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][27] - 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][33] 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][27] - The total computing power sold reached 14.6 EH/s in Q4, up 45.7% quarter-over-quarter and 60.9% year-over-year [7][27] - Revenue from North American customers was $125 million, accounting for over 75% of total product sales [28][29] 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' profitability [26][27] 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) [16][18] - In 2026, the strategy will prioritize securing reliable power resources and expanding the consumer and small to medium-sized business segments [20][19] - The company plans to build a robust pipeline for direct power capacity in the U.S., potentially reaching gigawatt scale by the end of 2026 [18][19] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious outlook for the first quarter of 2026, expecting revenue between $60 million and $70 million due to ongoing market volatility [24][25] - The company remains focused on maintaining cash flow discipline and preparing for potential demand recovery later in the year [22][23] Other Important Information - The company holds 1,750 Bitcoins and 3,951 Ethereums, valued at approximately $166 million at year-end prices [29][30] - The company has repurchased approximately 2.8 million ADSs for $2 million under its stock repurchase program [31] Q&A Session Summary Question: Progress on A16 mass production - The A16 machines are currently in the testing phase, with mass production expected to start after the Lunar New Year holiday [39][40] Question: Margin profile difference between Home Series and A15 - The Home Series maintains good profitability, while industrial machines face pressure due to prioritization of large orders [41][42] Question: 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 [48][49] Question: Long-term manufacturing footprint and U.S. manufacturing - The company has built a resilient manufacturing setup across multiple regions, including the U.S., to adapt to compliance and market changes [52][53] Question: Breakeven price for Bitcoin mining - 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 [57][58] Question: Foundry availability for A16 and cost differences - The foundry capacity is tight, but the company has secured critical resources, with unit costs for A16 expected to face upward pressure [63][64] Question: Self-mining target 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 [85][86]