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.

• Grew self-mining hash rate to 3.5 EH/s, up 9.3% quarter-over-quarter, and nearly tripled monthly self-mining Bitcoin production.

• Hosting revenue surged 254% year-over-year, driven by the Buy and Host solution.

• Acquired 3,200 S21 XP miners and secured additional hash rate capacity for future growth.

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

Financial highlights

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

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

• Hosting and other services revenue rose to $3.9 million, reflecting Buy and Host growth.

• Cost of revenue was $43.7 million, down 57.4% year-over-year, with procurement optimization underway.

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

Outlook and guidance

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

• Focus remains on disciplined execution, cost efficiency, and capturing value as the market recovers.

• Will continue to monitor power markets, Bitcoin prices, and macroeconomic factors for capital allocation.