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    FUFU
    Earnings call· Jun 2026(Q2 FY26)

    Bitfufu Q2 FY26 earnings call FUFU

    Aug 17, 2026 Source

    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

    1
    CategoryTargetConfidence
    Total managed hashrate
    around 20 EH/s
    high materiality
    High

    Segment performance

    3
    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%——

    Operational metrics

    18
    Self-mining hashrate
    3.5 EH/sup 9.3% QoQ
    Q2 FY26

    Hashrate for self-mining operations by the end of June.

    Monthly self-mining production
    90 Bitcoinnearly tripled from 32 Bitcoin
    Q2 FY26 peak

    Increase in Bitcoin production from self-mining operations during the quarter.

    Fleet efficiency
    17.8 to 18.1 J/THstayed strong
    Q2 FY26

    Average fleet efficiency maintained throughout the quarter, competitive by industry standards.

    Electricity costs
    $0.03
    June

    Reduced electricity costs at the Oklahoma mining site through optimized curtailment programs.

    Cost of revenue
    $43.7Mdecreased significantly from Q2 2025
    Q2 FY26

    Aligned with scale adjustments, with efforts to mitigate impact from high-cost hashrate procured in Q4 2025.

    Net loss
    $20.5M
    Q2 FY26

    Total net loss for the second quarter.

    Fair value losses on Bitcoin holdings
    $16.9M
    Q2 FY26

    Contribution to net loss from fair value losses on Bitcoin holdings and digital asset receivables and payables.

    Adjusted EBITDA
    negative $1.5M
    Q2 FY26

    Adjusted EBITDA excluding the fair value loss impact.

    Total cash and digital assets
    $119.5Mcompared to $177.1M at year-end
    as of June 30, 2026

    Balance sheet position, decrease primarily due to Bitcoin price depreciation and prepayments for hashrate procurement.

    Total Bitcoin holdings
    1,671 Bitcoin
    as of June 30, 2026

    Total Bitcoin held, including pledged collateral.

    Pledged Bitcoin
    54 Bitcoindeclined substantially from 357 Bitcoin as of March 31
    as of June 30, 2026

    Amount of Bitcoin pledged as collateral for loans, reduced due to loan repayments and replacements.

    Outstanding loans
    $5.4M
    as of June 30, 2026

    Total outstanding loan balance at the end of the quarter.

    Bitcoin-backed loans repaid
    $10M
    Q2 FY26

    Amount of Bitcoin-backed loans repaid during the quarter.

    Bitcoin-backed loans replaced with unsecured loans
    $3M
    Q2 FY26

    Amount of Bitcoin-backed loans replaced with unsecured loans.

    Share repurchase authorization
    up to $5M
    Q2 FY26

    Board's authorization to repurchase Class A ordinary shares.

    Bitcoin network difficulty
    156T
    November 2025

    Peak Bitcoin network difficulty mentioned in the context of industry trends.

    Global network hashrate decline
    20%from its peak
    late June 2026

    Decline in global Bitcoin network hashrate, indicating capacity transition to AI/HPC.

    Global network hashrate below year's high
    14%below this year's high
    late June 2026

    Current global network hashrate relative to its high point this year.

    Industry KPIs

    3
    MetricValueDetails
    Capacity CAPEX3,200 S21XP minersunits
    Revenue growthdeclined sharply
    Net revenue net dollar retention24.1%%

    Risks & headwinds

    4
    Bitcoin price volatility and challenging macro environmentQ2 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 orderingQ2 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 marginsH1 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 assetsQ2 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

    5

    Total managed hashrate

    mid-August
    Current3.5 EH/s (self-mining)
    Targetaround 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.

    2 min read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.