<p>Bitfufu Inc. ((FUFU)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Bitfufu Inc. 最新的财报电话会议为投资者描绘了一个复杂的局面，结合了其云挖矿和服务业务的稳健运营进展与日益加剧的财务压力。管理层强调了云收入的强劲增长、管理下的算力扩张以及持续的比特币积累，但也承认净亏损的急剧转变、利润率压力和挖矿经济的疲软。</p>
<h2>云挖矿推动整体收入温和增长</h2>
<p>2025 财年的总收入从 4.633 亿美元小幅上升至 4.758 亿美元，云挖矿解决方案稳居主导地位。云收入同比增长 29.3%，达到 3.506 亿美元，现在占总收入的约 74%，凸显了战略上减少对自挖矿的依赖。</p>
<h2>大量且稳定的云客户基础</h2>
<p>Bitfufu 报告称注册的云挖矿用户超过 67.5 万，机构客户贡献了该细分市场大部分收入。现有客户贡献了 79% 的云挖矿销售，尽管净美元留存率从 117% 降至 100%，管理层强调这仍反映出强大的客户粘性和稳定的支出。</p>
<h2>扩大管理算力和电力足迹</h2>
<p>到 2025 年底，公司管理的计算能力达到 26.1 EH/s，其中包括 3.7 EH/s 自有算力和 22.4 EH/s 来自第三方。总可用电力容量达到 478 兆瓦，其中在埃塞俄比亚和美国控制的电力为 164 兆瓦，管理层指出多样化算力供应商以降低集中风险。</p>
<h2>正向调整后 EBITDA 和比特币持有量增长</h2>
<p>Bitfufu 在 2025 年报告了 830 万美元的正向调整后 EBITDA，表明核心业务即使在艰难的挖矿环境中也能产生运营现金流。公司的比特币库藏从 1,720 BTC 增长到年末的 1,778 BTC，并在 2 月底进一步增至 1,830 BTC，而质押币大幅减少，提高了财务灵活性。</p>
<h2>设备销售和托管服务加速增长</h2>
<p>除了云挖矿，设备和服务成为重要的增长杠杆，挖矿硬件销售飙升 76.4%，达到 5,370 万美元。托管和其他收入几乎翻倍，达到 840 万美元，得益于 2025 年下半年推出的矿工托管计划，管理层认为这是对其核心产品的可扩展补充。</p>
<h2>通过未提取的信用额度增强流动性</h2>
<p>截至 2025 年底，现金及现金等价物为 2,780 万美元，考虑到比特币挖矿经济的波动，这一缓冲相对较小。然而，公司指出在 1 亿美元的循环信用额度中还有 8,500 万美元的剩余额度，作为资助营运资金和选择性战略举措的重要流动性后盾。</p>
<h2>战略聚焦于纪律和混合模式</h2>
<p>高管重申了对纪律性资本配置的承诺，尽管可以获得信贷，但避免激进的杠杆。Bitfufu 继续强调其结合云服务和自挖矿的混合模式，得益于其专有的 Aladdin 平台，旨在将其控制的电力容量转化为可持续的成本优势。</p>
<h2>净亏损由减值和公允价值波动驱动</h2>
<p>尽管运营有所改善，但底线急剧恶化，净亏损为 5,740 万美元，取代了去年的 5,400 万美元利润。管理层将这一反转主要归因于对挖矿设备的非现金减值费用以及比特币相关应收账款和应付款项的更大未实现公允价值损失，以及资产销售的实现收益降低。</p>
<h2>自挖矿收入在艰难经济环境中暴跌</h2>
<p>自挖矿收入从 1.575 亿美元暴跌至 6310 万美元，仅占总销售的 13%，因为网络难度增加和哈希价格疲软压缩了盈利能力。急剧下降凸显了公司为何更加依赖云服务和客户驱动的算力，而非纯粹的自有挖矿。</p>
<h2>利润率压力和高企的挖矿现金成本</h2>
<p>折旧和摊销后的毛利润为 2,670 万美元，毛利率从 6.4% 下滑至 5.7%，反映出更艰难的运营环境。挖掘一个比特币的综合现金成本平均为 77,573 美元，自有机器的成本约为 61,000 美元，而租赁能力约为 98,000 美元，突显了高成本租赁算力的拖累。</p>
<h2>现金状况较弱和资产负债表敏感性</h2>
<p>公司现金余额从 4,510 万美元下降至 2,780 万美元，经历了一个对挖矿盈利能力具有挑战性的一年。Bitfufu 还持有 2,410 万美元的数字资产抵押应收款，涉及质押的比特币，表明尽管对担保借款的依赖正在减弱，但其资产负债表仍对数字资产价格波动敏感。</p>
<h2>客户收入效率适度下降</h2>
<p>净美元留存率从 117% 降至 100%，这意味着 Bitfufu 基本上在现有客户的收入上保持平稳，而不是像之前那样扩展。管理层将此视为在强劲的 2024 年后的正常化，但投资者可能会密切关注追加销售和交叉销售是否能够重新加速。</p>
<h2>指引指向云增长和成本优化</h2>
<p>展望 2026 年，管理层计划加大对云挖矿增长、客户留存以及托管算力和电力容量扩展的投入，包括在北美和中东的潜在布局。该战略优先考虑车队升级，以降低挖矿的现金成本，减少对租赁容量的依赖，保持流动性，并在逐步建立比特币国库的同时，进行有纪律的、以回报为驱动的容量增加。</p>
<p>Bitfufu 的财报电话会议呈现出两条轨迹：在云挖矿、服务和比特币积累方面取得了强劲的战略进展，但同时也面临利润压力、亏损转变以及高于理想水平的挖矿成本。对于投资者而言，关键问题在于公司的有纪律扩张和降本计划是否能够将其运营势头转化为下一个周期中更具韧性和可持续的收益。</p>

FUFUW

FUFU

CORZ

