Q1 2025 BitFuFu Inc Earnings Call
Okay.
Operator: Good day and thank you for standing by.
Speaker Change: Good day and thank you for standing by welcome Tidbits, there for its first quarter 2025 earnings conference call.
Operator: Welcome to BitFuFu's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded.
At this time all participants are in a listen only mode.
Please be advised that today's conference is being recorded.
Charlie Brady: I would now like to hand the conference over to your first speaker today, Charlie Brady.
Speaker Change: I would now like to hand, the conference over to your first speaker today, Charlie Brady. Please go ahead.
Charlie Brady: Please go ahead. Thank you, operator.
Charlie Brady: Thank you operator, good morning, ladies and gentlemen, and welcome to better Foods first quarter 2000, Twenty's libraries call.
Charlie Brady: Good morning, ladies and gentlemen, and welcome to BitFuFu's first quarter 2020 Collaborators Call. The company's financial results were released earlier today and are available on the BitFuFu investor relations website. at IR.BitFuFu.com, as well as on the GlobalNewsWire.com website.
Speaker Change: The company's financial results were released earlier today and are available on the.
Speaker Change: Investor Relations website at IR Doctor says, we dot com.
Speaker Change: As well as on the global Newswire Dot Com website.
Charlie Brady: Joining me today on the call are Leo Lu, Chairman and CEO, and Calla Zhao, Chief Financial Officer. Before we begin, please note that the discussion today will contain forward-looking statements. Made under the Safe Harbor Provisions of the U.S. Private Securities and Litigation Reform Act of 19- Statements that are not historical facts, including statements about the company's beliefs and expectations. are forward-looking statements. All of the statements involve risks and that may cause actual results to differ materially from management's current expectations. Potential risks and uncertainties include but are not limited Those outlined in the company's public filings.
Speaker Change: Joining me today on the call earlier, the chairman and CEO.
Speaker Change: <unk>, our chief Financial Officer.
Speaker Change: Before we begin please note that the discussion today will contain forward looking statements.
Speaker Change: <unk> made under the Safe Harbor provisions of the U S. Private Securities Litigation Reform Act of 1995.
Speaker Change: What's that are not historical facts, including statements about the company's beliefs and expectations are forward looking statements forward looking statements involve risks and uncertainties that may cause actual results to differ materially from management's current expectations.
Speaker Change: Potential risks and uncertainties include but are not limited to.
Speaker Change: So as outlined in the company's public filings with the SEC.
Charlie Brady: The government does not undertake any obligation to update any form of the statement except as required under applicable law.
Speaker Change: Company does not undertake any obligation to update any forward looking statement.
Speaker Change: As required under applicable law.
Charlie Brady: We will be discussing non-GAAP financial information on this call. companies providing that information as to information prepared in accordance with the county. Generally accepted in the United States or GAP.
Speaker Change: We will be discussing non-GAAP financial information on this call.
Speaker Change: The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP.
Charlie Brady: You can find a reconciliation Calla Zhao, Leo Lu, BitFuFu Final note, although we will not be conducting a Q&A on this call, questions can be emailed to ir at bitfufu.com and we will respond as quickly as possible, generally within 24 hours.
Speaker Change: You can find a reconciliation of these metrics to the Companys reported GAAP results in the reconciliation tables provided in today's earnings release.
Speaker Change: One final note, although we will not be conducting a Q&A on this call questions can be emailed to IR at <unk> Dot com and we will respond as quickly as possible generally within 24 hours.
Charlie Brady: And now it's time to call over to Leo Lu to become his chairman and chief executive. Thanks, Charlie.
Speaker Change: Ill turn the call over to <unk>, Chairman and Chief Executive Officer.
Charlie Brady: Thanks, Charlie.
Leo Lu: Good morning, and thank you for joining BitFuFu's first quarter 2025 earnings call. I'll briefly cover our first quarter performance and provide updates on our strategic growth initiative. before turning it over to Calla to cover our financial results in more detail. As expected our first quarter revenue declined year over year due to the increased network difficulty and the April 2024 halving event, which reduced the Bitcoin block subsidy from 6.25%. to 3.125 Bitcoin. In the first quarter of 2025, we achieved total revenue of 78 million dollars compared to 144 million dollars in the first quarter of 2024.
Speaker Change: Good morning, and thank you for joining pitiful foods first quarter 2025 earnings call I'll briefly cover our first quarter performance and provide updates on our strategic growth initiatives before turning it over to Carla.
