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• Rezwan Mirza mentioned 2025 was a transformative year with repositioning R&D towards Bitcoin and Dogecoin, successful development of a 4-nanometer Bitcoin miner prototype in March 2026, and introduction of three core revenue engines: proprietary hardware and innovation, high efficiency mining operations, and scalable hosting services. - Carrie Wong discussed 2025 financial results including net loss of $177 million due to non - cash items like inventory provisions and impairments, redirection of capital into R&D for Bitcoin and Dogecoin technologies, and detailed breakdown of revenue and cost by segments.

• 2026 will continue the transformational journey into a fully integrated digital asset infrastructure platform, with focus on Bitcoin and Dogecoin, accelerating next - generation advanced architecture to optimize energy efficiency and costs, exploring cloud mining and new consumer - focused product lines, and maintaining flexibility to capture opportunities in promising altcoins.

Total revenue in 2025 was $67.4 million, down from $302.3 million in 2024. By segment: Mining revenue was $42.9 million, essentially flat with $45 million in 2024. Sales of mining machines were $15.3 million compared to $192.2 million in 2024. Hosting revenue was $3.3 million. Hardware sales contributed approximately 22.7% of total revenue in 2025, mining revenue contributed about 63.7%, and hosting revenue contributed around 4.9%.

• Certain statements are forward - looking with risks and uncertainties based on current expectations and projections. Action results may differ materially from preliminary or anticipated results. Investors are encouraged to review other factors affecting future results in registration statements and other filings with the U.S. Securities and Exchange Commission.

Q: I know some other industry players are pivoting to AI, so why isn't bGen doing that? And what differentiates bGen from other industry players who also have chip design and mining capabilities?

A: Chairman Qiu Huali said they are good at what they do with seven successful chip tap - offs, know how to design assets, build and run high - efficiency mining operations, and manage power infrastructure; they own the entire stack, design their own chips, own mining facilities, run operations themselves, and have three revenue engines balancing each other across market cycles.

Q: Can you walk us through the key drivers behind the significant impairment charges recorded in 2025?

A: CFO Zhao Xiang said it was due to recoverability test performance of asset group with factors like decreasing cash price trend, change in fleet size, phase - out of latency models, and inventory provision based on sales price, inventory turnover, etc.

Q: You mentioned crypto for all is your mission beyond the portable BTC product. What are your specific BTC investment and product plans for this year?

A: CEO Qingfeng Wu said they are pushing into consumer segment with portable BTC prototype, hosting business is a B2C bridge, and roadmap includes infrastructure to support Bitcoin.

Q: On the Bitcoin chip timeline and commercialization. You achieved first - pass silicon success on the four nanometer BT - 1 chip back in March. Can you provide more specific timelines on the mass production expected pricing and maybe how the energy efficiency compares to other industry players?

A: Related personnel said they tapped out in October 2025, achieved first - pass silicon success in March, in extensive testing phase, progressing through development playbook but not ready to disclose go - to - market specifics yet.