Canaan Inc (CAN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Canaan Inc's first quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. Now, I'd like to hand the conference over to your speaker today, Ms. Gwyn Lauber, Investor Relations director of the company. Please go ahead, Gwen.

女士們，先生們，感謝你們的支持，歡迎參加嘉楠耘智 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給今天的發言人，公司投資者關係總監 Gwyn Lauber 女士。請繼續，格溫。

Thank you, operator. Hello, everyone, and welcome to our earnings conference call. Joining us today are Chairman and CEO, Nangeng Zhang; and our CFO, Jin James Cheng; Liang Wang, Vice President of Capital Markets and Corporate Development, and Yixuan Zhang, Senior IR manager, will also be available during the question and answer session.

謝謝您，接線生。大家好，歡迎參加我們的收益電話會議。今天與我們一起參加活動的有董事長兼執行長張南庚；以及我們的財務長 Jin James Cheng；資本市場和企業發展副總裁王亮和高級投資者關係經理張逸軒也將出席問答環節。

Our CEO will start the call by providing an overview of the company and performance highlights for the quarter. Our CFO will then provide details on the company's operating and financial results for the period before we open up the call for your questions.

我們的執行長將在電話會議開始時介紹公司概況和本季的業績亮點。在我們開始回答您的問題之前，我們的財務長將提供有關公司該期間營運和財務表現的詳細資訊。

Before I begin, I would like to refer you to our safe harbor statement in our earnings press release. Today's call will include forward-looking statements. These statements include but are not limited to our outlook for the company and statements that estimate or project future operating results and the performance of the company.

在我開始之前，我想請您參閱我們收益新聞稿中的安全港聲明。今天的電話會議將包括前瞻性陳述。這些聲明包括但不限於我們對公司的展望以及估計或預測未來營運績效和公司績效的聲明。

These statements speak only as of today, and the company assumes no obligation to revise any forward-looking statements that may be made in today's press release, call, or webcast, except as required by law. These statements do not guarantee future performance and are subject to risks, uncertainties, and assumptions.

這些聲明僅代表今天的觀點，除非法律要求，否則本公司不承擔修改今天的新聞稿、電話會議或網路廣播中可能做出的任何前瞻性聲明的義務。這些聲明並不保證未來的表現，並且受風險、不確定性和假設的影響。

Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our most recent report on FORM 20S for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們最新的 FORM 20S 報告，以獲取有關可能導致實際結果與此類聲明中所述的結果存在重大差異的風險、不確定性和假設的資訊。

In addition, during today's call, we will discuss both GAAP financial measures and certain non-GAAP financial measures which we believe are useful as supplemental measures of the company's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or an isolation from GAAP results.

此外，在今天的電話會議中，我們將討論 GAAP 財務指標和某些非 GAAP 財務指標，我們認為這些指標可作為公司業績的補充指標。這些非 GAAP 指標應被視為對 GAAP 結果的補充，而不是替代或與 GAAP 結果隔離。

You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, which is posted on the company's website. And finally, please note that during the call, all dollar amounts refer to US dollars.

您可以在我們公司網站上發布的收益新聞稿中找到有關這些非 GAAP 指標的更多披露信息，包括與可比較 GAAP 結果的對帳。最後，請注意，通話期間所有金額均指美元。

With that, I will now turn the call over to our Chairman and CEO, NG Zhang. Please go ahead.

現在，我將把電話轉給我們的董事長兼執行長張恩剛。請繼續。

Thank you, great. Hello, everyone. This is AG, the CEO of Canaan. Thank you for joining our conference call. Our CFO James and I are pleased to share our first quarter 2025 results and the recent developments from our headquarters in Singapore.

謝謝，太好了。大家好。我是嘉楠科技的執行長AG。感謝您參加我們的電話會議。我們的財務長詹姆斯和我很高興分享我們 2025 年第一季的業績以及新加坡總部的最新發展。

In the first quarter of 2025, the global bitcoin mining industry faced a serious macroeconomic challenges. In February 1, the US President signed an order under the International Emergency Economic Powers Act (IEEPA), imposing a 10% tariff on goods imported from China. This tariff was rise to 30% in early March.

2025年第一季度，全球比特幣挖礦產業面臨嚴峻的宏觀經濟挑戰。2月1日，美國總統根據《國際緊急經濟權力法》（IEEPA）簽署命令，對從中國進口的商品徵收10%的關稅。該關稅於3月初上調至30%。

Then in April, the US further announced a 10% universal tariff on imports from all countries, along with higher re reciprocal tariffs, targeting selected nations with tariffs on Chinese goods reaching as high as 145%.

隨後在4月份，美國進一步宣布對所有國家的進口產品徵收10%的普遍關稅，同時也針對特定國家徵收更高的互惠關稅，其中對中國商品的關稅最高可達145%。

In response, China imposed up to 125% tariffs on US schools, and introduced non-tariff measures including export controls. These developments caused major volatility in global markets. As a result, the bitcoin price dropped sharply from about [USD100 and USD4000] at the end of January to USD76,000 in early March.

作為回應，中國對美國學校徵收高達125%的關稅，並採取了包括出口管制在內的非關稅措施。這些事態發展導致全球市場大幅波動。結果導致比特幣價格從1月底的約[100美元和4000美元]大幅下跌至3月初的76,000美元。

Before slightly rebounding to around USD85,000 in late March. Despite the shock price swings, the total network has rate rose from 795 MHz per second to 856 extra has per second. This combination of falling Bitcoin price and the rising hash rate significantly compressed minus profit margins.

然後在 3 月底小幅反彈至 85,000 美元左右。儘管價格出現劇烈波動，但整個網路的速率仍從每秒 795 MHz 上升至每秒 856 MHz。比特幣價格下跌和哈希率上升的結合顯著壓縮了利潤率。

Entering the second quarter, the bitcoin price dropped again to USD74,000 in early April, but gradually recovered. The date of our earnings conference, it has risen back about USD100,000, gradually reflecting Bitcoin's value as a safe haven asset. We have seen clear signs of recovery in global demand for many machines except in US market.

進入二季度，比特幣價格在4月初再次下跌至7.4萬美元，但隨後逐漸回升。截至我們財報發表會當天，比特幣價格已回升約 10 萬美元，逐漸反映比特幣作為避險資產的價值。除美國市場外，我們已經看到全球許多機器的需求出現明顯復甦跡象。

Due to the 10% universal tariffs, import imposed by the US on imported goods and even higher, reciprocal tariffs on some countries. Both Kenya and our competitors now face at least 10% extra duty when shipping money machines, made in Southeast Asia to the US in addition.

由於美國對進口商品徵收10%的普遍關稅，並對一些國家徵收更高的互惠關稅。現在，肯亞和我們的競爭對手在向美國運送東南亞製造的提款機時都面臨至少 10% 的額外關稅。

Faster changing policies have created a great deal of uncertainty and confusion in actual custom operations. In some cases, the effective tariff rate has been even higher than 10% and the customs enforcement standards and the clearance times have been in constant.

政策變化速度加快，為實際海關操作帶來很大的不確定性和混亂。在某些情況下，實際關稅稅率甚至高於10%，而海關執法標準和通關時間則保持不變。

Since the value of bitcoin is globally unified, this has led to higher mining costs and the greater uncertainty of, for American miners compared to miners in other regions, which has significantly surpassed, mining machines demand in US.

由於比特幣的價值是全球統一的，這導緻美國礦工的挖礦成本更高，而且相對於其他地區的礦工，美國的不確定性也更大，這已經大大超過了美國對礦機的需求。

We have observed that many US listed mining companies are adjusting their business models and accelerating their transformation, towards AI and the high performance computing businesses. Aimed, complex and rapidly changing market environment, our team still delivered a solid operational performance.

我們觀察到，許多美國上市礦業公司正在調整業務模式，加速轉型為人工智慧和高效能運算業務。在目標明確、複雜且快速變化的市場環境中，我們的團隊仍保持了穩健的營運績效。

In the first quarter, we achieved total revenues of USD82.8 million, exceeding our previous guidance of USD75 million. This represents 136% year over year increase and demonstrates our strong execution and resilience across global markets. The first quarter of 2025 is traditionally a slow season.

