Bitfufu Inc. · NASDAQ:FUFU
Bitfufu — Non-Deal Roadshow (July 2024)
21 slides from Bitfufu's roadshow presentation, July 2024
Slide 1: BitFuFu July 2024
€ BitFuFu BitFuFu NASDAQ: FUFU July 2024 THE FUTURE IS MINE
Slide 2: Disclaimer
BitFuFu Disclaimer This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of BitFuFu Inc. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be rel
Slide 3: Investment Highlights
BitFuFu Investment Highlights Strong Performance Track Record Resilient Business Model Strong Strategic Alliances with Industry Leaders Operational Excellency and Cutting-edge Technology PAGE 3
Slide 4: BitFuFu: Introduction and milestones
BitFuFu BitFuFu: Introduction and milestones A fast-growing digital asset mining service and world-leading cloud-mining service provider headquartered in Singapore PIPE Customer 1Q2024 Investment Recognition Earnings Dec 2020 Mar 2021 Jul 2021 Jan 2022 Dec 2023 Mar 2024 Hashrate selling Antpool & Bi
Slide 5: Business Lines of BitFuFu
BitFuFu Business Lines of BitFuFu • Provide customers a one-stop solution to purchase hash calculation services and earn digital asset mining rewards • Provide customers hosting services, • Utilize third-party mining pools including deployment, monitoring, to mine BTC and receive maintenance, electr
Slide 6: BitFuFu manages a large-scale Hashrate network on three continents
BitFuFu BitFuFu manages a large-scale Hashrate network on three continents US Managed Farms 42MW 69MW 609MW 49MW 26MW 11MW 11MW 34MW 10MW 7MW 20MW 9MW 9MW 26MW 36MW 36MW 19MW 9MW 97MW 124MW 644MW in use 29 mining sites across multiple countries on Total Mining Capacity 3 continents, with large major
Slide 7: Continuous growth in scale and efficiency
BitFuFu Continuous Growth in scale and efficiency 700 35.0 644 Hosting Capacity (MW) 600 30.0 Mining Capacity Under 513 515 Management (EH/S) 500 28.6 25.0 374 400 336 339 22.9 20.0 300 18.8 15.0 214 15.2 188 13.9 200 10.0 11.1 100 100 6.5 5.0 5.4 3.0 0 0.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q
Slide 8: BitFuFu: A leading player in the industry
BitFuFu BitFuFu: A leading player in the industry Hashrate Under Management (EH/s） Hosting Capacity (MW） 28.6 28.7 25.5 884 895 22.5 730 700 644 16.4 12.4 420 BitFuFu Marathon Hut 8 Bitdeer CleanSpark Riot BitFuFu Marathon Hut 8 Bitdeer CleanSpark Riot Notes: 1. Source: Hashrate and Hosting Capacity
Slide 9: A track record of strong performance
BitFuFu A track record of strong performance 284 USD MN Revenue CAGR (2021-2023) 198 644 MW 144 Hosting Capacity1 103 66% 2021 2022 2023 1Q 2024 28.6 Eh/s Total Mining Capacity1 Hosting and Others Self-Mining Cloud-Mining USD MN Adj. EBITDA CAGR (2021-2023) 49.9 39.6 41.7 321,000+ Registered Users1
Slide 10: Cloud-Mining: how it works and its value proposition
BitFuFu Cloud-Mining: how it works and its value proposition Customer 1. Purchase or lease mining machines 1. Purchase a suitable product 2. Host and manage the miners to start mining Online 3. Connect miners to the mining pool 2. Select mining pool and 4. Cluster all miners’ Hashrate provide wallet
Slide 11: Cloud-Mining: Competitive advantages over traditional mining
BitFuFu Cloud-Mining: Competitive advantages over traditional mining Obtain more BTC with lower price Use installment payment to leverage ROI • On an annual basis, get 3% ~ 20% 1 more BTC with Pay down payment as low as 30% 2 with installment plan cloud-mining than buy at market price Start mining B
Slide 12: Cloud-Mining obtains more Bitcoin than traditional ways
BitFuFu Cloud-Mining obtains more Bitcoin than traditional ways Real Example: $8,199 Investment after 30 days Buy Mining Machine Buy Bitcoin Buy Hashrate Hashrate 468.5T 5,000T Vs. Bitcoin 0.01134525 BTC vs. 0.11881214 BTC vs. 0.12107686 BTC 1.91% More BTC in 30 days A real example of a BitFuFu cust
Slide 13: Self-Mining: How it works at BitFuFu
BitFuFu Self-Mining: How it works at BitFuFu BitFuFu purchases BitFuFu purchases mining Hashrate from various machines from suppliers and suppliers, and connects hosts them in mining them to mining pools Facilities Hashrate Mining machines • Consolidate Hashrate and utilize it to mine Bitcoin for Bi
Slide 14: Strong strategic alliances with industry leaders
BitFuFu Strong strategic alliances with industry leaders Miner Supply Operations Mining Farms • Bitmain΄s S-level client, the Marketing • Maintenance center to • 10-year 300MW miner highest-level client • Global marketing improve operational hosting capacity ensuring access to various collaboration
Slide 15: Supply-chain advantage for machine purchases and distributed Hashrate network
BitFuFu Supply-chain advantage for machine purchases and large-scale distributed Hashrate network Hashrate Competitive Terms Large-Scale Distributed Hashrate Network Procure mining machine at preferential payment terms or delivery schedule from Reduce concerns over geopolitical strategic alliance wi
Slide 16: Advanced proprietary technology to deliver operational excellency
BitFuFu Advanced proprietary technology to deliver operational excellency Mining Platform • Aladdin is BitFuFu΄s proprietary ultra-large scale hashrate management and dispatching system Scalable Capability Aladdin 100,000,000+ • Aladdin consists of three core systems: Capable of managing millions of
Slide 17: Traded at a major discount to the peer group average
BitFuFu Traded at a major discount to the peer group average EV / 1Q 2024 Revenue EV / 1Q 2024 Adjusted EBITDA 3 2 Comps. Average: 34.42x Comps. Average: 138.06x 46.56x 40.26x 38.49x 316.94x 33.78x 166.30x 13.03x 78.00x 59.83x 69.26x 6.44x 24.36x BitFuFu Marathon Hut 8 Bitdeer CleanSpark Riot BitFuF
Slide 18: Appendix
WWW. BITFUFU.COM
Slide 19: 1Q 2024 operational highlights
BitFuFu 1Q 2024 operational highlights Bitcoin Production Amount Year-Over-Year Change Self-Mined Bitcoin (# BTC) 1,103 -136 Cloud-Mined Bitcoin by Customers (# BTC) 2,096 +726 Q1 2024 Total Bitcoin Mined (#BTC） 3,199 +590 Average BTC produced per day by Customers (#BTC) 23.3 +7.9 Average BTC produc
Slide 20: Unaudited Reconciliation of GAAP and non-GAAP Results
BitFuFu Unaudited Reconciliation of GAAP and non-GAAP Results in $US '000 1Q 2024 FY2023 FY2022 FY2021 Net profit $35,308 $10,494 $2,443 $4,926 Add: Interest expenses/(income), net 1,185 4,481 2,174 (135) Add: Income tax expense/(benefit) 7,314 2,183 (666) 1,044 Add: Depreciation 6,097 24,501 18,156
Slide 21: Thank You!
• BitFuFu Thank You! Investor Contact: Vice President, Investor Relations CFO Email: charley.b@bitfufu.com Email: calla.zhao@bitfufu.com Website: ir.bitfufu.com PAGE 21