Canaan Inc (CAN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canon In's 3rd quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加佳能公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

Now I'd like to hand the conference over to your speaker today, Gwyn Lauber, Investor relations for the company. Please go ahead, Gwyn.

現在，我謹將會議交給今天的演講嘉賓，公司投資者關係負責人格溫·勞伯。請繼續，格溫。

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

謝謝接線生。大家好，歡迎參加我們的財報電話會議。今天出席的有董事長兼執行長鄭南慶；財務長程進；資本市場及企業發展副總裁王亮；以及高階投資人關係經理張曦；他們也將在問答環節中與大家見面。

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.

我們的執行長將首先概述公司情況並介紹本季的業績亮點。接下來，我們的財務長將詳細介紹公司在該期間的營運和財務業績，之後我們將開放問答環節。

Before we 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. These statements speak only as of today, and the company assumes no obligation to revise any forward-looking statements.

在開始之前，我想請各位參閱我們在盈利新聞稿中的“安全港”聲明。今天的電話會議將包含前瞻性陳述。這些聲明包括但不限於我們對公司的展望以及對未來營運績效和公司表現的估計或預測。這些聲明僅代表截至今日的觀點，本公司不承擔任何修改前瞻性聲明的義務。

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

除法律另有規定外，可在今天的新聞稿、電話會議或網路直播中作出上述表述。這些聲明並不保證未來的業績，並且存在風險、不確定性和假設。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 20-F 表格年度報告，以了解可能導致實際結果與此類聲明中所述結果存在重大差異的風險、不確定性和假設。

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 in isolation from GAAP results. 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.

此外，在今天的電話會議中，我們將討論 GAAP 財務指標和我們認為對公司業績有補充意義的某些非 GAAP 財務指標。這些非GAAP指標應作為GAAP結果的補充考慮，而不是替代或孤立地考慮GAAP結果。您可以在我們的獲利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結果的調節表，該新聞稿已發佈在公司網站上。

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

接下來，我將把電話交給我們的董事長兼執行長張南庚先生。請繼續。

Thank you, Gwyn.

謝謝你，格溫。

Hello everyone, this is NG, CEO of Canaan. Welcome to our news call. Together with our sample James, we are calling from our Singapore headquarters to discuss our Q3 2025 business results, and, let me start this with you.

大家好，我是迦南CEO NG。歡迎收聽我們的新聞發布會。我和我的搭檔 James 一起，從新加坡總部致電，討論我們 2025 年第三季的業務成果，那麼，就讓我先從你開始吧。

During the third quarter, the global macro environment remained highly uncertain. In particular, the US, re recipro tariff policy increased mining costs in North America. However, we also saw the resilience of North American market.

第三季度，全球宏觀環境依然高度不確定。特別是，美國的互惠關稅政策增加了北美地區的採礦成本。然而，我們也看到了北美市場的韌性。

Once there was a bit more, clarity, demand started to recover clearly during this quarter. Bitcoin prices increased from approximately [107,000] at the end of June and about [114,000] at the end of September. This shows a rapid increase in total global heart rate, which raise from 846XH per second at the end of Q2 to 1,041 XHz per second and at the end of Q3.

一旦情況稍微明朗一些，需求在本季就開始明顯復甦。比特幣價格從 6 月底的約 107,000 美元上漲到 9 月底的約 114,000 美元。這表明全球總心率迅速增加，從第二季末的每秒 846 XHz 增加到第三季末的每秒 1,041 XHz。

Accompanied by a significant rise in mining difficulty, with growing energy competition globally, the mining industry is facing higher operational challenges. Despite the complex external environment, we deliver results that exceeded expectations. Total revenue for the quarter exceeds $150 million, up 50.2% quarter-over-quarter and then 104.4%, year-over-year and beat our guidance range of $125 million to $145 million US dollars.

隨著採礦難度顯著增加，以及全球能源競爭日益激烈，採礦業正面臨更大的營運挑戰。儘管外部環境複雜，我們仍取得了超乎預期的成果。本季總營收超過 1.5 億美元，季增 50.2%，年增 104.4%，超過了我們先前 1.25 億美元至 1.45 億美元的預期範圍。

Gross profit reached $16.6 million US dollars, much higher than the $9.3 million US dollars reported in Q2. This improvements in the revenue and gross profit reflect our rapid response to the market. Demand and ongoing optimization of global mining operations supported by strong sales and revenue momentum, our cash balance at the end of the quarter increased to $119 million, representing an 80.9% [ential] increase.

毛利達到 1,660 萬美元，遠高於第二季報告的 930 萬美元。營收和毛利的提升反映了我們對市場的快速反應。受強勁的銷售和收入勢頭支撐，全球採礦業務的需求和持續優化，截至季度末，我們的現金餘額增至 1.19 億美元，增幅達 80.9%。

In mining machine sales, we delivered a record high of 10x [a hyperse] of computing power in Q3, of 55.6% secretionally and 37.7% year on year. Our average selling price increased 33.8% year-over-year to $11.8 per terahertz. Despite a slightly, slight rise in cost per terahertz due to the changes in international trade policies during this quarter, we achieved a product growth margin of approximately 17%.

在礦機銷售方面，我們在第三季實現了創紀錄的 10 倍運算能力，年增 55.6%，年增 37.7%。我們的平均售價年增 33.8%，達到每太赫茲 11.8 美元。儘管由於本季度國際貿易政策的變化，每太赫茲的成本略有上升，但我們仍實現了約 17% 的產品成長利潤率。

We continue to serve a strong heart rate demand in Asia and also captured the recurring demand in North America. Notably, during this quarter, we secured large orders from well-known customers in the region. Including Bitfury, Cypher, Spark, and the Luxer.

我們持續滿足亞洲市場對心率監測的強勁需求，同時也滿足了北美市場的持續需求。值得一提的是，本季我們從該地區的知名客戶那裡獲得了大額訂單。包括 Bitfury、Cypher、Spark 和 Luxer。

In early October, we signed a purchase agreement for over 50,000 A15 Pro models with a US-based minor client. This highlights growing, recognition of our product performance, quality, and the service by North American institutional customers.

10月初，我們與一家美國的小客戶簽訂了超過5萬台A15 Pro機型的採購協議。這凸顯了北美機構客戶對我們產品的性能、品質和服務的日益認可。

In the consumer grade mining machine market, our overall home series continue to lead in this emerging space. In addition to regular marketing and the promotional activities, we have also included the home series in our open source code program.

在消費級礦機市場，我們的家用系列產品持續在這個新興領域保持領先地位。除了常規的營銷和推廣活動外，我們還將家庭系列產品納入了我們的開源程式碼計畫。

We are actively growing our user and developer community and expanding our brand influence. At the same time, we are exploring new applications of the home series in smart home scenarios. Currently, we are developing software to make our products compatible with matter, the mainstream protocol standard for smart home devices.

我們正在積極發展用戶和開發者社區，並擴大品牌影響力。同時，我們正在探索該家居系列產品在智慧家居場景中的新應用。目前，我們正在開發軟體，使我們的產品與 Matter（智慧家庭設備的主流協議標準）相容。

In terms of consumer grade product sales, we delivered, 14,000 units of the Avalon home series in Q3, generating over $12 million in revenue, a sequential increase of 115.3%. The Avalon Q model was the top performer this quarter. By supporting scale sales, through channel partners. The home series achieved nearly $4 million in gross profit with a solid gross margin of around 33%.

在消費級產品銷售方面，我們在第三季交付了 14,000 台 Avalon 家居系列產品，創造了超過 1,200 萬美元的收入，季增 115.3%。Avalon Q 車型是本季表現最佳的車款。透過通路合作夥伴支援規模化銷售。主場系列賽實現了近 400 萬美元的毛利，毛利率穩定在 33% 左右。

Overall, our total product revenue reached $118.6 million, with gross profit close to $20 million in Q3. The Avalon Home series contributed 10.3% of total product revenue and about 20% of product gross profit. Based on what you are seeing. Competition in the consumer money market remains, relatively healthy. We plan to maintain solid growth margins with, lasting.

第三季度，我們的產品總收入達到 1.186 億美元，毛利接近 2,000 萬美元。Avalon Home 系列產品貢獻了產品總收入的 10.3% 和產品毛利的約 20%。根據你所看到的。消費貨幣市場的競爭依然相對健康。我們計劃保持穩健的成長利潤率，並持續發展。

New products and expanding channel coverage to drive scale. Turing to mining operations, despite a notable increase in mining difficulty during this quarter, our disciplined, ex, allow us to steadily advance. Hash rate development, energization, and overall mining efficiency. As a result, we generated another quarterly record of $30.55 million in mining revenue while maintaining competitive power costs.

