Bitdeer Technologies Group (BTDR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Bitdeer first quarter 2025 earnings call.

大家好，歡迎參加 Bitdeer 2025 年第一季財報電話會議。

(Operator Instructions) As a reminder, this call may be recorded.

（操作員指示）提醒一下，此通話可能會被錄音。

I would like to turn the call over to Yujia Zhai, Investor Relations Advisor. Please go ahead.

我想將電話轉給投資人關係顧問翟玉佳。請繼續。

Thank you, operator, and good morning. Welcome to Bitdeer's first quarter 2025 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO; Matt Kong, Chief Business Officer; Haris Basit, Chief Strategy Officer; and Jeff LaBerge, Head of Capital Markets and Strategic Initiatives.

謝謝接線員，早安。歡迎參加Bitdeer 2025年第一季財報電話會議。今天與我一起出席的還有董事長兼執行長吳忌寒、首席商務官 Matt Kong、首席策略長 Haris Basit 和資本市場與策略計畫主管 Jeff LaBerge。

Haris will begin today by providing a high-level overview of Bitdeer’s first quarter 2025 results and then cover the company's strategy and a detailed business update. After that, Jeff will cover Bitdeer's first quarter financial results in more detail and then we will open the call for questions.

Haris 今天將首先概述 Bitdeer 2025 年第一季的業績，然後介紹公司的策略和詳細的業務更新。之後，Jeff 將更詳細地介紹 Bitdeer 第一季的財務業績，然後我們將開始提問。

To accompany today's earnings call, we have provided a supplemental investor presentation. This presentation can be found on Bitdeer's Investor Relations website under Webcasts and Presentations.

為了配合今天的收益電話會議，我們提供了補充投資者介紹。此簡報可以在 Bitdeer 投資者關係網站的網路廣播和簡報下找到。

Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risk and uncertainties, which may cause actual results to differ materially. For a more complete discussion on forward-looking statements and the risks and uncertainties related to Bitdeer's business, please refer to its filings with the SEC.

在管理階層開始正式發言之前，我們想提醒大家，在今天的電話會議中，我們可能會做出某些前瞻性的陳述。這些聲明是基於管理層目前的預期，並受風險和不確定性的影響，可能導致實際結果存在重大差異。有關前瞻性陳述以及與 Bitdeer 業務相關的風險和不確定性的更完整討論，請參閱其向美國證券交易委員會提交的文件。

Further, in addition to discussing results that are calculated in accordance with International Financial Reporting Standards or IFRS, we will also make references to certain non-IFRS financial measures such as adjusted EBITDA and adjusted profit or loss.

此外，除了討論根據國際財務報告準則或 IFRS 計算的結果外，我們還將參考某些非 IFRS 財務指標，例如調整後的 EBITDA 和調整後的損益。

For more detailed information on our non-IFRS financial measures, please refer to our earnings release that was published earlier today, which can be found on Bitdeer's Investor Relations website.

有關我們的非國際財務報告準則財務指標的更多詳細信息，請參閱我們今天早些時候發布的收益報告，該報告可在 Bitdeer 的投資者關係網站上找到。

Thank you. I will now turn the call over to Haris. Haris?

謝謝。現在我將把電話轉給哈里斯。哈里斯？

Thank you, Yujia, and good day, everyone. Thanks for joining our first quarter 2025 earnings call.

謝謝你，Yujia，大家好。感謝您參加我們的 2025 年第一季財報電話會議。

I'm excited to share the many developments happening at Bitdeer and walk you through the progress we've made since last quarter.

我很高興與大家分享 Bitdeer 的許多發展，並向您介紹我們自上個季度以來取得的進展。

Before diving in, I'd like to briefly highlight our Q1 financial results for which Jeff will provide more details in a few minutes. Starting on side 3, for Q1, total revenue was $70.1 million, gross profit was negative $3.2 million, and adjusted EBITDA was negative $56.1 million.

在深入探討之前，我想簡要介紹一下我們的第一季財務業績，Jeff 將在幾分鐘後提供更多詳細資訊。從第三面開始，第一季總營收為 7,010 萬美元，毛利為負 320 萬美元，調整後 EBITDA 為負 5,610 萬美元。

The lower performance compared to Q1 last year was primarily driven by the impact of the 2024 halving higher global network hashrate, lower hosting and cloud mining revenue and higher R&D costs related to the one-off development and tape-out costs of our SEAL03 chip.

與去年第一季相比，業績下降主要是由於 2024 年全球網路哈希率減半、託管和雲端挖礦收入下降以及與我們的 SEAL03 晶片的一次性開發和流片成本相關的研發成本增加的影響。

These negative impacts were partially offset by higher average self-mining hashrate, which increased to 11.5 exahash per second at the end of the quarter as well as higher bitcoin prices. Over the past year, we have made the strategic decision to prioritize the development of our own ASIC technology. While this temporarily slowed our hashrate growth, it positioned us with long-term advantages that fundamentally differentiate our business. Producing our own machines enables us to scale at a significant cost advantage and maintain greater control over our growth trajectory.

這些負面影響被更高的平均自挖礦哈希率（在本季末增加到每秒 11.5 exahash）以及更高的比特幣價格部分抵消。在過去的一年裡，我們做出了優先開發自己的 ASIC 技術的策略決策。雖然這暫時減緩了我們的哈希率增長，但它為我們帶來了長期優勢，從根本上使我們的業務與眾不同。生產我們自己的機器使我們能夠以顯著的成本優勢擴大規模，並更好地控制我們的成長軌跡。

Now that our SEALMINERs are quickly coming off the production line, we expect a rapid acceleration in self-mining hashrate in the quarters ahead. In tandem, we are bringing online nearly 500 megawatts of new self-mining power capacity by mid-year, increasing our total global capacity to nearly 1.6 gigawatts.

現在我們的 SEALMINER 正在快速下線，我們預計未來幾季自挖哈希率將快速提升。同時，我們將在年中之前上線近 500 兆瓦的全新自挖電力容量，使我們的全球總容量增至近 1.6 千兆瓦。

More than half of this power is located in Norway and Bhutan, our early focus on geographic diversification is now yielding results. Accordingly, in the near-term, we are prioritizing deployments of our A2 mining machines to Bhutan and Norway, which we expect will drive our self-mining hashrate to 40 exahash per second by October 2025.

其中超過一半的電力位於挪威和不丹，我們早期對地域多樣化的關注現已取得成果。因此，短期內，我們優先將 A2 採礦機部署到不丹和挪威，預計到 2025 年 10 月，這將使我們的自採礦哈希率達到每秒 40 exahash。

On the commercialization front, we are encouraged by the recent trade negotiations, which have led to a de-escalation in tariffs. Looking ahead, we expect US tariff policies to encourage more Bitcoin mining-related manufacturing in the US and anticipate a continued shift towards more balanced trade measures. We plan to migrate a portion of our manufacturing to the US in the second half of 2025 and we'll share more details about this in future calls.

在商業化方面，我們對最近的貿易談判感到鼓舞，談判導致關稅下降。展望未來，我們預期美國的關稅政策將鼓勵美國開展更多與比特幣挖礦相關的製造業，並預期美國將繼續轉向更平衡的貿易措施。我們計劃在 2025 年下半年將部分製造業務遷移到美國，我們將在未來的電話會議中分享更多有關此事宜的細節。

Over the longer-term, we expect demand for Bitcoin mining rigs to continue rising. Having the most efficient chip will be essential to capture this multi-billion dollar TAM.

