BitFuFu Inc (FUFU) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to BitFuFu's full year 2024 earnings conference call.(Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BitFuFu 2024 年全年收益電話會議。 （操作員指示）請注意，今天的會議正在錄製。

I'd now like to hand the conference over to your first speaker today, Charley Brady, Vice President of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁查理布雷迪 (Charley Brady)。

Thank you, operator. Good morning, ladies and gentlemen, and welcome to BitFuFu's full year 2024 earnings call. The company's financial results were released earlier today and are available on the BitFuFu Investor Relations website at ir.bitfufu.com as well as on the globenewswire.com website.

謝謝您，接線生。女士們、先生們，早安，歡迎參加 BitFuFu 2024 年全年收益電話會議。該公司的財務業績已於今天稍早公佈，可在 BitFuFu 投資者關係網站 ir.bitfufu.com 以及 globenewswire.com 網站上查閱。

Joining me today on the call are Leo Lu, Chairman and CEO and Calla Zhao, Chief Financial Officer. Before we begin, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US Private Securities and Litigation Reform Act of 1,995.

今天參加電話會議的還有董事長兼執行長 Leo Lu 和財務長 Calla Zhao。在我們開始之前，請注意，今天的討論將包含根據 1995 年美國私人證券和訴訟改革法案的安全港條款做出的前瞻性陳述。

Statements that are not historical facts, including statements about the company's beliefs and expectations are forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from management's current expectations.

非歷史事實的陳述，包括有關公司信念和期望的陳述，都是前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與管理階層目前的預期有重大差異。

Potential risks and uncertainties include but are not limited to those outlined in the company's public filings with the SEC. The company does not undertake any obligation to update any forward-looking statement except as required under applicable law.

潛在風險和不確定性包括但不限於公司向美國證券交易委員會提交的公開文件中概述的風險和不確定性。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

We were discussing non-gap financial information on this call. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP.

我們在這次電話會議上討論了非差距財務資訊。該公司提供該資訊作為根據美國公認會計原則或 GAAP 編制的資訊的補充。

You can find a reconciliation of these metrics to the company's reported GAAP results in the reconciliation tables provided in today's earnings release. One final note, although we will not be conducting a Q&A on this call, questions can be emailed to ir.bitfufu.com, and we will respond as quickly as possible, generally within 24 hours. I'll now turn the call over to Leo Lu, the company's Chairman and Chief Executive Officer.

您可以在今天的收益報告中提供的對帳表中找到這些指標與公司報告的 GAAP 結果的對帳表。最後要注意的是，雖然我們不會在本次電話會議上進行問答，但您可以將問題透過電子郵件發送至 ir.bitfufu.com，我們將盡快回复，通常在 24 小時內。現在我將把電話轉給公司董事長兼執行長 Leo Lu。

Good morning and thank you for joining us.

早安，感謝您加入我們。

Today, I'm excited to share BitFuFu's full year 2024 performance and provide updates on strategic growth initiatives. 2024 was a pivotal year for both BitFuFu and the Bitcoin mining sector.

今天，我很高興分享 BitFuFu 2024 年全年業績並提供有關策略成長計劃的最新資訊。 2024 年對於 BitFuFu 和比特幣挖礦產業來說都是關鍵的一年。

We successfully listed on NASDAQ in March, expanded our hosting and Bitcoin mining capacity, and began transitioning to owning data center assets in Q4. In terms of mining services, our cloud mining platform saw tremendous growth in 2024.

我們於 3 月成功在納斯達克上市，擴大了託管和比特幣挖礦能力，並在第四季度開始轉型為擁有資料中心資產。在挖礦服務方面，我們的雲端挖礦平台在 2024 年實現了巨大的成長。

We have offered more mining services to our customers, including the development of our proprietary mining site management system, the launch of the BitFuFuOS operating system providing overclocking and under clocking services, and the introduction of BitFuFuPool, a mining pool in collaboration with third party institutions.

