BitFuFu Reports Unaudited First Quarter 2025 Financial Results
- BTC holdings increased 71.2% YoY to 1,835 BTCs
- Cloud-mining registered users grew 89.1% YoY to 607,377
- Successfully acquired Oklahoma mining facility, increasing self-owned hashrate to 4.2 EH/s
- Revenue from selling mining equipment increased significantly to $6.0M from $0.7M YoY
- Maintained strong liquidity with $144.3M in cash and digital assets
- Total revenue decreased 46% YoY to $78.0M
- Net loss of $16.9M compared to net income of $35.3M in Q1 2024
- Adjusted EBITDA turned negative to -$10.8M from positive $49.9M YoY
- Total hashrate decreased 28% YoY to 20.6 EH/s
- BTC production from self-mining operations decreased significantly to 186 BTCs from 1,103 BTCs YoY
- Recognized $16.2M non-cash fair value loss on BTC holdings
Insights
BitFuFu reports significant post-halving financial deterioration with quarterly losses, though operational metrics show some resilience.
BitFuFu's Q1 2025 results paint a challenging post-halving landscape, with revenue dropping
The financial deterioration stems from multiple factors: reduced block rewards from the halving, increased network difficulty, and a significant hashrate reduction to 20.6 EH/s (down
Despite these challenges, several indicators suggest strategic positioning for potential recovery. The
The Oklahoma facility acquisition represents a strategic vertical integration move, potentially improving long-term economics by reducing third-party dependencies. This transition to self-owned infrastructure (now 4.2 EH/s) could prove valuable as the industry consolidates post-halving.
BitFuFu's dollar retention rate of
SINGAPORE, June 05, 2025 (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 quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights
- Total revenue was
$78.0 million , a decrease of46.0% from$144.4 million in the same period of 2024. This decrease was primarily attributable to the Bitcoin (“BTC”) mining “halving event” occurred in April 2024, increase in blockchain network difficulty and the temporary decrease in the Company’s hashrate under management year-over-year. - Revenues from cloud-mining solutions, self-mining operations, selling of mining equipment and others accounted for
68.8% ,22.5% ,7.7% , and1.0% of total revenue in the first quarter of 2025, respectively. - Net loss was
$16.9 million , compared to net income of$35.3 million in the same period of 2024. - Adjusted EBITDA (a non-GAAP metric) was negative
$10.8 million , compared to positive$49.9 million in the same period of 2024. - Combined balance of cash and cash equivalents and digital assets1 were
$144.3 million as of March 31, 2025, compared to$168.1 million as of December 31, 2024.
Leo Lu, Chief Executive Officer and Chairman of the Board of Directors, said, “As expected, we faced a more challenging operating environment in the first quarter of 2025. While performance of the first quarter reflected the expected post-halving transitional impact, our record-breaking hashrate in May validates our infrastructure scaling strategy and sets a strong tone for the second quarter and the rest of 2025. This rebound underscores the strength of our supplier relationships, the agility of our procurement strategy, and the resilience of our overall business model.
“In the first quarter of 2025, we closed the acquisition of a mining facility in Oklahoma and lifted our self‑owned hash rate to 4.2 EH/s. The Oklahoma acquisition represents a milestone in our vertical integration journey, enabling us to improve cost efficiency, resilience, and long-term profitability. Moreover, we broadened our network, added new partners, expanded our global footprint and added new customers across key growth markets. Going forward, we will keep our focus on disciplined execution of our strategies and long-term value creation.”
First Quarter 2025 Operational Highlights
- Total hashrate decreased by
28.0% to 20.6 EH/s as of March 31, 2025, compared to 28.6 EH/S as of March 31, 2024. This decrease was primarily due to the expiration of certain hash rate purchase orders and miner fleet relocation or upgrades by suppliers. - Power capacity was 478 MW as of March 31, 2025, compared to 644 MW as of March 31, 2024.