從長遠來看，我們預計比特幣挖礦設備的需求將持續上升。擁有最高效的晶片對於佔領這個數十億美元的TAM至關重要。

Moving now to our ASIC roadmap, which is highlighted on side 5, of our supplemental presentation. Starting with SEALMINER A1, at the end of Q1, we completed the mass production of 3.7 exahash per second of our SEALMINER A1 mining rigs and finished installation and energization as of the end of April 2025.

現在轉到我們的 ASIC 路線圖，它在我們的補充簡報的第 5 面突出顯示。從SEALMINER A1開始，我們在第一季末完成了3.7 exahash/s的SEALMINER A1礦機的量產，並於2025年4月底完成了安裝通電。

For SEALMINER A2, mass production of the previously announced 35 exahash per second remains on track to be completed in October 2025. As of the end of April, we completed manufacturing of 3.3 exahash per second of SEALMINER A2 mining rigs and 1.2 exahash per second were being assembled.

對於 SEALMINER A2，先前宣布的每秒 35 exahash 的量產仍有望在 2025 年 10 月完成。截至 4 月底，我們已完成每秒 3.3 exahash 的 SEALMINER A2 礦機的製造，每秒 1.2 exahash 的礦機正在組裝中。

Of the 3.3 exahash per second of completed miners, 1.3 exahash per second have been sold and shipped to external customers and 0.5 exahash per second have been deployed and energized at Bitdeer's data centers in Texas and Tydal, Norway, with the remaining in transit or being prepared for shipment.

在已完成的 3.3 exahash/秒礦機中，1.3 exahash/秒已經售出並發運給外部客戶，0.5 exahash/秒已經在 Bitdeer 位於美國德克薩斯州和挪威泰達爾的數據中心部署並通電，其餘的正在運輸途中或準備發貨。

Additionally, at the end of Q1, we launched a pro series of our SEALMINER A2 mining rigs including both an air-cooled and hydrocooled model, both with an impressive power efficiency of 14.9 Joules per Terahash.

此外，在第一季末，我們推出了 SEALMINER A2 採礦設備的專業系列，包括風冷和水冷型號，兩者的功率效率都達到了驚人的 14.9 焦耳/太赫茲。

For SEALMINER A3, we completed rigorous testing of several dozen of our prototype models in April and energy efficiency continues to meet our expectations. We have begun machine level testing and results are expected to be finalized by late Q2. We anticipate mass production for our SEALMINER A3 to commence Q3 of this year.

對於SEALMINER A3，我們在四月完成了對數十個原型模型的嚴格測試，其能源效率繼續滿足我們的預期。我們已經開始機器級測試，預計結果將在第二季末完成。我們預計 SEALMINER A3 將於今年第三季開始量產。

Looking ahead to the second half of this year, our R&D efforts are now focused on our SEALMINER A4 project for which we are targeting an unprecedented efficiency of approximately 5 Joules per Terahash at the chip level. This chip has been completely redesigned from the ground up, leveraging a new digital architecture and technology that significantly improves energy efficiency.

展望今年下半年，我們的研發工作目前集中在 SEALMINER A4 專案上，我們的目標是在晶片層級實現每太赫茲約 5 焦耳的空前效率。該晶片經過徹底重新設計，利用新的數位架構和技術，顯著提高能源效率。

We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future. We have begun the process of filing patents on this technology and tape-out is on track for Q4 2025.

我們相信這種新的晶片設計將徹底改變未來比特幣挖礦 ASIC 的製造方式。我們已經開始為這項技術申請專利，預計將於 2025 年第四季完成投產。

We believe SEALMINER A4, along with our third generation chip, will position Bitdeer as the leading supplier of the world's most energy efficient mining rigs, significantly strengthening our market position and unlocking substantial value for our customers and shareholders.

我們相信，SEALMINER A4 和我們的第三代晶片將使 Bitdeer 成為全球最節能採礦設備的領先供應商，顯著加強我們的市場地位，並為我們的客戶和股東釋放巨大的價值。

On side 6, of our supplemental investor presentation, we reiterate our prior guidance for our self-mining hashrate to reach approximately 40 exahash per second by Q4 of this year. Given the significant amount of power capacity we have coming online, our near-term plan is to prioritize our current ASIC production towards self-mining and utilize the bulk of our new power capacity in Tydal, Norway and Jigmeling, Bhutan.

在我們補充投資者簡報的第 6 面，我們重申了先前的指導，即到今年第四季度，我們的自挖哈希率將達到每秒約 40 exahash。鑑於我們即將上線的大量電力容量，我們的近期計劃是優先考慮我們目前的 ASIC 生產，以實現自我挖掘，並利用我們在挪威泰達爾和不丹吉格梅林的大部分新電力容量。

Please note that this forecast does not include anticipated additional wafer allocations for SEAL02 or for SEAL03. Depending on the exact manufacturing schedule and actual wafer allocations, our self-mining hashrate could be well above 40 exahash per second guidance by Q4 2025.

請注意，此預測不包括 SEAL02 或 SEAL03 預期的額外晶圓分配。根據確切的生產計劃和實際的晶圓分配情況，到 2025 年第四季度，我們的自挖哈希率可能會遠高於每秒 40 exahash 的指導值。

Next, I'd like to provide a quick update of our energy infrastructure and pipeline that's highlighted on Slides 7 and 8 of our supplemental investor presentation. In early April, Bitdeer signed an SPA and a turnkey agreement for the acquisition and construction of a 50-megawatt mining data center in Ethiopia.

接下來，我想簡要介紹我們的能源基礎設施和管道，這在我們的補充投資者簡報的第 7 張和第 8 張幻燈片中重點介紹了。4月初，比特小鹿簽署了SPA及交鑰匙協議，將在衣索比亞收購並興建50兆瓦的挖礦資料中心。

The transaction includes a local company with a mining permit, a 33 kV substation interconnection and a four-year power purchase agreement with Ethiopian Electric Power Company. We are working closely with an EPC contractor that specializes in Bitcoin mining and are targeting energization by Q4 2025.

該交易包括一家擁有採礦許可證的當地公司、一個33千伏變電站互聯以及與埃塞俄比亞電力公司簽訂的四年購電協議。我們正在與一家專門從事比特幣挖礦的 EPC 承包商密切合作，目標是在 2025 年第四季實現通電。

This project reflects our continued commitment to identifying cost efficient sites that allow us to keep older generation machines online to maximize the ROI of our existing fleet. Additionally, in April, we energized 202 megawatts of data center capacity for self-mining, of which 70 megawatts was at our Tydal, Norway site and 132 megawatts in Jigmeling, Bhutan. We expect the remaining 105 megawatts in Tydal and 368 megawatts in Jigmeling to be energized by the end of June, bringing our total available power capacity to nearly 1.6 gigawatts.