第一季度，我們實現總營收8,280萬美元，超過先前預期的7,500萬美元。這比去年同期成長了 136%，彰顯了我們在全球市場的強大執行力和韌性。2025年第一季傳統上是淡季。

However, thanks to the continued large-scale delivery of our A15 series mining machines, we achieved 5.5 X per second, in total computing powers so, during the quarter, up 62.6% year over year with sales revenue exceeding USD58 million. This includes ongoing deliveries of large pre-sale orders to public mining companies such as [Hi].

然而，由於我們A15系列礦機的持續大規模交付，我們在本季度實現了每秒5.5倍的總計算能力，因此同比增長62.6％，銷售收入超過5800萬美元。這包括持續向上市礦業公司交付大量預售訂單，例如[你好]。

With the new generation high performance A1 models, becoming the main driver of shipments. Our average selling price per hatch significantly increased to USD10.5 US dollars, representing a 30% share growth. And in overseas markets outside of North America, we are seeing continued growth in demand from regions such as Asia, South America and Africa. We have made tangible sales progress in these areas.

隨著新一代高性能A1機型的推出，成為出貨量的主要動力。我們的每輛掀背車平均售價大幅上漲至 10.5 美元，市佔率成長了 30%。在北美以外的海外市場，我們看到亞洲、南美洲和非洲等地區的需求持續成長。我們在這些領域取得了實際的銷售進展。

Our Avalon Home Series of mining machines for individual consumers also achieved encouraging progress in Q1. Following the launch of several new models in this quarter, we generated USD1.3 million in sales revenue and delivered around 6,000 units.

我們針對個人消費者的Avalon Home系列礦機在第一季也取得了令人鼓舞的進展。本季隨著幾款新車型的上市，我們實現了130萬美元的銷售收入，交付量約6000輛。

In spite of summer approaching in, northern hemisphere leading to a, gradual decline in indoor heating demand, our Avalon Home Series which features feel functionality of mining and home heating still sells well. This well beyond our expectations. We have ramping up production to ensure timely delivery.

儘管北半球即將進入夏季，室內暖氣需求逐漸下降，但我們集採礦和家庭暖氣功能於一體的Avalon Home系列產品依然暢銷。這大大超出了我們的預期。我們正在加大生產力度，以確保及時交貨。

As of May 18, 2025, we have sold a total of over 17.6 Southern Units year-to-date, with total order value reaching over USD6.6 million. Our self-mining business delivered a strong results this quarter with a total of 259 Bitcoins mined, up 39% quarter over quarter. This was mainly driven by the continued growth of our energized has rate and the optimization of several project partnerships.

截至 2025 年 5 月 18 日，我們今年迄今已累計售出超過 17.6 輛 Southern Units，訂單總價值超過 660 萬美元。本季我們的自挖業務取得了強勁業績，共開採出 259 個比特幣，較上季成長 39%。這主要得益於我們的活躍度持續成長以及多個專案合作關係的最佳化。

Our operational computing power increased from 4.75 X per second at the end of 2024 to 5.97 X per second by the end of March 2025. Coupled with higher average business price during the quarter, our monthly revenue reached a record high of over USD24 million, marking 59% screen share increase.

我們的營運運算能力從 2024 年底的每秒 4.75 倍提升到 2025 年 3 月底的每秒 5.97 倍。加上本季平均業務價格上漲，我們的月收入創下超過 2,400 萬美元的歷史新高，螢幕份額增加了 59%。

Thanks to our competitive electricity cost of 4.2 US cents per kilowatt hour, we maintained a solid mining growth margin of 31% in Q1. By the end of the quarter, the number of bitcoin owned by the company reached 1,408, setting a new record.

由於我們每千瓦時 4.2 美分的電力成本具有競爭力，我們在第一季保持了 31% 的穩健挖礦成長率。截至本季末，該公司持有的比特幣數量達到1408個，創下新高。

We continue to steadily deploy more heart rates and by the end of April, our total deployed computing power reached 8.15 X per second. Notably in the US, we fully deployed 3XH per second across four products. Alongside the mass production and the delivery of our a A15 series, we have continued to work closely with our founding partners on technical optimization.

我們繼續穩定地部署更多的心率，到 4 月底，我們部署的總運算能力達到了每秒 8.15 次。值得注意的是，在美國，我們在四種產品中全面部署了每秒 3XH。隨著 A15 系列的量產和交付，我們繼續與創始合作夥伴密切合作，進行技術優化。

As a result, chip yield now exists 90%, compared to the initial launch last year, overall machine performance of a A15 series has improved by 15%, while power consumption has been reduced by 10%, effectively lowering the cost per unit of mining computing power.

因此，目前晶片良率已達90%，相較於去年推出之初，A15系列整機效能提升15%，同時耗電量降低10%，有效降低單位挖礦算力成本。

We have also introduced more advanced products across various cooling technologies, including hydro and the emergent cooling. One recent example is our new A1566 HA hydrocooling model, which delivers close to 500 terahertz per unit and the better energy efficiency than the air-cooled machine, an outstanding product in the industry.

我們還推出了涵蓋各種冷卻技術的更先進的產品，包括水力冷卻和緊急冷卻。例如我們最近新推出的A1566 HA水冷機型，每台機器輸出接近500太赫茲，能源效率比風冷機器更高，是業界的佼佼者。

Looking ahead, our next generation A16 series has successfully completed takeout in the first quarter. The corresponding products will be officially launched after full machine testing, and they are expected to deliver a significant performance upgrade.

展望未來，我們的下一代A16系列已在第一季成功完成外送。相應產品將在全機測試後正式上市，預計將帶來顯著的性能升級。

On the production and the logistic front, our diver diversified geographic deployment over the past few years, especially the establishment of manufacturing capacity in Southeast Asia, has helped, pushing the impact of recent US tariff adjustments.

在生產和物流方面，我們過去幾年多元化的地理部署，特別是在東南亞建立製造能力，有助於推動近期美國關稅調整的影響。

Starting at the end of Q1, we set up a pilot production line in the United States and successfully completed trial production. This means our US based manufacturing progress is now essentially up and running. While the current production cost in US is relatively high, we believe taking this step holds strategy, strategic value. It allows us to be closer to US market and our customers while also reducing supply chain rates.

從第一季末開始，我們在美國建立了一條中試生產線，並成功完成試生產。這意味著我們在美國本土的製造過程現在已基本啟動並運行。雖然目前美國的生產成本相對較高，但我們認為採取這項措施具有戰略價值。它使我們更接近美國市場和客戶，同時降低供應鏈費率。

We are now actively exploring the possibility of building a larger scale manufacturing facility in the US, and identifying ways to significantly lower production costs, aiming to make US-based manufacturing commercially viable. This quarter we mentioned, we maintained stability in our operations with key indicators showing further improvement.

我們目前正在積極探索在美國建立更大規模製造工廠的可能性，並尋找大幅降低生產成本的方法，旨在使美國製造具有商業可行性。我們提到，本季我們的經營維持穩定，主要指標進一步改善。

Supported by higher ASP and the continued growth in our mining operations, we achieved positive growth profit for the first time since the bear market began nearly two years ago. While focusing on R&D investment, we also continue to enforce this plant expense control in our daily operations. As a result, our general and administrative expenses decreased by 39% quarter to quarter.

在平均售價上漲和採礦業務持續成長的支撐下，我們自近兩年前熊市開始以來首次實現了正成長利潤。在註重研發投入的同時，我們在日常營運中也持續加強工廠費用控制。因此，我們的一般及行政開支較上月下降了 39%。

This narrow our operation operating loss by 32% quarter and by 45% year over year.

這使我們的營運虧損在本季減少了 32%，年比減少了 45%。

To $37.6 million US dollars.

達到3760萬美元。

Although Bitcoin price declined by approximately 12% from the end of previous quarter, lead to a fair value loss in cryptocurrency assets of $16.3 million US dollars. We remain committed to our Bitcoin holding strategy. We, as we strongly believe in the long term, appreciation potential of the asset. We are also pleased to see that as of today, Bitcoin has returned to about $100,000 US dollars level.

