Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Bitfufu Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
103
198
284
463
478
Cost of revenue
94
162
271
434
449
Gross profit
9.03
36.2
12.7
29.7
28.9
Research and development
0.47
1.56
1.74
5.6
2.54
Selling and marketing
1.61
1.95
1.86
7.46
3.73
General and administrative
1.42
2.74
3.68
25.3
9.13
Operating expenses
3.19
32.3
-3.86
-36.5
52.7
Operating income
5.84
3.9
16.6
66.2
-23.8
Interest expense
2.52
5.54
6.33
8.56
Interest income
0.14
0.34
1.05
0.42
0.46
Other non-operating income
-0
0.05
0.59
-0.28
0.31
Pre-tax income
5.97
1.78
12.7
61.6
-29.3
Income tax
1.04
-0.67
2.18
7.67
1.88
Net income to minority interests
0.11
Net income
4.93
2.44
10.5
54
-31.3
EBITDA
2,866
22.1
41.1
90.9
4.2
EPS, basic
0.03
0.02
0.07
0.34
-0.19
EPS, diluted
0.03
0.02
0.07
0.33
-0.18
Shares, basic (weighted)
143
149
150
161
164
Shares, diluted (weighted)
143
149
150
166
170
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
13.3
60.4
32
38.2
27.8
Receivables
6.27
3.84
10.9
12.3
Inventory
0.25
0.15
Other current assets
0.3
1.84
11.7
9.36
Total current assets
87.6
121
265
325
Property, plant and equipment
106
81.9
56
20.7
Lease right-of-use assets
0.44
Goodwill
4.24
Long-term investments
0.18
Total assets
198
210
378
358
Accounts payable
0.04
0.81
14.1
4.66
Accrued liabilities
2.29
3.92
Deferred revenue
6.44
47.7
15.8
50.6
Short-term debt
15
Total current liabilities
82.1
86.4
63.9
98.5
Long-term debt
102
101
94.4
Lease liabilities
0.2
Total liabilities
191
193
215
208
Total debt
109
102
101
15
Paid-in capital
1.55
1.55
84.3
97.2
Retained earnings
7.28
17.8
78.2
46.9
Treasury stock
-2
-2
Shareholders' equity
4.83
6.84
17.3
162
Minority interests
5.5
Total equity
4.83
6.84
17.3
162
150
Total liabilities and equity
198
210
378
358
Shares outstanding
150
150
163
167
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
4.93
2.44
10.5
54
-31.1
Depreciation and amortization
2,860
18.2
24.5
24.7
28
Stock-based compensation
26.1
0.59
Deferred income tax
-4.47
4.15
6.79
0.93
Change in inventory
-0.14
0.1
Change in payables
0.03
0.78
1.37
-0.3
Cash from operations
15.9
-7.44
-196
-220
-113
Acquisitions
-9.39
Purchases of investments
-1.4
Cash from investing
-2.61
56.7
177
168
89.8
Debt repaid
-7
Stock issued
1.56
75.2
5.74
Share buybacks
-2
Cash from financing
-2.11
-9.35
65
5.74
Net change in cash
13.3
47.1
-28.4
13.1
-17.4
Interest paid
1.64
3.66
1.2
6.61
Income taxes paid
0.78
1.28
0.93
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.45 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
6.1%
Gross profit / revenue.
Operating margin
-5.0%
Operating income / revenue.
EBITDA margin
0.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-6.1%
Pre-tax income / revenue.
Net margin
-6.5%
Net income / revenue.
Operating cash flow margin
-23.6%
Cash from operations / revenue.
Return on assets (ROA)
-8.5%
Net income / average total assets.
R&D / revenue
0.5%
Research and development expense / revenue.
Stock-based pay / revenue
0.1%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
5.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
3.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
34.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-2.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-7.2%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
-135.9%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-95.4%
EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y
-42.5%
Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
-157.9%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-154.5%
EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-5.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
21.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
2.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.30x
Current assets / current liabilities.
Quick ratio
0.41x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.28x
(Cash + short-term investments) / current liabilities.
Debt / assets
4.2%
Total debt / total assets.
Liabilities / assets
58.2%
Total liabilities / total assets.
Net debt
-$12.8M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-3.04x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage
-2.77x
Operating income / interest expense.
Working capital
$226.0M
Current assets - current liabilities.
Goodwill and intangibles / assets
1.2%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
1.30x
Revenue / average total assets.
Fixed asset turnover
12.5x
Revenue / average property, plant and equipment.
Inventory turnover
2,295x
Cost of revenue / average inventory.
Days inventory
0 days
365 x average inventory / cost of revenue.
Receivables turnover
41.1x
Revenue / average receivables.
Days sales outstanding
9 days
365 x average receivables / revenue.
Days payables
8 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
1 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.18
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.19
Net income per basic share, as reported (split-adjusted).
Market cap + total debt - cash - short-term investments.
P/S
0.51x
Market cap / revenue.
EV/Sales
0.48x
Enterprise value / revenue.
EV/EBITDA
54.5x
Enterprise value / EBITDA, when both are positive.
Earnings yield
-12.9%
Net income / market cap (the inverse of P/E).
What was Bitfufu Inc.'s revenue in fiscal 2025?
Bitfufu Inc. reported revenue of $477.5M for fiscal 2025, 3.1% higher than the year before.
Was Bitfufu Inc. profitable in fiscal 2025?
No. It reported a net loss of $31.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.