BitFuFu Inc (FUFU) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to BitFuFu's first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BitFuFu 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Charlie Brady. Please go ahead.

現在我想將會議交給今天的第一位發言者查理布雷迪。請繼續。

Thank you, operator. Good morning, ladies and gentlemen, and welcome to BitFuFu's first quarter 2025 earnings call. The company's financial results were released earlier today and are available on the Investor Relations website at ir.bitfufu.com as well as on the globenewswire.com website. Joining me today on the call are Leo Lu, Chairman and CEO; and Calla Zhao, Chief Financial Officer.

謝謝您，接線生。女士們、先生們，早安，歡迎參加 BitFuFu 2025 年第一季財報電話會議。該公司的財務表現已於今天稍早公佈，可在投資者關係網站 ir.bitfufu.com 和 globenewswire.com 網站上查閱。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。

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 1995. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from management's current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in the company's public filings with the SEC.

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

The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law. We will be discussing non-GAAP 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.

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。我們將在本次電話會議上討論非公認會計準則財務資訊。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 e-mailed to ir@bitfufu.com, and we will respond to as quickly as possible generally within 24 hours.

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，但您可以透過電子郵件發送問題至 ir@bitfufu.com，我們通常會在 24 小時內盡快回覆。

I'll now turn the call over to Leo Lu, Chairman and Chief Executive Officer.

現在我將電話轉給董事長兼執行長 Leo Lu。

Thanks, Charlie. Good morning, and thank you for joining BitFuFu's first quarter 2025 earnings call. I'll briefly cover our first quarter performance and provide updates on our strategic growth initiatives. Before turning it over to Calla to cover our financial results in more detail. As expected, our first quarter revenue declined year over year due to the increased network difficulty and the April 2024 halving event which reduced the Bitcoin block subsidy from 6.25 to 3.125 Bitcoins.

謝謝，查理。早安，感謝您參加 BitFuFu 2025 年第一季財報電話會議。我將簡要介紹我們第一季的業績並提供我們的策略成長計畫的最新資訊。在將我們的財務結果轉交給 Calla 之前，我們會更詳細地介紹我們的財務結果。正如預期的那樣，由於網路難度增加以及 2024 年 4 月減半事件將比特幣區塊補貼從 6.25 比特幣減少到 3.125 比特幣，我們的第一季收入同比下降。

In the first quarter of 2025, we achieved total revenue of $78 million compared to $144 million in the first quarter of 2024. Net loss of $17 million and adjusted EBITDA of minus $11 million were significantly impacted by the unrealized fair value loss of digital assets and digital asset collateral receivables or payables, which was $19.4 million in total.

2025 年第一季度，我們的總營收為 7,800 萬美元，而 2024 年第一季為 1.44 億美元。淨虧損 1,700 萬美元，調整後 EBITDA 為負 1,100 萬美元，受到數位資產和數位資產抵押品應收款或應付款項未實現公允價值損失的顯著影響，總計 1,940 萬美元。

We ended the first quarter of 2025 with total mining capacity under management of 20.6 exa hash and hosting capacity of 478 megawatts compared to 28.6 exa hash and 644 megawatts as of March 31, 2024. This decline was primarily driven by two temporary factors: first, certain hashrate procurement contracts expired during the quarter, while the new contracts were still under negotiation at the end of March, resulting in a short-term reduction in available mining capacity; second, several of our suppliers underwent miner fleet relocations and hardware upgrades, which temporarily disrupted the flow of purchased hashrate.

截至 2025 年第一季度，我們管理的總採礦能力為 20.6 exa 雜湊值，託管能力為 478 兆瓦，而截至 2024 年 3 月 31 日，我們的管理總採礦能力為 28.6 exa 雜湊值，託管能力為 644 兆瓦。這種下降主要是由兩個暫時性因素造成的：首先，某些哈希率採購合約在本季度​​到期，而新合約在 3 月底仍在談判中，導致可用挖礦能力短期內減少；其次，我們的一些供應商進行了礦機隊遷移和硬體升級，這暫時中斷了購買哈希率的流動。

Despite these headwinds, we have seen a strong recovery in recent weeks. Earlier this week, we announced a significant rebound in total mining capacity under management. By April 30, our hashrate had increased to 28.3 exa hash, nearly matching the levels we achieved as of March 30 last year. This momentum continued into May with hashrates reaching 34.1 exa hash by month end. It's important to note that much of the hashrate added in May came from the latest generation Antminer S21 series.

