Core Viewpoint - Cango Inc. reported significant growth in the first quarter of 2025, primarily driven by its entry into the Bitcoin mining industry, resulting in total revenues of RMB1.1 billion (US$145.2 million), a substantial increase from RMB64.4 million in the same period of 2024 [3][5][10]. Financial Performance - Total revenues for Q1 2025 were RMB1.1 billion (US$145.2 million), compared to RMB64.4 million in Q1 2024, marking a year-over-year increase of approximately 1,610% [5][8]. - Revenue from Bitcoin mining was RMB1.0 billion (US$144.2 million), with 1,541 Bitcoins mined during the quarter, up from 933.8 Bitcoins in the previous quarter [3][5]. - Revenue from automotive trading-related income was RMB7.6 million (US$1.0 million), a decrease from RMB64.4 million in the same period of 2024 [6]. Operating Costs and Expenses - Total operating costs and expenses in Q1 2025 were RMB1.2 billion (US$166.7 million), primarily related to Bitcoin mining operations [7][8]. - The cost of revenue for Bitcoin mining was RMB955.1 million (US$131.6 million), compared to RMB29.1 million in Q1 2024 [7][8]. Profitability Metrics - Loss from operations in Q1 2025 was RMB155.5 million (US$21.4 million), compared to income from operations of RMB74.2 million in Q1 2024 [9]. - Net loss for the quarter was RMB207.4 million (US$28.6 million), a decline from net income of RMB90.0 million in the same period of 2024 [10][30]. - Adjusted EBITDA was RMB27.6 million (US$3.8 million), down from RMB108.4 million in Q1 2024 [11][30]. Balance Sheet and Cash Position - As of March 31, 2025, cash and cash equivalents totaled RMB2.5 billion (US$347.4 million), an increase from RMB1.3 billion as of December 31, 2024 [16]. - The total outstanding balance of financing transactions facilitated by the company was RMB2.6 billion (US$358.4 million) as of March 31, 2025 [8]. Business Outlook - The company aims to increase its computing power from 32 EH/s to approximately 50 EH/s by the end of July 2025, enhancing its position among top-tier Bitcoin miners [3][12]. - Cango plans to continue optimizing its existing resources and explore high-quality M&A opportunities to scale operations and deliver long-term value [3][12].

Core Insights - AgriForce Growing Systems Ltd. has successfully delivered 500 Bitmain S19j Pro 100T Bitcoin mining machines for installation at its second facility in East Palestine, Ohio, marking a significant step in its expansion strategy [1][4] - The new equipment is expected to add 50 petahash per second (PH/s) of mining capacity, bringing the total operational hashrate in Ohio to 130 PH/s, which includes the existing 80 PH/s from another facility [2][3] - The company emphasizes its competitive position in the North American Bitcoin mining sector by leveraging low-cost power agreements and vertically integrated infrastructure [3] Company Strategy - The delivery of the new machines is seen as a strategic milestone in AgriForce's scale-up roadmap, aimed at enhancing operational capacity and cost efficiency [4] - The company aims to reach a target of one exahash in total mining capacity, showcasing its commitment to growth and efficiency in converting investments into revenue-generating assets [4] - AgriForce's ability to quickly locate and install well-priced miners demonstrates its operational agility and effectiveness in optimizing success rates [4] Technical Specifications - Each Bitmain S19j Pro 100T unit has a hashrate of 100 terahash per second (TH/s) and a power consumption of approximately 2,950 watts, contributing to a total system power draw of around 1.475 megawatts (MW) for the 500 units [8] - The facility in East Palestine has a total capacity of 2 MW, allowing for optimized load balancing [8] Company Overview - AgriForce Growing Systems Ltd. is focused on addressing challenges in agriculture, digital infrastructure, and environmental innovation, with a commitment to building energy-efficient operations [5] - The company leverages proprietary infrastructure strategies and clean energy assets to drive sustainable growth and long-term value creation [5]

TeraWulf (WULF) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Company Participants John Larkin - SVP & Director of Investor RelationsPaul Prager - CEO, Co-Founder & ChairmanPatrick Fleury - Chief Financial OfficerMike Grondahl - Head of Equities & Director of ResearchNazar Khan - Co-Founder, COO, CTO & Executive DirectorBrett Knoblauch - Managing DirectorStephen Glagola - Director - Equity ResearchMartin Toner - Managing Director - Institutional Research, Growth & InnovationBill Papanastasiou - Vice Presid ...

