Singapore-based cloud Bitcoin miner BitFuFu Inc. (NASDAQ: FUFU) reported a 100% year-over-year revenue increase in the third quarter of 2025, reaching $180.7 million, according to the company’s unaudited financial results released on Wednesday. The strong performance was primarily driven by surging demand for cloud-mining services, rapid expansion of mining capacity, and growth in mining equipment sales.

Strong quarterly performance amid rising Bitcoin prices

BitFuFu's total revenue doubled from $90.3 million in the same quarter last year. Cloud-mining solutions contributed the largest share at $122.9 million, representing 68% of total revenue. Mining equipment sales also increased to $35.8 million, up from just $0.3 million a year earlier, reflecting heightened customer interest as Bitcoin prices climbed to an average of $114,500, nearly double the $61,000 average of the previous year.

The company also reported a net income of $11.6 million, compared with a net loss of $5.0 million in Q3 2024. Adjusted EBITDA, a key profitability metric, increased to $22.1 million from $5.8 million during the same period last year. BitFuFu’s cash, cash equivalents, and digital assets totaled $254.8 million as of September 30, marking a 51.5% increase from $168.1 million at the end of 2024.

"The third quarter marked a clear inflection point for BitFuFu as revenue doubled year-over-year and increased 56.6% sequentially," said Leo Lu, Chairman and Chief Executive Officer of BitFuFu. "Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations. This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling. With the fourth quarter well underway, we are focused on finishing the year strong."

Expansion of cloud mining and operational capacity

BitFuFu’s cloud-mining user base expanded by 40.8% to 641,526, up from 455,764 in 2024, underscoring continued retail and institutional interest in accessible mining solutions. Cloud mining allows users to lease computational power from BitFuFu’s mining infrastructure, eliminating the need for hardware ownership or maintenance.

The company’s total mining capacity reached 36.0 EH/s as of September 30, 2025, a 37.4% increase from 26.2 EH/s a year earlier. Hosting capacity also climbed to 624 MW, compared to 556 MW in the prior year.

From its self-mining operations, BitFuFu mined 174 Bitcoin in Q3, while customers using its cloud-mining platform collectively produced 1,033 Bitcoin. The company’s total Bitcoin holdings increased 19.8% to 1,962 BTC, equivalent to roughly $201 million at current market prices.

Dual-engine strategy supports resilience

The company credits its growth to a dual-engine strategy of cloud and self-mining operations, which allows it to capture both steady recurring revenue from customers and upside potential from Bitcoin price movements. While many miners have shifted toward artificial intelligence and high-performance computing hosting services following the April 2024 Bitcoin halving, BitFuFu continues to maintain a strong focus on direct Bitcoin mining.

“This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices,” the miner stated in its earnings release.

The approach has helped BitFuFu effectively navigate fluctuating market conditions while maintaining profitability and reinvesting in infrastructure growth. Additionally, the company recorded a $6.9 million gain on the disposal of digital assets, as its selling prices for Bitcoin exceeded acquisition costs.

Position in a competitive mining landscape

As Bitcoin mining difficulty continues to rise globally, BitFuFu’s consistent infrastructure expansion and treasury growth have strengthened its market position. Net dollar retention for Q3 2025 stood at 118.8%, highlighting repeat customer activity and loyalty within the company’s cloud mining segment.

The company plans to further scale its operations by leveraging strategic partnerships for equipment procurement and energy optimization. With Bitcoin nearing record highs and institutional adoption strengthening, BitFuFu appears well-positioned to capture continued growth in the coming quarters.

The stock price of FUFU is $2.92, as per Google Finance data. Despite short-term volatility in the stock price, BitFuFu’s fundamentals remain strong, supported by record revenue, improved margins, and robust liquidity.

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