Financial Data and Key Metrics Changes - The company is experiencing a transition due to a challenging economic environment and shifting consumer trends, which have pressured end markets and hampered recent results [6][7] - Management expects benefits from executing their portfolio strategy and developing a pipeline of innovation, indicating confidence in long-term growth [7] Business Line Data and Key Metrics Changes - The competitive environment has intensified, particularly in the traditional loaf area, with lower-priced entrants affecting results [12][13] - The company is addressing the value shopper segment with new product lines and has seen good performance in premium differentiated products [12][13] - The foodservice business has been refilled with higher-margin products, significantly improving profitability [58] Market Data and Key Metrics Changes - The market remains bifurcated, with strong performance in both premium differentiated products and value offerings, particularly in mass and club channels [12][13] - The company has noted continued weakness in the away-from-home foodservice business [14] Company Strategy and Development Direction - The company is committed to innovation to navigate the transition in consumer preferences, particularly moving away from traditional loaf products [30][31] - Management emphasizes the importance of maintaining brand strength and innovation as key strategies to address competitive pressures [36][72] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the transition will take time and requires patience, viewing it as a generational shift in the category [51][53] - There is optimism that the category will eventually stabilize, although the timeline is uncertain [52][53] Other Important Information - The company is focused on debt paydown and is cautious about M&A activities in the near term, although it remains a strategic priority [61] - The company has plans to address the weakness in large brands like Nature's Own while continuing to invest in its leading brands [55] Q&A Session Summary Question: Competitive intensity and pricing pressures - Management noted that the promotional environment is elevated but stable, with a focus on differentiated products to drive trial and awareness [12][13] Question: Tariff outlook and capital allocation - Management expects tariffs to decrease significantly and will continue to evaluate capital allocation based on performance and cash flow [18][19] Question: Nature's Own brand performance - Management confirmed that they are committed to investing in Nature's Own and other mainstream loaf products, using a mix of promotional support and marketing [65][66] Question: Innovation and Simple Mills - Management indicated that Simple Mills will continue to innovate aggressively and is performing well despite challenges [43][48] Question: Transition timeline and gross margin management - Management stated that the transition will take time, but there are levers to maintain gross margins despite volume pressures [57] Question: M&A appetite - Management indicated a cautious approach to M&A in the near term, focusing on debt reduction while monitoring market opportunities [61] Question: Retailer changes and shelf space allocation - Management observed that retailers are increasingly focusing on organic products and small loaf segments, reflecting changing consumer trends [73][74]

Financial Data and Key Metrics Changes - Total operating expenses for Q2 2025 declined by 9% compared to 2024, primarily due to lower personnel and research and development costs [6] - Net cash used in operating activities was $6,300,000 for Q2 2025, down from $6,700,000 in 2024, with total cash used in operations for the first half of 2025 totaling $10,600,000, a 30% decrease year-over-year [6][7] - Revenue for Q2 2025 was over $400,000, bringing total revenue for the first half of 2025 to a little over $650,000, representing a 15% increase compared to the same period in 2024 [6][7] Business Line Data and Key Metrics Changes - The company recorded its first revenue from sales of a human product, Nu. Q Net, marking a significant milestone in its commercialization efforts [6] - The Nu. Q Cancer and Nu. Q Nets pillars have shown significant progress, with independent studies confirming the effectiveness of their biomarkers [9][14] - The Nu. Q Vet cancer test continues to expand globally, with supply agreements in place with leading industry players [34][35] Market Data and Key Metrics Changes - The total addressable market for cancer and sepsis diagnostics is estimated at approximately $25 billion annually, presenting substantial revenue opportunities for the company and its partners [21] - The potential market for the Nu. Q test in lung cancer screening could exceed $1 billion annually across Taiwan, the U.S., U.K., and France [24] Company Strategy and Development Direction - The company aims to