- Cloud-mining registered users increased by
89.1% to 607,377 as of March 31, 2025, compared to 321,184 as of March 31, 2024. - BTC held by the Company increased by
71.2% to 1,835 BTCs as of March 31, 2025, compared to 1,072 BTCs as of March 31, 2024.
| Metric | As of March 31, | |
| 2025 | 2024 | |
| Power capacity (MW) | 478 | 644 |
| Total hashrate under management (EH/s) (1) | 20.6 | 28.6 |
| Cloud-mining registered Users | 607,377 | 321,184 |
| BTC Holdings(2) | 1,835 | 1,072 |
| Three Months Ended 31 March, | ||
| 2025 | 2024 | |
| BTC Produced | ||
| From BitFuFu self-mining operations | 186 | 1,103 |
| By customers from cloud-mining solutions(3) | 537 | 2,096 |
| Average BTC produced per day by customers and BitFuFu | 8.0 | 35.5 |
(1) Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hashrates are estimated based on the manufacturers' specifications.
(2) Includes 794 BTC as collateral for loans and miner procurement payables and excludes BTC produced or pledged by cloud-mining customers.
(3) Defined as the amount of BTC that was produced during the year by customers using hashrate purchased from cloud-mining solutions.
First Quarter 2025 Financial Review
Revenue
Total revenue in the first quarter of 2025 was
Revenue from cloud-mining solutions in the first quarter of 2025 was
Revenue from Bitcoin self-mining operations in the first quarter of 2025 was
Revenue from selling mining equipment in the first quarter of 2025 was
Cost of Revenue
Cost of revenue in the first quarter of 2025 was
Operating Expenses
Sales and marketing expenses, general and administrative expenses and research and development expenses in the first quarter of 2025 were
The Company recognized a non-cash fair value loss of
Because the price of BTCs sold in the first quarter of 2025 was lower than their carry value, the Company recognized a
Net Loss
Net loss in the first quarter of 2025 was
Adjusted EBITDA
Adjusted EBITDA in the first quarter of 2025 was negative
Liquidity and Capital Resources
As of March 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 Thursday, June 5, 2025 (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: https://register-conf.media-server.com/register/BIbfe2e2e4b5324be1b2bf87eca2ec2a25
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
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 metrics 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, and (3) 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 measure is not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measure has 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 measure 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 “Reconciliation of Net Profit and Adjusted EBITDA (Unaudited)” 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 first quarter 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 (Unaudited) (In thousands, except share and per share data) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2024 | |||||
| Total revenues | 78,044 | 144,411 | ||||
| Cost of revenues | ||||||
| Cost of revenues incurred to a related party | (30,013 | ) | (45,298 | ) | ||
| Cost of revenues incurred to third parties | (35,510 | ) | (71,348 | ) | ||
| Cost of revenues – depreciation and amortization | (6,061 | ) | (6,097 | ) | ||
| Total cost of revenues | (71,584 | ) | (122,743 | ) | ||
| Gross profit | 6,460 | 21,668 | ||||
| Operating (expenses)/income | ||||||
| Sales and marketing expenses | (460 | ) | (383 | ) | ||
| General and administrative expenses | (2,005 | ) | (1,934 | ) | ||
| Research and development expenses | (364 | ) | (391 | ) | ||
| Unrealized fair value loss on digital asset receivables or payables | (3,170 | ) | - | |||
| Unrealized fair value (loss)/gain on digital assets | (16,187 | ) | 11,758 | |||
