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BitFuFu
(NASDAQ:FUFU)
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Rating:42Neutral
Price Target:
$1.00
▼(-32.89% Downside)
Action:Reiterated
Date:09/17/26
The score is weighed down primarily by weak financial quality—persistent large cash burn, a 2025 swing to losses, and rapidly rising leverage—followed by bearish technicals with the price below all key moving averages and negative MACD. Valuation provides limited support because the negative P/E reflects unprofitable operations and there is no dividend yield data.
Positive Factors
Expanded and efficient operating platform
The larger managed hashrate base and improved fleet efficiency strengthen BitFuFu’s ability to generate Bitcoin output and serve cloud-mining customers. If maintained, this operating scale can improve capacity utilization, support competitive positioning, and provide a foundation for growth across both mining channels.
Negative Factors
Sharp deterioration in 2026 revenue and equity
The latest filing indicates that weaker revenue has been accompanied by a substantial reduction in shareholders’ equity. This combination weakens the financial cushion available to absorb operating volatility, fund capacity expansion, or withstand further pressure in the digital-asset mining environment.
Read all positive and negative factors
Positive Factors
Negative Factors
Expanded and efficient operating platform
The larger managed hashrate base and improved fleet efficiency strengthen BitFuFu’s ability to generate Bitcoin output and serve cloud-mining customers. If maintained, this operating scale can improve capacity utilization, support competitive positioning, and provide a foundation for growth across both mining channels.
Read all positive factors
BitFuFu (FUFU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$228.32M
Dividend YieldN/A
Average Volume (3M)174.56K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth4.33%
EPS Growth-343.07%
CountryUS
Employees29
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.71
Shares Outstanding31,653,599
10 Day Avg. Volume60,940
30 Day Avg. Volume174,562
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)3.01
Price to Sales (P/S)0.91
P/FCF Ratio-3.08
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.24
Revenue Forecast (FY)$298.85M
BitFuFu Business Overview & Revenue Model
Company Description
BitFuFu Inc., a company operating out of Singapore, specializes in providing solutions for digital asset mining, encompassing both direct and cloud-based services. The firm further supports a diverse clientele, ranging from major institutions to i...
How the Company Makes Money
BitFuFu primarily makes money through two main channels: (1) customer-facing mining services and (2) self-mining. For customer-facing mining services, the company sells cloud-mining products (and related hosting/operational services) in which cust...
BitFuFu Earnings Call Summary
Earnings Call Date:May 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call emphasized disciplined execution: cloud mining growth, strong customer retention (NDR 85.7%), notable efficiency gains (17.7 J/TH) and a path to improved cost structure and liquidity. Offsetting these positives were a meaningful GAAP net loss driven by $35.6M of fair value losses, a 35.2% decline in self-mining revenue, and a 6.8% drop in total revenue. Management framed the results as largely operationally sound beneath market-driven, non-cash accounting impacts and highlighted actions to preserve liquidity and selectively scale. Overall, the tone was constructive but cautious, balancing operational progress against significant market-driven headwinds.Positive Updates
Cloud Mining Revenue Growth and Mix
Cloud mining revenue of $57.5 million, up 7.1% year-over-year, and representing 79.1% of total revenue, demonstrating resilience and the platform's centrality to the business model.
Negative Updates
Large GAAP Net Loss Driven by Fair Value Impacts
Reported net loss of $35.0 million in Q1 2026 versus a loss of $16.9 million in Q1 2025; fair value losses on Bitcoin holdings and digital asset receivables/payables contributed $35.6 million to the loss.
Read all updates
Q1-2026 Updates
Positive
Negative
Cloud Mining Revenue Growth and Mix
Cloud mining revenue of $57.5 million, up 7.1% year-over-year, and representing 79.1% of total revenue, demonstrating resilience and the platform's centrality to the business model.