儘管面臨這些不利因素，但近幾週我們仍看到了強勁復甦。本週早些時候，我們宣布管理的總採礦能力大幅反彈。截至 4 月 30 日，我們的哈希率已增加到 28.3 exa hash，幾乎與去年 3 月 30 日達到的水平相當。這一勢頭持續到了 5 月份，月底哈希率已達到 34.1 exa 哈希。值得注意的是，5 月增加的大部分哈希率來自最新一代 Antminer S21 系列。

These units deliver materially higher efficiency which not only improves our cost structure, but also positions us well to maintain competitiveness even as network difficulty continues to rise. This rebound underscores the strength of our supplier relationships, the agility of our procurement strategy and the resilience of our overall business model.

這些裝置的效率大大提高，不僅改善了我們的成本結構，而且使我們即使在網路難度不斷上升的情況下也能保持競爭力。這次反彈凸顯了我們與供應商關係的強大性、我們採購策略的靈活性以及我們整體業務模式的彈性。

Looking back to the achievement of the past quarter, we closed the acquisition of a mining facility in Oklahoma, lifting our cellphone hashrate to 4.2 exa hash and advancing our vertical integration strategy. Although deliveries from some long-standing suppliers tapered off, we broadened our network, added new partners and increased orders from existing ones, strengthening the supply chain and lowering concentration risk. When leasing hashrate, suppliers usually ask for upfront payment.

回顧上個季度的成就，我們完成了對俄克拉荷馬州一家採礦設施的收購，將我們的手機哈希率提升至 4.2 exa hash，並推進了我們的垂直整​​合策略。雖然部分長期供應商的供貨量有所減少，但我們擴大了網絡，增加了新的合作夥伴，並增加了現有供應商的訂單，從而加強了供應鏈，降低了集中風險。在租賃哈希率時，供應商通常會要求預付款。

While we want to actively manage the risk of supplier defaulting and cash flow in Q1 2025, we created structures that satisfy both needs allowing us to expand our supplier base. We onboarded several new suppliers, one of whom, for instance, scaled its deliveries from 0.2 exa hash in fourth quarter 2024 to 1.6 exa hash in first quarter 2025 and 3.1 exa hash subsequent to the end of the first quarter.

雖然我們希望在 2025 年第一季積極管理供應商違約和現金流的風險，但我們創建了滿足這兩種需求的結構，使我們能夠擴大供應商基礎。我們吸收了幾家新供應商，例如，其中一家供應商的交付量從 2024 年第四季的 0.2 exa hash 擴大到 2025 年第一季的 1.6 exa hash，並在第一季末擴大到 3.1 exa hash。

By the end of March, the hashrate managed by BitFuFu spanned five continents, giving us greater flexibility. Combined with our proprietary technology that slices and dispatches hashrate globally, this geographic reach supports uninterrupted cloud mining service for customers. We expect to replicate the supplier agreements and continue adding partners going forward.

截至三月底，BitFuFu管理的算力已遍佈五大洲，為我們帶來了更大的靈活性。結合我們在全球範圍內切片和調度哈希率的專有技術，這種地理覆蓋範圍可為客戶提供不間斷的雲端挖掘服務。我們希望複製供應商協議並繼續增加合作夥伴。

Moreover, in the first quarter of 2025, we continued expanding our global footprint, adding new customers across key growth markets in Africa and Asia. This expansion reflects the growing global demand for our integrated mining solutions and reinforces the scalability of our platform. The addition of customers in these regions not only diversifies our revenue base, but also strengthens our position in markets with increasing digital asset adoption and infrastructure investment.

此外，2025 年第一季度，我們繼續擴大全球業務，在非洲和亞洲等主要成長市場增加了新客戶。此次擴張反映了全球對我們的綜合採礦解決方案日益增長的需求，並增強了我們平台的可擴展性。這些地區客戶的增加不僅使我們的收入基礎多樣化，而且隨著數位資產採用和基礎設施投資的增加，也加強了我們在市場中的地位。

As we continue to build brand recognition and local partnerships in these geographies, we expect to unlock additional growth opportunities and further enhance the resilience of our business across economic cycles and regulatory environments. While the initial contribution from new customers may appear modest, this is consistent with typical onboarding behavior. New users often begin with small trial orders before transitioning to larger recurring commitments. Notably, our top two revenue-generating customers in the first quarter only joined the platform in late 2023 and early 2024, one in November and the other in January.

