PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION What happened: The filed complaint alleges that throughout the Class Period, the defendants made materially false, misleading and potentially damaging statements regarding the Business Operations of Bitfarms. On May 9, 2025, a complaint was filed against the Company and certain of its current and former officers, alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: Why W ...

Core Viewpoint - Bit Origin Ltd is seeking confirmation for a proposed share capital reduction, which will be discussed in a court hearing scheduled for June 5, 2025 [1][3]. Group 1: Share Capital Reduction Details - The company approved a special resolution on March 14, 2025, to reduce the par value of each authorized share from US$0.30 to US$0.000001, pending court confirmation [2]. - Following the share capital reduction, the authorized share capital will be US$500, divided into 500,000,000 shares, including 475,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares [2]. Group 2: Court Hearing Information - A petition for the confirmation of the share capital reduction was presented to the Grand Court of the Cayman Islands on May 1, 2025, and will be heard at 10:00 a.m. on June 5, 2025 [3]. - Creditors or shareholders wishing to oppose the confirmation must notify the company's legal representatives at least 24 hours before the hearing, by June 4, 2025 [4]. Group 3: Company Background - Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., operates in the cryptocurrency mining business and is actively deploying blockchain technologies [5].

NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Bitfarms Ltd. (“Bitfarms” or the “Company”) (NASDAQ: BITF) for violations of the federal securities laws on behalf of investors who purchased or acquired Bitfarms securities between March 21, 2023 and December 9, 2024, inclusive (the “Class Period”). On May 9, 2025, a complaint was filed against the Company and certai ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, primarily due to the April 2024 halving event and increased network difficulty [19][20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [19][20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, compared to a positive $58.5 million in Q1 2024, primarily due to a $49.2 million mark-to-market loss on digital asset holdings [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year, with production declining 80% to 83 bitcoins for the quarter [5][6] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [22] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [7] - The market value of digital asset positions appreciated on a mark-to-market basis, with Bitcoin prices increasing by 25% and Ethereum by 40% since the quarter end [25] Company Strategy and Development Direction - The company is focusing on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [8][12] - The company is pursuing nondilutive financing structures to support the expansion of its HPC platform and has initiated the process for commercial mortgage financing in the US [27][29] - The company is actively evaluating over 500 megawatts of potential capacity across Canada and the US, focusing on retrofitting existing sites [52][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to the halving event and increased competition but expressed confidence in the growth of cloud services [6][8] - The management is optimistic about securing large contracts with annualized revenue potential above $100 million, reflecting the strength of the platform built through disciplined investment [12] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and support growth initiatives [29][30] Other Important Information - The company held $57.6 million in cash and cash equivalents and $3.7 million in restricted cash as of March 31 [25] - The company remains debt-free and spent approximately $65 million on capital expenditures during the quarter, primarily on GPUs and data center infrastructure [26] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebranding has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [33][34][35] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from both hyperscalers and medium-sized NeoClouds, with updates expected in the coming months [38][40] Question: Delay in customer contract start date - The delay was due to internal product development schedule changes, but the company has options to utilize GPUs for other contracts if necessary [43][44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity in both regions, focusing on retrofitting existing sites for efficiency [51][52][53] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [58][62] Question: Gross margin profile and GPU procurement strategy - The company aims to increase margins through long-term contracts and strategic procurement aligned with customer demand [70][78]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, reflecting the impact of the April 2024 halving event and increased network difficulty [20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, primarily due to a $49.2 million mark to market loss on digital asset holdings [23] - GAAP net loss per share was $0.32, compared to earnings of $0.43 per share in Q1 2024 [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year and 26% sequentially, with production declining 80% year over year to 83 bitcoins [5][20] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [21] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [6] - The market value of digital asset positions appreciated on a mark to market basis, with Bitcoin and Ethereum prices increasing by 25% and 40% respectively since the quarter end [24] Company Strategy and Development Direction - The company is focused on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [11][12] - The company aims to pursue nondilutive financing structures to support the expansion of its HPC platform [26] - The acquisition of a 95-acre property in North Carolina is intended for data center development, with a robust pipeline of over 500 megawatts of potential capacity under evaluation [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to market conditions but expressed confidence in the growth of cloud services and colocation segments [5][19] - The company remains optimistic about securing large contracts with annualized revenue potential above $100 million [11] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and execute growth strategies [28] Other Important Information - The company raised approximately $10 million through its ATM program during the first quarter and an additional $48 million subsequent to the quarter end [27] - The company sold approximately $32 million worth of Bitcoin holdings during the quarter to help fund growth [28] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebrand has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [32][33] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from hyperscalers and medium-sized NeoClouds for capacity, with updates expected in the coming months [40] Question: Reason for customer contract start date shift - The shift in start date was due to internal product development schedule changes, and the company is prepared to utilize the GPUs for other contracts if necessary [44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity across both Canada and the US, focusing on retrofitting existing sites for efficiency [52][54] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [60][62] Question: Gross margin profile changes and GPU procurement strategy - The company aims to increase margins by spreading operating lease costs over a larger revenue base and continues to minimize speculative procurement risks [71][78]

