Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached $82.8 million, exceeding guidance of $75 million, representing a 136% year-over-year increase [11][30][31] - Mining revenue was $24 million, up 132% year-over-year, with 2.59 bitcoins mined, a 33% increase year-over-year [30][31] - The average selling price (ASP) per terahash increased to $10.5, a 30% sequential growth [12][30] - Operating loss narrowed by 32% quarter-over-quarter and 45% year-over-year to $37.6 million [20][30] Business Line Data and Key Metrics Changes - The A15 series mining machines drove significant revenue growth, contributing $58.3 million to machine sales, a 149% year-over-year increase [32][34] - Total computing power sold reached 5.5 million terahash per second, up 63% year-over-year [12][32] - The self-mining business produced 2.59 bitcoins, with mining revenue reaching a record high of over $24 million, marking a 59% sequential increase [15][30] Market Data and Key Metrics Changes - The global Bitcoin price fluctuated, dropping from approximately $104,000 in January to $76,000 in early March, before rebounding to over $100,000 by the end of the quarter [9][10][21] - The US market faced significant challenges due to tariffs, impacting demand for mining machines [10][11][23] Company Strategy and Development Direction - The company is focusing on expanding its manufacturing capabilities in the US to mitigate tariff impacts and reduce supply chain risks [18][19] - There is an ongoing strategy to pivot towards self-mining and explore global expansion opportunities [24][25] - The company is evaluating strategic initiatives, including a potential share repurchase program to enhance shareholder value [27][39] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the US market due to ongoing tariff uncertainties and a lack of clear recovery signs [22][23] - The company anticipates revenues of approximately $100 million for Q2 2025, based on current market conditions [26][41] - Management remains optimistic about the long-term appreciation potential of Bitcoin despite short-term volatility [20][21] Other Important Information - The company maintained a cash balance of approximately $100 million and increased its Bitcoin holdings to 1,424 by the end of April 2025 [21][37] - The company achieved a gross profit of $600,000 for the first time in two years amid the bear market [30][34] Q&A Session Summary Question: Can you describe the trends in ASP and equipment pricing through the quarter? - Management noted that ASP climbed to $10.5 due to strong demand and positive feedback on the A15 series, with expectations for continued improvement in Q2 [44][46] Question: How is the shift towards HPC or AI hosting affecting your TAM? - Management acknowledged that some customers are redirecting power towards AI applications, but viewed it as a temporary fix rather than a strategic shift [50][51] Question: Can you clarify expansion plans for self-mining? - Management confirmed that self-mining projects are progressing, with new installed capacity added in North America and strong performance in Ethiopia [53][54] Question: What lead time is needed for orders in Q3 or Q4? - Management indicated that lead times have improved to 6-8 weeks due to inventory buildup, with expectations for further reductions if demand stabilizes [66][68] Question: Is there potential to shift manufacturing to the US to mitigate tariffs? - Management confirmed trial production in the US but highlighted the complexities and costs associated with full-scale manufacturing there [76][78] Question: How are you justifying continued wafer spending amid market uncertainties? - Management emphasized strong long-term partnerships with wafer suppliers and the need to secure production capacity through prepayments [92][96]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 reached $82.8 million, exceeding guidance of $75 million, representing a 136% year-over-year increase [12][30] - Mining revenue was $24 million, up 132% year-over-year, with 2.59 bitcoins mined, a 33% increase year-over-year [30][32] - Average selling price (ASP) per terahash increased to $10.5, a 30% sequential growth [13][30] - Operating loss narrowed by 32% quarter-over-quarter and 45% year-over-year to $37.6 million [21][30] - Cash balance remained stable at approximately $100 million [22][36] Business Line Data and Key Metrics Changes - Sales revenue from mining machines exceeded $58 million, a 149% year-over-year increase, with 5.5 exahash per second in total computing power sold, up 62.6% year-over-year [12][32] - The Avalon Home series generated $1.3 million in sales revenue with around 6,000 units delivered [14][34] - Self-mining operations yielded 2.59 bitcoins, with mining revenue reaching a record high of over $24 million, marking a 59% sequential increase [16][30] Market Data and Key Metrics Changes - The global Bitcoin price fluctuated, dropping from approximately $104,000 in January to $76,000 in early March, before rebounding to around $100,000 by the end of April [9][10][21] - The US market faced significant challenges due to tariffs, impacting demand for mining machines [11][12] - Demand from North American customers remains under pressure, with no clear signs of recovery [23][24] Company Strategy and Development Direction - The company is focusing on technology and product innovation, strengthening customer service, and advancing its global strategy [27][28] - A pilot production line has been established in the US to reduce supply chain risks and improve market proximity [19][20] - The company is exploring larger-scale manufacturing facilities in the US while managing production costs [19][20] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the ongoing volatility in the global political and economic landscape, leading to the withdrawal of full-year revenue guidance [25][26] - The company anticipates Q2 revenues of approximately $100 million, based on current market conditions [26][40] - Management remains optimistic about the long-term appreciation potential of Bitcoin despite short-term price fluctuations [21][22] Other Important Information - The company has started to build up inventory of new products to ensure uninterrupted deliveries [22][36] - A share repurchase program is under evaluation to enhance shareholder value [27][39] Q&A Session Summary Question: Can you describe the trends in ASP and equipment pricing through the quarter? - ASP climbed to $10.5 due to strong demand and positive feedback on the A15 series, with expectations for continued improvement in Q2 [43][45] Question: How is the shift towards HPC or AI hosting affecting your TAM? - Some customers are redirecting power towards AI and HPC applications, but this appears more experimental than strategic [49][50] Question: Can you clarify expansion plans for self-mining? - Self-mining projects in North America are progressing, with new installed capacity added through partnerships [53][54] Question: What lead time is needed for orders for Q3 or Q4? - Current lead time for orders is about 6 to 8 weeks, with expectations for improvement based on demand and supply [65][66] Question: Is there capacity to shift manufacturing to the US to limit tariff impacts? - A small-scale trial production has started in the US, but complexities and costs remain a concern [74][76] Question: How are you evaluating site acquisitions in light of the tariff landscape? - Current energy prices remain stable, and potential policy changes may improve power availability in the future [84][86]

Financial Performance - Q4 2024 revenues reached $88.8 million, exceeding the management guidance of $80 million[8, 11] - Full year 2024 total revenues amounted to $269.3 million[11] - Q4 2024 mining revenue reached $15.3 million, a 312.5% year-over-year increase and a 70.7% quarter-over-quarter rise[8] - Q4 2024 Adjusted EBITDA was a gain of $19.3 million[8, 55] - The company held $96 million in cash at the end of Q4 2024, a 34% increase compared to Q3[8] Computing Power and Sales - Q4 2024 computing power sold reached 9.1 million TH/s, up 66% year-over-year[8, 18, 22] - The average selling price (ASP) was $8.1/TH/s in Q4 2024[18] - North American customers contributed approximately 40% of total FY24 mining machine sales revenue[18] - Installed computing power globally reached 5.4 EH/s as of December 31, 2024[24] - Installed Computing Power Reaches 6.60 EH/s as of Mar 24, 2025[27] Self-Mining Operations - Mining revenue in Q4 2024 reached $15.3 million[8, 13, 24] - The company mined 186 Bitcoins during Q4 2024, up 27% quarter-over-quarter[24] - The company held 1,293 Bitcoins as of December 31, with a market value of approximately $123 million[24] Future Guidance - Q1 2025 revenue guidance is $75 million, and Q2 2025 guidance is $120 million to $150 million[48, 59] - Full year 2025 revenue guidance is $900 million to $1.1 billion[48]