BitFuFu Reports $476 Million Revenue in 2025, Cloud Hashrate Revenue Up 29.4% YoY

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Full Year 2025 Financial Highlights

BitFuFu achieved steady revenue growth in fiscal year 2025, with total revenue reaching $476 million, a 2.7% increase from $463 million in 2024. This growth was primarily driven by increased demand for cloud hashrate solutions and mining machine sales, benefiting from the continuous expansion of mining capacity.
Full-year revenue from the cloud hashrate business in 2025 was $351 million, a 29.4% increase from $271 million in 2024. The growth was mainly attributed to rising market demand, repeat purchases from existing customers, contributions from new customers, and the company’s ongoing expansion of managed hashrate scale and power capacity. The company achieved a 100.0% Net Dollar Retention Rate in 2025, reflecting stable customer demand and strong revenue stickiness.
The mining machine sales business performed strongly, with full-year revenue reaching $53.7 million, a significant 76.1% year-over-year increase. This growth benefited from robust market demand in the first three quarters, as well as the company’s efforts to expand channels through strategic partnerships and its presence in emerging markets. Revenue from hosting and other services also increased to $8.4 million, a notable rise from $4.3 million in 2024, primarily due to hosting demand from new customers.
Under non-GAAP measures, adjusted EBITDA for 2025 was $8.32 million, which included a $32.8 million fair value change loss due to the decline in Bitcoin price. In contrast, adjusted EBITDA for 2024 was $118 million, which included a $75.6 million fair value change gain.
Affected by fair value changes in digital assets and related receivables, as well as equipment impairment due to a weaker market environment, the company reported a net loss of $57.4 million in 2025, compared to a net profit of $54.0 million in 2024.
As of December 31, 2025, the company held a total of $177 million in cash and cash equivalents and digital assets, essentially flat compared to $175 million at the end of 2024, reflecting the company’s prudent capital management strategy and asset base.

Leo Lu, Chairman and CEO of BitFuFu, stated: “In 2025, the company continued to expand the scale of its cloud hashrate platform, with cloud hashrate business revenue growing to $351 million and managed hashrate increasing to 26.1 EH/s. At the same time, we adhered to a core focus on efficiency and resilience, strengthened operational discipline, and maintained robust operations in a complex market environment. Although accounting performance was impacted by fair value fluctuations of Bitcoin and related digital assets, the company concluded the year with $177 million in cash and digital asset reserves, laying a solid foundation to navigate the current market conditions.”

Full Year 2025 Operational Highlights

As of December 31, 2025, the company’s total managed hashrate reached 26.1 EH/s, a year-over-year increase of 11.1%; its hosted power capacity was 478 MW. The number of registered users on the cloud hashrate platform increased to 675,765, a 14.2% year-over-year increase from 591,751 as of December 31, 2024. The company held 1,778 Bitcoin, a 3.4% increase from 1,720 in the same period of 2024.
In 2025, the company and its customers collectively produced approximately 10 Bitcoin per day on average. Of this, self-mining operations produced 611 Bitcoin, and cloud hashrate customers produced 3,051 Bitcoin.
The average cost for full-year self-mining was approximately $77,573 per Bitcoin, with the cost for proprietary mining machines being about $61,000 per Bitcoin (excluding depreciation). The company enhanced operational flexibility by adopting a short-term hashrate leasing model with terms of 3 to 12 months, allowing for dynamic adjustment of hashrate allocation and pricing based on market changes. This hybrid model of “proprietary equipment + leased hashrate” optimizes the cost structure while ensuring infrastructure stability, helping to better navigate industry cycles.

2026 Outlook

During the earnings conference call, Leo Lu stated that the company will continue to acquire infrastructure and consistently evaluate potential partnership opportunities to strengthen its vertical integration strategy. The company indicated that power resources are an asset with value-added potential, which can not only effectively reduce self-mining costs and enhance market competitiveness but also lay a solid foundation for mining machine sales and hosting businesses.

Simultaneously, BitFuFu’s top priorities for this year include:

Expanding the scale of cloud hashrate services while maintaining a high customer retention rate.
Scaling up in both hashrate and power resource domains while ensuring the robustness of investment returns.
Continuously improving operational reliability and mining machine online rates based on the Aladdin system.
Optimizing capital allocation and liquidity management.
Seizing market opportunities to continuously increase Bitcoin holdings.

Furthermore, a live webcast and replay of this conference call will be available on the BitFuFu Investor Relations website: https://ir.bitfufu.com

यह लेख इंटरनेट से लिया गया है: BitFuFu Reports $476 Million Revenue in 2025, Cloud Hashrate Revenue Up 29.4% YoY

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