Press Release
BitFuFu Q1 Earnings: Adjusted EBITDA Up 430.9% To $49.4 Million On Revenue Growth Of 149%, Cash Position Rises To $163.7 Million
–News Direct–
By Meg Flippin, Benzinga
BitFuFu Inc. (NASDAQ: FUFU), the digital asset mining company based in Singapore, posted first-quarter revenue that soared 149% year-over-year, buoyed by strong demand for its Bitcoin mining services.
For the first three months of the year, total revenue was $144.4 million compared to $58 million in the year-ago first quarter. Net income of $35.3 million was much higher than the $2.7 million reported in Q1 2023 while adjusted EBITDA increased 430.9% to $49.4 million. Revenue from BitFuFus cloud-mining solutions rose 181% year-over-year, while sales from Bitcoin self-mining operations grew 117%. The companys cash position also increased, hitting $163.7 million as of the end of March. BitFuFu ended 2023 with $76 million in its coffers.
BitFuFu had a very strong quarter. We are actively taking steps to reduce operational costs, increase margins and decrease our carbon footprint. Our ability to generate cash and strengthen our balance sheet ideally positions us to capitalize on growth opportunities going forward, Leo Lu, BitFuFus chairman and CEO, said on a conference call to discuss first-quarter results with Wall Street. These factors combine to form what we believe is a compelling strategy that will create long-term sustainable shareholder value.
Key Areas Firing On All Cylinders
During the quarter, BitFuFu saw strong growth in key business areas, including registered users, hosting capacity and Bitcoin production by customers. Hosting capacity is up 25.5% to 644 MW, while registered users hit 321,184, a 63.5% increase from last years first quarter.
The growth in cloud registered users is notable given the market is concentrated with the top five players accounting for 75% of the market in terms of revenue last year, according to data BitFuFu cited from Frost & Sullivan. BitFuFu's ability to increase users amid intense competition is a testament to its leadership. The company says it's the largest player in this segment, accounting for a third of the market in 2023.
That may appeal to investors, given the growth of BitFuFus U.S. counterparts. Take Riot Platforms Inc. (NASDAQ: RIOT) for starters. The company, which is known for keeping costs for customers at bay, is in acquisition mode, recently offering $930 million to acquire bitcoin miner Bitfarms Ltd. (NASDAQ: BITF). Then there is Marathon Digital Holdings Inc. (NASDAQ: MARA), which has seen bitcoin mining output growth similar to BitFuFu. Its stock is up more than 120% compared to a year ago. The same story is playing out at Cleanspark Inc. (NASDAQ: CLSK). Amid brisk demand, its market cap stands at over $4 billion. BitFuFus market cap pales in comparison but that may not be for too long if the company has its way.
BitFuFu has experienced significant growth over the past four years as the value proposition of our cloud mining services increasingly gains traction. The one-stop service we provided to customers is a more efficient and convenient way for customers to mine Bitcoin, and a more profitable way for them to acquire Bitcoin at reasonable cost, said Lu. During the first quarter, demand for cloud mining services continued to grow, driven in large part by the increase in the price of Bitcoin. Bitcoin production by customers from cloud-mining solutions increased 53.0% to 2,096 BTCs. Meanwhile, the cost to mine BTC from self-mining operations averaged $39,182 per BTC versus US$21,908 per BTC in 2023. Total mining capacity under management increased 52.1% to a record 28.6 EH/s, compared to 18.8 EH/S during Q1 2023.
Given its position in the market, Lu said the company is confident in its ability to continue growing revenue as it acquires more users (both registered and paying) and expands the number of miners with the strong support of its long-term partner Bitmain Technologies Ltd., which makes Bitcoin mining hardware. Reputation is everything in the cloud mining industry, and counting Bitmain as an exclusive partner gives BitFuFu even more credibility.
Keeping Costs At Bay
When it comes to running a cloud mining company, keeping costs in line is key to profitability, and BitFuFu kept a focus on it even during the quarter. Take its hosting capacity for one example. Lu said on the call the company is reducing hosting and power costs by exploring opportunities to acquire existing facilities or build new mining infrastructure in the U.S. and other geographies. We are currently in negotiations with operators of existing mining facilities on the potential for joint ventures or acquisitions. We are also considering greenfield projects. Some of these projects have made meaningful progress and are in the final stages, said Lu.