我們為客戶提供了更多挖礦服務，包括開發自有礦場管理系統、推出提供超頻、降頻服務的BitFuFuOS作業系統、與第三方機構合作推出礦池BitFuFuPool等。

Despite the Bitcoin halving event, which reduced the Bitcoin block subsidy from 6.25 to 3.125 Bitcoin, BitFuFu achieved strong year-over-year revenue growth across both cloud mining and self-mining operations. In 2024, we achieved $463.3 million total revenue, $54 million net income, and our adjusted EBITDA in 2024 was $117.5 million.

儘管比特幣減半事件導致比特幣區塊補貼從 6.25 比特幣降至 3.125 比特幣，但 BitFuFu 在雲端挖礦和自挖礦業務中都實現了強勁的年收入成長。2024年，我們的總收入達到4.633億美元，淨收入達到5,400萬美元，2024年的調整後EBITDA為1.175億美元。

All three of these key metrics hit historical highs. The compound annual growth rate of revenue and adjusted EBITDA from 2021 to 2024 was 65% and 177% respectively, what I want to emphasize here is 2024 marks the fourth consecutive year since our founding in 2020 that BitFuFu has delivered both strong revenue growth and positive net income and adjusted EBITDA.

這三個關鍵指標都創下歷史新高。2021年至2024年營收和調整後EBITDA的複合年增長率分別為65%和177%，這裡我想強調的是，2024年是BitFuFu自2020年成立以來連續第四年實現強勁的收入增長以及正的淨收入和調整後EBITDA。

In fact, we are one of the few publicly traded Bitcoin mining companies who generate positive EPS every year since 2021. This underscores the profitability and resilience of our business model irrespective of Bitcoin price cycles.

事實上，我們是自 2021 年以來每年都產生正每股收益的少數幾家上市比特幣挖礦公司之一。這凸顯了我們的商業模式的獲利能力和彈性，無論比特幣價格週期如何。

As of December 31, 2024, our total mining capacity under management stood at 23.5 EH/s with hosting capacity at 551 megawatts, up from 22.9 EH/s and 515 megawatts, respectively at the end of 2023.

截至 2024 年 12 月 31 日，我們管理的總挖礦能力為 23.5 EH/s，託管量為 551 兆瓦，高於 2023 年底的 22.9 EH/s 和 515 兆瓦。

In 2024, based on market conditions, we dynamically adjusted the structure and quantity of the hashrate we procured. Considering the impact of the halving event, we took a more focused view in expanding our scale. Our mining capacity under management reached 28 EH/s in the first quarter of 2024.

2024年，我們根據市場狀況，動態調整了算力採購的結構和數量。考慮到減半事件的影響，我們在擴大規模方面採取了更有針對性的眼光。我們管理的挖礦能力在 2024 年第一季達到 28 EH/s。

However, we strategically reduced the procurement of hashrate in the following quarters, focusing instead on optimizing our cost structure and enhancing profitability. We believe this approach is key to maintaining our competitiveness in the post-having era.

然而，我們在接下來的幾個季度策略性地減少了哈希率的採購，轉而專注於優化成本結構和提高獲利能力。我們相信這種方法是我們在後擁有時代保持競爭力的關鍵。

In fact, since the beginning of 2024, we have gradually shifted our focus towards vertical integration, aiming to reduce mining hosting costs by acquiring or building our own data centers. For potential mining sites, we have strict selection criteria and economic requirements regarding the payback period.

事實上，自 2024 年初以來，我們已逐漸將重點轉向垂直整合，旨在透過收購或建立自己的資料中心來降低挖礦託管成本。對於潛在的採礦地點，我們有嚴格的選擇標準和有關投資回收期的經濟要求。

As a result of our business development efforts, we achieved several milestones. In the third quarter of 2024, we relocated some leased and self-owned mining machines from higher cost US facilities to lower cost operations in Ethiopia.

透過我們的業務發展努力，我們實現了多個里程碑。2024 年第三季度，我們將一些租賃和自有的採礦機從成本較高的美國設施遷移到埃塞俄比亞成本較低的營運地點。

In October, we signed an agreement to acquire a majority stake in our first mining site, an 80 megawatt facility in Ethiopia with an electricity cost of $0.036 per kilowatt hour in the fourth quarter of 2024, we also signed long-term lease agreements with purchase options for two US facilities totalling 33 megawatts at $0.042 per kilowatt hour.

