SINGAPORE, Nov. 12, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. ("BitFuFu" or the "Company") $(FUFU)$, 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 increased
56.6%. 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 $180.7 100.0%
----------------------- ------------------------- --------
-- 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 of 51.5% 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 56.6% sequentially. Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations. This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling. With the fourth quarter well underway, we are focused on finishing the year strong," said Leo Lu, Chairman and Chief Executive Officer.
____________________
(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.
As of September 30,
--------------------------------------------------- -----------------------
Metric 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 $180.7 million, representing an increase of 100.1% from $90.3 million in the same period last year, primarily due to an increase in cloud-mining solutions and sales of mining equipment.
Revenue from cloud-mining solutions in the third quarter of 2025 was $122.9 million, representing an increase of 78.4% from $68.9 million in the same period of 2024. This increase was primarily due to (i) increases in demand for cloud mining services, (ii) repeat purchases from both existing customers and new customers acquired during the year of 2025, and (iii) continued growth in our managed hash rate and expansion of our power capacity. BitFuFu realized a net dollar retention rate of 118.8% for the third quarter of 2025, which was calculated by dividing the amount of recurring revenue in the third quarter of 2025 by the amount of revenue in the third quarter of 2024, reflecting continued customer demand and the Company's ability to maintain a substantial portion of revenue from existing customers.
Revenue from Bitcoin self-mining operations in the third quarter of 2025 was $20.1 million, representing a decrease of 2.2% from $20.5 million in the same period of 2024. The decrease was primarily due to the combined effects of (i) an increase in global blockchain network difficulty, which led to a 33% year-over-year decrease in the average BTC daily earnings per tera-hash in the third quarter of 2025; (ii) a 23% decrease in the average hash rate used for self-mining operations when more hash rate was allocated to the cloud-mining business; (iii) partially offset by an 87.5% increase in BTC price from an average of $61,000 in the third quarter of 2024 to $114,500 in the third quarter of 2025.
Revenue from mining equipment sales in the third quarter was $35.8 million, a substantial increase from $0.3 million in the same period of 2024. This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices. Building on this momentum, the Company is leveraging its strategic partnerships to further expand machine sales and capture new market opportunities.
Cost of Revenue
Cost of revenue in the third quarter of 2025 was $173.5 million, representing an increase of 94.1% from $89.4 million in the third quarter of 2024. The increase was in line with the increase in total revenue, as well as the Company's ongoing efforts to improve cost efficiency through procurement optimization.
Operating Expenses
General and administrative expenses, sales and marketing expenses, and research and development expenses in the third quarter of 2025 were $1.9 million, $0.6 million and $0.6 million, respectively, representing a combined decrease of 52.6% from $6.5 million in the same period of 2024. The decrease was primarily due to the recognition of $4.3 million share-based compensation expenses in the third quarter of 2024, while only $0.2 million was recognized in the third quarter of 2025.
The Company recognized a gain on disposal of digital assets of $6.9 million, as the selling price of BTC exceeded its cost.
Net Income
Net income in the third quarter of 2025 was $11.6 million, compared to a net loss of $5.0 million in the same period of 2024, including an unrealized fair value gain of $3.1 million as mentioned above.
Adjusted EBITDA
Adjusted EBITDA in the third quarter of 2025 was $22.1 million, compared to $5.8 million in the same period of 2024.
Liquidity and Capital Resources
(MORE TO FOLLOW) Dow Jones Newswires
November 12, 2025 06:00 ET (11:00 GMT)
Comments