Mining company BitFuFu Q1 earnings report » Loss of $35 million dragged by Bitcoin decline; hashrate increases 25% against the trend, surpassing 25.9 EH/s

Bitcoin mining company BitFuFu (FUFU) announced today (29th) its unaudited financial results for the first quarter of 2026. Affected by the decline in Bitcoin prices in the first quarter, the company's total revenue slightly decreased to $72.7 million, while net losses expanded to $35 million due to asset impairment provisions. However, BitFuFu's operational resilience remains strong, with overall hash rate increasing by over 25% against the trend to 25.9 EH/s, with cloud mining contributing nearly 80% of revenue. The company currently holds 1,794 Bitcoins, providing ample reserves for future equipment upgrades and market rebound.
(Background: Mining company BitFuFu listed on NASDAQ! Backed by mining giant Bitmain, acquisition plan approved by the SEC)
(Additional context: BitFuFu 2025 financial report released: cloud mining revenue surged nearly 30%, cost per Bitcoin mined soared past $77k, sharply reducing profits)

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• Slight revenue decline, fair value loss of $35.6 million due to Bitcoin price drop
• "Dual engines" demonstrate strength: cloud mining grows against the trend, equipment sales zero
• Hash rate expanded to 25.9 EH/s, holding nearly 1,800 BTC as backup

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 Bitcoin price volatility, BitFuFu’s Q1 financial statements were inevitably affected, but its underlying hash rate expansion and business transformation still demonstrated strong operational resilience.

Slight revenue decline, fair value loss of $35.6 million due to Bitcoin price drop

According to financial data, BitFuFu’s total revenue for Q1 2026 was $72.7 million, a slight decrease of 6.8% from $78 million in the same period last year.

In terms of profitability, the first quarter recorded a net loss of $35 million (compared to a net loss of $16.9 million in the same period last year); adjusted EBITDA (a non-GAAP measure) was negative $34.4 million. The official explanation states that the increased losses were not due to core business decline but were influenced by Bitcoin price fluctuations (from about $93.5k to $76.5k), which led the company to recognize a non-cash fair value loss of $35.6 million.

"Dual engines" demonstrate strength: cloud mining grows against the trend, equipment sales zero

From a business structure perspective, BitFuFu’s "dual engine" strategy of "cloud mining" and "self-mining" is undergoing a significant shift. Amid a market cautious atmosphere, equipment sales revenue dropped to zero, but cloud mining and hosting services showed growth:

| Revenue Category | | --- | | 2026 Q1 Revenue (Million USD) | | 2025 Q1 Revenue (Million USD) | | Year-over-year Change | | --- | --- | --- | --- | | ☁️ Cloud mining solutions | 57.5 (79.1%) | 53.7 (68.8%) | +7.1% | | ⛏️ Self-mining business | 11.4 (15.7%) | 17.6 (22.6%) | Decrease | | 🖥️ Mining equipment sales | 0 (0%) | 6.0 (7.7%) | Zeroed out | | 🏢️ Hosting and others | 3.8 (5.2%) | 0.7 (0.9%) | Significant increase |

The decline in self-mining revenue is mainly due to the continuous increase in blockchain mining difficulty (block output per TH decreased by 20.9% daily), coupled with the drop in Bitcoin’s average price; meanwhile, the explosive growth in hosting services is attributed to the "Buy and Host" all-in-one solution launched after the company’s acquisition of mining farms in 2025.

Hash rate expanded to 25.9 EH/s, holding nearly 1,800 BTC as backup

Despite accounting losses, BitFuFu’s operational scale continues to expand. The total managed hash rate reached 25.9 EH/s in Q1, a 25.7% increase from the previous year; self-mining produced 151 BTC this quarter, while cloud mining clients generated up to 520 BTC, with an average daily total output of 7.5 BTC.

As of March 31, 2026, the company’s balance sheet remains healthy, holding 1,794 Bitcoins (including collateralized assets), with cash and digital assets totaling $141.5 million.

BitFuFu CEO Leo Lu commented that despite the short-term pain caused by falling prices, the company has successfully managed costs and optimized capital allocation, disposing of outdated equipment and improving mining fleet efficiency. Its substantial cash and Bitcoin reserves will support the subsequent introduction of higher-performance mining equipment and market expansion.