BitFuFu Inc.

I would now like to turn the call over to your first speaker today, Mr. Charlie Brady. Please go ahead.

Thank you, operator. Ladies and gentlemen, good day and welcome to BitFuFu's full year 2025 earnings conference call. The company's financial results were released earlier today and are available on BitFuFu's investor relations website at irbitfufu.com and globe-newswire.com. Joining me today on the call are Chairman and CEO Leo Liu and CFO Kala Jow. Before we begin, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the US 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 discuss non-GAAP financial information on this call. The company provides this information to supplement information prepared in accordance with U.S. generally accepted accounting principles. A reconciliation of these measures to the company's reported GAAP results can be found in the reconciliation tables provided in today's earnings release. Finally, it's important to note that while we won't be conducting Q&A on this call, you can email your questions to ir at bitfufu.com and we'll respond as quickly as possible, typically within 24 hours. I will now turn the call over to Leo Liu, Chairman and CEO of the company.

Thanks, Charlie, and thank you all for joining us today. 2025 was a challenging year for the cryptocurrency industry, particularly for mining enterprises. When the price of Bitcoin surged rapidly during the second and third quarters, hitting an all-time high of $126,000, market sentiment leaned heavily toward targets of $150,000 or even $200,000 by year end. Consequently, many market participants increased capital expenditures and leverage, while others continued to accumulate more Bitcoins. Bitcoin never follows a script. After the run-up, it dropped below $100,000 in November, below $90,000 in December, and entered a weaker market in 2026. That volatility created severe cash flow pressure for some market participants and forced many liquidations. Looking back, Bitfufu executed its strategic plan and maintained rigorous operational discipline throughout 2025. We did not lever up or chase unprofitable growth at the top of the cycle, and we preserved liquidity so we would not need to sell Bitcoin in weak markets to support operations or reduce leverage. We achieved the majority of the goals set at the beginning of 2025. and built a solid foundation to navigate the current weaker market conditions. I will touch on a few of these points in a moment. As reported in our earnings release earlier today, for the full year 2025, we generated total revenue of $475.6 million. Our cloud mining business continued to be our largest revenue contributor, generating a record $350.6 million, up over 29% versus 2024, and accounting for nearly 74% of our total revenue for the year. Kala will discuss this and our other revenue lines in more detail later. Operationally, we continued executing our hybrid model of cloud mining and self-mining, along with complementary mining services such as hosting and miner sales, mining pool services and our proprietary mining rig operating system. We are pleased to see the powerful synergies between these business lines. For instance, our US deployed mining facilities allow us to offer highly competitive hosting rates and power solutions. This, in turn, attracts customers to purchase hardware directly from us, effectively driving our minor sales activity. Furthermore, the robust Cash flow generated from our miner sales and cloud mining solutions provides the necessary liquidity to support our self-mining operations and Bitcoin accumulation treasury strategy. In 2025, we also successfully onboarded additional suppliers and diversified our hash rate supply, effectively mitigating potential risks associated with supplier concentration. We continuously optimize our fleet and site mix, and we ended December 2025 with 26.1 EXA hash of managed hash rate, including 3.7 EXA hash of self-owned hash rate, and 22.4 EXA hash from third-party suppliers and hosting customers. Total available power capacity was 478 megawatts, including 164 megawatts of control capacity in Ethiopia and the US. We chose to stay disciplined regarding capital expenditure on hardware. Instead of expansion for expansion's sake, we align our hardware procurement with the addition of new self-controlled power capacity, keeping our production costs highly competitive. By balancing our usage of power capacity between self-mining and third-party hosting, We capture both the upside in Bitcoin and the consistent profitability of hosting service fees. This philosophy is similar as our broader cloud mining and self-mining hybrid model. In this business, success comes down to precise ROI decisions. In 2025, we focused on execution at the site and fleet level, improving efficiency and reliability, that operating focus gives us a stronger foundation to manage through the current weaker market conditions. Now, let me shift gears for a moment and discuss how Bitfufu differentiates itself compared to other miners. This is also a question