BitFuFu (FUFU)
NASDAQ:FUFU
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BitFuFu
(NASDAQ:FUFU)
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Rating:68Neutral
Price Target:
$3.00
▲(22.95% Upside)
Action:ReiteratedDate:01/13/26
The score is driven primarily by financial performance: strong revenue growth is offset by negative free cash flow and leverage risk. Technicals are supportive with strong momentum, and valuation is helped by a low P/E, but the lack of dividend data and cash-flow weakness keep the overall score in the upper-middle range.
Positive Factors
Sustained Revenue Growth & Margin Improvement
Multi-year revenue expansion to $463.33M and improving gross margins indicate durable demand for BitFuFu’s cloud and self-mining services. This scale and better cost control support reinvestment capacity, higher fixed-cost absorption, and stronger long-term operating leverage across mining cycles.
Negative Factors
Negative Free Cash Flow
Persistent negative free cash flow and weak operating cash conversion mean BitFuFu relies on investing/financing to fund growth and operations. Over time this raises refinancing and funding risk and limits flexibility for capex, dividend policy, or opportunistic expansion during down cycles.
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Positive Factors
Negative Factors
Sustained Revenue Growth & Margin Improvement
Multi-year revenue expansion to $463.33M and improving gross margins indicate durable demand for BitFuFu’s cloud and self-mining services. This scale and better cost control support reinvestment capacity, higher fixed-cost absorption, and stronger long-term operating leverage across mining cycles.
Read all positive factors
BitFuFu (FUFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$376.25M
Dividend YieldN/A
Average Volume (3M)175.34K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth29.96%
EPS Growth66.09%
CountryUS
Employees34
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.58
Shares Outstanding31,482,302
10 Day Avg. Volume204,916
30 Day Avg. Volume175,342
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)4.91
Price to Sales (P/S)1.72
P/FCF Ratio-3.37
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue1.30
Enterprise Value/Gross Profit18.38
Enterprise Value/Ebitda9.28
Forecast
1Y Price Target
$3.50Price Target Upside43.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.1
Revenue Forecast (FY)$443.32M
BitFuFu Business Overview & Revenue Model
Company Description
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 in Singa...
How the Company Makes Money
BitFuFu makes money primarily through its cloud mining services, where customers pay for contracts to lease mining power. These contracts vary in terms of duration and the type of cryptocurrency being mined, with prices reflecting the current mark...
BitFuFu Earnings Call Summary
Earnings Call Date:Mar 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 25, 2026
Earnings Call Sentiment Neutral
The call highlights solid operational progress in cloud mining: robust cloud revenue growth (+29.3% YoY), large registered user base, managed hashrate scale (26.1 EH/s), positive adjusted EBITDA, equipment and hosting revenue acceleration, and continued Bitcoin accumulation with reduced pledged BTC. However, these positives are tempered by a significant net loss driven by non-cash impairments and unrealized losses, a steep ~60% decline in self-mining revenue, margin pressure with a high blended cash cost to mine (~$77.6k/BTC), and lower cash balances. Overall, operational and strategic momentum in cloud and services is clear, but near-term financial results and mining economics remain challenged.Positive Updates
Revenue Growth Driven by Cloud Mining
Total revenue for FY2025 was $475.8 million, up from $463.3 million in 2024 (≈+2.8% YoY). Cloud Mining Solutions revenue grew 29.3% YoY to $350.6 million (from $271.0 million) and represented ~74% of total revenue in 2025 (versus ~59% in 2024).
Negative Updates
Large Net Loss Driven by Impairments and Fair Value Losses
Reported full year net loss of $57.4 million in 2025 versus net income of $54.0 million in 2024. The swing was primarily due to larger non-cash impairment losses on mining equipment and increased unrealized fair value losses on digital asset receivables/payables in Bitcoin, plus lower realized gains on digital asset sales.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth Driven by Cloud Mining
Total revenue for FY2025 was $475.8 million, up from $463.3 million in 2024 (≈+2.8% YoY). Cloud Mining Solutions revenue grew 29.3% YoY to $350.6 million (from $271.0 million) and represented ~74% of total revenue in 2025 (versus ~59% in 2024).