推出新產品並擴大通路覆蓋範圍以推動規模化發展。再來看採礦作業，儘管本季採礦難度顯著增加，但我們嚴謹的作風和努力使我們能夠穩步前進。哈希率發展、能量注入和整體挖礦效率。因此，我們在保持電力成本競爭力的同時，再次創造了季度採礦收入 3055 萬美元的紀錄。

In the third quarter, we added approximately 1x per second of newly deployed capacity in North America, bringing our total deployed hash rate to 9.3x per second by the end of the quarter and approximately 7.8x rates per second energized.

第三季度，我們在北美新增了約 1 倍每秒的算力，到季度末，我們的總部署算力達到 9.3 倍每秒，已啟動算力約為 7.8 倍每秒。

We mined, 267 BTC during this quarter, which further contributed to our crypto asset balance. Our Bitcoin holding reached an all-time high of 1,582 BTC by the end of the quarter, providing solid support for our balance sheet. We are also actively exploring innovative mining projects. This quarter, we, partnered with Solona to deploy the machines at a 20 megawatt wind powered mining facility in Texas.

本季我們挖礦獲得了 267 個比特幣，這進一步增加了我們的加密資產餘額。到本季末，我們的比特幣持有量達到歷史新高 1,582 BTC，為我們的資產負債表提供了堅實的支撐。我們也在積極探索創新採礦項目。本季度，我們與 Solona 合作，在德克薩斯州一個 20 兆瓦的風力發電採礦設施部署了這些機器。

In Canada, we worked with a local energy infrastructure partner on a pilot, project that converts standard, stranded stranded, natural gas into computing power. We also supplied the mining equipment for, project design to support local grid, stability.

在加拿大，我們與當地能源基礎設施合作夥伴進行了一個試點項目，將標準的、滯留的天然氣轉化為運算能力。我們還提供了採礦設備，並進行了專案設計，以支援當地電網的穩定性。

These projects, mark our first step into the energy infrastructure space, bringing with the utilization of stranded energy. Our long-term vision is to integrate high density interruptible bitcoin mining loads, with the energy intensive AI and HPC workloads, building a future where computing and energy infrastructure grow together.

這些項目標誌著我們邁入能源基礎設施領域的第一步，實現了閒置能源的利用。我們的長期願景是將高密度可中斷比特幣挖礦負載與高能耗的 AI 和 HPC 工作負載結合，以建立一個運算和能源基礎設施共同發展的未來。

We are entering an era in which AI software and data centers will, profoundly shape daily life. At the same time, we believe that public awareness and the demand for sustainable energy will continue to grow. Throughout, Canaan's history, we have held a consistent belief technology should make society more efficient. Today we are seeing that vision become to materialize.

我們正進入一個人工智慧軟體和資料中心將深刻影響日常生活的時代。同時，我們相信公眾意識和對永續能源的需求將會持續增長。在迦南的發展歷程中，我們始終堅信科技應該讓社會更有效率。今天，我們正見證著這個願景一步步變成現實。

We have unique advantages in this transformation, with more than a decade of developing technologies that make chips and system more energy efficient. We are now extending this capabilities to both home use and the traditional energy sector. Energy operators can use our computing system to balance the the grid, improve, transmission efficiency and generate new revenue.

我們在這轉型過程中擁有獨特的優勢，十多年來我們一直在開發能夠提高晶片和系統能源效率的技術。我們現在正將這項功能擴展到家庭使用和傳統能源領域。能源營運商可以使用我們的運算系統來平衡電網、提高輸電效率並創造新的收入。

On the consumer side, utilizing, axis heat, from home mining is only the beginning. Over time, we envision this concept expanding into broader home computing applications. For R&D, we continue to innovate and upgrade our products. At the end of October, we officially launched our next generation Avalon AE16 series. The LR code AE16 XP model delivers 300 terahertz per second of hash rate per unit with an industry leading power efficiency of 12.8 rotts per terahertz.

對消費者而言，利用軸向熱能進行家庭採礦只是個開始。隨著時間的推移，我們設想這一概念將擴展到更廣泛的家庭計算應用領域。在研發方面，我們不斷創新和升級我們的產品。10 月底，我們正式推出了新一代 Avalon AE16 系列。LR 代碼 AE16 XP 型號每台可提供每秒 300 太赫茲的哈希率，並具有業界領先的每太赫茲 12.8 rotts 的能源效率。

This marks the first time our output miner have reached a 300 terahertz level, clearly showcasing our strong leadership in Bitcoin asic design. With improvements to production and supply chain, our global delivery system is now more flexible and, resilient.

這標誌著我們的礦機輸出功率首次達到 300 太赫茲級別，充分展現了我們在比特幣 ASIC 設計領域的強大領導地位。隨著生產和供應鏈的改進，我們的全球交付系統現在更加靈活、更具韌性。

Today we have manufacturing capabilities layout in mainland China, Malaysia, and the US working, seamlessly together to support delivery and after-sale service for consumers worldwide. While enhancing our product and supply chain capabilities, we have also, sharpened our focus on core operations. Starting this quarter, we, realigned our R&D team and around him around the projects that offer clear revenue visibility and the strategic value. We have also streamlined head count to support this focus.

目前，我們在中國大陸、馬來西亞和美國擁有完善的生產能力佈局，三地無縫協作，為全球消費者提供交付和售後服務。在提升產品和供應鏈能力的同時，我們也更重視核心業務。從本季開始，我們重新調整了研發團隊，圍繞著那些能夠提供明確收入可見度和策略價值的專案開展工作。為了更好地實現這一目標，我們也精簡了人員編制。

In addition to, organizational and cost optimizations, we have, we are also allocating additional resources to expand our business footprint. We have established a dedicated, consumer product team to optimize product quality and accelerate product intuition, additional. We are also allocating more resources to our hash rate finance and energy infrastructure, in interactics.

除了組織和成本優化之外，我們還在分配額外的資源來擴大我們的業務範圍。我們已成立專門的消費品團隊，以優化產品品質並加快產品直覺性，此外。在互動方面，我們也正在為哈希率融資和能源基礎設施分配更多資源。

We see new power-related opportunities in many regions from home users and small businesses to power, utility, utilities in Europe and Asia, customers are exploring a-based grid balancing applications. In North America, stranded energy opportunities continue to grow with and with, similar projects now emerging globally, including the Middle East.

我們看到，從家庭用戶和小型企業到歐洲和亞洲的電力、公用事業公司，許多地區都出現了與電力相關的新機遇，客戶正在探索基於 a 的電網平衡應用。在北美，擱淺能源的機會持續成長，類似的計畫也正在全球各地湧現，包括中東地區。

In our digital asset treasury measurement, we continue to executing our flexible strategy. At the end of the third quarter, we held 1,582 bitcoins and 2,830 [ETH]. In early November during a market pullback, we, strategically acquired an additional 100 bitcoins as a part of crypto asset management strategy, further enhancing our asset allocation and the potential, liquidity.

在數位資產資金管理方面，我們繼續執行靈活的策略。第三季末，我們持有 1,582 個比特幣和 2,830 個以太坊。11月初市場回檔期間，我們作為加密資產管理策略的一部分，策略性地額外購入了100個比特幣，進一步增強了我們的資產配置和潛在的流動性。

To sum up, Q3 was a highly strategic quarter, in Keynes development January. We achieved strong revenue growth and improved growth profit, while also optimizing our business structure and the organization. At the same time, we made an encouraging progress in several new areas.

總而言之，第三季度是一個具有高度戰略意義的季度，1 月凱因斯發展策略也體現了這一點。我們實現了強勁的營收成長和利潤成長，同時優化了業務結構和組織架構。同時，我們在幾個新領域取得了令人鼓舞的進展。

Looking ahead, we are fully focused on driving Q4 sales, fulfilling large customer orders, and converting preorders for our new A16 series. At the same time, we are accelerating the, deployment of newly founded in innovate mining projects to further expand our mining [hat] rate.

展望未來，我們將全力以赴推動第四季銷售，完成大客戶訂單，並轉換我們新款 A16 系列的預訂訂單。同時，我們正在加快新成立的創新採礦項目的部署，以進一步擴大我們的採礦率。

We are closely monitoring the impact of US tariff policy, macro liquidity conditions, and the potential changes in global mining and energy regulations. Taking all of these factors together, we remain cautiously optimistic for the fourth quarter. And expect total revenue to be in the range of $175 million to $205 million. This outlook is based on current market and operating conditions and the actual results may vary with policy uncertainties and the market volatility.