achieve cash neutrality for the full year 2025 by executing licensing agreements with significant upfront payments and reducing expenditures [5] - The focus for 2025 is on commercializing the Nu. Q platform in the human diagnostic market, with ongoing discussions with over 10 companies [19][20] - The strategy includes leveraging existing CE Marked products for NETosis-related diseases while expanding into new markets through licensing agreements [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress in licensing discussions and the potential for significant revenue generation from upcoming deals [19][20] - The company is confident in the robustness and reliability of its platform, which has applications across various clinical areas, including cancer and sepsis [92] - Management anticipates that the next few quarters will be pivotal for securing licensing agreements and advancing commercialization efforts [42][92] Other Important Information - The company has made substantial progress in its clinical study programs, with ongoing collaborations and studies expected to yield further validation of its products [9][12] - The company is exploring co-marketing partnerships to enhance the reach of its Nu. Q Discover platform [41] Q&A Session Summary Question: Which uses of the Nu. Q platform have attracted the most attention from potential partners in the human health space? - Management indicated that interest spans across all areas, including Discover, NETosis, and oncology, with significant engagement from major diagnostic and pharmaceutical companies [46][49] Question: How will the company utilize capital from executed deals to drive revenues? - The company plans to use capital to achieve revenue neutrality and expects varying deal structures across different applications, with some anticipated to yield large payments and ongoing revenues [55][56] Question: Can details be provided on the first human deal's indication or application? - While specifics were not disclosed due to confidentiality, management emphasized that all deals will leverage the robust and reliable Nu. Q test [63][65] Question: What is the expected timeline from licensing a deal to commercialization? - The timeline varies, with immediate revenue possible for some deals, while others may take two to three years for regulatory approval [70][73] Question: Are there any regulatory bodies that need to approve the Taiwan screening program before full production? - Management confirmed that the current validation study is ongoing, and if successful, the test could be launched quickly in a clear lab setting [77][80]

Financial Data and Key Metrics Changes - The company is experiencing a transition due to a challenging economic environment and shifting consumer trends, which have pressured end markets and hampered recent results [4] - Management expects further benefits from executing their portfolio strategy and developing a pipeline of innovation, indicating confidence in long-term growth [5] Business Line Data and Key Metrics Changes - The branded side is facing greater competitive intensity, particularly from lower-priced bread products, affecting results in the traditional loaf area [10][11] - The company is seeing good performance in premium differentiated products, while value offerings are also performing well in mass and club channels [11] - The keto product segment grew by 37% in the quarter, highlighting success in innovative product offerings [30] Market Data and Key Metrics Changes - The competitive environment remains elevated but stable, with promotional activities increasing around differentiated products to drive trial and awareness [10] - The private label business is experiencing fluctuations, driven by lost business that is eventually replaced [12] Company Strategy and Development Direction - The company is committed to aggressively innovating to navigate the transition in consumer preferences, particularly moving away from traditional loaf products [28] - Management emphasizes the importance of innovation and brand strength to maintain competitiveness in a challenging market [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the transition will take time and requires patience, viewing it as a generational shift in the category [53][56] - There is optimism that the category will eventually stabilize, although the timeline for this is uncertain [54] - The company plans to continue investing in brands like Nature's Own to ensure performance despite market challenges [57] Other Important Information - The company is focused on debt paydown and is monitoring the market for potential M&A opportunities, although immediate acquisitions are not prioritized [63] Q&A Session Summary Question: Competitive intensity and pricing strategies - Management noted that the promotional environment is elevated but stable, with increased promotions around differentiated products [10][11] Question: Tariff outlook and capital allocation - Management expects tariffs to decrease based on current observations and will continue to evaluate capital allocation decisions based on performance and cash flow [16][17] Question: Transition timeline for traditional loaf products - Management indicated that the transition will take time and is viewed as a significant shift, with no specific timeline provided [53][56] Question: Innovation contributions from Simple Mills - Management confirmed that Simple Mills will continue to innovate aggressively, with plans to speed up their innovation cycle [43] Question: Retailer changes in response to competitive pressures - Management observed that retailers are focusing on smaller loaf segments and organic products, indicating a shift in consumer preferences [76]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $700,000, down from $1,000,000 in Q2 2024, with a gross profit of $200,000, representing 30% of revenue compared to 28.5% in the previous year [35] - The net loss for Q2 2025 was $103,400,000, significantly higher than the $500,000 loss in Q2 2024, primarily due to an $87,800,000 non-cash impairment and $16,400,000 in stock-based compensation [36] - As of June 30, 2025, the company held 24,704 ETH valued at $61,500,000 and 164,731 LSEth valued at $382,400,000 after impairment [32][34] Business Line Data and Key Metrics Changes - The company is focusing on its Ethereum treasury strategy, which aims to accumulate and activate ETH to generate yield, moving beyond traditional holding strategies [22][24] - The affiliate marketing business continues to connect sports books and online casino operators with players, with plans to integrate blockchain technologies into its offerings [30] Market Data and Key Metrics Changes - The total market cap for stablecoins is approximately $240 billion, with projections suggesting it could reach $2 trillion by 2028 [12] - Tokenized securities are currently valued at around $25 billion, with expectations to grow to $16 trillion by 2030 [12] Company Strategy and Development Direction - The company aims to become the world's largest and most trusted Ethereum treasury company, leveraging its strategic relationships and institutional-grade principles [18][25] - The focus is on accumulating ETH and transforming it into a yield-generating asset through staking and participation in DeFi [22][24] - The company is positioned to benefit from the ongoing shift towards a digitized and decentralized economy, with increasing institutional interest in digital assets [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant growth potential for Ethereum, emphasizing its role as the backbone of decentralized finance and the increasing institutional adoption [10][69] - The sentiment within the Ethereum ecosystem is positive, with expectations for continued growth and scalability improvements [65][66] Other Important Information - The company has raised over $2.6 billion in investor capital since launching its treasury strategy on June 2, 2025, acquiring more than 700,000 units of ETH [26][27] - The company has a total of $6 billion in ATM capacity to facilitate ongoing capital raising efforts [27] Q&A Session Summary Question: Can you elaborate on the opportunity to activate ETH for yield generation? - The company aims to accumulate ETH long-term and activate it through various yield strategies, including native staking and DeFi participation, while managing risks effectively [40][42] Question: What is the valuation outlook for ETH by 2028? - The company believes ETH could reach valuations between $15,000 and $40,000 by 2028, driven by increased adoption and application development within the Ethereum ecosystem [43][46] Question: Are there other initiatives beyond the ETH treasury strategy? - The company is exploring additional revenue-generating opportunities that complement its existing affiliate marketing business and leverage its partnership with Consensus [49][52] Question: How does the treasury strategy differ from others in the market? - The company emphasizes its ability to generate yield alongside capital appreciation, differentiating itself from competitors by focusing on risk-managed strategies [56][59] Question: What key developments will ensure Ethereum maintains its market lead? - The company highlighted ongoing scalability improvements and institutional adoption as critical factors for Ethereum's sustained leadership in the blockchain space [64][69] Question: What is the approach to capital raising and debt management? - The company has primarily focused on equity raising but is exploring equity-linked securities and other structures to optimize capital efficiency [73][75] Question: How will treasury strategies evolve with increasing competition? - The company believes competition is beneficial and aims to be the most trusted and transparent player in the space, focusing on long-term value creation for shareholders [85][87]

