BitFuFu Announces Full Year 2024 Unaudited Financial Results
BitFuFu (NASDAQ: FUFU) reported strong financial results for FY2024, with total revenue reaching US$463.3 million, up 63.1% year-over-year. The company's net income surged 414.3% to US$54.0 million, while Adjusted EBITDA increased 181.8% to US$117.5 million.
Revenue from cloud-mining solutions grew 52.2% to US$271.0 million, while Bitcoin self-mining operations revenue increased 57.2% to US$157.5 million. The company's hosting capacity reached 551 MW, with total mining capacity at 23.5 EH/s. Registered cloud-mining users nearly doubled to 591,751.
However, Bitcoin production metrics showed some decline: self-mining BTC production decreased 29.1% to 2,537 BTCs, while customer cloud-mining production fell 26.8% to 4,947 BTCs. The cost to mine per BTC increased to US$47,496 from US$28,200 in 2023.
The company's cash and digital assets position strengthened to US$175.1 million, up 130.4% from the previous year. BitFuFu aims to reach approximately 33 EH/s mining capacity and 650-800 MW hosting capacity by end-2025.
BitFuFu (NASDAQ: FUFU) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con un fatturato totale che ha raggiunto 463,3 milioni di dollari USA, in aumento del 63,1% rispetto all'anno precedente. L'utile netto dell'azienda è aumentato del 414,3% a 54,0 milioni di dollari USA, mentre l'EBITDA rettificato è cresciuto del 181,8% a 117,5 milioni di dollari USA.
I ricavi provenienti dalle soluzioni di cloud mining sono aumentati del 52,2% a 271,0 milioni di dollari USA, mentre i ricavi delle operazioni di self-mining di Bitcoin sono aumentati del 57,2% a 157,5 milioni di dollari USA. La capacità di hosting dell'azienda ha raggiunto 551 MW, con una capacità totale di mining di 23,5 EH/s. Gli utenti registrati per il cloud mining sono quasi raddoppiati, arrivando a 591.751.
Tuttavia, le metriche di produzione di Bitcoin hanno mostrato un certo calo: la produzione di BTC da self-mining è diminuita del 29,1% a 2.537 BTC, mentre la produzione di cloud mining dei clienti è scesa del 26,8% a 4.947 BTC. Il costo per minare un BTC è aumentato a 47.496 dollari USA rispetto ai 28.200 dollari USA del 2023.
La posizione di liquidità e di asset digitali dell'azienda si è rafforzata a 175,1 milioni di dollari USA, in aumento del 130,4% rispetto all'anno precedente. BitFuFu mira a raggiungere una capacità di mining di circa 33 EH/s e una capacità di hosting di 650-800 MW entro la fine del 2025.
BitFuFu (NASDAQ: FUFU) informó resultados financieros sólidos para el año fiscal 2024, con ingresos totales que alcanzaron 463,3 millones de dólares EE.UU., un aumento del 63,1% en comparación con el año anterior. La utilidad neta de la empresa se disparó un 414,3% a 54,0 millones de dólares EE.UU., mientras que el EBITDA ajustado aumentó un 181,8% a 117,5 millones de dólares EE.UU.
Los ingresos de las soluciones de minería en la nube crecieron un 52,2% a 271,0 millones de dólares EE.UU., mientras que los ingresos de las operaciones de auto-minería de Bitcoin aumentaron un 57,2% a 157,5 millones de dólares EE.UU. La capacidad de alojamiento de la empresa alcanzó 551 MW, con una capacidad total de minería de 23,5 EH/s. Los usuarios registrados de minería en la nube casi se duplicaron, llegando a 591.751.
No obstante, las métricas de producción de Bitcoin mostraron cierta disminución: la producción de BTC por auto-minería disminuyó un 29,1% a 2.537 BTC, mientras que la producción de minería en la nube de clientes cayó un 26,8% a 4.947 BTC. El costo de minar un BTC aumentó a 47.496 dólares EE.UU. desde 28.200 dólares EE.UU. en 2023.
