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][18] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [19] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [19] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [19] 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 [19] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [19] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [19] Market Data and Key Metrics Changes - Customer demand for cloud hash rate grew strongly, with new customers contributing approximately 33% of cloud mining revenue and existing customers contributing approximately 67% [21] - The company produced a total of 1,207 Bitcoins, including 174 from self-mining and 1,033 generated through client cloud mining activities [21] Company Strategy and Development Direction - The company aims to deepen its core cloud mining franchise and advance cooperation in the real-world assets sector [25] - It plans to progress natural gas pilots in Canada and expand partnerships from hosting into future co-development [25] - The strategy includes transitioning from a purely asset-light model to an integrated approach balancing asset-light operations and strategic asset-heavy investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism 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][6] - The company has demonstrated resilience in both bull and bear markets, maintaining profitability even during downturns [8] - Management emphasized the importance of safeguarding capital and platform reliability for institutional clients [4] Other Important Information - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [22] - A significant increase in digital assets was driven by treasury management strategy and a 22% increase in Bitcoin price [23] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [24] 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]