我們正在密切關注美國關稅政策、宏觀流動性狀況以及全球礦業和能源法規潛在變化的影響。綜合以上因素，我們對第四季仍持謹慎樂觀態度。預計總收入將在 1.75 億美元至 2.05 億美元之間。這項預測是基於當前的市場和經營狀況，實際結果可能會因政策不確定性和市場波動而有所不同。

This concludes mypard remarks.

我的發言到此結束。

Thank you, everyone. Now I will hand it over to our CFO, James.

謝謝大家。現在我將把它交給我們的財務長詹姆斯。

Please, sir.

先生，請您幫個忙。

Thank you NG and good day everyone. This is James, CFO of Canaan. I'm very glad to share our Q3 financial results with you. Even today, we are witnessing a Bitcoin price under big pressure. As NG stated at the start of the call, the macroeconomic environment in Q3 was highly uncertain.

謝謝NG，祝大家今天愉快。這是迦南公司的財務長詹姆斯。我很高興與大家分享我們第三季的財務表現。即使在今天，我們仍然看到比特幣價格面臨巨大壓力。正如NG在電話會議開始時所說，第三季的宏觀經濟環境高度不確定。

Reciprocal tariff policies from the United States added mining costs in North America. Global network cash rate growth continuously outpaced the Bitcoin's price appreciation. This all led to increased mining difficulty and intensified operational challenges across the industry.

美國採取的對等關稅政策增加了北美地區的採礦成本。全球網路現金利率的成長速度持續超過比特幣價格的上漲速度。這一切都導致採礦難度增加，並加劇了整個產業的營運挑戰。

Despite market volatility, we delivered a strong results this quarter. Our revenue exceeded our own expectations. Our gross profit showed a consistent growth, with the average selling price climbing. Again, and our reserves of cash and digital assets increased significantly in our ending balance sheet of September. Let me give a quick summary of our financial performance.

儘管市場波動，但我們本季仍取得了強勁的業績。我們的營收超出了預期。我們的毛利持續成長，平均售價也在攀升。此外，截至9月底的資產負債表中，我們的現金和數位資產儲備也大幅增加。讓我簡要總結一下我們的財務表現。

First, we delivered a total revenue reaching $150.5 million exceeding our guidance and representing a 104% year-over-year increase. This was primarily driven by growth in our product sales of $118.6 million surpassing the $100 million milestone for the first time in the past three years.

首先，我們的總收入達到 1.505 億美元，超過了我們的預期，年增 104%。這主要得益於產品銷售額的成長，達到 1.186 億美元，這是過去三年來首次突破 1 億美元大關。

This growth was achieved while we set a new record of [10 exa hut] of quarterly computing power sold and average selling price continued rising to $11.8 per terahertz per second, a new high for the past two years.

同時，我們創下了季度運算能力銷售的新紀錄 [10 exa hut]，平均售價繼續上漲至每太赫茲每秒 11.8 美元，創下近兩年來的新高。

After a very quiet Q2, our clients from the United States started actively placing sizable and repeating orders for the A15 series. Sales of North American customers contributed 31% of our total revenue in quarter 3. We are happy to witness the strong demand recovery of the North American market.

在經歷了非常平靜的第二季度之後，我們來自美國的客戶開始積極地向 A15 系列產品下達大量重複訂單。第三季度，北美客戶的銷售額占我們總收入的 31%。我們很高興看到北美市場需求強勁復甦。

Also, our sales of Avalon home series generated a $12.2 million in revenue during the quarter, representing a 115% quarter over quarter increase. This is the first time Avalon home products have contributed over 10% of total product revenue since the launch just over a year ago. As NG said, we are cultivating the consumer market and establishing our leadership position in the newly defined household mining category.

此外，本季 Avalon 住宅系列的銷售額為 1,220 萬美元，較上季成長 115%。這是 Avalon 家居產品自一年多前推出以來，首次貢獻超過產品總收入的 10%。正如NG所說，我們正在開拓消費市場，並在新定義的家庭採礦領域確立我們的領導地位。

Second, our mining business also delivered another record result this quarter. Mining revenue reached $30.6 million. An all-time high and a 241% year over year increase. We mined the 267 bitcoins during the quarter, representing 82% year over year growth. During the quarter, we deployed over 8,000 mining machines across our projects in the United States and other countries, expanding our total deployed hash rate by 14% from 8.15 ex per second at the end of quarter to 9.3 ex per second at the end of quarter three.

其次，我們的礦業業務本季也取得了另一個創紀錄的業績。採礦收入達3060萬美元。創歷史新高，年增 241%。本季我們挖出了 267 個比特幣，年增 82%。本季度，我們在美國和其他國家的專案部署了超過 8,000 台挖礦機，使我們的總部署算力從季度末的每秒 8.15 ex 增長了 14%，達到第三季度末的每秒 9.3 ex。

Our installed computing power in the United States also grew by 20% from 3.66 ex per second at the end of quarter 2ex to 4.4 ex per second at the end of quarter three. We also strategically closed our mining operations in Kazakhstan and initiated a small scale project in Malaysia.

我們在美國的已安裝運算能力也成長了 20%，從第二季末的每秒 3.66 倍成長到第三季末的每秒 4.4 倍。我們也策略性地關閉了在哈薩克的採礦業務，並在馬來西亞啟動了一個小規模計畫。

Next, our profitability continued to improve this quarter. Gross profit reached $16.6 million up 78.6% quarter over quarter, marking a significant turnaround from a gross loss of $21.5 million in the same period last year. Product gross margin reached 17% this quarter. Both gross profit and margin continued their growth in quarter three, extending the upward trajectory and reinforcing the positive trend.

其次，本季我們的獲利能力持續提升。毛利達到 1,660 萬美元，季增 78.6%，與去年同期毛虧損 2,150 萬美元相比，實現了顯著的扭轉。本季產品毛利率達17%。第三季毛利和毛利率均持續成長，延續了上升勢頭，鞏固了積極的發展趨勢。

Our Avalon home series generated nearly $4 million in gross profit with a gross margin of approximately 33%. The Avalon home series accounted for around 10.3% of product revenue, and it contributed 20% of the product's gross profit. The home series has already become a stable revenue pillar and a recognized gross profit contributor.

我們的 Avalon 住宅系列創造了近 400 萬美元的毛利，毛利率約為 33%。Avalon 家居系列產品佔產品收入的 10.3% 左右，貢獻了產品毛利的 20%。主場系列賽已經成為穩定的收入支柱和公認的毛利貢獻者。

Last but not least, our total cryptocurrency treasury reached approximately 1,582 bitcoins and 2,803 ETH with an estimated market value of approximately $189 million at the end of Q3. Our unrealized to gain was approximately $87 million reflecting the appreciation in value of the digital assets accumulated from mining and other operations.

最後，截至第三季末，我們的加密貨幣總資產達到約 1,582 個比特幣和 2,803 個以太坊，估計市值約為 1.89 億美元。我們未實現的收益約為 8,700 萬美元，反映了從挖礦和其他業務中累積的數位資產的價值增值。

As of October 31, our total Bitcoin treasury increased to [1,610] as previously disclosed in our monthly report. In early November, we further strengthened our digital assets portfolio by purchasing another 100 Bitcoins.

截至 10 月 31 日，我們的比特幣總儲備增加到 [1,610]，正如我們先前在月度報告中所揭露的那樣。11月初，我們透過增持100枚比特幣，進一步加強了我們的數位資產組合。

Turning to expenses, our operating expenses totaled approximately $40.5 million. We recorded $1.5 million in one-time expenses relating to the operational efficiency initiatives, including organizational optimization, travel control measures, and other related items.

就費用而言，我們的營運費用總計約為 4,050 萬美元。我們記錄了與營運效率提升計畫相關的 150 萬美元一次性支出，包括組織優化、差旅控制措施及其他相關項目。

In addition, we recorded $1.2 million in impairments related to mining machines deployed in Kazakhstan. By the end of quarter three, the price of Bitcoin increased to around $113,000 versus around $1,07,000 at the end of quarter two. The price of the suring. Increased to around 4,100 at the end of quarter three versus around 2,500 at the end of quarter two. This price appreciation resulted in an aggregate unrealized fair value gain of $5.7 million on our digital asset holdings.