Speaker Change: Cover our financial results in more detail.
Speaker Change: As expected our first quarter revenue declined year over year due to the increased network difficulty and the April 2024, having event, which reduced the bitcoin block subsidy from 6.25.
Speaker Change: Two to three 1% to five big clients.
Speaker Change: In the first quarter of 2025, we achieved total revenue of $78 million.
Speaker Change: <unk> to $144 million in the first quarter of 2024.
Leo Lu: Net loss of 17 million dollars and adjusted EBITDA of minus 11 million dollars were significantly impacted by the unrealized fair value loss of digital assets and digital asset collateral receivables or payables, which was 19.4 million dollars in total. We ended the first quarter of 2025 with total mining capacity under management of 20.6 XA hash and hosting capacity of 478 megawatts, compared to 28.6 XA hash and 644 megawatts as of March 31st, 2024. This decline was primarily driven by two temporary factors. First, certain hashrate procurement contracts expired during the quarter, while the new contracts were still under negotiation at the end of March.
Speaker Change: Net loss of $17 million and adjusted EBITDA of minus $11 million were significantly impacted.
Speaker Change: By the unrealized fair value loss of digital assets, and digital asset collateral receivables or payables, which was $19 $4 million in total.
Speaker Change: We ended the first quarter of 2025 with total mining capacity under management of 26, Xa hash and hosting capacity of 478 megawatts compared to 20, 866, <unk> and 644 megawatts as of March 31 2024.
Speaker Change: This decline was primarily driven by two temporary factors.
Speaker Change: Certain hash rate procurement contracts expired during the quarter, while the new contracts were still under negotiation at the end of March resulting in a short term reduction in available mining capacity.
Leo Lu: resulting in a short-term reduction in available mining capacity. Second, several of our suppliers underwent minor fleet relocations and hardware upgrades. which temporarily disrupted the flow of purchased hash. Despite these headwinds, we have seen a strong recovery in recent weeks. Earlier this week, we announced a significant rebound in total mining capacity under management. By April 30th, our hash rate had increased to 28.3 exahash, nearly matching the levels we achieved as of March 30th last year. This momentum continued into May, with hash rate reaching 34.1 exahash by month-end. It's important to note that much of the hash rate added in May came from the latest generation Antminer S21 series.
Speaker Change: Second several of our suppliers underwent minor fleet relocations and hardware upgrades.
Speaker Change: Which temporarily disrupted the flow of purchased hash rate.
Speaker Change: Despite these headwinds we have seen a strong recovery in recent weeks.
Speaker Change: Earlier this week, we announced a significant rebound in total mining capacity under management.
Speaker Change: By April 30th our hatch rates had increased to $28 three extra harsh nearly matching the levels, we achieved as of March 30th last year.
Speaker Change: This momentum continued into may with hatch rate, reaching 34.1 extra hashed by month end.
Speaker Change: It is important to note that much of the hatch rate added in May came from the latest generation and minor F. 'twenty. One series these units delivering materially higher efficiency, which not only improves our cost structure, but also positions us well to maintain competitiveness, even as network difficulty continues to rise.
Leo Lu: These units deliver materially higher efficiency, which not only improves our cost structure but also positions us well to maintain competitiveness even as network difficulty continues to rise. This rebound underscores the strength of our supplier relationships, the agility of our procurement strategy and the resilience of our overall business model.
Speaker Change: This rebound underscores the strength of our supplier relationships the agility of our procurement strategy and the resilience of our overall business model.
Leo Lu: Looking back to the achievement of the past quarter, we closed the acquisition of a mining facility in Oklahoma, lifting our self-owned hash rate to 4.2 exahash, and advancing our vertical integration strategy. Although deliveries from some longstanding suppliers tapered off, we broadened our network, added new partners, and increased orders from existing ones, strengthening the supply chain and lowering concentration risk. When leasing hashrate, suppliers usually ask for upfront payment while we want to actively manage the risk of supplier defaulting and cash flow. In Q1 2025, we created structures that satisfy both needs, allowing us to expand our supplier base.
Speaker Change: Looking back to the achievement of the past quarter, we closed the acquisition of a mining facility in Oklahoma lifting our cell phones hash rate to 4.2 extra hash.
Speaker Change: And advancing our vertical integration strategy, although deliveries from some longstanding suppliers tapered off we broadened our network added new partners and increased orders from existing ones strengthening the supply chain and lowering concentration risk.
Speaker Change: When leasing hash rate suppliers, usually ask for upfront payment.