該專案體現了我們持續致力於尋找具有成本效益的站點，使我們能夠保持老一代機器的在線運行，從而最大限度地提高現有設備的投資回報率。此外，4 月份，我們為資料中心的自主採礦通電容量為 202 兆瓦，其中 70 兆瓦位於挪威泰達爾 (Tydal) 站點，132 兆瓦位於不丹吉格梅林 (Jigmeling)。我們預計，泰達爾 (Tydal) 剩餘的 105 兆瓦和吉格梅林 (Jigmeling) 剩餘的 368 兆瓦將在 6 月底之前通電，使我們的總可用電力容量達到近 1.6 千兆瓦。

By the end of 2025, we are also on track to energize an additional 221 megawatts in Massillon, Ohio, and including our Ethiopia site, our total available power capacity will reach over 1.8 gigawatts.

到 2025 年底，我們也預計在俄亥俄州馬西隆新增 221 兆瓦電力，包括埃塞俄比亞工廠在內，我們的總可用電力容量將達到 1.8 千兆瓦以上。

Finally, in April, due to advancing discussions with development partners and end users for HPC/AI, we made the strategic decision to pause Bitcoin mining-related construction at our 570 megawatt site in Clarington, Ohio. However, we maintain full optionality to reassess and resume the buildout for Bitcoin mining at a later date.

最後，在 4 月份，由於與開發合作夥伴和最終用戶就 HPC/AI 進行的討論不斷推進，我們做出了戰略決策，暫停位於俄亥俄州克拉靈頓 570 兆瓦站點的比特幣挖礦相關建設。然而，我們保留完全的選擇權，以便在以後重新評估並恢復比特幣挖礦的建設。

In terms of our HPC/AI initiative, in March, we formalized an engagement with Northland Capital Markets to act as financial advisor for our HPC/AI data center development strategy. Northland has been assisting us in our negotiations with potential development partners in providing guidance regarding capital providers.

就我們的 HPC/AI 計劃而言，3 月份，我們正式與 Northland Capital Markets 達成合作，聘請其擔任我們 HPC/AI 資料中心發展策略的財務顧問。Northland 一直在協助我們與潛在的開發夥伴進行談判，並提供有關資本提供者的指導。

As of May, we have advanced discussions with development partners and potential end users of selected large scale sites in the US including our Clarington, Ohio site for HPC and AI.

截至 5 月，我們已與美國部分大型站點的開發合作夥伴和潛在最終用戶進行了深入討論，其中包括位於俄亥俄州克拉靈頓的 HPC 和 AI 站點。

In summary, we have many exciting milestones on the horizon. We expect 2025 to be a pivotal year as our efforts start to bear fruit and we look forward to sharing updates on our progress.

總而言之，我們即將迎來許多令人興奮的里程碑。我們預計 2025 年將是關鍵的一年，因為我們的努力將開始取得成果，我們期待分享我們所取得的進展。

I'll now turn it over to Jeff LaBerge, our Head of Capital Markets and Strategic Initiatives, to go over our financial results for the quarter.

現在，我將把時間交給我們的資本市場和策略計畫主管 Jeff LaBerge，回顧一下我們本季的財務表現。

Thank you, Haris. Before I go over Bitdeer's first quarter financial results, I'd like to remind everyone that all figures I refer to today are in US dollars and that all comparisons are to Q1 of last year.

謝謝你，哈里斯。在介紹 Bitdeer 第一季財務業績之前，我想提醒大家，我今天引用的所有數字都是以美元為單位，並且所有比較都是與去年第一季進行的。

Q1 consolidated revenue was $70.1 million versus $119.5 million. Self-mining revenue was $37.2 million, down 23.1% primarily due to the April 24 halving event and an increase in global network hashrate partially offset by higher self-mining hashrate and higher bitcoin prices.

第一季綜合營收為 7,010 萬美元，而去年同期為 1.195 億美元。自採礦收入為 3720 萬美元，下降 23.1%，主要原因是 4 月 24 日減半事件和全球網路哈希率的增加，但被更高的自挖哈希率和更高的比特幣價格部分抵消。

Cloud hashrate revenue was $0.1 million versus $18.1 million. This decline was due to the expiration of long-term cloud hashrate contracts and the subsequent reallocation of the hashrate to our self-mining operations.

雲哈希率收入為 10 萬美元，而同期收入為 1810 萬美元。這種下降是由於長期雲端哈希率合約到期以及隨後將哈希率重新分配給我們的自挖礦業務。

General Hosting revenue was $9.6 million versus $29 million. Membership Hosting revenue was $16.3 million versus $19.5 million. SEALMINER sales revenue in Q1 was $4.1 million. The decrease in Hosting revenue was mainly caused by two factors. First, we converted 100 megawatts of Hosting capacity at our Texas facility to hydro cooling capacity, which is expected to be renovated and equipped with SEALMINER hydrocooled mining rigs that begin phasing in during the first quarter of 2025.

一般託管收入為 960 萬美元，而同期數字為 2,900 萬美元。會員託管收入為 1,630 萬美元，去年同期為 1,950 萬美元。SEALMINER 第一季銷售收入為 410 萬美元。Hosting收入的下降主要由兩個因素造成。首先，我們將位於德克薩斯州的工廠的 100 兆瓦託管容量轉換為水冷容量，預計將進行翻新並配備 SEALMINER 水冷採礦設備，該設備將於 2025 年第一季開始分階段投入使用。

Second, some Hosting customers removed less efficient miners after the halving in April 2024. Some of this extra capacity is currently being replenished by new hosted mining rigs.

其次，一些 Hosting 客戶在 2024 年 4 月減半後移除了效率較低的礦工。目前，部分額外容量正在由新託管的採礦設備補充。

Total gross profit for the quarter was negative $3.2 million versus positive $34.1 million and gross margin was negative 4.6% versus 28.6%. The decrease in our gross margin was primarily driven by April 2024 halving events, impact on our self-mining and lower hosting and cloud hashrate revenues.

本季總毛利為負 320 萬美元，而同期毛利為正 3,410 萬美元；毛利率為負 4.6% 而同期毛利率為 28.6%。我們的毛利率下降主要是由於 2024 年 4 月減半事件、對我們自挖礦的影響以及託管和雲端哈希率收入的下降。

Total operating expenses for the quarter were $75.8 million and $37.8 million. The increase was primarily driven by higher R&D costs related to the one-off tape-out costs for SEALMINER 03, higher engineering costs related to the company's ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

本季總營運費用分別為 7,580 萬美元及 3,780 萬美元。成長的主要原因是與 SEALMINER 03 的一次性流片成本相關的研發成本增加、與公司 ASIC 開發路線圖相關的工程成本增加，以及與 2024 年第四季度收購 FreeChain 相關的無形資產非現金攤銷費用。

Other operating expenses were $7.8 million due primarily to non-cash impairment of Bitcoin. As a reminder, under IFRS Bitcoin is classified as an intangible asset and is measured at cost less any accumulated impairment losses with no subsequent revaluation permitted.

其他營運費用為 780 萬美元，主要原因是比特幣的非現金減損。提醒一下，根據國際財務報告準則，比特幣被歸類為無形資產，以成本減去任何累積減損損失計量，不允許後續重估。

Other net gain for the quarter was $503.1 million versus $2.4 million. The net gain was due to the non-cash derivative gains on the convertible bonds issued in August 2024 and November 2024 and the Tether warrants, which I will discuss in more detail in the liability section.

