BitFuFu Q1 Earnings》Dragged Down by Bitcoin's Decline, Posts $35M Loss; Hashrate Surges Against the Trend by 25%, Breaking 25.9 EH/s

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Bitcoin mining company BitFuFu (FUFU) today (May 29) released its unaudited Q1 2026 financial report. Impacted by the pullback in Bitcoin prices during Q1, the company's total revenue slipped slightly to $72.7 million, while net loss widened to $35 million due to asset impairment provisions. However, BitFuFu's operational fundamentals remain robust, with total managed hashrate surging over 25% against the trend to 25.9 EH/s, and its cloud mining business contributing nearly 80% of revenue. The company still holds 1,794 Bitcoin, providing ample ammunition for subsequent equipment upgrades and a potential market rebound. (Background: Mining company BitFuFu lists on Nasdaq! Backed by mining rig giant Bitmain, acquisition plan approved by SEC) (Context: BitFuFu's 2025 annual report released: Cloud mining revenue surges nearly 30%, per-Bitcoin mining cost soars past $77,000, severely impacting profits) Report. Bitcoin mining and cloud mining service provider BitFuFu (Nasdaq: FUFU) officially released its unaudited financial results for the first quarter of 2026 today (May 29, 2026). After experiencing significant volatility in Bitcoin prices, BitFuFu's Q1 financial statements were inevitably affected, but its underlying hashrate expansion and business transformation continue to demonstrate strong operational resilience. According to the financial report, BitFuFu's total revenue for Q1 2026 was $72.7 million, a slight decrease of 6.8% from $78 million in the same period of 2025. In terms of profitability, net loss for Q1 was $35 million (compared to a net loss of $16.9 million in the same period last year); adjusted EBITDA (non-GAAP measure) was negative $34.4 million. The company explained that the widening loss was not due to a decline in core business, but rather the impact of Bitcoin price volatility (falling from approximately $93,500 to $76,500), which forced the company to recognize a non-cash fair value loss of up to $35.6 million. From a business structure perspective, BitFuFu's dual-engine strategy of "cloud mining" and "self-mining" is undergoing a significant shift. Amid a cautious market atmosphere, mining equipment sales revenue dropped directly to zero, while cloud mining and hosting services showed growth momentum: The decline in self-mining revenue was mainly due to the continued increase in blockchain mining difficulty during Q1 (daily output per TH decreased by 20.9%), combined with the pullback in the average Bitcoin price; meanwhile, the surge in the hosting business is attributed to the success of the "Buy and Host" one-stop solution launched after the company acquired mining sites in 2025. Despite the book losses, BitFuFu's operational scale continues to expand. Total managed hashrate reached 25.9 EH/s in Q1, a substantial increase of 25.7% year-over-year; self-mining output for the quarter was 151 BTC, while cloud mining customer output reached 520 BTC, with average daily total output of 7.5 BTC. As of March 31, 2026, the company's balance sheet remains healthy, holding a total of 1,794 Bitcoin (including collateral), with total cash and digital assets reaching $141.5 million. BitFuFu CEO Leo Lu commented that despite the short-term pain caused by the price decline, the company has successfully disposed of aging equipment and improved fleet efficiency through strict cost control and optimized capital allocation. The substantial cash and Bitcoin reserves will provide strong backing for the company's subsequent introduction of higher-efficiency mining equipment and market expansion.

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Source:動區 BlockTempo

Published:2026-05-29 12:17:27

Category:bearish · Export Category bearish

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