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FUFU

BitFuFu Inc.

FUFU

BitFuFu Inc. • NASDAQ
$2.97 ▼ -1.66% (-0.05)
Market Cap $489.48 M
52w High $6.05
52w Low $2.56
Dividend Yield 0%
P/E 7.62
Volume 44.06K
Outstanding Shares 164.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $180.671M ▲ $-6.946M ▲ $11.543M ▼ 6.389% ▼ $0.07 ▼ $15.161M ▼
Q3-2025 $115.395M ▲ $-40.286M ▼ $47.125M ▲ 40.838% ▲ $0.29 ▲ $53.706M ▲
Q2-2025 $78.044M ▼ $23.567M ▲ $-16.872M ▼ -21.619% ▼ $-0.1 ▼ $-16.476M ▼
Q4-2024 $99.161M ▲ $-28.021M ▼ $22.332M ▲ 22.521% ▲ $0.14 ▲ $31.562M ▲
Q4-2024 $90.337M $4.898M $-5.008M -5.544% $-0.031 $-4.399M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $254.779M ▲ $500.34M ▲ $282.189M ▲ $218.151M ▲
Q3-2025 $40.086M ▲ $467.605M ▲ $265.247M ▲ $197.035M ▲
Q2-2025 $21.12M ▼ $383.965M ▲ $232.944M ▲ $151.021M ▼
Q1-2025 $38.201M ▼ $377.678M ▲ $215.216M ▲ $162.462M ▲
Q4-2024 $38.697M $282.545M $165.531M $117.014M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $11.543M ▼ $0 $0 $0 $0 $0
Q3-2025 $47.125M ▲ $0 $0 $0 $0 $0
Q2-2025 $-16.872M ▼ $0 $0 $0 $0 $0
Q1-2025 $22.332M ▲ $0 $0 $0 $0 $0
Q4-2024 $-5.008M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement BitFuFu shows a classic early‑growth profile: revenue has climbed steadily over the past few years, and the company has shifted from roughly break‑even results to modest profits. Margins are still thin, so earnings are sensitive to swings in Bitcoin prices, mining difficulty, and energy costs. The business appears to be scaling, but profitability is not yet deeply established or consistently proven through a full crypto cycle, so results may remain volatile from year to year.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly as BitFuFu has grown, with total assets and shareholder equity both rising. The company has recently added a noticeable amount of debt, moving from a relatively unlevered position to one that now relies more on borrowing to fund growth. Cash levels are moderate rather than abundant, which means the company must manage liquidity carefully, especially given the cash demands of mining equipment and infrastructure. Exposure to digital assets and mining hardware also adds valuation and collateral risk if market conditions turn.

Cash Flow

Cash Flow The main red flag in the financial picture is cash flow: despite reporting positive earnings, operating cash flow has been meaningfully negative in the most recent years, and free cash flow is deeply negative as well. This suggests that working capital needs, customer terms, or other operating items are absorbing a lot of cash, on top of ongoing investment in equipment and facilities. In practice, the business is still dependent on external capital—debt or equity—to fund its expansion, and it has not yet demonstrated a self‑funding, cash‑generative profile.

Competitive Edge

Competitive Edge BitFuFu has a differentiated spot in the crypto mining ecosystem. Its hybrid model—combining self‑mining with cloud mining and hosting—gives it multiple revenue streams and some insulation from pure Bitcoin price swings. The tight strategic partnership with Bitmain provides preferred access to cutting‑edge mining hardware and more flexible purchasing terms than many rivals can secure. Its cloud platform, which allows small and large customers to buy highly granular hash rate with transparent payouts, is a notable commercial edge. At the same time, the company operates in a fiercely competitive, highly commoditized, and regulation‑exposed industry, so maintaining this advantage will require constant execution and cost discipline.

Innovation and R&D

Innovation and R&D Innovation is a core part of BitFuFu’s story. The Aladdin hash rate management system and BitFuFuOS firmware are designed to squeeze more efficiency, uptime, and flexibility out of mining fleets, which can translate into lower costs and more attractive services for customers. The ability to slice and dynamically allocate hash power supports its cloud‑mining model and is difficult for smaller competitors to replicate. Looking ahead, the company is exploring moves into high‑performance computing and AI infrastructure, and experimenting with more sustainable energy sources such as natural‑gas‑powered mining. These initiatives could broaden its addressable market, but they also introduce execution risk and will likely require continued heavy investment before they prove themselves financially.

Summary

Overall, BitFuFu is a fast‑growing but still maturing digital asset mining and cloud‑mining platform with emerging profitability but weak cash generation. Its main strengths lie in technology, operational efficiency, and a rare combination of self‑mining, cloud mining, and hosting, all reinforced by a deep partnership with a leading hardware supplier. The main financial concerns are persistent negative cash flow, rising leverage, and dependence on favorable crypto and regulatory conditions. The company’s future will largely hinge on its ability to convert its technical and strategic advantages into durable, cycle‑tested cash profits while managing balance‑sheet risk in a very volatile industry.

NEWS

November 5, 2025 · 8:00 AM UTC

BitFuFu Announces October 2025 Bitcoin Production and Operational Updates

Read more

November 4, 2025 · 4:30 PM UTC

BitFuFu to Report Third Quarter 2025 Financial Results on November 12, 2025

Read more