BitFuFu Swings to $57.4M Loss, Missing Q4 Estimates

BitFuFu Posts $0.20 Q4 Loss, Swings to $57.4M Full-Year Deficit

On March 20, 2026, BitFuFu Inc. (NASDAQ: FUFU) announced a fourth-quarter loss of $0.20 per share, widely missing analyst expectations of a $0.02 loss. The result marks a significant deterioration from the $0.14 earnings per share recorded in the same period a year ago. For the full fiscal year 2025, the Bitcoin miner reported a net loss of $57.4 million, a complete reversal from the $54.0 million net profit achieved in 2024. The company attributed the loss primarily to non-cash factors, including a $32.8 million fair value loss on digital assets and impairment charges on equipment stemming from unfavorable market conditions. Adjusted EBITDA for the year fell to $8.3 million, down from $117.9 million in 2024.

Self-Mining Cost Jumps to $77,573 as Strategy Shifts

BitFuFu's financial results reveal the impact of a major strategic pivot away from direct Bitcoin mining. Revenue from its Self-Mining Operations segment plummeted to $63.1 million from $157.5 million in 2024. This reallocation of hashrate led to a sharp decline in Bitcoin production, with the company's self-mining operations yielding only 611 BTC in 2025, compared to 2,537 BTC the previous year. The shift was intended to improve capital efficiency, but remaining operations faced escalating expenses. The average cost to mine one Bitcoin from self-mining surged to $77,573 in 2025, a significant increase from $47,496 in 2024. This cost structure, which blends owned machines and leased hashrate, underscores the economic challenges facing the company's legacy mining activities.

Cloud Mining Revenue Grows 29.4% to $350.6M

While self-mining faltered, BitFuFu's strategic focus on its cloud-mining platform yielded positive results. Revenue from Cloud Mining Solutions grew 29.4% year-over-year to $350.6 million, becoming the company's largest revenue driver at 73.7% of the total. This growth was supported by a 14.2% increase in registered users, which reached 675,765 by the end of 2025. Despite the GAAP loss, the company maintained a stable liquidity position, ending the year with $177.1 million in combined cash, cash equivalents, and digital assets, nearly flat with the $175.1 million held at the end of 2024.

In 2025, we continued to scale our cloud-mining platform, growing Cloud Mining Solutions revenue to $350.6 million and expanding total mining capacity under management to 26.1 EH/s. While GAAP results were impacted by unrealized fair value movements in Bitcoin and digital-asset-related receivables, we ended the year with $177.1 million of combined cash and digital assets and built a solid foundation to navigate the current weaker market conditions.

— Leo Lu, Chairman and CEO of BitFuFu.