<p>Bitfufu Inc. 举行了第四季度财报电话会议，公布了混合的业绩结果。2025 财年的总收入上升至 4.758 亿美元，云收入增长了 29.3%，现在占总销售额的 74%。然而，公司报告净亏损为 5740 万美元，主要由于减值损失和自矿收入下降，自矿收入降至总销售额的 13%。尽管面临挑战，Bitfufu 实现了 830 万美元的正向调整后 EBITDA，并将其比特币持有量增加至 1830 BTC。公司强调了对资本配置的严格管理以及云服务与自矿的混合模式</p>

<p>Bitfufu Inc. ((FUFU)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Bitfufu Inc. ((FUFU)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Bitfufu Inc.’s latest earnings call painted a mixed picture for investors, combining solid operational progress in its cloud mining and services business with mounting financial headwinds. Management highlighted strong growth in cloud revenue, expanding hashrate under management, and ongoing Bitcoin accumulation, but also acknowledged a sharp swing to net loss, margin pressure, and weaker mining economics.</p>
<div class="lb-trans"><p>Bitfufu Inc. 最新的财报电话会议为投资者描绘了一个复杂的局面，结合了其云挖矿和服务业务的稳健运营进展与日益加剧的财务压力。管理层强调了云收入的强劲增长、管理下的算力扩张以及持续的比特币积累，但也承认净亏损的急剧转变、利润率压力和挖矿经济的疲软。</p>
</div><h2>Cloud Mining Fuels Modest Overall Revenue Growth</h2>
<div class="lb-trans"><h2>云挖矿推动整体收入温和增长</h2>
</div><p>Total revenue in FY2025 edged up to $475.8 million from $463.3 million, with cloud mining solutions firmly in the driver’s seat. Cloud revenue jumped 29.3% year over year to $350.6 million and now accounts for roughly 74% of total revenue, underscoring a strategic shift away from reliance on self‑mining.</p>
<div class="lb-trans"><p>2025 财年的总收入从 4.633 亿美元小幅上升至 4.758 亿美元，云挖矿解决方案稳居主导地位。云收入同比增长 29.3%，达到 3.506 亿美元，现在占总收入的约 74%，凸显了战略上减少对自挖矿的依赖。</p>
</div><h2>Large and Sticky Cloud Customer Base</h2>
<div class="lb-trans"><h2>大量且稳定的云客户基础</h2>
</div><p>Bitfufu reported more than 675,000 registered cloud mining users, with institutional clients generating most of the segment’s revenue. Existing customers contributed 79% of cloud mining sales, and while net dollar retention slipped from 117% to 100%, management stressed that this still reflects strong stickiness and stable spend across the installed base.</p>
<div class="lb-trans"><p>Bitfufu 报告称注册的云挖矿用户超过 67.5 万，机构客户贡献了该细分市场大部分收入。现有客户贡献了 79% 的云挖矿销售，尽管净美元留存率从 117% 降至 100%，管理层强调这仍反映出强大的客户粘性和稳定的支出。</p>
</div><h2>Scaling Managed Hashrate and Power Footprint</h2>
<div class="lb-trans"><h2>扩大管理算力和电力足迹</h2>
</div><p>By the end of 2025, the company managed 26.1 exahash per second of computing power, including 3.7 EH/s self‑owned and 22.4 EH/s from third parties. Total available power capacity reached 478 megawatts, with 164 MW under its control in Ethiopia and the U.S., and management noted diversification of hashrate suppliers to reduce concentration risk.</p>
