BitFuFu Reports Unaudited Second Quarter 2025 Financial Results

Core Viewpoint - BitFuFu Inc. reported strong financial results for Q2 2025, showcasing significant growth in revenue and net income, driven by increased demand for cloud-mining solutions and strategic capacity expansion despite industry challenges [2][4][5]. Financial Highlights - Total revenue for Q2 2025 was $115.4 million, a 47.9% increase from the previous quarter, but a 10.8% decrease year-over-year [2][9]. - Revenue from cloud-mining solutions reached $94.3 million, up 22.3% from $77.1 million in Q2 2024, marking the highest second quarter in the company's history [3][10]. - Net income was $47.1 million, a significant increase from $1.3 million in the same period of 2024, including an unrealized fair value gain of $39.6 million from Bitcoin price increases [4][18]. - Adjusted EBITDA rose to $60.7 million from $8.3 million in Q2 2024, reflecting improved operational performance [19]. Operational Highlights - Total mining capacity increased by 46.6% to 36.2 EH/s as of June 30, 2025, compared to 24.7 EH/s a year earlier [6]. - Hosting capacity grew to 728 MW, up from 522 MW in the same period of 2024 [12]. - The number of cloud-mining registered users surged by 57.7% to 623,114 as of June 30, 2025 [12]. Revenue Breakdown - Revenue from self-mining operations fell to $14.8 million, a 71.0% decrease from $51.1 million in Q2 2024, primarily due to the April 2024 Bitcoin halving and increased network difficulty [11]. - Revenue from mining equipment sales increased significantly to $5.2 million from $0.1 million in the same period of 2024, driven by strong demand for mining machines [12]. Liquidity and Capital Resources - As of June 30, 2025, the company had cash and cash equivalents and digital assets totaling $211.4 million, a 25.8% increase from $168.1 million at the end of 2024 [20].