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BitFuFu (FUFU)
NASDAQ:FUFU
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BitFuFu
(NASDAQ:FUFU)
Rating:52Neutral
Price Target:
$3.50
▲(4.79%Upside)
Positive Factors
Market Position
BitFuFu has garnered approximately 40% of the bitcoin cloud mining business.
Revenue Growth
BitFuFu reported revenue growth of 63.1%, driven by significant increases in cloud-mining and self-mining solutions.
Strategic Partnerships
A strategic agreement with Bitmain allows BitFuFu to acquire up to 80,000 miners with flexible payment terms, supporting capacity expansion.
Negative Factors
Cryptocurrency Volatility
An investment in BitFuFu exposes risks of investment that include all those associated with volatile cryptocurrencies, including hash rate and price, while also including hacking and other exposures exclusive to digital activities.
Regulatory Risks
The company's tight relationship with a large, privately-held Chinese company may incur risk related to regulation, supervisory, machinery source, as well as the Chinese authorities official stance on eliminating bitcoin mining.
BitFuFu (FUFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$531.73M
Dividend YieldN/A
Average Volume (3M)469.85K
Price to Earnings (P/E)306.4
Beta (1Y)0.59
Revenue Growth174.88%
EPS Growth-97.01%
CountryUS
Employees34
SectorFinancial
Sector Strength81
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.10
Shares Outstanding28,106,615
10 Day Avg. Volume305,159
30 Day Avg. Volume469,847
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)-15.61K
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.71
Enterprise Value/Revenue1.11
Enterprise Value/Gross Profit35.26
Enterprise Value/Ebitda7.43
Forecast
1Y Price Target
$6.25Price Target Upside87.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
BitFuFu Business Overview & Revenue Model
Company DescriptionBitFuFu 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 in Singapore, Singapore.
How the Company Makes MoneyBitFuFu generates revenue primarily through the leasing of mining power to its customers. Users pay for access to the company's mining infrastructure, which includes powerful hardware set up in optimized locations to ensure efficient cryptocurrency mining. The company offers various plans and packages based on the amount of hash power and duration of the contract, allowing users to choose options that suit their mining goals and budgets. Additionally, BitFuFu may earn revenues through partnerships with hardware manufacturers and other entities in the cryptocurrency ecosystem, which could involve co-marketing agreements or profit-sharing arrangements. The company capitalizes on the volatility and growth of the cryptocurrency market, as demand for mining services can fluctuate with cryptocurrency prices and network difficulty levels.
BitFuFu Earnings Call Summary
Earnings Call Date:Jun 05, 2025
(Q1-2025)
| % Change Since: -8.49%|
Next Earnings Date:Aug 26, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a challenging quarter with significant revenue decline and net loss due to external factors like the Bitcoin halving and increased network difficulty. However, the company demonstrated resilience through strategic expansions, cost optimization, and recovery in mining capacity, indicating a positive outlook despite short-term setbacks.Q1-2025 Updates
Positive Updates
Rebound in Mining Capacity
By April 30, hashrate increased to 28.3 EH/s, and further reached 34.1 EH/s by the end of May, showing a recovery following temporary setbacks.
Cost Structure Improvements
Average electricity price declined by 18% in Q1 2025 compared to Q1 2024, reflecting efforts to optimize cost structure.
Expansion into New Markets
Added new customers in key growth markets in Africa and Asia, diversifying revenue base and strengthening market position.
Strategic Acquisitions and Partnerships
Completed the acquisition of a mining facility in Oklahoma, advancing vertical integration strategy and expanding supplier base.
Strong Customer Growth Potential
New high-revenue customers onboarded in late 2023 and early 2024, demonstrating potential for new accounts to scale quickly.
Negative Updates
Year-over-Year Revenue Decline
Total revenue for Q1 2025 was $78 million, a 46% decrease from $144 million in Q1 2024, primarily due to increased network difficulty and the Bitcoin halving event.
Net Loss and Negative EBITDA
Reported a net loss of $16.8 million and adjusted EBITDA of negative $10.8 million, impacted by a $19.4 million unrealized fair value loss on digital assets.
Temporary Reduction in Mining Capacity
Mining capacity decreased due to expired contracts and supplier relocations, dropping to 20.6 EH/s at the end of Q1 2025 from 28.6 EH/s in March 2024.
