilutive today, the borrowing rate is ideal. It's sub 5% right now. More importantly, there's an opportunity for Bitcoin to appreciate. We've seen Bitcoin at $125,000. Bitcoin's what, mid-$60s right now? $64, yeah. Yeah. If Bitcoin were to double over the next year or two, you've got a source of appreciation, and that gives you an opportunity to buy back at whatever price the market is rewarding this company for at that time. Or to use that appreciation for something else. Future expansions when it comes to the extra 40 MW that we hope to put in place in the next two years through natural gas, right? I think it serves a lot of purposes. I understand that it's dilutive, but you're still putting it in assets that are appreciating and performing. I think it's important what Will points out, that maybe shareholders don't pay quite attention to what the ATM says here. We're just not using the ATM willy-nilly. We use the ATM only to buy Bitcoin or to build out the data center. That's it. Those are the proceeds we use the ATM for. We're able to build a treasury and borrow against it at very competitive rates, and we think it's pristine long-term digital capital. We think it's here to stay. It is volatile. We did sell 150 Bitcoin, and we did that to prove a point, is that we are willing to sell it. We did take that $9.6 million and deploy it in a way that was non-dilutive. We did that because the data center is so important. I'm going to leave this with the shareholders with this, and that is, if you have the capacity and you're only going to use 20% for $3 billion over 20 years with 65% margins, we're not fools. If you deploy all the capital into building out a data center and you lease out the entire data center, what is 100% capacity if $3 billion is 20 years? Well, you can do the math. So I think this is insanity. As a guy who's the Executive Chairman and shareholder, I think the market is insane. If I had my way, I'd do something different. Maybe that's a different kind of transaction. You never know what could happen in the future. I'm not suggesting it's happening today, you don't get $60 million - $80 million of EBITDA on $300 million - $350 million in sales without eventually saying to yourself, "When is the market going to reward the company?" That's on our minds. It's on Will's mind. It's on Henry's mind. It's on Ken's mind. It's on Joe's mind. He's been here for 20 years. It's definitely on Jay's mind because Jay's tied to that data center profitability. We appreciate everyone being here. Will, thank you, Ken, Joe, everyone setting up the call, Gary, and the 100 people on the call. I would be looking out for key things that are coming, lending, blockchain, more initiatives around the data center, what we're doing in robotics. These are all real, and contrary to what the people say, the negative haters out there, don't pay attention at your own peril because we're going to keep growing the company, and we're going to figure out a way to make this work, and we appreciate everyone's support. Thanks, everybody. Have a good day