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]

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 of $125 million-$145 million [7][20] - Gross profit increased to $16.6 million, a significant rise from $9.3 million in Q2, with a product gross margin of 17% [7][24] - Cash balance at the end of the quarter rose to $119 million, representing an 80.9% increase [7] 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, with an average selling price of $11.8 per terahash, a 33.8% increase year-over-year [8][20] - The Avalon Home series generated $12.2 million in revenue, a 115% quarter-over-quarter increase, contributing 10.3% of total product revenue [10][22] - Mining revenue reached $30.6 million, marking a 241% year-over-year increase, with 267 BTC mined during the quarter [10][22] Market Data and Key Metrics Changes - North American customers contributed 31% of total revenue in Q3, indicating a strong recovery in demand [21] - 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 [6] Company Strategy and Development Direction - The company is focusing on expanding its consumer product line and energy operations while optimizing its R&D and administrative cost structure [15][29] - New projects include partnerships for energy infrastructure, such as a wind-powered mining facility in Texas and a project converting stranded natural gas into computing power [11][12] - The company aims to integrate high-density Bitcoin mining with energy-intensive AI and HPC workloads, reflecting a long-term vision for sustainable energy and computing [12][14] 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-$205 million, influenced by macroeconomic conditions and U.S. tariff policies [17][29] - The CEO noted that while some public miners are reducing operations, the overall global hash rate is expected to remain strong in the near term [44][56] Other Important Information - The company holds a cryptocurrency treasury of approximately 1,582 Bitcoin and 2,803 Ethereum, with an estimated market value of around $189 million [24] - A strategic investment of $72 million was closed with top-tier institutional investors to fund North American data center sites and expand Bitcoin mining machine production capacity [27] Q&A Session Summary Question: Delivery timing and gross margin on the 50,000 A15 Pro units order - The order is expected to be completed by the end of 2025, with positive gross margins anticipated [32][33] Question: Margins on home mining sales versus industrial mining equipment - The Avalon Home series achieved a gross margin of 33% in Q3, significantly higher than industrial miners [34] Question: Shipping schedule and scale for the new A16 models - The A16 series was 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 - The CEO noted that while some miners are reducing operations, the global hash rate is expected to remain strong, and the company is focusing on fulfilling customer requirements [44][56] Question: Inventory levels for the A15 series and guidance for Q2 2025 - Inventory at the end of Q3 was approximately $200 million, with expectations for lower levels in Q1 due to market uncertainties [64] Question: Growth opportunities in pilot projects in Canada and Japan - The company is validating technical approaches and business models in pilot projects, with potential for scale-up in the future [66] Question: Self-mining objectives and strategy in Ethiopia - The company plans to slow the pace of self-mining hash rate additions while focusing on delivering large orders and developing power resources [72] Question: Details on wafer purchases and processing costs - The $56 million wafer purchase includes prepayments for future supply, while the $90 million processing costs relate to supply chain expenses [80][86]

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]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $150.5 million, a 50.2% increase quarter-over-quarter and a 104% increase year-over-year, exceeding guidance [6][19] - Gross profit improved to $16.6 million, up 78.6% from Q2 2025, marking a significant turnaround from a gross loss of $21.5 million in the same period last year [22][26] - Cash balance at the end of the quarter increased 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 of computing power, up 55.6% sequentially and 37.7% year-over-year [7][19] - Average selling price for mining machines increased by 33.8% year-over-year to $11.8 per terahash [7][19] - Avalon Home series generated $12.2 million in revenue, a 115% quarter-over-quarter increase, contributing over 10% of total product revenue for the first time [20][23] Market Data and Key Metrics Changes - North American customers contributed 31% of total revenue in Q3 2025, indicating a strong recovery in demand [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 integrating energy infrastructure with mining operations [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q4 2025, expecting total revenue to be in the range of $175 million to $205 million, influenced by macroeconomic conditions and U.S. tariff policies [17][29] - The company is closely monitoring the impact of global mining and energy regulations on its operations [17] Other Important Information - The company holds a total cryptocurrency treasury of approximately 1,582 Bitcoin and 2,803 Ethereum, with an estimated market value of around $189 million at the end of Q3 [23] - A strategic investment of $72 million was closed with top-tier institutional investors to fund the acquisition and deployment of North American data center sites [27] Q&A Session Summary Question: Delivery timing and gross margin on the 50,000 A15 Pro units order - The order is expected to be completed by the end of 2025, with positive gross margins anticipated [31] Question: Margins on home mining sales versus industrial mining equipment - Home mining series achieved a gross margin of 33%, significantly higher than industrial miners [32] Question: Shipping schedule 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 [34] Question: Impact of public Bitcoin miners winding down operations - The company believes the global hash rate will not slow down in the near term, and it is focusing on building AI-ready mining facilities [36] 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 2026 due to market uncertainties [46] Question: Growth opportunities in pilot projects in Canada and Japan - Pilot projects are aimed at validating technical approaches and business models, with potential for scale-up in the future [48] Question: Self-mining objectives and strategy in Ethiopia - The company plans to slow the pace of adding self-mining hash rate in the near term while focusing on delivering large orders [50]

