BitFuFu Announces Unaudited 2025 Full-Year Financial Results
Rhea-AI Summary
BitFuFu (NASDAQ: FUFU) reported unaudited 2025 full-year results: revenue $475.8M (+2.7%), net loss $57.4M (vs. $54.0M profit in 2024), and adjusted EBITDA $8.3M. Cloud Mining Solutions revenue rose to $350.6M (+29.4%) and total mining capacity grew to 26.1 EH/s.
Combined cash and digital assets were $177.1M. Results were affected by a $32.8M fair value loss on digital assets and lower self-mining revenue due to reallocated hashrate and higher network difficulty.
Positive
- Cloud Mining revenue +29.4% to $350.6M
- Total revenue +2.7% to $475.8M
- Mining capacity +11.1% to 26.1 EH/s
- Cash and digital assets $177.1M (stable YoY)
Negative
- Net loss $57.4M in 2025 (from $54.0M profit)
- Adjusted EBITDA fell to $8.3M from $117.9M
- Self-mining revenue declined to $63.1M from $157.5M
- Cost to mine rose to $77,573 per BTC (2025)
Key Figures
Market Reality Check
Peers on Argus
FUFU was down 2.6% ahead of results, while key peers like HIVE, OPY, AMRK, and SWIN showed gains between 0.64% and 3.8%, and CNCK was flat. This points to a stock-specific setup rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -8.5% | Revenue and net income jumped with strong cloud mining and BTC gains. |
| Aug 15 | Q2 2025 earnings | Positive | -5.0% | Robust revenue and net income driven by cloud mining and BTC revaluation. |
| Jun 05 | Q1 2025 earnings | Negative | -3.8% | Revenue fell sharply and swung to net loss post-halving and higher difficulty. |
| Mar 25 | FY 2024 results | Positive | +23.3% | Strong FY2024 growth in revenue, net income, and Adjusted EBITDA. |
| Nov 05 | Q3 2024 earnings | Neutral | +0.2% | Revenue and capacity grew but BTC production declined and net loss persisted. |
Earnings releases often showed strong headline growth but produced mixed to negative next-day reactions, especially when results relied on Bitcoin fair-value swings.
Recent earnings history for BitFuFu shows rapid top-line growth tied to cloud mining and equipment sales. FY2024 revenue reached $463.3M with net income of $54.0M, and Q2–Q3 2025 delivered strong revenue, net income, and Adjusted EBITDA supported by Bitcoin fair-value gains and expanding hashrate. However, shares sold off after several positive earnings prints (e.g., Q2 and Q3 2025). Against that backdrop, the new FY2025 results combine modest revenue growth with a swing to net loss and sharply lower Adjusted EBITDA.
Historical Comparison
Prior 5 earnings headlines saw an average move of 1.24%. The new FY2025 update blends modest revenue growth with a swing to net loss and lower Adjusted EBITDA, consistent with past volatility around results.
Earnings releases moved from strong FY2024 profitability to mixed 2025 quarters, with growing reliance on cloud-mining revenue and Bitcoin fair-value movements, culminating in FY2025’s modest growth but full-year net loss.
Regulatory & Risk Context
An effective Form F-3 shelf dated Nov 7, 2025 covers the resale of up to 1,008,000 Class A Ordinary Shares by a selling shareholder. The company states it is not selling any securities and will not receive proceeds from these resales.
Market Pulse Summary
This announcement outlines FY2025 revenue of $475.8M, modestly above 2024, but with a swing to a $57.4M net loss and a sharp drop in Adjusted EBITDA to $8.3M. Cloud-mining revenue and users expanded, while self-mining economics weakened as cost per BTC rose to $77,573. Liquidity remained steady at $177.1M in cash and digital assets. Investors may watch future earnings for margin trends, BTC production metrics, and changes under the existing F-3 resale registration.
Key Terms
adjusted ebitda financial
non-gaap financial
hashrate technical
eh/s technical
mw technical
btc technical
fair value financial
AI-generated analysis. Not financial advice.
SINGAPORE, March 20, 2026 (GLOBE NEWSWIRE) -- BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced its unaudited financial results for the full year ended December 31, 2025.