Company Guidance
In the call, BitFuFu provided guidance on their financial performance and strategic initiatives for the first quarter of 2025. The company reported total revenue of $78 million, a 46% decrease from the $144 million recorded in the first quarter of 2024, primarily due to the Bitcoin halving event reducing block subsidies and increased network difficulty. They experienced a net loss of $16.8 million and an adjusted EBITDA of negative $10.8 million, influenced by a $19.4 million unrealized fair value loss on digital assets. Despite these challenges, BitFuFu noted a recovery in mining capacity, reaching 34.1 EH/s by the end of May 2025, driven by the deployment of more efficient Antminer S21 units. The company also expanded its global footprint, adding new customers in Africa and Asia, with cloud mining services accounting for 69% of total revenue. BitFuFu emphasized its strategic focus on disciplined capital deployment, securing access to 80,000 new Antminer units, and maintaining financial flexibility with a total loan balance of $40 million as of March 31, 2025.BitFuFu Financial Statement Overview
Summary
Strong revenue growth and improved operational margins are overshadowed by rising leverage and negative free cash flows, indicating financial risks that need addressing.Income Statement
BitFuFu shows a strong revenue growth trend with a significant increase from $122,120 in 2020 to $463,330,000 in 2024, reflecting a compound annual growth rate driven by its strategic initiatives. The gross profit margin improved over the years, indicating better cost management. However, EBIT and net profit margins were inconsistent, with negative EBIT in earlier years turning positive in 2023, suggesting volatility in operational efficiency and profitability.72
Positive
Balance Sheet
The company's balance sheet reflects a strong equity base with stockholders' equity growing significantly, enhancing financial stability. However, the debt-to-equity ratio remains a concern, with debt rising over time, indicating potential leverage risk. Despite this, the equity ratio improved, pointing towards a more equity-financed structure. The company needs to manage its liabilities prudently to maintain financial health.65
Positive
Cash Flow
Free cash flow has been negative, with substantial cash outflows from operating activities, indicating challenges in generating cash from core operations. While investing and financing activities show positive cash flows in recent years, reliance on external funds may not be sustainable long-term. The operating cash flow to net income ratio suggests inefficiencies in converting income into cash.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 439.10M | 463.33M | 284.11M | 198.20M | 103.04M | 1.23M |
| Gross Profit | 40.79M | 29.72M | 12.71M | 36.23M | 9.03M | 139.72K |
| EBITDA | 57.04M | 92.69M | 42.71M | 22.45M | 5.53M | 18.80K |
| Net Income | 32.97M | 53.96M | 10.49M | 2.44M | 4.93M | -1.11M |
Balance Sheet | ||||||
| Total Assets | 282.55M | 377.68M | 210.03M | 69.61M | 150.00K | 1.38M |
| Cash, Cash Equivalents and Short-Term Investments | 38.70M | 38.20M | 32.01M | 173.79K | 75.00K | 0.00 |
| Total Debt | 102.44M | 34.95M | 2.38M | 0.00 | 105.00K | 0.00 |
| Total Liabilities | 165.53M | 215.22M | 192.70M | 2.81M | 125.49K | 1.47M |
| Stockholders Equity | 117.01M | 162.46M | 17.33M | 66.79M | 24.51K | -92.17K |
Cash Flow | ||||||
| Free Cash Flow | -37.94M | -236.74M | -241.47M | -15.16M | 180.31K | 0.00 |
| Operating Cash Flow | -37.94M | -219.87M | -195.97M | -484.81K | 15.93M | 0.00 |
| Investing Cash Flow | 32.88M | 167.93M | 176.90M | -69.00M | -2.61M | 0.00 |
| Financing Cash Flow | -475.42K | 65.05M | -9.35M | 69.58M | 0.00 | 0.00 |
BitFuFu Technical Analysis
Positive
3.34
Price Trends
3.51
Negative
4.08
Negative
4.52
Negative
Market Momentum
-0.10
Negative
49.56
Neutral
70.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUFU, the sentiment is Positive. The current price of 3.34 is above the 20-day moving average (MA) of 3.27, below the 50-day MA of 3.51, and below the 200-day MA of 4.52, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 49.56 is Neutral, neither overbought nor oversold. The STOCH value of 70.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FUFU.
BitFuFu Peers Comparison
Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ¥712.50B | 10.83 | 7.42% | 3.37% | 7.74% | 16.12% | |
64 Neutral | $791.62M | 20.85 | 4.20% | 0.53% | 0.41% | 20.80% | |
61 Neutral | $654.96M | 8.82 | -23.29% | ― | 53.68% | -265.12% | |
59 Neutral | $1.90B | ― | -18.49% | ― | -0.65% | -808.88% | |
54 Neutral | $1.94B | ― | -56.12% | ― | 31.85% | -34.27% | |
52 Neutral | $531.73M | 306.42 | 1.33% | ― | 174.88% | -97.01% | |
41 Neutral | $272.58M | ― | -21.63% | ― | 125.92% | 53.50% |
* Financial Sector Average
Performance Comparison
FUFU
BitFuFu
3.34
-1.00
-23.04%
WULF
TeraWulf Inc
5.04
-0.54
-9.68%
MFH
Mercurity Fintech Holding
4.27
2.54
146.82%
AC
Associated Capital Group
37.43
9.31
33.11%
BTBT
Bit Digital
2.63
-0.94
-26.33%
CIFR
Cipher Mining
5.68
0.98
20.85%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.