BitFuFu Reports Unaudited Third Quarter 2024 Financial Results
BitFuFu (NASDAQ: FUFU) reported Q3 2024 results with total revenue of US$90.3 million, up 47.5% YoY. The company's hosting capacity expanded to 556 MW across 17 sites, while total mining capacity increased 88.5% YoY to 26.2 EH/s. Cloud-mining registered users grew 75.3% to 455,764. However, BTC production decreased both in self-mining (-34% to 340 BTCs) and cloud-mining (-40.7% to 957 BTCs). The company reported a net loss of US$5.0 million, including US$4.3 million in share-based compensation. Adjusted EBITDA was positive at US$5.8 million, marking the eleventh consecutive quarter of positive adjusted EBITDA.
BitFuFu (NASDAQ: FUFU) ha riportato i risultati del terzo trimestre 2024 con un fatturato totale di 90,3 milioni di dollari USA, in aumento del 47,5% rispetto all'anno precedente. La capacità di hosting dell'azienda è aumentata a 556 MW distribuiti su 17 siti, mentre la capacità totale di mining è cresciuta dell'88,5% anno su anno, raggiungendo 26,2 EH/s. Gli utenti registrati per il cloud mining sono aumentati del 75,3%, portandosi a 455.764. Tuttavia, la produzione di BTC è diminuita sia nel mining autonomo (-34% a 340 BTC) sia nel cloud mining (-40,7% a 957 BTC). L'azienda ha riportato una perdita netta di 5,0 milioni di dollari USA, che include 4,3 milioni di dollari USA in compensi basati su azioni. L'EBITDA rettificato è stato positivo a 5,8 milioni di dollari USA, segnando l'undicesimo trimestre consecutivo di EBITDA rettificato positivo.
BitFuFu (NASDAQ: FUFU) reportó los resultados del tercer trimestre de 2024 con ingresos totales de 90.3 millones de dólares EE.UU., un aumento del 47.5% interanual. La capacidad de alojamiento de la empresa se expandió a 556 MW en 17 sitios, mientras que la capacidad total de minería aumentó un 88.5% interanual a 26.2 EH/s. Los usuarios registrados de minería en la nube crecieron un 75.3% alcanzando los 455,764. Sin embargo, la producción de BTC disminuyó tanto en minería propia (-34% a 340 BTC) como en minería en la nube (-40.7% a 957 BTC). La empresa reportó una pérdida neta de 5.0 millones de dólares EE.UU., incluyendo 4.3 millones de dólares EE.UU. en compensación basada en acciones. El EBITDA ajustado fue positivo con 5.8 millones de dólares EE.UU., marcando el undécimo trimestre consecutivo de EBITDA ajustado positivo.
BitFuFu (NASDAQ: FUFU)는 2024년 3분기 실적을 발표하였으며 총 수익은 9,030만 달러로 전년 대비 47.5% 증가했습니다. 회사의 호스팅 용량은 17개 사이트에서 556 MW로 확장되었고, 총 채굴 용량은 전년 대비 88.5% 증가하여 26.2 EH/s에 도달했습니다. 클라우드 채굴 등록 사용자는 75.3% 증가하여 455,764명이 되었습니다. 그러나 BTC 생산량은 자사 채굴에서 (-34%로 340 BTC) 그리고 클라우드 채굴에서 (-40.7%로 957 BTC) 감소했습니다. 회사는 500만 달러의 순손실을 보고했으며, 여기에는 주식 기반 보상으로 430만 달러가 포함됩니다. 조정된 EBITDA는 580만 달러로 긍정적인 수치를 기록하며, 11분기 연속으로 긍정적인 조정 EBITDA를 달성하였습니다.
BitFuFu (NASDAQ: FUFU) a annoncé les résultats du troisième trimestre 2024 avec un chiffre d'affaires total de 90,3 millions de dollars US, en hausse de 47,5 % par rapport à l'année précédente. La capacité d'hébergement de l'entreprise a été étendue à 556 MW sur 17 sites, tandis que la capacité totale de minage a augmenté de 88,5 % d'une année sur l'autre, atteignant 26,2 EH/s. Le nombre d'utilisateurs enregistrés pour le cloud mining a augmenté de 75,3 % pour atteindre 455 764. Cependant, la production de BTC a diminué tant dans le minage autonome (-34 % à 340 BTC) que dans le cloud mining (-40,7 % à 957 BTC). L'entreprise a rapporté une perte nette de 5,0 millions de dollars US, comprenant 4,3 millions de dollars US en compensation basée sur des actions. L'EBITDA ajusté a été positif à 5,8 millions de dollars US, marquant le onzième trimestre consécutif d'EBITDA ajusté positif.
