BitFuFu Reports Unaudited Second Quarter 2026 Financial Results

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BitFuFu Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
*(In thousands, except share and per share data)*

	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

Total revenues		42,760			115,395			115,420			193,439

Cost of revenues
Cost of revenues incurred to a related party		(18,268	)		(58,989	)		(40,095	)		(89,002	)
Cost of revenues incurred to third parties		(23,112	)		(36,153	)		(69,990	)		(71,663	)
Cost of revenues – depreciation and amortization		(2,339	)		(7,401	)		(5,920	)		(13,462	)
Total cost of revenues		(43,719	)		(102,543	)		(116,005	)		(174,127	)

Gross (loss)/profit		(959	)		12,852			(585	)		19,312

Operating expenses
Sales and marketing expenses		(1,190	)		(647	)		(1,561	)		(1,107	)
General and administrative expenses		(2,209	)		(2,088	)		(4,104	)		(4,093	)
Research and development expenses		(517	)		(387	)		(946	)		(751	)
Credit loss provision for receivables		(165	)		–			(165	)		–
Changes in fair value of digital asset receivables or payables		1,953			8,340			(3,003	)		5,170
Changes in fair value of digital assets		(18,824	)		35,068			(49,494	)		17,500
Total operating (expenses)/income		(20,952	)		40,286			(59,273	)		16,719

Operating (expense)/income		(21,911	)		53,138			(59,858	)		36,031

Investment income		16			114			22			250
Interest expense		(821	)		(2,170	)		(1,764	)		(4,283	)
Interest income		147			597			279			1,092
Other expenses, net		(76	)		(143	)		(250	)		(143	)
(Loss)/income before income taxes		(22,645	)		51,536			(61,571	)		32,947
Income tax benefit/(expense)		2,103			(4,395	)		6,078			(2,620	)
Net (loss)/income and total comprehensive (loss)/income		(20,542	)		47,141			(55,493	)		30,327
Less: Net income attributable to non-controlling interests		(9	)		(16	)		(25	)		(74	)
Total comprehensive (loss)/income attributable to ordinary shareholders of BitFuFu		(20,551	)		47,125			(55,518	)		30,253

Earnings per share:
Ordinary shares – basic ($)		(0.12	)		0.29			(0.33	)		0.19
Ordinary shares –diluted ($)		(0.12	)		0.28			(0.32	)		0.18

Weighted average shares outstanding used in calculating basic and diluted earnings per share:
Ordinary shares – basic		166,916,728			163,265,449			166,916,728			163,186,914
Ordinary shares – diluted		172,168,703			168,647,741			172,168,703			168,569,206

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BitFuFu Inc.
Condensed Consolidated Balance Sheets (Unaudited)
*(In thousands)*

	June 30,		December 31,
	2026		2025

ASSETS
Current assets:
Cash and cash equivalents		22,220		27,761
Digital assets		97,323		149,289
Digital assets collateral receivable		3,146		24,075
Accounts receivable, net		6,766		12,326
Amount due from related parties		68,856		75,019
Prepayments		16,267		26,042
Inventory		–		145
Financial assets held for trading		1,290		521
Other current assets, net		6,847		9,358
Total current assets		222,715		324,536

Non-current assets:
Equipment, net		18,195		20,672
Goodwill		4,235		4,235
Deferred tax assets, net		12,310		7,524
Operating lease right of use assets, net		315		436
Long term investment		570		177
Total non-current assets		35,625		33,044

Total assets		258,340		357,580

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payables		2,484		4,659
Contract liabilities		30,981		50,573
Long term loan – current portion		2,000		15,000
Accrued expenses and other payables		14,117		16,060
Obligation to return collateral digital assets		6		3,349
Amount due to a related party		2,640		6,803
Taxes payable		349		1,792
Operating lease liabilities, current		257		251
Total current liabilities		52,834		98,487

Non-current liabilities:
Long-term loans		3,400		–
Long-term payable		93,364		94,364
Deferred tax liabilities, net		14,307		14,928
Operating lease liabilities, non-current		65		197
Total non-current liabilities		111,136		109,489

Total liabilities		163,970		207,976

Total shareholders’ equity		94,370		149,604

Total liabilities and stockholders’ equity		258,340		357,580

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BitFuFu Inc.
Unaudited Reconciliation of GAAP and non-GAAP Results
*(In thousands)*

	Three months ended June 30,					Six months ended June 30,
	2026			2025		2026			2025
Net (loss)/income		(20,542	)		47,141		(55,493	)		30,327
(Minus)/Add: Income tax (benefit)/expense		(2,103	)		4,395		(6,078	)		2,620
Add: Interest expenses, net		674			1,573		1,485			3,191
Add: Depreciation and amortization		2,339			7,401		5,920			13,462
Add: Credit loss provision for receivables		165			–		165			–
Add: Share-based Compensation		1,067			175		1,163			299
Adjusted EBITDA		(18,400	)		60,685		(52,838	)		49,899