此外，我們還提列了與部署在哈薩克的採礦機械相關的 120 萬美元減損損失。到第三季末，比特幣價格上漲至約 113,000 美元，而第二季末約為 107,000 美元。保險的價格。第三季末增至約 4,100 人，而第二季末約為 2,500 人。此次價格上漲使我們的數位資產持有量產生了總計 570 萬美元的未實現公允價值收益。

A non-cash change in fair value of preferred shares impacted our Q3 bottom line by $9.5 million. This included a $5.4 million from the series A minus one preferred shares, which were fully converted during the quarter. And another $4.0 million from Series A preferred shares which were fully converted in early October. To provide a clearer view of our underlying operational performance, we have excluded the impact of this accounting treatment from our non-GAAP measures.

優先股公允價值的非現金變動使我們第三季的淨利潤減少了 950 萬美元。其中包括來自 A 系列減一優先股的 540 萬美元，這些優先股在本季全部轉換。此外，還有 400 萬美元來自 A 系列優先股，這些優先股已於 10 月初全部轉換。為了更清晰地展現我們基本的營運業績，我們已將這種會計處理的影響從非GAAP指標中剔除。

With all preferred shares now fully converted, we expect the Q4 to include a final impact related to the change in fair value of this instruments. Benefiting from strong topline growth, improved the margins, and a firm cost discipline, we delivered a positive adjusted EBITDA of $2.8 million in quarter three. Our net loss per ABS narrowed to just $0.05 versus $0.27 in the same period last year, demonstrating continued momentum toward profitability.

由於所有優先股現已全部轉換，我們預期第四季將包含與這些工具公允價值變動相關的最終影響。由於強勁的營收成長、利潤率的提高以及嚴格的成本控制，我們在第三季實現了280萬美元的調整後EBITDA。我們的每股資產支援帳戶淨虧損收窄至僅 0.05 美元，而去年同期為 0.27 美元，這表明我們持續朝著盈利邁進。

Turning to our balance sheet and cash flow, we generated a net cash inflow of $53 million in Q3. This was driven by $189 million in sales collections, the highest quarterly level in the past two years, and supplemented by approximately $10 million in export of VAT refunds.

從資產負債表和現金流量來看，我們在第三季實現了 5,300 萬美元的淨現金流入。這主要得益於 1.89 億美元的銷售收入，這是近兩年來最高的季度水平，此外還有約 1000 萬美元的增值稅退稅出口收入。

This inflows fully converted to the quarter's major cash outflows, including $56 million in waiver prepayments and $90 million for production and operations. As a result, our cash balance increased to $119 million at quarter end.

這些資金流入完全轉化為本季的主要現金流出，其中包括 5,600 萬美元的豁免預付款和 9,000 萬美元的生產和營運費用。因此，截至季末，我們的現金餘額增加至 1.19 億美元。

Now moving to our contract liability, the balance of contract advances reached nearly $87 million as of this quarter end. Over 85% contributed by North American clients. As of the end of quarter three, we recorded account receivables of $7 million from the customers using Bitcoins as collateral for installment payments. We will continuously evaluate market demand and adopt corresponding credit policies with caution.

現在來看我們的合約負債，截至本季末，合約預付款餘額已接近 8,700 萬美元。超過 85% 的資金來自北美客戶。截至第三季末，我們確認了使用比特幣作為分期付款抵押品的客戶 700 萬美元的應收帳款。我們將持續評估市場需求，並謹慎採取相應的信貸政策。

Now turning to our recent fundraising. In early November, we closed a strategic investment totaling $72 million with top-3 tier institutional investors, Bren Howard, Galaxy Digital, and Was Asset Management. The proceeds are intended to fund the acquisition and deployment.

現在來談談我們最近的募款活動。11月初，我們與三大頂尖機構投資者Bren Howard、Galaxy Digital和Was Asset Management完成了總額為7,200萬美元的策略投資。所得將用於資助採購和部署。

Of North American data center sites, as well as the expansion of our Bitcoin mining machine production capacity. In late October, we renewed the ATM program to broaden banking relationships and enhance our financial flexibility for future growth initiatives.

包括北美資料中心站點，以及我們比特幣挖礦機產能的擴張。10 月下旬，我們更新了 ATM 計劃，以擴大銀行關係，增強財務靈活性，為未來的成長計劃提供支援。

Following the renewal, we sold approximately [4.8 million] of ADSs. Raising gross proceeds of about $7.8 million as previously reported in the monthly report. We have selected to pause for sales under the ATM for the remainder of 2025.

續約後，我們售出了約 480 萬張 ADS。根據先前的月度報告，此次募集資金總額約為 780 萬美元。我們決定在 2025 年剩餘時間內暫停 ATM 機下的銷售。

As of the date of the earnings, we have cumulatively repurchased approximately 5.1 million ADSs for approximately $3.4 million under our share repurchase program. In the future, we plan to execute on our repurchase plan as market conditions allow us.

截至財報發布之日，我們已根據股票回購計畫累計回購約 510 萬股美國存託股份，金額約 340 萬美元。未來，我們將根據市場情況執行回購計畫。

Moving forward, as our CEO just mentioned, strategically, we will continue our technology-driven efforts with the goal of improving the efficiency of society. These efforts included the development of energy efficient chips and systems similar to what we did in the past decade.

展望未來，正如我們的執行長剛才所提到的，在策略上，我們將繼續推進技術驅動型工作，以提高社會效率。這些努力包括開發節能晶片和系統，類似於我們過去十年所做的工作。

This includes an extension of our energy operations, which leverages computing technologies. Also, on the consumer side, these efforts include a Bitcoin computing and heat reuse. To better utilize our resources, we set up additional internal controls to oversee the operation of our business.

這包括擴展我們的能源業務，其中利用了計算技術。此外，在消費者方面，這些努力包括比特幣計算和熱能再利用。為了更好地利用我們的資源，我們設立了額外的內部控制措施來監督我們業務的運作。

This priority is of the strategic importance and it will help to provide us with additional revenue visibility. We will increase the expansion of our consumer products and energy operation, but at the same time, streamline existing R&D and administration cost structure.

這項優先事項具有戰略意義，將有助於我們提高收入的可見度。我們將擴大消費品和能源業務的規模，但同時精簡現有的研發和管理成本結構。

In cash flow management, we will continue to invest in R&D on new products and wafers in the supply chain, and we will also seek opportunities that will increase our energy operations around the world as well as help our digital assets treasury to accumulate more digital assets on our balance sheet.

在現金流管理方面，我們將繼續投資於供應鏈中新產品和晶圓的研發，同時我們也將尋求機會，以增加我們在全球的能源業務，並幫助我們的數位資產庫在資產負債表上累積更多數位資產。

All this will happen in a very dynamic environment. We remain cautiously optimistic as we execute on our strategy while focusing on protecting and increasing our shareholder value. We expect revenue for the fourth quarter to be in the range of $175 million to $205 million. This forecast to reflects current market conditions. Actual results may vary given policy uncertainties and market volatility.

所有這一切都將在一個瞬息萬變的環境中發生。我們保持謹慎樂觀的態度，繼續執行我們的策略，同時專注於保護和提升股東價值。我們預計第四季營收將在 1.75 億美元至 2.05 億美元之間。此預測反映了當前的市場狀況。鑑於政策的不確定性和市場波動，實際結果可能會有所不同。

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

我們的發言稿到此結束。現在開始接受提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Hey guys, the 50,000 machine order on the A15 Pros, can you talk a little bit about delivery timing there and gross margin on those sales?

各位，關於A15 Pro的5萬台機器訂單，能否談談交貨時間和銷售毛利率方面的情況？

Hi. Good morning. Yeah, this order for, more than [50,054] units, is one of our most important deals, this year. So under the contract, we expected to, complete all deliveries by the end of, 2025. So far we have shipped a part of the orders and, progressing in the remaining production. And the logistics, of that.

你好。早安.是的，這筆超過 50,054 台的訂單是我們今年最重要的交易之一。根據合同，我們預計在 2025 年底前完成所有交付。目前我們已經出貨了一部分訂單，剩餘的生產工作也正在進行中。以及相關的物流問題。

Yeah, given the size and the tight, timeline of this order and the fact that, Q4 is, generally a peak period for supply chain, the logistics, constraint, our production and the operations team are working at full strength to ensure on time delivery, while maintaining product quality.