本季其他淨收益為 5.031 億美元，而去年同期為 240 萬美元。淨收益源自於 2024 年 8 月和 2024 年 11 月發行的可轉換債券和 Tether 認股權證的非現金衍生收益，我將在負債部分詳細討論。

IFRS net profit was $409.5 million and $0.6 million. Adjusted profit was negative $89.8 million versus positive $9.7 million. Adjusted EBITDA was negative $56.1 million versus positive $27.3 million. This quarter's low performance compared to Q1 last year was primarily driven by the impact of the 2024 halving higher global network hashrate, lower hosting and cloud mining revenue, higher R&D costs as described previously. These negative impacts were partially offset by higher average self-mining hashrate and higher Bitcoin prices for the quarter.

IFRS淨利分別為4.095億美元和60萬美元。調整後利潤為負 8,980 萬美元，而去年同期為正 970 萬美元。調整後的 EBITDA 為負 5,610 萬美元，而之前為正 2,730 萬美元。本季業績與去年第一季相比表現不佳，主要是因為如前所述，2024 年全球網路哈希率減半、託管和雲端挖礦收入下降、研發成本增加等因素的影響。這些負面影響被本季更高的平均自挖哈希率和更高的比特幣價格部分所抵消。

Net cash used for operating activities was $284 million, predominantly driven by SEALMINERs, supply chain and manufacturing. Net cash used for investing activities was $73.6 million, including $45.7 million of capital expenditures for infrastructure construction and mining rigs, $18.2 million for the purchase of cryptocurrencies, $21.9 million to acquire the site and gas-fired power project in Alberta, and $12.3 million of proceeds from disposal of cryptocurrencies from the principal business.

經營活動所用淨現金為 2.84 億美元，主要來自 SEALMINER、供應鏈和製造業。投資活動所用現金淨額為7,360萬美元，其中包括：基礎建設及礦機資本支出4,570萬美元；購買加密貨幣支出1,820萬美元；收購阿爾伯塔省場地及燃氣發電項目支出2,190萬美元；處置主營業務加密貨幣貨幣貨幣收入1,230萬美元。

Net cash generated from financing activities for the quarter was $94.9 million, which resulted primarily from the $118.4 million of net proceeds from issuance of shares under our ATM facility in January and February, offset by $21 million used for share repurchases.

本季融資活動產生的淨現金為 9,490 萬美元，主要來自 1 月和 2 月透過 ATM 設施發行股票的淨收益 1.184 億美元，抵消了用於股票回購的 2,100 萬美元。

Moving on to our 2025 Bitcoin mining infrastructure spending, we expect CapEx for the continued buildup of our global power and data center infrastructure to now be in the range of approximately $260 million to $290 million for calendar year 2025. This update includes reported infrastructure CapEx in Q1. The reduction from our prior guidance is due to approximately $80 million in savings for the pause of Bitcoin mining infrastructure construction at our Clarington, Ohio, site that Haris spoke about earlier.

談到 2025 年比特幣挖礦基礎設施支出，我們預計，到 2025 日曆年，用於持續建設全球電力和資料中心基礎設施的資本支出將達到約 2.6 億美元至 2.9 億美元。此次更新包括第一季報告的基礎設施資本支出。我們先前指引的減少是由於哈里斯之前談到的，我們暫停了位於俄亥俄州克拉靈頓的比特幣挖礦基礎設施建設，從而節省了大約 8000 萬美元。

Please note that this guidance only factors in power and data center spend for Bitcoin mining and does not include CapEx for SEALMINERs used for self-mining.

請注意，本指南僅考慮比特幣挖礦的電力和資料中心支出，並不包括用於自挖礦的 SEALMINER 的資本支出。

In terms of our balance sheet, we ended the quarter in a strong financial position with $215.6 million in cash and cash equivalents, $131.1 million in cryptocurrencies and $215.4 million in borrowing excluding derivative liabilities.

就我們的資產負債表而言，本季結束時我們的財務狀況強勁，擁有 2.156 億美元的現金和現金等價物、1.311 億美元的加密貨幣和 2.154 億美元的借款（不包括衍生負債）。

Derivative liabilities were $256.8 million, which related to the Tether warrants and August 2024 and November 2024 convertible notes representing a $507.2 million decline compared to our last quarter. Again, this is a non-cash fair value adjustment driven by the decline in our stock price and does not impact our liquidity or operations.

衍生負債為 2.568 億美元，與 Tether 認股權證以及 2024 年 8 月和 2024 年 11 月的可轉換票據有關，與上一季相比減少了 5.072 億美元。再次強調，這是由於我們股價下跌而導致的非現金公允價值調整，不會影響我們的流動性或營運。

Under IFRS, certain derivative instruments, such as warrants and convertible debt are required to be revalued at fair market value each reported period. As our stock price increases, the fair value of these instruments rise, resulting in a higher reported liability and vice versa. The recorded liability will ultimately be netted at settlements either upon conversion to equity or expiration, and does not represent an actual cash outflow.

根據國際財務報告準則，某些衍生性工具（例如認股權證和可轉換債務）需要在每個報告期間以公平市價重新估價。隨著我們股價上漲，這些工具的公允價值也會上升，導致報告的負債增加，反之亦然。記錄的負債最終將在轉換為股權或到期時結算時扣除，並不代表實際的現金流出。

In April 2025, we entered into a loan agreement with Matrix Finance and Technology Holding Company for a financing facility of up to $200 million. The loans drawn under the facility bear a variable interest rate of 90% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over 24 months and is secured by the pledge of SEALMINERs. As of today 2025, we have drawn approximately $90 million under this facility.

2025 年 4 月，我們與 Matrix Finance and Technology Holding Company 簽訂了貸款協議，融資額度高達 2 億美元。根據該貸款安排發放的貸款利率為 90% 的浮動利率加上市場參考利率。每筆提款均須在 24 個月內以固定的每月分期付款方式償還，並由 SEALMINER 質押擔保。截至 2025 年今天，我們已根據該機制提取約 9,000 萬美元。

Finally, regarding our outstanding ATM facility, since the middle of February 2025, we have not sold any additional shares given the broader market correction.

最後，關於我們未償還的 ATM 設施，自 2025 年 2 月中旬以來，鑑於更廣泛的市場調整，我們沒有出售任何額外股份。

Thank you, everyone. That concludes the prepared remarks section of our earnings call. Operator, please open the call for questions.

謝謝大家。這就是我們收益電話會議的準備好的評論部分。接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Darren Aftahi with ROTH.

達倫·阿夫塔希 (Darren Aftahi) 與 ROTH 合作。

Hey, good morning, guys, and thanks for taking my question. So first around the decision to pause Bitcoin mining development at Clarington. Kind of just any color on the type of customers we're hearing from here and where are we seeing the strong demand for the site?

嘿，大家早安，感謝你們回答我的問題。首先決定暫停克拉靈頓的比特幣挖礦開發。我們聽到的客戶類型有什麼特色？我們在哪裡看到對該網站的強烈需求？

And then you guys kind of talked earlier this year about taking that in-house for your own self-mining. I'm just kind of curious, obviously, the world is moving pretty fast but how has interest in, maybe this is not the A2 but your chips in general change maybe in the last few weeks. Is there as much third-party interest? Has that demand changed since you kind of said you would bring that in-house?

