BitFuFu Reports Unaudited Second Quarter 2026 Financial Results
Rhea-AI Summary
BitFuFu (NASDAQ:FUFU) reported second quarter 2026 revenue of $42.8 million, down 62.9% from $115.4 million a year earlier, mainly due to a 73.6% drop in Cloud Mining Solutions revenue to $24.9 million and nil mining equipment sales. Self-mining revenue was $14.0 million versus $14.8 million, while Hosting and Other revenue rose to $3.9 million from $1.1 million.
The Company posted a net loss of $20.5 million versus net income of $47.1 million in 2025, and Adjusted EBITDA of negative $18.4 million versus positive $60.7 million, heavily affected by a $16.9 million fair value loss on digital assets versus a $43.4 million gain last year. Total hashrate under management decreased 57.7% to 15.3 EH/s, and BTC holdings fell 6.8% to 1,671 BTC. Cash, cash equivalents and digital assets were $119.5 million at June 30, 2026, down from $177.1 million at December 31, 2025, reflecting lower BTC fair value, repayment of $10 million of Bitcoin-backed loans, and prepayments for hashrate procurement.
Positive
- Hosting and Other revenue more than tripled to $3.9 million from $1.1 million year over year
- Self-mining BTC production increased to 192 BTC from 143 BTC for the quarter
- Average hashrate allocated to self-mining rose 47% year over year
- Cost of revenue declined 57.4% to $43.7 million from $102.5 million
- Cash and digital assets plus collateral receivable and related-party receivables still support total current assets of $222.7 million
- Repayment of $10 million Bitcoin-backed loans reduced leverage in the first half of 2026
Negative
- Total revenue fell 62.9% to $42.8 million from $115.4 million year over year
- Cloud Mining Solutions revenue dropped 73.6% to $24.9 million, with net dollar retention at 24.1%
- Mining equipment sales declined to zero from $5.2 million in the prior-year quarter
- Net result swung to a $20.5 million loss from $47.1 million profit a year earlier
- Adjusted EBITDA deteriorated to negative $18.4 million from positive $60.7 million
- Fair value on digital assets shifted to a $16.9 million loss from a $43.4 million gain
- Total hashrate under management fell 57.7% to 15.3 EH/s, and power capacity declined to 273 MW from 728 MW
- Cash and digital assets decreased to $119.5 million from $177.1 million at year-end 2025
News Explained
Q2 BTC output shifted toward BitFuFu’s own mining: 192 BTC versus 143 a year earlier, while cloud customers produced 255 versus 917.
BitFuFu’s unaudited second-quarter report covers the quarter ended
The release defines total hashrate under management as the theoretical hashrate of energized miners, including machines that may be temporarily offline, based on manufacturers’ specifications.
Management described self-mining production as nearly tripling, but the release’s table reports
Market reaction after 2Q26 earnings report: FUFU -16.55%
Following this news, FUFU has declined 16.55%, reflecting a significant negative market reaction. Argus tracked a trough of -15.6% from its starting point during tracking. Our momentum scanner has triggered 11 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $1.21.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 29 | Q1 2026 earnings | Negative | -7.0% | Revenue declined, net loss widened, and fair value losses increased. |
| Mar 20 | FY 2025 earnings | Negative | -30.7% | Net loss and digital-asset fair value losses accompanied annual revenue growth. |
| Nov 12 | Q3 2025 earnings | Positive | -8.5% | Revenue, net income, EBITDA, capacity, and holdings increased year over year. |
| Aug 15 | Q2 2025 earnings | Positive | -5.0% | Revenue, net income, EBITDA, mining capacity, and Bitcoin holdings increased. |
| Jun 05 | Q1 2025 earnings | Negative | -3.8% | Revenue declined and the company reported a net loss amid lower hashrate. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
BitFuFu's earnings announcements had historically produced negative 24-hour reactions, including when reported results contained positive operating or financial metrics.
