PHOENIX GROUP PLC Management Discussion and Analysis Report for the Period Ended December 31,2025 | premargin
PHOENIX GROUP PLC Management Discussion and Analysis Report for the Period Ended December 31,2025
·ADX·Financial Reports | Management Discussion and Analysis Report·February 18, 2026·View on exchange
AI Summary
Phoenix Group PLC reported a net loss of $271.6 million for FY 2025, primarily driven by $170 million in unrealized financial and digital asset revaluations and $95.3 million in non-cash impairment and depreciation charges.
Adjusted EBITDA for the full year 2025 increased 285% year-over-year to $3.4 million, reflecting a strategic shift toward higher-margin self-mining operations and improved operational discipline.
Full-year revenue declined 43% year-over-year to $118 million, attributed to the company's exit from the CIS region and a deliberate reduction in hosting and trading activities.
Operational efficiency improved in Q4 2025, with mining efficiency reaching 20.6 J/TH and average power costs dropping to 4.9 cents per KwH, while total self-mining capacity increased to 5.9 EH/s.
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