La posición de efectivo y activos digitales de la empresa se fortaleció a 175,1 millones de dólares EE.UU., un aumento del 130,4% respecto al año anterior. BitFuFu tiene como objetivo alcanzar aproximadamente 33 EH/s de capacidad de minería y 650-800 MW de capacidad de alojamiento para finales de 2025.
BitFuFu (NASDAQ: FUFU)는 2024 회계연도에 강력한 재무 결과를 보고했으며, 총 수익은 4억 6,330만 달러에 달해 전년 대비 63.1% 증가했습니다. 회사의 순이익은 414.3% 급증하여 5,400만 달러에 달했고, 조정 EBITDA는 181.8% 증가하여 1억 1,750만 달러에 이르렀습니다.
클라우드 마이닝 솔루션에서의 수익은 52.2% 증가하여 2억 7,100만 달러에 달했고, 비트코인 자가 채굴 운영 수익은 57.2% 증가하여 1억 5,750만 달러에 도달했습니다. 회사의 호스팅 용량은 551 MW에 도달했으며, 총 채굴 용량은 23.5 EH/s입니다. 등록된 클라우드 마이닝 사용자는 거의 두 배로 증가하여 591,751명에 달했습니다.
그러나 비트코인 생산 지표는 다소 감소했습니다: 자가 채굴 BTC 생산은 29.1% 감소하여 2,537 BTC에 이르렀고, 고객 클라우드 마이닝 생산은 26.8% 감소하여 4,947 BTC에 도달했습니다. BTC당 채굴 비용은 2023년 28,200달러에서 47,496달러로 증가했습니다.
회사의 현금 및 디지털 자산 위치는 1억 7,510만 달러로 강화되었으며, 이는 전년 대비 130.4% 증가한 수치입니다. BitFuFu는 2025년 말까지 약 33 EH/s의 채굴 용량과 650-800 MW의 호스팅 용량에 도달할 계획입니다.
BitFuFu (NASDAQ: FUFU) a annoncé des résultats financiers solides pour l'exercice 2024, avec un chiffre d'affaires total atteignant 463,3 millions de dollars US, en hausse de 63,1 % par rapport à l'année précédente. Le bénéfice net de l'entreprise a bondi de 414,3 % à 54,0 millions de dollars US, tandis que l'EBITDA ajusté a augmenté de 181,8 % pour atteindre 117,5 millions de dollars US.
Les revenus des solutions de cloud mining ont augmenté de 52,2 % pour atteindre 271,0 millions de dollars US, tandis que les revenus des opérations de self-mining de Bitcoin ont augmenté de 57,2 % pour atteindre 157,5 millions de dollars US. La capacité d'hébergement de l'entreprise a atteint 551 MW, avec une capacité de minage totale de 23,5 EH/s. Le nombre d'utilisateurs enregistrés pour le cloud mining a presque doublé, atteignant 591 751.
Cependant, les indicateurs de production de Bitcoin ont montré un certain déclin : la production de BTC par auto-minage a diminué de 29,1 % pour atteindre 2 537 BTC, tandis que la production de cloud mining des clients a chuté de 26,8 % pour atteindre 4 947 BTC. Le coût de minage par BTC a augmenté à 47 496 dollars US, contre 28 200 dollars US en 2023.
La position de liquidités et d'actifs numériques de l'entreprise s'est renforcée à 175,1 millions de dollars US, en hausse de 130,4 % par rapport à l'année précédente. BitFuFu vise à atteindre une capacité de minage d'environ 33 EH/s et une capacité d'hébergement de 650 à 800 MW d'ici fin 2025.
BitFuFu (NASDAQ: FUFU) berichtete über starke finanzielle Ergebnisse für das Geschäftsjahr 2024, mit einem Gesamtumsatz von 463,3 Millionen US-Dollar, was einem Anstieg von 63,1% im Vergleich zum Vorjahr entspricht. Der Nettogewinn des Unternehmens stieg um 414,3% auf 54,0 Millionen US-Dollar, während das bereinigte EBITDA um 181,8% auf 117,5 Millionen US-Dollar zunahm.
