BitFuFu Inc.(FUFU) stock closed at $2.25, down 2.60%, after reporting weaker annual profitability. The company posted higher revenue for 2025, yet rising costs and asset revaluations pushed results into a net loss. The update reflects a shift in strategy and pressure from changing market conditions.
BitFuFu reported total revenue of $475.8 million for 2025, marking a 2.7% increase from 2024. Growth came mainly from cloud mining services and equipment sales, which offset weaker self-mining performance. The company expanded its service base while adjusting operational priorities.
Cloud mining solutions generated $350.6 million and accounted for over 73% of total revenue. This segment grew strongly due to higher demand and increased repeat usage from existing customers. Besides, user numbers rose to 675,765, supporting steady platform activity.
Mining equipment sales also improved, reaching $53.7 million during the year. The company benefited from strong demand during favorable pricing conditions and expanded its market reach. However, self-mining revenue dropped sharply due to reduced hashrate allocation and lower earnings efficiency.
BitFuFu recorded a net loss of $57.4 million for 2025, reversing a $54 million profit in 2024. The loss followed negative fair value adjustments linked to digital assets and receivables. Consequently, Bitcoin price swings directly affected reported earnings.
Adjusted EBITDA fell to $8.3 million from $117.9 million in the previous year. A $32.8 million non-cash loss tied to Bitcoin price declines weighed heavily on performance. In contrast, 2024 results included significant fair value gains that boosted profitability.
The cost to mine Bitcoin increased sharply to $77,573 per coin in 2025. Higher global mining difficulty and operational adjustments drove the increase in production costs. Meanwhile, total Bitcoin output declined across both self-mining and customer operations.
BitFuFu increased total mining capacity to 26.1 EH/s, reflecting continued infrastructure expansion. At the same time, hosting capacity declined to 478 MW, indicating resource reallocation. The company prioritized flexible and scalable operations.
Self-mining output dropped significantly, with only 611 BTC produced during the year. The company redirected capacity toward cloud mining to improve revenue stability and efficiency. Customer-driven mining output remained a larger contributor.
Liquidity remained stable, with combined cash and digital assets reaching $177.1 million. Bitcoin holdings increased slightly to 1,778 BTC, supporting balance sheet strength. The company maintained operational discipline while navigating weaker market conditions.
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