是的，鑑於此訂單的規模和緊迫的時間安排，以及第四季度通常是供應鏈和物流的高峰期，我們的生產和營運團隊正在全力以赴，以確保按時交付，同時保持產品品質。

And, also, at the same time we are expecting, deliveries for other, customers, in parallel, to avoid any impact on our long-term, other long-term, partners. This is the, a key task of our delivery management capabilities. It's a really hard job. Yeah, so, for the, gross margin, yes, we have, I think we have a positive gross margin, yeah, but, maybe I can cannot tell the exact numbers. Yeah, we have gross margin, yeah.

同時，我們也在並行地為其他客戶交付貨物，以避免對我們的長期合作夥伴造成任何影響。這是我們交付管理能力的關鍵任務。這是一份非常辛苦的工作。是的，關於毛利率，是的，我認為我們有正的毛利率，但是，我可能無法給出確切的數字。是的，我們有毛利率。

Got it. And then just maybe a follow-up. Your home mining sales. Have done really well lately. What are the margins on that business line versus the industrial mining equipment?

知道了。然後或許還會有後續報道。你的家庭挖礦銷售。最近表現非常出色。該業務線的利潤率與工業採礦設備業務線相比如何？

I think, for our, home and, series. In quarter three, we get 33% of gross margin and by the end of this year I think we should maintain 30%, about 30% gross margin. It is significantly higher than industrial manners. Yeah, because, I think the competition, yeah, right, so, Yeah, so, for I think for the home, miners, roadmap, we plan to launch several new products over the next 12-months.

我認為，對於我們的家和系列。第三季度，我們的毛利率為 33%，我認為到今年年底，我們應該可以維持 30% 左右的毛利率。它遠高於工業標準。是的，因為，我認為競爭，是的，沒錯，所以，是的，所以，我認為對於家庭用戶、礦工來說，路線圖，我們計劃在未來 12 個月內推出幾款新產品。

And, further, compete, about to see, the [2C] product portfolio, always, consumer products, need a refresh every year. So, we need to refresh almost all existing models, in the coming year. So, but still, for 2026, our most important KPI for the home series is still. It's still go mainstream and break out, of the crypto niche niche. So, please give us some more time.

此外，競爭即將到來，[2C]產品組合，始終是消費品，需要每年更新。因此，我們需要在來年更新幾乎所有現有車型。所以，但對於 2026 年來說，我們主場系列賽最重要的 KPI 仍然是。它仍然需要走向主流，突破加密貨幣小眾市場的限制。所以，請再給我們一些時間。

Nick Giles, B Riley.

尼克·吉爾斯，B·萊利。

Thank you operator and good morning or good evening everyone. This is Henry Hurl on for Nick Giles. So for my first question, when is the earliest you guys could ship your new A16 models and at what scale and what are your expectations on price and margin respectively? Thanks.

謝謝接線員，大家早安/晚上好。這是亨利·赫爾替補尼克·吉爾斯上場。所以我的第一個問題是，你們最早什麼時候可以交付新款 A16 機型？交付規模如何？你們對價格和利潤率分別有什麼預期？謝謝。

Yeah, the A16 series, was officially launched at the end of October, and, now we are at the first, batch simple production and, yeah, and we finished the testing stage. According to our plan, we will start shipping samples to selected customers, by the end of this month, for their, testing and the evaluation. Yeah, this is a constant with our EUR launch strategy. And we expect to begin our volume shipments in the first quarter of 2026.

是的，A16系列已於10月底正式發布，現在我們正處於首批簡易生產階段，是的，我們已經完成了測試階段。根據我們的計劃，我們將在本月底開始向選定的客戶寄送樣品，供他們測試和評估。是的，這是我們歐元發行策略中一貫的做法。我們預計將於 2026 年第一季開始大量出貨。

And yeah, and we will adjust adjust the production and the delivery pace dynamically based on the pre-sale and the customer feedback. For pricing, we will adhere to market-driven, principles, taking into, supply demand, account, and the competitive demand dynamics and the customer, makes. So, for as far I think as a new flagship product, A16 delivers a major performance.

是的，我們會根據預售情況和客戶回饋，動態調整生產和交貨速度。在定價方面，我們將遵循市場驅動的原則，考慮供需關係、競爭需求動態以及客戶需求。所以，就我個人而言，我認為作為一款新的旗艦產品，A16 提供了卓越的性能。

The air co A16 X can offer over 300 terahertz at 4.8 watt per hash. So which is really industry leading. So I think it will provide higher, returns returns per unit. And also we can share this, benefits with our, customers. Yeah, so, about, I think on margins, based on the current wafer material and the manufacturing cost, the per terahert cost for A16 is under control. And this in our expect expect expectations and also the yield, is, acceptable.

Airco A16 X 可以提供超過 300 太赫茲的頻率，每哈希功率為 4.8 瓦。那麼，哪家才是真正的業界領導者呢？所以我認為它會提供更高的單位回報率。我們也可以與我們的客戶分享這些好處。是的，所以，我認為就利潤率而言，基於目前的晶圓材料和製造成本，A16 的每太赫茲成本是可控的。而這在我們預期之內，收益率也是可以接受的。

So, I think the products, pricing power will help us to, offset, some cost pressure. Sure, the A16 cost protection is higher than A15. So, yeah, so, let's see, thank you.

所以，我認為產品定價權將有助於我們抵銷一些成本壓力。當然，A16 的成本保護比 A15 高。嗯，是的，嗯，讓我想想，謝謝。

Yeah, and then for my follow-up I wanted to get your guys' thoughts on the fact that several public bitcoin miners have been very vocal about winding down their mining operations in the medium term and then at the same time supply of A16 appears to be increasing. So what do you guys think of the market impact will be and then how is Canon responding to this trend?

是的，接下來我想問大家，一些公開的比特幣礦工已經公開表示將在中期內逐步停止挖礦業務，與此同時，A16 的供應量似乎正在增加，你們對此有何看法？那麼你們認為這將對市場產生怎樣的影響？佳能又是如何因應這股趨勢的？

Yeah, for I think for this question, yes, we observed that, some listed miners, maybe they are facing balance sheet pressure, share price performance issues, and a desire to, pivot to what AI HPC have publicly started their, intention to reduce Bitcoin mining, over the medium term.

是的，我認為對於這個問題，是的，我們觀察到，一些上市的礦工可能面臨資產負債表壓力、股價表現問題，並且希望轉向人工智慧高效能運算領域，他們已經公開表示，打算在中期內減少比特幣挖礦。

Yeah, but for in my perspective. Yeah, firstly, I think the slow down, the I don't think the global hash rate will slow down in the near near term, and also the HPC, AIHPC deployment, is still, need some time, by our, investigation to the energy market in the US, the AIHPC, applications, needs high-quality.

是的，但就我而言。首先，我認為全球哈希率在短期內不會放緩，而且高效能運算（HPC）和人工智慧高效能運算（AIHPC）的部署仍然需要一些時間。根據我們對美國能源市場的調查，AIHPC 應用需要高品質的硬體。

Energy, electricity, and which is the high-quality always means, higher cost. So, I think fundamentally, at the next 1- or 2-years, the mining, the power is suitable for mining is not. The competition with the, energy, used for, AIHPC, it's not the same electricity, so the, I know our, customer including ourselves, is thinking, about, how can build, mining, AI ready, mining facilities, for the for the future, but in this stage, deploying more, a, Bitcoin miners, is still the best way to, allocate, energy today and generate revenues in, from this date, not waiting for another 1- or 2- or 3-years.

能源、電力，以及高品質的能源總是意味著更高的成本。所以，我認為從根本上來說，未來一兩年內，採礦業，電力並不適合採礦。用於 AIHPC 的能源與電力不同，因此，我知道我們的客戶（包括我們自己）都在思考如何為未來建造 AI 就緒的挖礦設施，但在現階段，部署更多的比特幣礦機仍然是目前分配能源並從現在開始產生收入的最佳方式，而不是等待 1 年、2 年或 3 年。

So, I think still the things, it's, hard to be foresee, for long-term. So we focus on, yeah, so because there's no answer for 3- or 5-years later, so we, now we are focused on, cooperate with our partners, to fulfill their requirements. Also we, also, we have, trying to find, more energy resources in US and building our own, mining sites today and, maybe, and we we should have a potential, possibilities to transfer to the AI infrastructure in the future. This is what we I, personal observed in the past, maybe 6-months.

所以，我認為有些事情，從長遠來看，還是很難預測的。所以我們專注於，是的，因為3年或5年後還沒有答案，所以我們現在專注於與我們的合作夥伴合作，以滿足他們的需求。此外，我們也在努力尋找美國更多的能源資源，並正在建造我們自己的採礦場，也許，我們未來有可能將其轉移到人工智慧基礎設施。這是我自己在過去大約 6 個月裡觀察到的情況。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Yeah, thank you and congratulations on the strong results, and your guidance for $190 million for the fourth quarter is impressive. Is this, do you have orders also scheduled out into the first quarter, I guess what kind of visibility are your customers giving you?

