Summary of Conference Call Records Company Overview GeoVax Labs - **Industry**: Biotechnology - **Focus**: Developing vaccines for infectious diseases and therapies for solid tumor cancers, including COVID-19 and MPOXX (monkeypox) [1][2] Bitfufu Inc - **Industry**: Cryptocurrency Mining - **Focus**: Bitcoin mining and mining services, including cloud mining and self-mining operations [24][25] Key Points from GeoVax Labs Business Goals and Focus - GeoVax is a clinical-stage biotech company targeting unserved or underserved populations for vaccine development [4] - The company has a strong patent portfolio, recently announcing a new broad patent for its multi-antigen COVID-19 vaccine [3] Market Opportunities - The global market opportunity for GeoMVA (MPOXX vaccine) exceeds $11 billion [4] - Over 40 million adults in the U.S. and 400 million worldwide have weakened immune systems that do not respond to current vaccines [5][6] Alignment with Government Initiatives - GeoVax aligns with bipartisan efforts for diverse vaccine development and long-term safety, emphasizing transparency in the vaccine industry [7][11] Capital Development Strategy - The company targets raising approximately $30 million annually through equity sales and non-dilutive funding [13][15] - Last year, GeoVax raised over $25 million, enabling continued progress on its programs [14] Competitive Landscape - Bavarian Nordic is currently the only supplier for the Impox MVA vaccine, and its acquisition by a private equity firm raises concerns about monopoly and pricing [18][19] - GeoVax plans to initiate a Phase 3 trial for its GeoMVA vaccine in the second half of next year, aiming for revenue generation within three years [20][21] Key Points from Bitfufu Inc Company Performance - Bitfufu reported a substantial increase in cloud mining revenue, with over half coming from new customers, indicating strong demand [30] - The company holds 1,784 Bitcoin on its balance sheet and has a mining capacity of 38.6 exahash [26][30] Strategic Developments - Bitfufu is acquiring more data centers to reduce leased capacity, which helps lower operational costs [27] - The company has seen a year-over-year decline in self-mining revenue due to the Bitcoin halving event [33] Financial Performance - Bitfufu reported EBITDA of $60.7 million, a significant increase from $8.3 million year-over-year [35] - The company has maintained profitability since its inception, distinguishing itself from many peers in the mining space [36] Growth Strategy - The company is focusing on vertical integration and horizontal innovation, with plans to expand its capacity to over a gigawatt by 2026 [37] - Bitfufu's cloud mining business accounted for 80% of its revenue in the second quarter, reflecting strong demand [38] Institutional Interest - There is a growing interest from institutional investors, particularly in using cloud mining as a corporate treasury strategy [43][44] Additional Important Insights - GeoVax's approach to vaccine development emphasizes expedited registration pathways and collaborations to mitigate risks [4] - Bitfufu's strategic framework with Bitmain allows access to a significant number of mining rigs, enhancing its competitive position [34] - Both companies are positioned to capitalize on their respective market opportunities, with GeoVax focusing on vaccine development and Bitfufu on expanding its mining capabilities and services [21][41]