TeraWulf (WULF) Q1 2025 Earnings Call May 09, 2025 08:00 AM ET Speaker0 Greetings and welcome to the TerraWolf twenty twenty five First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Larkin, Senior Vice President, Director of Investor Relations. Thank you, sir. You may begin. Speaker1 Thank y ...

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Operational Highlights - TeraWulf deployed 122 EH/s in Q1 2025[9] - The company mined 372 BTC in Q1 2025, averaging 41 BTC per day[9, 16] - TeraWulf is on track to deliver 60 MW of critical HPC hosting capacity to Core42 in 2025[9] - The company achieved an 18 J/TH fleet efficiency in Q1 2025[13] Financial Performance - Revenue reached $349 million in Q1 2025, a 102% increase year-over-year, with an average value per BTC self-mined of approximately $93k[16] - Non-GAAP Adjusted EBITDA was ($47) million in Q1 2025, down from $319 million in 1Q24 due to various factors[16] - As of March 31, 2025, TeraWulf held $2182 million in cash and cash equivalents, excluding BTC valued at $14 million[12, 16] - Net debt stood at $2818 million as of March 31, 2025, including $500 million in 275% Convertible Notes due 2030[16, 17] - Power cost was $0081/kWh in Q1 2025, a 65% increase year-over-year due to extreme winter weather conditions[16] Strategic Initiatives and Guidance - TeraWulf has a scalable infrastructure with 750 MW of potential capacity for HPC Hosting[3] - The company is targeting 225 MW and 12 EH/s for Q2 – Q4 2025[3] - TeraWulf secured its first data center lease with Core42 for 60 MW of capacity[27] - The company anticipates ~$16 million per MW Base Rent in Year 1 from the Core42 deal, escalating at 3% annually[27]

Financial Data and Key Metrics Changes - Revenues increased by 30% to $213.9 million from $165.2 million in Q1 2024, driven by a 77% increase in the average price of Bitcoin [16][17] - The company reported a net loss of $533.4 million or negative $1.55 per diluted share, compared to a net income of $337.2 million or $1.26 per diluted share in Q1 2024 [17][18] - Adjusted EBITDA decreased to a loss of $483.6 million in Q1 2025 from a loss of $542.1 million in Q1 2024 [18] Business Line Data and Key Metrics Changes - The energized hash rate increased by 95% to 54.3 Exahash per second in Q1 2025 from 27.8 Exahash per second in Q1 2024 [13] - The purchase energy cost per Bitcoin was $35,728, with a daily cost per petahash improving by 25% year over year [9][18] Market Data and Key Metrics Changes - The average price of Bitcoin was 12% lower as of March 31, 2025, compared to December 31, 2024, resulting in an unrealized fair market value loss of $510.2 million in Q1 2025 [17] - The company currently holds over 48,000 Bitcoin on its balance sheet, with a 52% increase in Bitcoin price since the full HODL announcement in July 2024 [13][14] Company Strategy and Development Direction - The company is transforming into a vertically integrated digital energy and infrastructure company, focusing on long-term low-cost energy solutions and efficient capital deployment [6][10] - Strategic growth priorities include advancing research and development of digital energy technologies and establishing partnerships with governments and global energy corporations [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging quarter due to declining Bitcoin prices and increased network difficulty, they expect a substantial recovery in Bitcoin prices to positively impact Q2 results [17][18] - The company believes it is well-positioned to reduce operating costs over time as it expands its own initiatives and focuses on low-cost energy sources [18][19] Other Important Information - The company completed the construction of a 200 megawatt data center in Ohio, with 100 megawatts now online and over 12,000 miners installed [9] - The company is investing in and developing digital energy technologies to improve operational efficiency and diversify revenue streams [10][11] Q&A Session Summary Question: Market disconnect between fundamentals and share performance - Management indicated that the market values the company for its Bitcoin holdings but does not give credit for its mining operations, which they believe undervalues the company [21][22] Question: Off-grid expansion strategy and partnerships - Management discussed the importance of partnering with energy companies to monetize underutilized energy and emphasized a mix of energy sources for future growth [26][31] Question: Hash cost and operational efficiencies - Management confirmed that hash costs have been reduced and expect further declines due to ongoing projects and operational efficiencies [35][36] Question: Impact of tariffs on procuring mining rigs - Management noted that they are working to minimize the impact of tariffs through their supply chain and manufacturing strategies [62][63] Question: Full HODL strategy and future plans - Management reiterated their commitment to the full HODL strategy, emphasizing the long-term value creation for shareholders [70][72]

