BitFuFu (FUFU) 2026年第2四半期決算説明会：純損失が2,050万ドルに達するなか自己採掘が拡大

BitFuFu Inc.（FUFU）は、ビットコイン価格の下落に伴いクラウドマイニングの注文が減少したため、2026年第2四半期の売上状況が軟調であったと報告しました。同社は自社マイニング（セルフマイニング）の拡大、レバレッジの削減、ならびにコスト効率に優れたハッシュレート容量の確保によってこれに対応しました。

要点

• クラウドマイニング・ソリューションは引き続きBitFuFuの最大売上源であり、2,490万ドルを計上し、全売上の58.3%を占めました。既存顧客が注文量を減らしたため、純売上維持率は24.1%に低下しました。
• 自社マイニングの売上高は1,400万ドルとなりました。自社マイニングのハッシュレートは約3.5 EH/sに達し、前四半期比で9.3%増加しました。一方で月間採掘量は32ビットコインからピーク的には90ビットコインへと増加しました。
• ホスティング売上高は、同社の購入・ホスティング一体型（buy-and-host）ソリューションへの需要に支えられ、前年同期比254%増加しました。ホスティングおよびその他のサービスは390万ドルを創出しました。
• BitFuFuは2,050万ドルの純損失を計上しました。これにはビットコイン保有分およびデジタル資産の売掛金・買掛金に関連する1,690万ドルの公正価値評価損が含まれます。その影響を除いた調整後EBITDAは、およそマイナス150万ドルでした。
• 2026年6月30日時点の現金およびデジタル資産の合計は1億1,950万ドルでした。ビットコイン保有量は1,671 BTCで、これには融資担保として提供されている54 BTCが含まれます。
• 経営陣は、6月および7月に確保した追加容量が8月中に稼働を開始し、総管理ハッシュレートは8月中旬までに約20 EH/sへ復帰する見通しであると述べました。

主要財務データ

事業および業績ハイライト

BitFuFuは、一部のサードパーティ製ハッシュレート契約が同社の収益率要件を満たさなくなったため、自社マイニングへの割り当てを拡大しました。自社マイニングのハッシュレートは6月末までに約3.5 EH/sに達し、月間採掘量は32ビットコインから四半期ピークとなる90ビットコインまで増加しました。

同社は最新世代のS21XPマイニングマシン約3,200台を取得しました。ビットコインの市場状況と電気料金に基づいてマイナーのパフォーマンスを調整するBitFuFu OSに支えられ、機器全体の効率は17.8〜18.1 J/THを維持しました。

オクラホマ州のマイニング拠点では、最適化された出力抑制プログラムへの参加により、6月の電気代を1キロワット時あたり約0.03ドルに削減しました。

クラウドマイニングは依然として最大事業であるものの、2四半期連続でビットコイン価格の圧迫を受けたことで顧客からの注文が鈍化しました。経営陣は、より安定した出力を提供するよう設計されたハッシュレート製品など、差別化されたサービスに対する顧客の関心が高まっていると述べています。

BitFuFuはまた、いくつかの資本施策を実施しました。株式発行を最小限に抑えて当四半期を終えたほか、ビットコイン担保融資1,000万ドルを返済し、300万ドルのビットコイン担保債務を無担保ローンへと借り換えました。取締役会はさらに、最大500万ドルのクラスA普通株式の自社株買いを承認しました。

経営陣の業績見通し

経営陣は、新しく確保したハッシュレート容量が8月を通じて順次稼働を開始し、8月中旬までに総管理ハッシュレートが約20 EH/sに復帰することを後押しすると説明しました。

同社は電力コスト、ビットコイン価格、マクロ経済環境、期待リターンに基づいて、追加のインフラおよびハッシュレートの機会を検討する予定です。経営陣は、単なる規模の拡大よりもハッシュレートの質と収益性を優先することを強調しました。

リスクと主な注視点

• ビットコイン価格の変動が続けば、クラウドマイニングの注文、マイニングの採算性、およびデジタル資産の公正価値を圧迫する可能性があります。
• 2025年第4四半期に調達した高コストなハッシュレートが2026年上半期の粗利益率の重荷となりましたが、直近の契約はよりコスト効率の高い市場レートで確保されたと経営陣は述べています。
• クラウドマイニングの純売上維持率が24.1%となったことは、既存顧客からの注文量が低下したことを反映しています。
• 現金およびデジタル資産は、主にビットコイン価格の下落とハッシュレート調達の前払金により、前年末の1億7,710万ドルから1億1,950万ドルへと減少しました。
• 電力価格、ネットワークハッシュレート、マクロ経済情勢、ならびにビットコインマイニング、AI、ハイパフォーマンスコンピューティング（HPC）間での資本配分の変更は、引き続き重要な事業変数となっています。

決算説明会 文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and thank you for standing by. Welcome to BitFuFu Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I'd now like to turn the conference over to your first speaker today, Ms. [ Leanne Tang ] from BitFuFu's Investor Relations. Thank you. Please go ahead.