隨著我們在這些地區繼續建立品牌知名度和本地合作夥伴關係，我們期望釋放更多成長機會，並進一步增強我們的業務在經濟週期和監管環境中的韌性。雖然新客戶的初始貢獻可能看起來很小，但這與典型的入職行為一致。新用戶通常會先從小額試用訂單開始，然後再轉向更大規模的定期承諾。值得注意的是，我們第一季收入最高的兩家客戶分別於 2023 年底和 2024 年初加入該平台，一家在 11 月，另一家在 1 月。

This demonstrates the potential of new accounts to scale quickly. We believe our current pipeline of new customers has the potential to become a significant contributor to future growth. During the first quarter, our average electricity price declined by 18% compared to the first quarter of 2024. Due to our continuous efforts on optimize our cost structure to mitigate the impact of possible growth in future electricity costs, we have been actively joined curtailment plans in the mining sites we operate in the US and explore other cheaper powers globally.

這表明新帳戶具有快速擴展的潛力。我們相信，我們現有的新客戶群有潛力成為未來成長的重要貢獻者。第一季度，我們的平均電價與 2024 年第一季相比下降了 18%。由於我們不斷努力優化成本結構，以減輕未來電力成本可能成長的影響，我們積極參與美國營運的採礦場的限電計劃，並在全球範圍內探索其他更便宜的電力。

Looking ahead to our capital expenditure plans for the remainder of 2025. We are actively evaluating opportunities in the US, Canada, and other part of the world. These include a mix of operating facilities and greenfield development sites. The review process has been deliberate and methodical reflecting our commitment to disciplined capital deployment. From a structural standpoint, we favor acquiring a controlling interest, typically between 51% and 75% rather than full ownership. We believe joint venture structures can be more capital efficient while also leveraging the local expertise of our partners to support smooth post-acquisition integration and ongoing operations.

展望 2025 年剩餘時間的資本支出計畫。我們正在積極評估美國、加拿大和世界其他地區的機會。其中包括營運設施和綠地開發場地。審查過程是經過深思熟慮和有條不紊的，體現了我們對嚴格資本配置的承諾。從結構角度來看，我們傾向於獲得控股權，通常在 51% 至 75% 之間，而不是全部所有權。我們相信合資企業結構可以提高資本效率，同時還可以利用合作夥伴的本地專業知識來支援順利的收購後整合和持續營運。

Now I'll turn it over to Calla to cover our financial performance. Calla?

現在我將把時間交給卡拉來介紹我們的財務表現。馬蹄蓮？

Thank you, Leo. Good morning, everyone. I will now provide a deeper dive into our financial performance for the first quarter of 2025. Total revenue for the quarter was $78 million, representing a 46% decrease from $144.4 million in the same period of 2024. In first quarter 2024, with a hashrate as high as 28.6 exa hash and before the impact of halving we recorded the highest revenue in the fourth quarter of 2024.

謝謝你，Leo。大家早安。現在，我將更深入地探討我們 2025 年第一季的財務表現。本季總營收為 7,800 萬美元，較 2024 年同期的 1.444 億美元下降 46%。2024 年第一季度，哈希率高達 28.6 exa hash，在減半的影響之前，我們在 2024 年第四季度創下了最高收入。

Although we acquired more self-owned miners in the fourth quarter of 2024 and energized those miners in the first quarter of 2025, the temporary decrease in procured cash rate from suppliers, as explained by Leo just now, led to a decline in the scale of the first quarter.

雖然我們在2024年第四季度收購了更多的自有礦機，並在2025年第一季為這些礦機注入了活力，但是正如剛才Leo所解釋的，由於供應商採購現金率的暫時下降，導致第一季度規模有所下降。

During the first quarter of 2025, we allocated the majority of our total hashrate to cloud mining services, leading to cloud mining revenue accounting for around 69% of our total revenue. In the past quarter, 86% of the average daily mining capacity provided by our self-owned miners were used for self-mining operations, and the rest 14% were used for cloud mining operations.

2025 年第一季度，我們將大部分總哈希率分配給了雲端挖礦服務，導致雲端挖礦收入約占我們總收入的 69%。在過去的一個季度中，我們自有礦機提供的平均每日挖礦能力的 86％ 用於自挖礦運營，其餘 14％ 用於雲端挖礦運營。

88% of the average daily mining capacity provided by the lease miners or third-party suppliers were used for cloud mining services. And the rest, 12% were used for self-mining operations. Our decision of mining capacity allocation was driven by continued strong demand from customers and near-term market volatility. In the first quarter of 2025, we reported a net loss of $16.8 million, primarily due to the mark-to-market adjustment on Bitcoin holdings between December 31 and March 31.