10 月份，我們簽署了一項協議，收購我們的第一個採礦場的多數股權，該採礦場位於衣索比亞，發電能力為 80 兆瓦，2024 年第四季度的電力成本為每千瓦時 0.036 美元，我們還簽署了長期租賃協議，其中包含購買兩處美國設施的選擇權，總發電能力為 33 兆瓦，成本為每千瓦時 0.4004 美元。

As a result of these initiatives, by the end of 2024, our average hosting cost had been reduced by 25% compared to the end of 2023. Subsequent to the end of 2024, in February 2025, we acquired a majority stake in a 51 megawatt facility in Oklahoma with an electricity cost of $0.03 per kilowatt hour.

由於這些舉措，到 2024 年底，我們的平均託管成本與 2023 年底相比降低了 25%。2024 年底之後，也就是 2025 年 2 月，我們收購了俄克拉荷馬州一座 51 兆瓦發電廠的多數股權，電費為每千瓦時 0.03 美元。

We've set a one gigawatt secured power capacity expansion plan for the next two years, which includes the acquisition of currently operating sites and development of greenfield sites. Geographically. We primarily focus on expansion in North America. However, we will also consider sites outside North America that have low costs power and a stable mining environment.

我們制定了未來兩年1吉瓦的固定電力容量擴張計劃，其中包括收購現有營運的電廠和開發綠地電廠。從地理位置上來說。我們主要致力於北美的擴張。然而，我們也會考慮北美以外擁有低成本電力和穩定採礦環境的站點。

As a result of acquisition initiatives we have made and long-term leases we have signed. BitFuFu has now secured 164 megawatts of power capacity. And our MA pipeline includes over 500 megawatts of potential projects, and we are now still searching for other potential projects within the one gigawatt target we aimed to have 400 megawatts of projects online and another 400 megawatts of projects either contracted or under construction by the end of 2025.

這是我們採取的收購措施和簽署的長期租約的結果。BitFuFu 目前已獲得 164 兆瓦的發電容量。我們的 MA 管道包括超過 500 兆瓦的潛在項目，現在我們仍在尋找 1 千兆瓦目標範圍內的其他潛在項目，我們計劃到 2025 年底讓 400 兆瓦的項目上線，並簽約或正在建造的另外 400 兆瓦的項目。

As I've noted on previous calls, transitioning from a pure asset light model to a combined model in which we will increasingly secure more cell phone miners and mining sites is one of our long term strategy. Ownership enables cost structure improvements, greater network control, and the flexibility to expand into HPC or AI data centers if we choose.

正如我在之前的電話會議中提到的那樣，從純輕資產模式轉變為組合模式，我們將越來越多地保護更多的手機礦工和採礦站點，這是我們的長期策略之一。所有權可以改善成本結構、增強網路控制，並可根據需要靈活地擴展到 HPC 或 AI 資料中心。

Our cloud mining business continued to grow rapidly in 2024, accounting for more than half of our revenue. During the year, we saw an accelerating growth rate in our registered users, which has continued into 2025.

我們的雲端挖礦業務在2024年持續快速成長，占我們營收的一半以上。這一年，我們的註冊用戶數量不斷增長，這種增長勢頭一直持續到 2025 年。

By the end of February 2025, on a global basis, our registered users surpassed 600,000. This growth reflects not only the accelerating adoption of Bitcoin, but also our commitment to innovation. Through ongoing R&D, we're developing and delivering advanced mining tools and applications that our customers rely on, positioning BitFuFu as the industry. Leading one stop shop platform for comprehensive Bitcoin mining services and solutions.

截至2025年2月底，我們的全球註冊用戶已超過60萬人。這種成長不僅反映了比特幣的加速採用，也反映了我們對創新的承諾。透過持續的研發，我們正在開發並提供客戶所依賴的先進挖掘工具和應用程序，將 BitFuFu 定位為行業領導者。領先的一站式平台，提供全面的比特幣挖礦服務和解決方案。

We built a well-developed membership system that offers tiered incentives such as coupons and reward points that are based on user levels. These operational enhancements have played a key role in strengthening user engagement and loyalty with our application.