是的，謝謝，恭喜你們取得如此強勁的業績，你們對第四季1.9億美元的預期令人印象深刻。是這樣嗎？你們第一季也有訂單安排嗎？我想了解你們的客戶對訂單的可見度如何？

Thank you, Kevin. I think quarter four is peak quarter in terms of seasonality, and we provided the guidance, in a very optimistic way and also we have already collected some of the orders. We try our best to deliver in quarter four. Looks to me quarter one traditionally is the low season, because there is a New Year and the Chinese New Year together, in the western part of the world and the eastern part of the world, both having, all kinds of holidays.

謝謝你，凱文。我認為第四季度是季節性高峰季度，我們以非常樂觀的方式給出了業績指引，而且我們已經收到了一些訂單。我們盡力在第四季完成交付。在我看來，第一季通常是淡季，因為春節和中國新年同時到來，西方和東方都有各種各樣的假期。

And the global logistics supply chain, is not in the normal shape. So, I don't personally, see another peak time for, quarter one. I think, the revenue could, going down a little bit, but we will TRY our best to deliver quarter four, first and then we predict. Quarter one later, when we have, a clear understanding about the, demand.

全球物流供應鏈目前處於非正常狀態。所以，我個人認為第一季不會再出現另一個高峰期。我認為，營收可能會略有下降，但我們會盡最大努力先完成第四季的業績，然後再做預測。第一季結束後，當我們對需求有了清晰的了解之後。

Also, recently, the Bitcoin price is not, in a good shape, so it's under turbulence. And some of the customers, especially the smaller ones, they tend to be more cautious and, hesitate to make up their decisions immediately. That will also have a kind of impact on quarter one orders. So we will try to, make a flexible, supply.

此外，最近比特幣價格走勢不佳，波動劇烈。而有些顧客，尤其是小顧客，往往比較謹慎，不願立即做出決定。這也會對第一季的訂單產生一定影響。所以我們會努力實現靈活的供應。

Anyway, Currently, I think the demand is still higher than supply. We're just focusing on quarter 4 delivery first and then, let's see how it goes in quarter one. Maybe we can. Balance between the demands of the sales and also the self-mining side. If we do have some inventory we can allocate to self-mining in United States, that will also be a long-term strategic goal for us.

總之，目前我認為需求還是大於供給。我們首先專注於第四季的交付，然後再看看第一季的情況如何。或許我們可以。平衡銷售需求和自產自銷需求。如果我們有一些庫存可以分配給美國的自開採，那也將是我們的一個長期戰略目標。

Yeah, I think that's my $0.02, Kevin.

是的，我想這就是我的看法，凱文。

Thank you James. That's very good detail. Thank you. And maybe you did note that there's a rebound in demand in the US, it is the US market, which is less sensitive to the, price of Bitcoin.

謝謝你，詹姆斯。這個細節非常到位。謝謝。或許您也注意到了美國的需求出現了反彈，畢竟美國市場對比特幣的價格不太敏感。

Sorry, Come out again.

抱歉，請再來一次。

Yeah, just you had mentioned that with the, price of Bitcoin being down in the just very recent, times last few days, and you mentioned that would be sensitive to the, demand for, mining machines, and I was just wondering if, the rebound we've seen in the US that you, I think you said it was 31% of, revenue in the third quarter, whether that continues, even. With, I guess is it less sensitive in the, in North America to Prices of Bitcoin versus the rest of the world.

是的，您剛才提到比特幣價格在最近幾天下跌，並且您提到這會對挖礦機的需求很敏感，我只是想知道，我們在美國看到的反彈——我想您說過第三季度收入增長了 31%——是否會持續下去。我想，與世界其他地區相比，北美地區對比特幣價格的敏感度較低。

Yeah, Kevin, looks to me, in my observation, North America is now the leading area, for global mining industry. The whole total hush rate in North America is, some, percentage between 35%to 40% globally, and there are, around 20 listed companies in North America doing mining. They are kind of institutional players. They are more professional building up the sites, the electricity facilities, and eventually becoming mining sites.

是的，凱文，依我觀察，北美現在是全球採礦業的領先地區。北美地區的採礦業總封鎖率在全球約為 35% 至 40%，北美地區約有 20 家上市公司從事採礦活動。他們是某種機構型參與者。他們在場地建設、電力設施建設以及最終成為採礦場方面更加專業化。

So they have their Schedule, it's not easy for them to stop their own schedule, even when Bitcoin price has some short-term turbulence. For them, they look at, long-term goals. That's why they are not very price sensitive, in very short-term time. But we observed the tariff, did have a kind of impact on their cost structure.

所以他們有自己的計劃，即使比特幣價格出現一些短期波動，他們也很難改變自己的計劃。他們著眼於長遠目標。這就是為什麼它們在短期內對價格不太敏感的原因。但我們觀察到，關稅確實對他們的成本結構產生了一定的影響。

That increased the, their mining cost. That means, some of the miners, especially the smaller ones, even they are, sitting in United States, with the, consistent policy advantage, they could still withdraw, from Bitcoin mining to other, activities.

這增加了他們的採礦成本。這意味著，一些礦工，特別是規模較小的礦工，即使他們身處美國，享有持續的政策優勢，他們仍然可以從比特幣挖礦轉向其他活動。

They may, want to, Change their minors purchase plan in quarter four. So, I should say US customers are most important customers for us, and we observed the, their worries in short-term, but we also respect their long-term strategic, goals, and we try our best to support their strategic goals to get realized. So, that's something we do together with them.

他們可能希望在第四季度更改未成年人購買計劃。所以，我認為美國客戶是我們最重要的客戶，我們注意到他們短期內的擔憂，但我們也尊重他們的長期策略目標，並盡最大努力支持他們實現戰略目標。所以，這是我們和他們一起做的事情。

Yeah, and also, I think for looking at this year, specially, the market, initial expected is, the demand will flow rapidly into North America. However, changes in tariff policy led to a significant, contraction in North America demand from late Q1 to Q2 and. At that time, I think everyone is very nervous, but, Asia demand wrapped up quickly and, partly offset the weakness in North America and in Q3 and Q4, North America customers showed very strong, resilience.

是的，而且，我認為展望今年，特別是市場方面，初步預期是需求將迅速流入北美。然而，關稅政策的變化導致北美需求從第一季末到第二季大幅萎縮。當時，我認為每個人都很緊張，但是亞洲的需求很快恢復，部分抵消了北美市場的疲軟，而且在第三季度和第四季度，北美客戶表現出了非常強勁的韌性。

Together we we adapted to the new, trade environment and, the demand there has recovered quickly, since data Q3. In fact, for the potential, already delivered, in Q4, North America has begun, has again accounted for more than 50%. So, Bitcoin price, volatility is, constant.

我們共同適應了新的貿易環境，自第三季數據以來，那裡的需求已經迅速恢復。事實上，就已實現的潛在價值而言，第四季度北美地區已開始交付，再次占到 50% 以上。所以，比特幣的價格波動是恆定的。

Sharp moves over a few days or weeks, do cost, some, customers, especially, small customers to pause and, resis, but over multi years time frames, I think the impact is, underlying demand, trend is limited, and, I highly, disagree with, like running a business by counting numbers day by day. So, this is my personal opinion.

幾天或幾週內的劇烈波動確實會給一些客戶，特別是小客戶，帶來成本，導致他們暫停和抵制，但從多年的時間跨度來看，我認為其影響是潛在的需求趨勢是有限的，而且我非常不同意像每天數數字一樣經營企業。這是我的個人觀點。

[Michael Donovan, Compass Point]

[邁克爾·多諾萬，指南針點]

Thank you, operator. Hi, NG and James. So how much inventory do you have left for the A15 series and then for [42] guidance, what makes do you expect between A15 orders and pre-orders for for A16?

謝謝接線生。嗨，NG 和 James。那麼，你們A15系列還剩下多少庫存呢？另外，[42] 你們預期A15的訂單和A16的預訂量之間會有多少？

Thank you for the question, Michael. I think our inventory, in the end of, quarter three, it's like $200 million including some of the, raw materials like wafers, like, other components, and, it mainly, reflects the strong demand. In quarter four, and it, you have already known we got the, big order, around 50,000 units, to United States. So we have to prepare the inventory.

