Phoenix Group, the first UAE-listed cryptocurrency mining company, experienced a mix of results in 2024. While mining revenue saw significant growth, total revenue and profitability declined. Mining revenue increased by 236% to $107 million, but total revenue fell by nearly 30% to $205.7 million. Net profit attributable to shareholders also declined, as did earnings per share. Despite these challenges, Phoenix Group maintained its expansion strategy and expressed optimism for the future. However, the company's financial statements revealed a decline in EBITDA. Total assets and shareholders' equity saw modest increases. Phoenix Group currently holds a 1.90% market share in the Bitcoin network. The company's stock performance has been poor since its debut, with shares falling approximately 60%. The fourth quarter showed some operational improvements with increased gross margins. Looking ahead, Phoenix Group has secured agreements for additional facilities and is diversifying into various cryptocurrencies.



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