Key Terms
adjusted ebitda financial
net dollar retention rate financial
hashrate technical
non-gaap financial measure financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SINGAPORE, Aug. 17, 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 quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
- Total revenue was
$42.8 million , down62.9% from$115.4 million in the same period of 2025. This substantial decline reflects the combined impact of a27.5% year-over-year drop in Bitcoin’s price, softening demand for Cloud Mining Solutions, and the Company's deliberate optimization of deployed hashrate.
| Three Months Ended June 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Category ($ in millions) | Revenue | % of Revenue | Revenue | % of Revenue | ||||||||||||
| Cloud Mining Solutions | $ | 24.9 | 58.2 | % | $ | 94.3 | 81.7 | % | ||||||||
| Self-Mining Operations | 14.0 | 32.7 | % | 14.8 | 12.8 | % | ||||||||||
| Mining Equipment Sales | - | 0.0 | % | 5.2 | 4.5 | % | ||||||||||
| Hosting Revenue and Others | 3.9 | 9.1 | % | 1.1 | 1.0 | % | ||||||||||
| Total Revenue | $ | 42.8 | 100.0 | % | $ | 115.4 | 100.0 | % | ||||||||
- Net loss was
$20.5 million , compared to net income of$47.1 million in the same period of 2025. - Adjusted EBITDA (a non-GAAP metric) was negative
$18.4 million , which was significantly impacted by fair value loss of$16.9 million resulting from the decrease in the price of Bitcoin. This compared to positive$60.7 million in the same period of 2025, which included a fair value gain of$43.4 million . - Combined balance of cash and cash equivalents and digital assets1 were
$119.5 million as of June 30, 2026, compared to$177.1 million as of December 31, 2025.
“Second-quarter results reflected one of the more challenging operating environments our industry has experienced recently, but they do not change our conviction in BitFuFu's long-term opportunity. We prioritized operational quality and discipline — proactively optimizing our hashrate mix and nearly tripling self-mining production during the period. At the same time, we continued to expand our turnkey hosting services as a growing source of diversified revenue, while deploying next-generation S21 XP miners and actively managing our fleet to maintain high efficiency and protect our unit economics amid market volatility. Importantly, the reduction in managed hashrate during the quarter was not a simple contraction; rather, it was part of a deliberate effort to improve the quality and economics of our capacity. We have secured additional hashrate that restored our total managed hashrate to approximately 20 EH/s by mid-August and provided a stronger foundation for the second half of the year. Going forward, we will remain focused on improving operating efficiency, maintaining capital discipline, and selectively deploying resources where we see attractive long-term economics. We believe these efforts will position BitFuFu to capture opportunities as the market improves and to continue creating long-term value for our shareholders,” said Leo Lu, Chief Executive Officer and Chairman of the Board.
| 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 June 30, 2026. |
Second Quarter 2026 Operational Highlights
- Total hashrate decreased by
57.7% to 15.3 EH/s as of June 30, 2026, compared to 36.2 EH/s as of June 30, 2025. - Power capacity was 273 MW as of June 30, 2026, compared to 728 MW as of June 30, 2025.
- Bitcoin (“BTC”) held by the Company decreased by
6.8% to 1,671 BTC as of June 30, 2026, compared to 1,792 BTC as of June 30, 2025. This reduction reflects the Company’s ongoing treasury management strategy, under which BTC was sold during the period to support operational needs and hashrate procurement activities.
