Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 129

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 129
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271,393      100.0      161,967      100.0  

Gross profit

Our gross profit was US$36.2 million,
US$12.7 million and US$29.7 million in 2022, 2023 and 2024, respectively. Our gross profit margin was 18.3%, 4.5% and 6.4% in the
same periods, respectively. The following table sets forth a breakdown of our gross profit and gross profit margin by business line in
the periods indicated.

                                                             Year ended December 31,                                                                                                 
                                                             2024                                                                                                                    
                                                             Gross                        Gross              Gross              Gross                      Gross              Gross  
                                                             profit/(loss)                profit/(loss)      profit/(loss)      profit/(loss)      profit/(loss)      profit/(loss)  
                                                             (US$ ’000)                   margin             (US$ ’000)         margin                (US$ ’000)             margin  
                                                                                          (%)                                   (%)                                             (%)  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Sale of cloud-mining solutions                             16,922                       6.2                13,534             7.6                       20,334               20.5  
  Self-mining revenue                                        10,230                       6.5                (1,184             (1.2                       1,013                1.7  
  Selling of mining equipment                                2,485                        8.2                —                  —                            258                2.5  
  Leasing of mining equipment                                —                            —                  —                  —                            539               40.3  
  Sourcing commission for mining equipment transactions      —                            —                  —                  —                         13,882               73.9  
  Hosting services and others                                85                           2.0                363                6.2                          206                2.6  
  Total                                                      29,722                       6.4                12,713             4.5                       36,232               18.3  

Operating expenses/income

The following table sets forth
our operating expenses/income, both in absolute amount and as a percentage of our total operating expenses/income, for the periods indicated.

                                                                Year ended December 31,                                                             
                                                                2024                                                                                
                                                                US$ ’000