BitFuFu (FUFU)
NASDAQ:FUFU
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BitFuFu
(NASDAQ:FUFU)
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Rating:45Neutral
Price Target:
$2.00
▼(-19.03% Downside)
Action:ReiteratedDate:05/02/26
The score is primarily constrained by weak financial performance—especially persistent, heavy cash burn and a 2025 swing to losses alongside higher leverage. The earnings call adds some support due to clear operational priorities and cloud-mining momentum, but technicals are only neutral-to-weak and valuation is difficult to justify with a negative P/E and no dividend data.
Positive Factors
Cloud-mining Recurring Revenue
A large, fast-growing cloud-mining revenue base (74% of 2025 sales) and positive adjusted EBITDA imply a shift to more recurring, contractually-backed service revenue. That increases revenue predictability, customer lock-in via registered users/net retention, and lowers dependence on volatile spot BTC mining economics over the medium term.
Negative Factors
Persistent Negative Cash Flow
Sustained, sizable operating and free cash flow deficits indicate the business has structural cash-generation issues. That elevates funding risk for fleet upgrades and capacity additions, forces reliance on secured borrowing or asset sales, and constrains sustainable investment pacing across bitcoin cycles over the next several quarters.
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Positive Factors
Negative Factors
Cloud-mining Recurring Revenue
A large, fast-growing cloud-mining revenue base (74% of 2025 sales) and positive adjusted EBITDA imply a shift to more recurring, contractually-backed service revenue. That increases revenue predictability, customer lock-in via registered users/net retention, and lowers dependence on volatile spot BTC mining economics over the medium term.
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BitFuFu (FUFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$359.60M
Dividend YieldN/A
Average Volume (3M)219.15K
Price to Earnings (P/E)―
Beta (1Y)1.08
Revenue Growth3.07%
EPS Growth-157.38%
CountryUS
Employees34
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.26
Shares Outstanding31,482,302
10 Day Avg. Volume269,706
30 Day Avg. Volume219,145
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)3.01
Price to Sales (P/S)0.91
P/FCF Ratio-3.08
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue1.21
Enterprise Value/Gross Profit17.14
Enterprise Value/Ebitda8.66
Forecast
1Y Price Target
$3.50Price Target Upside41.70% 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 primarily makes money through two core revenue streams: (1) Self-mining: the company deploys and operates bitcoin mining hardware to mine Bitcoin for its own account, earning bitcoin block rewards and transaction fees (denominated in BTC) ...
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
44
Neutral
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 374.11M | 475.77M | 463.33M | 284.11M | 198.20M | 103.04M |
| Gross Profit | 26.47M | 28.93M | 29.72M | 12.71M | 36.23M | 9.03M |
| EBITDA | 52.39M | 40.59M | 92.69M | 42.71M | 22.45M | 5.53M |
| Net Income | 41.80M | -31.25M | 53.96M | 10.49M | 2.44M | 4.93M |
Balance Sheet | ||||||
| Total Assets | 500.34M | 357.58M | 377.68M | 210.03M | 198.34M | 116.30M |
| Cash, Cash Equivalents and Short-Term Investments | 32.63M | 28.28M | 38.20M | 32.01M | 60.43M | 13.31M |
| Total Debt | 191.51M | 113.16M | 34.95M | 0.00 | 109.44M | 0.00 |
| Total Liabilities | 282.19M | 207.98M | 215.22M | 192.70M | 191.50M | 111.46M |
| Stockholders Equity | 218.15M | 144.10M | 162.46M | 17.33M | 6.84M | 4.83M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -140.99M | -236.74M | -196.04M | -22.12M | 180.31K |
| Operating Cash Flow | 0.00 | -112.93M | -219.87M | -195.97M | -7.44M | 15.93M |
| Investing Cash Flow | 0.00 | 89.84M | 167.93M | 176.90M | 56.67M | -2.61M |
| Financing Cash Flow | 0.00 | 5.74M | 65.05M | -9.35M | -2.11M | 0.00 |
BitFuFu Technical Analysis
Neutral
2.47
Price Trends
2.28
Positive
2.59
Negative
3.12
Negative
Market Momentum
0.03
Negative
58.60
Neutral
85.21
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 2.47 is above the 20-day moving average (MA) of 2.02, above the 50-day MA of 2.28, and below the 200-day MA of 3.12, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.60 is Neutral, neither overbought nor oversold. The STOCH value of 85.21 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 | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
51 Neutral | $104.53M | -0.36 | -32.04% | 1.65% | 311.39% | -1098.01% | |
50 Neutral | $1.24B | -6.43 | -52.95% | ― | 608.29% | 71.80% | |
46 Neutral | $548.65M | -0.81 | -11.98% | ― | 5.10% | -242.85% | |
45 Neutral | $359.60M | -1.09 | -33.34% | ― | 3.07% | -157.38% | |
45 Neutral | $73.31M | -7.15 | -152.67% | ― | 7.17% | ― | |
39 Underperform | $7.80M | -0.41 | ― | ― | ― | ― |
* Financial Sector Average
FUFU
BitFuFu
2.16
-1.30
-37.57%
BTCS
BTCS
2.10
0.46
27.97%
ABTC
American Bitcoin Corp
1.17
-0.74
-38.74%
BTBT
Bit Digital
1.68
-0.33
-16.42%
ARBK
Argo Blockchain
3.60
-81.78
-95.78%
BTM
Bitcoin Depot
6.46
-3.41
-34.55%
BitFuFu Corporate Events
BitFuFu Posts March 2026 Bitcoin Production, Tweaks Mining Fleet for Efficiency
Apr 10, 2026
BitFuFu reported unaudited operating metrics for March 2026 on April 10, detailing Bitcoin production, hashrate and power capacity across its self-mining and cloud mining businesses. The company produced 214 BTC in the month, ended March with 1,79...
BitFuFu Posts 2025 Loss Despite Revenue Growth as Cloud Mining Surges
Mar 20, 2026
On March 20, 2026, BitFuFu reported preliminary, unaudited results for 2025 showing total revenue rose 2.7% year over year to $475.8 million, as strong growth in cloud mining, equipment sales and hosting offset weaker self-mining revenue amid high...
BitFuFu Posts February 2026 Bitcoin Output, Tightens Balance Sheet Amid Softer Market
Mar 5, 2026
On March 5, 2026, BitFuFu reported unaudited Bitcoin production and operational metrics for February 2026, highlighting its dual focus on self-mining and cloud-mining amid a softer Bitcoin price environment. The company ended February with 1,830 B...
BitFuFu Posts Strong January 2026 Bitcoin Production and Capacity Growth
Feb 5, 2026
On February 5, 2026, BitFuFu reported unaudited operational metrics for January 2026, showing a solid expansion of its Bitcoin mining operations despite recent price volatility. As of January 31, 2026, the company held 1,796 BTC, up 16 BTC from th...
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.