| As of June 30, | ||||||||
| Metric | 2026 | 2025 | ||||||
| Power capacity (MW) | 273 | 728 | ||||||
| Total hashrate under management (EH/s)(1) | 15.3 | 36.2 | ||||||
| BTC Holdings(2) | 1,671 | 1,792 | ||||||
| Three Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| BTC Produced | ||||||||
| From BitFuFu self-mining operations | 192 | 143 | ||||||
| By customers from cloud-mining solutions(3) | 255 | 917 | ||||||
| Average BTC produced per day by customers and BitFuFu | 4.9 | 11.7 | ||||||
| (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. Hashrates are estimated based on the manufacturers’ specifications. |
| (2 | ) | Includes 54 BTC as collateral for loans and excludes BTC produced or pledged by cloud-mining customers. |
| (3 | ) | Defined as the amount of BTC that was produced during the period by customers using hashrate purchased from cloud-mining solutions. |
Second Quarter 2026 Financial Review
Revenue
Total revenue in the second quarter of 2026 was
Revenue from Cloud Mining Solutions for the second quarter of 2026 was
| 2 | The net dollar retention rate was calculated as the ratio of recurring revenue in the second quarter of 2026 to total Cloud Mining revenue in the second quarter of 2025. |
Revenue from Bitcoin self-mining operations in the second quarter of 2026 was
Revenue from mining equipment sales was nil in the second quarter of 2026, compared with
Revenue from Hosting and Other was
Cost of Revenue
Cost of revenue in the second quarter of 2026 was
Operating Expenses
Sales and marketing expenses in the second quarter of 2026 were US
General and administrative expenses, and research and development expenses for the second quarter of 2026 were
The Company recognized a
Net (Loss)/Income
Net loss in the second quarter of 2026 was
Adjusted EBITDA
Adjusted EBITDA in the second quarter of 2026 was negative
Liquidity and Capital Resources
As of June 30, 2026, 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 Monday, August 17, 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: BitFuFu Second Quarter 2026 Earnings Conference Call
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 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, 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 “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 second quarter of 2026 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.
Investor contact:
BitFuFu Investor Relations
ir@bitfufu.com
Media contact:
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 June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Total revenues | 42,760 | 115,395 | 115,420 | 193,439 | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Cost of revenues incurred to a related party | (18,268 | ) | (58,989 | ) | (40,095 | ) | (89,002 | ) | ||||||||
| Cost of revenues incurred to third parties | (23,112 | ) | (36,153 | ) | (69,990 | ) | (71,663 | ) | ||||||||
| Cost of revenues – depreciation and amortization | (2,339 | ) | (7,401 | ) | (5,920 | ) | (13,462 | ) | ||||||||
| Total cost of revenues | (43,719 | ) | (102,543 | ) | (116,005 | ) | (174,127 | ) | ||||||||
| Gross (loss)/profit | (959 | ) | 12,852 | (585 | ) | 19,312 | ||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing expenses | (1,190 | ) | (647 | ) | (1,561 | ) | (1,107 | ) | ||||||||
| General and administrative expenses | (2,209 | ) | (2,088 | ) | (4,104 | ) | (4,093 | ) | ||||||||
| Research and development expenses | (517 | ) | (387 | ) | (946 | ) | (751 | ) | ||||||||
| Credit loss provision for receivables | (165 | ) | - | (165 | ) | - | ||||||||||
| Changes in fair value of digital asset receivables or payables | 1,953 | 8,340 | (3,003 | ) | 5,170 | |||||||||||
| Changes in fair value of digital assets | (18,824 | ) | 35,068 | (49,494 | ) | 17,500 | ||||||||||
| Total operating (expenses)/income | (20,952 | ) | 40,286 | (59,273 | ) | 16,719 | ||||||||||
| Operating (expense)/income | (21,911 | ) | 53,138 | (59,858 | ) | 36,031 | ||||||||||