我們建立了完善的會員系統，根據用戶等級提供優惠券和獎勵積分等分級激勵措施。這些操作增強在加強用戶對我們應用程式的參與度和忠誠度方面發揮了關鍵作用。

Looking ahead, we plan to expand our suite of Bitcoin mining services seamlessly integrated into our app to help miners around the world reduce their startup costs and enhance their overall mining experience.

展望未來，我們計劃擴展我們的比特幣挖礦服務套件，並將其無縫整合到我們的應用程式中，以幫助世界各地的礦工降低啟動成本並增強他們的整體挖礦體驗。

As of today, both BitFuFuPool and BitFuFu are available to the broader mining market. BitFuFuPool is our private label mining pool service with commission rates as low as 0.4%, which is highly competitive in the industry. BitFuFuOS is our software solution designed for experienced miners seeking to optimize output.

截至今天，BitFuFuPool 和 BitFuFu 均已開放給更廣泛的採礦市場。BitFuFuPool是我們的私人標籤礦池服務，佣金率低至0.4％，在業界極具競爭力。BitFuFuOS 是我們為尋求優化產出的經驗豐富的礦工設計的軟體解決方案。

Which can increase mining overall earnings by up to 20%. BitFuFuOS features a range of overclocking and under clocking modes, empowering miners to optimize operations on the fly based on temperature conditions, power availability, and market conditions. We are also actively developing additional mining service innovations that build on our proprietary hashrate allocation technology.

這可以使採礦業的整體收益提高高達 20%。BitFuFuOS 具有一系列超頻和降頻模式，使礦工能夠根據溫度條件、電力可用性和市場條件動態優化作業。我們也積極開發基於我們專有的哈希率分配技術的其他採礦服務創新。

These are expected to roll out later this year and will further strengthen our position as a technology leader in the global cloud mining space.

預計這些產品將於今年稍後推出，並將進一步鞏固我們在全球雲端挖掘領域技術領導者的地位。

Additionally, in the fourth quarter of 2024, we generated $30.5 million revenue from selling of mining equipment. If you notice, the last time we had minor sales revenue was in early 2022, which also coincided with the relatively high Bitcoin prices. The growth in prices has led to an active market for minor transactions, and we expect this trend to continue. Bringing BitFuFu minor sales revenue in 2025.

此外，2024 年第四季度，我們透過銷售採礦設備獲得了 3,050 萬美元的收入。如果你注意到的話，我們上一次出現小幅銷售收入是在 2022 年初，這也恰逢比特幣價格相對較高。價格的上漲導緻小額交易市場活躍，我們預期這種趨勢將會持續下去。2025年將為BitFuFu帶來微小的銷售收入。

Although I've touched on some of our 2025 initiatives earlier. I'd like to take a moment to summarize our broader strategic vision for the year. Our primary objective for 2025 is to drive bidirectional expansion across the Bitcoin mining value chain, both horizontally and vertically.

儘管我之前已經談到了我們的一些 2025 年計劃。我想花點時間總結一下我們今年更廣泛的策略願景。我們 2025 年的主要目標是推動比特幣挖礦價值鏈的橫向和縱向雙向擴張。

First, on the horizontal side, we plan to continue growing our cloud mining business while expanding into adjacent services, including mining machine sales, monitoring software, and mining software solutions. These offerings will diversify our revenue streams and create meaningful synergies with both our cloud mining and self-mining operations.

首先，在橫向方面，我們計劃繼續發展雲端挖礦業務，同時擴展到鄰近服務，包括礦機銷售、監控軟體和挖礦軟體解決方案。這些產品將使我們的收入來源多樣化，並與我們的雲端挖礦和自挖礦業務產生有意義的協同效應。

Through this approach, we aim to further strengthen our ecosystem by acquiring more customer relationships, deepening supplier networks, and enhancing overall brand recognition.

透過這種方式，我們旨在獲得更多的客戶關係、深化供應商網絡並提高整體品牌知名度，從而進一步加強我們的生態系統。

Second, on the vertical side, we will continue to focus on reducing costs, improving efficiency, and shortening payback periods for our self-mining operations. We plan to do this by acquiring high quality assets and optimizing our deployment strategies. In parallel, we aim to accumulate more Bitcoin through disciplined and strategic asset management.