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 - In Q4 2024, total revenue reached approximately $89 million, exceeding guidance of $80 million, marking a year-over-year growth of approximately 81% and the highest quarterly revenue in the past two years [13][54]. - For the full year, total revenue was nearly $270 million, up 27.4% year-over-year [13]. - Adjusted EBITDA for Q4 was a gain of $19.3 million, the first EBITDA profitability since the mining machine market downturn began two years ago [40][70]. Business Line Data and Key Metrics Changes - Mining machine sales contributed $73 million in revenue, up 64% year-over-year, with 9.1 million terahash per second of computing power sold, a record high [14][62]. - Mining revenue reached $15.3 million in Q4, an increase of 313% year-over-year, with 186 Bitcoins mined, up 84% year-over-year [20][60]. - The A15 series became the main product, with over 17,000 units delivered in Q4, primarily to North American public mining companies [57][64]. Market Data and Key Metrics Changes - North America accounted for approximately 40% of mining machine sales, reflecting successful expansion in the region [15][57]. - The average selling price (ASP) for mining machines remained stable at $8.1 per terahash, with expectations for a return to a more reasonable level in Q1 2025 [63] [64]. Company Strategy and Development Direction - The company aims to achieve 10 exahash per second in North America and 15 exahash per second globally by mid-2025, with recent agreements to expand mining capacity in Pennsylvania and Texas [25][56]. - The focus on R&D and product innovation continues, with the A16 series expected to reach nearly 300 terahash per second [37][56]. - The company is exploring local production to adapt to evolving compliance environments and remains committed to the long-term potential of Bitcoin [50][51]. Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for Q1 2025, expecting revenue of approximately $75 million due to seasonality and market volatility [45][81]. - For Q2 2025, revenue is estimated to be in the range of $120 million to $150 million, with a full-year guidance of $900 million to $1.1 billion [46][81]. - The management noted that the rising Bitcoin price and efficient mining operations contributed to improved margins and profitability [22][66]. Other Important Information - The company has established 26 service stations worldwide to enhance customer support and reduce parts delivery times [121]. - The total Bitcoin holding reached a record high of 1,293 by the end of Q4 2024, with a fair market value of approximately $123 million [78][79]. - The company has entered into an ATM agreement for fundraising, with net proceeds of $42.5 million utilized for expansion [75][76]. Q&A Session Summary Question: Update on site acquisition activity and power infrastructure - The company is actively seeking energy-rich regions in North America and has secured sufficient site resources to support its deployment plan [85]. Question: Demand outlook for the second half of the year - Management indicated strong demand in Q4 and expects significant sales growth in Q2 and Q3, contingent on Bitcoin prices and the economic environment [92][96]. Question: ASIC orders and foundry partner backlog - The company is gradually increasing production and managing inventory based on market demand, with flexibility to adjust orders as needed [104][106]. Question: Details on A16 ASIC improvements - The A16 ASIC utilizes cutting-edge technology and multiple technical advancements to achieve significant performance improvements [108][110]. Question: Customer service improvements in North America - The company has enhanced customer service through more service stations and improved product reliability, aiming to outperform competitors [121][124]. Question: North American customer pipeline and sales funnel - The company has secured major clients in North America, with a growing number of retail customers contributing to exceptional growth [128][130].

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached approximately USD 89 million, exceeding guidance of USD 80 million, resulting in year-over-year growth of approximately 81% [10][39] - For the full year, revenue was nearly USD 270 million, up 27.4% year-over-year [10] - Adjusted EBITDA for Q4 was USD 19.3 million, marking the first EBITDA profitability since the mining machine market downturn began two years ago [29][50] Business Line Data and Key Metrics Changes - Mining machine sales contributed USD 73 million in revenue, up 64% year-over-year, with 9,100,000 terahash per second of computing power sold, a record high [11][44] - Mining revenue reached USD 15.3 million in Q4, an increase of 313% year-over-year, with 186 Bitcoins mined, up 84% year-over-year [14][39] - The A15 series became the main product, with over 17,000 units delivered in Q4, primarily to North American public mining companies [41][44] Market Data and Key Metrics Changes - North America accounted for approximately 40% of mining machine sales, reflecting successful expansion in the region [11][12] - The price of Bitcoin rose from USD 61,000 at the beginning of the quarter to USD 93,000 at the end, positively impacting mining profitability [9][50] Company Strategy and Development Direction - The company aims to reach a mining capacity of 10 exahash per second in North America by mid-2025, with plans for further expansion [18][40] - The focus on R&D and product innovation continues, with the A16 series expected to achieve nearly 300 terahash per second [27][41] - The company is exploring local production to adapt to evolving compliance environments and strengthen its market position [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q1 2025, expecting revenue of approximately USD 75 million, with a stronger outlook for Q2 [32][57] - The company noted that recent volatility in Bitcoin prices could impact demand and revenue trajectory, but remains committed to annual targets [70][71] Other Important Information - The company has established 26 service stations worldwide to improve customer service and support [91] - Cash flow from operations turned positive, generating USD 17 million in Q4, strengthening the cash balance to USD 96 million [52][51] Q&A Session Summary Question: Update on site acquisition activity and power infrastructure - Management is actively seeking sites in energy-rich regions across North America and has secured sufficient resources to support current deployment plans [61][62] Question: Demand outlook for the second half of the year - Management indicated strong sales performance in Q4 and expects significant inventory turnover in Q2 and Q3, with demand dependent on Bitcoin prices and the economic environment [66][68] Question: ASIC orders and production capacity - The company is gradually increasing production but is not placing orders at maximum capacity due to market conditions; production will continue through Q3 [78][80] Question: Details on the A16 ASIC improvements - The A16 ASIC will utilize advanced technology and design optimizations to achieve performance improvements, with production ramping up in Q2 and Q3 [81][83] Question: Customer service improvements in North America - The company has enhanced customer service through localized support and improved product reliability, aiming to outperform competitors [91][93] Question: North American customer pipeline and sales funnel - The company has secured major clients in North America, with a growing number of retail customers contributing to sales growth [95][96]