| SEGMENT INFORMATION |
The following table provides a summary of the Company’s segment
operating results for the year ended December 31, 2025, 2024 and 2023:
| | |
For the Year Ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Segment revenue: | |
| | |
| | |
| |
| Total Revenue | |
| 477,532 | | |
| 463,330 | | |
| 284,106 | |
| Less: | |
| | | |
| | | |
| | |
| Cost of Revenue (including depreciation and amortization) | |
| (448,599 | ) | |
| (433,608 | ) | |
| (271,393 | ) |
| Segment gross profit | |
| 28,933 | | |
| 29,722 | | |
| 12,713 | |
| | |
| | | |
| | | |
| | |
| Reconciliation to net (loss)/income: | |
| | | |
| | | |
| | |
| Reconciling items: | |
| | | |
| | | |
| | |
| Other segment items: | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (3,727 | ) | |
| (7,462 | ) | |
| (1,863 | ) |
| General and administrative expenses | |
| (9,125 | ) | |
| (25,271 | ) | |
| (3,682 | ) |
| Research and development expenses | |
| (2,543 | ) | |
| (5,600 | ) | |
| (1,741 | ) |
| Credit loss provision for receivables | |
| (981 | ) | |
| - | | |
| (100 | ) |
| Gain on sale of recovery rights on assets held by FTX | |
| - | | |
| 7,270 | | |
| - | |
| Impairment loss on digital assets | |
| - | | |
| - | | |
| (6,987 | ) |
| Impairment loss on mining equipment | |
| (25,400 | ) | |
| (8,076 | ) | |
| - | |
| Changes in fair value of digital asset receivables or payables | |
| 1,172 | | |
| (1,320 | ) | |
| - | |
| Changes in fair value of digital assets | |
| (8,693 | ) | |
| 76,933 | | |
| 18,231 | |
| Loss on disposal of mining equipment | |
| (3,395 | ) | |
| - | | |
| - | |
| Investment income | |
| 462 | | |
| 416 | | |
| - | |
| Interest expense | |
| (8,562 | ) | |
| (6,328 | ) | |
| (5,535 | ) |
| Interest income | |
| 2,284 | | |
| 1,624 | | |
| 1,055 | |
| Other income/(expense), net | |
| 311 | | |
| (277 | ) | |
| 587 | |
| Income tax expense | |
| (1,878 | ) | |
| (7,668 | ) | |
| (2,183 | ) |
| Net (loss)/profit | |
| (31,142 | ) | |
| 53,963 | | |
| 10,495 | |
|