Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 135

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 135
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 on digital asset borrowings                                —             —         4,206  
  Total operating income/(expenses), net                                         36,474         3,858       (32,332  
  Operating profit                                                               66,196        16,571         3,900  
  Investment income                                                                 416             —             —  
  Interest expense                                                               (6,328        (5,535        (2,517  
  Interest income                                                                 1,624         1,055           343  
  Other income/(expense), net                                                      (277           587            50  
  Income before income taxes expenses                                            61,631        12,678         1,776  
  Income tax (expense)/benefit                                                   (7,668        (2,183           666  
  Net income and total comprehensive income                                      53,963        10,495         2,442  

Year ended December 31, 2024 compared to
year ended December 31, 2023

Revenues

Our revenues increased from
US$284.1 million in 2023 to US$463.3 million in 2024, representing an increase of 63.1% mainly driven by the growth in both our cloud
mining and self-mining operations.

Revenue from cloud-mining solutions
increased from US$178.0 million in 2023 to US$271.0 million in 2024, representing an increase of 52.2%, primarily attributable to
increases in repeat purchases of cloud-mining services from both existing customers and new customers acquired during the year of 2024
and increase in average selling price. In 2024, revenue from existing customers was US$208.4 million and from new customers was US$62.6
million, accounting for 76.9% and 23.1% of revenue from cloud-mining solutions, respectively. In 2023, revenue from existing customers
was US$138.9 million and new customers was US$39.1 million, accounting for 78.0% and 22.0% of revenue from cloud-mining solutions, respectively.

Revenue from self-mining operations
increased from US$100.2 million in 2023 to US$157.5 million in 2024, representing an increase of 57.2%, mainly due to an 77.2% year-over-year
increase in the average hash rate used for self