On March 20, BitFuFu Inc. ("BitFuFu" or the "Company") (Nasdaq: FUFU), a globally leading innovator in Bitcoin mining and mining services, announced its unaudited financial results for the full year ended December 31, 2025.
2025 Full Year Financial Highlights
- BitFuFu achieved steady revenue growth in fiscal year 2025, with total revenue reaching $476 million, a 2.7% increase from $463 million in 2024. The growth was primarily driven by increased demand for cloud hashrate solutions and mining machine sales, as well as the continued expansion of mining capacity.
- Full-year revenue from the cloud hashrate business in 2025 was $351 million, a 29.4% increase from $271 million in 2024. The growth was mainly attributed to rising market demand, repeat purchases from existing customers, contributions from new customers, and the Company's ongoing expansion of managed hashrate and power capacity. The Company achieved a 100.0% Net Dollar Retention Rate in 2025, reflecting stable customer demand and strong revenue stickiness.
- The mining machine sales business performed strongly, with full-year revenue reaching $53.7 million, a significant 76.1% year-over-year increase. The growth benefited from robust market demand in the first three quarters, as well as the Company's strategic partnerships to expand channels and its presence in emerging markets. Revenue from hosting and other services also increased to $8.4 million, up significantly from $4.3 million in 2024, primarily due to hosting demand from new customers.
- Under non-GAAP measures, adjusted EBITDA for 2025 was $8.32 million, which included a $32.8 million fair value change loss due to the decline in Bitcoin prices. In comparison, adjusted EBITDA for 2024 was $118 million, which included a $75.6 million fair value change gain.
- Due to fair value changes in digital assets and related receivables, as well as equipment impairments caused by a weaker market environment, the Company reported a net loss of $57.4 million in 2025, compared to a net profit of $54.0 million in 2024.
- As of December 31, 2025, the Company held a total of $177 million in cash and cash equivalents and digital assets, essentially flat compared to $175 million at the end of 2024, reflecting the Company's prudent capital management strategy and solid asset base.
Leo Lu, Chairman and CEO of BitFuFu, stated: "In 2025, the Company continued to expand the scale of its cloud hashrate platform, with cloud hashrate revenue growing to $351 million and managed hashrate increasing to 26.1 EH/s. At the same time, we remained focused on efficiency and resilience, strengthening operational discipline and maintaining steady operations in a complex market environment. Although accounting performance was impacted by the fair value fluctuations of Bitcoin and related digital assets, the Company ended the year with $177 million in cash and digital asset reserves, laying a solid foundation to navigate the current market conditions."
2025 Full Year Operational Highlights
- As of December 31, 2025, the Company's total managed hashrate reached 26.1 EH/s, an 11.1% increase year-over-year; its hosted power capacity was 478 MW. The number of registered users on the cloud hashrate platform increased to 675,765, up 14.2% from 591,751 as of December 31, 2024. The Company held 1,778 Bitcoin, a 3.4% increase from 1,720 in the same period of 2024.
- In 2025, the Company and its customers collectively produced approximately 10 Bitcoin per day on average. Of this, self-mining output was 611 Bitcoin, and cloud hashrate customer output was 3,051 Bitcoin.
- The full-year average cost of self-mining was approximately $77,573 per Bitcoin, with the cost for owned mining machines being about $61,000 per Bitcoin (excluding depreciation). The Company enhanced operational flexibility by adopting a short-term hashrate leasing model of 3 to 12 months, allowing for dynamic adjustments to hashrate allocation and pricing based on market changes. This hybrid model of "owned equipment + "leased hashrate" ensures infrastructure stability while optimizing the cost structure, helping to better cope with industry cycle fluctuations.
2026 Outlook
During the earnings call, Leo Lu stated that the Company will continue to acquire infrastructure and consistently evaluate potential partnership opportunities to strengthen its vertical integration strategy. The Company indicated that power resources are an asset with value-added potential, which can not only effectively reduce self-mining costs and enhance market competitiveness but also lay a solid foundation for mining machine sales and hosting businesses.
Meanwhile, BitFuFu's top priorities for this year include:
- Expanding the scale of cloud hashrate services and maintaining a high customer retention rate
- Scaling up in both hashrate and power resource areas while ensuring robust return on investment
- Continuing to enhance operational reliability and mining machine uptime, supported by the Aladdin system
- Optimizing capital allocation and liquidity management
- Capturing market opportunities to continuously increase Bitcoin holdings
Additionally, a live webcast and replay of this conference call will be available on the BitFuFu Investor Relations website: https://ir.bitfufu.com