儘管比特幣價格較上一季末下跌了約12%，導致加密貨幣資產公允價值損失1,630萬美元。我們仍然致力於我們的比特幣持有策略。我們堅信該資產的長期升值潛力。我們也很高興地看到，截至今天，比特幣已經回到了10萬美元左右的水平。

On the balance sheet side, with the large scale production of our A15 series underway, we have started to build up some inventory of new products to ensure, uninterrupted, deliveries.

從資產負債表方面來看，隨著 A15 系列的大規模生產，我們已經開始建立一些新產品的庫存，以確保不間斷交貨。

For the end of March, the company maintained a healthy cash balance of approximately $100 million US dollars.

截至三月底，該公司維持約1億美元的健康現金餘額。

In addition, we took advantage of the price pullback in Bitcoin during the first quarter, to further strengthen our holdings. We purchased 27.46 Bitcoins at an average price of 83. $6000 US dollars for Bitcoin.

此外，我們利用第一季比特幣價格回檔的機會，進一步加強了我們的持股。我們以平均 83 的價格購買了 27.46 個比特幣。比特幣價格為 6000 美元。

At the end of April 2025, the total number of Bitcoins held by the company reached 1,424.

截至2025年4月底，該公司持有的比特幣總數達到1,424枚。

Looking ahead to the coming quarter of 2025, we are actively adjusting our focus across key markets and, stepping up our sales efforts.

展望2025年第一季度，我們正積極調整重點市場，並加強銷售。

As of now, we have secured a solid pipeline of a 15 orders.

截至目前，我們已獲得 15 個訂單。

With delivery booked in June, into June. We are also continuously creating our production capacity between self-money and fulfilling customer orders based on involving market demand.

已預訂 6 月交貨，6 月開始交貨。我們也根據市場需求，在自有資金和滿足客戶訂單之間不斷創造生產能力。

That said, the new series of, US tariff measures introduced in the first quarter, and is still ongoing.

儘管如此，美國一系列新關稅措施已於第一季出台，並且仍在持續。

Have brought considerable risk and uncertainty. So far, demand from North American customers remains under pressure with no clear sign of recovery.

帶來了相當大的風險和不確定性。到目前為止，北美客戶的需求仍然面臨壓力，沒有明顯的復甦跡象。

In the capital markets, uncertainty has also impacted the stock performance and fundraising activities for many US listed mining companies. As a result, customers in the US have generally adopt a weak and see attitude towards, orders.

在資本市場，不確定性也影響了許多美國上市礦業公司的股票表現和融資活動。因此，美國客戶對訂單普遍採取消極觀望的態度。

We have observed delays and adjustments in some orders currently under negotiation. And in delivery schedules. Additionally, certain drug mining products have faced increased cost due to import tariffs, which could delay the pace of hash rate deployment.

我們注意到目前正在談判的一些訂單出現了延遲和調整。以及交貨時間表。此外，某些藥物挖礦產品因進口關稅而面臨成本增加的問題，這可能會延緩哈希率部署的步伐。

Given the ongoing volatility in the global political and economic landscape, the company has decided to withdraw its previously issued full year revenue guidance as well as the mining hash rate deployment targets for the first half of 2025.

鑑於全球政治和經濟情勢持續動盪，該公司決定撤回先前發布的全年收入預期以及 2025 年上半年的挖礦哈希率部署目標。

Until there's a greater clarity in the overall environment, we will focus on pivoting to re respond to market fluctuations. To further, insulated our business, from the current uncertainty, we are actively shooting our self-mining strategy to pure global expansion opportunities that align with our long-term growth objectives.

在整體環境更加明朗之前，我們將集中精力重新應對市場波動。為了進一步使我們的業務免受當前不確定性的影響，我們正在積極實施自我開採策略，尋求符合我們長期成長目標的純粹全球擴張機會。

We are confident in our ability to identify and collaborate with experienced partners both within and beyond North America, enabling our app to scale efficient, effectively and maintain operational, excellence across diverse markets.

我們有信心找到並與北美以外經驗豐富的合作夥伴合作，使我們的應用程式能夠高效、有效地擴展，並在不同的市場保持卓越的營運。

Our track record of success outside the United States include our operations in Ethiopia, where we recently reported an impressive average uptime of 98% during the first quarter and 95% uptime in April, despite minor power disrupts early in this month. These results reflect our team's ability to navigate local challenges while maintaining high performance and real ability.

我們在美國以外的成功記錄包括我們在埃塞俄比亞的業務，我們最近報告稱，儘管本月初出現了輕微的電力中斷，但第一季的平均正常運行時間仍達到 98%，四月份的正常運行時間也達到 95%。這些結果反映了我們的團隊在保持高績效和實際能力的同時應對當地挑戰的能力。

In the near term, the company is adopting a more cautious approach to expectations for the second quarter of 2025. We currently anticipate revenues of approximately USD100 million for Q2. This forecast is based on the current market and operational conditions.

短期內，該公司對2025年第二季的預期採取更為謹慎的態度。我們目前預計第二季的營收約為 1 億美元。此預測基於當前的市場和營運狀況。

However, given recent policy alternatives and the market volatility, actual results may differ from this expectations. In response to recent market developments, including the US tariff measures on our share price, we believe that our current stock valuation is significantly below, company's intrinsic value and the long-term growth potential.

然而，考慮到近期的政策選擇和市場波動，實際結果可能與預期有所不同。鑑於近期市場發展，包括美國關稅措施對我們股價的影響，我們認為目前的股票估值遠低於公司的內在價值和長期成長潛力。

To address this disconnect and enhance shareholder value, we are actively evaluating a range of strategic interactives including a potential share repurchase program. These interactives are currently under review and may be subject to approval by our Board of Directors. Any implementation will be conducted in full compliance with all applicable laws and the regulations.

為了解決這種脫節並提高股東價值，我們正在積極評估一系列策略互動措施，包括潛在的股票回購計畫。這些互動內容目前正在審查中，可能需要董事會批准。任何實施都將完全遵守所有適用法律和法規。

We will keep the market informed of any material developments through subsequent announcements. Avalon's complex and rapidly involving macro and the industry environment, we remain focused on technology and product innovation, strengthening customer service and advancing our global strategy as we prepare to embrace more opportunities and the challenges ahead.

我們將透過後續公告向市場通報任何重大進展。面對阿瓦隆複雜而快速發展的宏觀和產業環境，我們始終專注於技術和產品創新，加強客戶服務，推動全球策略，準備迎接未來更多的機會和挑戰。

This concludes my prepared remarks. Thank you, everyone. I will now turn the call over to our CFO James. Thank you.

我的準備好的發言到此結束。謝謝大家。現在我將把電話轉給我們的財務長詹姆斯。謝謝。

Thank you, NG and good day everyone. This is James, CFO Canaan. I'm very glad to share our quarter-one financial results with you today. As NG stated at the start of the call in quarter one, especially February and March, the bitcoin mining industry faced the challenges as minors profit margins was squeezed by the bitcoin price volatility and the higher total network cash rate.

謝謝，NG，大家好。我是迦南財務長詹姆斯。我很高興今天與大家分享我們第一季的財務表現。正如 NG 在第一季度，尤其是 2 月和 3 月電話會議開始時所說，比特幣挖礦行業面臨挑戰，因為比特幣價格波動和更高的網路現金率擠壓了礦工的利潤率。

Despite volatile market conditions, we delivered a solid performance results. Let me give a quick summary of our financial performance. First, driven by the growth in the computing power sold and average selling price, total revenue reached $82.8 million exceeding our $75 million revenue guidance and up 136% year over year.

儘管市場環境動盪，我們仍取得了穩健的表現。讓我簡單總結一下我們的財務表現。首先，受銷售運算能力和平均售價成長的推動，總收入達到 8,280 萬美元，超過了我們 7,500 萬美元的收入預期，年增 136%。

Second, our mining operations grew steadily, fueled by the combined growth in the deployed mining capacity and average bitcoin price in the first quarter. Our mining revenue reached $24 million up 132% year over year, with 259 Bitcoins mined, up 33% year over year.