Financial Data and Key Metrics Changes - In H1 2025, the company's net revenue was RMB 8.28 million (approximately USD 1.16 million), a decline compared to the previous year [11] - The gross loss for H1 2025 was RMB 10.71 million (approximately USD 1.5 million), contrasting with a gross profit of RMB 30,000 in the same period of 2024 [12] - Total operating expenses decreased by 53.5% to RMB 27.33 million (approximately USD 3.82 million) from the previous year's figure [12] - The net loss for H1 2025 was RMB 11.78 million (approximately USD 1.65 million), significantly reduced from a net loss of RMB 59.15 million in H1 2024 [14] - Cash and cash equivalents as of June 30, 2025, were RMB 363.44 million (approximately USD 50.77 million), up from RMB 32.43 million at the end of 2024 [14] Business Line Data and Key Metrics Changes - The decline in revenue was primarily attributed to decreased sales volume of the Apollo V series product [11] - Research and development expenses saw a drastic decrease of 89.1% to RMB 3.16 million (approximately USD 0.44 million) due to strategic adjustments in R&D activities [13] Market Data and Key Metrics Changes - The company is focusing on expanding its capital assets and strategic reserves in response to the evolving cryptocurrency market [6][7] - The strategic reserve is concentrated in BNB, reflecting the company's commitment to this cryptocurrency as a core asset [6][16] Company Strategy and Development Direction - The company is undergoing a major transformation, emphasizing cryptocurrency transactions and reserves as part of its strategic initiatives [6] - Plans include expanding into the stablecoin sector and leveraging opportunities in the Web3 and AI-driven markets [8] - The company aims to build a stable strategic layout through diversified approaches, including investments in companies with strong ecosystem synergies [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business strategy and the ability to execute it, focusing on technology strength to drive long-term growth [15] - The company remains vigilant for emerging opportunities in the Web3 space and aims to generate substantial value for stakeholders [8] Other Important Information - The company has undertaken strategic equity investments in CEA, a BNB reserve company, to solidify its BNB strategic reserve layout [7] Q&A Session Summary Question: Why has the company chosen BNB as its core reserve asset? - Management highlighted BNB's active ecosystem and long-term growth potential as key reasons for its selection [16] Question: Besides directly holding BNB, what parameters will the company take to strengthen its strategic reserves? - The company plans to adopt diversified approaches, including acquiring stakes in BNB strategic reserve companies and investing in synergistic enterprises [19] Question: Will the company consider reserving other cryptocurrencies or focus solely on BNB? - Currently, the focus remains on BNB, but the company will monitor other crypto assets for potential future diversification [22] Question: Does the company have any financing plans for 2025? - The company is considering various financing options to support the growth of its BNB strategic reserve fund [24]

Financial Data and Key Metrics Changes - In Q2 2025, net revenues increased by 15% year over year to RMB134.9 million, with revenues from packaged tours growing by 26% [19][6] - Gross profit for Q2 2025 was up 2% year over year, while operating expenses increased by 58% year over year [20][21] - Net income attributable to ordinary shareholders was reported, with non-GAAP net income also provided [22] Business Line Data and Key Metrics Changes - Revenues from packaged tours accounted for 84% of total net revenues, primarily driven by growth in offline tours and self-drive tours [19] - Other revenues decreased by 21% year over year to RMB21.5 million, mainly due to reduced advertising service fees [20] - Transaction volume for New Tour and New Select products grew by over 25% year over year, with Kokuso products seeing a 150% increase [11][12] Market Data and Key Metrics Changes - Domestic tours contributed about two-thirds of total GMV, while outbound tours accounted for one-third [26] - Key outbound destinations included Europe, Japan, and the Middle East, all showing double-digit growth, while Southeast Asia experienced a decline of roughly 30% [26] - Emerging destinations like South America and the Caucasus saw growth rates exceeding 50% and 100%, respectively [26] Company Strategy and Development Direction - The company is focusing on enhancing its supply chain and expanding its range of offerings to meet diverse customer needs [6][10] - Tuniu is leveraging new sales channels such as live streaming and offline stores, with live streaming's contribution to total transaction volume rising from over 15% to