Nasdaq-listed Bitcoin miner BitFuFu (NASDAQ: FUFU) released its unaudited full-year 2025 financial results on March 20, revealing a polarizing performance. Cloud mining revenue jumped nearly 30%, yet the company slipped into a net loss of $57.4 million, reversing a $54 million profit in 2024, as self-mining costs ballooned to $77,573 per BTC and digital asset impairments took a toll.
Cloud Mining Drives 73.7% of Total Revenue, Hashrate Hits 26.1 EH/s
Total revenue for 2025 reached $475.8 million, up 2.7% from $463.3 million in 2024. The cloud mining solutions segment was the main growth engine, with revenue surging 29.4% to $350.6 million, representing 73.7% of total revenue. CEO Leo Lu noted the company expanded its cloud mining platform, pushing managed hashrate to 26.1 EH/s.
From Profit to Loss: $57.4M Net Loss Amid Impairments and Cost Surge
Profitability took a severe hit. The net loss of $57.4 million contrasted sharply with last year's net profit of $54 million. Adjusted EBITDA (non-GAAP) plunged from $117.9 million to just $8.3 million. Three key factors drove the downturn:
- Digital asset impairment: A non-cash fair value loss of $32.8 million was recognized, tied to Bitcoin price declines and receivables.
- Self-mining revenue collapse: Dropped from $157.5 million in 2024 to $63.1 million, as network difficulty slashed daily BTC yield per TH/s by 52.1% and self-mining hashrate was cut 47.4%.
- Mining cost spike: Average cost to produce one Bitcoin from self-mining jumped from $47,496 to $77,573, a 63% increase year-over-year.
BTC Holdings Rise 3.4% to 1,778; Cash & Digital Assets at $177.1M
As of Dec 31, 2025, BitFuFu held 1,778 BTC, up 3.4% from a year earlier. Combined cash and digital asset balance stood at $177.1 million, roughly flat. The company plans to optimize its cloud mining platform and self-mining hash allocation to navigate rising industry cost pressures.