Shares of BitFuFu Inc. (NASDAQ: FUFU) tumbled 7.40% in pre-market trading following the release of its disappointing first-quarter 2025 financial results. The Bitcoin mining company reported a significant earnings miss and a substantial decline in revenue, reflecting the challenging environment in the cryptocurrency mining sector.

BitFuFu reported a quarterly loss of $0.10 per share, falling well short of analyst expectations of $0.06 per share profit. This represents a stark reversal from the $0.23 per share earnings reported in the same period last year. The company's revenue also disappointed, coming in at $78.04 million, missing the analyst consensus estimate of $99.81 million by 21.81%. This marks a 45.96% decrease from the $144.41 million in sales reported in the first quarter of 2024.

The company attributed the weak performance to several factors, including 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. Despite these challenges, CEO Leo Lu remained optimistic, highlighting the company's record-breaking hashrate in May as a validation of its infrastructure scaling strategy. However, investors seem to be focusing on the current financial struggles, as evidenced by the pre-market stock plunge.