Company Performance - BitFuFu Inc. reported a quarterly loss of $0.10 per share, missing the Zacks Consensus Estimate of $0.04, and a significant decline from earnings of $0.23 per share a year ago, representing an earnings surprise of -350% [1] - The company posted revenues of $78.04 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 21.81%, and a decrease from year-ago revenues of $144.41 million [2] - Over the last four quarters, BitFuFu Inc. has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] Stock Performance - BitFuFu Inc. shares have lost approximately 26.3% since the beginning of the year, contrasting with the S&P 500's gain of 1.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $111.44 million, and for the current fiscal year, it is $0.18 on revenues of $479.29 million [7] Industry Outlook - The Zacks Industry Rank for Financial - Miscellaneous Services, to which BitFuFu Inc. belongs, is currently in the bottom 45% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact BitFuFu Inc.'s stock performance [5]

Core Viewpoint - BitFuFu Inc. reported a challenging first quarter of 2025, with significant declines in revenue and production due to the Bitcoin halving event and increased network difficulty, but anticipates a rebound supported by a record-breaking hashrate in May 2025 [3][7]. Financial Highlights - Total revenue for Q1 2025 was $78.0 million, a decrease of 46.0% from $144.4 million in Q1 2024 [7][11]. - Net loss was $16.9 million, compared to a net income of $35.3 million in the same period of 2024 [19]. - Adjusted EBITDA was negative $10.8 million, down from positive $49.9 million in Q1 2024 [20]. Operational Highlights - Power capacity decreased to 478 MW from 644 MW year-over-year [8]. - Total hashrate under management fell by 28.0% to 20.6 EH/s [8]. - Cloud-mining registered users increased by 89.1% to 607,377 [8]. Revenue Breakdown - Revenue from cloud-mining solutions was $53.7 million, a decrease of 34.1% from $81.5 million in Q1 2024 [12]. - Revenue from self-mining operations was $17.6 million, down 70.7% from $60.1 million in the same period of 2024 [13]. - Revenue from selling mining equipment increased significantly to $6.0 million from $0.7 million in Q1 2024 [14]. Cost and Expenses - Cost of revenue was $71.6 million, a decrease of 41.6% from $122.7 million in Q1 2024 [15]. - Operating expenses included sales and marketing expenses of $0.5 million, general and administrative expenses of $2.0 million, and research and development expenses of $0.4 million, which were approximately in line with the same period of 2024 [16]. Liquidity and Capital Resources - As of March 31, 2025, the company had cash and cash equivalents and digital assets totaling $144.3 million, down from $168.1 million as of December 31, 2024 [21].

Core Insights - BitFuFu Inc. reported a significant increase in Bitcoin production, achieving 400 BTC in May 2025, which represents a 91.4% month-over-month increase [2][7][8] - The company expanded its hashrate to a record level of 34.1 EH/s, marking a 20.5% month-over-month increase [7][8] - Total power capacity under management reached 651 MW, reflecting a 15.0% month-over-month increase [4][7][8] Bitcoin Holdings and Production - As of May 31, 2025, BitFuFu held 1,709 BTC, a decrease of 199 BTC from April 30, 2025, due to proactive treasury sales [8] - In May 2025, 357 BTC were mined by cloud-mining customers, while 43 BTC were produced through self-mining [8] Hashrate Overview - The majority of the added procured hashrate was generated from S21 series miners, with self-owned hashrate at 4.2 EH/s and hashrate from third-party suppliers and hosting customers at 29.9 EH/s [8] Power and Infrastructure - The total power capacity under management of 651 MW spans across five continents, indicating a robust global infrastructure [4][7] Mining Services - BitFuFu had 615,559 registered cloud mining users as of May 31, 2025, showcasing the company's strong market presence [5]