然後你們今年早些時候談到將其帶回公司內部進行自我挖掘。我只是有點好奇，顯然，世界發展得非常快，但人們對此有何興趣，也許這不是 A2，但你的晶片總體上可能在過去幾週發生了變化。第三方利益是否同樣大？自從您說過要將其引入公司內部以來，這種需求有變化嗎？

And then, my second question is on your 40 exahash target by the end of the year. You -- Haris talked about there could be upside to that. I guess, what is under consideration in terms of that target? Is it simply machines and available power or is there something more nuanced there? Thank you.

然後，我的第二個問題是關於您今年年底前 40 exahash 的目標。您——哈里斯談到了這樣做可能會帶來的好處。我猜，就該目標而言，正在考慮什麼？它只是機器和可用功率嗎，還是有更微妙的東西？謝謝。

I will take this question. Generally, we feel that the desire for purchasing mining ASICs from us has increased significantly after the Bitcoin price increasing. That's very natural. So you can see that we moved some sales of the Bitcoin mining rate, but anyway we -- our priorities are still self-mining. We want to fulfill our Bitcoin mining farm that is going to build up within this year.

我將回答這個問題。總體而言，我們感覺到比特幣價格上漲後，從我們這裡購買挖礦 ASIC 的需求顯著增加。這是很自然的。所以你可以看到，我們轉移了一些比特幣挖礦率的銷售，但無論如何，我們的首要任務仍然是自我挖礦。我們希望在今年內完成即將建成的比特幣挖礦場。

And the second question is that the upside of our target, well, due to the current trading situation, there is lots of uncertainty over the availability of the capacity because everyone may want to have more capacity of the TSMC and to have inventory and maybe some of them may give up. We don't know what the decision and their prediction will be, but we always have strong confidence over TSMC as our capacity and technology partner, and we are communicating with them. So I think we can at least guarantee the previous target we.

第二個問題是，由於目前的交易情況，我們的目標的上行空間很大，產能的可用性存在著許多不確定性，因為每個人都可能希望擁有台積電的更多產能和庫存，也許其中一些可能會放棄。我們不知道他們的決定和預測會是什麼，但我們始終對台積電作為我們的產能和技術合作夥伴充滿信心，我們正在與他們溝通。所以我認為我們至少可以保證實現先前的目標。

Great, thank you.

太好了，謝謝。

Ben Summers with BTIG.

BTIG 的 Ben Summers。

Hey, good morning guys, and thanks for taking my question. So first, around the decision to pause Bitcoin mining development at Clarington, kind of any color on the type of customers we're hearing from here and you know where really we where are we seeing the strong demand for the site.

嘿，大家早安，感謝你們回答我的問題。首先，圍繞著暫停克拉靈頓比特幣挖礦開發的決定，我們從這裡聽到了有關客戶類型的任何消息，你知道我們在哪裡真正看到了對該網站的強勁需求。

Okay. I can maybe answer that question. So at this point in time, we are -- we are getting some inbound from potential end users or tenants. But our primary work here really is to get a development partner that we can work with to develop this site.

好的。我或許可以回答這個問題。因此，此時此刻，我們正在從潛在的最終用戶或租戶那裡獲得一些資訊。但我們在這裡的主要工作實際上是找到一個可以與我們合作開發這個網站的開發夥伴。

And so they have very strong connections, the people we're talking to all the hyperscalers. And we are not in that stage yet where we're actively pursuing the hyperscalers at the moment. So we are getting some inbound, sort of natural inbound requests at this time. The main focus remains on closing a deal with the development partner.

因此，他們與我們正在交談的所有超大規模企業都有著非常緊密的聯繫。目前我們還沒有進入積極追求超大規模的階段。因此，我們此時收到了一些入站請求，這是一個自然的入站請求。主要重點仍是與開發夥伴達成協議。

Got it. Super helpful. And then kind of on the recent loan agreement that we entered, I guess just why now? And then how are we kind of thinking about the capital structure moving forward here and maybe how are we thinking about managing the Bitcoin balance on the balance sheet as we continue to expand the business?

知道了。超有幫助。那麼關於我們最近達成的貸款協議，我想為什麼是現在呢？那麼，我們要如何考慮未來的資本結構呢？隨著我們繼續擴大業務，我們如何考慮管理資產負債表上的比特幣餘額？

Jihan, do you want to take that or you'd love me to. I can touch on that. So, yes, we feel right now, again, with a broader correction in the market, we stopped using the ATM in February when the price dropped quite significantly.

Jihan，你想拿走它還是希望我拿走。我可以談一下這一點。所以，是的，我們現在再次感覺到，隨著市場出現更廣泛的調整，我們在二月價格大幅下跌時就停止使用 ATM 了。

So we've always been very conscious of dilution in our -- as far as our capital raising process. And we feel that the business can be -- can take on a certain amount of debt to finance, especially on the mining rig side where we have a certain payback potential opportunity for the use of proceeds. So we felt like a responsible, reasonable amount of debt could be utilized to finance the chip purchases.

因此，就我們的融資過程而言，我們一直非常清楚股權稀釋的問題。我們認為，這項業務可以－可以承擔一定金額的債務來融資，特別是在採礦設備方面，我們有一定的回報潛在機會來利用收益。因此，我們認為可以利用合理的金額債務來為晶片採購提供資金。

Awesome. Thank you guys for taking my questions.

驚人的。謝謝你們回答我的問題。

Kevin Cassidy with Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Hi, thanks for taking my question and congratulations on the great progress. The SEAL A4 ASIC that you're going for the fourth quarter and then when you'll have the SEALMINER A4 out, what would be the strategy for that? It seems like that's going to be a very high demand device equipment for other miners. Are you going to stay with mostly internal or will there be enough capacity to sell externally and use it internally?

你好，感謝您回答我的問題，並祝賀您的巨大進步。您計劃在第四季度推出 SEAL A4 ASIC，然後當您推出 SEALMINER A4 時，您的策略是什麼？對於其他礦工來說，這似乎將是一種需求量很大的設備。您會主要維持內部生產，還是會有足夠的產能對外銷售並內部使用？

So as we fill up our existing capacity with A2s and then some A3s, we will naturally transition to more external sales. And so A4, if we tape-out as we expect in Q4, the machines won't be ready for at least a couple of quarters after that or maybe even a little longer in mass production. So by that time I expect, but we won't know for certain that largely we will be selling externally because our internal capacity should be close to full. And if we get as much capacity from TSMC as we hope, we should be able to have significant external sales.

因此，當我們用 A2 和一些 A3 填補現有產能時，我們自然會轉向更多的外部銷售。因此，A4，如果我們按照預期在第四季度進行流片，那麼機器至少要在那之後的幾個季度內才能準備好，甚至可能需要更長的時間才能進行量產。所以我預計到那時，但我們還不能確定，我們主要會對外銷售，因為我們的內部產能應該接近滿載。如果我們從台積電獲得的產能如我們所願，我們應該能夠獲得可觀的外部銷售。

Okay. Great. And that does ask the question or how does the transition work from like if you go from the SEALMINER A2 to A3, does A3 expect that to keep that in production for another year or so after A4 is out?