Read all positive updates
Company Guidance
Guidance for 2026 centers on scaling cloud mining and customer retention, expanding managed hashrate and power, improving reliability via Aladdin, optimizing capital allocation/liquidity, and opportunistically building the Bitcoin treasury: management will push cloud mining growth (2025 cloud revenue $350.6M, ~74% of total revenue, >675,000 registered users, 2025 net dollar retention 100%), expand owned capacity from today’s 3.7 EH/s of self‑owned hashrate within a total 26.1 EH/s managed fleet (22.4 EH/s third‑party) and 478 MW total power capacity (164 MW control), and evaluate footprint expansion in North America and the Middle East; it plans fleet upgrades (S19 → newer gen) to lower the blended cash cost to mine (2025 blended cash cost $77,573/ BTC; ~$61k/ BTC owned vs ~$98k/ BTC leased) and reduce reliance on leased capacity, while preserving liquidity (12/31/25 cash $27.8M, digital assets $149.3M, $24.1M collateral receivables, 1,778 BTC at year‑end and 1,830 BTC as of 2/28/26, pledged BTC down to 274 from 633, and $85M available on a $100M revolver) and targeting disciplined, return‑focused capacity additions rather than leveraged growth.BitFuFu Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
65
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 374.11M | 463.33M | 284.11M | 198.20M | 103.04M | 1.23M |
| Gross Profit | 26.47M | 29.72M | 12.71M | 36.23M | 9.03M | 139.72K |
| EBITDA | 52.39M | 92.69M | 42.71M | 22.45M | 5.53M | 0.00 |
| Net Income | 41.80M | 53.96M | 10.49M | 2.44M | 4.93M | -1.11M |
Balance Sheet | ||||||
| Total Assets | 500.34M | 377.68M | 210.03M | 198.34M | 116.30M | 1.38M |
| Cash, Cash Equivalents and Short-Term Investments | 32.63M | 38.20M | 32.01M | 60.43M | 13.31M | 0.00 |
| Total Debt | 191.51M | 34.95M | 0.00 | 109.44M | 0.00 | 0.00 |
| Total Liabilities | 282.19M | 215.22M | 192.70M | 191.50M | 111.46M | 1.47M |
| Stockholders Equity | 218.15M | 162.46M | 17.33M | 6.84M | 4.83M | -92.17K |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -236.74M | -196.04M | -22.12M | 180.31K | 0.00 |
| Operating Cash Flow | 0.00 | -219.87M | -195.97M | -7.44M | 15.93M | 0.00 |
| Investing Cash Flow | 0.00 | 167.93M | 176.90M | 56.67M | -2.61M | 0.00 |
| Financing Cash Flow | 0.00 | 65.05M | -9.35M | -2.11M | 0.00 | 0.00 |
BitFuFu Technical Analysis
Neutral
2.44
Price Trends
2.30
Positive
2.60
Negative
3.13
Negative
Market Momentum
-0.05
Negative
58.98
Neutral
88.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUFU, the sentiment is Neutral. The current price of 2.44 is above the 20-day moving average (MA) of 1.99, above the 50-day MA of 2.30, and below the 200-day MA of 3.13, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 58.98 is Neutral, neither overbought nor oversold. The STOCH value of 88.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FUFU.
BitFuFu Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $376.25M | -7.54 | -33.34% | ― | 29.96% | 66.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
47 Neutral | $82.59M | -2.63 | -32.04% | 1.65% | 482.50% | 82.04% | |
46 Neutral | $470.27M | -60.68 | -11.98% | ― | 9.52% | 496.04% | |
44 Neutral | $1.05B | -9.98 | -2.75% | ― | ― | ― | |
42 Neutral | $43.85M | -7.15 | -152.67% | ― | 8.60% | ― | |
39 Underperform | $7.82M | -0.41 | ― | ― | -13.86% | -32.19% |
* Financial Sector Average
FUFU
BitFuFu
2.44
-1.98
-44.80%
BTCS
BTCS
1.71
0.24
16.09%
ABTC
American Bitcoin Corp
1.03
0.25
32.05%
BTBT
Bit Digital
1.51
-0.25
-14.20%
ARBK
Argo Blockchain
3.00
-71.46
-95.97%
BTM
Bitcoin Depot
3.69
-5.48
-59.76%
BitFuFu Corporate Events
BitFuFu Posts December 2025 Bitcoin Output and Liquidity Gains
Jan 7, 2026
On January 7, 2026, BitFuFu reported unaudited Bitcoin production and operational metrics for December 2025, during which it produced 188 BTC, including 151 BTC from cloud mining and 37 BTC from self-mining, and held a total of 1,780 BTC, up 16 BT...
BitFuFu Reports November 2025 Bitcoin Production and Strategic Upgrades
Dec 5, 2025
In November 2025, BitFuFu Inc. reported a strategic shift in its operations, accelerating the sale of older S19 series miners and replacing them with next-generation S21 miners. This transition temporarily reduced their total hashrate under manage...
BitFuFu Reports Strong Q3 2025 Financial Results with 100% Revenue Growth
Nov 12, 2025
BitFuFu Inc. announced its unaudited financial results for the third quarter of 2025, revealing a significant year-over-year revenue growth of 100.1% to $180.7 million. This growth was driven by increased demand for cloud-mining solutions and mini...
BitFuFu Reports October 2025 Bitcoin Production and Operational Updates
Nov 5, 2025
In October 2025, BitFuFu Inc. experienced fluctuations in its managed hashrate due to the expiration of a third-party contract, while maintaining its self-owned hashrate. The company produced 253 BTC, with a decrease in total hashrate under manage...
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.