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BitFuFu (FUFU) Q2 FY26 earnings call: guidance

Earnings call· Jun 2026 (Q2 FY26)· Financials· Aug 17, 2026

Source: earnings call transcript

Executive summary

BitFuFu Inc. Q2 FY26 — Strategic Positioning and Operational Efficiency

BitFuFu focused on strategic positioning and operational efficiency in a dynamic market, proactively optimizing its hashrate mix and platform capabilities. Despite challenging market conditions and Bitcoin price volatility, the company strengthened its foundation for future growth, emphasizing disciplined capital management and cost efficiency. The call did not include a live Q&A session.

Highlights

5

  • Self-mining hashrate grew to approximately 3.5 EH/s, up 9.3% quarter-over-quarter.

  • Monthly self-mining production nearly tripled, rising from 32 Bitcoin to a peak of 90 Bitcoin.

  • Hosting revenue increased by a remarkable 254% year-over-year to $3.9 million.

  • Repaid $10 million in Bitcoin-backed loans, strengthening financial resilience.

  • Board authorized repurchase of up to $5 million of Class A ordinary shares.

Concerns

4

  • Cloud Mining Solutions revenue declined sharply, remaining the largest source at $24.9 million.

  • Cloud mining net dollar retention rate was 24.1%, primarily driven by existing customers reducing order volumes.

  • Net loss for the quarter was $20.5 million, including $16.9 million in fair value losses on Bitcoin holdings.

  • Total cash and digital assets decreased to $119.5 million from $177.1 million at year-end.

Guidance & targets

CategoryTargetConfidence
Total managed hashrate
around 20 EH/s
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Cloud Mining Solutions
Remained the largest revenue source. Decline primarily driven by sharp swing in Bitcoin prices and customers reducing order volumes due to weaker mining economics, not proportional loss of customer base.
Percentage of total revenue: 58.3%Net dollar retention rate: 24.1%
$24.9Mdeclined sharply——
Self-mining operations
Relatively stable segment despite a 27% drop in average Bitcoin price. Increased allocated hashrate and improved efficiency helped offset lower prices.
$14.0M———
Hosting and other services
Meaningful increase driven by the continued scaling of the buy-and-host solution, generating recurring revenue.
$3.9M254%——

FUFU operating KPIs by quarter

FUFU operating KPIs stated on its earnings calls, by fiscal quarter
KPI Mar 2026 Q1 FY26This call Jun 2026 Q2 FY26Change 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
1,794 Total Bitcoin holdings were 1,794 bitcoin, including 357 Bitcoin pledged as collateral for loans and payables. Source: earnings call transcript
1,671 Total 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
357 Total Bitcoin holdings were 1,794 bitcoin, including 357 Bitcoin pledged as collateral for loans and payables. Source: earnings call transcript
54 Total 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.

Risks & headwinds

Bitcoin price volatility and challenging macro environment Q2 FY26

Bitcoin price remained volatile in Q2 2026; average Bitcoin price dropped 27%

Mitigation:Proactive adjustments to hashrate procurement, focus on operational efficiency and cost moat, disciplined capital management.

Lower Bitcoin prices weighing on cloud mining customer ordering Q2 FY26

Cloud mining revenue declined sharply; net dollar retention rate was 24.1%

Mitigation:Actively addressing through product enhancements and service innovation to meet evolving customer risk preferences.

Impact of high-cost hashrate procurement on profit margins H1 FY26

Some high-cost hashrate procured during Q4 2025 created pressure to the profit margin for H1 2026

Mitigation:Procurement optimization efforts are mitigating this impact by locking in more cost-efficient hashrate at current market rates.

Fair value losses on digital assets Q2 FY26

$16.9 million contributed to net loss

Mitigation:Maintaining a healthy balance sheet and strong liquidity to navigate market cycles.

What to watch in Q3 FY26

Total managed hashrate

mid-August
Current 3.5 EH/s (self-mining)
Target around 20 EH/s

Why it matters

This target indicates the company's capacity expansion and ability to scale operations, crucial for revenue growth in a recovering market.

This gives us strong visibility into our capacity expansion for the second half and positions us to bring our total managed hashrate back to around 20 EH/s by mid-August.

Find out whether FUFU delivers this. Inve re-checks your case every morning.

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Detailed narrative

Strategic Adjustments and Operational Efficiency

In Q2 FY26, BitFuFu proactively optimized its hashrate mix and platform capabilities. The company adjusted its procurement strategy and contract duration mix for third-party hashrate contracts that no longer met economic requirements, prioritizing profitability over scale. Operational discipline focused on raising uptime, optimizing utilization, and refining workflows, supported by the BitFuFu OS firmware system for real-time fleet management based on market conditions and power prices.

Self-Mining and Hosting Growth

The self-mining hashrate grew to approximately 3.5 EH/s, a 9.3% quarter-over-quarter increase. This led to a significant boost in monthly self-mining production, which nearly tripled from 32 Bitcoin to a peak of 90 Bitcoin. Hosting revenue saw a remarkable 254% year-over-year increase, driven by the continued scaling of the buy-and-host solution, which generated recurring revenue and attracted new clients seeking flexible mining asset management.

Market Transformation and Competitive Landscape

The Bitcoin mining industry is undergoing a structural transformation, with volatile Bitcoin prices and challenging macro conditions. A significant portion of U.S.-listed miners are transitioning power and infrastructure to AI data centers, leading to a decline in global network hashrate by approximately 20% from its peak by late June 2026.

This trend is creating a less crowded network, potentially supporting better operating conditions and improved profitability for miners focused on Bitcoin.

Capital Management and Balance Sheet Strength

BitFuFu demonstrated prudent capital management by completing the quarter with very limited equity issuance, funding operations through cash flow, Bitcoin sales, and credit facilities. The company repaid $10 million in Bitcoin-backed loans, reducing debt and strengthening financial resilience. Additionally, the Board authorized a share repurchase program of up to $5 million, reflecting confidence in long-term prospects.

Future Outlook and Flexibility

The company secured additional hashrate capacity and acquired 3,200 latest-generation S21XP miners, providing strong visibility for capacity expansion in the second half of the year, targeting a total managed hashrate of around 20 EH/s by mid-August. BitFuFu plans to maintain flexibility to act on opportunities with proven economics and strategic value, focusing on high-quality infrastructure, operating efficiency, and access to competitive power resources.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.