BitFuFu Inc. (NASDAQ: FUFUW) reported its fourth‑quarter 2025 results on March 20 2026, showing revenue of $101.7 million—$4.0 million below the consensus estimate of $105.7 million—and a non‑GAAP loss per share of $0.20, a miss of $0.1847 versus the expected loss of $0.0153. The company posted a net loss of $57.4 million for the quarter, compared with a net profit of $54.0 million in the same period a year earlier.
The earnings miss was driven by a sharp rise in Bitcoin mining costs, with the average cost to mine a Bitcoin climbing to $77,573 in 2025 from $47,496 in 2024. Non‑cash fair‑value losses on digital assets and impairment charges on mining equipment added $12.3 million to the loss, while self‑mining revenue fell 60% year‑over‑year. In contrast, cloud‑mining services grew 29.3% and now account for 74% of total revenue, offsetting some of the decline in legacy mining income.
Compared with the prior quarter, Q4 2024 revenue was $99.2 million and the company earned a non‑GAAP EPS of $0.14. For the full year 2024, revenue reached $463.3 million and net income was $54.0 million. The Q4 2025 revenue increase of 2.7% YoY is modest and still below analyst expectations, underscoring the company’s ongoing profitability challenges.
Operationally, BitFuFu’s total mining capacity under management expanded to 26.1 EH/s, and registered users grew to more than 675,000 in Q4 2025. The company reiterated its goal of reaching 1 GW of power capacity by the end of 2026, a milestone that will support its shift toward more efficient, cloud‑based mining operations.
CEO Leo Lu said the year had been “challenging” for crypto miners, noting that BitFuFu avoided “lever‑up” and focused on preserving liquidity. CFO Calla Zhao highlighted the impact of impairment losses and fair‑value write‑downs, while emphasizing that the growth in cloud‑mining services is a key driver of the company’s future revenue mix.
Investors reacted negatively to the earnings miss, with analysts pointing to the combination of higher mining costs, significant impairment charges, and a narrow margin profile as key concerns. The company’s guidance for the next fiscal year was not formally disclosed, leaving uncertainty about future revenue and profitability trajectories.
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