BitFuFu Inc.

Good day and thank you for standing by. Welcome to BitfuFu Inc. second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Ms. Lian Tang from BitfuFu's Investor Relations. Thank you. Please go ahead.

Thank you, operator. Good morning, everyone. Welcome to BitFuFu's second quarter 2026 earnings call. Thank you so much for joining us today. Joining me today on the call are Chairman and CEO Leo Lu and CFO Calla Zhao. As we begin, please note that today's call will contain forward-looking statements. The statements involve risks and uncertainties, and actual results may differ materially. We refer you to our filings with the SEC for a full discussion of these risks. The company assumes no obligation to update any forward-looking statements, except as required by law. We will also discuss non-GAAP financial information on this call. The company provides this information to supplement information prepared in accordance with U.S. 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, for those new to our call, we will not be conducting a Q&A session on the call itself. However, if you have any questions, please send them to ir at bitfufu.com. We aim to respond within 24 hours. We value your questions and are committed to transparent, timely communication. I will now turn the call over to Leo to begin the management discussion.

Thanks, Lien, and thank you all for joining us today. Looking back at the second quarter, I see it as a pivotal period where we focused on building strength and proactively positioning ourselves for the second half of the year. In an industry environment that remains highly dynamic, we didn't sit back and simply wait for market conditions to improve. Instead, we doubled down on what we can control, taking decisive strategic steps to optimize our hash rate mix, upgrade platform capabilities, and drive operational efficiency. And from an execution standpoint, we made meaningful progress in second quarter, By the end of June, our self-mining hash rate had grown to approximately 3.5 exahash per second, up 9.3% quarter over quarter. Combined with the increased allocation of hash rate to our self-mining operations, we were able to significantly boost production. Our monthly self-mining production nearly tripled during the quarter, rising from 32 Bitcoin to a peak of 90 Bitcoin, At the same time, our hosting revenue increased by a remarkable 254% year-over-year, primarily driven by our buy-and-host solution. This offering continued to gain traction with clients seeking a more flexible, hassle-free way to manage their mining assets, sustaining strong demand from new customers throughout the quarter, and underscoring its potential as a future growth driver. In cloud mining, while lower Bitcoin prices temporarily weighed on customer ordering, we observed growing demand for differentiated products such as hash rate products with stable outputs. This provide us with valuable insights into how customer needs are evolving and will help guide our continued refinement of the cloud mining product suite. To further strengthen our operational foundation, we acquired approximately 3,200 latest generation S21 XP miners during the quarter. On top of that, we secured additional hash rate capacity in June and July, which will come online throughout August. This gives us strong visibility into our capacity expansion for the second half and positions us to bring our total managed hash rate back to around 20 exahash per second by mid-August. Taken together, these efforts have continued to improve our platform's operational quality, resilience, cost efficiency, and commercial flexibility, laying a solid foundation for our next phase of growth in the second half. We are pleased to share that BitFuFu was named to Time's 2026 list of the world's growth leaders and to the Fortune Southeast Asia 500. These recognitions are an encouraging validation of our team's efforts and further reinforce our standing in the global computing power infrastructure sector. Navigating a challenging market environment during the quarter comes down to two core pillars. Our differentiated business model and our continued discipline in operational execution. First, our business model gives us a high degree of flexibility. Our cloud mining plus self mining structure gives us the agility to dynamically relocate capacity based on changing economics, customer demand, and expected returns across different cycles. During the second quarter, when the economics of certain third-party hash rate contracts no longer met our requirements, we proactively adjusted our procurement strategy and contract duration mix accordingly. We will never sacrifice unit economics simply to maintain headline hash rate. We have always believed that the quality and profitability of the hash rate we manage matter far more than scale for its own sake. and second, our operational discipline and technical capabilities create a real cost mode. Throughout the quarter, we stayed focused on raising uptime, optimizing utilization, and refining our staffing and maintenance workflows. With support from our BitFuFu OS firmware system, we intelligently overclocked or underclocked our fleet in real time based on market conditions and power prices Dynamically managing large-scale energy consumption to protect our margins. Our average fleet efficiency stayed strong in the range of 17.8 to 18.1 joule per terahash throughout the quarter, a level that is highly competitive by industry standards. Maintaining this level of energy efficiency keeps our baseline production costs low through different market cycles, effectively helping to protect our margins against price volatility. We believe this cost advantage and structural resilience are what allow us to navigate cycles and build lasting value. Looking at the broader Bitcoin mining landscape, the industry is undergoing a profound structural transformation. On one hand, Bitcoin price remained volatile in the second quarter and the broader macro environment offered limited tailwinds for the industry. Overall operating conditions, therefore, remain challenging. At the same time, the competitive landscape within Bitcoin mining is becoming more differentiated and selective as miners make increasingly divergent choices around capital deployment, power and hash rate management, and whether to continue operating mining infrastructure or transition those assets toward AI and HPC. On the other hand, This structural evolution is also creating a more favorable long-term environment for high-quality miners that remain focused on Bitcoin mining. As a meaningful portion of US-listed miners permanently transition their power and infrastructure to AI data centers under long-term contracts, the capacity is unlikely to return to the Bitcoin network. This trend is already visible in the network data. Bitcoin network difficulty reached approximately 156T in November 2025, while global network hash rate had declined by approximately 20% from its peak by late June 2026 and was approximately 14% below this year's high. For those of us who remain focused on Bitcoin, a less crowded network could support better operating conditions and further improvement in profitability and cash flow stability. For BitFuFu, despite market cycles and short-term headwinds, our core conviction hasn't changed. We remain confident in the long-term value of Bitcoin as an underlying digital asset, and we continue to see strong global demand for high-quality computing power and mining infrastructure. We see BitFuFu as more than a mining company. We are building and continuously optimizing an infrastructure platform that supports the broader digital economy. Our responsibility is to manage these resources proactively and efficiently as the environment evolves, stay focused on what we can control and create long-term value for our shareholders. The actions we took in the second quarter have also given us greater visibility and certainty heading into the second half of the year and beyond. Looking ahead, we will continue to closely monitor global power markets and evaluate opportunities in high-quality infrastructure and hash rate capacity, focusing on areas where our operating capabilities can give us an advantage. The macroeconomic environment and Bitcoin prices remain important inputs to our capital allocation decisions, and we will stay open to high-quality opportunities that fit within our risk framework. With efficient infrastructure, core power resources, and strong operating capabilities, we believe BitFuFu holds meaningful long-term option value and the flexibility to act when the next set of opportunities emerges. Ultimately, our strategy remains consistent with the principles we have outlined over the past several quarters. Build a business model that can operate through different cycles. Manage risk actively, continuously improve efficiency, and deploy capital toward areas that can generate the best long-term returns. I will now turn the call over to Calla to provide more details on our financial results.