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FUFUW

BitFuFu Inc.

FUFUW

BitFuFu Inc. • NASDAQ
$0.21 ▼ -25.03% (-0.07)
Market Cap $35.35 M
52w High $0.36
52w Low $0.20
Dividend Yield 0%
P/E 0
Volume 84.31K
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 Revenue has grown quickly from a very small base, showing that BitFuFu is scaling its operations rather than standing still. Profitability has recently turned the corner: the business has moved from roughly break‑even results to modest profits, suggesting improving cost control and operating leverage. That said, profit margins still look thin and sensitive to swings in mining economics and Bitcoin prices. Overall, the income statement tells the story of a young, fast‑growing business that is just beginning to show consistent earnings but is not yet in a comfortably mature, stable phase.

Balance Sheet

Balance Sheet The balance sheet has expanded as the company has grown, with total assets rising meaningfully over the last few years. Equity has also increased, which is a positive sign of accumulated value, but the recent introduction of debt changes the risk profile. Cash on hand appears relatively limited compared with the size of the balance sheet and investment needs, which means the company has less of a cushion if conditions worsen. In short, BitFuFu is asset‑heavy and increasingly leveraged, with some financial flexibility but not a large safety buffer.

Cash Flow

Cash Flow Despite reporting profits, operating cash flow has been negative in the most recent years, which suggests that working capital demands, payment timing, or non‑cash items are masking underlying cash strain. Free cash flow has stayed negative as the company continues to spend on equipment and infrastructure, indicating that growth is being funded by external capital rather than by the business itself. This pattern is common for expanding mining and infrastructure players but also means the company remains dependent on capital markets or lenders to support its plans.

Competitive Edge

Competitive Edge BitFuFu operates in a highly competitive and cyclical Bitcoin mining market but has carved out a defensible niche. Its partnership with a leading mining hardware maker gives it priority access to efficient machines, helping keep energy costs per unit mined relatively low. The dual model of self‑mining plus cloud and hosting services provides a mix of volatile upside and more stable, service‑based revenue, which can soften the impact of Bitcoin price swings. However, the company is still heavily exposed to crypto market cycles, energy costs, regulation, and its key hardware partner, so its advantage is meaningful but not unassailable.

Innovation and R&D

Innovation and R&D The company has invested in its own software stack to fine‑tune mining performance, including systems to dynamically adjust power usage and manage large‑scale hashrate. This kind of optimization can improve profitability at the margin and is a differentiator versus more generic miners. Beyond pure Bitcoin mining, BitFuFu is exploring moves into high‑performance computing and AI‑related workloads, and is pursuing more sustainable energy sources, including creative power arrangements. If executed well, these efforts could broaden its revenue base and reduce dependence on the Bitcoin cycle, but they are still early and carry execution risk.

Summary

BitFuFu looks like an emerging, technology‑driven Bitcoin infrastructure company that has quickly grown revenue and recently reached profitability on paper, but still burns cash as it invests heavily in expansion. The balance sheet shows rising assets and equity alongside new debt, with only modest cash reserves, which increases sensitivity to downturns in crypto or capital markets. Its main strengths lie in technology, hardware access, and a blended business model that mixes mining with services. Its main risks are the volatility of Bitcoin, regulatory uncertainty, energy costs, reliance on key partners, and the need for ongoing external funding. The company is positioned for growth, but outcomes are likely to be highly cyclical and dependent on both execution and the broader digital asset environment.