Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $196 million, up 30.4% quarter-over-quarter and 121.1% year-over-year, marking the highest quarterly revenue in the past three years [6][27] - Full-year revenue for 2025 was $530 million, surging 96.7% year-over-year [12][30] - Gross margin in Q4 was $14.6 million, down from $16.6 million in Q3, primarily due to large-scale orders and declining Bitcoin prices [32] Business Line Data and Key Metrics Changes - Product revenue from mining machines was $165 million in Q4, up 39.1% quarter-over-quarter and 124.5% year-over-year [8] - The total computing power sold reached 14.6 exahash per second, up 45.7% quarter-over-quarter and 60.9% year-over-year [7] - Revenue from North American customers was $125 million, accounting for over 75% of total product sales [28] Market Data and Key Metrics Changes - Bitcoin prices experienced significant volatility, peaking at approximately $126,000 in October before dropping below $90,000 by December [5][26] - The total network hash rate reached historical highs, impacting miners' profit margins [26] Company Strategy and Development Direction - The company aims to integrate computing and energy infrastructure, exploring innovative mining applications and partnerships [10][16] - In 2026, the strategy focuses on securing reliable power resources and developing a systematic approach to power capacity [17][19] - The company plans to enhance its consumer and small to medium-sized business segments, emphasizing product quality and customer experience [20][21] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious outlook for the first quarter of 2026, anticipating revenue between $60 million and $70 million due to market volatility [24][34] - The company remains focused on maintaining cash flow discipline and preparing for potential demand recovery later in the year [22][34] Other Important Information - The company holds 1,750 Bitcoins and 3,961 Ethereums, valued at approximately $166 million at year-end prices [9][29] - The company has repurchased approximately 2.8 million ADSs for $2 million under its stock repurchase program [31] Q&A Session Summary Question: Update on A16 mass production timeline - The A16 mass production is expected to start after the Lunar New Year holiday, with volume ramp-up by the end of Q1 [39][40] Question: Margin profile difference between Home series and A15 - The Home series maintains good profitability, while industrial machines face pressure due to market conditions [41][42] Question: Size of the total addressable market for energy efficiency initiatives - The scale of individual projects typically ranges from a few megawatts to several tens of megawatts, with a cautious approach to market size estimates [48][49] Question: Long-term manufacturing footprint and U.S. manufacturing adjustments - The company has built a resilient manufacturing setup across multiple regions, including the U.S., to adapt to compliance and market changes [55][56] Question: Breakeven price for Bitcoin mining customers - The all-in payback level for Bitcoin mining is estimated to be around $100,000-$110,000, with a shutdown price for A15 Pro at approximately $37,000 [59][60] Question: Product development and future chip efficiency - The A16 series has achieved 12.8 J/TH, with ongoing efforts to improve energy efficiency for future generations [81][84] Question: Self-mining targets for 2026 - The company does not have a fixed self-mining target for 2026 but aims to prioritize energy resource allocation and infrastructure development [86]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $196 million, up 30.4% quarter-over-quarter and 121.1% year-over-year, marking the highest quarterly revenue in the past three years [6][29] - Full-year revenue for 2025 was $530 million, surging 96.7% year-over-year, nearly doubling 2024 results [13][29] - Gross margin in Q4 was $14.6 million, down from $16.6 million in Q3, primarily due to large-scale orders and declining Bitcoin prices [34] Business Line Data and Key Metrics Changes - Product revenue from mining machines was $165 million in Q4, up 39.1% quarter-over-quarter and 124.5% year-over-year, driven by strong sales volume [9][29] - The total computing power sold reached 14.6 exahash per second, up 45.7% quarter-over-quarter and 60.9% year-over-year [8][29] - The Avalon Home series contributed approximately $25 million in revenue for 2025, indicating strong growth in this segment [30] Market Data and Key Metrics Changes - Revenue from North American customers in Q4 was $125 million, accounting for over 75% of total product sales, highlighting the importance of this market [30] - The total installed hash rate increased 8.6% quarter-over-quarter to 9.91 exahash per second by the end of Q4 [10] Company Strategy and Development Direction - The company aims to integrate computing and energy infrastructure, focusing on the co-location of Bitcoin mining and AI high-performance computing (HPC) [17][19] - In 