Company Performance - CleanSpark achieved 50 EH/s installed capacity [2] - CleanSpark manages a $680 million convertible bond [1] - CleanSpark has over 1 gigawatt (GW) power under contract [2] - Strong cash flow drives strategic optionality for CleanSpark [1][2] Leadership & Strategy - CleanSpark experienced a CEO transition, with Matt Schultz taking over from Zach Bradford after 6 years [1][2] - CleanSpark maintains a pure-play mining strategy, contrasting with the industry's pivot to HPC/AI [1] - CleanSpark optimizes fleet efficiency and power portfolio [1] Financial Strategy - CleanSpark raised a $680 million convertible bond in December [2] - CleanSpark utilizes a Coinbase credit line for tactical moves [2]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $155.6 million, up 122% sequentially from Q1 and up 57% year over year [8][20] - Gross profit was $12.8 million, with an adjusted EBITDA of $17.3 million, showing significant improvement from Q1 [8][27] - Self mining revenue reached $59.3 million, a 42.5% increase year over year and a 59.4% increase sequentially [21] - Total operating expenses were $42.3 million, up from $26.1 million in Q2 2024, primarily due to R&D costs [25] Business Line Data and Key Metrics Changes - Self mining hash rate increased by 103.3% year over year and 45.5% sequentially, contributing to revenue growth [21] - Sales revenue from SealMiner ASICs was $69.5 million, compared to $0 in Q2 2024 [21] - Cloud Hash Rate revenue declined to $0, down from $12.2 million in Q2 2024, due to the expiration of long-term contracts [22] Market Data and Key Metrics Changes - The average operating hash rate increased by 46% to 14.2 exahash in Q2 from 9.7 exahash in Q1 [8] - The self mining hash rate further grew to 22.3 exahash as of July 2025, representing a 162% increase from the beginning of the year [9] Company Strategy and Development Direction - The company is focused on a vertically integrated and technology-driven growth strategy, investing in chip design, supply chain, and manufacturing [9][10] - Plans to achieve a self mining hash rate of 40 exahash by October 2025, with expectations to exceed this target by year-end [10][18] - The company is also developing the CLO4 chip, targeting breakthrough efficiency for Bitcoin mining and other high-performance applications [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum and a solid foundation for growth [9][11] - The company anticipates record results on a run rate basis by the end of the year, setting a strong foundation for 2026 and beyond [11][19] - Management highlighted the importance of energy efficiency and performance leadership in the competitive landscape [11][12] Other Important Information - The company has energized 361 MW of data center capacity for self mining as of July 2025, with plans to increase total available power capacity to nearly 1.6 GW [15][16] - The company is in advanced negotiations for a development partner for its HPC AI initiative in Clarington, Ohio [17][18] Q&A Session Summary Question: What is the risk around construction at the Clarington site? - Management indicated that capital requirements would be minimal and provided through the partner, with construction loans on top [34] Question: How is the demand for ASIC production evolving? - Management noted increased demand due to rising hash prices and Bitcoin prices, contributing to a stronger market [36] Question: What is the current status of the HPC initiative? - The focus is on a build-to-suit approach, with flexibility depending on the final customer for the site [41] Question: What is the balance between self mining and external sales for SealMiners? - The company prioritizes internal use for self mining due to high margins, with a gradual transition to external sales as internal capacity fills up [52] Question: What is the outlook for ASIC prices based on current market dynamics? - Management stated that pricing for the A3 chip will be competitive, with significant efficiency advantages [48] Question: What is the customer composition for SealMiner sales? - The sales have been a mix of both public and private miners, with a focus on distributing units for market feedback [109]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $155.6 million, up 122% sequentially from Q1 and up 57% year over year [6][18] - Gross profit was $12.8 million, with adjusted EBITDA at $17.3 million, showing significant improvement from Q1 [6][24] - Self mining revenue reached $59.3 million, a 42.5% increase year over year and a 59.4% increase sequentially [19] - Adjusted profit was negative $24.4 million, compared to positive $3.2 million in Q2 2024 [24] Business Line Data and Key Metrics Changes - Self mining hash rate increased by 103.3% year over year and 45.5% sequentially, contributing to revenue growth [19] - SealMiner sales revenue was $69.5 million, compared to $0 in Q2 2024 and $4.1 million in Q1 2025 [19] - Cloud Hash Rate revenue declined to $0 from $12.2 million in Q2 2024 due to the expiration of long-term contracts [20] Market Data and Key Metrics Changes - The average operating hash rate increased by 46% to 14.2 exahash in Q2 from 9.7 exahash in Q1 [6] - As of July 2025, self mining hash rate further grew to 22.3 exahash, representing a 162% increase from the beginning of the year [7] Company Strategy and Development Direction - The company is focused on a vertically integrated and technology-driven growth strategy, investing in chip design, supply chain, and manufacturing [7][10] - Plans to achieve a self mining hash rate of 40 exahash by October 2025, with expectations to exceed this target by year-end [9][16] - The company is developing the CLO4 chip with two independent designs to ensure success and improve energy efficiency [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum and a positive outlook for the remainder of 2025 and beyond [7][17] - The company anticipates record results on a run rate basis by the end of the year, setting a strong foundation for 2026 [10][17] Other Important Information - The company has energized 361 MW of data center capacity for self mining, with plans to increase total available power capacity to nearly 1.6 GW [14][15] - The company ended the quarter with $299.8 million in cash and cash equivalents, indicating a strong financial position [27][28] Q&A Session Summary Question: What is the risk around construction at the Clarington site? - Management indicated that capital requirements would be minimal and provided through a partner, with construction loans on top [33] Question: How is the pricing for SealMiner sales? - Pricing remained consistent with the previous quarter, with increased demand due to rising Bitcoin prices [35][85] Question: What is the current status of the HPC initiative in Clarington? - The focus is on a build-to-suit approach, with flexibility depending on the final customer [40] Question: What is the demand environment for ASICs? - Demand has remained strong, with no signs of decline, and the market has picked up significantly [71] Question: How will the company balance self mining versus external sales of SealMiners? - The company prioritizes internal use due to high margins but plans to transition to external sales as internal capacity fills up [51]

