Financial Performance - Total revenues for the second quarter of 2025 reached US$100.2 million, exceeding guidance and representing a 39.5% year-over-year increase [2][8] - Bitcoin mining revenues hit an all-time high of US$28.1 million, up 201.6% year-over-year, with 284 bitcoins mined at an average revenue of US$98,866 per bitcoin [3][10] - Gross profit surged to US$9.3 million, a significant turnaround from a gross loss of US$19.1 million in the same period last year [3][13] Operational Highlights - Total computing power sold was 6.4 million Terahash per second (TH/s), reflecting a 16.5% sequential increase and a 3.0% year-over-year rise [3][5] - The company's bitcoin treasury expanded to 1,511 bitcoins by July-end 2025, marking a strategic milestone in its long-term accumulation model [4][5] Strategic Initiatives - The company is focusing on core crypto businesses, including bitcoin mining machine sales and self-mining operations, while discontinuing its non-core AI semiconductor business unit [28][29] - A share repurchase program was authorized, allowing the company to repurchase up to US$30 million worth of its outstanding ADSs over six months, with US$2.4 million already utilized [32][34] Management Commentary - The CEO highlighted strong results amid macro headwinds, emphasizing proactive market expansion and solid execution [5] - The CFO noted solid sequential and year-over-year improvements, driven by higher average selling prices and increased computing power sold [6] Future Outlook - For the third quarter of 2025, the company expects total revenues to be in the range of US$125 million to US$145 million, reflecting near-term market conditions [38]

Financial Performance - Net revenue for Q2 2025 reached $214 million, a 13.9% increase year-over-year[10] - Adjusted EBITDA for Q2 2025 was $25 million, representing an 11.7% margin[10] - The company projects full year 2025 net revenue to be between $880 million and $888 million, representing approximately 14-15% year-over-year growth[28] - The company anticipates full year 2025 Adjusted EBITDA to be between $98 million and $101 million, with an 11.1-11.4% margin[28] - For Q3 2025, the company expects net revenue between $223 million and $225 million, a growth of approximately 16-17% year-over-year, with an Adjusted EBITDA margin of approximately 11%[30] Business Highlights - The company has 298 stores, including 293 in the U S and 5 in Canada[8, 23] - The company estimates a potential footprint of over 900 stores[24] - Over 20 million pairs of glasses have been distributed through the Buy a Pair, Give a Pair program[8] Customer Retention - The company demonstrates compelling and consistent sales retention rates, with customer cohorts showing increasing sales retention over time[17]