Speaker Change: We want to actively manage the risk of supplier defaulting and cash flow in Q1, 2025, we created structures that satisfy both needs.
Speaker Change: Allowing us to expand our supplier base, we on boarded several new suppliers, one of whom for instance, scaled its deliveries from 0.2 extra cash in fourth quarter 2024 to one six extra hash in first quarter 2025.
Leo Lu: We onboarded several new suppliers, one of whom, for instance, scaled its deliveries from 0.2 exahash in fourth quarter 2024 to 1.6 exahash in first quarter 2025. and 3.1 ExaHash subsequent to the end of the first quarter. By the end of March, the hashrate managed by BitFuFu spanned five continents, giving us greater flexibility. Combined with our proprietary technology that slices and dispatches hashrate globally, this geographic reach supports uninterrupted cloud mining service for customers. We expect to replicate the supplier agreements and continue adding partners going forward. Moreover, in the first quarter of 2025, we continued expanding our global footprint, adding new customers across key growth markets in Africa and Asia.
Speaker Change: And 3.1 extra hash subsequent to the end of the first quarter bye.
Speaker Change: By the end of March the hash rate managed by Batesville food spend five continents, giving us.
Speaker Change: Later flexibility.
Speaker Change: Combined with our proprietary technology that slices and dispatches hash rate globally. This geographic reach supports uninterrupted cloud mining service for customers.
Speaker Change: We expect to replicate the supplier agreements and continue adding partners going forward.
Speaker Change: Moreover, in the first quarter of 2025.
Speaker Change: We continued expanding our global footprint.
Speaker Change: Adding new customers across key growth markets in Africa and Asia.
Leo Lu: This expansion reflects the growing global demand for our integrated mining solutions and reinforces the scalability of our platform. The addition of customers in these regions not only diversifies our revenue base, but also strengthens our position in markets with increasing digital asset adoption and infrastructure investment. as we continue to build brand recognition and local partnerships in these geographies. We expect to unlock additional growth opportunities and further enhance the resilience of our business across economic cycles and regulatory environments. While the initial contribution from new customers may appear modest, this is consistent with typical onboarding behavior. New users often begin with small trial orders before transitioning to larger recurring commitments.
Speaker Change: This expansion reflects the growing global demand for our integrated mining solutions and reinforces the scalability of our platform. The addition of customers in these regions not only diversifies our revenue base, but also strengthens our position in markets with increasing digital asset adoption and in.
Speaker Change: Trust structure investment.
Speaker Change: As we continue to build brand recognition and local partnerships.
Speaker Change: In these geographies.
Speaker Change: We expect to unlock additional growth opportunities and further enhance the resilience of our business across economic cycles and regulatory environments. While the initial contribution from new customers may appear modest.
Speaker Change: This is consistent with a typical onboarding behavior, new users often begin with small trial orders before transitioning to larger recurring commitments.
Leo Lu: Notably, Our top two revenue-generating customers in the first quarter only joined the platform in late 2023 and early 2024, one in November and the other in January. This demonstrates the potential of new accounts to scale quickly. We believe our current pipeline of new customers has the potential to become a significant contributor to future growth. During the first quarter, our average electricity price declined by 18 percent compared to the first quarter of 2024. Due to our continuous efforts on optimizing our cost structure to mitigate the impact of possible growth in future electricity costs, we have been actively joined curtailment plans in the mining sites we operate in the U.S.
Speaker Change: Notably.
Speaker Change: Our top two revenue generating customers in the first quarter only joined the platform in late 2023 and early 2024, one in November and the other in January.
Speaker Change: This demonstrates the potential of new accounts to scale quickly.
Speaker Change: We believe our current pipeline of new customers as the potential to become a significant contributor to future growth.
Speaker Change: During the first quarter, our average electricity price declined by 18% compared to the first quarter of 2024 due to our continuous efforts.
Speaker Change: Optimize our cost structure.
Speaker Change: To mitigate the impact of possible growth in future electricity costs. We have been actively joined curtailment plans in the mining sites, we operate in the U S and explore other cheaper powers globally.
Leo Lu: and explore other cheaper powers globally.
Leo Lu: Looking ahead to our capital expenditure plans for the remainder of 2025. We are actively evaluating opportunities in the U.S., Canada, and other parts of the world. These include a mix of operating facilities and greenfield development sites. The review process has been deliberate and methodical, reflecting our commitment to disciplined capital deployment. from a structural standpoint. We favor acquiring a controlling interest. typically between 51% and 75% rather than full ownership. We believe joint venture structures can be more capital efficient while also leveraging the local expertise of our partners to support smooth post-acquisition integration and ongoing operations.