Core Insights - SOS Limited reported significant growth in commodity trading revenue, which increased to $214.3 million in FY 2024, accounting for 92.6% of total revenue, up from 74.0% in FY 2023 [3][4][8] - The company experienced a decline in cryptocurrency mining revenue, dropping to $9.3 million from $18.9 million in FY 2023, primarily due to a temporary shutdown of its Texas mining facility for upgrades [4][8] - Operating expenses rose to $28.6 million in FY 2024, a 50.6% increase from $18.99 million in FY 2023, driven by higher general and administrative costs and selling expenses [10][12][13] Revenue Breakdown - Commodity trading revenue reached $214.3 million, representing 92.6% of total revenue in FY 2024, compared to $68.4 million (74.0%) in FY 2023 [3][4] - Cryptocurrency mining revenue fell to $9.3 million (4.0%) in FY 2024 from $18.9 million (20.4%) in FY 2023 [4][5] - Hosting service revenue increased to $6.5 million (2.8%) from $2.4 million (2.6%) in FY 2023 [3][5] Cost and Expenses - Costs of revenue surged from $78.2 million in FY 2023 to $224.4 million in FY 2024, an increase of $146.2 million [9] - Selling expenses increased significantly to $2.8 million in FY 2024, a 300% rise from $0.7 million in FY 2023 [11] - General and administrative expenses rose by 64% to $18.1 million, largely due to increased depreciation of mining rigs [12] Financial Performance - The company reported an operating loss of $21.6 million in FY 2024, compared to a loss of $4.8 million in FY 2023 [13] - Basic GAAP EPS was $(0.0299) for FY 2024, slightly worse than $(0.0269) in FY 2023 [13] - Cash and cash equivalents decreased to approximately $239.5 million as of December 31, 2024, down from $279.2 million in the previous year [15] Cash Flow Analysis - Net cash used in operating activities was $(63.6) million for FY 2024, a significant decline from $9.7 million generated in FY 2023 [19] - The net cash generated from financing activities increased to $24.6 million in FY 2024, up from $17.6 million in FY 2023 [20] - The company incurred a cash outflow of $69.3 million from changes in other receivables in FY 2024, compared to $25.2 million in FY 2023 [25]

Q1 2025 Earnings Presentation May 2025 First Quarter of 2025: New Chapter of Growth Solid First Quarter Financial Performance Strong Showing by BTC Mining Operation Disclaimer This presentation has been prepared by Cango Inc. (the "Company") solely for information purpose and has not been independently verified. By viewing or accessing the information contained in this material, the recipient hereby acknowledges and agrees that no representations, warranties or undertakings, express or implied, are made by ...

Core Viewpoint - HIVE Digital Technologies has surpassed 8 EH/s of Bitcoin mining hashrate and is on track to reach 25 EH/s by Q4 2025, driven by the completion of a hydro-powered facility in Paraguay [2][3]. Group 1: Company Growth and Expansion - HIVE has achieved a total operating hashrate of 8.3 EH/s and aims to reach 11.5 EH/s by the end of June 2025 [2][4]. - The company plans to expand its capacity to 18 EH/s by Q3 2025, with additional infrastructure coming online in Paraguay [3][4]. - HIVE's second 100 MW facility in Paraguay is expected to be completed this summer, facilitating growth from 11.5 EH/s to 18 EH/s [3]. Group 2: Financial Performance and Revenue Potential - At 18 EH/s, HIVE anticipates mining approximately 10 Bitcoin per day, potentially generating nearly US$1,000,000 in daily revenue with Bitcoin prices over US$100,000 [4]. - HIVE's average cost of Bitcoin production is projected to decrease by 10-20% by autumn 2025 due to lower energy prices and improved fleet efficiency [4]. Group 3: Strategic Use of Bitcoin Treasury - HIVE has utilized a portion of its Bitcoin treasury to acquire next-generation ASIC mining equipment, securing an option to repurchase Bitcoin at US$87,000 per BTC [5][6]. - The company currently holds 610 BTC in its treasury and aims to rebuild its holdings while expanding its mining capacity to 25 EH/s [7]. - HIVE's strategy involves deploying BTC mined at lower prices to fund growth while retaining the option to reclaim BTC as prices appreciate [7]. Group 4: Operational Efficiency - HIVE is expected to achieve a global fleet efficiency of 20 J/TH at 11.5 EH/s and 19 J/TH at 18 EH/s, leading to reduced energy requirements per Bitcoin mined [4]. - The company is committed to scaling operations responsibly with green energy, enhancing its environmental footprint [8].