租賃礦工或第三方供應商提供的平均每日挖礦能力的88%用於雲端挖礦服務。其餘 12% 用於自行開採。我們的採礦產能分配決定受到客戶持續強勁的需求和近期市場波動的影響。2025 年第一季度，我們報告淨虧損 1,680 萬美元，主要原因是 12 月 31 日至 3 月 31 日期間對比特幣持有量進行了按市價調整。

Adjusted EBITDA was negative $10.8 million, also impacted by this noncash revaluation. However, if excluding the $19.4 million unrealized fair value losses of digital assets and digital asset collateral receivables or payables, our adjusted EBITDA would turn to approximately $8.6 million, highlighting the underlying strength of our business model and operational execution.

調整後的 EBITDA 為負 1,080 萬美元，也受到此次非現金重估的影響。然而，如果不包括 1,940 萬美元的未實現數位資產公允價值損失和數位資產抵押應收帳款或應付帳款，我們的調整後 EBITDA 將變為約 860 萬美元，突顯了我們商業模式和營運執行的潛在優勢。

Turning to our working capital and treasury management as of March 31, 2025, we own a total of 1,835 Bitcoin. This includes 1,420 Bitcoins stored in our own wallets and 794 Bitcoins pledged for loans or asset acquisitions. It excludes 379 Bitcoins held as collateral from customers and suppliers which serve as performance guarantees under existing contracts. Our treasury strategy prioritizes long-term value creation. We aim to retain Bitcoin for potential price appreciation while selectively selling a portion to meet working capital needs.

談到我們的營運資金和財務管理，截至 2025 年 3 月 31 日，我們總共有 1,835 個比特幣。其中包括儲存在我們自己的錢包中的 1,420 個比特幣和用於貸款或資產收購的 794 個比特幣。它不包括客戶和供應商持有的 379 比特幣作為現有合約的履約擔保。我們的財務策略優先考慮長期價值創造。我們的目標是保留比特幣以實現潛在的價格升值，同時選擇性地出售一部分以滿足營運資金需求。

To manage liquidity risk, we sell Bitcoin on a frequent measured basis rather than relying on large onetime sales which helps us avoid being forced to liquidate holdings at unfavorable market prices. We anticipate higher capital expenditures in the future, particularly when we move forward with the acquisition of additional mining equipment or sites.

為了管理流動性風險，我們定期出售比特幣，而不是依賴一次性大額出售，這有助於我們避免被迫以不利的市場價格清算持有的比特幣。我們預計未來資本支出會增加，特別是當我們繼續收購額外的採礦設備或場地時。

At that time, we expect to fund these investments through a combination of existing balance sheet resources and proceeds from financing activities raised in advance. Under our framework agreement with Bitmain, we have secured access to up to 80,000 Antminer S21 series or the latest model, ensuring ample supply to support our business development. We will only purchase additional miners for our own operations, if we acquire new mining sites as all three of our currently secured facilities are fully deployed.

屆時，我們預計透過現有資產負債表資源和預先籌集的融資活動收益來為這些投資提供資金。根據我們與比特大陸的框架協議，我們已獲得多達 80,000 台 Antminer S21 系列或最新型號的使用權，確保充足的供應以支持我們的業務發展。如果我們獲得新的採礦場地，我們只會為我們自己的營運購買額外的礦工，因為我們目前所有的三個安全設施都已完全部署。

In addition, we may procure Antminer for selling purposes. As discussed on our previous earnings call, the goal of our mining machine sales business is not simply transactional. It is part of a broader strategy to deliver value-added end-to-end solutions for our customers. By offering mining hardware alongside our cloud mining and hosting services, we're able to provide a comprehensive service package. This integrated approach deepens customer relationships, unlocks cross-selling opportunities and solidifies our position as a full-service provider in the Bitcoin mining ecosystem.

此外，我們可能會採購 Antminer 用於銷售目的。正如我們之前的收益電話會議上所討論的那樣，我們的採礦機銷售業務的目標不僅僅是交易。這是為客戶提供增值端到端解決方案的更廣泛策略的一部分。透過提供挖礦硬體以及我們的雲端挖礦和託管服務，我們能夠提供全面的服務包。這種綜合方法加深了客戶關係，釋放了交叉銷售機會，並鞏固了我們作為比特幣挖礦生態系統全方位服務提供者的地位。

I'd also like to take this opportunity to highlight our approach to credit and counterparty risk management. First, before entering into any new partnership, we conduct a thorough risk assessment. We only engage with counterparties that meet our internal standards.