好的。偉大的。這確實提出了一個問題，或者說，如果從 SEALMINER A2 過渡到 A3，過渡是如何進行的，A3 是否預計在 A4 推出後還能繼續生產一年左右？

A4 still not taped out yet. If A4 taped out and we got by the chip, I believe that will be at the end of the year and to get to the status of mass production ready. And after that I think A3 and A4 will coexist for quite a long time because A3 will be, I think the cost in terms of a dollar per Terahash will be lower than A4. So it will be -- it will depend on different situations, which mining racks, users and us want to choose from.

A4 尚未完成。如果 A4 流片成功並且我們獲得了晶片，我相信那將在年底達到量產狀態。此後，我認為 A3 和 A4 將會共存很長一段時間，因為我認為 A3 的每 Terahash 美元成本將低於 A4。所以這將取決於不同的情況，使用者和我們想要選擇哪種採礦機架。

And it will also depends on other factors. If we have a really abundant capacity, I think A4 can be a preference. But if the total capacity we can obtained from TSMC is limited, I think A3 maybe actually is better because it can yield much more hashrate out from the wafers.

這也取決於其他因素。如果我們的產能真的充足的話，我覺得A4​​是可以優先考慮的。但如果我們從台積電獲得的總產能有限，我認為 A3 實際上可能會更好，因為它可以從晶圓產生更多的雜湊率。

Okay. Great. It's good to have those options. Thanks.

好的。偉大的。有這些選擇真好。謝謝。

Nick Giles with B. Riley Securities.

B. Riley Securities 的 Nick Giles。

Thanks, operator. Good morning, everyone. Guys, apologies if I missed this, but it looks like electricity costs were slightly higher in 1Q. Assume this was on some of the extreme weather earlier in the year, but can you just touch on how power costs could trend from here?

謝謝，接線生。大家早安。夥計們，如果我錯過了這一點，請原諒，但看起來第一季的電力成本略高。假設這是今年早些時候的一些極端天氣，但您能否談談電力成本從現在開始的趨勢如何？

Yes. So Q1 historically has been our highest power price for throughout the year. It's primarily due to a couple things. So number one, in Bhutan, we have a nine-month PPA at around $0.04 and $0.0425 per kilowatt hour that runs between Q2 and Q4.

是的。因此，從歷史上看，第一季的電價是全年最高的。這主要歸因於幾件事。首先，在不丹，我們在第二季和第四季之間簽訂了為期九個月的電力購買協議 (PPA)，價格約為每千瓦時 0.04 美元至 0.0425 美元。

Q1 is a dry season in Bhutan. So during that quarter, we typically procure power from the Indian market. We are looking into options, power purchase agreements and other forward power pricing opportunities to fulfill that moving forward. We were not able to get that in place in time for Q1, so prices in Bhutan were elevated.

Q1 是不丹的旱季。因此，在那個季度，我們通常從印度市場購買電力。我們正在研究選擇權、電力購買協議和其他遠期電力定價機會，以實現這一目標。我們未能在第一季及時實現這一目標，因此不丹的價格上漲。

Aside from that, Rockdale had slightly elevated prices just historically. So that was a -- that led primarily to the recent power price for the Q1. Moving forward, Q2 and Q3 are typically lower cost quarters for us. We are implementing a much more aggressive power supply strategy and we expect some of those to start bearing fruit in this next quarter, possibly Q3.

除此之外，Rockdale 的價格歷史上也曾略有上漲。所以，這主要是導致了第一季的近期電價。展望未來，第二季和第三季通常是我們成本較低的季度。我們正在實施一項更積極的電力供應策略，我們預計其中一些策略將在下個季度（可能是第三季）開始取得成果。

Thanks for that. That's very helpful. My second question is clearly your ASIC machines have the opportunity to be as a leading edge but it's been too early for analysts to ultimately track performance and utilization. So what would you consider the first opportunity for the market to see really just the overall efficiency of your fleet, specifically on some of the later generations?

謝謝。這非常有幫助。我的第二個問題是，顯然您的 ASIC 機器有機會成為領先優勢，但對於分析師來說，最終追蹤效能和利用率還為時過早。那麼，您認為市場真正了解您的車隊整體效率的第一個機會是什麼，特別是一些後續車型的效率？

Even though we are hungry for the machines in our own mining farm, we are still squeezing some of our capacity to customers. That's for them to test and try. And right now so far so good, I think we are already see how good our machine are, have a strong confidence over that and that's about A2 and A4. A3 will be able to ship to our customers in October. So the earliest day customers can test A3s in October.

儘管我們自己的礦場對機器的需求很大，但我們仍在向客戶擠壓部分產能。這是供他們測試和嘗試的。現在一切都很好，我想我們已經看到了我們的機器有多好，對此充滿信心，這是關於 A2 和 A4 的。A3 將於十月出貨給我們的客戶。因此最早客戶可以在 10 月測試 A3。

Got it, guys. Appreciate all the color. Best of luck.

明白了，夥計們。欣賞所有的色彩。祝你好運。

John Todaro with Needham.

約翰·托達羅與尼德漢姆。

Hey guys, thanks for taking my question. Congrats on the progress. First question, I guess, just trying to understand where we should be targeting average fleet efficiency. Obviously, some of these rollouts are going to lower that efficiency quite a bit. Just wondering for kind of like, second half of 2025, and then, 2026, what that average roughly would be? And then I have a follow-up question on the HPC.

嘿夥計們，謝謝你們回答我的問題。恭喜你取得進展。我想，第一個問題只是想了解我們應該將平均車隊效率定在哪裡。顯然，其中一些舉措會大大降低效率。只是想知道 2025 年下半年以及 2026 年的平均值大概是多少？然後我有一個關於 HPC 的後續問題。

Yes. So, John, I'll take that. So with our -- obviously our average move down from last quarter is probably in the high-20s at this point down from 31-ish been sort of historically from our legacy fleet. As we get to approach that 40 exahash range, we should be down in the lower-20s in the 22 to 24 Joules per Terahash range. That's assuming we keep all of our existing hashrate online, which currently we're planning to do.

是的。所以，約翰，我接受。因此，顯然我們上一季的平均降幅可能在 20% 以上，而我們的傳統機隊的歷史降幅則在 31% 左右。當我們接近 40 艾哈什範圍時，我們應該會降到每太拉什 22 至 24 焦耳範圍內的 20 多度。這是假設我們將所有現有的哈希率保持在線，目前我們正計劃這樣做。

Eventually, obviously, we will start phasing out some of the older rigs. Some of those can be moved to lower cost power regions like Ethiopia, possibly Canada in the future. But as those start to be phased out or diluted by newer -- some of our newer generation rigs, we would expect that efficiency to drop into those -- into the teams.

最終，顯然我們將開始逐步淘汰一些老舊的鑽孔機。其中一些可以轉移到電力成本較低的地區，如埃塞俄比亞，未來可能還會轉移到加拿大。但隨著這些設備開始被淘汰或被更新的設備（我們的一些新一代鑽孔機）所取代，我們預計這些設備的效率將會下降。

That's helpful. And then on HPC, it sounds like with a development partner you would look to do a powered shell or maybe even full stack. But I noticed, Massillon wasn't paused, Clarington was. Do you still think both sites could be for HPC or are we going to focus on Massillon for Bitcoin mining and then the 266 megawatts of Clarington for HPC?

