Revenue performance remains inconsistent, with gross margins plummeting to 2.4% in 2025Q4 from a 15.0% peak in 2024Q1, highlighting structural fragility in the firm's mining intermediary model.
| Net Interest Income | -6.28M | -4.7M | -4.48M | -2.17M | 135.3K | 0 |
| NII Growth % | -33.46% | -5% | -106.07% | -1706.8% | - | - |
| Net Interest Margin % | -1.76% | -1.25% | -2.13% | -1.1% | 0.12% | 0% |
| Interest Income | 2.28M | 1.62M | 1.05M | 343K | 135.3K | 0 |
| Interest Expense | 8.56M | 6.33M | 5.54M | 2.52M | 0 | 0 |
| Loan Loss Provision | 440.04M | 427.28M | 265.86M | 159.45M | 94.02M | 1.09M |
| Non-Interest Income | 475.25M | 461.71M | 283.05M | 197.86M | 102.91M | 1.23M |
| Non-Interest Income % | 99.52% | 99.65% | 99.63% | 99.83% | 99.87% | 100% |
| Total Revenue | 477.53M | 463.33M | 284.11M | 198.2M | 103.04M | 1.23M |
| Revenue Growth % | 3.07% | 63.08% | 43.34% | 92.34% | 8297.22% | - |
| Non-Interest Expense | 16.38M | -36.47M | -3.86M | 32.33M | 3.19M | 1.25M |
| Efficiency Ratio | 3.43% | -7.87% | -1.36% | 16.31% | 3.1% | 102.07% |
| Operating Income | 12.56M | 66.2M | 16.57M | 3.9M | 5.84M | -1.11M |
| Operating Margin % | 2.63% | 14.29% | 5.83% | 1.97% | 5.66% | -90.68% |
| Operating Income Growth % | -81.03% | 299.47% | 324.9% | -33.17% | 624.45% | - |
| Pretax Income | -29.26M | 61.63M | 12.68M | 1.78M | 5.97M | -1.11M |
| Pretax Margin % | -6.13% | 13.3% | 4.46% | 0.9% | 5.79% | -90.13% |
| Income Tax | 1.88M | 7.67M | 2.18M | -666K | 1.04M | 0 |
| Effective Tax Rate % | -6.42% | 12.44% | 17.22% | -37.5% | 17.47% | 0% |
| Net Income | -31.25M | 53.96M | 10.49M | 2.44M | 4.93M | -1.11M |
| Net Margin % | -6.54% | 11.65% | 3.69% | 1.23% | 4.78% | -90.13% |
| Net Income Growth % | -157.91% | 414.23% | 329.73% | -50.43% | 545.39% | - |
| Net Income (Continuing) | -31.14M | 53.96M | 10.49M | 2.44M | 4.93M | -1.11M |
| EPS (Diluted) | -0.19 | 0.33 | 0.01 | 0.02 | 0.03 | -0.01 |
| EPS Growth % | -157.58% | - | -50% | -51.14% | - | - |
| EPS (Basic) | -0.19 | 0.34 | 0.01 | 0.02 | 0.03 | -0.01 |
| Diluted Shares Outstanding | 164.33M | 165.5M | 162.9M | 162.9M | 160.4M | 157.9M |
Extreme margin volatility
As reported in recent financial statements, BitFuFu's gross margin has experienced extreme volatility, plummeting from a peak of 15.0% in 2024Q1 to a mere 2.4% by 2025Q4, highlighting the company's inability to maintain consistent profitability amidst shifting network difficulty and competitive pricing pressures in the mining sector.
The compression of gross margins suggests that the company lacks significant pricing power, likely acting as a price-taker in a highly commoditized hash rate market. Investors should monitor whether this thin margin profile can withstand further increases in electricity costs or potential declines in Bitcoin prices, as there is virtually no buffer for operational inefficiencies.
Based on the provided quarterly data, BitFuFu's operating income has failed to scale with revenue, swinging from a $53.1M profit in 2025Q2 to a $4.9M loss in 2025Q4, which indicates that the company's cost structure is not yet optimized for sustainable, long-term operational leverage.
The erratic nature of operating margins suggests that fixed costs or non-operating adjustments are disproportionately impacting the bottom line. This lack of scalability implies that the current business model may require significant volume growth or cost rationalization to achieve consistent positive operating cash flow.
According to the company's income statements, net income has been highly inconsistent, characterized by a massive $73.0M loss in 2025Q4 compared to a $47.1M profit in 2025Q2, suggesting that non-operating items or accounting adjustments are significantly distorting the underlying economic performance of the core mining business.
The presence of stock-based compensation and potential one-time charges warrants further investigation, as these items appear to be masking the true operational health of the firm. Investors should be cautious of relying on headline EPS figures, as they do not appear to reflect a stable or predictable earnings trajectory.
Financial data indicates that BitFuFu's reliance on a thin-margin intermediary model, evidenced by the 2.4% gross margin in 2025Q4, leaves the company uniquely vulnerable to sector-wide downturns, as the firm lacks the proprietary energy assets that provide a competitive moat for more integrated industry peers.
Short-term profitability appears highly dependent on favorable market conditions rather than structural cost advantages. If the company cannot transition toward a more asset-heavy or vertically integrated model, it may struggle to maintain its market position as network difficulty continues to rise and hash prices remain under pressure.
Quick answers to the most common questions about buying FUFU stock.
BitFuFu Inc. (FUFU) reported a net loss of $31.3M for the fiscal year ending 2025.
BitFuFu Inc. (FUFU) reported an operating income of $12.6M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
BitFuFu Inc. (FUFU) generated $28.9M in gross profit for the year, representing a gross profit margin of 6.1%. This demonstrates the company's core pricing power and production efficiency.