Unknown Executive

Thank you, operator. Good morning, everyone. Welcome to BitFuFu's Second Quarter 2026 Earnings Call. Thank you so much for joining us today. Joining me today on the call are Chairman and CEO, Leo Lu; and CFO, Calla Zhao.

As we begin, please note that today's call will contain forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially. We refer you to our filings with the SEC for a full discussion of these risks. The company assumes no obligation to update any forward-looking statements, except as required by law. We will also discuss non-GAAP financial information on this call. The company provides this information to supplement information prepared in accordance with U.S. GAAP. A reconciliation of these measures to the company's reported GAAP results can be found in the reconciliation table provided in today's earnings release.

Finally, for those new to our call, we will not be conducting a Q&A session on the call itself. However, if you have any questions, please send them to ir@bitfufu.com. We aim to respond within 24 hours. We value your questions and are committed to transparent timely communication.

I will now turn the call over to Leo to begin the management discussion.

Leo Lu

Thanks, [ Leanne ], and thank you all for joining us today. Looking back at the second quarter, I see it as a pivotal period where we focused on building strength and proactively positioning ourselves for the second half of the year.

In an industry environment that remains highly dynamic, we didn't sit back and simply wait for market conditions to improve. Instead, we doubled down on what we can control, taking decisive strategic steps to optimize our hashrate mix, upgrade platform capabilities and drive operational efficiency. And from an execution standpoint, we made meaningful progress in second quarter. By the end of June, our self-mining hashrate had grown to approximately 3.5 EH/s, up 9.3% quarter-over-quarter. Combined with the increased allocation of hashrate to our self-mining operations, we were able to significantly boost production. Our monthly self-mining production nearly tripled during the quarter, rising from 32 Bitcoin to a peak of 90 Bitcoin.

At the same time, our hosting revenue increased by a remarkable 254% year-over-year, primarily driven by our buy-and-host solution. This offering continued to gain traction with clients seeking a more flexible, hassle-free way to manage their mining assets, sustaining strong demand from new customers throughout the quarter and underscoring its potential as a future growth driver. In cloud mining, while lower Bitcoin prices temporarily weighed on customer ordering, we observed growing demand for differentiated products, such as hashrate products with stable outputs. This provides us with valuable insights into how customer needs are evolving and will help guide our continued refinement of the cloud mining product suite.

To further strengthen our operational foundation, we acquired approximately 3,200 latest-generation S21XP miners during the quarter. On top of that, we secured additional hashrate capacity in June and July, which will come online throughout August. This gives us strong visibility into our capacity expansion for the second half and positions us to bring our total managed hashrate back to around 20 EH/s by mid-August. Taken together, these efforts have continued to improve our platform's operational quality, resilience, cost efficiency and commercial flexibility, laying a solid foundation for our next phase of growth in the second half.

Separately, we are pleased to share that BitFuFu was named to TIME's 2026 list of the World's Growth Leaders and to the Fortune Southeast Asia 500. These recognitions are an encouraging validation of our team's efforts and further reinforce our standing in the global computing power infrastructure sector. Navigating a challenging market environment during the quarter comes down to 2 core pillars: our differentiated business model and our continued discipline in operational execution. First, our business model gives us a high degree of flexibility. Our cloud mining plus self-mining structure gives us the agility to dynamically reallocate capacity based on changing economics, customer demand and expected returns across different cycles.

During the second quarter, when the economics of certain third-party hashrate contracts no longer met our requirements, we proactively adjusted our procurement strategy and contract duration mix accordingly. We will never sacrifice unit economics simply to maintain headline hashrate. We have always believed that the quality and profitability of the hashrate we manage matter far more than scale for its own sake. Second, our operational discipline and technical capabilities create a real cost moat. Throughout the quarter, we stayed focused on raising uptime, optimizing utilization and refining our staffing and maintenance workflows. With support from our BitFuFu OS firmware system, we intelligently overclocked or underclocked our fleet in real time based on market conditions and power prices, dynamically managing large-scale energy consumption to protect our margins.

