Income was $43mn in opposition to 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 $1.28 by 14:00UTC, half an hour after the US market opened, down 10% on the day, in accordance with TradingView.
The Singapore-based firm sells cloud mining, the place prospects purchase a share of computing energy BitFuFu operates for them and maintain the Bitcoin ($BTC) it produces, relatively 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 advised the earnings name that the online greenback retention price, which measures what present prospects spend in opposition to a previous interval, got here in at 24%. She stated the autumn mirrored prospects slicing order volumes relatively than leaving, pushed by decrease Bitcoin costs and weaker mining economics.
Income beneath the price of producing it
Price of income was $44mn in opposition to income of $43mn. BitFuFu bought mining providers for lower than it value to ship them, earlier than any overhead. Zhao attributed the strain to high-cost computing energy the corporate purchased in late 2025, which she stated would weigh on margins via the primary half.
Mining gear gross sales, price $5.2mn a 12 months in the past, had been nil. Internet hosting, the place prospects 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% enhance 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 in opposition to internet revenue of $47mn a 12 months earlier. Adjusted EBITDA, BitFuFu’s most popular measure of working efficiency earlier than financing and accounting expenses, was adverse $18mn in opposition to constructive $61mn.
Each quarters had been dominated by truthful worth actions, the accounting requirement to mark Bitcoin holdings to market whether or not or not any coin is bought. Zhao stated that excluding a $17mn truthful worth loss, adjusted EBITDA would have been about adverse $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 end result crossed from revenue into loss.
Capability halved, and the explanation issues
Computing energy beneath 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% reduce. Clients mined 255 $BTC via the platform in opposition to 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 keep up headline hash price” and had walked away from third-party contracts whose economics now not labored. He stated month-to-month self-mined manufacturing almost tripled in the course of 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 could be true without delay, and the discharge provides no strategy 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 had been funded via working money stream, 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 subsequently promoting Bitcoin to fund operations whereas making ready to purchase again inventory.
The wager on staying in mining
Throughout the sector, miners spent this earnings season shifting 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 other case with some specificity. As US-listed miners convert energy and infrastructure to AI knowledge centres beneath long-term contracts, he stated, that capability is not going to return to the Bitcoin community. He put international community computing energy roughly 20% beneath its peak by late June and 14% beneath this 12 months’s excessive, leaving a much less crowded community for many 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 reduce energy prices to about $0.03 per kilowatt-hour in June.
That may be a coherent thesis relatively 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 a substitute.