<div class="lb-trans"><p>到 2025 年底，公司管理的计算能力达到 26.1 EH/s，其中包括 3.7 EH/s 自有算力和 22.4 EH/s 来自第三方。总可用电力容量达到 478 兆瓦，其中在埃塞俄比亚和美国控制的电力为 164 兆瓦，管理层指出多样化算力供应商以降低集中风险。</p>
</div><h2>Positive Adjusted EBITDA and Growing Bitcoin Holdings</h2>
<div class="lb-trans"><h2>正向调整后 EBITDA 和比特币持有量增长</h2>
</div><p>Bitfufu posted positive adjusted EBITDA of $8.3 million for 2025, signaling that the core business can generate operating cash flow even in a tough mining environment. The company’s Bitcoin treasury grew from 1,720 BTC to 1,778 BTC by year‑end, and further to 1,830 BTC by late February, while pledged coins fell sharply, improving financial flexibility.</p>
<div class="lb-trans"><p>Bitfufu 在 2025 年报告了 830 万美元的正向调整后 EBITDA，表明核心业务即使在艰难的挖矿环境中也能产生运营现金流。公司的比特币库藏从 1,720 BTC 增长到年末的 1,778 BTC，并在 2 月底进一步增至 1,830 BTC，而质押币大幅减少，提高了财务灵活性。</p>
</div><h2>Equipment Sales and Hosting Services Accelerate</h2>
<div class="lb-trans"><h2>设备销售和托管服务加速增长</h2>
</div><p>Beyond cloud mining, equipment and services emerged as meaningful growth levers, with mining hardware sales soaring 76.4% to $53.7 million. Hosting and other revenue nearly doubled to $8.4 million, buoyed by the miner‑with‑hosting program launched in the second half of 2025, which management views as a scalable complement to its core offerings.</p>
<div class="lb-trans"><p>除了云挖矿，设备和服务成为重要的增长杠杆，挖矿硬件销售飙升 76.4%，达到 5,370 万美元。托管和其他收入几乎翻倍，达到 840 万美元，得益于 2025 年下半年推出的矿工托管计划，管理层认为这是对其核心产品的可扩展补充。</p>
</div><h2>Liquidity Bolstered by Undrawn Credit Facility</h2>
<div class="lb-trans"><h2>通过未提取的信用额度增强流动性</h2>
</div><p>Cash and cash equivalents stood at $27.8 million at the end of 2025, a relatively modest cushion given the volatility of Bitcoin mining economics. However, the company pointed to $85 million of remaining capacity on a $100 million revolving credit facility as an important liquidity backstop to fund working capital and selective strategic moves.</p>
<div class="lb-trans"><p>截至 2025 年底，现金及现金等价物为 2,780 万美元，考虑到比特币挖矿经济的波动，这一缓冲相对较小。然而，公司指出在 1 亿美元的循环信用额度中还有 8,500 万美元的剩余额度，作为资助营运资金和选择性战略举措的重要流动性后盾。</p>
</div><h2>Strategic Focus on Discipline and Hybrid Model</h2>
<div class="lb-trans"><h2>战略聚焦于纪律和混合模式</h2>
</div><p>Executives reiterated a commitment to disciplined capital allocation, avoiding aggressive leverage despite access to credit. Bitfufu continues to emphasize its hybrid model combining cloud services and self‑mining, supported by its proprietary Aladdin platform, and aims to turn its controlled power capacity into a sustainable cost advantage.</p>