Speaker Change: Looking ahead to our capital expenditure plans for the remainder of 2025.
Speaker Change: We are actively evaluating opportunities in the U S, Canada and other parts of the world.
Speaker Change: These include a mix of operating facilities and Greenfield development sites.
Speaker Change: The review process has been deliberate and methodical, reflecting our commitment to disciplined capital deployment.
Speaker Change: From a structural standpoint.
Speaker Change: We favor acquiring a controlling interest.
Speaker Change: Typically between 51% and 75%.
Speaker Change: Other than full ownership.
Speaker Change: We believe joint venture structures can be more capital efficient while also leveraging the local expertise of our partners to support smooth post acquisition integration and ongoing operations.
Charlie Brady: Now, I'll turn it over to Calla to cover our financial performance.
Carla: Now I'll turn it over to Carla to cover our financial performance color.
Calla Zhao: Calla. Thank you, Leo.
Carla: Thank you Neil Good morning, everyone I will now provide a deeper dive into our financial performance for the first quarter of 2025.
Calla Zhao: Good morning, everyone. I will now provide a deeper dive into our financial performance for the first quarter of 2025. Total revenue for the quarter was $78 million, representing a 46% decrease from $144.4 million in the same period of 2024. In first quarter 2024 with the hash rate as high as 28.6 exahash and before the impact of halving we recorded the highest revenue in the four quarters of 2024. Although we acquired more self-owned miners in the fourth quarter of 2024 and energized those miners in the first quarter of 2025, the temporary decrease in procured hash rate from suppliers as explained by Leo just now led to a decline in the scale of the first quarter.
Carla: Total revenue for the quarter was $78 million.
Carla: Representing a 46% decrease from $144 4 million in the same period of 2024.
Carla: In first quarter 2024, with the highest rate as high as $28 six extra hash and before the impact of having we recorded the highest revenue in the four quarters of 2024.
Carla: We acquired more self owned miners in the fourth quarter of 2024 and energize those miners in the first quarter of 2025, the temporary decrease in procured hash rate from suppliers as explained by Leo just now led to a decline in the scale of the first quarter.
Calla Zhao: During the first quarter of 2025, we allocated the majority of our total hashrate to cloud mining services, leading to cloud mining revenue accounting for around 69% of our total revenue. In the past quarter, 86% of the average daily mining capacity provided by our self-owned miners were used for self-mining operations and the rest 14% were used for cloud mining operations. 88% of the average daily mining capacity provided by the least miners or third-party suppliers were used for cloud mining services, and the rest, 12%, were used for self-mining operations. Our decision of mining capacity allocation was driven by continued strong demand from customers and near-term market volatility.
Carla: During the first quarter of 2025, we allocated the majority of our total hash rate to cloud nine services, leading to cloud mining revenue accounting for around 69% of our total revenue.
Speaker Change: In the past quarter, 86% of the average daily mining capacity provided by our cellphone miners were used for self mining operations and the rest 14% were used for cloud mining operations.
Speaker Change: 8% of the average daily mining capacity provided by the lease miners or third party suppliers were used for cloud mining services and the rest 12% we used for self mining operations.
Speaker Change: Our decision of mining capacity allocation was driven by continued strong demand from customers and near term market volatility.
Calla Zhao: In the first quarter of 2025, we reported a net loss of $16.8 million, primarily due to the mark-to-market adjustment on Bitcoin holdings between December 31 and March 31. adjusted EBITDA was negative 10.8 million dollars. Also impacted by this non-cash re-evaluation However, if excluding the $19.4 million unrealized fair value losses of digital assets and digital asset collateral receivables or payables, our adjusted EBITDA would turn to approximately $8.6 million, highlighting the underlying strength of our business model and operational execution. Turning to our work in capital and treasury management, as of March 31, 2025, we owned a total of 1,835 BitFuFu.
Speaker Change: In the first quarter of 2025, we reported a net loss of $16 8 million.
Speaker Change: Merely due to the mark to market adjustment on Bitcoin holdings between December 31, and March 31.
Speaker Change: Adjusted EBITDA was negative $10 $8 million.
Speaker Change: So impacted by the noncash revaluation.
Speaker Change: However, if excluding the $19 $4 million unrealized fair value losses of digital assets and digital asset collateral receivables or payables or adjusted EBITDA would tend to approximately $8 6 million highlighting the underlying strength of our business model and operational execution.