Full Year 2025 Financial Highlights
- Total revenue was
$475.8 million in 2025, representing an increase of2.7% from$463.3 million in 2024. The year-over-year increase was driven by higher revenue from Cloud Mining Solutions, Mining Equipment Sales, and Other, partially offset by a decline in revenue from Self-Mining Operations.
| For the Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | |||||||||||||||
| Business Segment ($ in millions) | Revenue | % of Revenue | Revenue | % of Revenue | ||||||||||||
| Cloud Mining Solutions | $ | 350.6 | 73.7 | % | $ | 271.0 | 58.5 | % | ||||||||
| Self-Mining Operations | 63.1 | 13.3 | % | 157.5 | 34.0 | % | ||||||||||
| Mining Equipment Sales | 53.7 | 11.3 | % | 30.5 | 6.6 | % | ||||||||||
| Other1 | 8.4 | 1.7 | % | 4.3 | 0.9 | % | ||||||||||
| Total Revenue | $ | 475.8 | 100.0 | % | $ | 463.3 | 100.0 | % | ||||||||
- Net loss was
$57.4 million in 2025, compared to a net profit of$54.0 million in 2024. The loss in 2025 was primarily driven by the fair value changes in digital assets and digital asset receivables, as well as impairment on equipment due to unfavorable market conditions. - Adjusted EBITDA (a non-GAAP metric) was
$8.3 million in 2025, which was significantly impacted by non-cash fair value loss of$32.8 million resulting from the decrease in the price of Bitcoin. This compares to$117.9 million in 2024, which included a fair value gain of$75.6 million . - Combined balance of cash and cash equivalents and digital assets were
$177.1 million as of December 31, 2025, remaining relatively flat compared to$175.1 million as of December 31, 2024.2
“In 2025, we continued to scale our cloud-mining platform, growing Cloud Mining Solutions revenue to
_______________
1 Includes revenue from Hosting Services and Other.
2 The BTC collateral receivable was not included in the balance of digital assets, and BTC was measured at fair value.
Full Year 2025 Operational Highlights
- Total mining capacity increased by
11.1% to 26.1 EH/s as of December 31, 2025, compared to 23.5 EH/s as of December 31, 2024. - Hosting capacity declined to 478 MW as of December 31, 2025, compared with 551 MW as of December 31, 2024.
- Cloud Mining Solutions registered users increased by
14.2% to 675,765 as of December 31, 2025 compared to 591,751 as of December 31, 2024. - Bitcoin owned by the Company increased by
3.4% to 1,778 BTCs as of December 31, 2025, compared to 1,720 BTCs as of December 31, 2024. - Cost to mine BTC3 from Self-Mining Operations in 2025 averaged
$77,573 per BTC, compared to$47,496 per BTC in 2024.
| As of December 31, | ||||||
| Metric | 2025 | 2024 | ||||
| Hosting capacity (MW) | 478 | 551 | ||||
| Total mining capacity under management (EH/s) (1) | 26.1 | 23.5 | ||||
| Cloud Mining Solutions registered Users | 675,765 | 591,751 | ||||
| BTC Holdings (2) | 1,778 | 1,720 | ||||
| For the Year Ended | ||||||
| December 31, | ||||||
| BTC Produced | 2025 | 2024 | ||||
| From BitFuFu Self-Mining Operations | 611 | 2,537 | ||||
| By customers from Cloud Mining Solutions (3) | 3,051 | 4,947 | ||||
| Average BTC produced per day by customers and BitFuFu | 10.0 | 20.5 | ||||
(1) Defined as the hashrate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hashrate is an estimate based on the manufacturers’ specifications.
(2) Includes 274 BTCs as collateral for loans and miner procurement payables as of December 31, 2025 (2024: 633 BTCs) and excludes BTC pledged by counterparties.
(3) Defined as the amount of BTC that was produced during the year by customers using mining capacity purchased from Cloud Mining Solutions.
_______________
3 Includes all direct costs such as electricity fees, hosting fees, and purchased hashrate cost, but excludes depreciation.
Full Year 2025 Financial Review
Revenue
Total revenue in 2025 was
Revenue from Cloud Mining Solutions in 2025 was
A reallocation of hashrate away from Self-Mining Operations toward Cloud Mining Solutions was undertaken to improve capital efficiency and enhance revenue visibility. As a result, revenue from Self-Mining Operations in 2025 decreased to
Revenue from Mining Equipment Sales in 2025 was
Revenue from Other, which includes Hosting Services, in 2025 was
Cost of Revenue
Cost of revenue in 2025 was
The average cost to mine Bitcoin from Self-Mining Operations in 2025 was
Operating Expenses
Sales and marketing, general and administrative, and research and development expenses totaled
The Company recognized a
Net Loss
Net loss was
Adjusted EBITDA
Adjusted EBITDA was
Liquidity and Capital Resources
As of December 31, 2025, the Company had cash and cash equivalents and digital assets of
Conference Call
The Company’s management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Friday, March 20, 2026 (8:00 p.m. Singapore Time on the same day).
