BitFuFu Reports Unaudited Third Quarter 2025 Financial Results
Rhea-AI Summary
BitFuFu (NASDAQ: FUFU) reported unaudited Q3 2025 results for the quarter ended September 30, 2025. Total revenue rose 100.1% year-over-year to $180.7M and +56.6% sequentially, led by cloud-mining revenue of $122.9M (68%) and mining equipment sales of $35.8M.
Net income was $11.6M (including a $3.1M unrealized BTC gain); Adjusted EBITDA was $22.1M. Cash and cash equivalents plus digital assets totaled $254.8M as of Sept 30, 2025, up 51.5% from Dec 31, 2024. Operationally, total mining capacity rose 37.4% to 36.0 EH/s, hosting capacity reached 624 MW, registered cloud-mining users grew to 641,526, and BTC holdings increased to 1,962 BTC.
Positive
- Total revenue +100.1% YoY to $180.7M
- Adjusted EBITDA increased to $22.1M from $5.8M
- Cash and digital assets $254.8M (+51.5% since Dec 31, 2024)
- Cloud-mining revenue $122.9M (68% of revenue)
- Total mining capacity +37.4% to 36.0 EH/s
- Registered cloud-mining users +40.8% to 641,526
Negative
- Cost of revenue $173.5M, up 94.1%, leaving limited gross margin ($7.2M)
- BTC produced from self-mining 174 BTC vs 340 BTC year-ago (down 48.8%)
- Revenue from self-mining decreased 2.2% to $20.1M
- Average BTC daily earnings per TH declined ~33% YoY, reducing self-mining yield
News Market Reaction
On the day this news was published, FUFU declined 8.46%, reflecting a notable negative market reaction. Argus tracked a peak move of +11.9% during that session. Argus tracked a trough of -24.5% from its starting point during tracking. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $48M from the company's valuation, bringing the market cap to $524M at that time. Trading volume was exceptionally heavy at 30.9x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, Nov. 12, 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 September 30, 2025.
Third Quarter 2025 Financial Highlights
- BitFuFu delivered robust year-over-year growth in Q3 2025, with total revenue increasing
100.1% to$180.7 million from$90.3 million in the same period of last year. On a sequential basis, the revenue increased56.6% . The significant growth was driven by strong demand from customers for cloud-mining solutions and mining equipment, and continued expansion of mining capacity.
Business Segment | Three Months Ended September 30, | |||
| Revenue (USD millions) | Percentage | |||
| Cloud mining solutions | 122.9 | 68.0 | % | |
| Self-mining operations | 20.1 | 11.1 | % | |
| Mining equipment sales | 35.8 | 19.8 | % | |
| Other | 1.9 | 1.1 | % | |
| Total revenue | 100.0 | % | ||
- Net income was
$11.6 million , which included an unrealized gain of$3.1 million from the increase in the price of Bitcoin. This compares to net loss of$5.0 million in the same period of 2024, which included an unrealized fair value loss of$0.6 million . - Adjusted EBITDA (a non-GAAP metric) increased to
$22.1 million , compared to$5.8 million in the same period of 2024. - For the three months ended September 30, 2025, basic and diluted earnings per ordinary share were
$0.07 , compared to negative$0.03 for both in the same period of 2024. - Cash and cash equivalents and digital assets1 totaled
$254.8 million as of September 30, 2025, representing an increase of51.5% from$168.1 million as of December 31, 2024.
“The third quarter marked a clear inflection point for BitFuFu as revenue doubled year-over-year and increased
____________________
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 September 30, 2025.
Third Quarter 2025 Operational Highlights
- Total mining capacity increased
37.4% to 36.0 EH/s as of September 30, 2025, compared to 26.2 EH/s as of September 30, 2024. - Hosting capacity was 624 MW as of September 30, 2025, compared to 556 MW as of September 30, 2024.
- The number of registered cloud-mining users increased
40.8% to 641,526 as of September 30, 2025, compared to 455,764 as of September 30, 2024. - Bitcoin (“BTC”) held by the Company increased by
19.8% to 1,962 BTC as of September 30, 2025, compared to 1,638 as of September 30, 2024.
| Metric | As of September 30, | |||
| 2025 | 2024 | |||
| Hosting capacity (MW) | 624 | 556 | ||
| Total mining capacity under management (EH/s) (1) | 36.0 | 26.2 | ||
| Registered cloud-mining users | 641,526 | 455,764 | ||
| BTC holdings (2) | 1,962 | 1,638 | ||
| Three Months Ended September 30, | ||||
| 2025 | 2024 | |||
| BTC produced | ||||
| From BitFuFu self-mining operations | 174 | 340 | ||
| By customers from cloud-mining solutions (3) | 1,033 | 957 | ||
| Average BTC produced per day by customers and BitFuFu | 13.1 | 14.1 | ||
(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. Hash rates are estimates based on the manufacturers' specifications.
