Abits Group Inc $(ABTS)$ has announced its financial results for the first quarter of fiscal year 2025. The company's revenue from operations decreased by 17.2%, amounting to $1.78 million, compared to $2.15 million in the same period of 2024. The costs of revenue increased by 11.6% to $0.96 million from $0.86 million in the previous year's first quarter. Consequently, the gross profit from operations was $0.82 million, down from $1.29 million in 2024 Q1. The company's mining operations at the Duff plant produced a total output of 18.86 coins, a decrease of 50.4%, primarily due to the halving of mining rewards in late April 2024. Despite the drop in production, the gross profit margin stood at 46.1%, supported by a higher average market price of bitcoin during this period. In a significant business update, the company secured a $3 million loan in March 2025 to finance the acquisition of 2,850 units of Antminer S19XP. These have been installed at a hosting facility in Memphis, and the revenue from this new site is expected to contribute significantly to future operating results in the second quarter, leveraging its 12MW power supply.
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