比特小鹿2025年Q3营收大增，AI算力业务成新增长点

Core Insights - The company reported significant growth in its Q3 2025 financial performance, with revenue reaching $170 million, a year-over-year increase of 173.59% and a quarter-over-quarter increase of 17.0% [2] - Adjusted net loss narrowed significantly to $26.8 million, a reduction of 69.2% year-over-year, while operating cash flow turned positive at $41.2 million, marking a new quarterly high since 2024 [2] Business Performance - The self-mining business was the primary growth driver, generating $105 million in revenue, a year-over-year increase of 78.6%, and accounting for 57.7% of total revenue. Bitcoin production reached 1,231 coins, up 35.2% year-over-year, with a gross margin of 32.7%, an increase of 8.4 percentage points [3] - The strategically expanded AI cloud computing business achieved revenue of $12 million in Q3, with a gross margin of 41.3%, indicating the start of a new growth trajectory [4] Operational Metrics - As of the end of Q3, the company's total hash rate reached 18.7 EH/s, a year-over-year increase of 42.9%. The use of clean energy accounted for 76%, aiding in cost control. Additionally, the total Bitcoin held by the company increased to 2,233.2 coins [5] Future Outlook - Management anticipates Q4 2025 revenue to be between $200 million and $210 million, representing a year-over-year growth of 55%-63%. Plans are in place to increase total data center hash rate to 25 EH/s by 2026 [6]