這很有幫助。然後在 HPC 上，聽起來你會與開發合作夥伴一起尋求做一個強大的 shell 或甚至是全端。但我注意到，馬西隆並沒有暫停，克拉靈頓卻暫停了。您是否仍然認為這兩個站點都可以用於 HPC，或者我們是否將重點放在馬西隆 (Massillon) 進行比特幣挖礦，然後將 266 兆瓦的克拉靈頓 (Clarington) 用於 HPC？

So the focus is on Clarington right now. And it's not just the first 266 megawatts. It's the entire 570 megawatts that are there in Clarington. Massillon, we are moving ahead right now with Bitcoin mining at that location.

因此現在的焦點是克拉靈頓。而且不僅僅是前 266 兆瓦。克拉靈頓共有 570 兆瓦電力。馬西隆，我們目前正在該地點推進比特幣挖礦。

Got it. Okay. Great. Thank you. Appreciate it guys.

知道了。好的。偉大的。謝謝。感謝你們。

Brett Knoblauch with Cantor Fitzgerald.

布雷特·諾布勞赫和康托·菲茨杰拉德。

Hey guys, thanks for taking my question. Maybe just on the ASIC side, I know before I think you guys said, you were going to be allocating somewhere around 7 exahash to external sales. Should we still be expecting 7 exahash of sales for this year? And of the $4.1 million of ASIC sale revenue this year, was that related or this quarter, was that related to 1.3 exahash that was shipped?

嘿夥計們，謝謝你們回答我的問題。也許只是在 ASIC 方面，我知道之前你們說過，你們將分配大約 7 exahash 給外部銷售。我們是否仍應期待今年的銷售額達到 7 艾哈希？今年 ASIC 銷售收入為 410 萬美元，這是否與本季出貨的 1.3 exahash 有關？

I'm going to ask Jihan to answer that about the amount of sales that we're going to allocate for this year.

我將請 Jihan 來回答我們今年要分配的銷售金額的問題。

Well, this is quite a dynamic decision. Actually the process, the real process is that I approval the application from the sales email by email. Generally, I want to deploy to our mining farm and do self-mining and it highly depends on the customers and whether we are genuinely want them to have interest and a real test for mining rigs. So I cannot really get you a very precise prediction about our decisions.

嗯，這是一個相當動態的決定。實際上這個過程，真正的過程是我透過電子郵件批准來自銷售郵箱的申請。一般來說，我想部署到我們的採礦場並進行自我採礦，這在很大程度上取決於客戶以及我們是否真正希望他們對採礦設備感興趣並進行真正的測試。因此我無法真正對我們的決定做出非常精確的預測。

And then, just on the sale or the ASIC revenue from this quarter is that coming from the 1.3 that was shipped?

那麼，本季的銷售或 ASIC 收入是否來自於已出貨的 1.3？

Correct. Yes. So that's a portion of that that was recognized in the quarter. Some additional may be recognized in Q2.

正確的。是的。這是本季確認的一部分。一些額外的內容可能會在第二季被確認。

And should we still be expecting a average selling price somewhere around $15 a tariffs?

我們是否仍應預期平均售價約為每關稅 15 美元？

Jihan, there's going to be no change in the pricing. I don't believe so.

Jihan，價格不會有任何變動。我不這麼認為。

Well, due to the competition as a market, we will need to provide competitive price to our customers. And the most recent pricing tag is $12.8 per exahash, if I remember it correctly. And for A2 and A2 Pro, we will just follow the market dynamics. If competitors lower the price, I think we will follow-up. Anyway, our quantity of the sales is limited. We don't fail to join any price competitions at this point of time.

嗯，由於市場競爭激烈，我們需要為客戶提供有競爭力的價格。如果我沒記錯的話，最近的定價是每 Exahash 12.8 美元。對於 A2 和 A2 Pro，我們只會關注市場動態。如果競爭對手降低價格，我想我們也會跟進。無論如何，我們的銷售數量是有限的。此時我們不會錯過任何價格競爭。

Perfectly understood. And then, on the self-mining growth, I thought I heard that you guys were expecting 40 exahash by October. Is it by October or by end of the year?

完全理解。然後，關於自挖礦的成長，我想我聽說你們預計到 10 月將達到 40 exahash。是到十月還是到年底？

It's by October.

到十月了。

By October. Okay. Awesome. Really appreciate it guys. Thanks.

到十月。好的。驚人的。真的很感謝你們。謝謝。

Thank you.

謝謝。

Mike Grondahl with Northland.

北國的 Mike Grondahl。

Hey guys, thank you. Two questions. One, your lowered CapEx guidance $260 million to $290 million. Could you kind of highlight where that's going this year? And then, secondly, if you could just provide a little bit more detail on that SEALMINER loan facility. Is that for the chips, inventory, financing, finished goods, just kind of help us understand mechanically how that'll work.

嘿夥計們，謝謝你們。兩個問題。第一，你們將資本支出指引金額下調了 2.6 億美元至 2.9 億美元。您能否重點介紹今年的進展？其次，如果您可以提供一些有關 SEALMINER 貸款機制的更多細節。這對於晶片、庫存、融資、成品來說，只是幫助我們從機械上理解它們是如何運作的。

Yes. Sure. Mike, I can take that first part. So the CapEx is primarily is related to the finishing of the Tydal, Norway site and the Jigmeling site as well as our Massillon, Ohio, site. So between those three is about $120 million. And we also have budget in there for finishing up Texas and some for Canada and the small amount of the Ethiopia project.

是的。當然。麥克，我可以承擔第一部分。因此，資本支出主要與挪​​威泰達爾 (Tydal) 工廠、吉格梅林 (Jigmeling) 工廠以及俄亥俄州馬西隆工廠的完工有關。所以這三者的總價值約為 1.2 億美元。我們還有預算用於完成德克薩斯州的項目、加拿大的項目以及埃塞俄比亞項目的少量預算。

And again that the $260 million is really for the entire year. So what I just put there was sort of the remaining amount, maybe $190 million left for the rest of the year. And sorry, what was the second question, Mike?

再次強調，這 2.6 億美元實際上是全年的支出。所以我剛才放的是剩餘的金額，大概是今年剩餘時間剩下的 1.9 億美元。抱歉，第二個問題是什麼，麥克？

The SEALMINER loan facility you talked about that you recently put in place. Just mechanically, how does that work? Is it on chips, inventory, finished goods?

您談到的最近實施的 SEALMINER 貸款機制。從機械角度來說，它是如何運作的？是晶片、庫存還是成品？

Yes. So it's to be used to finance the purchase of chips and then the loan itself is going to be secured by the chips all the way through to the end SEALMINER.

是的。因此，它將用於資助購買晶片，然後貸款本身將由晶片一直到最終的 SEALMINER 進行擔保。

Got it. So those miners are kind of acting as collateral kind of presale if you will.

知道了。因此，如果你願意的話，這些礦工就充當了某種形式的預售抵押品。

Correct or for in this case self-mining use.

正確或在這種情況下用於自我挖掘。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Brian Kinstlinger from Alliance Global Partners.

來自 Alliance Global Partners 的 Brian Kinstlinger。

Great. Thanks so much. I'm curious at what level of tariffs would Bitdeer's decision to sell externally alter the strategy right now of timing is 30% something you're comfortable with especially if semiconductors don't get reprieved. Just curious how that might impact your decision, if 30% is the number.

