On March 20, BitFuFu Inc. (hereinafter referred to as "BitFuFu" or "the Company") (NASDAQ code: FUFU), a global leader in Bitcoin mining and mining services innovation, announced its unaudited financial performance for the full year ending December 31, 2025.

2025 Full Year Financial Highlights

• BitFuFu achieved steady revenue growth in the fiscal year 2025, with total revenue reaching $476 million, an increase of 2.7% compared to $463 million in 2024. This growth was primarily driven by increased demand for cloud computing solutions and mining equipment sales, benefiting from the ongoing expansion of mining capacity.
• The revenue from the cloud computing business in 2025 was $351 million, a 29.4% increase from $271 million in 2024. The growth was mainly due to increased market demand, repeat purchases from existing customers, and contributions from new customers, along with the company's continued expansion in managing computing power and electricity capacity. The company achieved a 100.0% Net Dollar Retention Rate, reflecting stable customer demand and strong revenue stickiness.
• The mining equipment sales business performed strongly, with annual revenue reaching $53.7 million, a significant year-on-year increase of 76.1%. The growth was primarily driven by strong market demand in the first three quarters and the company's strategic partnerships to expand channels and layout in emerging markets. Revenue from hosting and other services also grew to $8.4 million, a substantial increase from $4.3 million in 2024, mainly from new customer-driven hosting demand.
• Under Non-GAAP, the adjusted EBITDA for 2025 was $8.32 million, which included a fair value change loss of $32.8 million due to the decline in Bitcoin prices; in contrast, the adjusted EBITDA for 2024 was $118 million, which included a fair value change gain of $75.6 million.
• Due to changes in the fair value of digital assets and related receivables, as well as impairment of equipment caused by a weakened market environment, the company recorded a net loss of $57.4 million in 2025, compared to a net profit of $54 million in 2024.
• By December 31, 2025, the company held cash and cash equivalents along with digital assets totaling $177 million, essentially flat compared to $175 million at the end of 2024, reflecting the company's sound capital management strategy and asset base.

Leo Lu, Chairman and CEO of BitFuFu, stated: "In 2025, the company continued to expand the scale of the cloud computing platform, with cloud computing business revenue growing to $351 million and managed computing power increasing to 26.1 EH/s. At the same time, we insist on focusing on efficiency and resilience, strengthening operational discipline to maintain robust operations in a complex market environment. Although accounting performance was affected by fluctuations in the fair value of Bitcoin and related digital assets, the company still ended the year with $177 million in cash and digital asset reserves, laying a solid foundation to cope with the current market environment."

2025 Full Year Operational Highlights

• As of December 31, 2025, the company’s total managed computing power reached 26.1 EH/s, an 11.1% year-on-year increase; hosting power capacity was 478 MW. The number of registered users on the cloud computing platform increased to 675,765, a 14.2% increase compared to 591,751 on December 31, 2024. The company held 1,778 Bitcoins, a 3.4% increase from 1,720 Bitcoins in the same period of 2024.
• In 2025, the company and its customers had a combined average daily output of about 10 Bitcoins. Among them, self-mining output was 611 Bitcoins, and cloud computing customers produced 3,051 Bitcoins.
• The average self-mining cost for the year was approximately $77,573 per Bitcoin, with a corresponding cost for owned mining equipment of about $61,000 per Bitcoin (excluding depreciation). The company improved operational flexibility by adopting a short-term power leasing model of three to twelve months, allowing for dynamic adjustments to computing power allocation and pricing according to market changes. This "owned equipment + leased power" hybrid model optimizes the cost structure while ensuring the stability of infrastructure, helping to better cope with industry cycle fluctuations.

2026 Outlook

During the earnings call, Leo Lu indicated that the company would continue to acquire infrastructure while continuously assessing potential collaboration opportunities, reinforcing its vertical integration strategy. The company stated that power resources are valuable assets with the potential to effectively reduce self-mining costs and enhance market competitiveness, while also laying a solid foundation for mining equipment sales and hosting services.

At the same time, BitFuFu’s primary tasks this year include:

• Expanding the scale of cloud computing services while maintaining a high customer retention rate
• Expanding scale in both computing power and electricity resources while ensuring investment return stability
• Leveraging the Aladdin system to continually improve operational reliability and online rates of mining equipment
• Optimizing capital allocation and liquidity management
• Seizing market opportunities to continuously increase Bitcoin holdings

Additionally, the live streaming and replay of this conference call will be available on BitFuFu's investor relations website: https://ir.bitfufu.com

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