BitFuFu Inc. Q1 FY2025 earnings call

• Revenue declined year-over-year due to increased network difficulty and the April 2024 halving event. Total mining capacity under management declined temporarily but rebounded strongly later, with hashrate reaching 34.1 EH/s by the end of May. - Closed acquisition of a mining facility in Oklahoma, boosting self-owned hashrate. - Broadened supplier network, added new partners, and increased orders from existing ones, lowering concentration risk. - Expanded global footprint, added new customers in Africa and Asia. - Actively evaluating capital expenditure plans in the U.S., Canada, etc., favoring joint venture structures for more capital efficiency.

In the first quarter of 2025, BitFuFu achieved total revenue of $78 million, a 46% decline from $144.4 million in the same period of 2024. Cloud mining revenue accounted for around 69% of the total revenue. For self-owned miners, 86% of the average daily mining capacity was used for self-mining operations and 14% for cloud mining operations. For lease miners or third-party suppliers, 88% of the average daily mining capacity was used for cloud mining services and 12% for self-mining operations.

• Actively evaluating opportunities in the U.S., Canada and other parts of the world for operating facilities and greenfield development sites, favoring joint venture structures with 51%-75% controlling interest. - Anticipate higher capital expenditures in future, to be funded by 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 repay part of outstanding long-term payables over coming year, with remaining balance seeking extension for financial flexibility.

• Revenue decline due to increased network difficulty and halving event. - Temporary reduction in mining capacity due to expired hashrate procurement contracts and supplier relocations/upgrades. - Unrealized fair value loss of digital assets and collateral receivables/payables. - Potential impact of U.S. tariffs on cost structure.

Q: Can we ask questions during the call?

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