Phoenix Group Delivers Strong Q3 Results with Rising Revenue and Ongoing Expansion Across Key Markets

An IHC portfolio company and a global leader in blockchain and digital asset infrastructure, today announced its Q3 2025 results, highlighting revenue growth, improved efficiency, and accelerated progress on its global expansion and AI transition.

Q3 2025 Highlights

• Revenue rose 10% QoQ to $32 million, driven by a 6% increase in self-mining activity.
• Adjusted EBITDA grew 154% to $960,000, supported by stronger market prices and improved energy efficiency.
• Self-mining margins expanded to 46%, up from 31% in Q2.
• 305.5 BTC mined in Q3, including 194.9 BTC from self-mining operations.
• Operational treasury now holds 682 BTC and over 642,000 SOL tokens as of September 30, 2025
• Active recruitment of AI specialists and upskilling of existing teams to prepare for future compute and AI operations.
• Global expansion continues, with new sites under negotiation across the U.S. and other key regions.
   

Phoenix maintained a steady hashrate contribution of 10.8 EH/s to the global Bitcoin network during Q3, navigating a 17% rise in global difficulty and scheduled power curtailments at its Citadel facility.

New capacity of 62 MW in Ethiopia and 44 MW in North America is set to drive further growth in Q4, with an additional 90 MW expected to come online in 2026. The company’s total self-mining hash rate is projected to reach approximately 13 EH/s by Q1 2026.

During the quarter, Phoenix mined a total of 305.5 BTC, of which 194.9 BTC came from self-mining operations. The company sold 100 BTC during the period to fund growth and expansion activities, ending the quarter with an operational treasury of 682 BTC and over 642,000 SOL. This active treasury management underscores Phoenix’s disciplined approach to balancing growth, liquidity, and long-term value creation.

Munaf Ali, Co-Founder and Group CEO of Phoenix Group, said: “Q3 has been a pivotal quarter for us, one that not only reflects our operational strength but also sets the stage for Phoenix’s next phase of growth. As we move into Q4 and beyond, our focus is on scaling toward 1 GW of capacity and advancing our entry into AI and high-performance compute. The infrastructure we’ve built over the years is now evolving into a global platform where intelligent energy drives innovation and turns power into progress.”

Additionally, the company recorded a one-time, non-cash impairment of $48.5 million associated with the strategic reallocation of its South Carolina operations. The move is part of an ongoing optimization plan to focus resources on higher-yielding, energy-efficient sites worldwide, improving overall margins and freeing up capital for future high-return projects.

Phoenix is also advancing its expansion pipeline, with negotiations underway for multiple new sites across the U.S. and other regions, representing a future capacity addition of around 200 MW. At the same time, the company is leveraging its existing infrastructure to host AI and HPC workloads, aligning its operations with the surging global demand for compute power.

To support this evolution, Phoenix is investing in people, recruiting AI specialists and upskilling internal teams to strengthen technical expertise and operational readiness.

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 capacity, and is the region's first crypto conglomerate listed on ADX, running MENA's largest mining farm.