Summary of BitFuFu (FUFU) 2025 Conference Company Overview - **Company Name**: BitFuFu - **Ticker Symbol**: FUFU - **Industry**: Bitcoin Mining - **Business Model**: Cloud mining and self-mining of Bitcoin, making Bitcoin mining accessible to a broader audience [4][5] Key Points and Arguments - **Market Position**: BitFuFu is the number one cloud mining service provider globally with over 600,000 registered users and a computing power of 28.3 exahash as of April 30, 2025 [5][6] - **Revenue Composition**: In 2023 and the first nine months of 2024, cloud mining accounted for approximately 60% of total revenues, with a slight decrease to over 50% in Q4 2024 [8] - **Profitability**: The company has been profitable every year since its inception, with a compounded annual growth rate (CAGR) of 65% in revenue and 73% in EBITDA over the past four years [18][50] - **Data Center Strategy**: BitFuFu is transitioning from an asset-light strategy to owning data centers, having acquired several facilities in Ethiopia and the US, aiming for an additional 1 gigawatt of capacity by the end of 2026 [22][25] - **Electricity Costs**: The company has reduced its all-in electricity costs from 7-7.5 cents per kilowatt-hour to as low as 3 cents in Oklahoma, significantly improving margins [26][28] Unique Selling Propositions - **Dynamic Hash Rate Allocation**: BitFuFu utilizes proprietary technology to dynamically allocate hash rates between self-mining and cloud mining based on market conditions [7][46] - **Customer Transparency**: Customers can monitor their mining activities in real-time through an app or website, with a guaranteed uptime of 95% [16][35] - **Full-Service Model**: The company offers a comprehensive suite of services, including hosting, mining pool, and sales of mining rigs, enhancing customer experience [30][34] Growth Potential - **User Growth**: Registered users of the cloud mining service increased from 300,000 in Q4 2023 to over 612,000 as of April 2025, indicating strong market demand [36] - **Untapped US Market**: BitFuFu has not yet penetrated the US market due to regulatory hurdles but sees significant growth potential in this area [37][38] Financial Performance - **EBITDA Growth**: The company reported an EBITDA of approximately $118 million in 2024, a significant increase from $42 million in 2023 [51] - **Cost Efficiency**: The cost to mine Bitcoin in Oklahoma is $18,000, with Bitcoin trading over $100,000, indicating a strong return on investment [28] Additional Insights - **Strategic Partnerships**: BitFuFu has a long-term hosting agreement with Bitmain, securing access to mining rigs and favorable financing terms [32][41] - **Customer Benefits**: Cloud mining can allow users to acquire 2-20% more Bitcoin compared to purchasing directly from exchanges, depending on market conditions [42] This summary encapsulates the key aspects of BitFuFu's business model, market position, growth strategies, and financial performance as discussed in the conference.

Core Viewpoint - BitFuFu Inc. is set to release its unaudited financial results for Q1 2025 on June 5, 2025, before U.S. markets open, indicating the company's ongoing commitment to transparency and investor communication [1]. Company Overview - BitFuFu Inc. is recognized as a world-leading Bitcoin miner and innovator in mining services, focusing on empowering the global Bitcoin network through its advanced cloud mining platform and rapidly scaling infrastructure [3]. Earnings Conference Call - The management team will conduct an earnings conference call on June 5, 2025, at 8:00 A.M. U.S. Eastern Time, allowing investors to gain insights into the company's performance [1]. - Participants must register in advance to join the conference call, receiving a confirmation email with dial-in numbers and a unique access PIN [2]. Investor Relations - For investor inquiries, BitFuFu provides contact details for its Investor Relations team, ensuring open lines of communication for stakeholders [4].

Core Insights - BitFuFu Inc. reported strong operational progress in April 2025, with significant growth in managed hashrate and power capacity, alongside an increase in Bitcoin holdings [2][4]. Bitcoin Holdings and Production - As of April 30, 2025, Bitcoin holdings reached 1,908 BTC, an increase of 61 BTC from March 31, 2025, due to self-mining operations and net inflow from customer payments [5]. - The company produced a total of 209 BTC in April 2025, which included 173 BTC from cloud mining and 36 BTC from self-mining [5]. Hashrate Overview - Total hashrate under management was 28.3 EH/s as of April 30, 2025, reflecting a 37.4% month-over-month increase, driven by expanded supplier partnerships and increased hash power procurement [4][5]. - Self-owned hashrate accounted for 4.2 EH/s, while hashrate from third-party suppliers and hosting customers was 24.1 EH/s [5]. Power and Infrastructure - Total power capacity under management increased to 566 MW across five continents as of April 30, 2025, marking an 18.4% month-over-month increase [4][5]. - BitFuFuPool connected 10.9 EH/s of hashrate to the network, and BitFuFuOS optimized 9.7 EH/s of hashrate, adding software support for various Antminer models [6]. Upcoming Conferences & Events - BitFuFu will sponsor and present at Bitcoin 2025 in Las Vegas from May 27 to 29, 2025, and will also present at the Lytham Partners Spring 2025 Investor Virtual Conference on May 29, 2025 [6].

