Q4 2025 BitFuFu Inc Earnings Call Transcript
Key Points
- BitFuFu Inc (FUFU) achieved a total revenue of $475.6 million for the full year 2025, with a significant contribution from its Cloud Mining business, which grew by over 29% compared to 2024.
- The company maintained rigorous operational discipline and did not increase leverage during the Bitcoin price surge, preserving liquidity and avoiding the need to sell Bitcoin in weak markets.
- BitFuFu Inc (FUFU) successfully onboarded additional suppliers and diversified its hashrate supply, mitigating potential risks associated with supplier concentration.
- The company ended 2025 with 26.1 EH/s of managed hashrate, including a mix of self-owned and third-party supplied hashrate, and a total available power capacity of 478 megawatts.
- BitFuFu Inc (FUFU) maintained a conservative debt profile and increased its Bitcoin holdings to 1,830 by February 2026, enhancing financial flexibility and liquidity.
- BitFuFu Inc (FUFU) recorded a net loss of $57.4 million for the full year 2025, compared to a net income of $54 million in 2024, due to noncash impairment losses and unrealized fair value losses.
- The company's gross profit margin decreased to 5.7% in 2025 from 6.4% in 2024, with lower margins in self-mining and equipment sales offsetting higher margins in cloud mining and hosting services.
- Self-mining revenue declined significantly to $63.1 million in 2025 from $157.5 million in 2024, accounting for a smaller portion of total revenue.
- The average cash cost to mine 1 Bitcoin was high at $77,573, with leased hashrate costs contributing to a higher nominal cost structure.
- BitFuFu Inc (FUFU) faced increased network difficulty and lower hash prices, impacting self-mining revenue and overall profitability.
Good day, and thank you for standing by. Welcome to BitFuFu Inc.'s full-year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the call over to your first speaker today, Mr. Charlie Brady. Please go ahead.
Thank you, operator. Ladies and gentlemen, good day, and welcome to BitFuFu's full year 2025 earnings conference call. The company's financial results were released earlier today and are available on BitFuFu's Investor Relations website at ir.bitfufu.com and globe-newswire.com. Joining me today on the call are Chairman and CEO, Leo Lu; and CFO, Calla Zhao.
Before we begin, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements.
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