$FUFU
Bitfufu Inc.
CIK:0001921158|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net (loss)/income | $ (31,142) | $ 53,963 | $ 10,495 |
| Adjustments to reconcile net (loss)/income to net cash used in operating activities: | |||
| Net income received or to be received by digital assets | (174,438) | (195,679) | (183,112) |
| Impairment loss on digital assets | 6,987 | ||
| Credit loss provision for receivables | 981 | 100 | |
| Gain on sale of recovery rights on assets held by FTX | (7,270) | ||
| Loss on disposal of mining equipment | 3,395 | ||
| Impairment loss on mining equipment | 25,400 | 8,076 | |
| Changes in fair value of digital asset receivables or payables | (1,172) | 1,320 | |
| Changes in fair value of digital assets | 8,693 | (76,933) | (18,231) |
| Depreciation of property and equipment | 27,959 | 24,733 | 24,501 |
| Amortization of right of use asset | 71 | ||
| Share-based compensation expense | 588 | 26,065 | |
| Deferred income tax | 934 | 6,791 | 4,151 |
| Earnings from equity method investments | (177) | ||
| Changes in operating assets and liabilities: | |||
| Prepayments | (4,294) | (4,565) | (654) |
| Inventory | 102 | (142) | |
| Amount due from / (due to) related parties | 33,088 | (63,307) | (36,934) |
| Deposit receivables | 2,683 | (2,683) | |
| Other current assets | 1,844 | 3,422 | (1,514) |
| Accounts payable | (297) | 1,366 | 775 |
| Operating lease liabilities | (60) | ||
| Taxes payable | (437) | (3) | (2,893) |
| Accrued expenses and other payables | (3,967) | (394) | 3,042 |
| Net cash used in operating activities | (112,929) | (219,874) | (195,970) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Proceeds from disposal of equipment | 673 | ||
| Proceeds from sales of digital assets | 127,135 | 184,794 | 222,393 |
| Purchase of digital assets | (19,000) | (16,824) | (45,429) |
| Acquisition of a subsidiary, net of cash acquired | (9,386) | ||
| Purchase of financial assets held for trading | (521) | ||
| Purchases of equipment | (9,057) | (37) | (68) |
| Net cash provided by investing activities | 89,844 | 167,933 | 176,896 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from the issuance of ordinary shares | 5,735 | 75,187 | |
| Payment of issuance costs | (10,140) | (2,352) | |
| Repayment of long-term payables | (7,000) | ||
| Net cash provided by /(used in) financing activities | 5,735 | 65,047 | (9,352) |
| Net change in cash and cash equivalents | (17,350) | 13,106 | (28,426) |
| Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period | 45,111 | 32,005 | 60,431 |
| Cash and cash equivalents, and restricted cash and cash equivalents, end of period | 27,761 | 45,111 | 32,005 |
| SUPPLEMENTAL INFORMATION | |||
| Cash paid for interest | 6,611 | 1,200 | 3,662 |
| Cash paid for income tax | 930 | 1,278 | |
| Supplemental non-cash operating activities | |||
| Net digital assets provided by operating activities | 145,065 | 258,403 | 212,931 |
| Supplemental non-cash investing activities | |||
| Net digital assets used in investing activities | (98,779) | (213,827) | (176,964) |
| Issuance of ordinary shares for acquisition of a subsidiary | (1,426) | ||
| Issuance of ordinary shares for purchase of equipment | (5,141) | ||
| Supplemental non-cash financing activities | |||
| Repayment of long-term payables in digital assets | (6,937) | ||
| (Repayment of) /Proceeds from long-term loans in digital assets | $ (20,000) | $ 34,950 | |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 27,761 | $ 38,201 | ||
| Restricted cash and cash equivalents | 6,910 | |||
| Digital assets | 149,289 | 129,940 | ||
| Digital asset collateral receivable | 24,075 | 12,569 | ||
| Accounts receivable, net | 12,326 | 10,926 | ||
| Prepayments | 26,042 | 21,651 | ||
| Inventory | 145 | 246 | ||
| Financial assets held for trading | 521 | |||
| Other current assets, net | 9,358 | 11,710 | ||
| Total current assets | 324,536 | 265,269 | ||
| Non-current assets: | ||||
| Property and equipment, net | 20,672 | 55,981 | ||
| Digital asset collateral receivable | 47,827 | |||
| Long term investment | 177 | |||
| Operating lease right of use assets, net | 436 | |||
| Goodwill | 4,235 | |||
| Deferred tax assets, net | 7,524 | 8,601 | ||
| Total non-current assets | 33,044 | 112,409 | ||
| Total assets | 357,580 | 377,678 | ||
| Current liabilities: | ||||
| Accounts payables | 4,659 | 14,119 | ||
| Contract liabilities | 50,573 | 15,757 | ||
| Long term loan-current portion | 15,000 | |||
| Accrued expenses and other payables | 16,060 | 8,773 | ||
| Obligation to return collateral digital assets | 3,349 | 21,436 | ||
| Taxes payable | 1,792 | 2,229 | ||
| Operating lease liabilities, current | 251 | |||
| Total current liabilities | 98,487 | 63,893 | ||
| Non-current liabilities: | ||||
| Long-term payable | 94,364 | 101,301 | ||
| Long-term loans | 34,950 | |||
| Deferred tax liabilities, net | 14,928 | 15,072 | ||
| Operating lease liabilities, non-current | 197 | |||
| Total non-current liabilities | 109,489 | 151,323 | ||
| Total liabilities | 207,976 | 215,216 | ||
| Commitments and contingencies (Note 23) | ||||
| Shareholders’ equity*: | ||||
| Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 166,613,948 and 163,106,615 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | [1] | 17 | 16 | |
| Additional paid-in capital | [1] | 97,166 | 84,276 | |
| Non-controlling interest | [1] | 5,503 | ||
| Retained earnings | [1] | 46,918 | 78,170 | |
| Total shareholders’ equity | [1] | 149,604 | 162,462 | |
| Total liabilities and shareholders’ equity | 357,580 | 377,678 | ||
| Related Party | ||||
| Current assets: | ||||
| Amount due from related parties | 75,019 | 33,116 | ||
| Current liabilities: | ||||
| Amount due to a related party | $ 6,803 | $ 1,579 | ||
| ||||