Financial Performance - Q2 2025 revenue reached $155.6 million[9], compared to $99.2 million[9] in Q2 2024, representing a significant increase - Adjusted EBITDA for Q2 2025 was $17.3 million[11], while Q2 2024 saw $23.5 million[11] - The company reported a net loss after tax of $147.7 million[12] for Q2 2025 - Cash and cash equivalents totaled $299.8 million[12], with crypto holdings of $169.3 million[12] Operational Highlights - SEALMINER A2 sales generated $69.5 million[12] in revenue - 21.2 EH/s of SEALMINER A2 mining rigs have been manufactured, with an additional 0.4 EH/s in final assembly as of the end of July 2025[13] - Self-mining hash rate increased from 11.5 EH/s in March 2025 to 16.5 EH/s in June 2025[15] - Hash rate of mining rigs sold increased ~17x, from 0.3 EH/s in Q1 2025 to 5.0 EH/s in Q2 2025[17] Future Growth & Capacity - The company has 1.3 GW of existing power capacity and a secured 2.7 GW pipeline[35] - Potential ASIC Revenue TAM is estimated at ~$21.25 billion[24] - Potential SEALMINER Revenue at 30% market share is estimated at ~$6.4 billion[26]

Core Insights - Bitdeer Technologies Group reported a significant increase in Q2 2025 revenue, reaching $155.6 million, which is up 56.8% year-over-year and 121.9% sequentially, driven by growth in self-mining and external sales of SEALMINER A2s [2][3][12] Financial Performance - Total revenue for Q2 2025 was $155.6 million compared to $99.2 million in Q2 2024 [5][10] - Self-mining revenue increased to $59.3 million from $41.6 million, attributed to a 103.3% rise in average self-mining hashrate to 14.2 EH/s [12] - Cloud Hash Rate revenue dropped to $0.0 million from $12.2 million due to the expiration of long-term contracts [12] - General Hosting revenue decreased to $9.3 million from $20.6 million, and Membership Hosting revenue fell to $14.6 million from $22.1 million, both impacted by reduced mining economics post-April 2024 halving [12] - SEALMINER sales generated $69.5 million in revenue [12] Cost and Profitability - Cost of revenue rose to $142.8 million from $74.8 million, primarily due to increased costs associated with SEALMINER sales and higher employee expenses [13] - Gross profit was $12.8 million, down from $24.4 million, resulting in a gross margin of 8.2% compared to 24.6% [20] - Net loss for the quarter was $147.7 million, compared to a loss of $17.7 million in the previous year [16] Operational Highlights - The company is on track to achieve a self-mining hashrate of 40 EH/s by the end of October 2025, with expectations to exceed this target by year-end [3][12] - Year-to-date, Bitdeer has energized 361 MW of datacenter capacity for self-mining, with a total electrical capacity expected to reach over 1.6 GW by year-end [3][12] Research and Development - R&D efforts are focused on the SEALMINER A4 project, targeting a chip efficiency of approximately 5 J/TH [3] - The company has made significant progress in customized silicon software development and expanded its U.S. engineering team to support the SEAL04 chip [3] Cash and Liquidity - As of June 30, 2025, Bitdeer had $299.8 million in cash and cash equivalents and $169.3 million in cryptocurrencies [5][28] - The company reported net cash used in operating activities of $334.9 million, primarily due to payments for SEALMINER wafers and electricity costs [21]

