Press release
BitFuFu Announces Full Year 2024 Unaudited Financial Results
SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive
About this update from Bitfufu Inc.
[{"type":"text","content":"SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced its unaudited financial results for the full year ended December 31, 2024.Full Year 2024 Financial Highlights Total revenue was US$463.3 million in 2024, representing an increase of 63.1% from US$284.1 million in 2023Revenue from cloud-mining solutions was US$271.0 million in 2024, representing an increase of 52.2% from US$178.0 million in 2023Revenue from Bitcoin self-mining operations was US$157.5 million in 2024, representing an increase of 57.2% from US$100.2 million in 2023Net income was US$54.0 million in 2024, representing an increase of 414.3% from US$10.5 million in 2023Adjusted EBITDA (a non-GAAP metric) was US$117.5 million in 2024, representing an increase of 181.8% from US$41.7 million in 2023Combined balance of cash and cash equivalents and digital assets1 were US$175.1 million as of December 31, 2024, representing an increase of 130.4% from US$76.0 million as of December 31, 2023 “In 2024, we delivered another year of strong financial performance, driven by continued revenue growth across both our cloud-mining solutions and self-mining businesses,” said Leo Lu, Chairman and CEO of BitFuFu. “The past year was a pivotal one for BitFuFu, highlighted by our successful listing on NASDAQ in March and our strategic transition in the second half of the year from a purely asset-light model to a hybrid model that combines asset-light operations with ownership of data center assets. We now have 164 MW of secured capacity and have clear line of sight toward our goal of adding 1 GW of incremental capacity by the end of 2026. Our cloud mining business continued to gain strong traction, finishing 2024 with nearly 600,000 registered users—almost double the total at the end of 2023. “Looking ahead to 2025, we are well-positioned for another year of robust revenue growth. We expect our mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 MW to 800 MW by year-end. At the same time, we plan to further optimize our cost structure through the acquisition of datacenters with competitive electricity pricing, along with fleet upgrades enabled by the framework agreement with our strategic partner Bitmain for the p...