Bitcoin Depot (BTM) Q1 2025 Earnings Call May 15, 2025 10:00 AM ET Company Participants Cody Slach - Senior Managing DirectorBrandon Mintz - Chairman of the Board, President & CEODavid Gray - Chief Financial OfficerHal Goetsch - Managing DirectorScott Buchanan - Director, COO, and Principal Financial Officer Conference Call Participants Mike Grondahl - Head of Equity sales, Trading & Research - Senior Research AnalystMike Colonnese - Managing Director & Senior Technology AnalystPatrick McCann - Equity Resea ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached USD 145 million, with USD 144 million coming from Bitcoin mining operations, marking a significant increase compared to the previous year [4][12] - Gross profit for the quarter was USD 13.61 million, while the operating loss was USD 155.5 million, primarily due to a decline in Bitcoin prices [4][15] - As of March 31, 2025, total cash, cash equivalents, and short-term investments amounted to USD 347 million, providing solid support for future business expansion [4] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business was USD 144 million, with 15.41 Bitcoins mined in Q1 2025 [13] - Revenue from automotive trading related income decreased to RMB 64.4 million compared to the same period in 2024 [13] - The average cost to mine Bitcoin was USD 70,602.1 per coin, excluding depreciation of mining machines [13] Market Data and Key Metrics Changes - The company holds a total computing power of 32 exahashes per second, accounting for approximately 4% of the global average hash rate in Q1 [5] - The average monthly effective hash rate consistently exceeded 30 exahashes per second, with a coin yield of 16.6 Bitcoins per exahash, placing the company among the top three publicly listed mining companies [7] Company Strategy and Development Direction - The company is committed to a "mine and hold" strategy, focusing on self-mining and long-term holding of Bitcoin [8] - Plans to optimize existing computing power resources and pursue M&A opportunities to scale operations and enhance market competitiveness [9] - The traditional automotive business, AutoCango, aims to connect China's used car market with overseas buyers, with over 480,000 used car listings [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Bitcoin's long-term value appreciation potential and the stability of its supply [8] - The company is focused on optimizing mining operations and exploring new market opportunities while strengthening partnerships [25] - Management acknowledged challenges from increasing computing power and mining difficulty but emphasized ongoing efforts to enhance operational efficiency [20][24] Other Important Information - The company has reduced its total outstanding loan balance to approximately RMB 2.6 billion, with improved loan quality metrics [5] - The average power efficiency for the quarter was 21.62 per terahash, indicating strong operational metrics [7] Q&A Session Summary Question: Trends in the cryptocurrency market - Management believes the cryptocurrency market presents both opportunities and challenges, with a focus on monitoring developments and adjusting strategies accordingly [19] Question: Response to increasing computing power and mining difficulty - The company plans to optimize existing mining operations and expedite the delivery of additional computing power [20] Question: Reasons for declines in April metrics - A significant decrease in mined Bitcoins in April was attributed to an increase in global network hash rate and mining difficulty [22] Question: Pressure from increasing electricity costs - The company is experiencing high electricity costs but is exploring renegotiation of hosting agreements and partnerships in low-cost clean energy projects [24] Question: Future strategic direction - The company will focus on optimizing mining operations, enhancing efficiency, and exploring new market opportunities while pursuing sustainable energy sources [25] Question: Concentration risk in revenue from Bitcoin mining - While the majority of revenue comes from Bitcoin mining, the company remains confident in its used car export business and plans to explore additional opportunities for diversification [28] Question: Plans for cash flow and financing - The company has sufficient liquidity for operations and plans to prioritize debt financing over equity financing [30]

MARA Holdings, Inc. (MARA) reported weaker-than-expected first-quarter 2025 results on May 8, following which the stock has declined by 12%.Quarterly loss came in at 40 cents per share compared with the Zacks Consensus Estimate for a loss of 34 cents per share and the year-ago quarter’s loss of 6 cents. Total revenues of $213.9 million missed the consensus mark by a slight margin but increased 29.5% from the year-ago quarter. Other Quarterly DetailsMARA produced 2,286 bitcoins in the quarter, 19% less than ...

