Good day, and thank you for standing by. Welcome to Cipher Digital's business update for the first quarter of 2026. Please be advised, today's conference is being recorded. I would now like to hand the conference over to your speaker today, Drew Armstrong....
Drew Armstrong
Head of Investor Relations
0.00Good morning, and thank you for joining us on this conference call to address Cipher Digital's business update for the first quarter of 2026. Joining me on the call today are Tyler Page, Chief Executive Officer; and Greg Mumford, Chief Financial Officer....
Tyler Page
Chief Executive Officer
0.90Thanks, Drew. Good morning, everyone, and thank you for joining us today. I'm Tyler Page, CEO of Cipher Digital, and I'm pleased to welcome you to our first quarter 2026 business update call. 2026 is the year of execution for Cipher, and we kicked the year off...
Greg Mumford
Chief Financial Officer
0.60Thanks, Tyler, and good morning, everyone. Over the past year, Cipher has taken significant steps to reshape the financial profile of the company, transitioning from a start-up Bitcoin miner to an institutionally backed digital infrastructure platform with...
Our first question comes from Paul Golding with Macquarie.
Paul Golding
Analyst (Macquarie)
0.20Congrats on all the progress on the sites. I just wanted to ask, first off, around pricing. It seems just doing the back of the envelope math that the incremental Stingray lease, the NOI seems to be per megawatt at least an improvement on the other 2 on...