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]