SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) — BitFuFu Inc. (NASDAQ: FUFU) (BitFuFu or the Firm), a fast-growing digital asset mining service and world-leading cloud-mining service supplier, at the moment reported its unaudited monetary and operational outcomes for the quarter ended September 30, 2024.
Third Quarter 2024 Operational Highlights
- Internet hosting capability of 556 MW diversified throughout 17 websites on three continents, in contrast with 339 MW throughout 16 websites on two continents throughout the identical interval of 2023.
- Complete (EPA:) mining capability below administration elevated 88.5% to 26.2 EH/s, in comparison with 13.9 EH/s throughout the identical interval of 2023.
- Cloud-mining registered customers elevated 75.3% to 455,764 as of September 30, 2024, from 259,929 as of September 30, 2023.
- (BTC) manufacturing from self-mining operations decreased 34.0% to 340 BTCs from 515 BTCs in the identical interval of 2023.
- BTC manufacturing by clients from cloud-mining options decreased 40.7% to 957 BTCs from 1,614 BTCs in the identical interval of 2023.
- Price to mine BTC1 from self-mining operations averaged US$59,452 per BTC, in comparison with US$25,618 per BTC in the identical interval of 2023.
Strategic Transition: Constructing a Numerous and Strong Portfolio of BTC Mining Infrastructure
- BitFuFu started the transition from an asset-light technique to 1 that manages a various and strong portfolio of BTC mining infrastructure with the definitive settlement entered into in October 2024 to amass a 51.25% stake in an 80-MW Bitcoin mining facility in Ethiopia.
- The mining facility is working easily and affords energy prices averaging beneath US$0.04 per kilowatt-hour, additional optimizing the Firm’s general vitality and internet hosting price construction.
- With nearly all of BitFuFu’s mining infrastructure presently based mostly in the USA, this acquisition strengthens the Firm’s aggressive benefits within the worldwide market and additional expands its footprint globally.
| 1 | Consists of all direct prices comparable to electrical energy charges, internet hosting charges and bought hash charge price, however excludes depreciation. |
| As of September 30, | ||||||||
| Metric | 2024 | 2023 | ||||||
| Internet hosting capability (MW) | 556 | 339 | ||||||
| Complete mining capability below administration (EH/s) 2 | 26.2 | 13.9 | ||||||
| Cloud-mining registered Customers | 455,764 | 259,929 | ||||||
| Three Months Ended September 30, |
||||||||
| 2024 | 2023 | |||||||
| BTC Produced | ||||||||
| From BitFuFu self-mining operations | 340 | 515 | ||||||
| By clients from cloud-mining options 3 | 957 | 1,614 | ||||||
| Common BTC produced per day by clients and BitFuFu | 14.1 | 23.1 | ||||||
| Common miner effectivity (J/TH) | 21.1 | 24.4 | ||||||
| 2 | Outlined because the hash charge that would theoretically be generated if all miners which were energized are presently in operation together with miners which may be quickly offline. Hash charges are estimates based mostly on the producers’ specs. | |
| 3 | Outlined as the quantity of BTC that was produced throughout the interval by clients utilizing mining capability bought from cloud-mining options. |
Third Quarter 2024 Monetary Highlights
- Complete income was US$90.3 million, representing a rise of 47.5% from US$61.2 million in the identical interval of 2023.
- Income from cloud-mining options was US$68.9 million, a rise of 51.4% from US$45.5 million in the identical interval of 2023.
- Inside income from cloud-mining options, recurring income from clients who have been lively throughout the identical interval of final 12 months was US$43.5 million, accounting for 63.1%.
- Income from Bitcoin self-mining operations was US$20.5 million, a rise of 40.4% from US$14.6 million in the identical interval of 2023.
- Web loss was US$5.0 million, in comparison with US$2.7 million in the identical interval of 2023. Web loss included share-based compensation bills of US$4.3 million.
- Adjusted EBITDA (a non-GAAP metric) was US$5.8 million, a rise of 48.1% from US$3.9 million in the identical interval of 2023.
- Mixed steadiness of money, money equivalents, and digital belongings have been US$142.7 million as of September 30, 2024, in contrast with US$76.0 million as of December 31, 2023.