(2) Includes 601 BTC as collateral for loans and miner procurement payables and excludes 440 BTC produced or pledged by cloud-mining customers.
(3) Defined as the number of BTC that were produced during the period by customers using mining capacity purchased from cloud-mining solutions.
Third Quarter 2025 Financial Results
Revenue
Total revenue in the third quarter of 2025 was
Revenue from cloud-mining solutions in the third quarter of 2025 was
Revenue from Bitcoin self-mining operations in the third quarter of 2025 was
Revenue from mining equipment sales in the third quarter was
Cost of Revenue
Cost of revenue in the third quarter of 2025 was
Operating Expenses
General and administrative expenses, sales and marketing expenses, and research and development expenses in the third quarter of 2025 were
The Company recognized a gain on disposal of digital assets of
Net Income
Net income in the third quarter of 2025 was
Adjusted EBITDA
Adjusted EBITDA in the third quarter of 2025 was
Liquidity and Capital Resources
As of September 30, 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 Standard Time on Wednesday, November 12, 2025 (9:00 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 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 third 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 Income (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||||||||||||
| For The Three Months Ended | For The Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Total revenues | $ | 180,671 | $ | 90,337 | $ | 374,110 | $ | 364,169 | ||||||||||||||||||
| Cost of revenues | ||||||||||||||||||||||||||
| Cost of revenues incurred to a related party | (108,775 | ) | (47,098 | ) | (197,777 | ) | (136,087 | ) | ||||||||||||||||||
| Cost of revenues incurred to third parties | (57,228 | ) | (36,092 | ) | (128,891 | ) | (176,061 | ) | ||||||||||||||||||
| Cost of revenues – depreciation and amortization | (7,514 | ) | (6,201 | ) | (20,976 | ) | (18,395 | ) | ||||||||||||||||||
| Total cost of revenues | (173,517 | ) | (89,391 | ) | (347,644 | ) | (330,543 | ) | ||||||||||||||||||
| Gross profit | 7,154 | 946 | 26,466 | 33,626 | ||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Sales and marketing expenses | (569 | ) | (1,489 | ) | (1,676 | ) | (2,457 | ) | ||||||||||||||||||
| General and administrative expenses | (1,923 | ) | (2,434 | ) | (6,016 | ) | (5,760 | ) | ||||||||||||||||||
| Research and development expenses | (602 | ) | (2,602 | ) | (1,353 | ) | (3,336 | ) | ||||||||||||||||||
| Unrealized fair value gain of digital asset receivables or payables | 134 | - | 5,304 | - | ||||||||||||||||||||||
| Unrealized fair value gain/(loss) of digital assets | 2,980 | (619 | ) | 18,054 | (5,222 | ) | ||||||||||||||||||||
| Realized gain on sales of digital assets | 6,926 | 2,246 | 9,352 | 25,228 | ||||||||||||||||||||||
| Total operating income/(expense), net | 6,946 | (4,898 | ) | 23,665 | 8,453 | |||||||||||||||||||||
| Operating income/(expense) | 14,100 | (3,952 | ) | 50,131 | 42,079 | |||||||||||||||||||||
| Investment income | 34 | - | 284 | |||||||||||||||||||||||
| Interest expense | (2,199 | ) | (1,545 | ) | (6,482 | ) | (4,601 | ) | ||||||||||||||||||
| Interest income | 773 | 257 | 1,865 | 1,375 | ||||||||||||||||||||||
| Other expenses, net | 254 | (704 | ) | 111 | (719 | ) | ||||||||||||||||||||
| Income/(Loss) before income taxes | 12,962 | (5,944 | ) | 45,909 | 38,134 | |||||||||||||||||||||
| Income tax (expense)/benefit | (1,402 | ) | 936 | (4,066 | ) | (6,503 | ) | |||||||||||||||||||
| Net income and total comprehensive income | 11,560 | (5,008 | ) | 41,843 | 31,631 | |||||||||||||||||||||
| Less: Net income attributable to non-controlling interests | (17 | ) | - | (91 | ) | - | ||||||||||||||||||||