Speaker Change: <unk>.
Speaker Change: Turning to our working capital and Treasury management as of March 31, 2025, we owned a total of 1835 bitcoin.
Calla Zhao: This includes 1,420 bitcoins stored in our own wallets and 794 bitcoins pledged for loans or asset acquisition. It excludes 379 Bitcoins held as collateral from customers and suppliers, which serve as performance guarantees under existing contracts. Our treasury strategy prioritizes long-term value creation. We aim to retain Bitcoin for potential price appreciation, while selectively selling a portion to meet working capital needs. To manage liquidity risk, we sell Bitcoin on a frequent measured basis rather than relying on large one-time sales, which helps us avoid being forced to liquidate holdings at unfavorable market prices. We anticipate higher capital expenditures in the future, particularly when we move forward with the acquisition of additional mining equipment or sites.
Speaker Change: This includes 1420 bitcoin stored in our own wallets, and 794, bitcoins pledge for loans or asset acquisitions.
Speaker Change: It excludes 379, bitcoin held as collateral from customers and suppliers, which service performance guarantees under existing contracts.
Speaker Change: Our treasury strategy prioritizes long term value creation.
Speaker Change: Aim to retain bitcoin for potential price appreciation, while selectively selling a portion to meet working capital needs to.
Speaker Change: To manage liquidity risk, we sell bitcoin on a frequent measured basis.
Speaker Change: Rather than relying on large one time sale, which helps us avoid being forced to liquidate holdings at unfavorable market prices.
Speaker Change: We anticipate higher capital expenditures in the future, particularly when we move forward with the acquisition of additional mining equipment or sites at.
Calla Zhao: At that time we expect to fund these investments through a combination of existing balance sheet resources and proceeds from financing activities raised in advance. Under our framework agreement with Bitmain, we have secured access to up to 80,000 Antminer S21 series or the latest model, ensuring ample supply to support our business development. We will only purchase additional miners for our own operations. If we acquire new mining sites, as all three of our currently secured facilities are fully deployed, in addition, we may procure ant miners for selling purposes.
Speaker Change: That time, we expect to fund these investments through a combination of existing balance sheet resources and proceeds from financing activities raised in advance.
Speaker Change: Under a framework agreement with Big name, we have secured access to up to 80000 and minor that 'twenty, one series or the latest model, ensuring ample supply to support our business development.
Speaker Change: We will only purchase additional minors for our own operations, if we acquire new mining sites.
Speaker Change: All three of our currently secured facilities are fully deployed.
Speaker Change: In addition, we may procure minors for selling purposes as discussed on our previous earnings call.
Calla Zhao: As discussed in our previous earnings call, The goal of our mining machine sales business is not simply transaction. It is part of a broader strategy to deliver value-added, end-to-end solutions for our customers. By offering mining hardware alongside our cloud mining and hosting services, we're able to provide a comprehensive service package. This integrated approach deepens customer relationships, unlocks cross-selling opportunities, and solidifies our position as a full-service provider in the Bitcoin mining ecosystem.
Speaker Change: The goal of our mining machine sales business is not simply transactional.
Speaker Change: It is part of a broader strategy to deliver value added end to end solutions for our customers by offering mining hardware alongside our cloud mining and hosting services.
Speaker Change: To provide a comprehensive service package.
Speaker Change: This integrated approach deepens customer relationships unlocks cross selling opportunities and solidifies our position as a full service provider and the bitcoin mining ecosystem.
Calla Zhao: I'd also like to take this opportunity to highlight our approach to credit and counterparty risk management. First, before entering into any new partnership, we conduct a thorough risk assessment. We only engage with counterparties that meet our internal standards. Second, we generally require secured assets as part of our commercial arrangements. In our cloud mining and mining machine sales businesses, most customers are required to pay service fees in advance. Only a limited number of VIP clients are granted credit terms. And even then, we require them to pledge Bitcoin as collateral to ensure timely payment. Third, to mitigate risks related to asset custody, we store the majority of our crypto assets in cold wallets.
Speaker Change: I'd also like to take this opportunity to highlight our approach to credit and counterparty risk management.
Speaker Change: First.
Speaker Change: Before entering into any new partnership we conduct a thorough risk assessments, we only engage with counterparties that meet our internal standards.
Speaker Change: Second we generally require secured assets as part of our commercial arrangements.