All participants must register in advance of the conference call using the link provided below. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call.
Registration Link: Conference call registration
Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.bitfufu.com.
About BitFuFu Inc.
BitFuFu Inc. is a world-leading Bitcoin miner and mining services innovator. BitFuFu is committed to empowering the global Bitcoin network through its industry-leading cloud mining platform, rapidly scaling infrastructure, and innovative mining services.
For more information, please visit https://ir.bitfufu.com or follow BitFuFu on X @BitFuFuOfficial.
Non-GAAP Financial Measure
BitFuFu uses and considers Adjusted EBITDA, a non-GAAP financial measure, as a supplemental metric in reviewing and evaluating its performance. BitFuFu defines Adjusted EBITDA as (1) GAAP net profit/loss, plus (2) adjustments to add back interest expense/(income), income tax expense/(benefit), depreciation and amortization, (3) share-based compensation and (4) adjustments for non-recurring items, if any. BitFuFu believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the consolidated financial results in the same manner as its management and in comparing financial results across accounting periods. However, non-GAAP financial measures are not defined under GAAP and are not presented in accordance with GAAP. non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect the Company’s operations. BitFuFu’s calculation of adjusted EBITDA may be different from the calculation methods of other companies, and therefore, the comparability of such measures may be limited. In addition, this non-GAAP financial measure adjusts for the impact of items that BitFuFu does not consider indicative of the operational performance of its business and should not be considered in isolation or construed as an alternative to net profit/loss or any other measure of performance or as an indicator of its future performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this release. BitFuFu encourages you to review its financial information in its entirety and not rely on a single financial measure.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu's management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The announced results of the full year of 2025 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor inquiries, please contact:
Charley Brady
Vice President, Investor Relations
charley.b@bitfufu.com
For general inquiries, please contact:
BitFuFu Investor Relations
ir@bitfufu.com
BitFuFu Media Relations
pr@bitfufu.com
| BitFuFu Inc. Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income(Unaudited) (In thousands, except share and per share data) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Total revenue | $ | 475,767 | $ | 463,330 | ||||
| Cost of revenue | ||||||||
| Cost of revenues incurred to a related party | (224,040 | ) | (177,162 | ) | ||||
| Cost of revenues incurred to third parties | (196,529 | ) | (231,756 | ) | ||||
| Cost of revenues – depreciation and amortization | (28,030 | ) | (24,690 | ) | ||||
| Total cost of revenues | (448,599 | ) | (433,608 | ) | ||||
| Gross profit | 27,168 | 29,722 | ||||||
| Operating (expenses)/income | ||||||||
| Sales and marketing expenses | (3,727 | ) | (7,462 | ) | ||||
| General and administrative expenses | (9,125 | ) | (25,271 | ) | ||||
| Research and development expenses | (2,543 | ) | (5,600 | ) | ||||
| Credit loss provision for receivables | (1,247 | ) | - | |||||
| Gain on sale of recovery rights on assets held by FTX | - | 7,270 | ||||||
| Impairment loss on mining equipment | (28,795 | ) | (8,076 | ) | ||||
| Unrealized fair value loss of digital asset receivables or payables | (24,155 | ) | (1,320 | ) | ||||
| Change in fair value of digital assets | (8,693 | ) | 76,933 | |||||
| Total operating (expenses)/income, net | (78,285 | ) | 36,474 | |||||
| Operating (loss)/income | (51,117 | ) | 66,196 | |||||
| Investment income | 462 | 416 | ||||||
