BitFuFu, Inc. Q4 FY2024 earnings call

• Successfully listed on NASDAQ in March 2024.
• Expanded hosting and Bitcoin mining capacity, and began transitioning to owning data center assets in Q4 2024.
• Cloud mining business grew rapidly in 2024, with registered users surpassing 600,000 by February 2025.
• Developed proprietary Mining Site Management System, BitFuFuOS operating system, and BitFuFu Pool mining pool.
• Relocated mining machines from higher cost U.S. facilities to lower cost operations in Ethiopia in Q3 2024.
• Signed agreements to acquire a majority stake in an 80 MW facility in Ethiopia and long-term lease agreements with purchase options for two U.S. facilities totaling 33 MW.
• Average hosting cost reduced by 25% compared to end of 2023.
• Set a 1 GW secured power capacity expansion plan for the next two years, with 164 MW of power capacity secured and over 500 MW in the MA pipeline.

In 2024, total revenue was $463.3 million. Cloud mining solutions accounted for approximately 59% of total revenue, with cloud mining revenue at $271 million in 2024, up 52.2% year-over-year. Bitcoin self-mining operations accounted for 34% of total revenue, with revenue of $51.1 million in 2024, a 57.2% increase compared to 2023. Selling of mining machines and hosting services accounted for around 7% of total revenue, generating $30.5 million in 2024.

• Expect mining capacity to reach approximately 33 EH/s and hosting capacity to be in the range of 650 MW to 800 MW by the end of 2025.
• Confident in driving continued growth and shareholder value in 2025.

Potential risks and uncertainties include those outlined in the company’s public filings with the SEC, such as factors that may cause actual results to differ materially from management’s current expectations.

Q: Are there opportunities for Q&A during this call?

A: Although we will not be conducting a Q&A on this call, questions can be emailed to ir@bitfufu.com and we will respond as quickly as possible, generally within 24 hours.