| Realized (loss)/gain on sales of digital assets | (1,381 | ) | 13,089 | |||
| Total operating (expenses)/income, net | (23,567 | ) | 22,139 | |||
| Operating (expenses)/income | (17,107 | ) | 43,807 | |||
| Investment income | 136 | - | ||||
| Interest expense | (2,113 | ) | (1,528 | ) | ||
| Interest income | 495 | 343 | ||||
| (Loss)/Income before income taxes | (18,589 | ) | 42,622 | |||
| Income tax benefits/(expense) | 1,775 | (7,314 | ) | |||
| Net (loss)/income and total comprehensive (loss)/income | (16,814 | ) | 35,308 | |||
| Less: Net income attributable to non-controlling interests | (58 | ) | - | |||
| Total Comprehensive (loss)/ income attributable to ordinary shareholders of BitFuFu | (16,872 | ) | 35,308 | |||
| Earnings per share: | ||||||
| Ordinary shares – basic ($) | (0.10 | ) | 0.23 | |||
| Ordinary shares –diluted ($) | (0.10 | ) | 0.22 | |||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||
| Ordinary shares – basic | 163,106,615 | 154,395,278 | ||||
| Ordinary shares – diluted | 168,488,907 | 158,035,068 | ||||
| BitFuFu Inc. | |||
| Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | |||
| March 31, 2025 | December 31, 2024 | ||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 21,120 | 38,201 | |
| Restricted cash and cash equivalents | - | 6,910 | |
| Digital assets | 123,134 | 129,940 | |
| Digital assets collateral receivables | 10,088 | 12,569 | |
| Accounts receivable, net | 22,063 | 10,926 | |
| Amount due from related parties | 14,625 | 33,116 | |
| Prepayments | 28,571 | 21,651 | |
| Inventory | 206 | 246 | |
| Other current assets, net | 13,790 | 11,710 | |
| Total current assets | 233,597 | 265,269 | |
| Non-current assets: | |||
| Equipment, net | 77,910 | 55,981 | |
| Digital asset collateral receivables | 56,222 | 47,827 | |
| Goodwill * | 6,484 | - | |
| Deferred tax assets, net | 9,752 | 8,601 | |
| Total non-current assets | 150,368 | 112,409 | |
| Total assets | 383,965 | 377,678 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payables | 8,132 | 14,119 | |
| Contract liabilities | 9,592 | 15,757 | |
| Taxes payable | 1,940 | 2,229 | |
| Accrued expenses and other payables | 10,334 | 8,773 | |
| Obligation to return collateral digital assets | 31,670 | 21,436 | |
| Amount due to a related party | 15,527 | 1,579 | |
| Total current liabilities | 77,195 | 63,893 | |
| Non-current liabilities: | |||
| Long-term loans | 40,000 | 34,950 | |
| Long-term payables | 101,301 | 101,301 | |
| Deferred tax liabilities, net | 14,448 | 15,072 | |
| Total non-current liabilities | 155,749 | 151,323 | |
| Total liabilities | 232,944 | 215,216 | |
| Total shareholders’ equity | 151,021 | 162,462 | |
| Total liabilities and stockholders’ equity | 383,965 | 377,678 | |
* The balance of goodwill may be adjusted in the following financial statements after valuation of the acquired company is completed.
| BitFuFu Inc. Reconciliation of Net Profit and Adjusted EBITDA (Unaudited) (In thousands) | |||
| Three months ended March 31, | |||
| 2025 | 2024 | ||
| Net (loss)/ income | (16,814 | ) | 35,308 |
| Add: Interest expenses, net | 1,618 | 1,185 | |
| Add: Income tax expense | (1,775 | ) | 7,314 |
| Add: Depreciation and amortization | 6,061 | 6,097 | |
| Add: Share-based Compensation | 124 | - | |
| Adjusted EBITDA | (10,786 | ) | 49,904 |
____________________
1 The BTC collateral receivables are not included in the balance of digital assets; and BTC was measured at fair value in the Company’s financials for the quarter ended March 31, 2025.
FAQ
What caused BitFuFu (FUFU) revenue to decline in Q1 2025?
How many Bitcoins does BitFuFu (FUFU) hold as of Q1 2025?
What is BitFuFu's (FUFU) total hashrate capacity in Q1 2025?
How much cash and digital assets does BitFuFu (FUFU) have?
What was BitFuFu's (FUFU) net income in Q1 2025?
