BitFuFu Q4 Earnings Call Highlights

Key Points

• BitFuFu shifted heavily into cloud mining, with cloud mining revenue up 29.3% to $350.6 million and representing about 74% of 2025 revenue, as demand outstripped supply and the company allocated most hash rate to institutional customers.
• Financially, BitFuFu reported a net loss of $57.4 million (driven by impairments and unrealized losses) but delivered positive adjusted EBITDA of $8.3 million, with year-end liquidity including $27.8 million cash, $149.3 million in digital assets and $85 million available under its revolver.
• The company emphasized a disciplined, hybrid strategy—preserving liquidity, favoring leased hash for flexibility despite higher nominal costs (blended cash cost to mine one BTC ~$77,573)—and plans to expand owned capacity, power infrastructure and cloud-mining scale in 2026 while upgrading miners selectively.

BitFuFu NASDAQ: FUFU executives said the company leaned on “rigorous operational discipline” and a services-oriented strategy to navigate a volatile cryptocurrency market in 2025, as cloud mining remained the firm’s largest revenue contributor and adjusted EBITDA stayed positive despite a net loss.

Speaking on the company’s full-year 2025 earnings call, Chairman and CEO Leo Lu described 2025 as a “challenging year” for crypto mining companies, pointing to rapid bitcoin price swings. Lu said bitcoin climbed to an all-time high of $126,000 in the second and third quarters, then fell below $100,000 in November and below $90,000 in December, creating cash flow pressure across the sector and leading to liquidations for some participants.

Lu said BitFuFu did not “lever up or chase unprofitable growth at the top of the cycle,” and instead focused on preserving liquidity so it would not need to sell bitcoin in weaker markets to fund operations or reduce leverage.

Revenue mix shifts further toward cloud mining

Management reported full-year 2025 revenue of about $475.8 million, compared with $463.3 million in 2024, with CFO Calla Zhao attributing the year-over-year increase primarily to growth in cloud mining solutions, mining equipment sales, and hosting services. Those gains were partially offset by lower self-mining revenue, which Zhao tied to a lower hash price and increased network difficulty.

Cloud mining solutions revenue grew 29.3% year over year to $350.6 million from $271.0 million, representing approximately 74% of 2025 revenue versus about 59% in 2024. Zhao said demand continued to exceed available supply, allowing the company to improve pricing and allocate the majority of available hash rate to institutional customers at higher price points.

Zhao also provided customer mix metrics for cloud mining sales. In 2025, existing customers accounted for 79% of cloud mining solutions sales and new customers 21%, compared with 77% and 23% in 2024. Net dollar retention was 100% in 2025 versus 117% in 2024.

Self-mining declines; company emphasizes hybrid model and flexibility

Self-mining revenue fell to $63.1 million from $157.5 million in 2024, dropping to about 13% of total revenue versus 34% a year earlier. Zhao said BitFuFu shifted its allocation of owned and leased hash rate toward cloud mining in response to customer demand:

• Owned hash rate allocation in 2025: 43% to cloud mining and 57% to self-mining (versus 3% to cloud mining in 2024).
• Leased hash rate allocation in 2025: 91% to cloud mining and 9% to self-mining (versus 73% to cloud mining in 2024).

On sourcing, Zhao said 8% of cloud mining hash rate in 2025 came from BitFuFu’s owned miners and 92% from purchased or leased third-party hash rate, compared with 2024 when cloud mining was supported entirely by third-party capacity. For self-mining, owned miners supplied 55% of hash rate in 2025, up from 24% in 2024.

Zhao said the company’s average cash cost to mine one bitcoin in 2025 was $77,573, reflecting a blended cost structure of roughly $61,000 per bitcoin from owned machines and approximately $98,000 per bitcoin from leased hash rate. She said leased arrangements (typically three to 12 months) provide flexibility to rebalance and reprice capacity and reduce long-term exposure to hardware obsolescence, even though the nominal cost is higher.

Mining equipment sales and hosting grow; margins modest

Mining equipment sales rose 76.4% year over year to $53.7 million, from $30.5 million in the prior year. Zhao said about 60% of equipment sold in 2025 was from the S21 series.

Revenue from hosting services and other increased to $8.4 million from $4.3 million in 2024, driven by a “miner with hosting” program launched in the second half of 2025, according to Zhao.

Gross profit after depreciation and amortization was $26.7 million, with a gross margin of 5.7% versus 6.4% in 2024. Zhao said higher gross margins in cloud mining and hosting were offset by lower margins in self-mining and equipment sales. Before depreciation and amortization, the gross profit margin was 11.6% in 2025 compared with 11.7% in 2024.

Net loss, positive adjusted EBITDA, and liquidity positioning

BitFuFu posted a full-year net loss of $57.4 million, compared with net income of $54.0 million in 2024. Zhao said the decline was driven by a larger non-cash impairment loss on mining equipment, increased unrealized fair value losses on digital asset receivables and payables in bitcoin, and a lower realized gain on the sale of digital assets.

Adjusted EBITDA for 2025 was $8.3 million, and Zhao said the company delivered positive adjusted EBITDA while maintaining what she characterized as a healthy balance sheet.

On the balance sheet, the company ended 2025 with $27.8 million in cash and cash equivalents and $149.3 million in digital assets, compared with $45.1 million and $129.9 million, respectively, at year-end 2024. Zhao added that BitFuFu had $24.1 million in digital asset collateral receivables as of December 31, 2025, representing bitcoin pledged to lenders in exchange for borrowings.

Lu said BitFuFu held 1,778 bitcoins as of December 31, 2025, compared with 1,720 at the end of 2024, and continued building its holdings into 2026, reaching 1,830 bitcoins as of February 28, 2026. He also said pledged bitcoins were reduced to 274 at year-end 2025 from 633 at year-end 2024, which he said improved flexibility.

Zhao said that as of the end of February 2026, BitFuFu had $85 million available under a $100 million revolving credit facility and sufficient liquidity to meet working capital needs.

2026 priorities: capacity expansion, upgrades, and retention

Looking ahead, Lu said the company sees opportunities to expand hash rate in a bear market as some miners and hardware manufacturers seek liquidity, and he expects some institutional customers to add positions during market dips. He said BitFuFu remains focused on acquiring infrastructure as part of a vertical integration strategy, emphasizing power capacity as an asset that can lower self-mining costs and support miner sales and hosting.

Lu listed the company’s 2026 priorities as scaling cloud mining and maintaining strong retention, expanding managed hash rate and power with disciplined returns, improving reliability and uptime through its Aladdin management system, optimizing capital allocation and liquidity, and building its bitcoin treasury opportunistically.

Zhao said the company is evaluating opportunities to expand owned capacity, particularly in North America and the Middle East, and would provide updates upon signing definitive agreements. She added that BitFuFu aims to gradually upgrade self-owned S19 series miners to newer generation machines, while assessing returns and payback rather than “simply pursuing the newest technology.”

About BitFuFu NASDAQ: FUFU

BitFuFu Inc provides digital asset mining and cloud-mining services in Singapore. It also offers miner rental, and miner hosting and sales services to institutional customers and individual digital asset enthusiasts. The company is based in Singapore, Singapore.

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