Q2 FY2026
Filed Aug 17, 2026BitFuFu 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.