<div class="lb-trans"><p>高管重申了对纪律性资本配置的承诺，尽管可以获得信贷，但避免激进的杠杆。Bitfufu 继续强调其结合云服务和自挖矿的混合模式，得益于其专有的 Aladdin 平台，旨在将其控制的电力容量转化为可持续的成本优势。</p>
</div><h2>Net Loss Driven by Impairments and Fair Value Swings</h2>
<div class="lb-trans"><h2>净亏损由减值和公允价值波动驱动</h2>
</div><p>Despite operational gains, the bottom line deteriorated sharply, with a net loss of $57.4 million replacing last year’s $54.0 million profit. Management attributed the reversal mainly to non‑cash impairment charges on mining equipment and larger unrealized fair value losses on Bitcoin‑linked receivables and payables, along with lower realized gains on asset sales.</p>
<div class="lb-trans"><p>尽管运营有所改善，但底线急剧恶化，净亏损为 5,740 万美元，取代了去年的 5,400 万美元利润。管理层将这一反转主要归因于对挖矿设备的非现金减值费用以及比特币相关应收账款和应付款项的更大未实现公允价值损失，以及资产销售的实现收益降低。</p>
</div><h2>Self‑Mining Revenue Plunges Amid Tough Economics</h2>
<div class="lb-trans"><h2>自挖矿收入在艰难经济环境中暴跌</h2>
</div><p>Self‑mining revenue collapsed to $63.1 million from $157.5 million, shrinking to just 13% of total sales as higher network difficulty and weaker hash price squeezed profitability. The steep decline underscores why the company is leaning more heavily into cloud services and customer‑driven hashrate rather than pure proprietary mining.</p>
<div class="lb-trans"><p>自挖矿收入从 1.575 亿美元暴跌至 6310 万美元，仅占总销售的 13%，因为网络难度增加和哈希价格疲软压缩了盈利能力。急剧下降凸显了公司为何更加依赖云服务和客户驱动的算力，而非纯粹的自有挖矿。</p>
</div><h2>Margin Pressure and Elevated Mining Cash Costs</h2>
<div class="lb-trans"><h2>利润率压力和高企的挖矿现金成本</h2>
</div><p>Gross profit after depreciation and amortization came in at $26.7 million, with gross margin slipping to 5.7% from 6.4%, reflecting a tougher operating backdrop. The blended cash cost to mine one Bitcoin averaged $77,573, with owned machines at roughly $61,000 per coin and leased capacity around $98,000, highlighting the drag from higher‑cost leased hashrate.</p>
<div class="lb-trans"><p>折旧和摊销后的毛利润为 2,670 万美元，毛利率从 6.4% 下滑至 5.7%，反映出更艰难的运营环境。挖掘一个比特币的综合现金成本平均为 77,573 美元，自有机器的成本约为 61,000 美元，而租赁能力约为 98,000 美元，突显了高成本租赁算力的拖累。</p>
</div><h2>Weaker Cash Position and Balance Sheet Sensitivities</h2>
<div class="lb-trans"><h2>现金状况较弱和资产负债表敏感性</h2>
</div><p>The company’s cash balance declined to $27.8 million from $45.1 million as it navigated a challenging year for mining profitability. Bitfufu also carried $24.1 million in digital asset collateral receivables tied to pledged Bitcoin, signaling that while reliance on secured borrowing is easing, its balance sheet remains sensitive to digital asset price swings.</p>