其次，我們的挖礦業務穩定成長，這得益於第一季部署的挖礦能力和比特幣平均價格的共同成長。我們的挖礦收入達到 2,400 萬美元，年增 132%，開採了 259 個比特幣，年增 33%。

Next, due to product iteration and mass delivery of the A15 series, our average selling price rose to $10.5 per car per second in the quarter, resulting in a return to gross profit. It's the first time in two years amid the bear market. Last but not least, our cash balance remained flat sequentially. We continued to manage cash in a prudent way and streamline our expenses to make sure strategic items are prioritized.

其次，由於A15系列產品的迭代和批量交付，本季我們的平均售價上升至每車每秒10.5美元，從而實現了毛利的回歸。這是熊市兩年來的首次。最後但同樣重要的一點是，我們的現金餘額環比保持穩定。我們繼續以審慎的方式管理現金並精簡開支，以確保優先考慮策略項目。

Turning to our profit and loss for the quarter, total revenue was $82.8 million, beating the guidance by $8 million. Mining revenue contributed $24 million, increasing 132% year over year.

談到本季的損益，總收入為 8,280 萬美元，比預期高出 800 萬美元。採礦業收入貢獻了 2,400 萬美元，年增 132%。

We mined 259 Bitcoins in the quarter, a year over year increase of 33%. This increase was primarily driven by more computing power installed at our mining sites, which reached 6.6 ex per second at the end of the quarter, increasing 22% from the end of last year.

本季我們開採了 259 個比特幣，年增 33%。這一成長主要得益於我們採礦站點安裝的更多運算能力，本季末達到每秒 6.6 ex，比去年年底成長了 22%。

Now turning to product revenue, revenue from machine sales was $58.3 million, an increase of 149% year over year. We delivered a total computing power sold of 5.5 million terahertz per second, representing a year over year increase of 63%.

現在轉向產品收入，機器銷售收入為 5,830 萬美元，年增 149%。我們銷售的運算能力總計達每秒 550 萬太赫茲，較去年同期成長 63%。

The first quarter of each year is typically our seasonally lower quarter due to the impact of the new year and the Lunar New Year holidays. However, the mass delivery of A15 series in this quarter drove the major year over year growth in both mining machine sales revenue and the computing power sold.

由於新年和農曆新年假期的影響，每年的第一季通常是我們的季節性低季。但本季A15系列的大量交付，帶動礦機銷售收入和售出算力年比均大幅成長。

More than 19,000 A15 mining rigs were delivered in quarter one, contributing $45 million to the mining machine sales revenue and a 3.9 million terahertz per second to the computing power sold. In addition, driven by the mass delivery of our A15 series, the average selling price, or we call ASP rose to $10.5 per terahertz per second, up 53% from $6.9 per terahertz per second in the same quarter of 2024.

第一季度，A15礦機出貨量超過1.9萬台，貢獻了4,500萬美元的礦機銷售收入，銷售算力達390萬太赫茲/秒。此外，受我們 A15 系列大規模交付的推動，平均售價（我們稱之為 ASP）上漲至每太赫茲每秒 10.5 美元，較 2024 年同期每太赫茲每秒 6.9 美元上漲 53%。

Turning to the revenue from our Avalon Home series, in quarter one, we delivered approximately 6,000 units of our Avalon Home products, contributing revenue of $1.3 million. From the beginning of 2025 to date, we have already received orders for more than 176,006,000 units of Avalon Home products with the total amount of $6.6 million.

談到我們的 Avalon Home 系列的收入，在第一季度，我們交付了約 6,000 台 Avalon Home 產品，貢獻了 130 萬美元的收入。從2025年初至今，我們已經收到超過176,006,000台Avalon Home產品的訂單，總金額達660萬美元。

As I mentioned earlier, due to the product iteration upgrades and the higher A15 delivery volume, gross profits turned positive, reaching at $0.6 million in the quarter, the first time since the start of market downturn two years ago.

正如我之前提到的，由於產品迭代升級和A15交付量的提高，本季毛利轉為正值，達到60萬美元，這是兩年前市場下行以來的首次。

Turning to the expenses, our operating expenses total approximately $38 million, compared to $31 million in the same period of last year. Please note $2.4 million of disposal gain on our self-mining rates was recorded in the first quarter of last year, which correspondingly offset the overall operating expenses.

談到費用，我們的營運費用總計約為 3,800 萬美元，而去年同期為 3,100 萬美元。請注意，去年第一季我們記錄了 240 萬美元的自採率處置收益，相應抵銷了整體營運費用。

Excluding this non-routine impact, the operating expenses increased $5.7 million year over year, mainly due to the increased stock cost and R&D expenditures, including the staff we added for the development of our consumer level mining products and the mining solutions.

除去這項非常規影響，營運費用比去年同期增加了 570 萬美元，主要原因是庫存成本和研發支出增加，包括我們為開發消費級採礦產品和採礦解決方案而增加的員工。

By the end of this quarter, the price of bitcoin decreased to around $83,000 versus around $95,000 by the end of 2024. The decrease in the bitcoin price on the last day of the quarter resulted in an aggregate unrealized fair value loss on crypto assets of $16 million.

到本季末，比特幣價格已降至 83,000 美元左右，而到 2024 年底則將達到 95,000 美元左右。本季最後一天比特幣價格的下跌導致加密資產的未實現公允價值損失總額達到 1,600 萬美元。

Encouragingly, the recent appreciation of bitcoin price has reversed this unrealized losses. In total, we recognized and adjusted if it had loss of $38 million, narrowed 47% year over year. In March 2025, we issued $100,000 CRA/1 preferred shares with the gross proceeds of $100 million.

令人鼓舞的是，比特幣價格近期的上漲扭轉了這個未實現的損失。總體而言，我們確認並調整了 3800 萬美元的損失，年比縮小了 47%。2025 年 3 月，我們發行了 100,000 美元 CRA/1 優先股，總收益為 1 億美元。

Additionally, the third trench of the Series A preferred shares issued in quarter 3, 2024 was still recognized as a convertible liability at fair value by the quarter end. This financing incurred an excess of fair value over proceeds, received and fair value changes. This non-cash accounting treatments hit our Q1 bottom line for total $33 million.

此外，2024 年第三季發行的 A 系列優先股的第三批於季末仍以公允價值確認為可轉換負債。該融資的公允價值超過了所得款項和公允價值變動。這種非現金會計處理對我們第一季的利潤產生了總計 3,300 萬美元的影響。

In order to represent our performance more accurately and more comparably, we excluded that impact of this accounting treatments from our non-GAAP measures. Turning to our balance sheet and cash flow, at the end of quarter one, we held a cash of $97 million on our balance sheet, remaining stable compared to the end of quarter four.

為了更準確、更具可比性地反映我們的業績，我們將該會計處理的影響從非公認會計準則衡量指標中排除。談到我們的資產負債表和現金流，在第一季末，我們的資產負債表上持有 9,700 萬美元的現金，與第四季末相比保持穩定。

In quarter one, we generated a $51 million of cash inflow from sales, received the $21 million from secured loans and $18 million from export VAT refunds and we paid $88 million for production and operation. We also paid $144 million to secure our waiver supply, primarily funded by the proceeds of $100 million from preferred shares financing and $42 million from ATM financing.

第一季度，我們產生了 5,100 萬美元的銷售現金流入，獲得了 2,100 萬美元的擔保貸款和 1,800 萬美元的出口增值稅退稅，並支付了 8,800 萬美元的生產營運費用。我們還支付了 1.44 億美元以確保我們的豁免供應，主要資金來自優先股融資的 1 億美元和 ATM 融資的 4,200 萬美元。

Now turning to our bitcoin assets. Bitcoins held as our own holding assets increased in the quarter, reaching a record high of 1,4008 Bitcoins as of March 31. This is 115 coins more than 1293 coins at the end of last quarter.