Core Viewpoint - HIVE Digital Technologies has surpassed 8 EH/s of Bitcoin mining hashrate and is on track to reach 25 EH/s by Q4 2025, driven by the completion of a hydro-powered facility in Paraguay [2][3][4]. Company Growth and Infrastructure - HIVE's current operating hashrate is 8.3 EH/s, with a target of 11.5 EH/s by the end of June 2025 and plans to reach 18 EH/s in Q3 2025 [2][4]. - The second 100 MW facility in Yguazu, Paraguay, is expected to support growth from 11.5 EH/s to 18 EH/s, with a third facility planned for Q4 2025 in Valenzuela, Paraguay [3][4]. Financial Performance and Revenue Projections - At 18 EH/s, HIVE anticipates mining approximately 10 Bitcoin per day, potentially generating nearly US$1,000,000 in daily revenue with Bitcoin prices over US$100,000 [4]. - HIVE's average cost of Bitcoin production is projected to decrease by 10-20% by autumn 2025 due to lower energy prices and improved fleet efficiency [4]. Strategic Use of Bitcoin Treasury - HIVE has utilized a portion of its Bitcoin treasury to acquire next-generation ASIC mining equipment, pledging Bitcoin at a market price of US$87,000 per BTC [5][6]. - This strategy allows HIVE to expand its mining fleet without significant cash outlay or equity dilution while maintaining Bitcoin exposure [7]. Operational Efficiency - HIVE aims to improve global fleet efficiency to 20 J/TH at 11.5 EH/s and 19 J/TH at 18 EH/s, which will reduce energy consumption per Bitcoin mined [4]. - The company holds 610 BTC in its treasury and plans to rebuild its holdings while expanding its mining capacity to 25 EH/s [7].

Core Viewpoint - Sphere 3D Corp. reported a significant decline in Bitcoin production and revenue for the first quarter of FY 2025, attributing the downturn to weaker post-halving economics and operational transitions [7]. Financial Results - Bitcoin production for Q1 FY 2025 was 30.5 Bitcoin, a decrease from 144.8 Bitcoin in Q1 FY 2024 [7]. - Revenue fell to $2.8 million in Q1 FY 2025, down from $6.9 million in Q1 FY 2024 [7]. - Operating costs and expenses were $8.0 million, compared to $8.8 million in the same quarter of the previous year [7]. - Net loss from operations was $5.2 million in Q1 FY 2025, compared to a net loss of $1.9 million in Q1 FY 2024 [7]. - The overall net loss was $8.8 million, or $0.32 per share, compared to a net loss of $4.5 million, or $0.27 per share, in Q1 FY 2024 [7][10]. Bitcoin Assets and Value - As of March 31, 2025, the company held a self-mined Bitcoin balance of 22.7 Bitcoin, valued at approximately $1.9 million [4]. Operational Developments - The company reached a settlement with Gryphon Digital Mining, resulting in the dismissal of all outstanding litigation without any payments made [6]. - A new hosting site in Iowa was fully energized, and a managed services agreement was established with Simple Mining for its operation [6]. - The company ended its hosting agreement with Rebel Mining Company LLC, resulting in a settlement amount of $2.4 million payable to Sphere 3D [6]. Leadership Comments - Interim CEO Kurt Kalbfleisch emphasized the focus on reducing reliance on third-party providers and improving cash flow and long-term profitability [2]. - The company is committed to scaling operations with discipline and positioning itself to benefit from Bitcoin's long-term adoption [2].