第二，在垂直方面，我們將持續致力於降低成本、提高效率、縮短自採業務的投資回收期。我們計劃透過收購優質資產和優化部署策略來實現這一目標。同時，我們的目標是透過規範和策略性的資產管理來累積更多的比特幣。

We do not normally provide guidance. However, given what we believe to be a significant valuation GAAP compared to some of our peers, we recognize that it may be helpful to provide some initial guidance. We expect our mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 megawatts to 800 megawatts by the end of 2025.

我們通常不提供指導。然而，考慮到我們認為與我們的一些同行相比，GAAP 估值具有顯著優勢，我們認識到提供一些初步指導可能會有所幫助。我們預計，到 2025 年底，我們的挖礦能力將達到約 33 EH/s，託管能力將達到 650 兆瓦至 800 兆瓦之間。

As we approach the end of the first quarter and look to the remainder of 2025, we remain confident in our ability to drive continued growth and shareholder value.

隨著第一季即將結束並展望 2025 年剩餘時間，我們仍然對推動持續成長和股東價值的能力充滿信心。

And with that, I'll turn the call over to Calla to discuss our financial results in detail.

接下來，我將把電話轉給卡拉，詳細討論我們的財務表現。

Thank you, Leo. Good morning, everyone. I'm pleased to provide a deeper dive into our financial performance for the year of 2024.

謝謝你，Leo。大家早安。我很高興能夠更深入地探討我們 2024 年的財務表現。

As mentioned by Leo, we continue to see strong growth across our key metrics, reflecting the successful execution of our strategy. Starting with our top line, total revenue of 2024 was $463.3 million representing a 63.1% increase from $284.1 million in 2023.

正如 Leo 所提到的，我們的主要指標持續保持強勁成長，這反映了我們策略的成功執行。從我們的營業收入開始，2024 年的總收入為 4.633 億美元，比 2023 年的 2.841 億美元成長 63.1%。

This strong performance was driven by growth in both our cloud mining business and our self-mining operations, as well as revenue derived from the sale of mining machines, which we did not have in 2023.

這一強勁表現得益於我們的雲端挖礦業務和自營挖礦業務的成長，以及礦機銷售帶來的收入（我們在 2023 年還沒有礦機銷售）。

As a percentage of total revenue during 2024, cloud mining solutions accounted for approximately 59%. Bitcoin's self-mining operations accounted for 34%. Selling of mining machines and hosting services accounted for around 7%. I will now provide additional details on our business segments.

作為 2024 年總收入的百分比，雲端挖礦解決方案約佔 59%。比特幣自挖礦佔34%。礦機及託管服務銷售佔比約7%。我現在將提供有關我們業務部門的更多詳細資訊。

Cloud mining revenue of $271 million in 2024 was up 52.2% year-over-year. This growth was primarily driven by the strong repeat business from existing. In fact, recurring revenue from existing customers who were active in 2023 accounted for $208.4 million or approximately 77% of our cloud mining revenue.

2024年雲端挖礦收入將達2.71億美元，年增52.2%。這項成長主要得益於現有業務強勁的回頭客業務。事實上，2023 年活躍的現有客戶的經常性收入占我們雲端挖礦收入的 2.084 億美元，約占我們雲端挖礦收入的 77%。

The addition of new customers in 2024 contributed $62.6 million or 23% to our cloud mining revenue, underscoring the effectiveness of our marketing and customer acquisition efforts.

2024 年新增客戶為我們的雲端挖礦收入貢獻了 6,260 萬美元，佔 23%，凸顯了我們的行銷和客戶獲取工作的有效性。

Turning to our self-mining operations, revenue for the year was $51.1 million representing a 57.2% increase compared to 2023. This growth was largely driven by a 77.2% year-over-year increase in the average hashrate used for self-mining operations.

談到我們的自營採礦業務，今年的收入為 5,110 萬美元，比 2023 年成長 57.2%。這一增長主要得益於用於自挖礦操作的平均哈希率同比增長 77.2%。

In addition, there was a 128.4% year-over-year increase in the annual average price of Bitcoin, which was partially offset by a decrease in bitcoin production, which fell by approximately 29% to 2,537 bitcoins. The decrease in production was primarily due to the increase in blockchain difficulty and the halving event in April 2024.

