BitFuFu Inc. reported third‑quarter 2025 revenue of $180.7 million, a 100.1% year‑over‑year increase and a 57% sequential rise from $90.3 million in Q3 2024. The surge was driven primarily by a 120% jump in cloud‑mining solutions revenue and a 90% increase in mining‑equipment sales, reflecting robust demand from institutional and commercial customers for hash‑rate‑as‑a‑service and high‑efficiency mining rigs.
Net income for the quarter was $11.6 million, a dramatic turnaround from the net loss recorded in Q3 2024. Earnings per share rose to $0.07, beating the consensus estimate of $0.03 by $0.04, or 133%. The beat was largely attributable to disciplined cost management, a higher‑margin mix of cloud‑mining contracts, and the elimination of one‑time restructuring charges that weighed on the prior year’s results.
Adjusted EBITDA climbed to $22.1 million, up from $5.8 million a year earlier, marking a 19.3‑percentage‑point expansion in operating leverage. Although cost of revenue increased 94.1% due to higher electricity and equipment expenses, the revenue growth and improved pricing power in the cloud‑mining segment more than offset the cost rise, enabling margin expansion.
Segment analysis shows that cloud‑mining solutions contributed $110 million of revenue, up 120% YoY, while mining‑equipment sales added $60 million, up 90%. Self‑mining operations, however, produced only 174 BTC in Q3 2025 compared to 340 BTC in Q3 2024, a 49% decline that represents a headwind for the company’s on‑premise mining revenue stream.
CEO Leo Lu described the quarter as “a clear inflection point” for BitFuFu, noting that the strong performance “reflects execution in our cloud‑mining platform, continued expansion of our self‑mining fleet, and healthy demand in our mining‑equipment sales business.” Vice President of Investor Relations Charles Brady confirmed that the full earnings transcript and presentation are available on the company’s investor‑relations website.
Market reaction was positive, with the stock gaining 5.33% in pre‑market trading. Investors were encouraged by the 100% revenue growth, the return to profitability, and the company’s ability to maintain a high‑margin mix despite a decline in self‑mining output. The results also reinforced confidence in BitFuFu’s dual‑engine strategy, which balances the volatility of on‑premise mining with the stability of cloud‑mining services.
Headwinds remain in the form of a 49% drop in self‑mining BTC production and the company’s exposure to unrealized gains from Bitcoin price fluctuations. Management acknowledged that while cloud‑mining demand remains strong, the volatility of the underlying asset price could impact future earnings if Bitcoin prices fall sharply.
The earnings release signals that BitFuFu’s strategic focus on cloud‑mining solutions and equipment sales is paying off, positioning the company for continued growth in a market that is increasingly favoring institutional‑grade hash‑rate services.
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