BitFuFu (FUFU) investor relations material

Executive summary

• Q1 2026 revenue was $72.7 million, down 6.8% year-over-year, with a net loss of $35.0 million, impacted by a $35.6 million fair value loss on digital assets due to lower Bitcoin prices.

• Achieved five consecutive years of revenue growth, with FY2025 revenue reaching $907.1 million, a 47% CAGR from 2021 to 2025.

• Maintained a leading position as the #1 global cloud mining service provider, with over 675,000 registered users and 22.4 EH/s managed hashrate as of April 2026.

• Focused on operational discipline, capital preservation, and cost structure refinement, while expanding hashrate to 25.9 EH/s and optimizing fleet efficiency.

• Maintained strong liquidity and balance sheet, ending Q1 2026 with $141.5 million in cash and digital assets, including 1,794 BTC.

Financial highlights

• Cloud mining revenue grew 7.1% year-over-year to $57.5 million, representing 79–79.1% of total revenue.

• Self-mining revenue declined 35.2% year-over-year to $11.4 million, reflecting higher network difficulty and lower BTC prices.

• Hosting and other services revenue increased to $3.8 million from $0.7 million in Q1 2025, driven by new solutions and facility acquisition.

• Mining equipment sales dropped to zero from $6.0 million, due to weak demand amid BTC price uncertainty.

• Adjusted EBITDA for Q1 2026 was negative $34.4 million, compared to negative $10.8 million in Q1 2025.

Outlook and guidance

• Plans to optimize procurement mix by increasing longer-term hash rate contracts and investing in energy-efficient equipment.

• Expects managed hash rate to remain stable, with improved portfolio positioning as competitors shift to AI and HPC.

• Will fund growth through operating cash flow, selective Bitcoin sales, and a $100 million revolving credit facility.

• Focus remains on expanding datacenter capacity and enhancing cloud mining offerings to capture further market share.