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 [5][32] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [33] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [33] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [33] 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 [34] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [34] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [34] - New customers contributed approximately 33% of cloud mining revenue, while existing customers contributed approximately 67% [35] Market Data and Key Metrics Changes - The average price of Bitcoin increased by approximately 88% compared to the same period last year [32] - The company produced a total of 1,207 Bitcoins, including 174 from self-mining and 1,033 generated through client cloud mining activities [36] Company Strategy and Development Direction - The company aims to transition from a purely asset-light model towards an integrated approach balancing asset-light operations and strategic asset-heavy investments [19] - The company is actively pursuing opportunities to build or acquire mining facilities globally [19] - A cooperation agreement focused on real-world assets (RWA) has been signed to bridge the cloud mining business with broader capital markets [26] - The company is preparing to launch two natural gas-powered mining pilots in Canada to evaluate cost and uptime advantages [27] Management's Comments on Operating Environment and Future Outlook - The 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 [11] - The company emphasized its resilience during Bitcoin price volatility, stating that demand for cloud mining does not decline when Bitcoin prices fall [14] - The management highlighted the importance of safeguarding capital and platform reliability for institutional clients [8] Other Important Information - Total mining capacity increased to approximately 36 exahash, supported by 624 MW of hosting capacity [25] - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [38] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [41] Summary of Q&A Session - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [4]