Ladies and gentlemen, good day. Welcome to BitFuFu's Third Quarter Earnings Conference Call. The company's financial results were released earlier today and are available on BitFuFu's Investor Relations website at ir.bitfufu.com and globalnewswire.com. Joining me today on the call are Chairman and CEO, Leo Lu; and CFO, Calla Zhao. Before we begin, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities 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 could 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 U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements except as required by applicable law. We will be discussing non-GAAP financial information on this call. The company provides us information to supplement information prepared in accordance with U.S. Generally Accepted Accounting Principles or GAAP. A reconciliation of these measures to the company's reported GAAP results can be found in the reconciliation table provided in today's earnings release. Finally, it's important to note that we will not be conducting a Q&A on this call, you can e-mail your questions 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, Chairman and CEO of the company.

Thanks, Charlie, and thank you all for joining us today. The third quarter was a clear inflection point for BitFuFu. Total revenue reached $180.7 million, doubling year-over-year and increasing 57% sequentially. And adjusted EBITDA of $22.1 million was up substantially year-over-year. This performance reflects strong execution in our cloud mining solutions platform, continued expansion of our soft mining fleet and healthy demand in our mining equipment sales business. Our dual engine model, combining recurring asset-light cloud mining revenue with direct participation in Bitcoin through self mining continues to demonstrate resilience across cycles. As usual, our cloud mining business remained our largest revenue contributor this quarter, reaching $123 million, a 78.4% increase year-over-year. We have described before why our cloud mining service is attractive to customers. It's easy to use. You can start with a one-click purchase. It has built-in leverage. Customers can choose to pay the service fee over time to direct more upfront dollars to purchase hash rate. And it's cost effective, for many, it lowers the average cost of acquiring Bitcoin versus buying directly on an exchange. This value proposition appeals to both retail and institutional clients. In third quarter, the price of Bitcoin moved higher and interest in accumulating Bitcoin increased. Together, these trends lifted demand for our cloud mining services. We saw more new customers and orders and importantly, more repeat purchases from existing customers as digital asset treasury strategies see wider adoption, more institutions are turning to mining to accumulate Bitcoin. This trend is expanding our cloud mining customer base. Institutional clients prioritize 2 things, safeguarding capital and platform reliability as the publicly listed provider with the largest market share in the Bitcoin cloud mining BitFuFu consistently operates with transparency and compliance, creating a platform built for trust. Additionally, our globally distributed hash rate mitigates…

Thank you, Leo. Good morning, everyone. Now I would like to present our third quarter 2025 financial and operating results. This quarter marked the highest revenue quarter in BitFuFu's history, with total revenue reaching $180.7 million, representing 100% year-over-year growth. This achievement is particularly encouraging because it was delivered against the challenging backdrop of steadily increasing global hash rate and network difficulty despite an approximately 88% increase in the average price of Bitcoin compared to the same period last year. In terms of the bottom line, third quarter 2025 net income increased to $11.6 million from a $5 million loss in the same period last year. Adjusted EBITDA was $22.1 million compared to $5.8 million in the same period last year. For the 3 months ended September 30, 2025, basic and diluted earnings per ordinary share were $0.07 compared to a $0.03 loss per share in the same period of 2024, this performance demonstrates the resilience of our business model and our disciplined execution. Looking at the segments. Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter. For the quarter, cloud mining revenue accounted for 68% of total revenue. Self mining revenue was $20.1 million, down slightly year-over-year, but up almost 36% from the second quarter and represented 11% of total revenue. We experienced a sharp increase in mining equipment sales, with revenue increasing to $35.8 million, representing almost 20% of total revenue. Since Leo thoroughly covered the revenue by business line, I will keep this brief and highlight a few metrics. In the cloud mining sector, customer demand for cloud hash rate grew strongly again this quarter with demand exceeding supply. New customers contributed approximately 33% of cloud mining revenue in the third quarter, while existing customers contributed…

To close the third quarter affirmed that our strategy is working. We are converting demand into strong revenue growth, scaling with discipline and widening our opportunity set. As we look ahead, we will deepen our core cloud mining franchise, advance our RWA cooperation with licensed compliant counterparties and progress the natural gas pilots in Canada while expanding our partnerships from hosting into future codevelopment. We will allocate capital prudently, prioritize cash generation and operational excellence and hold ourselves to the highest regulatory standards. Our mandate is clear, compound long-term shareholder value through reliable execution, thoughtful innovation and transparent communication. Thank you to our customers, partners, employees and shareholders for powering this momentum. Thank you.

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.