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- **Revenue Surge**: Q3 revenue hit $180.7 million, doubling year-over-year, with cloud mining driving 78% YoY growth.
- **Customer Loyalty**: 120% net dollar retention rate highlights sticky demand for cloud mining services.
- **Strategic Wins**: 
  - Ethiopian mining facility profits cover upfront costs, despite minor tariff hikes.
  - RWA partnership to tokenize hash rate for institutional investors.
  - Canadian natural gas pilot to reduce mining costs.
- **Financial Strength**: 277% YoY EBITDA growth to $22.1 million, with operating expenses improving 91 basis points as a % of revenue.
- **Bitcoin Accumulation**: Produced 1,207 Bitcoin, with 86% generated through customer cloud mining.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue reached $180.7 million, up 100% year-over-year, driven by cloud mining and mining equipment sales.
- **Cloud Mining Dominance**: Cloud mining revenue grew 78.4% YoY to $122.9 million, accounting for 68% of total revenue. Net dollar retention rate was 120%, reflecting strong customer loyalty.
- **Strategic Investments**: 
  - Acquired a majority stake in an Ethiopian mining facility, generating stable profits despite recent electricity tariff adjustments.
  - Signed a cooperation agreement to tokenize hash rate for the real-world assets (RWA) sector, expanding institutional partnerships.
  - Piloting natural gas-powered mining in Canada to evaluate cost and uptime advantages.
- **Operational Efficiency**: 38% of self-owned hash rate and 94% of third-party hash rate allocated to cloud mining, ensuring 99%+ service delivery reliability.
- **Hash Rate Expansion**: Total mining capacity reached 36 exahash, supported by 624 MW of global hosting capacity.

**【CFO Financial Commentary】**
- **Profitability**: Net income rose to $11.6 million (vs. $5 million loss YoY), with adjusted EBITDA of $22.1 million (up 277% YoY).
- **Cost Management**: Operating expenses declined 52.6% YoY due to reduced stock compensation. Excluding this, operating expenses as a % of revenue improved by 91 basis points YoY.
- **Liquidity**: Held $32.6 million in cash and $222.1 million in digital assets, up 71% YoY. Maintained $68 million in digital asset collateral receivables.
- **Bitcoin Production**: Generated 1,207 Bitcoin (174 from self-mining, 1,033 from cloud mining customers).
- **Capital Allocation**: Issued $6 million via an ATM equity program, enhancing liquidity and reducing dilution. Trading volume increased 138% QoQ.


BitFuFu Inc.(FUFU)-20251112-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FUFU

FUFU fundamentals

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