BitFuFu Inc. Q4 FY2024 earnings call

• 2024 was a pivotal year with successful NASDAQ listing in March, expanded hosting and Bitcoin mining capacity, and transitioned to owning data center assets in Q4. - Achieved $463.3 million total revenue, $54 million net income, and adjusted EBITDA of $117.5 million in 2024, all historical highs. - Mining capacity under management stood at 23.5 EH/s with hosting capacity at 551 MW as of December 31, 2024. - Shifted to vertical integration, reducing hosting costs by relocating machines from higher cost U.S. facilities to lower cost Ethiopia, acquiring a majority stake in a 80 MW facility in Ethiopia and signing long-term lease agreements with purchase options for two U.S. facilities. - Cloud mining business grew rapidly in 2024, with registered users surpassing 600,000 by February 2025. - Resumed mining machine sales in Q4 2024, with a two-year framework agreement with BITMAIN to purchase up to 80,000 mining machines.

In 2024, total revenue was $463.3 million. Cloud mining solutions accounted for approximately 59% of total revenue, with revenue of $271 million in 2024, up 52.2% year-over-year. Bitcoin self-mining operations accounted for 34% of total revenue, with revenue of $51.1 million in 2024, a 57.2% increase compared to 2023. Selling of mining machines and hosting services accounted for around 7% of total revenue, generating $30.5 million in 2024.

• Expect mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 MW to 800 MW by the end of 2025. - Plan to drive bidirectional expansion across the Bitcoin mining value chain, including growing cloud mining business and expanding into adjacent services, and focusing on reducing costs and improving efficiency in self-mining operations.

Q: Can we have a Q&A session during this call?

A: Although we will not be conducting a Q&A on this call, questions can be emailed to ir@bitfufu.com and we will respond as quickly as possible, generally within 24 hours.