BitFuFu Inc. Q1 FY2025 earnings call

• Revenue decline in Q1 2025 was due to increased network difficulty and the April 2024 halving event. Mining capacity under management decreased to 20.6 EH/s in Q1 2025 but rebounded, with hashrate reaching 34.1 EH/s by end of May, driven by Antminer S21 series. • Closed acquisition of a mining facility in Oklahoma, boosting hashrate to 4.2 EH/s. • Broadened supplier network, added new partners and increased orders from existing ones to strengthen supply chain. • Expanded global footprint, adding new customers in Africa and Asia. • Treasury strategy prioritizes long-term value creation, with Bitcoin retention for potential appreciation and selective selling for working capital needs.

In the first quarter of 2025, BitFuFu achieved total revenue of $78 million, which is a 46% decline compared to $144 million in the first quarter of 2024. Cloud mining revenue accounted for approximately 69% of the total revenue. The net loss was $16.8 million. Excluding the $19.4 million unrealized fair value losses of digital assets and digital asset collateral receivables or payables, the adjusted EBITDA would be approximately $8.6 million. As of March 31, 2025, the company owned 1,835 Bitcoins, including 1,420 Bitcoins stored in its own wallets and 794 Bitcoins pledged for loans or asset acquisitions.

• Anticipate higher capital expenditures in the future, to be funded through a combination of existing balance sheet resources and proceeds from financing activities. • Secured access to up to 80,000 Antminer S21 series or latest model under framework agreement with Bitmain. • Plan to continue acquiring mining equipment and sites, and expand global presence.

• Potential risks include regulatory developments and macroeconomic uncertainty. • Risks related to supplier default, as seen in temporary reduction of hashrate from some suppliers. • Market price volatility affecting unrealized fair value losses of digital assets.

Q: No live question-and-answer session on this call. Questions can be e-mailed to ir@bitfufu.com, and responses will be provided generally within 24 hours.

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