that we are frequently asked by investors. We believe Bitfufu stands out because we operate like a services and platform business, not a single product miner. Our platform combines a hybrid operating model of cloud mining and self mining, a purpose-built hashrate management system we call Aladdin, and an integrated suite of services that serves both individual users and large-scale mining operators. First, our hybrid model balances upside and resilience. The mix of self mining and cloud mining allows us to participate in Bitcoin's upside by increasing our treasury holdings while also building recurring service-based revenue with better cash flow visibility across market cycles. We believe the top line growth of our cloud mining business and its greater contribution to total revenue reflects sustained customer demand and durability, not a one-off trend. Second, our proprietary Aladdin hash rate management system is built to optimize our fleet, and deliver hash rate reliably. Aladdin dispatches and monitors hash rate across dozens of sites and hundreds of thousands of machines with real-time data, predictive maintenance, and flexible allocation. The practical advantage is reliability. We can reroute capacity and keep performance stable when conditions change. Aladdin is designed to scale to manage millions of machines. We have an integrated platform with real adoption. Beyond mining, we provide hosting services, miner sales, mining pool services through Bitfufu Pool, and our own mining software, Bitfufu OS. By late 2025, our registered cloud mining users surpassed 675,000, while the majority of our cloud mining revenue continues to be generated from institutional customers. We believe there is enormous potential for retail customer participation. Finally, we believe governance and supply chain credibility are competitive advantages. We are a NASDAQ listed company subject to stringent compliance requirements. We also operate with KYC IML controls and user level transparency that institutional customers expect. This transparency helps build trust and is one reason we have built a leading position in cloud mining and generated a net dollar retention rate of 100% in 2025. In the current market environment, we have witnessed many miners prioritizing near-term liquidity by selling Bitcoin holdings to support operations or reduce significant leverage positions. Our approach is different. We manage liquidity conservatively and seek to build our Bitcoin treasury through the cycle while maintaining flexibility. We also maintain a conservative debt profile to provide security during low points in the market cycle. As of December 31st, 2025, we held 1,778 Bitcoins compared to 1,720 Bitcoins at the end of 2024. As we entered 2026, we continued stacking. reaching 1,830 Bitcoins as of February 28th, 2026. Importantly, at year-end, we reduced pledged Bitcoins to 274 Bitcoins from 633 Bitcoins as of year-end 2024, increasing the Bitcoins available on our balance sheet and improving financial flexibility. Looking ahead to 2026, I believe our growth opportunities will stem from several key areas. First, regarding the sources of hash rate expansion, in a bear market, many miners face cash flow pressures and may seek to liquidate hash rate to recover capital for debt repayment or fleet upgrades. Similarly, hardware manufacturers may prefer to sell short-term hash rate to alleviate inventory pressure. The prevailing hash rate supply logic shifts from pursuing high alpha returns to asset preservation through extreme operational efficiency. Consequently, the hash rate supply can actually become more active in a bear market than in a bull market. In terms of market demand, institutional clients who purchased cloud hash rate at higher price levels often increase their positions during market dips to lower their average cost per coin. We also anticipate the entry of new customers with higher risk appetites. who recognize the value of entering the market during periods of low activity to capture greater future returns. Due to the inherent leverage effect of cloud mining solutions, customers can typically accumulate more Bitcoins compared to direct exchange purchases. In 2026, Bitfufu remains strategically focused on acquiring infrastructure, and we are continuously evaluating potential partnership opportunities. This is the core of our vertical integration strategy. We believe that power capacity is an appreciating asset that not only lowers our self-mining costs and enhances competitiveness, but also provides a robust foundation for our minor sales and hosting businesses. Our priorities in 2026 are to, firstly, scale cloud mining and maintain strong customer retention. Expand managed capacity across hash rate and power while maintaining disciplined returns. Thirdly, continue improving reliability and uptime through Aladdin. Fourthly, optimize capital allocation and liquidity. And fifthly, continue building our Bitcoin treasury opportunistically. I will now turn the call over to Kala to provide more details on our financial results.