隨著數字資產崩潰，鳳凰集團跌至1.53億美元虧損

總部位於阿布扎比的公司，該公司在交易中運營，主持

The first UAE-listed Bitcoin (BTC) mining company, Phoenix Group (ADX: PHX), reported a first-quarter loss of $153.6 million, a stark reversal from the $66.2 million profit in Q1 2024, as the company faced significant unrealized losses on its digital asset holdings.

第一家阿聯酋的比特幣（BTC）礦業公司Phoenix Group（ADX：PHX）報告說，第一季度虧損為1.536億美元，這是該公司在2024年第1季度的6620萬美元中的巨大逆轉，因為該公司在其數字資產持有率上面臨著不實現的損失。

The Abu Dhabi-based company, which operates across trading, hosting, mining and investment verticals, saw its revenue drop by 54.7% to $31.3 million in Q1 2025, compared to $68.9 million in Q1 2024, according to its financial statements released this week.

根據本週發布的財務報導，這家總部位於阿布扎比的公司跨越貿易，託管，礦業和投資垂直行業，其收入下跌了54.7％，至2025年第1季度的收入下降了3130萬美元，而在2024年第1季度為6890萬美元。

The substantial decline in profitability was primarily attributed to an unrealized loss of $142.4 million on digital assets held at fair value through profit or loss, contrasting sharply with an unrealized gain of $73.1 million in the comparable period last year.

盈利能力的大幅下降主要歸因於以公允價值或損失持有的數字資產的1.424億美元損失，與去年可比時期的未實現的7310萬美元相比鮮明對比。

Phoenix Group Financial Metrics: Q1 2024 vs Q1 2025

Phoenix集團金融指標：Q1 2024 vs Q1 2025

Financial Metric

財務指標

Q1 2024

Q1 2025

Change

改變

% Change

％ 改變

Revenue

收入

$68.9M

6890萬美元

$31.3M

$ 3130萬

-$37.6M

- 3760萬美元

-54.7%

-54.7％

Gross Profit

毛利

$23.3M

2330萬美元

$6.3M

630萬美元

-$17.0M

- $ 1700萬

-73.0%

-73.0％

Net Income/(Loss)

淨收入/（損失）

$66.2M

6620萬美元

-$153.6M

- 1.536億美元

-$219.8M

- 2.198億美元

-332.0%

-332.0％

Digital Assets Value

數字資產價值

$273.2M

2.732億美元

$300.9M

30090萬美元

+$27.7M

+$ 2770萬美元

+10.1%

+10.1％

Unrealized Gain/(Loss) on Digital Assets

數字資產的未實現收益/（損失）

$73.1M

7310萬美元

-$142.4M

- 1.424億美元

-$215.5M

2.155億美元

-295.0%

-295.0％

Mining Revenue

採礦收入

$21.6M

$ 2160萬

$20.7M

2070萬美元

-$0.9M

- 90萬美元

-4.2%

-4.2％

Trading Revenue (ASIC sales, etc.)

交易收入（ASIC銷售等）

$27.7M

2770萬美元

$6.8M

680萬美元

-$20.9M

- $ 2090萬美元

-75.5%

-75.5％

The company's total assets decreased to $810.4 million as of March 31, 2025, compared to $962.4 million at the end of December 2024. Digital assets, which form a substantial portion of the company's holdings, saw their value decline to $300.9 million from $441.5 million over the same period.

截至2025年3月31日，該公司的總資產降至8.1億美元，而截至2024年12月底，該公司的資產為9.624億美元。在同一時期，數字資產構成了公司持股的很大一部分，其價值從4.415億美元下降至3億美元。

The full-year 2024 report also showed a 20–30% year-over-year decline in both revenue and profit, despite mining revenue surging nearly 240% to $107 million. The company stated that net results would have shown a loss of “only” 7% if not for “multiple one-off transactions” in Q4 2024. These included costs tied to Phoenix Group’s exit from the CIS region.

全年2024年的報告還顯示，儘管採礦收入飆升了近240％至1.07億美元，但收入和利潤的同比下降了20-30％。該公司表示，如果不是在第4季度2024年“多次一次一次性交易”，則淨結果將顯示“僅” 7％的損失。這包括與鳳凰集團從順式區域退出相關的費用。

Despite challenges, the company is focusing on its growth ambitions.

儘管面臨挑戰，該公司仍在專注於其增長野心。

Phoenix Aims for Top 5 Spot Among Bitcoin Miners

鳳凰城的目標是比特幣礦工中的前五名

Gross mining margins improved to 30% in Q1 2025, up from 24% in the previous quarter. Phoenix Group claims it is currently among the world’s top 10 Bitcoin miners and aims to break into the top five by 2026, both in BTC mining and AI data center operations.

在2025年第1季度，挖礦利潤率提高到30％，高於上一季度的24％。 Phoenix Group聲稱它目前是世界十大比特幣礦工之一，旨在到2026年，在BTC礦業和AI數據中心運營中闖入前五名。

A key step toward that goal was the launch of a 20-megawatt site in Texas, which boosted its total operational capacity to over 500 megawatts across five countries.

朝著該目標邁出的關鍵一步是在德克薩斯州開設了一個20兆瓦的遺址，這將其總運營能力提高到了五個國家 /地區的500兆瓦。

“Phoenix Group's position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations,” said Munaf Ali, CEO and Co-Founder.

“鳳凰集團在加拿大，埃塞俄比亞，阿曼，阿聯酋和美國的戰略地點的基礎上，是全球十大全球比特幣礦工的地位，為我們提供了對市場波動的固有彈性，”首席執行官兼聯合創始人Munaf Ali說。

“The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy.”

“我們的德克薩斯州設施的推出增強了我們在北美的運營基礎，同時加強了我們行業領先的採礦基礎設施和全球多元化戰略。”

Self-Mining Activity Declines

自礦工活動下降

Phoenix Group's gross profit fell to $6.3 million in Q1 2025, compared to $23.3 million in Q1 2024. General and administrative expenses increased to $8.4 million from $6.1 million year-over-year, further pressuring profitability.

鳳凰集團在2025年第1季度的毛利潤下降至630萬美元，而第1季度為2024年的2330萬美元。一般和行政費用從同比的610萬美元增加到840萬美元，這進一步迫使盈利能力加劇。

The company's mining revenue, generated from its high-performance computing operations, amounted to $20.7 million in Q1 2025, marginally lower than the $21.6 million reported in the same period last year.

該公司的採礦收入是從其高性能計算業務產生的，在2025年第1季度為2070萬美元，低於去年同期報告的2160萬美元。