我還想藉此機會強調我們的信貸和交易對手風險管理方法。首先，在建立任何新的合作關係之前，我們都會進行全面的風險評估。我們只與符合我們內部標準的交易對手合作。

Second, we generally require secured assets as part of our commercial arrangements. In our cloud mining and mining machine sales businesses, most customers are required to pay service fees in advance, only a limited number of VIP clients are granted credit terms. And even then, we require them to pledge Bitcoin as collateral to ensure timely payment.

其次，我們通常需要擔保資產作為我們商業安排的一部分。在我們的雲端挖礦和礦機銷售業務中，大多數客戶都需要預先支付服務費，只有有限數量的VIP客戶才能獲得信用條款。即便如此，我們仍然要求他們承諾提供比特幣作為抵押，以確保及時付款。

Third, to mitigate risk related to asset custody, we store the majority of our crypto assets in cold wallets. When assets must be held in hot wallets, we ensure they are protected by sufficient insurance coverage. These measures are designed to protect our financial position, ensure reliable cash flows and safeguard the digital assets under our management.

第三，為了降低與資產託管相關的風險，我們將大部分加密資產儲存在冷錢包中。當資產必須存放在熱錢包中時，我們會確保它們受到足夠的保險保護。這些措施旨在保護我們的財務狀況，確保可靠的現金流並保護我們管理的數位資產。

Regarding our debt management, our plan is to repay a portion of the outstanding long-term payables over the coming year. This repayment will be funded through a combination of proceeds from operations and potential capital raise through financing activities. For the remaining balance, we intend to pursue an extension of the terms to maintain financial flexibility.

關於我們的債務管理，我們的計劃是在來年償還部分未償還的長期應付款項。該筆還款將透過營運收益和透過融資活動籌集的潛在資金來支付。對於剩餘的餘額，我們打算延長期限以保持財務靈活性。

As of March 31, 2025, our total outstanding loan balance was $40 million. Approximately 60% of these proceeds have been used to support credit sales extended to select customers and will be repaid by the customers within one year.

截至 2025 年 3 月 31 日，我們的未償還貸款總額為 4,000 萬美元。其中約 60% 的收益已用於支援向特定客戶提供的信用銷售，並將由客戶在一年內償還。

Regarding the impact of US tariffs on our business, like most public miners, the majority of our mining hardware is sourced from Southeast Asia, such as Malaysia. While tariff levels may vary depending on origin and product classification, we are actively monitoring developments and assessing any potential implications for our cost structure. Importantly, our strategic plan to invest in mining infrastructure and equipment in the US and other suitable regions remains unchanged.

關於美國關稅對我們業務的影響，與大多數公共礦工一樣，我們的大部分採礦硬體都來自東南亞，例如馬來西亞。雖然關稅水平可能因原產地和產品分類而異，但我們正在積極監測發展並評估對我們的成本結構的任何潛在影響。重要的是，我們在美國和其他合適地區投資採礦基礎設施和設備的策略計畫保持不變。

I'll now turn the call back to Leo for his closing remarks.

現在我將把電話轉回給 Leo，請他作最後發言。

Thanks, Calla. Before we conclude, I want to thank our employees, partners, and shareholders for their continued support and trust. We entered 2025 with clear priorities: scale our mining capacity, strengthen our infrastructure, broaden our supply chains, and deepen our customer relationships. I'm proud to say, we've made meaningful progress on all fronts.

謝謝，卡拉。在結束之前，我要感謝我們的員工、合作夥伴和股東的持續支持和信任。我們進入 2025 年時有明確的優先事項：擴大我們的採礦能力、加強我們的基礎設施、拓寬我們的供應鏈並深化我們的客戶關係。我很自豪地說，我們在各方面都取得了有意義的進展。

Despite evolving market conditions, including regulatory developments and macro uncertainty, we remain focused on disciplined execution and long-term value creation. With a strong foundation in place, a diversified global footprint and growing demand across our service offerings, we believe we are well positioned to capture the next phase of growth in the Bitcoin mining ecosystem.

儘管市場條件不斷變化，包括監管發展和宏觀不確定性，我們仍然專注於嚴格的執行和長期價值創造。憑藉堅實的基礎、多元化的全球影響力以及不斷增長的服務需求，我們相信我們已做好準備，抓住比特幣挖礦生態系統下一階段的成長機會。

Thank you again for joining us today. We look forward to updating you on our continued progress in the quarters ahead. Thank you.

再次感謝您今天加入我們。我們期待在未來幾季向您通報我們持續取得的進展。謝謝。

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

謝謝。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。