Then theres its pursuit of future power supply resources and renewable energy to support its efforts to reduce operational costs, increase revenue streams and achieve carbon-neutral operations. To hedge against grid dependency and the fluctuating cost of power, which Lu said is crucial to stabilizing operations, BitFuFu is exploring off-grid opportunities including flare gas, which to date is underutilized by the industry. We are excited to announce the launch of our first small-scale flare gas deployment in Texas in partnership with one of the region's most proactive developers, said BitFuFus CEO. Following a successful proof-of-concept, we expect the project to be fully operational by the end of 2024 where it will lower our mining costs and increase our gross margins.
Expanding Its Offering
If that isnt enough for the mining services company, BitFuFu is ensuring it continues to drive growth across its business by expanding into new products and services that will benefit the overall industry and make BitFuFu more money. One example is a mining facility management system BitFuFu built for mining facilities it and its partners operate. Currently, the system manages over 50,000 mining rigs and helps the company enhance and refine miner management, including through the timely detection of mining rig failures and potential risks and the ability to directly adjust the operating mode of the machines to optimize their profitability. In the future, by providing this system to more mining facilities and partners, we believe we can increase BitFuFu's brand recognition and expand our partnerships and resources, said Lu.
When it comes to mining for digital assets through the cloud, speed, reliability and reputation are key to making money. Most are looking for a secure provider that will be around for the long haul. BitFuFu seems to check off all the boxes, and judging from its first-quarter earnings results, customers agree.
Featured photo by Kanchanara on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
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COMTEX_453109875/2655/2024-05-30T08:37:15
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Press Release
Tugs-Oyun Davaadorj Named One of the 100 Successful Women in Business
San Ramon, Ca, United States, 27th Nov 2024 – Oyu Cosmetics is thrilled to announce that its visionary founder and CEO, Tugs-Oyun Davaadorj, has been honored as one of the “100 Successful Women in Business” by Women in Business Magazine. This prestigious accolade recognizes her groundbreaking achievements in the clean beauty industry and her tireless dedication to empowering women globally through sustainable entrepreneurship and innovation.
As the creative force behind Oyu Cosmetics, Tugs-Oyun has redefined beauty with her commitment to clean, cruelty-free, and ethically sourced skincare products. Under her leadership, the brand has achieved certifications like EWG Verified, Vegan, and Leaping Bunny Certified, affirming its dedication to quality, safety, and environmental stewardship.
A Trailblazer in Clean Beauty and Female Empowerment
Tugs-Oyun’s journey from a finance professional to a trailblazer in the beauty industry showcases her resilience, creativity, and entrepreneurial spirit. Leveraging her expertise in organic cosmetic chemistry, she founded Oyu Cosmetics in 2020 with a vision to combine scientific innovation and nature to create skincare solutions that inspire confidence and promote self-care.
Her recognition in the “100 Successful Women in Business” is a testament to her work as a:
- Entrepreneur: Leading a globally recognized brand that aligns beauty with sustainability.
- TEDx Speaker: Inspiring audiences with her talks on “Human connection in a digital world”.
- Author: Publishing four books, including FitFast: The Power of Intermittent Fasting, Unlock Yourself: Even on Unprecedented Times and Amazon Selling Mastery which merges her passions for health and wellness, helping others and entrepreneurship.
Oyu Cosmetics: Revolutionizing Skincare
Oyu Cosmetics has quickly become a favorite among conscious consumers, offering high-quality skincare products that are as effective as they are ethical. Highlights of the brand’s impact include:
- Sustainability First: Eco-friendly packaging and sustainable ingredient sourcing to protect the planet.
- Innovation Meets Nature: Advanced skincare solutions that harness the power of superfoods and organic compounds.
- Empowering Women: Creating opportunities and uplifting women through mentorship and brand collaborations.
A Global Advocate for Women and Well-being
In addition to her success as a CEO, Tugs-Oyun is a passionate advocate for women in business, frequently mentoring young entrepreneurs and sharing her journey to inspire others. She is also mentor to other women who wants to become entrepreneur. “I’m incredibly humbled to receive this award,” said Tugs-Oyun. “This recognition underscores the hard work and purpose behind Oyu Cosmetics—to create products that empower individuals, support sustainability, and inspire a global movement for clean beauty and ethical entrepreneurship.”