The third quarter was the primary full quarter following the Bitcoin halving occasion in late April, which lowered the Bitcoin block subsidy from 6.25 to three.125 Bitcoin per block, mentioned Leo Lu, Chairman and Chief Government Officer. Regardless of the halving occasion, BitFuFu had one other profitable quarter producing optimistic adjusted EBITDA. Actually, I’m proud to say that the third quarter of 2024 is the eleventh consecutive quarter BitFuFu has generated optimistic adjusted EBITDA. This consistency demonstrates the profitability and resilience of our enterprise mannequin, no matter whether or not the worth of Bitcoin is in a bear or bull market.
BitFuFu’s concentrate on strategic investments in vertical integration, securing long-term hash charge, and increasing our geographic footprint is making a stronger, extra environment friendly enterprise that may thrive in numerous situations and drive sustainable, long-term worth for our shareholders.
Third Quarter 2024 Monetary Outcomes
Income
Complete income within the third quarter of 2024 was US$90.3 million, representing a rise of 47.5% from US$61.2 million in the identical interval of 2023, pushed by progress in cloud-mining options and self-mining operations.
Income from cloud-mining options within the third quarter of 2024 was US$68.9 million, representing a rise of 51.4% from US$45.5 million in the identical interval of 2023, as a consequence of will increase in purchases of cloud-mining providers from each current clients and new clients acquired within the previous twelve months. Within the third quarter of 2024, recurring income from clients who have been lively in the identical interval of 2023 was US$43.5 million, accounting for 63.1% of income from cloud-mining options. Income from new clients acquired after September 30, 2023, was US$25.4 million, accounting for 36.9% of income from cloud-mining options. BitFuFu realized a internet greenback retention charge of 95.6% for the third quarter of 2024, which was calculated by dividing the quantity of recurring income within the third quarter of 2024 by the quantity of income in the identical interval of 2023, reflecting sturdy buyer satisfaction and loyalty and the Firm’s skill to keep up a considerable portion of income from current clients, important for driving long-term sustainable progress.
Income from Bitcoin self-mining operations within the third quarter of 2024 was US$20.5 million, representing a rise of 40.4% from US$14.6 million in the identical interval of 2023. The rise was largely pushed by a 113.0% year-over-year rise within the common worth of Bitcoin, contributing an extra US$10.9 million. This was partially offset by a 34.0% year-over-year lower in BTC produced from 515 BTCs throughout the identical interval final 12 months to 340 BTCs throughout the third quarter of 2024. The lower in BTC manufacturing was primarily as a consequence of elevated blockchain issue following the April 2024 Bitcoin halving and the migration of self-owned mining machines from high-cost to low-cost internet hosting amenities which resulted in short-term off-rack durations and lowered uptime. This migration finally positions the Firm for higher long-term effectivity and profitability.
Income from internet hosting providers within the third quarter of 2024 was US$0.6 million, in comparison with US$1.1 million in the identical interval of 2023. The lower was primarily because of the short-term suspension or termination of internet hosting providers by clients evaluating the profitability of their miners following the April 2024 BTC halving.
Within the third quarter of 2024, cloud-mining options accounted for 76.3% of whole income, Bitcoin self-mining operations accounted for 22.7%, and internet hosting providers and others accounted for 1.0%.
Price of Income
Price of income within the third quarter of 2024 was US$89.4 million, representing a rise of 46.1% from US$61.2 million in the identical interval of 2023. The rise was in keeping with the rise in whole income and was primarily as a consequence of prices related to the growth of the Firm’s cloud-mining options and self-mining operations.
Working Bills
Gross sales and advertising and marketing bills within the third quarter of 2024 have been US$1.5 million, a rise from US$0.4 million in the identical interval of 2023. Gross sales and advertising and marketing bills included share-based compensation bills of US$1.2 million, in comparison with nil throughout the identical interval final 12 months.
Basic and administrative bills within the third quarter of 2024 have been US$2.4 million, a rise from US$0.7 million in the identical interval of 2023, partially as a consequence of a US$0.3 million enhance in authorized and different consulting bills related to the growth of the Firm’s enterprise improvement actions and a US$0.2 million enhance in workers prices. Basic and administrative bills included share-based compensation bills of US$0.8 million, in comparison with nil throughout the identical interval final 12 months.
Analysis and improvement bills within the third quarter of 2024 have been US$2.6 million, a rise from US$0.4 million in the identical interval of 2023. Analysis and improvement bills included share-based compensation bills of US$2.3 million, in comparison with nil throughout the identical interval final 12 months.