Our average fleet efficiency stayed strong in the range of 17.8 to 18.1 J/TH throughout the quarter, a level that is highly competitive by industry standards. Maintaining this level of energy efficiency keeps our baseline production costs low through different market cycles, effectively helping to protect our margins against price volatility. We believe this cost advantage and structural resilience are what allow us to navigate cycles and build lasting value.

Looking at the broader Bitcoin mining landscape, the industry is undergoing a profound structural transformation. On one hand, Bitcoin price remained volatile in the second quarter, and the broader macro environment offered limited tailwinds for the industry. Overall operating conditions, therefore, remain challenging. At the same time, the competitive landscape within Bitcoin mining is becoming more differentiated and selective as miners make increasingly divergent choices around capital deployment, power and hashrate management and whether to continue operating mining infrastructure or transition those assets toward AI and HPC.

On the other hand, this structural evolution is also creating a more favorable long-term environment for high-quality miners that remain focused on Bitcoin mining. As a meaningful portion of U.S.-listed miners permanently transition their power and infrastructure to AI data centers under long-term contracts, the capacity is unlikely to return to the Bitcoin network. This trend is already visible in the network data. Bitcoin network difficulty reached approximately 156T in November 2025, while global network hashrate had declined by approximately 20% from its peak by late June 2026 and was approximately 14% below this year's high. For those of us who remain focused on Bitcoin, a less crowded network could support better operating conditions and further improvement in profitability and cash flow stability.

For BitFuFu, despite the market cycles and short-term headwinds, our core conviction hasn't changed. We remain confident in the long-term value of Bitcoin as an underlying digital asset, and we continue to see strong global demand for high-quality computing power and mining infrastructure. We see BitFuFu as more than a mining company. We are building and continuously optimizing an infrastructure platform that supports the broader digital economy. Our responsibility is to manage these resources proactively and efficiently as the environment evolves, stay focused on what we can control and create long-term value for our shareholders.

The actions we took in the second quarter have also given us greater visibility and certainty heading into the second half of the year and beyond. Looking ahead, we will continue to closely monitor global power markets and evaluate opportunities in high-quality infrastructure and hashrate capacity, focusing on areas where our operating capabilities can give us an advantage. The macroeconomic environment and Bitcoin prices remain important inputs to our capital allocation decisions, and we will stay open to high-quality opportunities that fit within our risk framework. With efficient infrastructure, core power resources and strong operating capabilities, we believe BitFuFu holds meaningful long-term option value and the flexibility to act when the next set of opportunities emerges.

Ultimately, our strategy remains consistent with the principles we have outlined over the past several quarters: build a business model that can operate through different cycles, manage risk actively, continuously improve efficiency and deploy capital toward areas that can generate the best long-term returns.

I will now turn the call over to Calla to provide more details on our financial results.

Calla Zhao

Good morning, everyone, and thanks, Leo. Now let's look at the second quarter's financials. I'll cover the following points: revenue, cost and profit, balance sheet and capital actions. Compared to the same period last year, our total revenue and cloud mining revenue declined sharply. This decline was primarily driven by the sharp swing in Bitcoin prices between the 2 periods as well as the different measures we took in response.

In second quarter 2025, Bitcoin prices rose steadily from roughly $86,000 in April to over $100,000 by June, which drove strong customer demand and encouraged miners to expand their capacity. In contrast, second quarter 2026 followed 2 consecutive quarters of price pressure. And in that environment, both customers and miners took a more measured approach, delaying new commitments until the outlook improves. Given how different the market backdrop was between the 2 periods, we believe the more meaningful measure of our progress this quarter is whether we ran the business with discipline, maintained a healthy balance sheet and stayed positioned to capture value as the market recovers. That's our focus, and we're confident in the foundation we're building.

Cloud Mining Solutions remained our largest revenue source at $24.9 million. This accounted for 58.3% of our total revenue. Client retention remains a priority. Our cloud mining net dollar retention rate was 24.1% in second quarter. We believe the decline in net dollar retention was primarily driven by existing customers reducing their order volumes. This reflects lower Bitcoin prices and weaker mining economics during the quarter rather than a proportional loss of our customer base. We are actively addressing this through product enhancements and service innovation to meet our customers' evolving risk preferences. Self-mining operations contributed $14.0 million, making it a relatively stable segment despite a 27% drop in the average Bitcoin price. Increased allocated hashrate and improved efficiency helped offset the impact of lower prices. Hosting and other services rose to $3.9 million. This is a meaningful increase driven by the continued scaling of our buy-and-host solution, which is now generating recurring revenue from clients seeking asset ownership and operational simplicity.