謝謝你的提問，麥可。我認為，截至第三季末，我們的庫存約為 2 億美元，其中包括一些原材料，如晶圓和其他組件，這主要反映了強勁的需求。第四季度，你們也已經知道，我們獲得了一筆大訂單，大約 5 萬台產品銷往美國。所以我們需要清點庫存。

Other than that, if we digested the inventory in quarter four. I don't think our inventory level will be that high. In quarter one, we will see a lower inventory level for A15, and, that, that's because, we are, expecting the uncertainties of the market demand in quarter one. And, for A16, I think, it's mainly like Q3, to be the mass delivery. I think, the early delivery could be, late quarter two, but in the transition, we will continue to produce A15 and make it better and better. I think, that's the plan.

除此之外，如果我們能在第四季消化庫存的話。我認為我們的庫存水準不會那麼高。第一季度，A15 的庫存水準將會降低，這是因為我們預期第一季市場需求存在不確定性。至於 A16，我認為主要會像第三季那樣進行大規模交付。我認為，最早的交付時間可能是第二季末，但在過渡期間，我們將繼續生產 A15，並使其越來越好。我想，這就是計劃。

Did I answer your question, Michael?

邁克爾，我的回答是否解決了你的問題？

No, you did, James. I appreciate that. And I guess for my next question, can you expand a bit more on the pilot projects that you have, the 2.5 megawatts in Alberta, Canada, and 4.5 megawatts in Japan. What are the growth opportunities in those two countries?

不，是你做的，詹姆斯。我很感激。那麼，我的下一個問題是，您能否詳細介紹一下您們的試點項目，例如在加拿大艾伯塔省的 2.5 兆瓦項目和在日本的 4.5 兆瓦項目？這兩個國家有哪些成長機會？

Yeah. I think for, we are running several similar pilot, projects globally. I think it includes Japan, Canada, US, and as well as, some small project is ongoing in Europe and, Asia, other Asian countries. Since these are pilots, our, primary goal is to, validate the technical co and the business model, rather than maximumize the early stage financial returns.

是的。我認為，我們目前在全球範圍內開展了幾個類似的試點計畫。我認為它包括日本、加拿大、美國，此外，歐洲和亞洲其他一些國家也在進行一些小型計畫。由於這些都是試點項目，我們的主要目標是驗證技術方案和商業模式，而不是最大化早期階段的財務回報。

Yes, it's thanks to the the use of trans gas and energy. The power cost for this pilot projects is it's relatively low, and the project level, grows margin are decent, but, like most mining operations, meaningful economic benefits ultimately, requires scale. Yeah.

是的，這要歸功於天然氣和能源的使用。此試點計畫的電力成本相對較低，專案層面的成長利潤也相當可觀，但是，與大多數採礦作業一樣，要獲得有意義的經濟效益，最終需要規模。是的。

But, based on the current results, we believe that these pilots, all have the potential for scale up. This is very important, to remember that, power and gas infrastructure are very, traditional long cycle industries, building trust and, proving out a new model takes time and patience.

但根據目前的結果，我們認為這些試點計畫都有可能擴大規模。這一點非常重要，要記住，電力和天然氣基礎設施是非常傳統的長週期產業，建立信任和驗證新模式需要時間和耐心。

Our strategy is to run the pilots in a stable way, cement the partnerships and then look at scaling the larger megawatts levels, at the right time. For example, the Canada, strength, the strength, gas product, there's a very highly, possibilities to scale up to 220 megawatts in the middle of next year. And also, we can do more, like, I just mentioned the AI ready, mining, sites, mining farms, in US, with our, partner Loer.

我們的策略是穩定地開展試點項目，鞏固合作關係，然後在適當的時機考慮擴大到更大的兆瓦級別。例如，加拿大，實力，實力，天然氣產品，非常有可能在明年年中將產能擴大到 220 兆瓦。而且，我們還可以做更多的事情，例如我剛才提到的，在美國與我們的合作夥伴 Loer 一起建造人工智慧就緒的採礦站點和礦場。

So, yeah, so I think, still there's, please give us some time.

所以，是的，所以我覺得，還是請給我們一些時間。

Kevin Diddy, HCW.

Kevin Diddy，HCW。

Gentlemen, thanks very much for having me on the call. Appreciate it. NG, I'm wondering about your self mining objectives. Can you refresh us on where you plan to take self mining in particular Ethiopia, which remains the largest contributor of your X to hash. We're hearing that power tariff rates have increased there, and we're wondering how you might rethink, hash deployment.

各位先生，非常感謝你們邀請我參加這次電話會議。謝謝。NG，我想了解你們的自挖礦目標。能否簡要介紹您計劃在哪些地區開展自主挖礦，特別是埃塞俄比亞，該國仍然是您 X 哈希值的最大貢獻者。我們聽說那裡的電價上漲了，我們想知道您會如何重新考慮哈希部署。

Okay. Thank you, and, I think for our strategy, now, in short-term, there's some, pullback in Bitcoin price, and, many people are asking the question about our strategy of the mining, yeah, I think in the near term, over the maybe for a few, like a few months, Our attention will be on delivering large money orders, and which does slow the the pace at which we add our self-mining heart rate.

好的。謝謝。我認為就我們的策略而言，目前短期內比特幣價格有所回調，很多人都在詢問我們的挖礦策略。是的，我認為在短期內，可能幾個月內，我們的注意力將集中在交付大額訂單上，這確實會減緩我們增加自挖礦活動的速度。

Please remember that's still other, customers, we cannot lost our our long-term partners at this time. So, we, because of lack of, machines, at the same time, we are actively, developing more powers of this, including potential, greenfield sites. These projects have a longer construction cycles, but relatively controllable, cash outlays, and, they offer better long-term value.

請記住，還有其他客戶，我們不能在這個時候失去我們的長期合作夥伴。因此，由於缺乏機器，我們同時積極開發更多此類能力，包括潛在的綠地專案。這些項目的建設週期較長，但現金支出相對可控，而且具有更好的長期價值。

And, operation, flexibility. The gas to compute pilot in Canada with, area, energy and the 20 megawatts, data center projects in Texas with Solona is only an example, only examples. For what we see in the market, I think this is indeed, more attractively priced, mining assets now. The pullback for Bitcoin price, give us benefits to get more energy resources, especially in US.

還有，運營，靈活性。加拿大的天然氣計算試點計畫（面積、能源）和德州的 20 兆瓦資料中心計畫（與 Solona 合作）只是一個例子，只是一個例子而已。就目前市場狀況來看，我認為這些礦業資產的價格確實更具吸引力。比特幣價格的回調，為我們獲取更多能源資源帶來了好處，尤其是在美國。

Yeah, so, I think particularly, projects with solid resources but short-term, funding pressure. So this offers us better entry points. We are continuously screening such opportunities, and their, strict strict return and the risk, control, and we aim to expand our self-mining footprint, in.

是的，我認為尤其對於那些資源充足但短期內面臨資金壓力的專案而言。這為我們提供了更好的切入點。我們不斷篩選此類機會，嚴格評估其回報和風險控制，我們的目標是擴大我們的自主挖礦規模。

More prudent, value, attractive way. So, yeah, so in short, I think we are still keeping, the expansion in US and we are moving to the more fundamental sites like the sites like the energy infrastructure, and the long-term, yeah, and the I think the big order and Bitcoin pullback give us some time to to to redirect our. Direction to find a more, better way to expansion in US.

更謹慎、更有價值、更具吸引力的方式。所以，簡而言之，我認為我們仍在保持在美國的擴張勢頭，並且正在轉向更基礎的領域，例如能源基礎設施和長期發展。我認為大訂單和比特幣回調給了我們一些時間來重新調整我們的策略。尋找在美國擴張的更好、更有效的方法。

Thank you.

謝謝。

James, I was wondering if you could offer a little more color on the [56 million] wafer, purchase and the [90 million] processing. Would that include pretty much everything that you need for the 15 and 16 XP at least as you see orders initially and and how much of it yeah how much of it do you think translates to the Avalon home series?

James，我想請你詳細介紹一下 [5,600 萬] 晶圓的採購和 [9,000 萬] 加工情況。這是否幾乎包含了您在最初訂購的 15 和 16 XP 所需的一切？您認為其中有多少可以轉換到 Avalon 家庭系列？

Well, Kevin, I don't think, 56 million, is the, all the waivers supply we can get for quarter one. It's actually, some payments happen, to be, in the face of payments just. In quarter three, so the 56 million is some prepayments and also some close payments for the previous contracts and I think in quarter 4 we'll pay more, it's just a kind of pa pacing difference.