There have been no impairment losses on digital belongings throughout the quarter, in comparison with US$1.9 million throughout the identical interval of 2023.
Starting January 1, 2024, the Firm carried out the early adoption of FASB truthful worth accounting guidelines, ASU No. 2023-08, Accounting for and Disclosure of Crypto Property. The Firm acknowledged a non-cash truthful worth lack of US$0.6 million on BTC, reflecting an unfavorable mark-to-market adjustment of BTC worth within the third quarter of 2024.
Because of the enhance within the quantity of BTC bought within the third quarter of 2024, the Firm acknowledged a US$2.2 million acquire on the sale of digital belongings, in comparison with US$1.4 million throughout the third quarter of 2023. The remaining BTC held by the Firm is being retained for additional potential capital appreciation.
Web Loss
Web loss within the third quarter of 2024 was US$5.0 million, in comparison with a internet lack of US$2.7 million in the identical interval of 2023. Web loss included share-based compensation bills of US$4.3 million, in contrast nil throughout the identical interval final 12 months.
Fundamental and Diluted Loss per Share
Fundamental and diluted loss per share was US$0.03, in comparison with fundamental and diluted loss per share of US$0.02 in the identical interval of 2023.
Adjusted EBITDA
Adjusted EBITDA within the third quarter of 2024 was US$5.8 million, in comparison with US$3.9 million in the identical interval of 2023. The rise was primarily as a consequence of a lowered opposed impression from BTC worth fluctuations on the carrying worth of digital belongings throughout the third quarter of 2024, in comparison with the identical interval of 2023.
Liquidity and Capital Sources
As of September 30, 2024, the Firm had money, money equivalents and digital belongings of US$142.7 million, in contrast with US$76.0 million as of December 31, 2023. The rise was primarily as a consequence of funds raised in reference to the Firm’s enterprise mixture and itemizing on NASDAQ in March 2024 and BTC mined and acquired from enterprise operations within the first three quarters of 2024. The Firm held 1,638 BTC as of September 30, 2024.
Convention Name Particulars
The Firm’s administration group will maintain an earnings convention name at 8:00 A.M. U.S. Japanese Time on Tuesday, November 5, 2024 (9:00 P.M. Singapore Time on the identical day).
All members should register upfront of the convention name utilizing the hyperlink supplied beneath. Upon registration, every participant will obtain a affirmation e-mail containing dial-in numbers and a singular entry PIN, which shall be used to hitch the convention name.
Registration Hyperlink: https://register.vevent.com/register/BI75d6d626a29642fbb45424149d63243f
Moreover, a reside and archived webcast of the convention name may also be accessible on the Firm’s investor relations web site at https://ir.bitfufu.com/.
About BitFuFu
BitFuFu is a fast-growing digital asset mining service and world-leading cloud-mining service supplier. BitFuFu acquired early funding from Bitmain, a world-leading digital asset mining {hardware} producer, and stays Bitmain’s sole strategic accomplice within the cloud mining area.
BitFuFu is devoted to fostering a safe, compliant, and clear blockchain infrastructure, offering a wide range of steady and clever digital asset mining options to a world buyer base. Leveraging its increasing world mining facility community and strategic partnership with Bitmain, BitFuFu permits institutional clients and digital asset fanatics to mine digital belongings effectively.
For extra info, please go to https://ir.bitfufu.com.
Non-GAAP Monetary Measure
BitFuFu makes use of and considers Adjusted EBITDA, a non-GAAP monetary measure, as a supplemental metrics in reviewing and evaluating its efficiency. BitFuFu defines Adjusted EBITDA as (1) GAAP internet revenue/loss, plus (2) changes so as to add again/(subtract) curiosity expense/(revenue), revenue tax expense/(profit), depreciation and amortization, share-based compensation; and (3) changes for non-recurring objects, if any. BitFuFu believes that this non-GAAP monetary measure supplies helpful info to buyers and others in understanding and evaluating the consolidated monetary ends in the identical method as its administration and in evaluating monetary outcomes throughout accounting durations. Nevertheless, non-GAAP monetary measures usually are not outlined below GAAP and usually are not offered in accordance with GAAP. Non-GAAP monetary measures have limitations as analytical instruments, which presumably don’t replicate all objects of expense that have an effect on the Firm’s operations. BitFuFu’s calculation of Adjusted EBITDA could also be totally different from the calculation strategies of different firms, and subsequently, the comparability of such measure could also be restricted. As well as, this non-GAAP monetary measure adjusts for the impression of things that BitFuFu doesn’t think about indicative of the operational efficiency of its enterprise and shouldn’t be thought of in isolation or construed as a substitute for internet revenue/loss or another measure of efficiency or as an indicator of its future efficiency. The presentation of this non-GAAP monetary measure isn’t supposed to be thought of in isolation or as an alternative to the monetary info ready and offered in accordance with GAAP.