| Investment income | 16 | 114 | 22 | 250 | ||||||||||||
| Interest expense | (821 | ) | (2,170 | ) | (1,764 | ) | (4,283 | ) | ||||||||
| Interest income | 147 | 597 | 279 | 1,092 | ||||||||||||
| Other expenses, net | (76 | ) | (143 | ) | (250 | ) | (143 | ) | ||||||||
| (Loss)/income before income taxes | (22,645 | ) | 51,536 | (61,571 | ) | 32,947 | ||||||||||
| Income tax benefit/(expense) | 2,103 | (4,395 | ) | 6,078 | (2,620 | ) | ||||||||||
| Net (loss)/income and total comprehensive (loss)/income | (20,542 | ) | 47,141 | (55,493 | ) | 30,327 | ||||||||||
| Less: Net income attributable to non-controlling interests | (9 | ) | (16 | ) | (25 | ) | (74 | ) | ||||||||
| Total comprehensive (loss)/income attributable to ordinary shareholders of BitFuFu | (20,551 | ) | 47,125 | (55,518 | ) | 30,253 | ||||||||||
| Earnings per share: | ||||||||||||||||
| Ordinary shares – basic ($) | (0.12 | ) | 0.29 | (0.33 | ) | 0.19 | ||||||||||
| Ordinary shares –diluted ($) | (0.12 | ) | 0.28 | (0.32 | ) | 0.18 | ||||||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||||||||||
| Ordinary shares – basic | 166,916,728 | 163,265,449 | 166,916,728 | 163,186,914 | ||||||||||||
| Ordinary shares – diluted | 172,168,703 | 168,647,741 | 172,168,703 | 168,569,206 | ||||||||||||
| BitFuFu Inc. | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 22,220 | 27,761 | ||||||
| Digital assets | 97,323 | 149,289 | ||||||
| Digital assets collateral receivable | 3,146 | 24,075 | ||||||
| Accounts receivable, net | 6,766 | 12,326 | ||||||
| Amount due from related parties | 68,856 | 75,019 | ||||||
| Prepayments | 16,267 | 26,042 | ||||||
| Inventory | - | 145 | ||||||
| Financial assets held for trading | 1,290 | 521 | ||||||
| Other current assets, net | 6,847 | 9,358 | ||||||
| Total current assets | 222,715 | 324,536 | ||||||
| Non-current assets: | ||||||||
| Equipment, net | 18,195 | 20,672 | ||||||
| Goodwill | 4,235 | 4,235 | ||||||
| Deferred tax assets, net | 12,310 | 7,524 | ||||||
| Operating lease right of use assets, net | 315 | 436 | ||||||
| Long term investment | 570 | 177 | ||||||
| Total non-current assets | 35,625 | 33,044 | ||||||
| Total assets | 258,340 | 357,580 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payables | 2,484 | 4,659 | ||||||
| Contract liabilities | 30,981 | 50,573 | ||||||
| Long term loan – current portion | 2,000 | 15,000 | ||||||
| Accrued expenses and other payables | 14,117 | 16,060 | ||||||
| Obligation to return collateral digital assets | 6 | 3,349 | ||||||
| Amount due to a related party | 2,640 | 6,803 | ||||||
| Taxes payable | 349 | 1,792 | ||||||
| Operating lease liabilities, current | 257 | 251 | ||||||
| Total current liabilities | 52,834 | 98,487 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loans | 3,400 | - | ||||||
| Long-term payable | 93,364 | 94,364 | ||||||
| Deferred tax liabilities, net | 14,307 | 14,928 | ||||||
| Operating lease liabilities, non-current | 65 | 197 | ||||||
| Total non-current liabilities | 111,136 | 109,489 | ||||||
| Total liabilities | 163,970 | 207,976 | ||||||
| Total shareholders’ equity | 94,370 | 149,604 | ||||||
| Total liabilities and stockholders’ equity | 258,340 | 357,580 | ||||||
| BitFuFu Inc. | ||||||||||||||||
| Unaudited Reconciliation of GAAP and non-GAAP Results | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net (loss)/income | (20,542 | ) | 47,141 | (55,493 | ) | 30,327 | ||||||||||
| (Minus)/Add: Income tax (benefit)/expense | (2,103 | ) | 4,395 | (6,078 | ) | 2,620 | ||||||||||
| Add: Interest expenses, net | 674 | 1,573 | 1,485 | 3,191 | ||||||||||||
| Add: Depreciation and amortization | 2,339 | 7,401 | 5,920 | 13,462 | ||||||||||||
| Add: Credit loss provision for receivables | 165 | - | 165 | - | ||||||||||||
| Add: Share-based Compensation | 1,067 | 175 | 1,163 | 299 | ||||||||||||
| Adjusted EBITDA | (18,400 | ) | 60,685 | (52,838 | ) | 49,899 | ||||||||||