此外，比特幣年平均價格年增128.4%，但比特幣產量下降（下降約29%至2,537枚）部分抵消了這一增長。產量下降主要是由於區塊鏈難度增加以及2024年4月的減半事件。

As Leo mentioned in the fourth quarter of 2024, we resumed our mining machine sales business which had been paused in 2023. This line of business generated $30.5 million in revenue for the year and is expected to continue contributing to revenue in 2025.

正如Leo在2024年第四季所提到的，我們恢復了2023年暫停的礦機銷售業務。該業務線今年創造了 3,050 萬美元的收入，預計到 2025 年將繼續貢獻收入。

Our goal with this business is not simply to sell mining machines. It is designed to provide value added end to end solutions to our customers. Mining machine sales complement our cloud mining, self-mining, and hosting businesses by allowing us to offer a more comprehensive service package.

我們開展這項業務的目標不僅是銷售採礦機。其旨在為我們的客戶提供增值的端到端解決方案。礦機銷售補充了我們的雲端挖礦、自挖礦和託管業務，使我們能夠提供更全面的服務包。

This integrated approach helps to strengthen customer relationships, creates cross-selling opportunities, and reinforces our position as a full service provider in the Bitcoin mining ecosystem. This business is supported by a two-year framework agreement with Bitmain. Under which BitFuFu can purchase up to 80,000 mining machines.

這種綜合方法有助於加強客戶關係，創造交叉銷售機會，並鞏固我們作為比特幣挖礦生態系統中全方位服務提供者的地位。該業務由與比特大陸簽訂的兩年框架協議支持。據此，BitFuFu最多可以購買8萬台礦機。

The agreement includes flexible payment terms, including the ability to defer part of the cash payment interest-free following delivery, and the option to pay a portion of the purchase price in shares of BitFuFu. This financial flexibility allows us to manage capital efficiently while supporting the company's broader growth strategy and enhancing long-term shareholder value.

該協議包括靈活的付款條款，包括在交貨後無息延期支付部分現金，以及以 BitFuFu 股份支付部分購買價格的選擇。這種財務靈活性使我們能夠有效地管理資本，同時支持公司更廣泛的成長策略並提高長期股東價值。

Now let's take a closer look at our costs. The cost of revenue for 2024 was $433.6 million representing an increase of approximately 60% from $271.4 million in 2023. This increase was in line with the of our cloud mining and self-mining operations as we scaled up our activities to meet growing demand. The increase in costs was also driven by higher electricity and hosting fees, which are directly correlated with the scale of our operations.

現在讓我們仔細看看我們的成本。2024 年的收入成本為 4.336 億美元，比 2023 年的 2.714 億美元增加約 60%。這一成長與我們的雲端挖礦和自挖礦業務的成長一致，因為我們擴大了活動規模以滿足不斷增長的需求。成本的增加也是由於電力和託管費用的增加，這與我們的營運規模直接相關。

Following the Bitcoin having an increased blockchain difficulty, our self-mining cost to mine Bitcoin rose to $47,496 per Bitcoin, up from $28,200 per bitcoin in 2023. As a reminder, our cost to mine a Bitcoin includes electricity and hosting costs, the cost of hashrate.

隨著比特幣區塊鏈難度的增加，我們開採比特幣的自挖成本從 2023 年的每比特幣 28,200 美元上升至每比特幣 47,496 美元。提醒一下，我們挖掘比特幣的成本包括電力和託管成本以及哈希率成本。

From suppliers and the leasing cost of miners which make up a majority of our mining fleet. As such, our cost is not directly comparable to some of our peers, which may exclude the depreciation cost of minors in their calculations, while depreciation to some extent is embedded in our cost of acquiring hashrate and leasing minors.

來自供應商和構成我們採礦船隊大部分的礦工的租賃成本。因此，我們的成本與一些同行無法直接比較，他們可能在計算中排除了礦機的折舊成本，而折舊在某種程度上包含在我們獲取哈希率和租賃礦機的成本中。

Our gross profit margin was 6.6%, an increase from 4.5% in 2023, which was primarily attributable to the combined effect of the increase in the price of Bitcoin and the decline in bitcoin production. In addition to the impact of the halving event, growth margin was negatively impacted by the temporary downtime of mining machines.