For extra info on the non-GAAP monetary measure, please see the desk captioned Unaudited Reconciliation of GAAP and non-GAAP Outcomes set forth on the finish of this launch. BitFuFu encourages you to assessment its monetary info in its entirety and never depend on a single monetary measure.
Ahead-Wanting Statements
This press launch consists of forward-looking statements inside the that means of the secure harbor provisions of the USA Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by means of phrases comparable to estimate, plan, undertaking, forecast, intend, will, anticipate, anticipate, consider, search, goal or different related expressions that predict or point out future occasions or tendencies. Statements that aren’t historic information, together with statements in regards to the Firm’s beliefs and expectations, the transition within the Firm’s methods and the impact of such transition, are forward-looking statements. These statements are based mostly on numerous assumptions, whether or not or not recognized on this press launch, and on the present expectations of BitFuFu’s administration and usually are not predictions of precise efficiency. These statements contain dangers, uncertainties and different elements which will trigger BitFuFu’s precise outcomes, ranges of exercise, efficiency, or achievements to be materially totally different from these expressed or implied by these forward-looking statements. Though the Firm believes that it has an inexpensive foundation for every forward-looking assertion contained on this press launch, the Firm cautions you that these statements are based mostly on a mix of information and elements presently recognized and projections of the long run, that are inherently unsure. The introduced outcomes of the third quarter of 2024 are preliminary and topic to changes. All info supplied on this press launch is as of the date of this press launch and the Firm doesn’t undertake any responsibility to replace such info, besides as required below relevant regulation.
For investor and media inquiries, please contact:
Investor Relations
Charley Brady
Vice President, Investor Relations
ir@bitfufu.com
Christensen Advisory
bff@christensencomms.com
| BitFuFu Inc. Condensed Consolidated Statements of Operations and Complete Loss (Unaudited) (In hundreds, besides share and per share knowledge) |
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| For The Three Months Ended September 30, |
For The 9 Months Ended September 30, |
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| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Complete revenues | 90,337 | 61,295 | 364,169 | 195,532 | ||||||||||||
| Price of revenues | ||||||||||||||||
| Price of revenues incurred to a associated get together | (47,098 | ) | (36,801 | ) | (136,087 | ) | (124,234 | ) | ||||||||
| Price of revenues incurred to 3rd events | (36,092 | ) | (18,621 | ) | (176,061 | ) | (42,591 | ) | ||||||||
| Price of revenues “ depreciation and amortization | (6,201 | ) | (5,823 | ) | (18,395 | ) | (17,950 | ) | ||||||||
| Complete price of revenues | (89,391 | ) | (61,245 | ) | (330,543 | ) | (184,775 | ) | ||||||||
| Gross revenue | 946 | 50 | 33,626 | 10,757 | ||||||||||||
| Working bills | ||||||||||||||||
| Gross sales and advertising and marketing bills | (1,489 | ) | (445 | ) | (2,457 | ) | (1,287 | ) | ||||||||
| Basic and administrative bills | (2,434 | ) | (679 | ) | (5,760 | ) | (2,154 | ) | ||||||||
| Analysis and improvement bills | (2,602 | ) | (353 | ) | (3,336 | ) | (1,188 | ) | ||||||||
| Impairment loss on digital belongings | – | (1,900 | ) | – | (5,824 | ) | ||||||||||
| Unrealized truthful worth lack of Bitcoins | (619 | ) | – | (5,222 | ) | – | ||||||||||