Group 1 - BitFuFu Inc. announces its sponsorship of Bitcoin 2025, the world's largest Bitcoin event, scheduled for May 27–29, 2025, in Las Vegas, Nevada [10] - The event is expected to attract over 30,000 attendees, 5,000 companies, and more than 400 speakers from around the globe, focusing on the future of Bitcoin [2] - Charley Brady, Vice President of Investor Relations at BitFuFu, will be a featured speaker discussing cloud mining, highlighting the company's commitment to making Bitcoin mining accessible [3][4] Group 2 - BitFuFu will showcase its latest global deployment strategy, one-stop mining services, and proprietary technologies at Booth 711 during the event [3] - The company aims to empower the global Bitcoin network through its industry-leading cloud mining platform and rapidly scaling data center infrastructure [5] - The sponsorship of Bitcoin 2025 aligns with BitFuFu's mission to promote efficient, transparent, and secure mining solutions [3]

Company Overview - BitFuFu Inc. is a global leader in Bitcoin mining and comprehensive mining services, providing one-stop solutions including cloud-mining [2][3] - The company has received early investment from BITMAIN, a leading digital asset mining hardware manufacturer, and remains a strategic partner in the Bitcoin mining space [2] Recent Developments - BitFuFu announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission on April 21, 2025 [1] Business Focus - The company is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, offering stable and intelligent digital asset mining solutions to a global customer base [3] - BitFuFu leverages its expanding global mining facility network and strategic partnership with BITMAIN to enable efficient mining for institutional customers and digital asset enthusiasts [3]

Core Insights - BitFuFu Inc. reported an increase in Bitcoin holdings and production for March 2025, highlighting its operational efficiency and market resilience amid macroeconomic risks [3][8][9] Bitcoin Holdings and Production - As of March 31, 2025, BitFuFu held 1,847 Bitcoins, an increase of 47 BTC from the end of February 2025 [8][9] - The company produced a total of 234 BTC in March 2025, which included 58 BTC from self-mining operations and 176 BTC for cloud-mining customers [8][9] - Self-mining production remained unchanged at 58 BTC, while cloud-mining production saw a 9% increase from February 2025 [9] Hashrate Management - Total hashrate under management reached 20.6 EH/s as of March 31, 2025, with self-owned hashrate increasing by 1.1 EH/s or 35% compared to the previous month [9] - The company has a total power management capacity of 478 MW [5] Miner Energization - Most of the 2,000 S21 XP miners and 4,000 S21+ miners ordered in late 2024 have been energized in the company's secured datacenters in the U.S. by the end of March 2025, contributing to the increased self-owned mining capacity [8][9] Cloud-Mining Growth - The number of registered users for cloud-mining services reached 607,377 as of March 31, 2025 [6] Upcoming Conferences & Events - BitFuFu is scheduled to present at the Jefferies Power x Coin Virtual Conference on April 16, 2025, and participate in Bitcoin 2025 in Las Vegas from May 27-29, 2025 [10]

Core Viewpoint - BitFuFu is experiencing significant growth in revenue and profit due to the recent surge in cryptocurrency prices, with plans to enhance its self-mining operations to further improve profitability [1][2]. Group 1: Financial Performance - BitFuFu's revenue for 2024 increased by 63% to $463.3 million, while net profit surged over fivefold to $54 million [1]. - The company's Bitcoin mining revenue grew by 57% to $157.5 million, slightly outpacing the 52% growth in its cloud mining services [2]. Group 2: Business Strategy - BitFuFu maintains a flexible business model that allows it to adjust mining power between self-mining and cloud mining services based on market conditions [5]. - The company is actively expanding its self-mining operations, having acquired a mining facility in Ethiopia and a majority stake in a mining data center in Oklahoma, USA [5]. Group 3: Cost Management - The ownership of mining machines and data centers leads to higher depreciation costs but helps reduce expenses by eliminating third-party equipment and hosting fees [6]. - BitFuFu's average hosting costs for 2024 decreased by 25% compared to the previous year due to the relocation of some mining machines to the newly acquired Ethiopian data center [6]. Group 4: Market Position - BitFuFu's stock price has risen approximately 4% over the past year, with a current price-to-sales (P/S) ratio of 1.58, which is lower than competitors like Riot Platforms and Mara [7]. - The company's ability to remain profitable in a volatile industry is noteworthy, and its self-mining facilities are seen as a strategic advantage in the current market environment [7].