00:00Three numbers will show whether N-Scale's contracted book is becoming real.
00:05Three measurements show whether construction is converting contracts into service.
00:11First, active total contract value.
00:14$2.6 billion today, beside $100 and $3.4 billion active and contracted.
00:21Second, GPUs online.
00:23Roughly 25,000, beside $461,000 active and contracted.
00:30Third, operating sites.
00:32Five today, beside 17 sites in total by our calculation, including 12 contracted and under construction.
00:40Each update can be read through the same question.
00:43Is the operating number moving, rather than merely the contracted number growing?
00:49That keeps attention on completed infrastructure and activated service, where the filing says revenue actually begins.
00:58Watch the full breakdown, tap the related video.
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