BitFuFu Inc.

BitFuFu reported first-quarter revenue that included $57.5 million from cloud mining solutions, $11.4 million from self-mining, and $3.8 million from hosting and other services. Cost of revenue was $72.3 million, up 1.0% year over year despite a 6.8% decline in revenue. Net loss was $35.0 million versus a loss of $16.9 million a year ago, and fair value losses on Bitcoin holdings and digital asset receivables/payables contributed $35.6 million to that loss; excluding those impacts, adjusted EBITDA would have been approximately positive $1.1 million. Total cash and digital assets were $141.5 million at March 31, 2026, and Bitcoin holdings totaled 1,794 BTC, including 357 BTC pledged as collateral. The revolver had $50 million outstanding at quarter-end and was reduced to $5 million subsequent to quarter end. Management did not give explicit revenue or EPS guidance, but said it expects to fund growth through operating cash flow, selective Bitcoin sales, and its $100 million revolving credit facility, while keeping equity issuance disciplined.

Leo Lu framed the quarter as evidence that BitFuFu is built to withstand volatility, emphasizing asset-light agility, capital efficiency, and operational discipline. He said the company intentionally reduced self-mining exposure, leaned into cloud mining, improved fleet efficiency, and used Bitcoin sales and software-driven controls to protect liquidity and margins. Looking ahead, he described a measured shift from defense to offense, with selective longer-term hashrate procurement, continued evaluation of energy and real-world asset opportunities, and a focus on avoiding speculative bets.

Calla Zhao highlighted that cloud mining was the largest revenue source at $57.5 million and that its 85.7% net dollar retention showed customer stickiness. She said cost of revenue was $72.3 million, pressured by higher hashrate costs procured in Q4 2025 when Bitcoin prices were higher, and noted the company is renegotiating contracts and improving procurement timing. She also pointed to the balance sheet, with $141.5 million of cash and digital assets, 1,794 BTC held, and revolver usage cut from $50 million at quarter-end to $5 million after quarter end, underscoring liquidity and flexibility.

There was no live Q&A on the call; management said analysts and investors should email questions to IR instead. The prepared remarks did address likely concerns by explaining the decline in gross margin and net loss as driven by network difficulty, lower Bitcoin prices, and fair value losses rather than a fundamental deterioration in operations. Management also answered forward-looking concerns by saying it will increase the mix of longer-term hashrate contracts, keep managed hashrate relatively stable, and fund growth without leaning heavily on equity issuance.