Hut 8 (HUT) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Sue Ennis - Head of IRAsher Genoot - CEOSean Glennan - CFOBrett Knoblauch - Managing DirectorBill Papanastasiou - Vice PresidentMike Grondahl - Head of Equities & Director of ResearchStephen Glagola - Director - Equity Research Conference Call Participants George Sutton - Partner & Senior Research AnalystPaul Golding - Senior Analyst - Life Style and PaymentsJohn Todaro - Senior AnalystPatrick Moley - Sr. Research AnalystBrian D ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $21.8 million, down from $51.7 million in the prior year, primarily due to planned downtime and top-line pressure from the April 2024 halving [18][20] - Net loss for the quarter was $134.3 million compared to net income of $250.7 million in the prior year [20] - Adjusted EBITDA was negative $117.7 million, down from $297 million [20] - Energy costs per megawatt hour rose to $51.71 from $40.06 in the prior year [21][22] - The company ended the quarter with 10,264 Bitcoin held in reserve, valued at $847.2 million [22][46] Business Line Data and Key Metrics Changes - Power segment revenue declined from $9.9 million to $4.4 million, driven by a reduction in managed services revenue [39] - Digital Infrastructure segment revenue fell from $5.8 million to $1.3 million, primarily due to the termination of an ASIC colocation agreement [39] - Compute segment revenue decreased from $32.1 million to $16.1 million, reflecting planned downtime and increased network difficulty [40] Market Data and Key Metrics Changes - As of March 31, 2025, the power origination pipeline expanded to approximately 10,800 megawatts, with about 2,600 megawatts under exclusivity [11] - The price of Bitcoin declined from approximately $93,000 as of December 31, 2024, to $82,500 as of March 31, 2025 [20] Company Strategy and Development Direction - The company is focused on building an integrated energy infrastructure platform, emphasizing a power-first strategy [9][28] - The launch of American Bitcoin aims to streamline capital allocation and enhance cash flow predictability [29][30] - Investments in infrastructure, including the Vega Data Center and Riverbend site, are expected to drive sustained margin expansion and capital productivity [24][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the transitional cost pressures and external headwinds but expressed confidence in the long-term value creation from recent investments [21][27] - The company anticipates a step change improvement in mining economics beginning in the second quarter following the fleet upgrade [21][24] - Management highlighted the importance of strategic partnerships and the ability to monetize power assets through mining [28][57] Other Important Information - The company executed a fleet upgrade, increasing deployed hash rate to 9.3 exahash with an average efficiency of approximately 20 joules per terahash [24][40] - A proprietary direct-to-chip liquid cooling system is being developed to enhance operational efficiency and reliability [25][67] Q&A Session Summary Question: Update on Riverbend project - Management confirmed initial site work has begun on the Riverbend campus, which includes civil work and substation development [52][54] Question: Logic of colocation agreement with American Bitcoin - The colocation agreement is structured to achieve a payback equivalent to the depreciation cycle of the miners hosted [55] Question: HPC customer conversations and JV potential - Management noted increasing interest in customer contracts and definitive agreements, with a focus on larger announcements rather than small milestones [78] Question: Decline in power under diligence and exclusivity - The decline is attributed to a focus on high-potential projects and a filtering of less promising sites [86] Question: HODL strategy for Bitcoin on the balance sheet - The company aims to use Bitcoin on its balance sheet as investable capital while maintaining exposure to Bitcoin upside through American Bitcoin [90]

Cautionary Note Regarding Forward–Looking Information This presentation includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward looking information"). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. ("Hut 8" or the "Company") expects or anticipates will or may occur in the f ...