現在轉向我們的比特幣資產。本季度，我們持有的作為自有資產的比特幣有所增加，截至 3 月 31 日，達到創紀錄的 1,4008 枚比特幣。這比上一季末的 1293 枚硬幣多出 115 枚。

On March 31, 2025, the fair market value of our own Bitcoins totaled around $117 million, and our hold gain was approximately $49 million higher than the original value of the Bitcoins that we gained from mining or other operations. With the Bitcoin price rebounding to over $100,000 the current market value of this crypto assets stands at approximately $147 million.

2025 年 3 月 31 日，我們自有比特幣的公平市場價值總計約為 1.17 億美元，而我們持有的收益比我們透過挖礦或其他操作獲得的比特幣的原始價值高出約 4,900 萬美元。隨著比特幣價格反彈至 10 萬美元以上，該加密資產的當前市值約為 1.47 億美元。

As of April 30, our total bitcoin holdings increased to 1424 as already disclosed. Turning to fund raising, as mentioned earlier, in March 2025, we closed the series A/1 preferred shares financing with the gross proceeds of $100 million.

截至4月30日，我們的比特幣總持有量已增加至1424個，如前所述。談到融資，如前所述，2025 年 3 月，我們完成了 A/1 系列優先股融資，總收益為 1 億美元。

From the end of 2024 to February 19, 2025, we utilize the ATM for fund raising with net proceeds of $42.5 million. This financing have been reported in the previous quarterly release. After that, we have not done any fundraising. We have also mutually agreed with the investor to terminate the agreement for the second tranche of Series A/1 preferred shares of another $100 million effective April 30, 2025.

從 2024 年底到 2025 年 2 月 19 日，我們利用 ATM 進行募款，淨收益為 4,250 萬美元。該融資已在上一季的報告中揭露。此後，我們就沒有進行過任何募款。我們也與投資者達成一致，自 2025 年 4 月 30 日起終止第二批價值 1 億美元的 A/1 系列優先股的協議。

As NG mentioned, the recent market dynamics, including US tariff hikes have seriously impacted our stock price. We believe our current stock price is undervalued and disconnect from the long-term growth potential. We are actively evaluating strategic initiatives, including a potential share repurchase program to enhance our shareholder value.

正如 NG 所提到的，最近的市場動態，包括美國關稅上調，嚴重影響了我們的股價。我們認為，我們目前的股價被低估，並且與長期成長潛力脫節。我們正在積極評估策略性舉措，包括潛在的股票回購計劃，以提高我們的股東價值。

We will promptly disclose relevant material developments in subsequent announcements. By the end of quarter one, 900 Bitcoins were pledged for the secured loans with an aggregate carrying value of $45 million which we believe is in a reasonable interest level, and 100 Bitcoins were transferred into a fixed term product with a guaranteed minimum annual return.

我們將在後續公告中及時揭露相關重大進展。截至第一季末，已有 900 比特幣被質押用於擔保貸款，總帳面價值為 4,500 萬美元，我們認為該利率處於合理水平，另有 100 比特幣被轉入固定期限產品，並保證最低年回報率。

The secure loans enable additional liquidity, which we will use to fund our production expansion and operations. In the future, as part of our whole strategy, we will explore more ways to increase capital liquidity through our own crypto assets.

擔保貸款可提供額外的流動資金，我們將利用這些資金來資助我們的生產擴張和營運。未來，作為我們整體策略的一部分，我們將探索更多透過我們自己的加密資產來增加資本流動性的方法。

Please note that the Bitcoins pledged or transferred into fixed term products are as cryptocurrency receivables in our balance sheet and the classification between current and non-current assets is consistent with the periods of corresponding secured loans or fixed term products.

請注意，質押或轉入定期產品的比特幣在我們的資產負債表中作為加密貨幣應收款，流動資產和非流動資產的分類與相應的擔保貸款或定期產品的期限一致。

Given the prevailing weight and see sentiment among North American customers, and the postponements in our mining project deployment caused by the significant uncertainties around surrounding tariffs, we cautiously expect the revenue for the second quarter to be approximately $100 million.

鑑於北美客戶普遍的看漲情緒，以及由於關稅方面存在重大不確定性而導致的採礦項目部署推遲，我們謹慎預計第二季度的收入約為 1 億美元。

This concludes our prepared remarks. We are now open for questions.

我們的準備好的演講到此結束。我們現在接受提問。

(Operator Instructions)

（操作員指示）

Kevin Cassidy, Rosenblatt Securities, Inc.

羅森布拉特證券公司 Kevin Cassidy

Yes, thanks for taking my question. Congratulations on the good results, considering the market. I wonder considering the market, if you could give a description of what happened with your ASP, what the equipment pricing trends were through the quarter as Bitcoin prices went down, do your ASP per terahertz has come down with that, or do they hold up and if you can you give an idea of what to expect in the second quarter?

是的，感謝您回答我的問題。考慮到市場，祝賀您取得了良好的業績。我想知道考慮到市場，您是否可以描述一下您的平均售價 (ASP) 發生了什麼變化，隨著比特幣價格下跌，整個季度的設備定價趨勢如何，您的每太赫茲平均售價 (ASP) 是否也隨之下降，或者是否保持穩定，如果您可以的話，您可以對第二季度的預期做出說明嗎？

Yeah. Thank you, Kevin. I think, from ASP perspective, in quarter one, we have already seen the, ASP climbing up to $10.5. I think there's several reasons behind it to support that. One thing is the market sentiment in early quarter, especially January and early February, was quite good. The demand was very strong.

是的。謝謝你，凱文。我認為，從 ASP 的角度來看，在第一季度，我們已經看到 ASP 攀升至 10.5 美元。我認為背後有幾個原因可以支持這一點。一方面，本季初，尤其是 1 月和 2 月初的市場情緒相當良好。需求非常強勁。

And the second reason behind that is our A15 series got very good feedback from the early-stage customers in quarter four. Then, a lot of customers ordered in quarter one and we have to identify the orders’ urgency, doing some, price raising during that time.

第二個原因是我們的 A15 系列在第四季度獲得了早期客戶的良好回饋。然後，許多客戶在第一季下了訂單，我們必須確定訂單的緊急程度，並在此期間提高價格。

So, I think, that, that's in the early stage of quarter one. And also, we still have some clearance on the older generation products like A14 in quarter one that makes the quarter one's average price still lower than $11 which give us some room in quarter two to further develop our average selling price.

所以，我認為，那是在第一季的早期階段。此外，我們在第一季仍對 A14 等老一代產品進行了一些清倉，這使得第一季的平均價格仍然低於 11 美元，這為我們在第二季進一步提高平均售價提供了一定的空間。

Even, I think in April, the market sentiment was not good, but our locked contract sales price in April and May, still higher than previous selling price of A15 series, and we don't have much A14 inventory in quarter two. That makes the average selling price continue to have a chance to improve in quarter two.

即使我認為在四月份，市場情緒不太好，但我們在四月和五月鎖定的合約銷售價格仍然高於之前A15系列的銷售價格，而且我們在第二季度沒有太多的A14庫存。這使得平均售價在第二季繼續有機會提高。

Until now I have no final numbers for quarter two, but I'm very optimistic about the quarter two average selling price development.

到目前為止，我還沒有第二季的最終數據，但我對第二季的平均售價發展非常樂觀。

But from a long term perspective, looking at quarter three and quarter four, now, if the US market demand is so under pressure because people are still waiting to see the tariffs surrounding all kinds of policies, I don't think that we have a clear answer about quarter three and a quarter four market demand, especially for the United States, the leading country.

但從長期來看，現在來看第三季度和第四季度，如果美國市場需求因為人們仍在觀望圍繞各種政策的關稅而承受如此大的壓力，我認為我們對第三季度和第四季度的市場需求，特別是對於領先的美國來說，還沒有一個明確的答案。

So, with that assumption, I could only be cautious about the future development of average selling price. I should say, it could be flat with quarter two or even a little bit lower if the Bitcoin price is not higher in quarter three. But currently, I think the quarter two's average selling price could be better. That's something we have already, have some confidence. Does that answer your question, Kevin?

