BitFuFu Reports 2025 Revenue of $476 Million, Cloud Hashrate Revenue Up 29.4% Year-Over-Year

marsbit2026-03-20 tarihinde yayınlandı2026-03-20 tarihinde güncellendi

Özet

BitFuFu Inc. (Nasdaq: FUFU) reported unaudited financial results for the full year ended December 31, 2025. Total revenue reached $476 million, a 2.7% increase from 2024, driven by growth in cloud mining and mining machine sales. Cloud mining revenue grew significantly by 29.4% year-over-year to $351 million, supported by increased demand and customer retention, achieving a 100% net dollar retention rate. Mining equipment sales revenue surged 76.1% to $53.7 million. However, the company reported a net loss of $57.4 million, compared to a net profit of $54 million in 2024, primarily due to fair value losses on digital assets and market-driven equipment write-downs. Adjusted EBITDA was $8.32 million. Operational highlights include a total managed hash rate of 26.1 EH/s, an 11.1% increase from the previous year, and 478 MW of hosted power capacity. The platform’s registered users grew to 675,765. The company and its clients produced approximately 10 Bitcoin per day on average. Looking ahead to 2026, BitFuFu plans to focus on expanding its cloud mining scale, strengthening power and hash rate resources, improving operational reliability, optimizing capital allocation, and increasing its Bitcoin holdings.

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

İlgili Sorular

QWhat was BitFuFu's total revenue for the full year 2025 and what was the year-over-year growth rate?

ABitFuFu's total revenue for the full year 2025 was $476 million, representing a 2.7% growth compared to the $463 million revenue in 2024.

QHow much did the Cloud Hashrate service revenue grow in 2025 compared to 2024, and what was a key metric indicating strong customer retention?

AThe Cloud Hashrate service revenue grew by 29.4% to $351 million in 2025, up from $271 million in 2024. A key metric indicating strong retention was a 100.0% Net Dollar Retention Rate.

QWhat was the primary reason for BitFuFu's net loss of $57.4 million in 2025, compared to a net profit of $54.0 million in 2024?

AThe primary reasons for the net loss were the fair value changes of digital assets and related receivables, as well as equipment impairments due to a weaker market environment, which included a $32.8 million loss on fair value changes.

QWhat was BitFuFu's total managed hashrate and hosted power capacity as of December 31, 2025?

AAs of December 31, 2025, BitFuFu's total managed hashrate was 26.1 EH/s, and its hosted power capacity was 478 MW.

QWhat is one of BitFuFu's top priorities for 2026, as stated by CEO Leo Lu?

AOne of BitFuFu's top priorities for 2026 is to expand the scale of its cloud hashrate services while maintaining a high customer retention rate.

İlgili Okumalar

Bitcoin HODLing Intensifies: LTH Supply Jumps 303,000 BTC

Bitcoin long-term holders (LTHs), defined as investors holding coins for over 155 days, have significantly increased their supply by 303,500 BTC over the past month, indicating a shift toward HODLing behavior. This contrasts with the net distribution observed in late 2025. Meanwhile, short-term holders and spot ETFs have seen reduced supply. However, the recent price rally to around $77,600 is primarily driven by futures market demand, not spot buying—a pattern to January's short-lived surge. Analysts warn of potential corrections if profit-taking occurs amid weak spot demand.

bitcoinist5 dk önce

Bitcoin HODLing Intensifies: LTH Supply Jumps 303,000 BTC

bitcoinist5 dk önce

Bitwise: Bullish on Bitcoin's Performance in the Second Half of the Year, AI and Regulation Will Spark a New Altcoin Season

Bitwise CIO Matt Hougan and Research Lead Ryan Rasmussen express strong bullish sentiment on Bitcoin's long-term prospects, suggesting that its $1 million price target may be too conservative. They argue Bitcoin serves a dual role: as digital gold and a potential global settlement asset, especially amid declining trust in traditional monetary systems. Despite a weak Q1 2026 where nearly all crypto assets and prices saw double-digit declines, the analysts remain optimistic due to strong forward-looking catalysts, including institutional adoption via Bitcoin ETFs from major firms like Morgan Stanley and Goldman Sachs. Geopolitical instability, such as Iran’s mention of using Bitcoin for international payments, increases the value of Bitcoin’s “out-of-the-money call option” as a non-political, global settlement currency. This enhances its appeal beyond a mere store of value. . Additionally, Hougan highlights that a clearer regulatory token framework under current SEC leadership, combined with AI efficiency gains and high-performance blockchains, could fuel a new “altseason” by late 2026. This may lead to a wave of legitimate, value-capturing token projects, unlike the earlier ICO boom. . Bitwise also announced an Avalanche ETF, citing its unique architecture and rapid growth in real-world asset (RWA) tokenization, which has surged 10x to nearly $30 billion in two years. The firm believes Layer 1 blockchains are still early in their growth cycle, with significant potential ahead.