2026, the strategy will prioritize securing reliable power resources and developing a systematic approach to power capacity [18][20] - The company plans to enhance its consumer and small to medium-sized business segments by improving product quality and building distribution channels [21][22] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious outlook for the first quarter of 2026, anticipating revenue between $60 million and $70 million due to market volatility [26][27] - The company remains focused on maintaining cash flow discipline and preparing for potential demand recovery later in the year [25][36] Other Important Information - The company holds 1,750 Bitcoins and 3,951 Ethereums, valued at approximately $166 million at year-end prices, providing liquidity and potential upside [10][30] - The company recorded a $44 million non-cash fair value loss due to the decline in Bitcoin prices, impacting adjusted EBITDA [35] Q&A Session Summary Question: Update on A16 mass production timeline - The A16 mass production is expected to start after the Lunar New Year holiday, with volume ramp-up anticipated by the end of Q1 [41][42] Question: Margin profile differences between Home series and A15 - The Home series maintains good profitability, while industrial machines face pressure due to market conditions; the company will continue to prioritize the Home series for profit generation [43][44] Question: Size of the total addressable market for energy efficiency initiatives - The size of individual projects typically ranges from a few megawatts to several tens of megawatts, with a cautious approach to market size estimates [50][51] Question: Long-term manufacturing footprint and U.S. manufacturing adjustments - The company has built a resilient manufacturing footprint across multiple regions, including the U.S., to adapt to changing compliance and market conditions [56][57] Question: Breakeven price for Bitcoin mining - The all-in payback level for Bitcoin mining is estimated to be around $100,000-$110,000, while the shutdown price for the A15 Pro version is approximately $37,000 [60][61] Question: Foundry availability for A16 and cost differences - The foundry capacity is tight, but the company has secured critical resources; the unit cost for A16 is expected to face upward pressure compared to A15 [66][67] Question: Self-mining targets for 2026 - The company does not have a fixed self-mining target for 2026 but aims to prioritize energy infrastructure to scale operations when market conditions allow [87][88]

Group 1 - Canaan Inc. announced a 3.0 MW proof-of-concept project with Bitforest Investment in Manitoba, Canada, aimed at monetizing waste heat from crypto mining for agricultural applications [2] - The pilot project will last 24 months and involve deploying 360 Avalon A1566HA-460T liquid-cooled servers, with management projecting that approximately 90% of the electricity consumed could be captured and reused, targeting a 95% uptime [2][3] - The project positions high-density computing as an energy-efficient infrastructure asset, featuring a low power cost of $0.035 per kWh and the potential for shared economics if surplus power is sold back to the grid [3] Group 2 - Canaan Inc. focuses on the development and sale of Bitcoin mining machines and related services, although there are concerns that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Bitdeer Technologies Group due to alleged violations of federal securities laws, encouraging affected investors to contact them for legal options [2][4]. Group 1: Allegations Against Bitdeer - The complaint alleges that Bitdeer and its executives made false and misleading statements regarding the mass production of its fourth-generation SEALMINER (A4) rigs, specifically about the expected energy efficiency of the SEAL04 ASIC chip [4]. - It is claimed that Bitdeer failed to disclose that the SEAL04 chip, projected to have an energy efficiency of 5 J/TH, would not be ready for use in A4 rigs until mass production was expected to begin in Q2 2025 [4]. Group 2: Financial Performance and Stock Impact - On November 10, 2025, Bitdeer reported a third-quarter earnings per share of -$1.28, missing the consensus estimate of -$0.22, and disclosed significant delays in the development of its next-generation Seal 04 ASIC chip [5]. - Following this announcement, Bitdeer's stock price fell by $2.63 per share, or 14.9%, closing at $15.02 on November 11, 2025 [5]. - A subsequent fire incident at Bitdeer's under-construction facility in Ohio on November 11, 2025, led to another stock price drop of $2.83 per share, or 20.3%, closing at $11.11 on November 13, 2025 [6]. Group 3: Legal Proceedings and Class Action - Investors who purchased Bitdeer securities between June 6, 2024, and November 10, 2025, are reminded of the February 2, 2026 deadline to seek the role of lead plaintiff in the federal securities class action against the company [2][7]. - The lead plaintiff is defined as the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [7]. Group 4: Call for Information - Faruqi & Faruqi encourages anyone with information regarding Bitdeer's conduct, including whistleblowers and former employees, to contact the firm [8].