nearly 20% [14] - The company aims to refine products and services based on shifts in customer behavior and preferences, particularly during peak travel seasons [15] Management Comments on Operating Environment and Future Outlook - Management noted robust performance in the travel sector, driven by strong consumer demand during holiday periods [5] - The company expects net revenue growth of 7% to 12% in Q3 2025, with a focus on achieving profitability again [29] - Management highlighted the importance of adapting to changing customer habits and preferences, particularly for summer vacation bookings [28] Other Important Information - The company continues to explore AI applications to enhance customer experience and operational efficiency [15] - Cash flow generated from operations for Q2 2025 was RMB46 million, with capital expenditures reported at RMB1 million [22] Q&A Session Summary Question: Can management share the revenue breakdown by destinations for this quarter? What destinations drove the growth of packaged tour revenues? - Management reported that domestic destinations achieved double-digit growth, with outbound tours growing faster than domestic tours. Europe, Japan, and the Middle East all posted double-digit growth, while Southeast Asia declined by roughly 30% [25][26] Question: Can you provide more details about the bookings in the summer vacation? - Management noted significant demand during the peak season, particularly from families with children. Domestic city tours, especially in cities with museums and theme parks, were popular. For outbound travel, double-digit growth was observed in Japan, Europe, and certain islands, while Singapore and Malaysia gained popularity despite challenges in Southeast Asia [28][29]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2025 was approximately $2.3 million, an increase of 25% compared to the same period in 2024, driven primarily by the dental segment [11][14] - Consolidated gross profit for Q2 2025 was approximately $1.6 million, an increase of approximately $206,000 compared to approximately $1.4 million for the same period in 2024 [14] - The loss from operations decreased to approximately $1.5 million in Q2 2025 from $1.8 million in Q2 2024, a decrease of approximately $296,000 [16] Business Line Data and Key Metrics Changes - Dental revenue for Q2 2025 was approximately $1.3 million, with international sales more than doubling [14] - Medical revenue increased to approximately $32,000 in Q2 2025 from $19,000 in Q2 2024, reflecting a growth of $13,000 [14] - For the six months ending June 30, 2025, medical revenue was approximately $83,000, an increase of $57,000 compared to the same period in 2024 [17] Market Data and Key Metrics Changes - International revenue for Q2 2025 was approximately $1.49 million, an increase of $511,000 compared to the same period in 2024 [14] - International sales accounted for 48% of total revenues in Q2 2025, driven by additional distributors and larger orders [32] Company Strategy and Development Direction - The company is focusing on accelerating penetration in existing markets, expanding internationally, and capturing greater share in the U.S. dental market through targeted marketing and direct engagement [12] - In the medical segment, the strategy includes building on the reimbursement foundation and pursuing new distribution partnerships both domestically and internationally [12] - The leadership team emphasizes disciplined execution and focused growth in both medical and dental sectors [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the untapped potential of the company, highlighting the importance of disciplined execution and data collection for reimbursement processes [9][25] - The recent addition of key leadership members is expected to drive growth and improve operational efficiency [5][8] - Management acknowledged the challenges in the medical segment but is committed to focusing efforts on a few clinics to gather data and improve adoption rates [25][26] Other Important Information - The company has maintained a solid balance sheet with cash and cash equivalents of $1.3 million and working capital of approximately $3.9 million, with no long-term debt [18] - The company is actively managing expenses and evaluating where to allocate resources for future growth [76] Q&A Session Summary Question: Can you discuss the medical side and adoption of the CompuFlo system? - Management indicated that between five and ten clinics are currently using the product in the U.S. market and emphasized a focused approach to data collection and reimbursement [25][26] Question: Have there been other key hires besides Jason Papes? - Management confirmed that Jason brings a team with him and is evaluating additional hires based on current talent in the marketplace [28][29] Question: What percentage of revenues came from international sales this quarter? - International