Shares of BitFuFu Inc (FUFU), a world-leading Bitcoin miner and mining services innovator, surged 5.13% in after-hours trading on Thursday, despite reporting a challenging first quarter for 2025. The company's stock price movement comes as a surprise, considering it had fallen by 10-12% during regular trading hours following the release of its Q1 financial results.

BitFuFu reported a net loss of $16.9 million for Q1 2025, compared to a net income of $35.3 million in the same period last year. Total revenue decreased by 46% year-over-year to $78.0 million, primarily due to the Bitcoin mining "halving event" that occurred in April 2024, increased blockchain network difficulty, and a temporary decrease in the company's hashrate under management.

However, investors seem to be focusing on the positive outlook provided by CEO Leo Lu. In his statement, Lu emphasized that while Q1 reflected the expected post-halving transitional impact, the company achieved a record-breaking hashrate in May. This development validates BitFuFu's infrastructure scaling strategy and sets a strong tone for the second quarter and the rest of 2025. Lu stated, "This rebound underscores the strength of our supplier relationships, the agility of our procurement strategy, and the resilience of our overall business model."

The company also reported progress in its vertical integration efforts, including the acquisition of a mining facility in Oklahoma, which lifted its self-owned hash rate to 4.2 EH/s. Additionally, BitFuFu expanded its global footprint, added new partners, and gained new customers across key growth markets. These strategic moves appear to have boosted investor confidence, leading to the after-hours stock price surge despite the reported Q1 loss.