BitFuFu released its unaudited results for the first quarter of 2026 on May 29, reporting $72.7 million in total revenue, down from $78.0 million a year earlier. The company posted a net loss of $35.0 million, widening from a $16.9 million loss in the same period last year. According to the filing, the larger loss was mainly tied to a $35.6 million non-cash fair value loss caused by Bitcoin price swings rather than a clear deterioration in core operations.
Bitcoin's price decline weighed on the quarter
Adjusted EBITDA for the quarter came in at negative $34.4 million. During the reporting period, Bitcoin fell from about $93,500 to $76,500, putting pressure on the balance sheet and earnings. Revenue only slipped modestly, but the deeper loss showed how exposed miners remain to mark-to-market changes when Bitcoin prices retreat.
Cloud mining became the dominant revenue driver
BitFuFu's revenue mix shifted more heavily toward cloud mining. In the first quarter, cloud-mining solutions generated $57.5 million, or 79.1% of total revenue, compared with $53.7 million and 68.8% a year earlier. Self-mining revenue fell to $11.4 million from $17.6 million. Mining hardware sales dropped to zero from $6.0 million in the prior-year quarter. Hosting and other revenue rose to $3.8 million from $0.7 million.
The company said weaker self-mining revenue reflected rising network mining difficulty during the quarter. Output per TH per day declined 20.9%, and the lower average Bitcoin price added more pressure. The increase in hosting revenue was linked to the company's “Buy and Host” offering launched after its 2025 acquisition of mining sites.
Managed hashrate expanded, Bitcoin holdings remained intact
Even with the quarterly loss, BitFuFu continued to scale its operating footprint. Total managed hashrate reached 25.9 EH/s in the first quarter, up 25.7% from a year earlier. The company mined 151 BTC from self-mining operations, while cloud-mining customers produced 520 BTC. Average daily total output was 7.5 BTC.
As of March 31, 2026, BitFuFu held 1,794 BTC, including pledged Bitcoin. Cash and digital assets totaled $141.5 million. Chief executive Leo Lu said the company had cut costs by disposing of older machines and improving fleet efficiency, while its cash position and Bitcoin reserves would support future deployment of more efficient mining equipment and continued expansion.