Cloud Mining Revenue Growth and Mix
Cloud mining revenue of $57.5 million, up 7.1% year-over-year, and representing 79.1% of total revenue, demonstrating resilience and the platform's centrality to the business model.
Customer Retention
Cloud mining net dollar retention rate of 85.7% in Q1 2026, indicating sustained customer engagement and platform reliability in a volatile market.
Hosting and Other Services Expansion
Hosting and other services revenue increased to $3.8 million from $0.7 million a year ago, a ~442.9% year-over-year increase, driven by a 2025 mining facility acquisition and new buy-and-host offerings.
Fleet Efficiency Improvement
Average fleet efficiency improved to 17.7 J/TH from 23.2 J/TH a year ago, an approximate 23.7% improvement in energy efficiency, lowering production cost per unit of hashrate.
Operational Discipline and Cost Controls
Implemented multi-layer cost controls (reduced nonessential maintenance, optimized staffing, logistics consolidation, dynamic BitFuFu OS throttle management) and strategic Bitcoin sales to preserve liquidity and protect margins.
Adjusted EBITDA and Non-GAAP Operating Result
Excluding fair value losses, adjusted EBITDA was approximately positive $1.1 million, indicating underlying operating performance was around breakeven/positive despite GAAP losses.
Liquidity and Balance Sheet Actions
Total cash and digital assets of $141.5 million as of March 31, 2026; maintained a $100 million revolving credit facility, reduced revolver outstanding from $50 million at quarter-end to $5 million subsequent to quarter-end to strengthen liquidity and optionality.