BitFuFu Inc. Class A Ordinary Shares Earnings Recaps
Q1 2026
Jun 1, 2026
BitFuFu’s shares fell 7.0% following earnings, reflecting investor disappointment primarily driven by margin compression and cautious outlook amidst volatility and strategic cutbacks in self-mining exposure.
Key takeaways
- Cloud mining revenue grew 7.1% year-over-year to $57.5 million, supported by an 85.7% net dollar retention rate.
- Average fleet efficiency improved notably to 17.7 joules per terahash from 23.2 joules per terahash a year ago, reducing power costs.
- Self-mining exposure was deliberately reduced due to adverse market conditions, impacting gross margins negatively.
- Power capacity slightly declined from 478 MW to 457 MW, reflecting efficiency improvements rather than a capacity cut.
- Management plans to shift toward more long-term hashrate contracts to enhance stability but expects total managed hashrate to remain roughly flat by year-end.
Q2 2025
Aug 15, 2025
BitFuFu reported robust Q2 2025 results with total revenues of $115.4 million, marking a nearly 48% quarter-over-quarter increase, driven by strategic investments and rising Bitcoin prices.
Key takeaways
- Adjusted EBITDA reached $60.7 million, and net income hit $47.1 million, reflecting strong operational execution and improved profitability.
- Total managed mining capacity increased to 36.2 exahashes per second, with hosting capacity at a record 728 megawatts.
- Cost control initiatives reduced average electricity costs to $0.036-$0.042 per kilowatt hour, enhancing mining margins significantly.
- The company has actively expanded its mining fleet, acquiring over 20,000 mining machines in 2025, bolstering operational efficiency and profitability.
- BitFuFu is exploring self-generated power through natural gas, aiming for long-term savings and stability in energy costs.