BitFuFu Reports Unaudited Third Quarter 2025 Financial Results

Core Insights - BitFuFu Inc. reported a significant year-over-year revenue growth of 100.1% in Q3 2025, reaching $180.7 million, driven by strong demand for cloud-mining solutions and mining equipment [2][11] - The company achieved a net income of $11.6 million in Q3 2025, a turnaround from a net loss of $5.0 million in the same period of 2024 [18][11] - The CEO highlighted the effectiveness of BitFuFu's dual-engine model, which combines cloud-mining revenue with self-mining operations, allowing for better management of market volatility [4] Financial Performance - Total revenue for Q3 2025 was $180.7 million, up from $90.3 million in Q3 2024, marking a 100.1% increase [11] - Revenue breakdown for Q3 2025: - Cloud mining solutions: $122.9 million (68.0%) - Self-mining operations: $20.1 million (11.1%) - Mining equipment sales: $35.8 million (19.8%) [3] - Adjusted EBITDA rose to $22.1 million from $5.8 million in Q3 2024 [19] Operational Highlights - Total mining capacity increased by 37.4% to 36.0 EH/s as of September 30, 2025, compared to 26.2 EH/s a year earlier [8] - The number of registered cloud-mining users grew by 40.8% to 641,526 [8] - Bitcoin holdings increased by 19.8% to 1,962 BTC [8] Cost and Expenses - Cost of revenue in Q3 2025 was $173.5 million, a 94.1% increase from $89.4 million in Q3 2024, aligning with revenue growth [15] - Operating expenses decreased significantly to $3.1 million from $6.5 million in the same period of 2024, primarily due to lower share-based compensation [17] Liquidity and Capital Resources - As of September 30, 2025, the company had cash and cash equivalents and digital assets totaling $254.8 million, up 51.5% from $168.1 million at the end of 2024 [20]