FUFU

MKT CAP:$352M

BitFuFu Inc.

Market Cap

$352M

Financial Services·Financial - Capital Markets·🇸🇬 Singapore·NASDAQ

Financials·Financial·🇸🇬·NASDAQ

Stock Price

$2.21-$0.59 (-21.07%)

Apr 22, 2026

Company Details

BitFuFu Inc. provides digital asset mining and cloud-mining services in Singapore. It also offers miner rental, and miner hosting and sales services to institutional customers and individual digital asset enthusiasts. The company is based i...

CEO

Leo Lu

IPO Date

Dec 9, 2021

Website

www.bitfufu.com

Key Metrics TTM

Revenue

$476M

+18.3% YoY

Net Income

-$57M

EPS (Diluted)

-$0.36

Free Cash Flow

$0

Revenue / Share

$2.90

Gross Margin

5.7%

Operating Margin

9.1%

Net Margin

-12.1%

FCF Margin

0.0%

P/S

0.7x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$476M+2.7%EPS -$0.35

Q4 2025

Mar 20, 2026

$102MEPS -$0.61

Q3 2025

Nov 12, 2025

$181M+100.0%EPS $0.07

Q2 2025

Sep 5, 2025

$115M-10.8%EPS $0.28

Q1 2025

Jun 5, 2025

$78M-46.0%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$14M	$913.0K	$357.4K
Q2 21	$14M	$913.0K	$357.4K
Q3 21	$38M	$4M	$3M
Q1 24	$144M	$22M	$44M
Q2 24	$129M	$11M	$2M
Q3 24	$90M	$946.0K	-$4M
Q1 25	$78M	$6M	-$17M
Q2 25	$115M	$13M	$53M
Q3 25	$181M	$7M	$14M
Q4 25	$102M	$702.0K	-$7M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q1 24	3.2x	17.6x
Q2 24	2.1x	17.7x
Q3 24	1.6x	19.5x
Q1 25	1.7x	50.6x
Q2 25	1.3x	19.8x
Q3 25	1.3x	16.4x
Q4 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$337.9K	-$337.9K
Q2 21	-$337.9K	-$337.9K
Q3 21	$8M	$8M
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q3 21	$27.1K
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+848.0%	+856.8%
Q3 24	+561.7%	+609.2%
Q1 25	+106.1%	+169.5%
Q2 25	-20.1%	-38.1%
Q3 25	+39.6%	+31.0%
Q4 25	+12.5%	+15.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$4M	4.8%
Q4 24	$22M	—
Q1 25	$124.0K	0.2%
Q2 25	$175.0K	0.2%
Q3 25	$3M	1.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$81.5K	$184.1K	$294.2K	—
Q2 21	$81.5K	$184.1K	$294.2K	—
Q3 21	$153.4K	$526.6K	$509.2K	—
Q1 24	$391.0K	$2M	$383.0K	—
Q2 24	$343.0K	$1M	$585.0K	—
Q3 24	$3M	$2M	$1M	—
Q1 25	$364.0K	$2M	$460.0K	—
Q2 25	$387.0K	$2M	$647.0K	—
Q3 25	$602.0K	$2M	$569.0K	—
Q4 25	—	—	—	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$1M	$19M
Q2 22	$18M	$1M	$19M
Q3 22	$60M	$0	$60M
Q4 22	$60M	$0	$60M
Q1 23	$7.4K	$0	$7.4K
Q2 23	$43M	$1M	$44M
Q3 23	$43M	$1M	$44M
Q4 23	$32M	$0	$32M
Q1 24	$32M	$0	$32M
Q2 24	$48M	$0	$48M
Q3 24	$39M	$0	$39M
Q4 24	$38M	$0	$38M
Q1 25	$21M	$0	$21M
Q2 25	$40M	$0	$40M
Q3 25	$33M	$0	$33M
Q4 25	$28M	$0	$28M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	158M	—	—
Q2 21	158M	0.0%	—
Q3 21	158M	-0.0%	—
Q1 24	158M	+0.1%	—
Q2 24	163M	+3.1%	+3.2%
Q3 24	163M	0.0%	+3.2%
Q1 25	168M	+3.4%	+6.7%
Q2 25	169M	+0.1%	+6.7%
Q3 25	170M	+0.7%	+4.3%
Q4 25	164M	-3.4%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q1 24	$5M	29
Q2 24	$4M	29
Q3 24	$3M	29
Q1 25	$2M	34
Q2 25	$3M	34
Q3 25	$5M	34
Q4 25	$3M	34

Revenue / Employee