我們的毛利率為 6.6%，高於 2023 年的 4.5%，這主要歸因於比特幣價格上漲和比特幣產量下降的綜合影響。除了減半事件的影響外，礦機暫時停機也對成長率產生了負面影響。

As we strategically relocated minors from high cost to low-cost hosting facilities in the second half of 2024. During the migration, cell phone machines did not contribute enough revenue to cover their depreciation. However, the relocation ultimately positions the company for greater long-term efficiency and profitability.

我們將在 2024 年下半年策略性地將未成年人從高成本託管設施轉移到低成本託管設施。在遷移過程中，手機機並沒有貢獻足夠的收入來彌補折舊。然而，搬遷最終將使公司獲得更高的長期效率和獲利能力。

Sales and marketing expenses, general and administrative expenses and R&D expenses were $38.3 million in total, up $31 million compared to 2023. This increase was largely due to the share-based compensation expense of $26.1 million in 2024 compared to no such expense in 2023.

銷售和行銷費用、一般和行政費用以及研發費用總計 3,830 萬美元，與 2023 年相比增加 3,100 萬美元。這一增長主要是由於 2024 年股權激勵費用為 2,610 萬美元，而 2023 年沒有此類費用。

In addition, there was a $2.3 million increase in legal and consulting costs related to MA and business development activities. We also incurred additional operating expenses attributable to being a public company following BitFuFu’s listing in March 2024.

此外，與MA和業務發展活動相關的法律和諮詢費用增加了230萬美元。BitFuFu 於 2024 年 3 月上市後，由於成為一家上市公司，我們還產生了額外的營運費用。

During the year we also recognized a $44.3 million non-cash fair value gain on Bitcoin under fair value accounting rules. This gain reflects the favorable mark to market adjustment of Bitcoin prices in the year.

本年度，我們也根據公允價值會計規則確認了比特幣 4,430 萬美元的非現金公允價值收益。這一收益反映了今年比特幣價格的有利的市價調整。

We also recognize a gain of over $31 million on the sale of digital assets compared to $18.2 million in 2023. This increase was driven by the higher price of bitcoin sold during the year. Our general treasury policy is to sell a portion of mined bitcoins on a daily basis to cover our electricity fees and hosting costs.

我們也確認，出售數位資產的收益超過 3,100 萬美元，而 2023 年為 1,820 萬美元。這一增長是由於年內比特幣售價上漲所致。我們的一般財務政策是每天出售一部分開採的比特幣，以支付電費和託管費用。

However, during 2024, we took a more slightly more proactive approach, and our internal sophisticated quantitative trading team strategically chose to sell additional bitcoins following a rapid increase in the price of Bitcoin and acquire Bitcoin through open market purchases when the price declined in 2025.

然而，在 2024 年，我們採取了更積極主動的方式，我們內部成熟的量化交易團隊策略性地選擇在比特幣價格快速上漲後出售額外的比特幣，並在 2025 年價格下跌時透過公開市場購買來獲取比特幣。

We will continue to closely monitor our Bitcoin holdings, the price of Bitcoin, and market dynamics to potentially make opportunistic purchases or sales of Bitcoin in support ongoing CapEx needs. However, we maintain our long-term bullish view on Bitcoin, and our desire is to hoddle the majority of our Bitcoin.

我們將繼續密切關注我們的比特幣持有量、比特幣價格和市場動態，以便有機會購買或出售比特幣，以支持持續的資本支出需求。然而，我們仍然對比特幣保持長期看漲觀點，並且我們的願望是持有大部分比特幣。

Full year 2024 adjusted EBITDA of $117.5 million more than tripled compared with $41.7 million in 2023. This significant growth was driven by the scaling of our cloud mining and self-mining operations, our disciplined approach to cost control, and the gain from the favorable market price of Bitcoin.