Join the Movement
With her vision and commitment, Tugs-Oyun Davaadorj is setting a new standard in the beauty industry, blending innovation, ethics, and empowerment. Oyu Cosmetics invites everyone to experience skincare that not only transforms their beauty routine but also makes a positive impact on the world.
For more information about Tugs-Oyun Davaadorj her personal blog tugsooblog.wordpress.com and Oyu Cosmetics, visit www.oyucosmetics.com.
Media Contact
Organization: Oyu cosmetics
Contact Person: EP – Marketing Manager
Website: https://www.oyucosmetics.com/
Email: Send Email
Contact Number: +14154630519
City: San Ramon
State: Ca
Country: United States
Release Id: 27112420438
The post Tugs-Oyun Davaadorj Named One of the 100 Successful Women in Business appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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Press Release
Tengxiao Co.: to Build a Leading Brand of FRP Environmental Protection Equipment
China, 25th Nov 2024, Grand Newswire – Hebei Tengxiao Environmental Protection Equipment Co., Ltd. was established in 2018, located on Fuqiang North Road, Zaoqiang County, Hengshui City, Hebei Province. The company covers an area of 36,800 square meters with a registered capital of 10.8 million yuan. It is a comprehensive industrial company specializing in the research, design, production, manufacturing, system installation, and industrial trade of fiberglass environmental protection equipment.
Main products include: fiberglass square counterflow cooling towers, fiberglass crossflow cooling towers, biological deodorization equipment (biological deodorization filter beds), fiberglass pipes, fiberglass manhole covers, drainage trench covers, fiberglass cable trays, fiberglass grating patterned covers, fiberglass explosion-proof electrical boxes, fiberglass junction boxes, fiberglass desulfurization and denitrification towers, fiberglass purification towers, fiberglass arched covers, fiberglass septic tanks, fiberglass integrated pump stations, fiberglass board and profile materials, and fiberglass molded products.
The company currently employs 2 engineers, 2 designers, 260 frontline workshop staff, and 16 office personnel. It has become a company integrating project budgeting, technical consulting, product design, manufacturing, installation and debugging, and after-sales service, forming a complete set of standardized, scientific, and systematic management systems.
Tengxiao consistently adheres to the principle of “Quality First, Customer Supreme, High-Quality Service, and Honoring Contracts.” With high-quality products, good reputation, and excellent service, the company has received widespread praise for its products and services in the market.
Tengxiao has always followed the corporate spirit of “Exploration, Innovation, Unity, Progress, and Integrity,” continuously improving and strengthening itself. We are willing to work closely with both new and old customers to establish extensive and mutually beneficial cooperative relationships.
Tengxiao will uphold the development goal of “Technology First, Perfect Management, Satisfactory Service, and Continuous Innovation.” The company will continue to increase R&D investment, optimize product structure, and improve product performance to enhance the technical content of its products, striving to become a technology-oriented enterprise. In terms of service, the company will continue to adhere to the customer-first business philosophy, constantly improving customer service levels and increasing customer loyalty. In terms of development, the company will stick to continuous innovation, adapt to environmental changes, and innovate in technology and management, expanding both domestic and international markets.
Hebei Tengxiao Environmental Protection Equipment Co., Ltd. insists on the principle that quality leads the development of the enterprise. With advanced processing equipment and installation technology, we can provide high-quality products and services.
“Better Quality, Integrity-Based, Customer First” is our business principle. Careful design, excellent manufacturing, safety standards, sincere service, and customer satisfaction are our operational philosophies. Honoring contracts and offering high-quality, cost-effective products are our business strategies. Our company has consistently promoted standardized production, applied high-tech, strengthened process control, and improved after-sales service, using excellent technology and social reputation as the driving force for long-term sustainable development.
All employees of Hebei Tengxiao Environmental Protection Equipment Co., Ltd. warmly welcome friends from all walks of life to establish cooperative relationships with us. We will do our best to provide you with satisfactory, reliable, and thoughtful service. Our company has always adhered to the business principles of “Honoring Contracts, Maintaining Integrity, Pursuing Modest Profits, Emphasizing Ethics,” and “Quality Service.” We always focus on “User, Quality, Reputation, and Service” as our business guidelines. We will cooperate sincerely with friends from all walks of life with excellent products and perfect services, striving for mutual development. We are also open to joint ventures and partnerships with domestic and international clients based on favorable conditions and a commitment to contributing to society. The company relies on product quality and modern, large-scale equipment to provide customers with high-quality products and services. We look forward to cooperating with you!