marsbit29 dk önce

Bitwise: Bullish on Bitcoin's Performance in the Second Half of the Year, AI and Regulation Will Spark a New Altcoin Season

marsbit29 dk önce

Bitcoin Rally To Near $80K Fuels Sharp Sentiment Rebound Across Crypto Markets

Bitcoin's recent rally towards $80,000 has driven a significant rebound in crypto market sentiment, with the Fear & Greed Index jumping 14 points to 46—its highest level since January. Analysts note that over 300,000 BTC have shifted from short-term to long-term holders in the past month, signaling stronger investor conviction. However, the rally appears largely driven by perpetual futures speculation rather than spot market demand, raising concerns about sustainability. Retail participation also remains subdued, limiting further sentiment gains. While entities like Strategy (formerly MicroStrategy) continue accumulating BTC, weak spot interest could lead to a price correction if profit-taking occurs.

bitcoinist1 saat önce

Bitcoin Rally To Near $80K Fuels Sharp Sentiment Rebound Across Crypto Markets

bitcoinist1 saat önce

Intel Soars 20%, CPUs Return to Center Stage in the Agent Era

Intel's stock surged 20% after reporting exceptional Q1 2026 results, with revenue of $13.6 billion (up 7% YoY) and non-GAAP EPS of $0.29, beating expectations by 29x. The rebound is driven by the resurgence of CPUs in the AI era, particularly as workloads shift from training to inference and agent-based applications. Intel’s Data Center and AI (DCAI) division hit a record $5.1 billion in revenue, up 22% YoY, marking a U-shaped recovery since mid-2025. The growth is attributed to strong demand for Xeon 6 "Granite Rapids" processors and increased AI infrastructure refresh cycles. While NVIDIA and AMD dominated the AI training phase, Intel is benefiting from the focus on AI agents, where CPU performance becomes critical—accounting for 50-90% of workflow latency in agent orchestration. This shift, coupled with management changes and strategic refocus on CPUs (including canceling the Falcon Shores GPU project), has repositioned Intel. New CEO Lip-Bu Tan emphasized that CPUs are re-establishing themselves as essential infrastructure in the AI era.

marsbit1 saat önce

Intel Soars 20%, CPUs Return to Center Stage in the Agent Era

marsbit1 saat önce

DeepSeek V4 Finally Released, Breaking the Strongest Closed-Source Monopoly, Explicitly Partnering with Huawei Chips

DeepSeek AI has officially released DeepSeek-V4, available in two versions: the high-performance **DeepSeek-V4-Pro** (49B activated parameters, 1.6T total) and the more efficient **DeepSeek-V4-Flash** (13B activated parameters, 284B total). Both support a 1M context length, making long-context capability a baseline feature rather than a premium offering. The Pro version rivals top closed-source models in agent capabilities, world knowledge, and reasoning performance. It outperforms Claude Sonnet 4.5 in agentic coding and approaches Claude Opus 4.6 (non-thinking mode) in quality. The Flash version offers competitive performance at a lower cost, though it lags in highly complex tasks. A key technical innovation is a new attention mechanism that reduces computational and memory demands for long contexts. The models are optimized for agent frameworks like Claude Code and OpenClaw. API services are available with support for both OpenAI and Anthropic-style interfaces. DeepSeek also announced upcoming support for Huawei’s computing hardware in the second half of the year. The models are open-sourced on Hugging Face and ModelScope.

marsbit1 saat önce

DeepSeek V4 Finally Released, Breaking the Strongest Closed-Source Monopoly, Explicitly Partnering with Huawei Chips

marsbit1 saat önce

İşlemler

Spot
Futures
活动图片