Summary by Moomoo AI
BitFuFu reported strong Q2 2024 financial results with total revenue reaching $129.4M, up 69.7% YoY. Cloud-mining solutions contributed $77.0M, while Bitcoin self-mining operations generated $51.1M. The company's registered cloud-mining users grew 86.8% YoY to 395,056, demonstrating robust platform adoption.Operating performance was impacted by the Bitcoin halving event in April 2024, with BTC production from self-mining operations decreasing 23.1% YoY to 780 BTCs. The company recorded a net income of $1.3M, down from $5.1M in Q2 2023, primarily due to a $16.4M non-cash unrealized fair value loss on Bitcoin holdings under new accounting standards.The company maintained a strong financial position with combined cash, cash equivalents, and digital assets of $155.0M as of June 30, 2024, up from $76.0M at year-end 2023. BitFuFu held 1,721 BTCs and achieved a net dollar retention rate of 103% in Q2, with 61.5% of cloud-mining revenue coming from existing customers.