嗯，凱文，我不認為 5600 萬美元是我們第一季能獲得的全部豁免供應量。實際上，有些款項的支付，是為了應對支付而發生的。第三季的 5,600 萬美元包括一些預付款和之前合約的一些收尾款項，我認為第四季度我們會支付更多，這只是付款節奏上的差異。

And, for the home series, I think, currently it's winter time. We observed that the demand from North America is actually getting stronger compared to, quarter three and quarter two. So it seems like, we will allocate more chips, to home series.

至於主場系列賽，我認為目前正值冬季。我們觀察到，與第三季和第二季相比，來自北美的需求實際上正在增​​強。所以看來，我們會為主場系列賽分配更多籌碼。

But, of course, we don't want to, generate a lot of inventory, we will still, produce according to the orders. But, to be very honest, currently we have already noticed, the home series will occupy a higher percentage in quarter four.

當然，我們不想產生大量庫存，我們仍然會根據訂單進行生產。但說實話，目前我們已經注意到，第四季主場系列賽的佔比將會更高。

And, while the total revenue is so big, so, we are expecting, the sales for quarter four of home series. And actually a lot of buyers, a lot of consumers, they posted in their social media talking about Avalon Q. They like it because it's quiet and it can generate Bitcoins, and, using the same kind of energy they, in the past, they buy a heater can do.

而且，儘管總收入如此之大，但我們預計第四季度家庭系列產品的銷售額也將如此。事實上，很多買家、很多消費者都在社群媒體上談論 Avalon Q。他們喜歡它是因為它很安靜，而且可以產生比特幣，並且使用與他們過去購買的加熱器相同的能源。

So, actually, We can feel the passion from the consumers asking more for the supply side. That's why when we do allocate the chips, I think internally we have some discussions and sometimes even very fierce competition between the consumer sector and the industrial sector. But, of course, NG will try his best to balance, different product lines and, different categories, try to satisfy most of the customers and consumers.

所以，實際上，我們可以感受到消費者對供應方提出更高要求的熱情。這就是為什麼我們在分配晶片時，我認為內部會有一些討論，有時消費部門和工業部門之間甚至會有非常激烈的競爭。當然，NG會盡力平衡不同的產品線和不同的類別，並努力滿足大多數客戶和消費者的需求。

Yeah, and also, currently, the macro environment is, indeed very complex and changing very fast, and especially for the semiconductor sector. The like the [DRAMs] price is, maybe doubled in the past few months. It's only, it's indicates that how the types of the, global, capacity for the semiconductor, industry.

是的，而且，目前宏觀環境確實非常複雜且變化非常快，尤其是對於半導體產業而言。就像DRAM的價格一樣，過去幾個月可能翻了一番。這只是顯示了全球半導體產業的產能類型。

So, currently, I think we have, the, demand because the demand of the advanced cheap growth, especially for the AI, rela related locations and many other stuff. The foundry capacity today is very tightened and also the price, is trending up significantly. I think this could impact both our manufacturing cost and, mining, CapEx, in this, but this is, influences the whole industry, not only us.

所以，目前我認為我們有需求，因為對先進廉價成長的需求，特別是對人工智慧、相關地點和許多其他方面的需求。目前鑄造產能非常緊張，價格也呈現大幅上漲趨勢。我認為這可能會影響我們的製造成本和採礦資本支出，但這影響的是整個產業，而不僅僅是我們。

That's that, well, we cannot share the exact figures, but we, have already have, secured a meaningful waiver, allocation for next year, at a favorable pricing and payment, terms, thanks to our strong relationships with our key suppliers. The volume is built on a very cautious number, but this will, I think this will definitely give us a good cost position heading into 2026. Yeah, this is, my $0.02.

就是這樣，雖然我們不能透露確切的數字，但由於我們與主要供應商建立了牢固的關係，我們已經獲得了明年重要的豁免和配額，價格和付款條件都很優惠。雖然產量是基於非常謹慎的數字計算的，但我認為這肯定會使我們在 2026 年擁有良好的成本優勢。是的，這是我的兩分錢意見。

Thank you.

謝謝。

James, you didn't touch on the $90 million processing. Can you just give us a feel for that and what the implications are for future cash use?

詹姆斯，你沒有提到那9000萬美元的處理費用。您能否簡要介紹一下這方面的情況，以及這對未來現金使用有何影響？

$90 million, I think yeah, I think it's. You mean that $72 million, we found a raised from the strategic investors and also $7.8 million from, ATM program. I think of putting this together is like $80 million.

9000萬美元，我想是的，我想是的。你的意思是說，我們從策略投資者籌集了 7,200 萬美元，也從 ATM 專案中籌集了 780 萬美元。我覺得把這些東西組裝起來大概要8000萬美元。

Okay, no, I thought that when you were discussing, cash use in the third quarter you mentioned $90 million. I apologize. I probably have the number wrong.

好的，不，我以為你在討論第三季現金使用情況時提到了 9000 萬美元。我道歉。我可能記錯數字了。

Yeah, you mean the operational and the supply chain together?

是的，你是說營運和供應鏈這兩個面向嗎？

The expenses Right.

費用正確。

Yeah.

是的。

I think that, yeah, that outflow is, for some payments of the, supply chain like the components like, all kinds of, production and, logistical, to shift the components from here and there, a lot of things. Including, some of the expenses related to that. I think that's a major part of the supply chain expenses and also, I think, there is, the, R&D, GIA, and also sales and marketing fees inside this. I think the run rate is still like 28 million to 29 million.

我認為，是的，這種資金流出是指供應鏈中的一些支付，例如各種零件的支付，包括生產和物流，將零件從這裡轉移到那裡等等。其中包括與此相關的一些費用。我認為這是供應鏈費用的很大一部分，而且，我認為，其中還包括研發費、GIA費以及銷售和行銷費用。我認為目前的年均收入還是在2800萬到2900萬左右。

Even the P&L shows, it's like a $40 million, but then the, that includes a lot of, non-cash items like, share, share-related salaries, but the rest goes to like a [28 million to 29 million] to, for the normal operation. And also we have, expenses related to the operation like travel, like, marketing, especially for the consumer product, we started to have some marketing try, in the, in quarter three, but not much expenses, but, that is something, we try to do, in the Transition from a pure machine company to a kind of operational company with energy and also with the to consumer product we will also increase our marketing expenses in future. I don't know if I answered your question yeah.

即使損益表也顯示，大約是 4000 萬美元，但這其中包含了許多非現金項目，例如股份、與股份相關的薪酬，但其餘部分大約有 2800 萬到 2900 萬美元用於正常運營。此外，我們還有一些與營運相關的費用，例如差旅費、行銷費，特別是針對消費品，我們在第三季度開始嘗試進行一些市場營銷，但費用不多，但這是我們在從一家純粹的機械公司轉型為一家能源運營公司以及消費品公司過程中努力的方向，未來我們也會增加市場營銷費用。我不知道我是否回答了你的問題。

Yeah just one one more little nuance. I'm just wondering if. If those if those payments include prepayments for supply chains, securing supply chain components through the December quarter and then into the March quarter.

是的，就剩下最後一個小細節了。我只是想知道是否。如果這些款項包括供應鏈的預付款，以確保供應鏈組件能夠持續到 12 月季度，並延續到 3 月季度。

That's a wonderful question, Kevin. Usually we only do prepayment for waiver. Most of the components, we usually get the components first and then, we pay them a little bit later. In different kind of, terms, for example, like, 15 days, 30 days, something like that. It's not, usually not an advance payment.

凱文，你問得真好。通常我們只接受預付款以獲得豁免。大多數情況下，我們都是先收到零件，然後一段時間再付款。用不同的方式來說，例如，15天，30天，諸如此類。通常來說，這不是預付款。

Well, congratulations on that 50,000 unit order. Congratulations on the sharp pop in in revenue and gross margin.

恭喜你們獲得5萬台的訂單。恭喜公司營收和毛利率大幅成長。

Thank you.

謝謝。

Thank you for the question. As there are no further questions now, I'd like to turn the call back over to the company for any closing remarks.

謝謝你的提問。現在沒有其他問題了，我想把電話轉回給公司，請他們作總結發言。

Thank you once again for joining us today. If you have further questions, please feel free to reach out to us, and we look forward to speaking with you throughout the quarter.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時與我們聯繫，我們期待在本季與您交流。

Thanks.

謝謝。

Thank you. That does conclude today's conference call. Thank you for everyone for attending. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的出席。您現在可以斷開連線了。