Die Einnahmen aus Cloud-Mining-Lösungen wuchsen um 52,2% auf 271,0 Millionen US-Dollar, während die Einnahmen aus dem Bitcoin-Selbst-Mining um 57,2% auf 157,5 Millionen US-Dollar anstiegen. Die Hosting-Kapazität des Unternehmens erreichte 551 MW, mit einer Gesamtkapazität von 23,5 EH/s. Die registrierten Cloud-Mining-Nutzer verdoppelten sich nahezu auf 591.751.
Allerdings zeigten die Produktionskennzahlen für Bitcoin einen leichten Rückgang: Die Selbst-Mining BTC-Produktion sank um 29,1% auf 2.537 BTC, während die Kunden-Cloud-Mining-Produktion um 26,8% auf 4.947 BTC fiel. Die Kosten für das Mining pro BTC stiegen von 28.200 US-Dollar im Jahr 2023 auf 47.496 US-Dollar.
Die Liquiditäts- und digitalen Vermögenswerte des Unternehmens stärkten sich auf 175,1 Millionen US-Dollar, was einem Anstieg von 130,4% im Vergleich zum Vorjahr entspricht. BitFuFu strebt an, bis Ende 2025 eine Mining-Kapazität von etwa 33 EH/s und eine Hosting-Kapazität von 650-800 MW zu erreichen.
- Total revenue increased 63.1% YoY to US$463.3 million
- Net income surged 414.3% to US$54.0 million
- Cloud-mining solutions revenue grew 52.2% to US$271.0 million
- Cash and digital assets position increased 130.4% to US$175.1 million
- Cloud-mining registered users nearly doubled to 591,751
- Net dollar retention rate of 117.1% indicating strong customer loyalty
- Bitcoin self-mining production decreased 29.1% to 2,537 BTCs
- Customer cloud-mining BTC production declined 26.8% to 4,947 BTCs
- Cost per BTC mined increased 68.4% to US$47,496
- Hosting services revenue decreased 27.1% to US$4.3 million
Insights
BitFuFu's 2024 financial results demonstrate exceptional performance across key metrics despite facing industry-wide challenges. The
The company's liquidity position strengthened significantly, with combined cash and digital assets reaching
While Bitcoin production volumes declined (
The
BitFuFu has successfully navigated the April 2024 Bitcoin halving event while delivering exceptional financial growth - a testament to their operational execution and strategic positioning in the cryptocurrency mining sector.
BitFuFu's operational metrics reveal important industry dynamics. While financial results were strong, the underlying mining metrics highlight critical realities of the post-halving environment. The
The rise in mining costs from
The framework agreement with Bitmain for up to 80,000 S21 series miners represents a significant competitive advantage, as these more efficient machines will be crucial for maintaining viable economics as difficulty continues to increase. With projected mining capacity of 33 EH/s by year-end 2025, BitFuFu is positioning itself as a major player in the Bitcoin mining ecosystem.
The company's hybrid model strategy - combining asset-light operations with owned infrastructure - offers greater resilience than pure-play approaches. Owning data centers with competitive electricity pricing is increasingly essential for survival in Bitcoin mining's thin-margin environment. The targeting of 650-800 MW of hosting capacity by year-end 2025 represents an ambitious but achievable expansion that could significantly enhance BitFuFu's market position.
The
SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced its unaudited financial results for the full year ended December 31, 2024.
