H1 2025 Financial Summary

All amounts compared to H1 2024 unless otherwise noted

• Total revenue of US$15.6 million was down 9.4% year-over-year due to our strategic exit from loss-making U.S. operations. Domestic China business revenue grew 7.5% year-over-year, driven by increase in sales volume in China.
• Gross profit of US$5.2 million was up 16.9% year-over-year, driven by our stringent supply chain optimization and deflation in China providing raw material cost savings.
• Operating expenses of US$3.2 million was down 60.5% year-over-year due to exit of loss-making US operations and stringent cost control across the entire business.
• Net Income was US$5.2 million vs. US$(5.2) million driven by the above as well as a $3.8 million unrealized gain in fair value of digital assets.
• Cash and cash equivalents and short-term investments were US$25.1 million as of June 30, 2025.