| Realized acquire on gross sales of digital belongings | 2,246 | 1,419 | 25,228 | 8,840 | ||||||||||||
| Complete working (bills)/revenue, internet | (4,898 | ) | (1,958 | ) | 8,453 | (1,613 | ) | |||||||||
| Working (loss)/revenue | (3,952 | ) | (1,908 | ) | 42,079 | 9,144 | ||||||||||
| Curiosity expense | (1,545 | ) | (1,545 | ) | (4,601 | ) | (3,985 | ) | ||||||||
| Curiosity revenue | 257 | 203 | 1,375 | 955 | ||||||||||||
| Different (bills)/revenue, internet | (704 | ) | – | (719 | ) | 7 | ||||||||||
| (Loss)/Earnings earlier than revenue taxes | (5,944 | ) | (3,250 | ) | 38,134 | 6,121 | ||||||||||
| Earnings tax profit/(expense) | 936 | 559 | (6,503 | ) | (990 | ) | ||||||||||
| Web (loss)/revenue and whole complete (loss)/revenue | (5,008 | ) | (2,691 | ) | 31,631 | 5,131 | ||||||||||
| (Loss)/Earnings per share: | ||||||||||||||||
| Peculiar shares “ fundamental and diluted (US$) | (0.03 | ) | (0.02 | ) | 0.20 | 0.03 | ||||||||||
| Weighted common shares excellent utilized in calculating fundamental and diluted earnings per share: | ||||||||||||||||
| Peculiar shares “ fundamental and diluted | 162,902,268 | 150,000,000 | 160,113,866 | 150,000,000 | ||||||||||||
| BitFuFu Inc. Condensed Consolidated Steadiness Sheets (Unaudited) (In hundreds) |
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| September 30, 2024 |
December 31, 2023 |
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| ASSETS | ||||||||
| Present belongings: | ||||||||
| Money and money equivalents | 38,697 | 32,005 | ||||||
| Digital belongings | 104,035 | 43,979 | ||||||
| Accounts receivable, internet | 7,493 | 3,838 | ||||||
| Prepayments | 34,246 | 39,566 | ||||||
| Quantity due from associated events | 22,032 | 38 | ||||||
| Stock | 354 | – | ||||||
| Different present belongings, internet | 6,242 | 1,843 | ||||||
| Complete present belongings | 213,099 | 121,269 | ||||||
| Non-current belongings: | ||||||||
| Tools, internet | 63,499 | 81,857 | ||||||
| Deposits | – | 2,683 | ||||||
| Deferred tax belongings, internet | 5,947 | 4,224 | ||||||
| Complete non-current belongings | 69,446 | 88,764 | ||||||
| Complete belongings | 282,545 | 210,033 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Present liabilities: | ||||||||
| Accounts payables | 2,177 | 806 | ||||||
| Contract liabilities | 36,267 | 47,724 | ||||||
| Taxes payable | 2,486 | 2,233 | ||||||
| Accrued bills and different payables | 8,890 | 5,368 | ||||||
| Quantity as a consequence of a associated get together | 2,231 | 30,229 | ||||||
| Complete present liabilities | 52,051 | 86,360 | ||||||
| Non-current liabilities: | ||||||||
| Lengthy-term payables | 102,435 | 102,435 | ||||||
| Deferred tax liabilities, internet | 11,045 | 3,904 | ||||||
| Complete non-current liabilities | 113,480 | 106,339 | ||||||
| Complete liabilities | 165,531 | 192,699 | ||||||
| Complete shareholders’ fairness | 117,014 | 17,334 | ||||||
| Complete liabilities and stockholders’ fairness | 282,545 | 210,033 | ||||||
| BitFuFu Inc. RECONCILIATION OF NET PROFIT AND ADJUSTED EBITDA (Unaudited) (In hundreds) |
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| For The Three Months Ended September 30, |
For The 9 Months Ended September 30, |
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| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Web (loss)/revenue | (5,008 | ) | (2,691 | ) | 31,631 | 5,131 | ||||||||||
| Add: Curiosity bills, internet | 1,288 | 1,342 | 3,226 | 3,030 | ||||||||||||
| Add: Earnings tax (profit)/expense | (936 | ) | (559 | ) | 6,503 | 990 | ||||||||||
| Add: Depreciation | 6,201 | 5,823 | 18,395 | 17,950 | ||||||||||||
| Add: Share-based compensation | 4,253 | – | 4,253 | – | ||||||||||||
| Adjusted EBITDA | 5,798 | 3,915 | 64,008 | 27,101 | ||||||||||||
Supply: BitFuFu Inc.