因此，基於這個假設，我只能對平均售價的未來發展持謹慎態度。我應該說，如果比特幣價格在第三季沒有上漲，它可能會與第二季持平，甚至略低。但目前，我認為第二季的平均售價可能會更好。這是我們已經擁有的東西，我們有信心。這回答了你的問題嗎，凱文？

Yes, I made it very clear. Thank you, James. And maybe just a follow up to that, a lot of Bitcoin miners have employed a strategy to use their access to power for HPC or AI hosting. How is this changing your [TAM] for your equipment?

是的，我說得很清楚了。謝謝你，詹姆斯。也許只是對此的後續行動，許多比特幣礦工已經採用了一種策略，利用他們的電力進行 HPC 或 AI 託管。這會如何改變您設備的 [TAM]？

Hi, Ken. This is NG. I think I can. I will answer this question short. I believe you are correct. Some customers have redirected their power towards the emerging AI and HPC applications. However, in my view, these efforts appear more like experimental quick fix than strategic solutions, to the underlying changes, the challenges. This is my, personal, view, yeah. Thank you.

你好，肯。這是 NG。我想我可以。我將簡短地回答這個問題。我相信你是對的。一些客戶已將精力轉向新興的人工智慧和高效能運算應用。然而，在我看來，這些努力看起來更像是實驗性的權宜之計，而不是針對根本變化和挑戰的策略解決方案。是的，這是我的個人觀點。謝謝。

Michael Donovan, HCW

多諾萬（Michael Donovan），居家照護工作者

Hi NG and James. Thank you for taking my question. This is Michael Donovan, on the call for Kevin DD. Now, I understand you're not offering guidance for the full year for 2025 but can have more clarity about expansion plans for self-mining?

你好，NG 和 James。感謝您回答我的問題。我是邁克爾·多諾萬 (Michael Donovan)，代表 Kevin DD 進行通話。現在，我知道您沒有提供 2025 年全年的指導，但可以更清楚地了解自採礦的擴張計劃嗎？

Yeah. I think before the US tariff policies was implemented; we have already shipped A batch of mining machines to US for money. So our North American soft mining projects, is still moving forward in quarter one, two. In April long, we had over 1.5 access of new installed capacity, through our partnerships with Lunar Square and the Mawson hosting in Pennsylvania and Texas.

是的。我認為在美國關稅政策實施之前；我們已經向美國運送了一批礦機，以賺取金錢。因此，我們的北美軟採礦專案在第一季和第二季仍在繼續推進。在整個四月份，透過與 Lunar Square 以及賓州和德州的 Mawson 主辦單位合作，我們新增了超過 1.5 倍的安裝容量。

With this, our total deployed, global hash rate reached 8.15 x/ 6.2 x per second actively running. We managed to maintain, com competitive owing power cost, of just $0.04 for our, across our manual operations, which shows the effectiveness of our focus on high quality partnerships and our long-term global, deployment strategy.

這樣，我們部署的全球總哈希率達到了每秒 8.15 x/ 6.2 x 的活躍運行率。我們設法保持了具有競爭力的電力成本，在我們的手動操作中僅為 0.04 美元，這表明我們專注於高品質合作夥伴關係和長期全球部署策略的有效性。

Because the situation in the US, I think, outside North America, our projects, our products, outside, North America shows strategic value. In Ethiopia, we, our joint mining, operations help us avoid, geo-productive and regulatory uncertainty, while extending the equipment's life cycle and leveraging low cost-efficient local power.

因為美國的情況，我認為，在北美以外，我們的專案、我們的產品在北美以外顯示出戰略價值。在衣索比亞，我們的聯合採礦業務幫助我們避免了地理生產和監管的不確定性，同時延長了設備的生命週期並利用了低成本高效的當地電力。

In Q1, the local project achieved a strong, 98% machine up time. Even though there is a small scale power disruption in early April, our partner responded quickly and the up time for the month still reached the 95%. It's above the industry average.

第一季度，本地專案實現了強勁成長，機器正常運作時間達到 98%。雖然4月初出現了小規模的停電，但我們的合作夥伴反應迅速，當月的正常運作時間仍然達到了95%。它高於行業平均。

Looking ahead, I think we will continue to stay at HO globally, optimizing our partnership models and technical developments, the deployment. We are actively reviewing our op options for skill up, existing projects and, talking with, new sites developments. Thank you.

展望未來，我認為我們將繼續在全球範圍內留在 HO，優化我們的合作夥伴模式和技術開發和部署。我們正在積極審查我們的技能提升選項、現有項目以及新站點開發的討論。謝謝。

Thank you, Nangeng. That's helpful. I want to follow up. I know it may be too early to tell but has the ninety-day tariff truce resulted in an increase in rig orders for May versus April?

謝謝你，南庚。這很有幫助。我想跟進。我知道現在下結論可能還為時過早，但為期九十天的關稅休戰是否導致五月鑽井訂單量較四月增加？

Yeah, I think for the tariff stuff. Yeah, I think the US raised import tariffs by at least 10% across most major economics. This affects US miners. I think it's in the two key ways. First, the tariffs at least 10%, to the cost of import --imported mining machines. This applies not just to us, but also to all of our peers in the industry.

是的，我認為是關稅問題。是的，我認為美國對大多數主要經濟體的進口關稅提高了至少 10%。這影響到美國礦工。我認為主要有兩個面向。第一，關稅至少10%，對進口成本──進口礦機來說。這不僅適用於我們，也適用於我們行業內的所有同行。

Second is, there's also add tariffs to power-related infrastructure and other equipment needed for building money farms. So for us, there are two impacts. First is the higher import cost is going down purchase from US customers.

第二，建造賺錢農場所需的電力相關基礎設施和其他設備也要徵收附加稅。所以對我們來說，有兩個影響。首先，進口成本的上升導緻美國消費者的購買量下降。

Second is, some of our own planned mining deployments in the US have been delayed due to the increased import cost. Because Bitcoin doesn't carry a median label, so with Bitcoin price, once again breaks through USD100,000 recently.

第二，由於進口成本增加，我們在美國計劃部署的一些採礦項目被推遲。由於比特幣不帶有中位數標籤，因此比特幣價格近期再次突破10萬美元。

And with slow, deployment progress in US, the global hash rate growth has been more, moderate in Q2. So that created opportunities for miners outside the US, especially in regions with energy cost advantages to expand and earn more, many rewards.

由於美國部署進展緩慢，第二季全球哈希率成長更加溫和。這為美國以外的礦工創造了機會，特別是在具有能源成本優勢的地區，可以擴大規模並賺取更多回報。

So what we are doing is to actively using our global sales network to capture these kinds of opportunities, and the close modules. At the same time, we have already built a solid mining presence outside the US, and we are now evaluating expansions and exploring new projects, partnerships outside the US.

因此，我們正在做的是積極利用我們的全球銷售網絡來抓住這些機會和緊密的模組。同時，我們已經在美國以外建立了穩固的採礦業務，目前正在評估擴張並探索美國以外的新項目和合作夥伴關係。

So this allows us to flexibility to allocate many machines between sales and our own mining projects, depending the market conditions. Yeah.

因此，我們可以根據市場情況靈活地在銷售和我們自己的採礦項目之間分配多台機器。是的。

Yeah, my $0.02 here, Michael. I think, April, the sentiment was very bad, from the market, from the customers. In May, when Bitcoin price climbed back, people's sentiment will be better. But in the reality perspective, it's all 10%.

是的，這是我的 0.02 美元，邁克爾。我認為，四月份，無論是市場還是客戶，情緒都非常糟糕。五月份，當比特幣價格回升時，人們的情緒會更好。但從現實角度來看，都是10%。

This 10% will be a kind of solid included extra cost, no matter from the infrastructure perspective or machine perspective, be prepared by the miners, which makes the US miners a little bit less competitive compared to the rest of the world.

這 10% 將是一種固定的附加成本，無論從基礎設施角度還是機器角度，都需要礦工自行承擔，這使得美國礦工與世界其他地區相比競爭力略弱。

So that's something we cannot ignore in current stage, but let's see how it goes after 90 days closed, then we can know an answer after that what kind of tariff on Southeast Asia, including Malaysia, Thailand, and in certain cases, other countries in Southeast Asia, just my $0.02.

