BitFuFu, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $78 million, a 46% YoY decrease from $144.4 million in Q1 2024, mainly due to the April 2024 Bitcoin halving event and temporary disruptions in hashrate procurement.
  • Net Loss: $16.8 million, compared to a profit last year, primarily due to a $19.4 million unrealized fair value loss on digital assets and related collateral.
  • Adjusted EBITDA: -$10.8 million; however, excluding noncash valuation losses, adjusted EBITDA would have been approx. $8.6 million, reflecting core operating strength.
  • Mining Capacity:
    • Ended Q1 2025: 20.6 EH/s
    • Rebounded by April 30 to: 28.3 EH/s (nearly matching Q1 2024 levels)
    • May 31: Achieved 34.1 EH/s, driven by deployment of Antminer S21 hardware
  • Hosting Capacity: Declined to 478 megawatts from 644 megawatts as of March 31, 2024, due to expired contracts and supplier fleet upgrades/relocations.
  • Cloud Mining Revenue Share: Approximately 69% of total revenue, reflecting strategic allocation amid strong customer demand.
  • Segment Capacity Allocation in Q1 2025:
    • Self-owned miners: 86% to self-mining, 14% to cloud mining
    • Leased miners: 88% to cloud mining, 12% to self-mining

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Operator: Good day, and thank you for standing by. Welcome to BitFuFu's First Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Charlie Brady. Please go ahead. Charles Damien Brady: Thank you, operator. Good morning, ladies and gentlemen, and welcome to BitFuFu's First Quarter 2025 Earnings Call. The company's financial results were released earlier today and are available on BitFuFu Investor Relations website at ir.bitfufu.com as well as on the globenewswire.com website. Joining me today on the call are Leo Lu, Chairman and CEO; and Calla Zhao, Chief Financial Officer. Before we begin, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities and Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from management's current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in the company's public filings with the SEC. The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law. We will be discussing non-GA

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