First Quarter 2026 Financial Highlights
Total revenue was $72.7 million, a decrease of 6.8% from $78.0 million in the same period of 2025.
Three Months Ended March 31,
2026
2025
Category ($ in millions)
Revenue
% ofRevenue
Revenue
% ofRevenue
Cloud Mining Solutions
$
57.5
79.1
%
$
53.7
68.8
%
Self-Mining Operations
11.4
15.7
%
17.6
22.6
%
Mining Equipment Sales
-
0.0
%
6.0
7.7
%
Hosting Revenue and Others
3.8
5.2
%
0.7
0.9
%
Total Revenue
$
72.7
100.0
%
$
78.0
100.0
%
Net loss was $35.0 million, compared to net loss of $16.9 million in the same period of 2025.
Adjusted EBITDA (a non-GAAP metric) was negative $34.4 million, which was significantly impacted by non-cash fair value loss of $35.6 million resulting from the decrease in the price of Bitcoin. This compared to negative $10.8 million in the same period of 2025, which included a fair value loss of $20.7 million.
Combined balance of cash and cash equivalents and digital assets1 were $141.5 million as of March 31, 2026, compared to $177.1 million as of December 31, 2025.
"During the first quarter, we continued to execute our dual-engine model, with Cloud Mining Solutions generating $57.5 million of revenue, representing approximately 79% of total revenue, while we expanded hashrate under management to 25.9 EH/s. While lower Bitcoin prices weighed on reported results through a fair value loss, we remained disciplined on cost, procurement, and capital allocation, and ended the quarter with a combined $141.5 million of cash and digital assets, which included 1,794 BTC on our balance sheet, preserving the flexibility to navigate volatility and invest through the cycle. Operationally, we continued improving fleet efficiency and optimizing our mining portfolio, including disposing of older-generation machines and managing our Bitcoin position in line with our treasury strategy, as we work toward refreshing capacity over time with newer, more energy-efficient equipment," said Leo Lu, Chief Executive Officer and Chairman of the Board.
1
The BTC collateral receivables are not included in the balance of digital assets; and BTC was measured at fair value in the Company's financials for the quarter ended March 31, 2026.
First Quarter 2026 Operational Highlights
Total hashrate increased by 25.7% to 25.9 EH/s as of March 31, 2026, compared to 20.6 EH/S as of March 31, 2025.
Power capacity was 457 MW as of March 31, 2026, compared to 478 MW as of March 31, 2025.
Bitcoin ("BTC") held by the Company decreased by 2.2% to 1,794 BTCs as of March 31, 2026, compared to 1,835 BTCs as of March 31, 2025.
As of March 31,
Metric
2026
2025
Power capacity (MW)
457
478
Total hashrate under management (EH/s)(1)
25.9
20.6
BTC Holdings(2)
1,794
1,835
Three Months EndedMarch 31,
2026
2025
BTC Produced
From BitFuFu self-mining operations
151
186
By customers from cloud-mining solutions(3)
520
537
Average BTC produced per day by customers and BitFuFu
7.5
8.0
(1)
Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hashrates are estimated based on the manufacturers' specifications.
(2)
Includes 357 BTC as collateral for loans and miner procurement payables and excludes BTC produced or pledged by cloud-mining customers.
(3)
Defined as the amount of BTC that was produced during the period by customers using hashrate purchased from cloud-mining solutions.
First Quarter 2026 Financial Review
Revenue
Total revenue in the first quarter of 2026 was $72.7 million, representing a decrease of 6.8% from $78.0 million in the same period of 2025, primarily due to the decline in Self-Mining revenue and Mining Equipment Sales revenue, partially offset by the increase in Cloud Mining Solutions and Hosting revenue.
Revenue from Cloud Mining Solutions was $57.5 million in the first quarter of 2026, representing an increase of 7.1% from $53.7 million in the same period of 2025. The year-over-year increase was primarily driven by higher hashrate allocation to fulfill cloud mining solutions contracts carried over from 2025, partially offset by lower average selling prices due to declining BTC prices and weaker market sentiment. BitFuFu realized a net dollar retention rate of 85.7% for the first quarter of 2026, which was calculated by dividing the amount of recurring revenue in the first quarter of 2026 by the amount of revenue in the first quarter of 2025.
Revenue from Bitcoin self-mining operations in the first quarter of 2026 was $11.4 million, compared with $17.6 million in the same period of 2025. The year-over-year change primarily reflected higher blockchain network difficulty, which drove a 20.9% reduction in average daily BTC earnings per tera-hash, and an 18.2% decline in the average BTC price to $76,500 in the first quarter of 2026 from $93,500 in the first quarter of 2025.
Revenue from mining equipment sales was nil in the first quarter of 2026, compared with $6.0 million in the same period of 2025, driven by lower customer demand amid Bitcoin price uncertainty and broader market sentiment.
Revenue from Hosting and Other was $3.8 million in the first quarter of 2026 compared with $0.7 million in the first quarter of 2025. The year-over-year increase was primarily driven by the introduction of our Buy and Host one-stop solution following the 2025 acquisition of a mining facility.
Cost of Revenue
Cost of revenue in the first quarter of 2026 was $72.3 million, an increase of 1.0% from $71.6 million in the first quarter of 2025, despite a 6.8% year-over-year decline in revenue. The increase was driven by higher third-party hashrate costs for hashrate procured prior to the Bitcoin price decline in the fourth quarter of last year, which pressured self-mining margins amid lower Bitcoin prices this year.
Operating Expenses
Sales and marketing expenses, general and administrative expenses, and research and development expenses in the first quarter of 2026 were $0.4 million, $1.9 million and $0.4 million, respectively, approximately in line with the same period of 2025.
The Company recognized a $35.6 million fair value loss on digital assets and digital asset receivables or payables in the first quarter of 2026, reflecting higher volatility and downward pressure on Bitcoin prices during the period. By comparison, the Company recognized a $20.7 million fair value loss in the first quarter of 2025.
Net Loss
Net loss in the first quarter of 2026 was $35.0 million, compared to the net loss of $16.9 million in the same period of 2025.
Adjusted EBITDA
Adjusted EBITDA in the first quarter of 2026 was negative $34.4 million, compared to ...
