Good day, and thank you for standing by. Welcome to the BitFuFu Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Charlie Brady. Please go ahead, sir.

Thank you, operator. Good morning, and welcome to BitFuFu's Second Quarter 2025 Earnings Call. The company's financial results were released earlier today are available on BitFuFu's Investor Relations website at ir.bitfufu.com and globalnewswire.com. Joining me on the call today are BitFuFu's Chairman and CEO, Leo Lu; and CFO, Calla Zhao. Before we begin, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. 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. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the 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. The company does not undertake any obligation to update any forward-looking statement, 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. You can find a reconciliation of these metrics to the company's reported GAAP results and 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 as quickly as possible, generally within 24 hours. I will now turn the call over to Leo Lu, Chairman and CEO of the company.

Thanks, Charlie. Thank you for joining BitFuFu's Second Quarter 2025 Earnings Conference Call. Before handing over to Calla for a detailed review of our financial results. I will provide some key highlights from the second quarter, update on key strategic initiatives and share our outlook for the remainder of the year. In the second quarter of 2025, we achieved total revenue of $115.4 million, a 47.9% increase from $78 million in the first quarter, adjusted EBITDA reached $60.7 million with net income of $47.1 million, a strong rebound from the first quarter. The significant improvement in the second quarter financial performance resulted in total first half 2025 financial performance of $193.4 million in revenue. $30.3 million in net income, $49.9 million in adjusted EBITDA and diluted earnings per share of $0.18. These results reflect not only the rise in Bitcoin prices but more importantly, the strength of our strategic decisions, investing in fleet upgrades, expanding our hosting capacity, diversifying our revenue streams and securing low-cost stable power sources. Together, these initiatives have strengthened our competitive position and created a solid foundation for long-term growth. These accomplishments are a direct result of the dedication, skill and relentless pursuit of excellence by the BitFuFu team whose efforts continue to drive our vision forward. As of June 30, our total managed mining capacity reached 36.2 exahashes per second. A record high since our founding and placing us among the leaders in the U.S. public mining industry. Our hosting capacity also reached a new record of 728 megawatts, the rise in the Bitcoin price this quarter fueled strong demand for cloud mining, leveraging our scale, operational efficiency and trusted brand we secured significant computing capacity from multiple new providers to deploy into our cloud mining platform, enabling us to meet the growing market demand…

Thank you, Leo. Good morning, everyone. Now I would like to present our second quarter 2025 financial and operating results. Total revenue for the quarter was $115.4 million, a 47.9% increase from $78 million in the first quarter of this year. This strong sequential growth was driven by increased demand for our cloud mining solutions, rising Bitcoin prices and continued upgrades to our mining fleet. Cloud mining revenue increased to $94.3 million, a 22.3% year-over-year increase and a 75.6% increase compared to the first quarter. For the quarter, cloud mining revenue accounted for 81.7% of total revenue. Self mining revenue was $14.8 million, representing 12.8% of total revenue while mining equipment sales revenue was $5.2 million, representing 4.5% of total revenue. Other revenue sources such as mining machine hosting accounted for the remaining 1%. In the cloud mining sector, customer demand for cloud hash rates grew strongly this quarter with demand exceeding supply. New customers contributed approximately 51% of cloud mining revenue in the second quarter while existing customers contributed approximately 49%. In terms of operations by the end of June, the company's total managed mining capacity reached 36.2% exahash, a year-on-year increase of 46.6%, setting a new company record. Hosting capacity also reached a new all-time high of 728 megawatts, up from 522 megawatts in the same period last year. Total Bitcoin output for the quarter was approximately 1,060 Bitcoins, of which 143 Bitcoins came from self mining and 917 Bitcoins from client cloud mining activities. Quarterly costs were $102.5 million, a decrease of 13.4% compared to the same period in 2024. This decrease reflects lower electricity cost per terahash and continued improvements in procurement and operational efficiency. We have made significant progress in upgrading our mining equipment. So far this year, we have purchased about 10,000 S21 series…

Thank you, Calla. Before I close, I want to thank our employees partners and shareholders for their continued support and trust. In summary, the second quarter was a pivotal one for BitFuFu, we achieved strong quarter-over-quarter growth, improved profitability and continue to solidify our leading position in both self-mining and cloud mining. The increased demand for our cloud mining services particularly from new customers and the continued efficiency gains from our fleet upgrades underscore the strength of our platform and the scale advantages we've diligently built. As we head into the second half of the year, we will remain focused on disciplined execution, efficient operations and continued expansion of our capabilities. Our strong balance sheet, scalable infrastructure and talented team provide us with the resources and flexibility to capitalize on market opportunities and create long-term value for shareholders. Thank you again for your participation today and your continued support. We look forward to updating you on our progress in the coming quarters. Thank you.

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.