| Total comprehensive income attributable to ordinary shareholders of BitFuFu | $ | 11,543 | $ | (5,008 | ) | $ | 41,752 | $ | 31,631 | |||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||||
| Ordinary shares – basic (US$) | $ | 0.07 | $ | (0.03 | ) | $ | 0.26 | $ | 0.20 | |||||||||||||||||
| Ordinary shares – diluted (US$) | $ | 0.07 | $ | (0.03 | ) | $ | 0.25 | $ | 0.19 | |||||||||||||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||||||||||||||||||||
| Ordinary shares – basic | 164,516,040 | 162,902,268 | 163,636,472 | 160,113,866 | ||||||||||||||||||||||
| Ordinary shares – diluted | 169,898,332 | 168,284,560 | 169,018,764 | 165,496,158 | ||||||||||||||||||||||
| BitFuFu Inc. | |||||||
| Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 32,632 | $ | 38,201 | |||
| Restricted cash and cash equivalents | - | 6,910 | |||||
| Digital assets | 222,147 | 129,940 | |||||
| Digital assets collateral receivables | 67,991 | 12,569 | |||||
| Accounts receivable, net | 36,433 | 10,926 | |||||
| Amount due from related parties | 10,064 | 33,116 | |||||
| Prepayments | 38,273 | 21,651 | |||||
| Inventory | 145 | 246 | |||||
| Other current assets, net | 16,279 | 11,710 | |||||
| Total current assets | 423,964 | 265,269 | |||||
| Non-current assets: | |||||||
| Equipment, net | 61,921 | 55,981 | |||||
| Digital asset collateral receivables | - | 47,827 | |||||
| Right of use asset | 497 | - | |||||
| Long-term equity investment | 184 | - | |||||
| Goodwill * | 6,484 | - | |||||
| Deferred tax assets, net | 7,290 | 8,601 | |||||
| Total non-current assets | 76,376 | 112,409 | |||||
| Total assets | $ | 500,340 | $ | 377,678 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | 12,693 | 14,119 | |||||
| Contract liabilities | 31,305 | 15,757 | |||||
| Taxes payable | 2,342 | 2,229 | |||||
| Accrued expenses and other payables | 15,334 | 8,773 | |||||
| Obligation to return collateral digital assets | 49,720 | 21,436 | |||||
| Amount due to a related party | 12,610 | 1,579 | |||||
| Long term loans-current portion | 40,000 | - | |||||
| Lease liability-current portion | 226 | - | |||||
| Total current liabilities | 164,230 | 63,893 | |||||
| Non-current liabilities: | |||||||
| Long-term loans | - | 34,950 | |||||
| Lease liability | 260 | - | |||||
| Long-term payables | 101,301 | 101,301 | |||||
| Deferred tax liabilities, net | 16,398 | 15,072 | |||||
| Total non-current liabilities | 117,959 | 151,323 | |||||
| Total liabilities | 282,189 | 215,216 | |||||
| Total shareholders’ equity | 218,151 | 162,462 | |||||
| Total liabilities and stockholders’ equity | $ | 500,340 | $ | 377,678 | |||
* The balance of goodwill may be further changed after completing the Purchase Price Valuation (“PPA”) report by the certified valuer.
| BitFuFu Inc. Reconciliation of Net Profit and Adjusted EBITDA (Unaudited) (In thousands) | ||||||||||||||||
| For The Three Months Ended September 30, | For The Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income/(loss) | $ | 11,560 | $ | (5,008 | ) | $ | 41,843 | $ | 31,631 | |||||||
| Add: Interest expenses, net | 1,426 | 1,288 | 4,617 | 3,226 | ||||||||||||
| Add: Income tax expense/(benefit) | 1,402 | (936 | ) | 4,066 | 6,503 | |||||||||||
| Add: Depreciation | 7,514 | 6,201 | 20,976 | 18,395 | ||||||||||||
| Add: Share-based Compensation | 182 | 4,253 | 481 | 4,253 | ||||||||||||
| Adjusted EBITDA | $ | 22,084 | $ | 5,798 | $ | 71,983 | $ | 64,008 | ||||||||
FAQ
What were BitFuFu (FUFU) Q3 2025 total revenue and growth rates?
How profitable was BitFuFu (FUFU) in Q3 2025 and what was adjusted EBITDA?
How much cash and digital assets did BitFuFu (FUFU) hold on September 30, 2025?
What drove BitFuFu's revenue growth in Q3 2025 (FUFU)?
How did BitFuFu's mining capacity and user base change by Q3 2025?
Did BitFuFu (FUFU) produce more Bitcoin in Q3 2025 from self-mining?