sales accounted for 48% of total revenues, with growth driven by additional distributors and larger orders [32] Question: What role do tariffs play in international sales? - Management stated that tariffs have been mitigated by shipping directly from their warehouse in China, ensuring that inventory levels remain unaffected [40][42] Question: What is the status of reimbursement with JMAC and private payers? - Management plans to focus on existing users of the CompuFlo system to understand reimbursement processes before expanding to new markets [43][46] Question: How bullish are clinicians on the technology? - Management acknowledged the need for focused efforts to gather insights from clinicians and emphasized the importance of understanding use cases before broader market expansion [55][56] Question: What is the status of the VA opportunities? - Management is actively engaged with VA facilities and plans to focus on one vision to create a successful model before expanding further [66][68] Question: What is the situation with Brazil? - Management indicated that Brazil remains a long-term potential market but is not a focus in the near term due to recent tariffs [70]

Financial Data and Key Metrics Changes - In the second quarter of 2025, net revenues increased by 15% year over year to RMB134.9 million, with revenues from packaged tours growing by 26% [17][5] - Gross profit for the quarter was up 2% year over year, while operating expenses increased by 58% year over year [19][20] - Net income attributable to ordinary shareholders was reported, with non-GAAP net income also provided, excluding share-based compensation expenses [21] Business Line Data and Key Metrics Changes - Revenues from packaged tours accounted for 84% of total net revenues, primarily driven by growth in offline tours and self-drive tours [17] - Other revenues decreased by 21% year over year to RMB21.5 million, mainly due to reduced advertising service fees [18] - Transaction volume for New Tour and New Select products grew by over 25% year over year, with Kokuso products seeing a growth of over 150% year over year [10][11] Market Data and Key Metrics Changes - Domestic tours contributed about two-thirds of total GMV, while outbound tours accounted for one-third, with Europe being the top outbound destination [26] - Emerging destinations like South America and Sri Lanka saw growth rates exceeding 50% and 100% respectively, while Southeast Asia experienced a decline of roughly 30% [26] - Live streaming's contribution to total transaction volume rose from over 15% to nearly 20% [13] Company Strategy and Development Direction - The company is focusing on enhancing its supply chain and expanding its range of offerings to meet diverse customer needs [5][7] - Tuniu is leveraging new sales channels such as live streaming and offline stores, which have contributed to a broader customer base [6][13] - The company aims to refine its products and services in response to shifts in customer behavior and preferences, particularly during peak travel seasons [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong consumer demand during holiday periods, contributing to robust performance in the travel sector [4] - The company expects net revenue growth of 7% to 12% in the third quarter, driven by increased demand during the summer vacation [30] - Management highlighted the importance of adapting to changing customer habits and preferences, particularly in the context of outbound travel [29] Other Important Information - The company continues to explore AI applications to enhance customer experience and operational efficiency [14] - Cash flow generated from operations for the quarter was RMB46 million, with capital expenditures reported at RMB1 million [21] Q&A Session Summary Question: Can management share the revenue breakdown by destinations for this quarter? - Packaged tour revenue increased by 26% year over year, with domestic destinations achieving double-digit growth and outbound tours growing faster [25][26] Question: Can you provide more details about the bookings in the summer vacation? - Demand has significantly increased during the peak season, particularly from families with children, with domestic city tours being popular [28][30]