Full Year 2024 Financial Highlights
- Total revenue was US
$463.3 million in 2024, representing an increase of63.1% from US$284.1 million in 2023 - Revenue from cloud-mining solutions was US
$271.0 million in 2024, representing an increase of52.2% from US$178.0 million in 2023 - Revenue from Bitcoin self-mining operations was US
$157.5 million in 2024, representing an increase of57.2% from US$100.2 million in 2023 - Net income was US
$54.0 million in 2024, representing an increase of414.3% from US$10.5 million in 2023 - Adjusted EBITDA (a non-GAAP metric) was US
$117.5 million in 2024, representing an increase of181.8% from US$41.7 million in 2023 - Combined balance of cash and cash equivalents and digital assets1 were US
$175.1 million as of December 31, 2024, representing an increase of130.4% from US$76.0 million as of December 31, 2023
“In 2024, we delivered another year of strong financial performance, driven by continued revenue growth across both our cloud-mining solutions and self-mining businesses,” said Leo Lu, Chairman and CEO of BitFuFu. “The past year was a pivotal one for BitFuFu, highlighted by our successful listing on NASDAQ in March and our strategic transition in the second half of the year from a purely asset-light model to a hybrid model that combines asset-light operations with ownership of data center assets. We now have 164 MW of secured capacity and have clear line of sight toward our goal of adding 1 GW of incremental capacity by the end of 2026. Our cloud mining business continued to gain strong traction, finishing 2024 with nearly 600,000 registered users—almost double the total at the end of 2023.
“Looking ahead to 2025, we are well-positioned for another year of robust revenue growth. We expect our mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 MW to 800 MW by year-end. At the same time, we plan to further optimize our cost structure through the acquisition of datacenters with competitive electricity pricing, along with fleet upgrades enabled by the framework agreement with our strategic partner Bitmain for the purchase of up to 80,000 S21 series miners. We remain confident in the long-term value of Bitcoin and focus on delivering enhanced value to both our customers and shareholders.”
| 1 | The BTC collateral receivable was not included in the balance of digital assets; and BTC was measured at fair value. | |
Full Year 2024 Operational Highlights
- Hosting capacity increased to 551 MW as of December 31, 2024, compared with 515 MW as of December 31, 2023
- Total mining capacity increased by
2.6% to 23.5 EH/s as of December 31, 2024, compared to 22.9 EH/s as of December 31, 2023 - Cloud-mining registered users increased by
94.5% to 591,751 as of December 31, 2024 compared to 304,270 as of December 31, 2023 - Bitcoin (“BTC”) production from self-mining operations decreased by
29.1% to 2,537 BTCs in 2024, compared to 3,577 BTCs in 2023 - BTC production by customers from cloud-mining solutions decreased by
26.8% to 4,947 BTCs in 2024, compared to 6,756 BTCs in 2023 - BTC owned by the Company increased by
45.8% to 1,720 BTCs as of December 31, 2024, compared to 1,180 BTCs as of December 31, 2023 - Cost to mine BTC2 from self-mining operations in 2024 averaged US
$47,496 per BTC, compared to US$28,200 per BTC in 2023
| As of December 31, | ||||||
| Metric | 2024 | 2023 | ||||
| Hosting capacity (MW) | 551 | 515 | ||||
| Total mining capacity under management (EH/s) (1) | 23.5 | 22.9 | ||||
| Cloud-mining registered Users | 591,751 | 304,270 | ||||
| BTC Holdings (2) | 1,720 | 1,180 | ||||
| For the Year ended December 31 | ||||||
| 2024 | 2023 | |||||
| BTC Produced | ||||||
| From BitFuFu self-mining operations | 2,537 | 3,577 | ||||
| By customers from cloud-mining solutions (3) | 4,947 | 6,756 | ||||
| Average BTC produced per day by customers and BitFuFu | 20.5 | 28.3 | ||||
| (1) | Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hash rates are estimates based on the manufacturers’ specifications. | ||
| (2) | Included 633 BTCs as collateral for loans and miner procurement payables as of December 31, 2024 (2023: Nil), and excluded BTC produced by cloud-mining customers. | ||
| (3) | Defined as the amount of BTC that was produced during the year by customers using mining capacity purchased from cloud-mining solutions. |
| 2 | Included all direct costs such as electricity fees, hosting fees and purchased hash rate cost, but excluded depreciation. | |
Full Year 2024 Financial Review
- Revenue
Total revenue in 2024 was US
Revenue from cloud-mining solutions in 2024 was US
Revenue from Bitcoin self-mining operations in 2024 was US
Revenue from selling of mining equipment in 2024 was US
Revenue from hosting services and others in 2024 was US
In 2024, revenues from cloud-mining solutions, Bitcoin self-mining operations, selling of mining equipment, hosting services and others accounted for
- Cost of Revenue
Cost of revenue in 2024 was US
- Operating Expenses
Sales and marketing expenses in 2024 were US
General and administrative expenses in 2024 were US
Research and development expenses in 2024 were US
Beginning from January 1, 2024, the Company implemented the early adoption of FASB fair value accounting rules, ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets. The Company recognized a non-cash fair value gain of US
Due to the increase in the volume of BTC sold in 2024, the Company recognized a US
- Net Income
Net income in 2024 was US
- Adjusted EBITDA
Adjusted EBITDA in 2024 was US
- Liquidity and Capital Resources
As of December 31, 2024, the Company had cash and cash equivalents and digital assets of US
Conference Call
The Company’s management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 25, 2025 (8:00 P.M. Singapore Time on the same day).
