BitFuFu (FUFU) Q2 2026 earnings summary

Executive summary

• Revenue fell 62.9% year-over-year to $42.8 million, driven by a sharp drop in Bitcoin prices, lower demand for cloud mining, and strategic hashrate optimization.

• Self-mining hash rate grew 9.3% quarter-over-quarter to 3.5 EH/s, with monthly Bitcoin production nearly tripling.

• Buy and Host solution drove a 254% year-over-year increase in hosting revenue, highlighting strong client demand.

• Acquired 3,200 S21 XP miners and secured additional hash rate capacity, targeting 20 EH/s managed hash rate by mid-August.

• Recognized by TIME and Fortune Southeast Asia 500 for growth leadership.

Financial highlights

• Cloud mining revenue dropped 73.6% to $24.9 million, representing 58.3% of total revenue, with net dollar retention at 24.1%.

• Self-mining contributed $14.0 million, remaining stable despite a 27% drop in average Bitcoin price.

• Hosting and other services revenue rose to $3.9 million, driven by Buy and Host.

• Cost of revenue was $43.7 million, down 57.4% year-over-year, reflecting scale adjustments.

• Net loss was $20.5 million, with $16.9 million from fair value losses on Bitcoin holdings; adjusted EBITDA was negative $18.4 million.

• Cash and digital assets totaled $119.5 million as of June 30, 2026.

Outlook and guidance

• Managed hashrate restored to approximately 20 EH/s by mid-August, aiming for a stronger second half.

• Will continue to monitor power markets and Bitcoin prices, focusing on high-quality infrastructure and capital allocation.

• Committed to disciplined execution and risk management to capture value as the market recovers.