BitFuFu (NASDAQ: FUFU) hat die Ergebnisse des dritten Quartals 2024 bekannt gegeben, mit einem Gesamtumsatz von 90,3 Millionen US-Dollar, was einem Anstieg von 47,5% im Vergleich zum Vorjahr entspricht. Die Hosting-Kapazität des Unternehmens wurde auf 556 MW an 17 Standorten ausgeweitet, während die gesamte Mining-Kapazität im Jahresvergleich um 88,5% auf 26,2 EH/s gestiegen ist. Die registrierten Benutzer für Cloud-Mining wuchsen um 75,3% auf 455.764. Allerdings sank die BTC-Produktion sowohl im Selbst-Mining (-34% auf 340 BTC) als auch im Cloud-Mining (-40,7% auf 957 BTC). Das Unternehmen meldete einen Nettoverlust von 5,0 Millionen US-Dollar, einschließlich 4,3 Millionen US-Dollar in aktienbasierter Vergütung. Das bereinigte EBITDA war mit 5,8 Millionen US-Dollar positiv und markiert das elfte aufeinanderfolgende Quartal mit positivem bereinigtem EBITDA.
- Revenue increased 47.5% YoY to US$90.3 million
- Cloud-mining solutions revenue grew 51.4% to US$68.9 million
- Hosting capacity expanded 64% YoY to 556 MW
- Mining capacity increased 88.5% YoY to 26.2 EH/s
- Registered users grew 75.3% to 455,764
- Strong cash position of US$142.7 million, up from US$76.0 million in December 2023
- Positive Adjusted EBITDA of US$5.8 million, up 48.1% YoY
- Net loss increased to US$5.0 million from US$2.7 million YoY
- BTC production from self-mining decreased 34% to 340 BTCs
- Cloud-mining BTC production declined 40.7% to 957 BTCs
- Cost per BTC mined increased to US$59,452 from US$25,618 YoY
- Hosting services revenue decreased to US$0.6 million from US$1.1 million
Insights
BitFuFu's Q3 results show mixed performance with notable growth in revenue but increased losses. Total revenue grew 47.5% YoY to
Concerning metrics include increased BTC mining costs (
The post-halving operational metrics reveal significant challenges. Despite expanding hosting capacity to 556 MW and increasing total mining capacity by
The strategic shift to include Ethiopian operations diversifies geographical risk and provides access to low-cost power, important for maintaining profitability. The
Hosting Capacity Expands to 556 MW; Mining Capacity Increases
SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc. (NASDAQ: FUFU) (“BitFuFu” or the “Company), a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended September 30, 2024.
Third Quarter 2024 Operational Highlights
- Hosting capacity of 556 MW diversified across 17 sites on three continents, compared with 339 MW across 16 sites on two continents during the same period of 2023.
- Total mining capacity under management increased
88.5% to 26.2 EH/s, compared to 13.9 EH/s during the same period of 2023. - Cloud-mining registered users increased
75.3% to 455,764 as of September 30, 2024, from 259,929 as of September 30, 2023. - Bitcoin (“BTC”) production from self-mining operations decreased
34.0% to 340 BTCs from 515 BTCs in the same period of 2023. - BTC production by customers from cloud-mining solutions decreased
40.7% to 957 BTCs from 1,614 BTCs in the same period of 2023. - Cost to mine BTC1 from self-mining operations averaged US
$59,452 per BTC, compared to US$25,618 per BTC in the same period of 2023.
Strategic Transition: Building a Diverse and Robust Portfolio of BTC Mining Infrastructure
- BitFuFu began the transition from an asset-light strategy to one that manages a diverse and robust portfolio of BTC mining infrastructure with the definitive agreement entered into in October 2024 to acquire a
51.25% stake in an 80-MW Bitcoin mining facility in Ethiopia. - The mining facility is operating smoothly and offers power costs averaging below US
$0.04 per kilowatt-hour, further optimizing the Company’s overall energy and hosting cost structure. - With the majority of BitFuFu’s mining infrastructure currently based in the United States, this acquisition strengthens the Company’s competitive advantages in the international market and further expands its footprint globally.