Read all positive updates
Company Guidance
Management's guidance for Q2–Q3 is a disciplined, capital‑efficient push to “optimize procurement” by increasing the mix of longer‑term 360‑day hashrate contracts (while keeping short‑term agreements the majority) so that total managed hashrate may remain relatively stable by year‑end; they plan to lock in cost‑effective long‑term hashrate in a lower Bitcoin price environment, selectively evaluate real‑world assets and energy opportunities, and avoid equity issuance while funding growth with operating cash flow, selective Bitcoin sales and the $100M revolver (Q1 draw $50M, subsequently reduced to $5M). Operational priorities emphasize cloud mining (Q1 cloud revenue $57.5M, 79.1% of revenue; cloud net dollar retention 85.7%), continued reduction of self‑mining (Q1 self‑mining $11.4M, down 35.2% YoY), and efficiency gains (fleet efficiency 17.7 J/TH vs 23.2 J/TH a year ago; power capacity 457 MW at quarter end vs 478 MW start of year) coupled with cost realignment (Q1 cost of revenue $72.3M despite revenue down 6.8% YoY) to drive margin improvement (adjusted EBITDA ~+$1.1M excluding $35.6M fair‑value losses) while preserving liquidity (cash + digital assets $141.5M; 1,794 BTC held, 357 BTC pledged).BitFuFu Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 399.51M | 477.53M | 463.33M | 284.11M | 198.20M | 103.04M |
| Gross Profit | 9.04M | 28.93M | 29.72M | 12.71M | 36.23M | 9.03M |
| EBITDA | -70.59M | 7.33M | 92.69M | 42.71M | 22.45M | 5.53M |
| Net Income | -116.98M | -31.25M | 53.96M | 10.49M | 2.44M | 4.93M |
Balance Sheet | ||||||
| Total Assets | 258.34M | 357.58M | 377.68M | 210.03M | 198.34M | 116.30M |
| Cash, Cash Equivalents and Short-Term Investments | 23.51M | 28.28M | 38.20M | 32.01M | 60.43M | 13.31M |
| Total Debt | 99.09M | 113.16M | 34.95M | 2.38M | 109.44M | 105.00K |
| Total Liabilities | 163.97M | 207.98M | 215.22M | 192.70M | 191.50M | 111.46M |
| Stockholders Equity | 94.37M | 144.10M | 162.46M | 17.33M | 6.84M | 4.83M |
Cash Flow | ||||||
| Free Cash Flow | -140.99M | -140.99M | -236.74M | -196.04M | -22.12M | 180.31K |
| Operating Cash Flow | -112.93M | -112.93M | -219.87M | -195.97M | -7.44M | 15.93M |
| Investing Cash Flow | 89.84M | 89.84M | 167.93M | 176.90M | 56.67M | -2.61M |
| Financing Cash Flow | 5.74M | 5.74M | 65.05M | -9.35M | -2.11M | 0.00 |
BitFuFu Technical Analysis
Positive
1.49
Price Trends
1.35
Positive
1.60
Negative
2.07
Negative
Market Momentum
-0.02
Negative
52.44
Neutral
45.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUFU, the sentiment is Positive. The current price of 1.49 is above the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.35, and below the 200-day MA of 2.07, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 52.44 is Neutral, neither overbought nor oversold. The STOCH value of 45.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FUFU.
BitFuFu Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | $623.90M | -2.01 | -46.72% | ― | 23.36% | -150.86% | |
53 Neutral | $735.48M | -3.54 | -29.89% | ― | 2495.03% | 86.92% | |
50 Neutral | $83.96M | -0.65 | -104.28% | 3.12% | 120.96% | -120.89% | |
42 Neutral | $228.32M | -1.93 | -81.89% | ― | 4.33% | -343.07% | |
38 Underperform | $40.25M | -0.95 | 21.74% | ― | ― | ― |
* Financial Sector Average
FUFU
BitFuFu
1.37
-2.59
-65.40%
BTCS
BTCS
1.60
-2.85
-64.04%
ABTC
American Bitcoin Corp
10.10
-98.50
-90.70%
BTBT
Bit Digital
1.73
-1.41
-44.90%
ARBK
Argo Blockchain
2.75
-57.23
-95.42%
BitFuFu Corporate Events
BitFuFu Flags Steep First‑Half 2026 Revenue and Equity Declines in Latest SEC Filing
Sep 10, 2026
On September 10, 2026, BitFuFu Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission, furnishing unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026. The filing shows a sharp year-o...
BitFuFu Posts Strong August 2026 Rebound in Bitcoin Output and Hashrate
Sep 3, 2026
BitFuFu reported unaudited operating metrics for August 2026, highlighting a sharp recovery in Bitcoin production as new hashrate capacity secured earlier in the summer came online. Total hashrate under management rose to 20.6 EH/s as of August 31...
BitFuFu Swings to Loss as Q2 2026 Revenue Plunges on Bitcoin Slump
Aug 17, 2026
BitFuFu reported unaudited results for the quarter ended June 30, 2026, showing total revenue fell 62.9% year over year to $42.8 million as lower Bitcoin prices, weaker demand for cloud mining and a deliberate optimization of deployed hashrate wei...
BitFuFu Redirects Bitcoin Reserves to Boost Hashrate After Softer July Output
Aug 7, 2026
On August 7, 2026, BitFuFu reported unaudited operational metrics for July 2026, highlighting its dual focus on self-mining and cloud mining activities. The company ended July with 1,314 BTC on its balance sheet, down from June as it used part of ...
BitFuFu Reports June 2026 Bitcoin Production and Expands Self-Mining Capacity
Jul 10, 2026
BitFuFu reported unaudited Bitcoin production and operational metrics for June 2026, highlighting a shift in its mining mix and capacity. The company increased its self-owned hashrate to 3.5 EH/s by acquiring and deploying 1,200 S21 XP units, whil...
BitFuFu Launches US$5 Million Share Buyback Program
Jun 22, 2026
On June 22, 2026, BitFuFu Inc. said its board had approved a share repurchase program authorizing the buyback of up to US$5 million of its Class A ordinary shares over a 24-month period starting June 24, 2026. The program will be funded with exist...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.