Financial Data and Key Metrics Changes - The company achieved production of approximately 270,000 tons of lithium oxide concentrate, equivalent to about 40,000 tons of LCE, maintaining guidance for 2025 [6][13] - Short-term debt decreased by 16% compared to the previous quarter and by 40% year-over-year, indicating improved financial health [8][9] - Operating costs were reduced, with all-in sustaining costs dropping by 24% to $594 per ton, showcasing cost leadership in the industry [12][19] Business Line Data and Key Metrics Changes - Production increased by 40% year-over-year, with sales generating gross revenues of $21 million from approximately 40,350 tons sold [14][16] - The company maintained a disciplined approach to inventory management, temporarily warehousing 28,000 tons to preserve pricing power [15][44] Market Data and Key Metrics Changes - The average provisional price for sales in the second quarter was $637 for SC6, with adjustments leading to higher realized prices in subsequent quarters [14][21] - The company expects to see a positive adjustment in pricing due to recent market recoveries, with sales anticipated to be closer to production levels in the third quarter [46][60] Company Strategy and Development Direction - The company is focused on operational resilience and cost efficiency, with plans to expand production capacity to 120,000 tons of LCE equivalent by 2027 [33][34] - A disciplined approach to capital expenditure has been adopted, prioritizing immediate returns on investments related to expansion [29][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market normalization and robust demand for lithium, particularly driven by EV growth, which has seen a year-on-year increase of around 27% [69] - The company is well-positioned to benefit from any recoveries in lithium prices due to its low-cost production and diversified client base [19][32] Other Important Information - The company celebrated two years without accidents or fatalities, highlighting its commitment to safety and operational excellence [10][11] - The company has secured $100 million in subsidized government debt to support its expansion projects [9] Q&A Session Summary Question: Will inventories normalize by the end of Q3? - Management confirmed that inventories are expected to normalize, with sales in Q3 anticipated to be closer to production levels [44][46] Question: Why haven't prepayment and offtake agreements been signed yet? - Management stated that negotiations are ongoing, and definitive documents will be announced once completed, emphasizing a cautious approach to announcements [48][50] Question: What are the expected consequences of US tariffs on the business? - Management noted a diversified customer base and a wait-and-see approach regarding refining, as the refining business currently has negative margins [54][55] Question: How many tons are still open to provisional pricing? - Management confirmed that provisional pricing has become a permanent feature of the business, with expectations for positive adjustments in the upcoming quarters [57][60] Question: Comments on recent price action and market developments? - Management highlighted a sharp recovery in lithium prices driven by market sentiment and noted that the market is susceptible to news, with expectations for stability in pricing moving forward [65][67]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $115.4 million, a 47.9% increase from $78 million in Q1 2025 [5][21] - Adjusted EBITDA reached $60.7 million, with net income of $47.1 million, marking a strong rebound from Q1 [5][27] - First half 2025 financial performance included total revenue of $193.4 million and net income of $30.3 million [6] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $94.3 million, a 22.3% year-over-year increase and a 75.6% increase compared to Q1 [21] - Self-mining revenue was $14.8 million, representing 12.8% of total revenue, while mining equipment sales revenue was $5.2 million, accounting for 4.5% [22] - Total managed mining capacity reached 36.2 exahashes per second, a year-on-year increase of 46.6% [23] Market Data and Key Metrics Changes - The number of registered cloud mining users exceeded 629,000 as of July 31, 2025 [7] - Total Bitcoin output for Q2 was approximately 10.60 Bitcoins, with 143 Bitcoins from self-mining and 9.17 Bitcoins from client cloud mining activities [23] Company Strategy and Development Direction - The company aims to explore a self-generated mining model by sourcing natural gas and deploying generators [10][11] - Plans to master the entire supply chain from fuel to electricity to maintain industry-leading electricity costs [12] - The combination of cloud mining and real-world assets (RWA) is seen as a strategic direction to enhance liquidity and attract institutional capital [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Bitcoin's price performance, predicting it could reach approximately $200,000 by 2025 [18][19] - The company anticipates a good year with many growth opportunities over the next three years [20] Other Important Information - The average bare electricity price for mining farms fell to 3.6 to 4.2 cents, with prices as low as 3.14 cents at African mining farms [8] - The company held $211.4 million in cash, cash equivalents, and digital assets as of June 30, 2025, an increase from $168.1 million at the end of 2024 [27] Summary of Q&A Session - There was no Q&A session conducted during the call, and participants were advised to email questions to the investor relations team for responses [4]