| 1 | Includes all direct costs such as electricity fees, hosting fees and purchased hash rate cost, but excludes depreciation. |
| As of September 30, | ||||||||
| Metric | 2024 | 2023 | ||||||
| Hosting capacity (MW) | 556 | 339 | ||||||
| Total mining capacity under management (EH/s) 2 | 26.2 | 13.9 | ||||||
| Cloud-mining registered Users | 455,764 | 259,929 | ||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| BTC Produced | ||||||||
| From BitFuFu self-mining operations | 340 | 515 | ||||||
| By customers from cloud-mining solutions 3 | 957 | 1,614 | ||||||
| Average BTC produced per day by customers and BitFuFu | 14.1 | 23.1 | ||||||
| Average miner efficiency (J/TH) | 21.1 | 24.4 | ||||||
| 2 | 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. | |
| 3 | Defined as the amount of BTC that was produced during the period by customers using mining capacity purchased from cloud-mining solutions. |
Third Quarter 2024 Financial Highlights
- Total revenue was US
$90.3 million , representing an increase of47.5% from US$61.2 million in the same period of 2023. - Revenue from cloud-mining solutions was US
$68.9 million , an increase of51.4% from US$45.5 million in the same period of 2023. - Within revenue from cloud-mining solutions, recurring revenue from customers who were active during the same period of last year was US
$43.5 million , accounting for63.1% . - Revenue from Bitcoin self-mining operations was US
$20.5 million , an increase of40.4% from US$14.6 million in the same period of 2023. - Net loss was US
$5.0 million , compared to US$2.7 million in the same period of 2023. Net loss included share-based compensation expenses of US$4.3 million . - Adjusted EBITDA (a non-GAAP metric) was US
$5.8 million , an increase of48.1% from US$3.9 million in the same period of 2023. - Combined balance of cash, cash equivalents, and digital assets were US
$142.7 million as of September 30, 2024, compared with US$76.0 million as of December 31, 2023.
“The third quarter was the first full quarter following the Bitcoin halving event in late April, which reduced the Bitcoin block subsidy from 6.25 to 3.125 Bitcoin per block,” said Leo Lu, Chairman and Chief Executive Officer. “Despite the halving event, BitFuFu had another successful quarter generating positive adjusted EBITDA. In fact, I am proud to say that the third quarter of 2024 is the eleventh consecutive quarter BitFuFu has generated positive adjusted EBITDA. This consistency demonstrates the profitability and resilience of our business model, regardless of whether the price of Bitcoin is in a bear or bull market.
BitFuFu’s focus on strategic investments in vertical integration, securing long-term hash rate, and expanding our geographic footprint is creating a stronger, more efficient business that can thrive in various conditions and drive sustainable, long-term value for our shareholders.”
Third Quarter 2024 Financial Results
Revenue
Total revenue in the third quarter of 2024 was US
Revenue from cloud-mining solutions in the third quarter of 2024 was US
Revenue from Bitcoin self-mining operations in the third quarter of 2024 was US
Revenue from hosting services in the third quarter of 2024 was US
In the third quarter of 2024, cloud-mining solutions accounted for
Cost of Revenue
Cost of revenue in the third quarter of 2024 was US
Operating Expenses
Sales and marketing expenses in the third quarter of 2024 were US
General and administrative expenses in the third quarter of 2024 were US
Research and development expenses in the third quarter of 2024 were US
There were no impairment losses on digital assets during the quarter, compared to US
Beginning 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 loss of US
Due to the increase in the volume of BTC sold in the third quarter of 2024, the Company recognized a US
Net Loss
Net loss in the third quarter of 2024 was US
Basic and Diluted Loss per Share
Basic and diluted loss per share was US
Adjusted EBITDA
Adjusted EBITDA in the third quarter of 2024 was US
Liquidity and Capital Resources
As of September 30, 2024, the Company had cash, cash equivalents and digital assets of US
Conference Call Details
The Company’s management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, November 5, 2024 (9:00 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://register.vevent.com/register/BI75d6d626a29642fbb45424149d63243f
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
BitFuFu is a fast-growing digital asset mining service and world-leading cloud-mining service provider. 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/(subtract) interest expense/(income), income tax expense/(benefit), depreciation and amortization, share-based compensation; 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 measures are not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measures have 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 “Unaudited Reconciliation of GAAP and non-GAAP Results” 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, the transition in the Company’s strategies and the effect of such transition, 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 third quarter 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 and media inquiries, please contact:
