Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 128

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 128
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 year, was approximately
US$96.6 million, US$174.0 million and US$209.0 million, respectively, accounting for 97.3%, 97.7% and 77.1% of our total cloud-mining
revenue in the same periods, respectively. We had realized a net dollar retention rate of 117.1% for 2024 calculated by dividing the amount
of recurring revenue in 2024 by the amount of revenue in 2023. The registered users of our cloud mining business increased from 188,460
as of December 31, 2022 to 304,270 as of December 31, 2023, and further to 591,751 as of December 31, 2024.

Key Components of Results of Operations

Revenues

We operate in a single segment
that mainly includes: (i) providing cloud-mining services; (ii) Bitcoin self-mining; (iii) leasing of mining equipment; (iv) sourcing
services for mining machine transactions; (v) selling of mining equipment; and (vi) providing mining machine hosting services.

In 2022, 2023 and 2024, our
revenues were US$198.2 million, US$284.1 million and US$463.3 million, respectively. The following table sets forth the breakdown
of our revenues by business line both in absolute amount and as a percentage of the total revenues in the periods indicated.

                                                             Year ended December 31,                                                             
                                                             2024                                                                                
                                                             US$ ’000                                                                            
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Sale of cloud-mining solutions                             271,036                       58.5      178,044      62.7        99,392       50.1  
  Self-mining revenue                                        157,511                       34.0      100,197      35.2        60,291       30.5  
  Selling of mining equipment                                30,463                         6.6      —            —           10,400        5.2  
  Leasing of mining equipment                                —                                —      —            —            1,336        0.7  
  Sourcing commission for mining equipment transactions      —                                —      —            —           18,792        9.5  
  Hosting services and others