Speaker Change: In our cloud mining and mining machine sales businesses, most customers are required to pay service fees in advance.
Speaker Change: Only a limited number of VIP clients are granted credit terms and even then we require them to pledge bitcoin as collateral to ensure timely payment.
Speaker Change: Third to mitigate risks related to asset custody, we still the majority of our crypto assets and cold wallets when assets must be held in hot wallets, we ensure they are protected by sufficient insurance coverage.
Calla Zhao: When assets must be held in hot wallets, we ensure they are protected by sufficient insurance coverage. These measures are designed to protect our financial position. ensure reliable cash flows and safeguard the digital assets under our management.
Speaker Change: These measures are designed to protect our financial position.
Speaker Change: Ensure reliable cash flows.
Speaker Change: Safeguard the digital assets under our management.
Calla Zhao: Regarding our debt management, our plan is to repay a portion of the outstanding long-term payables over the coming year. This repayment will be funded through a combination of proceeds from operations and potential capital raised through financing activities. For the remaining balance, we intend to pursue an extension of the terms to maintain financial flexibility. As of March 31st, 2025, our total outstanding loan balance was $40 million. Approximately 60% of these proceeds have been used to support credit sales extended to select customers and will be repaid by the customers within one year.
Speaker Change: Regarding our debt management.
Speaker Change: Our plan is to repay a portion of the outstanding long term payables over the coming year.
Speaker Change: This repayment will be funded through a combination of proceeds from operations and potential capital raise to financing activities.
Speaker Change: For the remaining balance we intend to pursue an extension of the terms to maintain financial flexibility.
Speaker Change: As of March 31, 2025.
Speaker Change: Our total outstanding loan balance was $40 million.
Speaker Change: Approximately 60% of these proceeds have been used to support credit sales extended to select customers and will be repaid by the customers within one year.
Calla Zhao: regarding the impact of U.S. tariffs on our business. Like most public miners, the majority of our mining hardware is sourced from Southeast Asia, such as Malaysia. While tariff levels may vary depending on origin and product classification, we are actively monitoring developments and assessing any potential implications for our cost structure. Importantly, our strategic plan to invest in mining infrastructure and equipment in the U.S. and other suitable regions remains unchanged.
Speaker Change: Regarding the impact of U S tariffs on our business.
Speaker Change: Like most public miners the majority of our mining hardware is sourced from southeast Asia, such as Malaysia, while tariff levels may vary depending on origin and product classification, we are actively monitoring developments and assessing any potential implications for our cost structure importantly hours.
Speaker Change: Strategic plan to invest in mining infrastructure and equipment in the U S and other suitable regions remains unchanged.
Leo Lu: I'll now turn the call back to Leo for his closing remarks. Thanks Calla. Before we conclude, I want to thank our employees, partners and shareholders for their continued support and trust.
Neil: I'll now turn the call back to Neil for his closing remarks.
Neil: Thanks Karla before.
Speaker Change: Before we conclude.
Speaker Change: I want to thank our employees partners and shareholders for their continued support and trust.
Leo Lu: We entered 2025 with clear priorities. scale our mining capacity, strengthen our infrastructure. broaden our supply chains and deepen our customer relationships. I'm proud to say we've made meaningful progress on all fronts. Despite evolving market conditions, including regulatory developments and macro uncertainty, we remain focused on disciplined execution and long-term value creation. With a strong foundation in place, a diversified global footprint and growing demand across our service offerings, we believe we are well positioned to capture the next phase of growth in the Bitcoin mining ecosystem.
Speaker Change: We entered 2025 with clear priorities scale, our mining capacity strengthen our infrastructure.
Speaker Change: Broaden our supply chains and deepen our customer relationships.
Speaker Change: Proud to say, we've made meaningful progress on all fronts, despite evolving market conditions, including regulatory developments and macro uncertainty we remain focused on disciplined execution and long term value creation.
Speaker Change: With a strong foundation in place a diversified global footprint and growing demand across our service offerings. We believe we are well positioned to capture the next phase of growth and the bitcoin mining ecosystem.
Leo Lu: Thank you again for joining us today. We look forward to updating you on our continued progress in the quarters ahead. Thank you.
Speaker Change: Thank you again for joining US today, we look forward to updating you on our continued progress in the quarters ahead. Thank you.
Speaker Change: Thank you.
Operator: This concludes today's conference call. Thank you for participating and you may now disconnect.
Speaker Change: This concludes today's conference call. Thank you for participating and you may now disconnect.
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Operator: [music].