Investor Relations
Charley Brady
Vice President, Investor Relations
ir@bitfufu.com
Christensen Advisory
bff@christensencomms.com
| BitFuFu Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| For The Three Months Ended September 30, | For The Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total revenues | 90,337 | 61,295 | 364,169 | 195,532 | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Cost of revenues incurred to a related party | (47,098 | ) | (36,801 | ) | (136,087 | ) | (124,234 | ) | ||||||||
| Cost of revenues incurred to third parties | (36,092 | ) | (18,621 | ) | (176,061 | ) | (42,591 | ) | ||||||||
| Cost of revenues – depreciation and amortization | (6,201 | ) | (5,823 | ) | (18,395 | ) | (17,950 | ) | ||||||||
| Total cost of revenues | (89,391 | ) | (61,245 | ) | (330,543 | ) | (184,775 | ) | ||||||||
| Gross profit | 946 | 50 | 33,626 | 10,757 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing expenses | (1,489 | ) | (445 | ) | (2,457 | ) | (1,287 | ) | ||||||||
| General and administrative expenses | (2,434 | ) | (679 | ) | (5,760 | ) | (2,154 | ) | ||||||||
| Research and development expenses | (2,602 | ) | (353 | ) | (3,336 | ) | (1,188 | ) | ||||||||
| Impairment loss on digital assets | - | (1,900 | ) | - | (5,824 | ) | ||||||||||
| Unrealized fair value loss of Bitcoins | (619 | ) | - | (5,222 | ) | - | ||||||||||
| Realized gain on sales of digital assets | 2,246 | 1,419 | 25,228 | 8,840 | ||||||||||||
| Total operating (expenses)/income, net | (4,898 | ) | (1,958 | ) | 8,453 | (1,613 | ) | |||||||||
| Operating (loss)/income | (3,952 | ) | (1,908 | ) | 42,079 | 9,144 | ||||||||||
| Interest expense | (1,545 | ) | (1,545 | ) | (4,601 | ) | (3,985 | ) | ||||||||
| Interest income | 257 | 203 | 1,375 | 955 | ||||||||||||
| Other (expenses)/income, net | (704 | ) | - | (719 | ) | 7 | ||||||||||
| (Loss)/Income before income taxes | (5,944 | ) | (3,250 | ) | 38,134 | 6,121 | ||||||||||
| Income tax benefit/(expense) | 936 | 559 | (6,503 | ) | (990 | ) | ||||||||||
| Net (loss)/income and total comprehensive (loss)/income | (5,008 | ) | (2,691 | ) | 31,631 | 5,131 | ||||||||||
| (Loss)/Earnings per share: | ||||||||||||||||
| Ordinary shares – basic and diluted (US$) | (0.03 | ) | (0.02 | ) | 0.20 | 0.03 | ||||||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share: | ||||||||||||||||
| Ordinary shares – basic and diluted | 162,902,268 | 150,000,000 | 160,113,866 | 150,000,000 | ||||||||||||
| BitFuFu Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 38,697 | 32,005 | ||||||
| Digital assets | 104,035 | 43,979 | ||||||
| Accounts receivable, net | 7,493 | 3,838 | ||||||
| Prepayments | 34,246 | 39,566 | ||||||
| Amount due from related parties | 22,032 | 38 | ||||||
| Inventory | 354 | - | ||||||
| Other current assets, net | 6,242 | 1,843 | ||||||
| Total current assets | 213,099 | 121,269 | ||||||
| Non-current assets: | ||||||||
| Equipment, net | 63,499 | 81,857 | ||||||
| Deposits | - | 2,683 | ||||||
| Deferred tax assets, net | 5,947 | 4,224 | ||||||
| Total non-current assets | 69,446 | 88,764 | ||||||
| Total assets | 282,545 | 210,033 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payables | 2,177 | 806 | ||||||
| Contract liabilities | 36,267 | 47,724 | ||||||
| Taxes payable | 2,486 | 2,233 | ||||||
| Accrued expenses and other payables | 8,890 | 5,368 | ||||||
| Amount due to a related party | 2,231 | 30,229 | ||||||
| Total current liabilities | 52,051 | 86,360 | ||||||
| Non-current liabilities: | ||||||||
| Long-term payables | 102,435 | 102,435 | ||||||
| Deferred tax liabilities, net | 11,045 | 3,904 | ||||||
| Total non-current liabilities | 113,480 | 106,339 | ||||||
| Total liabilities | 165,531 | 192,699 | ||||||
| Total shareholders’ equity | 117,014 | 17,334 | ||||||
| Total liabilities and stockholders’ equity | 282,545 | 210,033 | ||||||
| BitFuFu Inc. RECONCILIATION OF NET PROFIT AND ADJUSTED EBITDA (Unaudited) (In thousands) | ||||||||||||||||
| For The Three Months Ended September 30, | For The Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net (loss)/income | (5,008 | ) | (2,691 | ) | 31,631 | 5,131 | ||||||||||
| Add: Interest expenses, net | 1,288 | 1,342 | 3,226 | 3,030 | ||||||||||||
| Add: Income tax (benefit)/expense | (936 | ) | (559 | ) | 6,503 | 990 | ||||||||||
| Add: Depreciation | 6,201 | 5,823 | 18,395 | 17,950 | ||||||||||||
| Add: Share-based compensation | 4,253 | - | 4,253 | - | ||||||||||||
| Adjusted EBITDA | 5,798 | 3,915 | 64,008 | 27,101 | ||||||||||||
FAQ
What was BitFuFu's (FUFU) revenue in Q3 2024?
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