Bitfufu Inc. (FUFU): Financial results for Q2 2026
Bitfufu Inc. (FUFU) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 BitFuFu Reports Unaudited Second Quarter 2026 Financial Results BitFuFu Reports Unaudited Second Quarter 2026 Financial Results SINGAPORE, August 17, 2026 (GLOBE NEWSWIRE) – BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a world-leading Bitcoin miner and m
How this was made
The 30-second read
Why it matters
The earnings release shows a steep revenue decline and net loss, indicating short‑term pressure on the stock, while operational improvements may offer upside if market conditions improve.
Market read
First‑report earnings for a crypto‑mining firm, signaling sector weakness but also operational pivots.
What to watch
The increase in self‑mining production and new S21 XP miners may improve margins despite current revenue slump.
BitFuFu reported $42.8 million of total revenue, down 62.9% year over year, alongside a $20.5 million net loss and negative $18.4 million of Adjusted EBITDA.
Revenue fell 62.9% as Cloud Mining Solutions revenue declined 73.6% and Mining Equipment Sales were nil. The company moved from net income and positive Adjusted EBITDA in the prior-year period to a net loss and negative Adjusted EBITDA, while total hashrate and power capacity also declined materially.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $42.8 million | – | down 62.9% |
| Cost of revenueGAAP | $43.7 million | – | a decrease of 57.4% |
| Gross (loss)/profitGAAP | (959) (In thousands) | – | – |
| Sales and marketing expensesGAAP | US$1.2 million | – | – |
| General and administrative expensesGAAP | $2.2 million | – | – |
| Research and development expensesGAAP | $0.5 million | – | – |
| Changes in fair value of digital asset receivables or payablesGAAP | 1,953 (In thousands) | – | – |
| Changes in fair value of digital assetsGAAP | (18,824) (In thousands) | – | – |
| Operating (expense)/incomeGAAP | (21,911) (In thousands) | – | – |
| Net (loss)/incomeGAAP | $20.5 million net loss | – | – |
| Ordinary shares – basic earnings per shareGAAP | ($0.12) | – | – |
| Ordinary shares – diluted earnings per shareGAAP | ($0.12) | – | – |
| Adjusted EBITDAnon-GAAP | negative $18.4 million | – | – |
| Combined balance of cash and cash equivalents and digital assetsother | $119.5 million | – | – |
| Cash and cash equivalentsother | 22,220 (In thousands) | – | – |
| Digital assetsother | 97,323 (In thousands) | – | – |
| Total assetsother | 258,340 (In thousands) | – | – |
| Total liabilitiesother | 163,970 (In thousands) | – | – |
| Total shareholders’ equityother | 94,370 (In thousands) | – | – |
| Long term loan – current portionother | 2,000 (In thousands) | – | – |
| Long-term loansother | 3,400 (In thousands) | – | – |
| Long-term payableother | 93,364 (In thousands) | – | – |
| Total hashrate under managementother | 15.3 EH/s as of June 30, 2026 | – | decreased by 57.7% |
| Power capacityother | 273 MW as of June 30, 2026 | – | – |
| BTC Holdingsother | 1,671 BTC as of June 30, 2026 | – | decreased by 6.8% |
| BTC Produced From BitFuFu self-mining operationsother | 192 | – | – |
| BTC produced by customers from cloud-mining solutionsother | 255 | – | – |
| Average BTC produced per day by customers and BitFuFuother | 4.9 | – | – |
| Net dollar retention rateother | 24.1% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cloud Mining SolutionsLower average selling prices, driven by falling BTC prices, and weaker market sentiment; reduced order volumes from existing customers. | $24.9 million | – | a 73.6% decrease from $94.3 million |
| Self-Mining OperationsHigher blockchain network difficulty reduced average daily BTC earnings per tera-hash by 9.7%, while a 47% increase in average hashrate allocated to self-mining operations partially offset a 27.5% decline in the average BTC price. | $14.0 million | – | – |
| Mining Equipment SalesLower customer demand amid Bitcoin price uncertainty and broader market sentiment. | nil | – | – |
| Hosting Revenue and OthersThe Buy and Host one-stop solution continued to attract clients seeking asset ownership with simplified, hassle-free mining operations. | $3.9 million | – | – |
What drove it
- Bitcoin’s price declined 27.5% year over year, with the average BTC price at $71,600 in the second quarter of 2026 versus $98,800 in the second quarter of 2025.
- Cloud Mining Solutions revenue fell amid lower average selling prices, weaker market sentiment, and reduced order volumes from existing customers.
- Higher blockchain network difficulty reduced average daily BTC earnings per tera-hash by 9.7%.
- Average hashrate allocated to self-mining operations increased by 47%.
- Hosting Revenue and Others increased through the Buy and Host one-stop solution.
- The company recognized a $16.9 million fair value loss on digital assets and digital asset receivables or payables, compared with a $43.4 million fair value gain in the second quarter of 2025.
Concerns
- Cloud Mining Solutions remained 58.2% of total revenue but declined 73.6% year over year.
- Total hashrate under management was 15.3 EH/s, down 57.7% from 36.2 EH/s, while power capacity was 273 MW compared with 728 MW.