本次合作标志着 BitX 在北美市场布局的关键落地，也是继哈萨克斯坦之后，BitX 在全球"智能化挖矿网络"扩张战略中的又一重要节点。 全球比特币挖矿效率技术领导者 BitX 宣布，已与加拿大大型矿场正式签署 战略谅解备忘录（MOU），双方将合作推进 Bit-X V2 加速器在加拿大地区的大 规模部署，提升矿场效率与可持续性。 联手推进北美矿场效率升级 Bit-X V2：无需换机，效率翻倍 阿尔伯塔省是加拿大比特币挖矿的重要基地，拥有丰富的能源资源与广阔的矿场设施。此次签署的 MOU 将涵盖以下核心合作内容： · 在阿尔伯塔多座矿业园区部署 Bit-X V2 加速器 · 对现有S19、M30等主流矿机进行系统效率优化 · 构建联合实验测试区，评估AI驱动的多场景适配能力 · 探索绿色能源+效率技术的深度融合 BitX CEO Brian Ashe 表示： "我们非常荣幸能与加拿大矿场携手，将 BitX 的效率革命技术带入北美核心挖矿区域。这不仅是一次商业合作，更是我们共同推动挖矿智能化、绿色化的愿 景对接。" 在此前与哈萨克斯坦矿场合作中，BitX 的旗舰产品 Bit-X V2 加速器 成功实现了超过 100 ...

全球比特币挖矿的地理版图正在经历一场深刻的变革。曾经由中国牢牢占据主导地位的算力格局，如今已发生戏剧性的逆转。根据权威研究机构的最新数 据以及美国政府高层官员的表态，美国不仅已取代中国成为全球最大的比特币挖矿中心，其政府更展现出前所未有的积极姿态，计划通过一系列措施巩固 并扩大这一领先地位，甚至可能涉及协助矿工解决能源这一核心痛点。 中国禁令下的算力大迁徙 剑桥大学替代金融中心（Cambridge Centre for Alternative Finance,CCAF）近期发布的一项研究报告，为美国在全球比特币挖矿领域的压倒性优势提供了有 力证据。该研究基于对49家大型矿业公司的调查（这些公司合计占据了比特币网络近一半的算力），得出的结论令人瞩目：美国目前控制着全球高达 75.4%的比特币哈希率（Hashing Power）。 报告指出：美国已经巩固了其作为全球最大挖矿中心的地位（占报告活动的75.4%）。按照当时全球约796EH/s的总算力计算，这意味着仅美国就贡献了 约600EH/s的算力。即便考虑到不同统计口径可能存在的差异，其他估计也显示美国的算力占比至少在50%以上，这无疑证实了美国在全球比特币挖矿 ...

中国休假第一天，全球市场出现"一切皆涨，唯有黄金下跌"的景象： 而在此之前，央视旗下社交媒体账号玉渊谭天援引不具名消息人士表示，美国近来已通过多种渠道主动 与中国接触，希望就关税问题进行谈判。 但细看美股走势，似乎已经提前消化了中美贸易形势好转的消息——因为其开盘即涨，但随后逐步回吐 涨幅。特朗普多次在公开场合释放"对华友好"信号，最初阶段能极大提振市场风险偏好；但随着次数增 多，市场对同类表态的敏感度下降，所谓"新闻免疫力"就逐渐形成。市场在消息刚出时抢跑，但真正看 到落地细节不足时就回落。 还有一个坏消息值得关注。市场突然意识到对美联储的降息预期过高，开始解除降息押注。交易员预计 6月降息的可能性为58%，低于周四早些时候的68%。然而昨晚公布的数据显示，美国上周初请失业人 士大增、4月ISM制造业PMI超预期下滑，这本应增强"降息必要性"。如果市场完全解除6月降息押注， 那么流动性边际将迅速收紧——资金成本抬升，对股市、信贷市场以及新兴市场都是压力。换句话说， 这种"解除降息押注"本身就可能成为下一轮下跌的导火索。 世界仍旧面临一场惊涛骇浪。（来源：华尔街情报圈） 本文源自：金融界 - 美国股市全线上涨 ...

LM Funding America, Inc. (LMFA) Q4 2024 Earnings Conference Call March 31, 2025 08:00 AM ET Company Participants Operator - Conference Call OperatorRyan Duran - President of U.S. Digital MiningCody Fletcher - Investor RelationsRichard Russell - Chief Financial OfficerBruce Rogers - Chairman and Chief Executive Officer Conference Call Participants Matthew Galenko - Analyst, Maxim GroupKevin Deedy - Analyst, HC Wainwright Operator Good day, and thank you for standing by. Welcome to the LM Funding America four ...

Canaan (CAN) Q4 2024 Earnings Call March 26, 2025 08:00 AM ET Company Participants Gwyn Lauber - Investor RelationsNangeng Zhang - Chairman & CEOJames Cheng - Chief Financial OfficerBill Papanastasiou - Vice PresidentLiang Wang - VP - Capital Markets & Corporate Development Conference Call Participants Nick Giles - Senior Research AnalystKevin Cassidy - Senior Research AnalystKevin Dede - Managing Director & Technology AnalystJoe Flynn - Senior Research Analyst Operator Ladies and gentlemen, thank you for s ...