所以這是我們目前不能忽視的事情，但讓我們看看 90 天結束後的情況如何，然後我們就可以知道答案，對東南亞，包括馬來西亞、泰國，在某些情況下，東南亞的其他國家，徵收什麼樣的關稅，只有 0.02 美元。

I think there's another on this question. From the current operation data, we are roughly in the middle of Q2, right? The number of orders we have locked in non-US regions is basically equal to the volume of the entire Q1 non-US regions orders.

我認為這個問題還有另外一個。從現在的營運數據來看，我們大概是處於第二季的中期吧？我們在美國以外地區鎖定的訂單數量基本上等於整個Q1美國以外地區的訂單量。

So, from a practical point of view, cells in other regions are indeedly linked to the recovery of the Bitcoin price. However, US region, we have not seen any improvements in sales, yeah. For your reference.

所以，從實際角度來說，其他地區的社區確實與比特幣價格的復甦有關。但是，在美國地區，我們沒有看到銷售額有任何改善，是的。供您參考。

Thank You.

謝謝。

Mike Grendel, Northam.

麥克·格倫德爾，諾瑟姆。

Hey guys. Thanks a lot. Could you give us some insight into what you would need to see how much lead time you need for orders for 3Q or 4Q to be better than 2Q?

嘿，大家好。多謝。您能否向我們提供一些見解，讓我們了解您需要多少交貨時間才能使第三季或第四季的訂單比第二季更好？

Sorry, you are asking about the machine the times or machine sales time, right? Okay, yeah, I think, yeah, I think it's --we start the mass production of our A15 in second half last year, and during that time, I think most of the customers has -- it's a little bit suffering. I think it's about three to five months for the lead time but currently, we are building up some inventories.

不好意思，你問的是機器出貨時間或機器銷售時間吧？好的，是的，我認為，是的，我認為——我們在去年下半年開始大規模生產 A15，在此期間，我認為大多數客戶——都受到了一些影響。我認為交貨時間大約需要三到五個月，但目前我們正在建立一些庫存。

So, if you order today, I think our pipeline is about, it's about, you can expect it to get the machines in June. So that's about six to eight weeks, the time, it's much better. And we, I think, for the lead time issue, it's about the demand and the supply. If everything goes well, I think, we can expect that the lead time is between one and two months.

因此，如果您今天訂購，我認為我們的管道大約在六月份，您可以預期它會收到機器。大約需要六到八週的時間，情況會好得多。我認為，對於交貨時間問題，它與需求和供應有關。如果一切進展順利的話，我認為我們可以預計交貨時間為一到兩個月。

Got it. And in terms of CapEx the rest of the year, what's a good range for your committed CapEx, or even growth CapEx the rest of the year?

知道了。就今年剩餘時間的資本支出而言，您承諾的資本支出或今年剩餘時間的成長資本支出的合理範圍是多少？

Mike, I can answer this question, by two ways of, spending. The first way is, we have to build up our wafer supply part. This can be considered also as a kind of inventory and also can be considered as a kind of CapEx in machine sales business.

麥克，我可以透過兩種支出方式來回答這個問題。第一種方式是，我們必須建立我們的晶圓供應部分。這也可以被視為一種庫存，也可以被視為機器銷售業務中的一種資本支出。

The other side, we also do our self-mining operation. In that side, the only CapEx we invest in current business model, is the machine. So overall speaking, all the CapEx is related to machine, wafer supply, wafer preparing, putting this together, I think, we have already built up a kind of inventory for quarter two and quarter three.

另一方面，我們也進行自我挖礦操作。在這方面，我們在當前商業模式中投資的唯一資本支出是機器。所以總體來說，所有的資本支出都與機器、晶圓供應、晶圓準備有關，綜合起來，我認為我們已經為第二季和第三季建立了庫存。

We just mentioned the cash spending in quarter one, was like $144 million for waiver. And I can tell you, in quarter two, we continuously invest in this part. So, for the four-year perspective, it will be adjusted according to the demand and supply. It's a kind of a rolling forecast process.

我們剛才提到第一季的現金支出為 1.44 億美元，用於豁免。我可以告訴你，在第二季度，我們持續對這部分進行投資。因此，從四年的角度來看，它將根據需求和供應進行調整。這是一種滾動預測過程。

For every six months, we have to monitor the market demand and then place orders from the waiver, supplier and also, manage our cash flow. So, in terms of the full year now, I don't have a quick answer to you, but, what I can say for overall waiver supply perspective, it can be like a bit between $400 beyond the 400 million, something even above that it's not only CapEx for self-mining, but also the way for preparation for the whole machine sales part.

每六個月，我們必須監測市場需求，然後向豁免方、供應商下訂單，同時管理我們的現金流。因此，就目前全年而言，我無法快速回答您，但是，從整體豁免供應角度來看，它可能在 4 億美元到 4 億美元之間，甚至更高，這不僅是自采的資本支出，也是為整機銷售部分做準備的方式。

And to be very honest, it is closely linked to the four year revenue because all the waivers can turn into machine sales revenue or self-mining revenue eventually. So, we didn't provide the four-year guidance, we still need to monitor the status of the tariff and other policies.

老實說，這與四年的收入密切相關，因為所有豁免最終都可以轉化為機器銷售收入或自挖收入。因此，我們沒有提供四年指導，我們仍然需要監測關稅和其他政策的狀況。

So with that assumption, currently, I don't have a fixed answer for this total CapEx spending, but to be very honest, it will be higher than $400 million in year 2025. That's something in my mind. I don't know if I answer your question, Mike.

因此，基於這個假設，目前，我對總資本支出還沒有一個固定的答案，但說實話，到 2025 年它將高於 4 億美元。這是我心裡的想法。我不知道我是否回答了你的問題，麥克。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Good morning and thanks for taking my questions. Just a quick one for me and apologies if it was already touched upon. Acknowledging that the tariff landscape has brought significant uncertainty, just curious as part of your evaluations with respect to ASIC manufacturing, is there any capacity to shift a portion of your manufacturing to the United States to limit the impact of heightened terrorists. What does management think the best option is here?

早上好，感謝您回答我的問題。對我來說這只是一個簡短的問題，如果已經涉及，請原諒。我承認關稅狀況帶來了極大的不確定性，只是好奇您對 ASIC 製造的評估，是否有能力將部分製造轉移到美國，以限制恐怖分子活動加劇的影響。管理階層認為這裡的最佳選擇是什麼？

Wow. Thank you

哇。謝謝

You for, yeah. That's a difficult question.

是的，你同意。這是一個很難回答的問題。

Let me see. Yeah, yes, we, I think we have. Yeah, I think we just mentioned that we already deployed for since late Q1, we have started a small scale trial production in the US. The process works, but manufacturing in the US, that doesn't means everything from like from refining sand to build the first aluminum to heat things and like orange, orange to machine cheeses.

讓我看看。是的，是的，我想我們有。是的，我想我們剛才提到，自第一季末以來我們已經在美國開始小規模試生產。這個過程有效，但在美國製造，並不意味著一切，從精煉沙子到製造第一批鋁，再到加熱物品，從橙子到加工起司。

It's all done in the US in practice. Its extremely, I think during our operation, we found out that extremely, it's extremely complicated to do proper tariff planning for all imported materials. I think we already manufactured the PCBs, and do the SMT solding inside the US.

這一切都是在美國實際完成的。我認為，在我們的營運過程中，我們發現，對所有進口材料進行適當的關稅規劃極為複雜。我認為我們已經製造了 PCB，並在美國境內進行 SMT 銷售。

And also, the policy environment is changing almost every day. It's very costly. So our internal goal, I think that the numbers today, we got is have no sense, it's absolutely nonsense but our internal goal is to limit, the overall cost increase of US based production to no more than, around like 15% to 20%, compared to like meeting Malaysia. Yeah.

