BitFuFu Inc. Q4 FY2025 earnings call

2025 was a challenging year for the cryptocurrency industry. BitFuFu executed its strategic plan and maintained rigorous operational discipline. It executed a hybrid model of cloud mining and self-mining along with complementary services. Successfully onboarded additional suppliers and diversified hash rate supply. Ended December 2025 with 26.1 EXA hash of managed hash rate. In 2026, growth opportunities stem from hash rate expansion sources, market demand, and acquiring infrastructure. Priorities include scaling cloud mining, maintaining customer retention, improving reliability, optimizing capital allocation and liquidity, and building Bitcoin treasury.

For the full year 2025, BitFuFu generated total revenue of $475.6 million. The cloud mining business was the largest revenue contributor, generating a record $350.6 million, up over 29% versus 2024 and accounting for nearly 74% of total revenue. Self-mining revenue was $63.1 million, accounting for about 13% of total revenue. Mining equipment sales increased 76.4% year over year to $53.7 million. Full year revenue from hosting services and other was $8.4 million.

In 2026, evaluating opportunities to expand owned capacity footprint, particularly in North America and the Middle East. Objective to gradually upgrade self-owned S19 series miners to newer generation machines. Focus on disciplined capital allocation, maintaining liquidity, and optimizing funding structure.

Potential risks include those outlined in the company's public filings with the U.S. Securities and Exchange Commission, such as market volatility creating severe cash flow pressure for some market participants and forcing many liquidations.

Q: Can we ask questions during the call?

A: No, but you can email your questions to ir at bitfufu.com and we'll respond as quickly as possible, typically within 24 hours.