SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) ("BitFuFu" or the "Company") a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights Hosting capacity of 522 MW diversified across 25 sites on three continents, compared with 374 MW across 17 sites on three continents during the same period of 2023. Total mi ...

SINGAPORE, Aug. 13, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2024, before U.S. markets open on August 20, 2024. The Company's management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, August 20, 2024 (8:00 P.M. Singapore Time on th ...

SINGAPORE, May 20, 2024 (GLOBE NEWSWIRE) – BitFuFu Inc., ("BitFuFu" or "the Company") (NASDAQ: FUFU), a fast- growing digital asset mining service and world-leading cloud-mining service provider, today announced its unaudited financial results for the first quarter ended March 31, 2024. Exhibit 99.1 BitFuFu Inc. Reports Unaudited First Quarter 2024 Financial Results First Quarter 2024 Operational Highlights | | As of March 31, | | | --- | --- | --- | | | 2024 | 2023 | | Metric | | | | Hosting capacity (MW) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Financial Performance - Revenues increased from $102,260 in 2020 to $198.2 million in 2022, and for the six months ended June 30, 2023, revenues were $134.2 million, reflecting a growth trend[39]. - Finfront incurred a cost of revenue of US$162.0 million in 2022, with a gross profit margin of 18.3%[65]. - The company achieved a net profit of US$7.8 million in the six months ended June 30, 2023, following a net profit of US$6.6 million in the same period of 2022[65]. - Finfront's gross profit margin decreased from 11.4% in 2020 to 8.0% in the six months ended June 30, 2023[65]. Asset Management - As of September 30, 2023, the company's total equity was approximately $73.2 million, with cash and cash equivalents amounting to $105.2 million[34]. - The total value of USDT held by the company for its own account and safeguarding assets was approximately $55,515 as of December 31, 2022, and $48,183 as of June 30, 2023[50]. - The company holds 5.3 Bitcoins and approximately 17,760 USDTs to be returned to customers as of February 6, 2024[94]. - The company has experienced a decline in the value of digital assets held for customers, with no assets held as of June 30, 2023[92]. Market Risks - The price of Bitcoin fluctuated significantly, ranging from approximately $30,000 to $68,000 in 2021, and from approximately $16,600 to $30,500 in the first half of 2023, impacting the company's operations[45]. - The company recorded an impairment loss on digital assets of $12.9 million in 2022 due to a significant drop in Bitcoin prices[49]. - The company faces significant risks related to power costs, which are a major component of its cost of revenue[61]. - The company faces risks from potential changes in blockchain transaction validation methods, which could harm its self-mining business and reduce demand for cloud-mining services[127]. Operational Challenges - The company faces risks related to power supply, including increases in power costs and outages, which could adversely affect operations[37]. - The company relies on a limited number of suppliers for critical products and services, which poses a risk to its operations[37]. - The company has experienced rapid growth in cloud-mining capacity since its establishment in December 2020, which may not be indicative of future performance due to limited operating history[39]. - The average selling prices of services and products may fluctuate, potentially adversely affecting profitability[64]. Regulatory Environment - Regulatory changes regarding digital assets in the United States and Singapore could impose restrictions on operations and lead to a decline in customer orders[122]. - The SEC has indicated that certain digital assets may be classified as securities, which could require compliance with federal securities laws[168]. - The evolving regulatory landscape may lead to uncertainties regarding whether cloud mining operations will be classified as securities, impacting business operations[164]. - The IRS classifies digital assets as property, which affects tax treatment and compliance requirements[167]. Legal and Compliance Risks - The company may face legal disputes, including a lawsuit related to a creditor claim against FTX's bankruptcy estate, which could result in material losses[100]. - The company is subject to compliance with OFAC's sanction program, which may increase compliance costs and affect transaction fees[181]. - The company may incur significant legal and compliance costs as a public entity, impacting its financial resources[117]. - The company identified a material weakness in its internal control over financial reporting, which could impact its ability to accurately report financial results[114]. Strategic Considerations - Expansion into new markets may expose the company to various risks, including regulatory compliance and competition[66]. - The company plans to grant up to 7,500,000 Ordinary Shares under its 2022 Share Incentive Plan, which may affect its results of operations[112]. - The company may face difficulties in establishing relationships with financial institutions, which could adversely affect its business and financial condition[180]. - The company may face significant challenges in protecting its intellectual property rights, which could adversely affect its business and financial condition[106]. Shareholder Considerations - The company does not expect to pay dividends in the foreseeable future, as it plans to retain available funds for business development and growth[204]. - The board of directors has complete discretion over dividend distribution, which will depend on future operational results and financial conditions[205]. - The company may issue additional Ordinary Shares without shareholder approval, potentially diluting existing ownership interests[196]. - The trading market for the Class A Ordinary Shares may decline if securities and industry analysts do not publish research or provide unfavorable reports[206].