BitFuFu Inc. has announced its unaudited financial results for the first quarter ending March 31, 2025. The company reported a total revenue of $78.0 million, marking a 46.0% decrease from $144.4 million in the same period of 2024. This decline was largely 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. Revenues from various segments were as follows: cloud-mining solutions contributed 68.8% of total revenue, self-mining operations 22.5%, selling of mining equipment 7.7%, and other activities accounted for 1.0%. Cloud-mining solutions revenue decreased by 34.1% to $53.7 million, down from $81.5 million in the first quarter of 2024, influenced by the expiration of certain hash rate purchase orders and miner fleet relocation or upgrades. Revenue from Bitcoin self-mining operations fell by 70.7% to $17.6 million, down from $60.1 million in the same period of 2024. The company reported a net loss of $16.9 million, a significant change from a net income of $35.3 million in the first quarter of 2024. Adjusted EBITDA was negative $10.8 million, compared to a positive $49.9 million in the same period of the previous year. The combined balance of cash and cash equivalents and digital assets was $144.3 million as of March 31, 2025, compared to $168.1 million as of December 31, 2024. Despite the challenges faced, CEO Leo Lu emphasized the company's record-breaking hashrate in May as a validation of its infrastructure scaling strategy, setting a positive outlook for the second quarter and the remainder of 2025. The company maintained a net dollar retention rate of 63.0% for the quarter, reflecting continuous customer demand and the ability to sustain a substantial portion of revenue from existing customers.