BitFuFu(FUFU) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total revenue for the third quarter reached $180.7 million, doubling year over year and increasing 57% sequentially [3][16] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [17] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [17] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [17] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter [17] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [17] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [18] - New customers contributed approximately 33% of cloud mining revenue, while existing customers contributed approximately 67% [18] Market Data and Key Metrics Changes - The average price of Bitcoin increased by approximately 88% compared to the same period last year [16] - Total mining capacity increased to approximately 36 exahash, supported by 624 megawatts of hosting capacity [13] Company Strategy and Development Direction - The company aims to transition from a purely asset-light model towards an integrated approach that balances both asset-light operations and strategic asset-heavy investments [10] - The company is actively pursuing opportunities globally to build or acquire mining facilities [10] - A cooperation agreement focused on real-world assets (RWA) has been signed to bridge the cloud mining business with broader capital markets [13][14] - The company is preparing to launch two natural gas-powered mining pilots in Canada to evaluate cost and uptime advantages [14] Management's Comments on Operating Environment and Future Outlook - The company remains optimistic about the market potential of cloud mining, projecting that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade [5] - The company has demonstrated resilience in its business model, maintaining growth even during bear markets [8] - The focus for the fourth quarter is on operational execution and customer experience [16] Other Important Information - Total quarterly costs were $173.5 million, which included depreciation and amortization expense of $7.5 million [19] - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [20] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [22] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [2]