Core Viewpoint - BitFuFu Inc. reported strong financial results for Q2 2025, showcasing significant growth in revenue and net income, driven by increased demand for cloud-mining solutions and strategic capacity expansion despite industry challenges [2][4][5]. Financial Highlights - Total revenue for Q2 2025 was $115.4 million, a 47.9% increase from the previous quarter, but a 10.8% decrease year-over-year [2][9]. - Revenue from cloud-mining solutions reached $94.3 million, up 22.3% from $77.1 million in Q2 2024, marking the highest second quarter in the company's history [3][10]. - Net income was $47.1 million, a significant increase from $1.3 million in the same period of 2024, including an unrealized fair value gain of $39.6 million from Bitcoin price increases [4][18]. - Adjusted EBITDA rose to $60.7 million from $8.3 million in Q2 2024, reflecting improved operational performance [19]. Operational Highlights - Total mining capacity increased by 46.6% to 36.2 EH/s as of June 30, 2025, compared to 24.7 EH/s a year earlier [6]. - Hosting capacity grew to 728 MW, up from 522 MW in the same period of 2024 [12]. - The number of cloud-mining registered users surged by 57.7% to 623,114 as of June 30, 2025 [12]. Revenue Breakdown - Revenue from self-mining operations fell to $14.8 million, a 71.0% decrease from $51.1 million in Q2 2024, primarily due to the April 2024 Bitcoin halving and increased network difficulty [11]. - Revenue from mining equipment sales increased significantly to $5.2 million from $0.1 million in the same period of 2024, driven by strong demand for mining machines [12]. Liquidity and Capital Resources - As of June 30, 2025, the company had cash and cash equivalents and digital assets totaling $211.4 million, a 25.8% increase from $168.1 million at the end of 2024 [20].

AI Infrastructure & Hosting Agreements - TeraWulf signed two 10-year hosting agreements with Fluidstack to provide over 200 MW of AI infrastructure [1] - The total value of the hosting agreements is approximately $3.7 billion [1] Financial Backing & Equity - Google will back the deal with up to $1.8 billion in guarantees [1] - Google will receive about 8% of TeraWulf's equity [1] Industry Focus - The deal highlights the growing convergence of Bitcoin mining and AI infrastructure [1]

Core Viewpoint - KULR Technology Group is positioned for growth with strong financial results in Q2 2025, driven by increased revenues and significant Bitcoin holdings, enabling further investments in product development and R&D efforts [2][6][7]. Financial Performance - Revenues for Q2 2025 increased by 63% to $3.97 million compared to $2.43 million in Q2 2024, with product sales rising by 74% to approximately $1.98 million [2]. - As of June 30, 2025, the company had cash and current accounts receivable totaling $24.73 million [3]. - Gross margin decreased to 18% in Q2 2025 from 24% in the same period last year, attributed to unexpected labor hours for technical projects [3]. - Selling, General and Administrative (SG&A) expenses rose to $6.94 million from $4.59 million year-over-year, mainly due to increased advertising, marketing, and stock-based compensation [4]. - Research and Development (R&D) expenses increased to $2.44 million from $1.31 million, reflecting a planned rise in consulting services [5]. - Operating loss for Q2 2025 was $9.45 million, up from $5.33 million in Q2 2024, driven by higher SG&A and R&D investments [5]. - Net income for Q2 2025 was $8.14 million, or $0.22 per share, compared to a net loss of $5.89 million, or a loss of $0.26 per share in the same period last year, primarily due to a mark-to-market gain on Bitcoin holdings [6]. Corporate Developments - KULR joined the Russell 3000® Index effective June 30, 2025, enhancing its market visibility [8]. - The company expanded its Bitcoin holdings to 1,021 BTC, achieving a yield of 291.2% [9]. - KULR secured a $20 million credit facility with Coinbase to support its Bitcoin acquisition strategy [10]. - A reverse stock split of 1-for-8 was completed on June 23, 2025, reducing outstanding shares from approximately 300 million to 40 million [10]. - KULR's Bitcoin mining operations reached 750 PH/s with plans to increase to 1.25 EH/s by late summer [10].

Investment & Stake - Google acquires an 8% stake in Bitcoin miner TeraWulf [1] - The deal is valued at $3.7 billion [1]