All participants must register in advance of the conference call using the link provided below. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call.
Registration Link: https://edge.media-server.com/mmc/p/psxtq5kh
Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.bitfufu.com.
About BitFuFu Inc.
BitFuFu is a global leader in Bitcoin mining and comprehensive mining services, providing customers with one-stop solutions including cloud-mining. BitFuFu received early investment from Bitmain, a world-leading digital asset mining hardware manufacturer, and remains Bitmain’s sole strategic partner in the cloud mining space.
BitFuFu is dedicated to fostering a secure, compliant, and transparent blockchain infrastructure, providing a variety of stable and intelligent digital asset mining solutions to a global customer base. Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently.
For more information, please visit https://ir.bitfufu.com.
Non-GAAP Financial Measure
BitFuFu uses and considers Adjusted EBITDA, a non-GAAP financial measure, as a supplemental metrics in reviewing and evaluating its performance. BitFuFu defines Adjusted EBITDA as (1) GAAP net profit/loss, plus (2) adjustments to add back interest expense/(income), income tax expense/(benefit), depreciation and amortization, and (3) adjustments for non-recurring items, if any. BitFuFu believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the consolidated financial results in the same manner as its management and in comparing financial results across accounting periods. However, Non-GAAP financial measure is not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measure has limitations as analytical tools, which possibly do not reflect all items of expense that affect the Company’s operations. BitFuFu’s calculation of adjusted EBITDA may be different from the calculation methods of other companies, and therefore, the comparability of such measure may be limited. In addition, this non-GAAP financial measure adjusts for the impact of items that BitFuFu does not consider indicative of the operational performance of its business and should not be considered in isolation or construed as an alternative to net profit/loss or any other measure of performance or as an indicator of its future performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
For more information on the non-GAAP financial measure, please see the table captioned “Reconciliation of Net Profit And Adjusted EBITDA (Unaudited)” set forth at the end of this release. BitFuFu encourages you to review its financial information in its entirety and not rely on a single financial measure.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu’s management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The announced results of the full year of 2024 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor inquiries, please contact:
Charley Brady
Vice President, Investor Relations
charley.b@bitfufu.com
For general inquiries, please contact:
BitFuFu Investor Relations
ir@bitfufu.com
BitFuFu Media Relations
pr@bitfufu.com
| BitFuFu Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except share and per share data) | ||||||||
| For the years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Total revenues | $ | 463,330 | $ | 284,106 | ||||
| Cost of revenues | ||||||||
| Cost of revenues incurred to a related party | (177,162 | ) | (166,541 | ) | ||||
| Cost of revenues incurred to third parties | (231,715 | ) | (80,397 | ) | ||||
| Cost of revenues – depreciation and amortization | (24,731 | ) | (24,455 | ) | ||||
| Total cost of revenues | (433,608 | ) | (271,393 | ) | ||||
| Gross profit | 29,722 | 12,713 | ||||||
| Operating (expenses)/income | ||||||||
| Sales and marketing expenses | (7,462 | ) | (1,863 | ) | ||||
