Income was $43mn towards the $75mn analysts anticipated and $115mn a 12 months earlier. Shares fell from Friday’s shut of $1.43 to $1.15 in pre-market buying and selling within the hour to 12:00UTC, a drop of 20% and their weakest stage in two months. They stood at $1.28 by 14:00UTC, half an hour after the US market opened, down 10% on the day, in line with TradingView.
The Singapore-based firm sells cloud mining, the place clients purchase a share of computing energy BitFuFu operates for them and maintain the Bitcoin ($BTC) it produces, somewhat than shopping for and operating machines themselves. That enterprise was 82% of income a 12 months in the past. It introduced in $24.9mn this quarter, down 74% 12 months to 12 months and 57% from the primary three months of 2026.
CFO Calla Zhao informed the earnings name that the online greenback retention charge, which measures what current clients spend towards a previous interval, got here in at 24%. She stated the autumn mirrored clients slicing order volumes somewhat than leaving, pushed by decrease Bitcoin costs and weaker mining economics.
Income under the price of producing it
Value of income was $44mn towards income of $43mn. BitFuFu offered mining companies for lower than it price to ship them, earlier than any overhead. Zhao attributed the stress to high-cost computing energy the corporate purchased in late 2025, which she stated would weigh on margins by the primary half.
Mining tools gross sales, price $5.2mn a 12 months in the past, have been nil. Internet hosting, the place clients personal machines and BitFuFu runs them, grew to $3.9mn from $1.1mn. Self-mining held roughly flat at $14mn from $15mn, which took a 47% improve in computing energy allotted to the corporate’s personal account to offset a 28% fall within the common Bitcoin value to $71,600 from $98,800.
What the reported loss conceals
Internet loss was $21mn towards web revenue of $47mn a 12 months earlier. Adjusted EBITDA, BitFuFu’s most well-liked measure of working efficiency earlier than financing and accounting prices, was detrimental $18mn towards constructive $61mn.
Each quarters have been dominated by truthful worth actions, the accounting requirement to mark Bitcoin holdings to market whether or not or not any coin is offered. Zhao stated that excluding a $17mn truthful worth loss, adjusted EBITDA would have been about detrimental $1.5mn.
On the identical foundation, the primary quarter of 2026 produced roughly constructive $1.2mn and the second quarter of 2025 about constructive $17mn. So the reported loss narrowed 41% from the primary quarter, whereas the underlying working consequence crossed from revenue into loss.
Capability halved, and the explanation issues
Computing energy below administration fell 58% to fifteen.3 exahashes per second from 36.2 a 12 months earlier. Energy capability fell to 273 megawatts from 728, a 62% minimize. Prospects mined 255 $BTC by the platform towards 917.
Leo Lu, chairman and CEO, described this as “not a easy contraction” however a deliberate effort to enhance the standard and economics of capability, saying the corporate would “by no means sacrifice unit economics merely to take care of headline hash charge” and had walked away from third-party contracts whose economics now not labored. He stated month-to-month self-mined manufacturing almost tripled through the quarter, from 32 $BTC to a peak of 90, and that capability would return to about 20 EH/s by mid-August.
Each issues might be true without delay, and the discharge provides no option to weigh them. Retention at 24% suggests demand was doing a lot of the work.
Promoting coin, shopping for inventory
BitFuFu held 1,671 $BTC at 30 Jun, down 6.8% 12 months to 12 months. Zhao stated operations have been funded by working money circulate, Bitcoin gross sales and a credit score facility, and that the corporate repaid $10mn of Bitcoin-backed loans, ending the quarter with $5.4mn excellent and 54 $BTC pledged as collateral, down from 357 $BTC in March.
Its personal July operational replace, filed 7 Aug, put holdings at 1,314. That’s 357 $BTC gone in a single month, a 21% discount and bigger than the full-year decline the outcomes disclose, in a month when the corporate mined 112. Each figures are BitFuFu’s; the outcomes launch mentions solely the smaller one.
The board has additionally licensed a buyback of as much as $5mn of Class A shares, which Zhao offered as confidence in long-term prospects. The corporate is due to this fact promoting Bitcoin to fund operations whereas getting ready to purchase again inventory.
The guess on staying in mining
Throughout the sector, miners spent this earnings season transferring capital into synthetic intelligence. Keel Infrastructure shut its US mining operations outright, whereas MARA, CleanSpark, TeraWulf and Hut 8 pressed>Bitdeer, additionally Singapore-based, almost tripled self-mining income and made a gross loss doing it.
Lu argued the alternative case with some specificity. As US-listed miners convert energy and infrastructure to AI knowledge centres below long-term contracts, he stated, that capability is not going to return to the Bitcoin community. He put world community computing energy roughly 20% under its peak by late June and 14% under this 12 months’s excessive, leaving a much less crowded community for individuals who keep. BitFuFu purchased about 3,200 S21 XP machines within the quarter, reported fleet effectivity of 17.8 to 18.1 joules per terahash, and stated curtailment preparations in Oklahoma minimize energy prices to about $0.03 per kilowatt-hour in June.
That may be a coherent thesis somewhat than inertia. It additionally leaves the corporate extra uncovered to the Bitcoin value than friends constructing a second income line, with a buyer base spending 1 / 4 of what it did.
BitFuFu took no analyst questions on the decision, directing them to its investor relations deal with as an alternative.