Tengxiao always adheres to the basic principles of “Reasonable Price,” “High-Quality Products,” “On-Time Delivery,” and “Good Reputation Service.” The corporate philosophy of “People-Oriented, Quality-Based” runs through all aspects of our production. “Everything is market-oriented, everything is customer-centered” is our business purpose. Hebei Tengxiao Environmental Protection Equipment Co., Ltd. will continue to introduce new high-quality products, innovate, seek practical development, and contribute quality products to create a comfortable environment for humanity. We look forward to becoming your loyal partner and creating a mutually beneficial future. Your choice, our cooperation! Choose Tengxiao, choose peace of mind! Win-win!
Tengxiao appreciates the beauty of the world and understands the principles of all things. We invite you to appreciate the different beauty of the world and understand the principles of survival in nature. Tengxiao’s existence is to cherish and protect this beauty, and we sincerely invite everyone to participate and embrace a more beautiful tomorrow.
Media Contact
Organization: Hebei Tengxiao Environmental Protection Equipment Co., Ltd.
Contact
Person: Mr Guo
Website:
https://www.tx-frp-enviroequip.com/
Email:
1143220512@qq.com
Country:China
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Press Release
Doulos Digital: Montgomery County, TX’s Premier Facebook and Instagram Ads Management Agency
Doulos Digital now offers expert Facebook and Instagram Ads Management services for businesses in Montgomery County, TX, focusing on advanced audience targeting, creative ad design, and maximizing ROI. Their tailored solutions help local businesses connect with their audiences effectively, driving measurable growth through cost-efficient and data-driven campaigns.
Montgomery, Texas, United States, 27th Nov 2024 – Doulos Digital, a trusted name in web design and digital marketing, has expanded its services to include professional Facebook Ads Management and Instagram Ads Management for businesses in Montgomery County and beyond. With a mission to empower local businesses, Doulos Digital crafts high-performing ad campaigns designed to increase engagement, generate leads, and boost sales.
The agency leverages the power of advanced audience targeting and creative ad design to help clients reach their ideal customers on social media platforms. By integrating in-depth audience research and A/B testing, their team ensures every dollar spent maximizes ROI. Doulos Digital’s holistic approach includes budget optimization, campaign performance tracking, and ongoing management.
Doulos Digital’s CEO emphasized, “We believe every business, regardless of size, deserves access to cutting-edge digital marketing tools. With our new Facebook Ads Management services, we’re enabling local businesses to harness the potential of social media marketing to drive measurable growth.”
Why Facebook and Instagram Ads?
With billions of active users, Facebook and Instagram provide unparalleled opportunities for businesses to connect with their target audience. Doulos Digital focuses on:
- Advanced Audience Targeting to reach specific demographics, interests, and behaviors.
- Engaging Ad Content that grabs attention and drives action.
- Cost-Effective Solutions with real-time performance tracking.
Their approach has proven effective for diverse industries, including eCommerce, home services, restaurants, and more.
For more details, visit their page on Instagram Ads Management in Montgomery, TX.
Tailored Solutions for Local Businesses
Doulos Digital understands the unique challenges of marketing in Montgomery County. Their campaigns prioritize local audience connection, ensuring small and medium-sized businesses are well-represented in their communities.
The team provides comprehensive solutions, from designing attention-grabbing visuals to managing ad placements and budgets. Regular performance reports keep clients informed about campaign success, allowing for seamless adjustments.
A Partner You Can Trust
Beyond social media advertising, Doulos Digital’s expertise spans web design and SEO integration, creating a unified digital presence for its clients. With their Facebook and Instagram ads expertise, the agency is committed to delivering exceptional value and measurable results.
For businesses ready to elevate their online presence, Doulos Digital is the partner of choice. Contact them today to schedule a consultation and learn how their services can transform your marketing strategy.
Media Contact
Organization: Doulos Digital
Contact Person: Preston Toor
Website: https://doulosdigital.io/
Email: Send Email
Contact Number: +16895003603
Address: 396 Mallorn Lane
City: Montgomery
State: Texas
Country: United States
Release Id: 27112420452
This press release not only introduces Doulos Digital’s services but also highlights their expertise in serving Montgomery County businesses with tailored, high-impact social media campaigns.
The post Doulos Digital: Montgomery County, TX’s Premier Facebook and Instagram Ads Management Agency appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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