- Cost of revenue of $43.7 million exceeded total revenue of $42.8 million, producing gross loss of (959) (In thousands).
- Net loss was $20.5 million, compared with net income of $47.1 million, and Adjusted EBITDA was negative $18.4 million compared with positive $60.7 million.
- BTC Holdings decreased by 6.8% to 1,671 BTC, and the combined cash, cash equivalents and digital-assets balance declined to $119.5 million.
- The announced second-quarter results are preliminary and subject to adjustments.
What to watch
- The company said it secured additional hashrate that restored total managed hashrate to approximately 20 EH/s by mid-August.
- The expected effect of hashrate-procurement prepayments on future Bitcoin mining output and holdings.
- Cloud Mining Solutions demand, average selling prices, and net dollar retention rate following the reported 24.1% rate.
- Bitcoin prices, blockchain network difficulty, and their effects on self-mining economics and digital-asset fair value.
- Expansion of turnkey hosting services and the Buy and Host offering as sources of diversified revenue.
Balance sheet and cash flow
- Cash and cash equivalents and digital assets were $119.5 million as of June 30, 2026, compared to $177.1 million as of December 31, 2025.
- The decrease was primarily due to the decline in the fair value of Bitcoin held, the repayment of $10 million in Bitcoin-backed loans, and prepayment made to secure hashrate procurement.
- Total assets were 258,340 (In thousands), total liabilities were 163,970 (In thousands), and total shareholders’ equity was 94,370 (In thousands) as of June 30, 2026.
- No operating cash flow, capital expenditure, or free cash flow was reported.
Analysis
BitFuFu’s second-quarter revenue contracted sharply to $42.8 million from $115.4 million, led by Cloud Mining Solutions revenue of $24.9 million versus $94.3 million. The release attributes this business-line decline to lower average selling prices amid falling BTC prices, weaker market sentiment, and lower order volumes from existing customers. Mining Equipment Sales were nil, versus $5.2 million in the prior-year period. Hosting Revenue and Others increased to $3.9 million from $1.1 million, providing a smaller but growing diversified revenue source.
Profitability deteriorated substantially. Cost of revenue was $43.7 million against $42.8 million in revenue, resulting in gross loss of (959) (In thousands), compared with gross profit of 12,852 (In thousands) a year earlier. Operating (expense)/income was (21,911) (In thousands), versus 53,138 (In thousands), and net loss was $20.5 million compared with net income of $47.1 million. The company also recorded a $16.9 million fair value loss on digital assets and digital asset receivables or payables, compared with a $43.4 million fair value gain in the prior-year quarter. Adjusted EBITDA was negative $18.4 million, versus positive $60.7 million.
Operational capacity was substantially lower year over year. Total hashrate under management was 15.3 EH/s compared with 36.2 EH/s, and power capacity was 273 MW compared with 728 MW. BTC produced from BitFuFu self-mining operations was 192 compared with 143, while BTC produced by cloud-mining customers was 255 compared with 917. Self-mining revenue was $14.0 million compared with $14.8 million, with the company citing higher network difficulty and a lower average BTC price, partly offset by a 47% increase in average hashrate allocated to self-mining.
Liquidity declined during the period, with cash and cash equivalents plus digital assets at $119.5 million as of June 30, 2026, compared with $177.1 million as of December 31, 2025. Management attributed the decrease to lower fair value of BTC held, repayment of $10 million in Bitcoin-backed loans, and prepayments to secure hashrate procurement. BTC Holdings were 1,671 BTC, down 6.8% from 1,792 BTC. The company said additional hashrate had restored total managed hashrate to approximately 20 EH/s by mid-August, but it did not issue quantitative financial guidance.
Management, verbatim
We prioritized operational quality and discipline—proactively optimizing our hashrate mix and nearly tripling self-mining production during the period.
Leo Lu, Chief Executive Officer and Chairman of the Board
We have secured additional hashrate that restored our total managed hashrate to approximately 20 EH/s by mid-August and provided a stronger foundation for the second half of the year.
Leo Lu, Chief Executive Officer and Chairman of the Board
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Forward operating or EBITDA guidance
- Prior-quarter comparisons for revenue, segments, earnings, EPS, and Adjusted EBITDA
- Reported gross margin
- Operating cash flow
- Capital expenditures
- Free cash flow
- Share repurchases
- Dividend declaration or payment
- Capital-return program
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Bitfufu Inc. is a Nasdaq‑listed Bitcoin mining and services company that provides cloud mining solutions and hosting.
Ticker impact
Bitfufu Inc. filed its unaudited Q2 2026 earnings on Aug 17, reporting $42.8M revenue, a 62.9% decline and a $20.5M net loss.
Potential short‑term price drop; watch for support around recent lows.
The large revenue drop and loss are material, but the company’s cash position remains strong and hash‑rate improvements could mitigate further declines.
Market effects
Highlights weakness in Bitcoin mining sector due to price decline.
US-listed crypto miners may see broader pressure.
Reflects broader crypto market volatility affecting mining services worldwide.
Counterpoint
Hash‑rate optimization and cash reserves could position Bitfufu for a rebound if Bitcoin prices recover.
Key entities
- ExecutiveLeo Lu
CEO and Chairman of Bitfufu, provided commentary on operational strategy.
