FUFU BitFuFu (FUFU) Q1 FY26 earnings call
This was an execution-over-headlines quarter: BitFuFu leaned into recurring cloud mining and pulled back self-mining to preserve liquidity through a sharp Bitcoin drawdown, treating its coin treasury as strategic liquidity rather than chasing hashrate growth. GAAP losses were dominated by mark-to-market on Bitcoin, not operations, which were roughly breakeven ex-fair-value. Management (prepared-remarks-only, no Q&A) frames Q2–Q3 as a shift from defense to selective offense — locking longer-term hashrate while prices stay low.
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FUFU operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Net revenue retention rate Cloud mining | 85.7%Cloud mining revenue grew to $57.5 million, up 7.1% year-over-year and net dollar retention rate was 85.7%.Source: earnings call transcript | 24.1%Our cloud mining net dollar retention rate was 24.1% in second quarter.Source: earnings call transcript | -61.6 pt |
| Bitcoin holdings | 1,794Total Bitcoin holdings were 1,794 bitcoin, including 357 Bitcoin pledged as collateral for loans and payables.Source: earnings call transcript | 1,671Total Bitcoin holdings were 1,671 Bitcoin as of June 30, including 54 Bitcoin pledged as collateral for loans.Source: earnings call transcript | -6.9% |
| Bitcoin holdings pledged as collateral | 357Total Bitcoin holdings were 1,794 bitcoin, including 357 Bitcoin pledged as collateral for loans and payables.Source: earnings call transcript | 54Total Bitcoin holdings were 1,671 Bitcoin as of June 30, including 54 Bitcoin pledged as collateral for loans.Source: earnings call transcript | -84.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.