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $150.5 million, up 50.2% quarter-over-quarter and 104% year-over-year, exceeding guidance [6][18] - Gross profit increased to $16.6 million, a 78.6% rise from Q2, marking a significant turnaround from a gross loss of $21.5 million in the same period last year [21][22] - Cash balance at the end of the quarter rose to $119 million, representing an 80.9% increase [6] Business Line Data and Key Metrics Changes - Mining machine sales delivered a record high of 10 exahash per second, up 55.6% sequentially and 37.7% year-over-year [7] - Average selling price for mining machines increased by 33.8% year-over-year to $11.8 per terahash [18] - Avalon Home series generated $12.2 million in revenue, a 115% quarter-over-quarter increase, contributing 10.3% of total product revenue [20][22] Market Data and Key Metrics Changes - North American customers contributed 31% of total revenue in Q3, indicating strong demand recovery in the region [19] - The global hash rate increased from 846 exahash per second at the end of Q2 to 1,041 exahash per second at the end of Q3 [5] Company Strategy and Development Direction - The company is focusing on expanding its consumer product line and energy operations while streamlining existing R&D and administrative costs [29] - New projects include partnerships for deploying mining machines at renewable energy facilities, indicating a shift towards sustainable energy solutions [10][11] - The company aims to integrate high-density Bitcoin mining with energy-intensive AI and HPC workloads [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q4, expecting total revenue to be in the range of $175 million to $205 million, influenced by macroeconomic conditions and U.S. tariff policies [15][29] - The management noted that while the macro environment remains complex, the demand for mining equipment in North America has shown resilience [56] Other Important Information - The company has secured a strategic investment of $72 million from top-tier institutional investors to fund data center acquisitions and expand Bitcoin mining machine production capacity [27] - The total cryptocurrency treasury reached approximately 1,582 Bitcoin and 2,803 Ethereum, with an estimated market value of around $189 million at the end of Q3 [22] Q&A Session Summary Question: Delivery timing and gross margin on the 50,000 A15 Pro units order - Management expects to complete all deliveries by the end of 2025, with positive gross margins anticipated [32][34] Question: Margins on home mining sales versus industrial mining equipment - Home mining series achieved a gross margin of 33%, significantly higher than industrial miners [35] Question: Shipping timeline and expectations for the new A16 models - A16 series launched at the end of October, with sample shipments expected by the end of November and volume shipments in Q1 2026 [41] Question: Market impact of public Bitcoin miners winding down operations - Management believes the global hash rate will not slow down in the near term, despite some miners facing balance sheet pressures [44] Question: Inventory levels for the A15 series and guidance for Q2 2025 - Inventory at the end of Q3 is approximately $200 million, with expectations for lower levels in Q1 2025 due to market uncertainties [62] Question: Self-mining objectives and power tariff rates in Ethiopia - The company plans to slow the pace of adding self-mining hash rate while focusing on delivering large orders and developing power resources [70][73] Question: Details on the $56 million wafer purchase and $90 million in processing - The $56 million reflects prepayments for wafers, while the $90 million includes various supply chain expenses [80][86]

Group 1 - Bgin Blockchain has reduced its planned IPO fundraising amount to $36 million by issuing 6 million shares at a price range of $5 to $7 per share, down from the previous plan of 6.25 million shares at $7 to $9 per share [1] - The company has changed its lead underwriter from Chardan Capital Markets and The Benchmark Company to D. Boral Capital [1] - Following a 1:1.4375 stock split, the new issuance terms indicate a 33% reduction in the number of shares to be issued, while the midpoint of the price range has increased by 8% [1] Group 2 - Bgin Blockchain is a digital asset technology company focused on alternative cryptocurrencies, with its primary revenue now coming from the sale of mining machines since April 2023 [2] - The company designs and sells mining machines equipped with its proprietary 8nm or 12nm ASIC chips, specifically for mining KAS, ALPH, and RXD coins [2] - For the 12 months ending December 31, 2024, Bgin Blockchain reported revenue of $302 million and plans to list on NASDAQ under the ticker "BGIN" [2]