而且，政策環境幾乎每天都在變化。成本非常高。因此，我們的內部目標是，我認為我們今天得到的數字是沒有意義的，絕對是無稽之談，但我們的內部目標是將美國生產的總成本增幅限制在不超過 15% 到 20% 左右，與馬來西亞相比。是的。

We are working harder to reach that topic. I think the schedule will not early than the tariff staff, get stabilized.

我們正在更加努力地探討這個主題。我認為時間表不會比關稅人員提前穩定。

Yeah, adding some colors to this question is, it's all about cost, reductions and it's all about economics of this thing. If the demand is not going up from the United States, then, it will be a painful process if we build up a factory there and our customers, they didn't order a lot, then it will create problems for us.

是的，這個問題更具體了，它涉及成本、減少以及這件事的經濟性。如果美國的需求沒有增加，那麼，如果我們在那裡建廠，而我們的客戶沒有訂購很多產品，那麼這將是一個痛苦的過程，這將給我們帶來問題。

I think, on the other hand, if the tariff thing has been solved, with some good results from Southeast Asia, then we don't necessarily to build up the factory manufacturing in the United States. So, it's a kind of dilemma. It's all about demand and supply.

另一方面，我認為，如果關稅問題已經解決，東南亞也取得了一些良好成果，那麼我們就沒有必要在美國建立工廠製造。所以，這是一種兩難的境地。一切都與需求和供應有關。

So, if our customers would like to have us made in USA for these machines and also our cost structure can cover as NG said, less than 15% to 20%, higher than Malaysia, then we should consider doing manufacturing in the United States. But if US market demand is not that high, for us, it's difficult to amortize the cost into every single unit of machine.

因此，如果我們的客戶希望我們在美國製造這些機器，而我們的成本結構能夠涵蓋 NG 所說的成本，比馬來西亞高出不到 15% 到 20%，那麼我們就應該考慮在美國製造。但如果美國市場需求沒那麼高，對我們來說，就很難將成本攤提到每台機器上。

Then we don't do that. So it's kind of quite uncertain yet, but our supply chain is the best team inside the company. They would like to do some pilot around which is very successful, but I think in the future, it still depends on the economics, calculated together inside of the company.

那我們就不這麼做。所以現在還不太確定，但我們的供應鏈是公司內部最好的團隊。他們想做一些試點，而且這些試點非常成功，但我認為未來還是要取決於公司內部的經濟狀況和共同計算。

Bill, I don't know if we answer your questions. Yeah, I think so. Thank you, Bill.

比爾，我不知道我們是否回答了你的問題。是的，我認為是這樣。謝謝你，比爾。

Nick Giles, B. Riley Securities

尼克·吉爾斯（Nick Giles），B. Riley 證券

I thank you operator. Hi NG and James. Just wanted to go back to how you're thinking about site acquisitions, whether or not the tariff landscape is really increasing your desire to add more sites in the US, and whether it's increasing your desire to pursue, HPC or AI kind of where do you stand there. Thank you very much.

我感謝接線生。你好，NG 和 James。只是想回到您對站點收購的看法，關稅形勢是否真的增加了您在美國增加更多站點的願望，以及是否增加了您追求 HPC 或 AI 的願望，您在這方面的立場是什麼。非常感謝。

Thank you, Nick.

謝謝你，尼克。

So far, I think the all the sites and the sites we are involved in, we haven't seen major changes in energy prices. Things have remained quite stable. Looking ahead, I am quite optimistic. Policy changes in US may unlock more energy supplies in the future, which could improve the outlook for power, availability, over the long term. Yeah, thank you.

到目前為止，我認為在我們參與的所有站點中，我們還沒有看到能源價格發生重大變化。情況一直保持相當穩定。展望未來，我非常樂觀。美國的政策變化可能會在未來釋放更多的能源供應，這可能會改善長期電力供應的前景。是的，謝謝。

Joe Flynn, Compass Point Research & Trading, LLC

喬·弗林（Joe Flynn），Compass Point Research & Trading, LLC

I, just based on that comment, regarding like kind of CapEx I spend over $4 million for ultimately just kind of wait for cost. I was curious, like, what the uncertain kind of macro environment in the low you mentioned US customers who like we're receiving strong pricing ultimately exchange for, the ability to secure higher volumes of wafers.

我，僅基於該評論，關於資本支出，我最終花費了超過 400 萬美元，只是等待成本。我很好奇，您提到的低迷的宏觀環境究竟有多不確定，美國客戶喜歡我們獲得的強勁定價，最終換來的卻是獲得更高晶圓產量的能力。

Have you looked, how do you, I guess like think about those relative to each other going forward because based on those numbers seems like you know you're still buying your allotment that's like more due to be to take or pay or already paid the deposit and other color that would be helpful.

你看過嗎，我想你會如何思考這些數字在未來是如何相互關聯的，因為根據這些數字，你似乎知道你仍在購買你的分配地，這更多的是由於需要支付或已經支付了押金和其他有幫助的顏色。

I think you're asking about the wafer about the wafers or the our supply chain site.

我認為您詢問的是有關晶圓或我們的供應鏈站點的問題。

Yeah, like, so yeah, I mean, how you, how can you guys justify your continuing to spend $40 million in the waivers if ultimate your strategy going into this year was to increase your demand in the US exchange for pre-payments.

是的，是的，我的意思是，如果你們今年的最終策略是增加對美國的需求以換取預付款，那麼你們如何證明繼續花費 4000 萬美元用於豁免是合理的。

Yeah, I understand. I think we continue to maintain strong and long-term partnerships with our profound partners. At present, I think the capacity is still manageable, and we are locking in production capacity, through pre-payments.

是的，我明白。我認為我們將繼續與我們的重要合作夥伴保持牢固而長期的夥伴關係。目前，我認為產能仍然可控，我們正在透過預付款來鎖定生產能力。

I think, as I mentioned earlier, our current, wafer in progress, is sufficient to support our production through Q3. Given the recent sales slowdown, then expected in the beginning of this year, I think the inventory could actually carry us to Q4. This is also helped by our process optimization efforts. That means we can get more hash rate from a certain number of wafers.

我認為，正如我之前提到的，我們目前正在生產的晶圓足以支持我們到第三季的生產。考慮到近期銷售放緩（預計今年年初出現），我認為庫存實際上可以支撐我們進入第四季度。我們的流程優化工作也對此有所幫助。這意味著我們可以從一定數量的晶圓中獲得更高的哈希率。

We are watching the market very closely. In my view, if the US tariff policies, not go away, everyone believes it is stabilized, then, and the market expectations become clear, I think the US market will recover, and, if the market comes back, the Bitcoin price is another historical high. It's very possible if you in a few months, I think the capital market, financing channels will open to our customers.

我們正在密切關注市場。我認為，如果美國的關稅政策沒有消失，每個人都認為它已經穩定下來，那麼，市場預期變得清晰，我認為美國市場將會復甦，如果市場復甦，比特幣價格將再創歷史新高。我認為，幾個月後，資本市場、融資管道就會向我們的客戶開放，這是很有可能的。

So, there is a real chance that the money machine supply could quickly fall short of demand. And we can if we observe that kind of smell, we will put more orders to our foundry partners, and I think they have capacities for the end of this year. Yeah, thank you.

因此，賺錢機器的供應很有可能很快就無法滿足需求。如果我們觀察到這種氣味，我們就會向我們的代工合作夥伴下更多訂單，我認為他們在今年年底之前有足夠的產能。是的，謝謝。

Thank you. As there are no further questions, I'd like to turn the call back to Gwyn Lauber for any closing remarks.

謝謝。由於沒有其他問題，我想將電話轉回給 Gwyn Lauber 做最後發言。

Thanks everyone for joining us today. If you have any further questions, please feel free to reach out to us to the contact information on our website. Thanks very much, everyone.

感謝大家今天的參與。如果您有任何其他問題，請隨時透過我們網站上的聯絡資訊與我們聯絡。非常感謝大家。

Thank you. That concludes the call today. Thank you everyone for attending. You may now disconnect.

謝謝。今天的通話到此結束。感謝大家的出席。您現在可以斷開連線。