BitFuFu Announces Full Year 2024 Unaudited Financial Results

Core Insights - BitFuFu Inc. reported strong financial performance for the year 2024, with total revenue reaching US$463.3 million, a 63.1$284.1 million in 2023, driven by growth in both cloud-mining and self-mining operations [7][11] - The company transitioned to a hybrid model combining asset-light operations with ownership of data center assets, securing 164 MW of capacity and aiming for an additional 1 GW by the end of 2026 [3][4] - BitFuFu's cloud mining business saw significant user growth, with nearly 600,000 registered users by the end of 2024, nearly double from the previous year [3][8] Financial Highlights - Total revenue for 2024 was US$463.3 million, up 63.1$284.1 million in 2023 [7][11] - Revenue from cloud-mining solutions was US$271.0 million, a 52.2$178.0 million in 2023 [7][12] - Revenue from Bitcoin self-mining operations reached US$157.5 million, a 57.2$100.2 million in 2023 [7][13] - Net income surged to US$54.0 million, a 414.3$10.5 million in 2023 [7][24] - Adjusted EBITDA was US$117.5 million, reflecting an increase of 181.8$41.7 million in 2023 [7][25] Operational Highlights - Hosting capacity increased to 551 MW as of December 31, 2024, compared to 515 MW in 2023 [8][9] - Total mining capacity rose by 2.6% to 23.5 EH/s as of December 31, 2024 [8][9] - Cloud-mining registered users increased by 94.5% to 591,751 as of December 31, 2024 [8][9] - Bitcoin production from self-mining operations decreased by 29.1% to 2,537 BTCs in 2024 [8][9] - The average cost to mine BTC from self-mining operations was US$47,496 per BTC, compared to US$28,200 per BTC in 2023 [8][10] Strategic Outlook - For 2025, BitFuFu expects mining capacity to reach approximately 33 EH/s and hosting capacity between 650 MW to 800 MW by year-end [4] - The company plans to optimize its cost structure through the acquisition of data centers with competitive electricity pricing and fleet upgrades [4] - BitFuFu remains confident in the long-term value of Bitcoin and aims to enhance value for customers and shareholders [4]