Core Viewpoint - The company has shown improvement in its financial performance despite external challenges, particularly related to tariffs impacting its operations in the U.S. market. Financial Performance - Total revenue reached $82.78 million, a year-on-year increase of 135.9%, surpassing the previous guidance of $75 million [9] - Mining revenue amounted to $24.25 million, reflecting a year-on-year growth of 131.9%, marking a historical high for the quarter [9] - The company sold hash power of 5.5 million TH/s, which is a 62.6% increase year-on-year [9] - The company mined 259 BTC, with an average value of approximately $93,500 per coin contributing to revenue [9] - As of the end of March, the deployed hash power reached 6.6 EH/s, with self-mining revenue growing nearly 60% [9] - Gross profit turned positive at $646,000, compared to a gross loss of $37.3 million in the same period last year [9] - Operating loss narrowed significantly to $37.6 million, showing improvement both quarter-on-quarter and year-on-year [9] Strategic Developments - The company has received a warning letter from NASDAQ regarding its stock price falling below $1 for 30 days, which was anticipated [5] - A $100 million second tranche of A-1 preferred stock was terminated, likely due to concerns over the low stock price [6] - The company announced a stock buyback plan of up to $30 million over the next six months, indicating a commitment to protect shareholder interests [7] Market Context - Tariffs have increased by 10% on mining machines shipped to the U.S. from Southeast Asia, impacting the company's operations [3] - Other mining companies face similar tariff challenges, which could affect U.S. miners' competitiveness [3] - The company is exploring ways to expand its production line in the U.S. to mitigate these issues [4] - Recent legislative developments in various states are seen as supportive for Bitcoin, with expectations of more favorable laws emerging [8][12]