Q2 2026 BitFuFu Inc Earnings Call Transcript
Key Points
- Self-mining hashrate grew 9.3% quarter-over-quarter to 3.5 EH/s, with monthly production nearly tripling from 32 to 90 Bitcoin.
- Hosting revenue surged 254% year-over-year, driven by strong demand for the buy-and-host solution.
- Fleet efficiency remained highly competitive at 17.8-18.1 J/TH, supported by dynamic overclocking/underclocking via BitFuFu OS.
- Secured additional hashrate capacity in June and July, positioning total managed hashrate to return to ~20 EH/s by mid-August.
- Strengthened balance sheet by repaying $10 million in Bitcoin-backed loans and reducing pledged Bitcoin from 357 to 54, with only $5.4 million in outstanding loans.
- Total revenue and cloud mining revenue declined sharply year-over-year due to lower Bitcoin prices and reduced customer demand.
- Cloud mining net dollar retention rate fell to 24.1%, reflecting existing customers reducing order volumes amid weak mining economics.
- Net loss of $20.5 million, including $16.9 million in fair value losses on Bitcoin holdings and digital asset receivables/payables.
- Total cash and digital assets decreased from $177.1 million at year-end to $119.5 million, partly due to Bitcoin price depreciation and prepayments.
- High-cost hashrate procured in Q4 2025 continued to pressure profit margins in the first half of 2026.
Good day, and thank you for standing by. Welcome to BitFuFu Inc. second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I'd now like to turn the conference over to your first speaker today, Ms. [Leanne Tang] from BitFuFu's Investor Relations. Thank you. Please go ahead.
Thank you, operator. Good morning, everyone. Welcome to BitFuFu's second quarter 2026 earnings call. Thank you so much for joining us today. Joining me today on the call are Chairman and CEO, Leo Lu; and CFO, Calla Zhao.
As we begin, please note that today's call will contain forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially. We refer you to our filings with the SEC for a full discussion of these risks. The company assumes no obligation to update any forward-looking statements, except as required by law. We will also discuss non-GAAP financial information on this call.
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