BitFuFu Inc. reported strong Q2 results with revenue up 69.7% to $129.4 million

From GlobeNewswire: 2024-08-20 07:05:00

BitFuFu Inc. (NASDAQ: FUFU) reported strong Q2 2024 results with hosting capacity of 522 MW and total mining capacity of 24.7 EH/s. Cloud-mining users increased to 395,056. BTC production from self-mining decreased to 780 BTCs. Revenue reached $129.4 million, up 69.7% from 2023, with net income at $1.3 million. Adjusted EBITDA was $8.3 million.

Cloud-mining revenue was $77.0 million, up 66.8%, while self-mining revenue increased to $51.1 million. Costs of revenue rose to $118.4 million. Sales and marketing expenses were $0.6 million, and general and administrative expenses were $1.4 million. Net income was $1.3 million, and adjusted EBITDA was $8.3 million, down 39.6% from 2023.



Read more at GlobeNewswire:: BitFuFu Reports Unaudited Second Quarter 2024 Financial