2024 年全年調整後 EBITDA 為 1.175 億美元，較 2023 年的 4,170 萬美元成長兩倍多。這一顯著增長得益於我們雲端挖礦和自挖礦業務的擴大、我們嚴格的成本控制方法以及比特幣有利的市場價格帶來的收益。

As of the end of 2024, BitFuFu continued to remain in a strong net cash liquidity position of $77.8 million. Cash equivalents, digital assets, and digital assets collateral receivables totaled $235.5 million compared to $76 million at the end of 2023.

截至 2024 年底，BitFuFu 持續維持強勁的淨現金流動性狀況，達到 7,780 萬美元。現金等價物、數位資產和數位資產抵押應收款總額為 2.355 億美元，而 2023 年底為 7,600 萬美元。

We owned 1,720 bitcoins as of year 2024, including 633 bitcoins which have been pledged for loans or asset acquisitions and excluding 225 bitcoins held by BitFuFu as collateral related to a customer sale. This increase in liquidity was supported by proceeds from our Nasdaq listing, an increase in digital assets from our self-mining operations and the appreciation of the value of Bitcoins held by the company.

截至 2024 年，我們擁有 1,720 枚比特幣，其中包括已用於貸款或資產收購的 633 枚比特幣，不包括 BitFuFu 持有的與客戶銷售相關的抵押品 225 枚比特幣。流動性的增加得益於我們在納斯達克上市的收益、我們自行採礦業務產生的數位資產的增加以及公司持有的比特幣價值的升值。

In November 2024, we entered into a two-year master loan agreement with Antpool, granting the company access up to $100 million in capital with an annual fixed interest rate of 6.5%. As of December, $35 million was withdrawn under the master loan agreement.

2024 年 11 月，我們與 Antpool 簽訂了為期兩年的主貸款協議，授予該公司最高 1 億美元的資本，年固定利率為 6.5%。截至 12 月，已根據主貸款協議提取了 3,500 萬美元。

Our debt to assets ratio was 57% as of December 31, 2024. We continuously monitor market conditions, liquidity requirements, and risk management strategies to optimize our holdings and protect the interests of our shareholders.

截至 2024 年 12 月 31 日，我們的資產負債比率為 57%。我們持續監控市場狀況、流動性需求和風險管理策略，以優化我們的持股並保護股東的利益。

Our balance sheet strength and liquidity position provide us with the flexibility to pursue growth opportunities and make strategic investments in line with our long term objectives. Our strong financial performance in 2024 highlights the meaningful progress we have made and expect to continue making toward building a resilient, growth-oriented business model by maintaining disciplined cost controls, making strategic investments in low cost electricity data centers, and driving solid revenue across our business segments, we are laying the foundation for long term success, prerational efficiency and sustained profitability.

我們的資產負債表實力和流動性狀況使我們能夠靈活地尋求成長機會並根據我們的長期目標進行策略性投資。我們2024年的強勁財務業績凸顯了我們已經取得的重大進展，並期望透過保持嚴格的成本控制、對低成本電力數據中心進行戰略投資以及推動各業務部門實現穩健的收入，繼續朝著構建有彈性、以增長為導向的業務模式邁進，為長期成功、合理效率和持續盈利奠定基礎。

Thank you all for your continued interest and support. I'll now turn the call back over to Leo for his closing remarks.

感謝大家一直以來的關注與支持。現在我將把電話轉回給 Leo，請他作最後發言。

Thank you, Calla.

謝謝你，卡拉。

In closing, I want to thank our employees, partners, and shareholders for their continued support. 2024 was a transformational year for BitFuFu. And we are entering 2025 with strong momentum, a clear strategy, and the operational and financial strength to execute.

最後，我要感謝我們的員工、合作夥伴和股東的持續支持。 2024 年對 BitFuFu 來說是轉型的一年。我們將以強勁的勢頭、清晰的策略以及執行的營運和財務實力邁入 2025 年。

We remain focused on driving innovation, expanding our capabilities, and delivering sustainable value as we continue to lead in the evolving bitcoin mining industry. We appreciate your time today and look forward to updating you on our progress in the quarters ahead.

我們將繼續專注於推動創新、擴展我們的能力並提供可持續的價值，並繼續在不斷發展的比特幣挖礦業中保持領先地位。感謝您今天抽出時間，我們期待在未來幾季向您通報我們的進展。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。