<div class="lb-trans"><p>公司现金余额从 4,510 万美元下降至 2,780 万美元，经历了一个对挖矿盈利能力具有挑战性的一年。Bitfufu 还持有 2,410 万美元的数字资产抵押应收款，涉及质押的比特币，表明尽管对担保借款的依赖正在减弱，但其资产负债表仍对数字资产价格波动敏感。</p>
</div><h2>Customer Revenue Efficiency Moderates</h2>
<div class="lb-trans"><h2>客户收入效率适度下降</h2>
</div><p>Net dollar retention dropped to 100% from 117%, meaning Bitfufu essentially held revenue flat from existing customers on a year‑over‑year basis instead of expanding it as it did previously. Management framed this as a normalization after a strong 2024, but investors may watch closely to see whether upselling and cross‑selling can re‑accelerate.</p>
<div class="lb-trans"><p>净美元留存率从 117% 降至 100%，这意味着 Bitfufu 基本上在现有客户的收入上保持平稳，而不是像之前那样扩展。管理层将此视为在强劲的 2024 年后的正常化，但投资者可能会密切关注追加销售和交叉销售是否能够重新加速。</p>
</div><h2>Guidance Points to Cloud Growth and Cost Optimization</h2>
<div class="lb-trans"><h2>指引指向云增长和成本优化</h2>
</div><p>Looking ahead to 2026, management plans to double down on cloud mining growth, customer retention, and expansion of managed hashrate and power capacity, including potential moves in North America and the Middle East. The strategy prioritizes fleet upgrades to lower the cash cost to mine, a reduced reliance on leased capacity, preservation of liquidity, and disciplined, return‑driven capacity additions while gradually building the Bitcoin treasury.</p>
<div class="lb-trans"><p>展望 2026 年，管理层计划加大对云挖矿增长、客户留存以及托管算力和电力容量扩展的投入，包括在北美和中东的潜在布局。该战略优先考虑车队升级，以降低挖矿的现金成本，减少对租赁容量的依赖，保持流动性，并在逐步建立比特币国库的同时，进行有纪律的、以回报为驱动的容量增加。</p>
</div><p>Bitfufu’s earnings call presents a tale of two tracks: strong strategic progress in cloud mining, services, and Bitcoin accumulation, contrasted with pressured margins, a swing to loss, and higher‑than‑ideal mining costs. For investors, the key question is whether the company’s disciplined expansion and cost‑reduction plans can translate its operational momentum into more resilient and sustainable earnings over the next cycle.</p>
<div class="lb-trans"><p>Bitfufu 的财报电话会议呈现出两条轨迹：在云挖矿、服务和比特币积累方面取得了强劲的战略进展，但同时也面临利润压力、亏损转变以及高于理想水平的挖矿成本。对于投资者而言，关键问题在于公司的有纪律扩张和降本计划是否能够将其运营势头转化为下一个周期中更具韧性和可持续的收益。</p>
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Bitfufu Earnings Call: Cloud Strength, Mining Strains

- Bitfufu Inc. Q4 财报显示云挖矿增长，营收达 4.758 亿美元。  
- 由于高额非现金减值，净亏损 5740 万美元，去年为盈利 5400 万美元。  
- 管理层预测 2026 年将优先推动云挖矿增长和成本优化。

Bitfufu 财报电话会议：云计算表现强劲，挖矿面临压力