BitFuFu Inc. (NASDAQ:FUFU) shares dropped 17.24% in pre-market trading on Monday after the Bitcoin mining company reported a second-quarter loss that was worse than analysts expected and a steep year-on-year decline in revenue.
For the quarter ended June 30, 2026, BitFuFu recorded an adjusted loss of $0.12 per share, compared with the analyst consensus for earnings of $0.01 per share, representing a $0.13 shortfall.
Revenue fell 62.9% year-on-year to $42.8 million from $115.4 million in the second quarter of 2025. The result was also substantially below the $92.51 million expected by analysts.
Bitcoin weakness weighs on cloud mining business
BitFuFu attributed the revenue contraction to a 27.5% year-on-year decline in Bitcoin’s price, weaker demand for its Cloud Mining Solutions and the company’s deliberate optimisation of deployed hashrate.
Cloud Mining Solutions revenue dropped 73.6% to $24.9 million from $94.3 million a year earlier, reflecting lower average selling prices and subdued market sentiment.
Self-Mining Operations generated $14.0 million in revenue, slightly below the $14.8 million reported in the comparable period. Hosting Revenue and Others increased to $3.9 million from $1.1 million.
Mining Equipment Sales contributed no revenue during the quarter, compared with $5.2 million in the second quarter of 2025.
BitFuFu swings to quarterly loss
The company posted a net loss of $20.5 million, reversing net income of $47.1 million in the same quarter last year.
Adjusted EBITDA was negative $18.4 million, compared with positive $60.7 million a year earlier. The latest figure was significantly affected by a $16.9 million fair value loss on digital assets.
“Second-quarter results reflected one of the more challenging operating environments our industry has experienced recently, but they do not change our conviction in BitFuFu’s long-term opportunity,” said Leo Lu, Chief Executive Officer and Chairman of the Board.
Managed hashrate begins to recover
BitFuFu’s total hashrate under management stood at 15.3 EH/s as of June 30, down 57.7% from 36.2 EH/s a year earlier.
However, the company said it subsequently secured additional hashrate, bringing total managed capacity back to approximately 20 EH/s by mid-August.
Bitcoin holdings declined 6.8% to 1,671 BTC from 1,792 BTC as BitFuFu sold some of its cryptocurrency holdings to support operational requirements.
Combined cash, cash equivalents and digital assets totalled $119.5 million at the end of June, down from $177.1 million as of December 31, 2025.
The sharp deterioration in revenue and profitability highlights the pressure created by weaker Bitcoin prices and softer cloud mining demand, although the recovery in managed hashrate provides some evidence of rebuilding operational capacity heading into the second half of the year.