BitFuFu Inc. Q2 FY2025 earnings call

• In Q2 2025, total revenue was $115.4 million, up 47.9% from Q1; adjusted EBITDA was $60.7 million, net income was $47.1 million. First half 2025 revenue was $193.4 million, net income was $30.3 million, adjusted EBITDA was $49.9 million, and diluted earnings per share was $0.18.
• As of June 30, total managed mining capacity was 36.2 EH/s, hosting capacity was 728 MW; by July 31, mining capacity was 38.6 EH/s, hosting capacity was 752 MW, and registered cloud mining users exceeded 629,000.
• Since 2025, the company purchased over 20,000 mining machines, including about 10,000 S21 series machines with low power consumption.
• Achieved cost control: average bearer price at own farms was $0.036-$0.042, and $0.0314 at African farms. Deployed BitFuFu OS overclocking tech, S21 series hash rate efficiency was 100.5%.
• Exploring vertical integration in power generation and mining, e.g., evaluating natural gas use in Canada for power generation.
• Combining RWA with cloud hash rate, potential to securitize hash rate income.
• Optimistic about Bitcoin price in H2 2025 driven by ETFs, institutional holdings, and halving effect.

Total revenue for the second quarter of 2025 was $115.4 million, a 47.9% increase from $78 million in the first quarter. Cloud mining revenue was $94.3 million, accounting for 81.7% of total revenue. Self-mining revenue was $14.8 million, representing 12.8% of total revenue. Mining equipment sales revenue was $5.2 million, making up 4.5% of total revenue. Other revenue sources, such as mining machine hosting, accounted for the remaining 1%. As of June 30, total managed mining capacity reached 36.2 exahashes per second, and hosting capacity was 728 megawatts. By July 31, mining capacity increased to 38.6 exahashes per second, hosting capacity expanded to 752 megawatts, and registered cloud mining users exceeded 629,000.

• Aim to maintain industry-leading electricity costs via vertical integration from fuel to electricity.
• Continue expanding core business lines (cloud mining, self-mining, mining equipment sales) and explore new opportunities like mining farm management software.
• Optimistic about growth in H2 2025 and next 3 years, leveraging market opportunities.

Q: No live Q&A on this call.

A: Questions can be e-mailed to ir@bitfufu.com, and will be responded to within 24 hours.