| Interest expense | (8,562 | ) | (6,328 | ) | ||||
| Interest income | 2,284 | 1,624 | ||||||
| Other (expenses)/income, net | 311 | (277 | ) | |||||
| (Loss)/Income before income taxes | (56,622 | ) | 61,631 | |||||
| Income tax expense | (793 | ) | (7,668 | ) | ||||
| Net (loss)/income and total comprehensive (loss)/income | (57,415 | ) | 53,963 | |||||
| Less: Net income attributable to non-controlling interests | 110 | - | ||||||
| Total comprehensive (loss)/income attributable to ordinary shareholders of BitFuFu | $ | (57,525 | ) | $ | 53,963 | |||
| Earnings per share: | ||||||||
| Ordinary shares – basic (US$) | $ | (0.35 | ) | $ | 0.34 | |||
| Ordinary shares – diluted (US$) | $ | (0.34 | ) | $ | 0.33 | |||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||
| Ordinary shares – basic | 164,334,429 | 160,988,011 | ||||||
| Ordinary shares –diluted | 169,684,142 | 165,500,289 | ||||||
| BitFuFu Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | ||||||||
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 27,761 | $ | 38,201 | ||||
| Restricted cash and cash equivalents | - | 6,910 | ||||||
| Digital assets | 149,289 | 129,940 | ||||||
| Digital asset collateral receivable | 24,075 | 12,569 | ||||||
| Accounts receivable, net | 12,326 | 10,926 | ||||||
| Amount due from related parties | 52,810 | 33,116 | ||||||
| Prepayments | 22,925 | 21,651 | ||||||
| Inventory | 145 | 246 | ||||||
| Financial assets held for trading | 521 | - | ||||||
| Other current assets | 9,358 | 11,710 | ||||||
| Total current assets | 299,210 | 265,269 | ||||||
| Non-current assets: | ||||||||
| Equipment, net | 20,672 | 55,981 | ||||||
| Digital asset collateral receivable | - | 47,827 | ||||||
| Goodwill | 4,235 | - | ||||||
| Deferred tax assets, net | 11,106 | 8,601 | ||||||
| Right of use asset | 436 | - | ||||||
| Long term equity investment | 177 | - | ||||||
| Total non-current assets | 37,626 | 112,409 | ||||||
| Total assets | 336,836 | 377,678 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 4,659 | 14,119 | ||||||
| Contract liabilities | 52,603 | 15,757 | ||||||
| Taxes payable | 3,196 | 2,229 | ||||||
| Accrued expenses and other payables | 16,060 | 8,773 | ||||||
| Obligation to return collateral digital assets | 3,349 | 21,436 | ||||||
| Long term loans-current portion | 15,000 | - | ||||||
| Amount due to a related party | 6,803 | 1,579 | ||||||
| Lease liability – current portion | 251 | - | ||||||
| Total current liabilities | 101,921 | 63,893 | ||||||
| Non-current liabilities: | ||||||||
| Long-term payables | 94,364 | 101,301 | ||||||
| Long-term loans | - | 34,950 | ||||||
| Deferred tax liabilities, net | 16,022 | 15,072 | ||||||
| Lease liability | 197 | - | ||||||
| Total non-current liabilities | 110,583 | 151,323 | ||||||
| Total liabilities | 212,504 | 215,216 | ||||||
| Total shareholders’ equity | 123,332 | 162,462 | ||||||
| Total liabilities and stockholders’ equity | 335,836 | 377,678 | ||||||
| BitFuFu Inc. Unaudited Reconciliation of GAAP and non-GAAP Results (In thousands) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net (loss)/profit | $ | (57,415 | ) | $ | 53,963 | |||
| Add: Interest expenses, net | 6,278 | 4,704 | ||||||
| Add: Income tax (benefit)/expense | 793 | 7,668 | ||||||
| Add: Depreciation | 28,030 | 24,690 | ||||||
| Add: Impairment loss on mining equipment | 28,795 | 8,076 | ||||||
| Add: Credit loss provision for receivables | 1,247 | - | ||||||
| Add: Share-based Compensation | 588 | 26,065 | ||||||
| Minus: Gain on sale of recovery rights on assets held by FTX | - | (7,270 | ) | |||||
| Adjusted EBITDA | 8,316 | 117,896 | ||||||
FAQ
What were BitFuFu (FUFU) full-year 2025 revenues and net result?
How did BitFuFu's Cloud Mining Solutions perform in 2025 (FUFU)?
Why did BitFuFu (FUFU) report a net loss despite stable cash and assets?
How did BitFuFu's mining capacity and BTC holdings change in 2025 (FUFU)?
What happened to BitFuFu's self-mining performance and costs in 2025 (FUFU)?