偉大的。非常感謝。我很好奇，在什麼程度的關稅下，Bitdeer 的對外銷售決定會改變目前的策略，時機是 30%，這是你能接受的，特別是如果半導體沒有得到緩解的話。我只是好奇如果 30% 是這個數字，這會如何影響您的決定。

The tariffs we believe in the end, it will be quite reasonable. I don't think this negotiation skills will be the ultimate tariff policy for the US government. And it's very important that the chips produced by Taiwan, I don't think it will be put at high tariffs. So we have lots of ways to make our business viable even inside the United States. For example, we can ship the chips into United States and doing a sample in United States. That's a possible solution we're evaluating right now.

我們相信最終的關稅將會相當合理。我不認為這種談判技巧會成為美國政府最終的關稅政策。而且非常重要的是，台灣生產的晶片，我認為不會被徵收高關稅。因此，即使在美國境內，我們也有很多方法可以使我們的業務可行。例如，我們可以將晶片運送到美國並在美國製作樣品。這是我們目前正在評估的一個可能的解決方案。

And secondly, we have capacity overseas in Norway, in Bhutan, Ethiopia as well. And there are low tariffs for such kind of products as well. So we can do our self-mining there. I think generally tariffs will make more economic activity on the US soil but of course, it's not for efficiency and prosperity. It's more for self-sufficient national security and more for creating jobs inside. So I think everyone including us has to compromise a little bit. But generally I think especially in the early years, I think it will be okay.

其次，我們在挪威、不丹、衣索比亞等海外地區也擁有生產能力。而且此類產品的關稅也很低。所以我們可以在那裡進行自我挖掘。我認為總體而言，關稅將促進美國本土的經濟活動，但當然，這不是為了提高效率和繁榮。這更多的是為了自給自足的國家安全，也更多的是為了在國內創造就業機會。所以我認為包括我們在內的每個人都必須做出一點妥協。但總的來說，我認為特別是在早期，一切都會好起來。

Great. A follow-up I have in terms of demand and you guys have taken deposits. What percentage of that comes outside of the United States in the demand for ASICS, roughly if you could?

偉大的。我對需求進行了跟進，你們已經接受了存款。如果可以的話，大概有多少比例的 ASICS 需求是來自美國以外？

Mostly right now are from United States.

目前大多數來自美國。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Bill Papanastasiou with KBW.

KBW 的 Bill Papanastasiou。

Good morning, gentlemen, and congrats on all the progress. Just a quick question for me here. As a follow-up to that prior tariff question, perhaps you can speak to how customer interest has trended recently for the upcoming SEALMINERs.

先生們，早安，祝賀你們取得的所有進展。這裡只想問一個簡單的問題。作為對先前關稅問題的跟進，也許您可以談談最近客戶對即將推出的 SEALMINER 的興趣趨勢。

We've seen a number of Bitcoin mining companies pull back, capital expenditure for Bitcoin mining. Furthermore, have you seen any shift in the composition of interest from North America to the rest of the world following the recent tariff landscape? And could you see -- do you think you could see a larger portion of customer sales in the future coming from that rest of world component. Thank you.

我們已經看到許多比特幣挖礦公司撤回了比特幣挖礦的資本支出。此外，在最近的關稅情況下，您是否發現利益結構從北美轉向了世界其他地區？您是否認為未來更大比例的客戶銷售將來自世界其他地區？謝謝。

Well, on one side US based Bitcoin miners have the best capital market in the world. They have the capability to raise up capital to expand their operations. I don't think this will change in the near future. But at the same time, dilutions can be a little bit unwelcomed in the market. That's what I perceived from those reviews and remarks.

一方面，美國的比特幣礦工擁有世界上最好的資本市場。他們有能力籌集資金來擴大業務。我認為這種情況在不久的將來不會改變。但同時，稀釋在市場上可能會有點不受歡迎。這就是我從那些評論和言論中感受到的。

So I think US based Bitcoin miners will start to find a way to expand their operations without dilute the share base basically grow fastly. I think that means there's leverage but still leverage, they will need to have confidence about future revenues with certain kinds of management effects involves lots of different problems all I did the capacity. So kind of a transparency from the mining rigs suppliers will be demanded, which we are -- which Bitdeer cannot work out alone.

因此，我認為美國的比特幣礦工將開始尋找一種方法來擴大其業務，而不會稀釋其股權基礎，從而實現快速成長。我認為這意味著有槓桿，但仍然有槓桿，他們需要對未來的收入有信心，某些管理效果涉及許多不同的問題，我所做的一切都是能力。因此，需要採礦設備供應商保持透明度，而 Bitdeer 無法獨自解決這個問題。

So I think generally, we are confident because US got very upon energy, very good capital market and the culture of entrepreneurship to expand their business. The total hashrate market share resides in Southern United States; I think will continue to grow from here roughly 30% maybe to even higher.

所以我認為總的來說，我們有信心，因為美國擁有強大的活力、非常好的資本市場和創業文化來擴展業務。總哈希率市場份額位於美國南部；我認為將從現在開始繼續增長約 30%，甚至更高。

But I think it will take very slow time. It will not increase as fast as past. US has increased from nearly zero or very minimum hashrate percentage to 30%. That's remarkable progress. I think it will -- the growth of market share of the United States will continue, but it will,. Yes. I'm not sure I answered your question or not.

但我認為這將花費非常緩慢的時間。不會像過去那樣成長得那麼快。美國的哈希率百分比已從幾乎為零或極低增加到 30%。這是顯著的進步。我認為美國市場份額的成長將會持續，但是，將會。是的。我不確定我是否回答了你的問題。

No. That's great color. And then maybe as a follow-up to that, we've seen a number of miners enter into ASIC option, payment structures, in order to acquire an incremental amount of capacity. Is there any thought in terms of trying to entertain a similar type of structure at Bitdeer for the A4s or A3s down the road?

不。顏色真棒。然後也許作為後續行動，我們已經看到許多礦工進入 ASIC 選項、支付結構，以獲得增量容量。有沒有想過在 Bitdeer 中嘗試為 A4 或 A3 採取類似的結構？

You mean we buy the credit to our clients?

您的意思是我們向客戶購買信用額度？

Yes, essentially, yes.

是的，本質上是的。

Generally, we don't have the plan now (technical difficulty) access to market capital in the market with a very good financing. So obviously, we'll be working with partners to financial to solve this kind of problem. I think it's much more help there then Bitdeer itself to provide such kind of a credit. Because lots of bad stories in the financial or business case, you start to provide such kind of credit to a client on such kind of capital goods by yourself, it may distort the economic signal a lot.

整體來說我們現在還沒有計劃（技術難度）在市場上獲得很好的融資。因此顯然，我們將與財務合作夥伴合作解決此類問題。我認為它提供此類信貸比 Bitdeer 本身提供的幫助要大得多。由於金融或商業案例中有很多不好的故事，你開始自己向此類資本貨物的客戶提供此類信貸，這可能會嚴重扭曲經濟訊號。

Appreciate the color. Thank you so much.

欣賞色彩。太感謝了。

Thank you. I'm showing no further questions at this time. This does conclude the question-and-answer session and you may now disconnect. Everyone, have a great day.

謝謝。我目前沒有其他問題。問答環節到此結束，您現在可以斷開連線了。祝大家有個愉快的一天。

Thank you.

謝謝。