| General and administrative expenses | (25,271 | ) | (3,682 | ) | ||||
| Research and development expenses | (5,599 | ) | (1,741 | ) | ||||
| Credit loss provision for receivables | - | (100 | ) | |||||
| Impairment loss on digital assets | - | (6,987 | ) | |||||
| Impairment loss on mining equipment | (8,077 | ) | - | |||||
| Unrealized fair value gain on digital assets | 44,287 | - | ||||||
| Realized gain on sales of digital assets | 31,326 | 18,231 | ||||||
| Total operating income, net | 29,204 | 3,858 | ||||||
| Operating income | 58,926 | 16,571 | ||||||
| Investment income | 7,686 | - | ||||||
| Interest expense | (6,328 | ) | (5,536 | ) | ||||
| Interest income | 1,624 | 1,055 | ||||||
| Other income/(expenses), net | (277 | ) | 587 | |||||
| Income before income taxes | 61,631 | 12,677 | ||||||
| Income tax expense | (7,668 | ) | (2,183 | ) | ||||
| Net income and total comprehensive income | 53,963 | 10,494 | ||||||
| Earnings per share: | ||||||||
| Ordinary shares – basic and diluted (US$) | 0.34 | 0.07 | ||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||
| Ordinary shares – basic and diluted | 160,988,011 | 150,000,000 | ||||||
| BitFuFu Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | ||||||||
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 45,111 | $ | 32,005 | ||||
| Digital assets | 129,940 | 43,979 | ||||||
| Digital assets collateral receivable | 12,569 | - | ||||||
| Accounts receivable, net | 10,926 | 3,838 | ||||||
| Amount due from related parties | 33,116 | 38 | ||||||
| Prepayments | 21,651 | 39,566 | ||||||
| Inventory | 246 | - | ||||||
| Other current assets | 11,710 | 1,843 | ||||||
| Total current assets | 265,269 | 121,269 | ||||||
| Non-current assets: | ||||||||
| Equipment, net | 55,981 | 81,857 | ||||||
| Digital asset collateral receivables | 47,827 | - | ||||||
| Deposits | - | 2,683 | ||||||
| Deferred tax assets, net | 8,601 | 4,224 | ||||||
| Total non-current assets | 112,409 | 88,764 | ||||||
| Total assets | 377,678 | 210,033 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 14,119 | 806 | ||||||
| Contract liabilities | 15,757 | 47,724 | ||||||
| Taxes payable | 1,733 | 2,233 | ||||||
| Accrued expenses and other payables | 8,773 | 5,368 | ||||||
| Obligation to return collateral digital assets | 21,436 | - | ||||||
| Amount due to a related party | 1,579 | 30,229 | ||||||
| Total current liabilities | 63,397 | 86,360 | ||||||
| Non-current liabilities: | ||||||||
| Long-term loans | 34,950 | - | ||||||
| Long-term payables | 101,301 | 102,435 | ||||||
| Deferred tax liabilities, net | 15,568 | 3,904 | ||||||
| Total non-current liabilities | 151,819 | 106,339 | ||||||
| Total liabilities | 215,216 | 192,699 | ||||||
| Total shareholders’ equity | 162,462 | 17,334 | ||||||
| Total liabilities and stockholders’ equity | 377,678 | 210,033 | ||||||
| BitFuFu Inc. Reconciliation of Net Profit And Adjusted EBITDA (Unaudited) (In thousands) | ||||||||
| For the years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Net profit | $ | 53,963 | $ | 10,494 | ||||
| Add: Interest expenses, net | 4,704 | 4,481 | ||||||
| Add: Income tax expense | 7,668 | 2,183 | ||||||
| Add: Depreciation | 24,731 | 24,501 | ||||||
| Add: Impairment loss on mining equipment | 8,077 | - | ||||||
| Add: Share-based Compensation | 26,065 | - | ||||||
| Minus: Non-recurring investment income | (7,686 | ) | - | |||||
| Adjusted EBITDA | 117,522 | 41,659 | ||||||
FAQ
What was BitFuFu's (FUFU) total revenue and growth in 2024?
How much did BitFuFu's (FUFU) Bitcoin mining costs increase in 2024?
What is BitFuFu's (FUFU) mining capacity target for 2025?
How many registered users does BitFuFu (FUFU) have for cloud mining?
What was BitFuFu's (FUFU) net income for 2024?