Turning to costs. Our cost of revenue for the past quarter was $43.7 million, decreased significantly from second quarter 2025, but aligned with our scale adjustments. As mentioned in the first quarter's earnings, some high-cost hashrate procured during fourth quarter 2025 has created pressure to the profit margin for the first half of this year. However, our procurement optimization efforts are already helping to mitigate this impact. We have locked in more cost-efficient hashrate at current market rates. We also kept improving our operations. For example, at our mining site in Oklahoma, we work closely with the power company. Through engaging in optimized curtailment programs, our electricity costs reduced to approximately $0.03 per kilowatt hour in June. This is a direct, measurable cost saving. Net loss for second quarter was $20.5 million. Fair value losses on our Bitcoin holdings and digital asset receivables and payables contributed $16.9 million to the net loss. Excluding the fair value loss impact, our adjusted EBITDA would have been approximately negative $1.5 million. This is a relatively contained loss given the scale of the revenue pressure this quarter.

As of June 30, 2026, our balance sheet remains strong and stable. Total cash and digital assets stood at $119.5 million, compared to $177.1 million at year-end. The decrease was primarily due to Bitcoin price depreciation and the prepayments we made to secure hashrate procurement. We expect these prepayments to translate into higher Bitcoin mining output over the coming years, supporting Bitcoin holdings going forward. Total Bitcoin holdings were 1,671 Bitcoin as of June 30, including 54 Bitcoin pledged as collateral for loans. The amount of pledged Bitcoin declined substantially from 357 Bitcoin as of March 31 to 54 Bitcoin as of June 30 because of our repayment of $10 million Bitcoin-backed loans and replacement of $3 million Bitcoin-backed loans with unsecured loans. Accordingly, we ended the quarter with $5.4 million outstanding loans.

This quarter, we demonstrated our unwavering commitment to prudent capital management and shareholder protection through 3 key actions. First, we completed the quarter with very limited equity issuance. In a volatile market, we chose not to dilute existing shareholders. Instead, we funded operations through operating cash flow, Bitcoin sales and our credit facility. In addition, the Board's authorization to repurchase up to $5 million of our Class A ordinary shares reflects our confidence in the long-term prospects of the business and our commitment to disciplined capital allocation. Second, we repaid $10 million in Bitcoin-backed loans. This not only reduced our debt, but also strengthened our financial resilience. This was a deliberate decision in second quarter made to build a safer foundation for the next cycle.

Third, we continue to invest in more efficient mining equipment and secured additional capacity for the second half of the year. We added S21 units without compromising liquidity as part of our shift toward longer-term, cost-efficient hashrate contracts. This is preparation for future growth, not a rushed expansion. In summary, second quarter was another quarter of disciplined execution. We maintained a close focus on operating expenses, procurement and supply chain management, preserved liquidity and maintained a strong balance sheet even in a challenging market.

I'll now turn it back to Leo to close out the call.

Leo Lu

Looking back at the second quarter, I believe we made several important advances that strengthen the foundation of the business for the next stage of our growth. We increased the contribution from our self-mining business, maintained strong fleet efficiency, continue to optimize our capacity mix, upgraded to more efficient mining equipment and secured additional hashrate capacity ahead of the second half of the year. Together, these actions have further strengthened our operating foundation and better positioned us to capture new opportunities as market conditions improve.

Looking across the industry, we believe that as the market becomes more differentiated and selective, scale alone will no longer be the most important factor. The quality of infrastructure, operating efficiency, access to competitive power and the ability to effectively manage hashrate across different market conditions will become increasingly important. At the same time, investors are paying closer attention to sustainable operating economics, execution, cash generation and the company's ability to create value through different stages of the cycle.

Over the coming quarters, we will remain focused on high-quality execution while closely monitoring changes in network hashrate, power markets, Bitcoin prices, the broader macroeconomic environment and the economics of the mining industry. While these factors will continue to present challenges, they will also unlock new opportunities. We intend to maintain total flexibility so that we can step in decisively when those opportunities offer proven economics and real strategic value. Finally, I would like to thank our shareholders, customers and partners for their continued support of BitFuFu. We will continue to build efficient infrastructure, strengthen our operating capabilities and create long-term sustainable value for our shareholders.

That concludes our prepared remarks. Thank you for taking the time to join us today, and we look forward to updating you again next quarter.

Operator

That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.