Abu Dhabi, UAE: Phoenix Group PLC (ADX: PHX), an IHC portfolio company and global leader in blockchain and digital asset infrastructure, announced its financial and operational results for the fourth quarter and the full year ended 31 December 2025.

Key Highlights

  • Q4 2025 Bitcoin production of 351.7 BTC, up from 305.5 BTC in Q3 2025, including 230.9 BTC from self-mining, driven by higher utilization and expanded capacity
  • Operational capacity expanded during Q4, including 62 MW energized in Ethiopia, bringing total live capacity in the country to 82 MW, alongside the incremental addition of 5 MW in North Dakota, USA, increasing the site’s total capacity to 55 MW
  • Average power costs reduced to $0.049 per kWh in Q4, down from $0.052 per kWh in Q3, reflecting procurement and operational efficiencies
  • Adjusted EBITDA of $3.4 million for FY 2025, representing a 285% year-on-year improvement, reflecting the Group’s strategic shift toward self-mining and efficiency optimization
  • By year-end, Phoenix had energized 82 MW in Ethiopia from its secured 132 MW pipeline, alongside 75 MW live across North America, with operations in North Dakota and Texas
  • Operational digital asset treasury of approximately $120 million at year-end, comprising 641 BTC and 508,074 SOL, supporting balance sheet flexibility and long-term capital allocation

Operational Performance

During Q4 2025, Phoenix increased its average contribution to the global Bitcoin network to 15.9 EH/s, representing 1.5% of global hash rate, driven by expanded Ethiopian capacity and full utilization of its Citadel facility without power curtailments.

Mining efficiency continued to improve, with fleet performance reaching 20.6 J/TH, down from 22.0 J/TH in Q3 2025, underscoring continued focus on hardware optimization, site efficiency, and disciplined infrastructure upgrades.

Phoenix mined 351.7 BTC during the quarter, compared to 305.5 BTC in the prior quarter. During Q4, the Group sold 300 BTC, sourced from a combination of mined production and treasury holdings, alongside 158,750 SOL, to fund expansion initiatives, support the Group’s AI strategy, and maintain balance sheet flexibility.

Financial Results

Gross revenue for Q4 2025 was $25 million, reflecting the expected impact of the April 2024 Bitcoin halving and the Group’s continued portfolio optimization, including the rationalization of lower-margin hosting and trading activities as capital was redeployed toward higher-return self-mining operations.

For FY 2025, revenue totalled $118 million, with performance reflecting a strategic transition year marked by the Group’s exit from non-core regions and increased focus on margin-accretive self-mining and infrastructure-led growth.

The Company reported a net loss of $271.6 million for FY 2025, primarily driven by unrealized digital asset revaluations amounting to $170 million and depreciation charges of $95.3 million. These accounting impacts did not reflect underlying operating performance, which improved during the year, supported by higher adjusted EBITDA, improved energy economics, and continued gains in mining efficiency

Munaf Ali, CEO and Co-Founder of Phoenix Group, commented:

“2025 was a year where Phoenix laid the foundations for its next phase of growth. While market conditions remained challenging, we used this period strategically, restructuring our operations, sharpening our focus on self-mining, and positioning the company to scale across digital infrastructure and AI compute.

Our reported financials reflect non-cash revaluations of digital assets, but our operational performance strengthened considerably. We increased production, improved efficiency, reduced power costs, and expanded capacity globally, all while building the infrastructure platform that will power our next phase of growth.”

The Group has already begun positioning its portfolio for this transition. Sites in the U.S. and MENA are being evaluated and optimized for AI and HPC compatibility, with particular focus on power-density upgrades, cooling infrastructure, and network connectivity requirements. Phoenix is also actively scouting additional data-center locations and forming strategic partnerships with hyperscale and enterprise compute providers.

Ali added, "2026 is about execution. We're translating years of infrastructure investment into contracted AI capacity, expanding our technical capabilities, and demonstrating that Phoenix can deliver durable value across market cycles. The work we're doing now will define this company for the next decade."

Further updates on partnership announcements and capacity milestones are expected throughout 2026.

About Phoenix Group

Phoenix Group PLC, an IHC Portfolio Company, is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. As a top 10 Bitcoin miner globally, it drives digital asset adoption through innovation, sustainability, and excellence.

It operates facilities in the UAE, U.S., Canada, Oman, and Ethiopia with over 500 megawatts of capacity, and is the region's first crypto conglomerate listed on ADX, running MENA's largest mining farm.

For more information, visit https://phoenixgroupuae.com/

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