Bitcoin mining firm BitFuFu (NASDAQ: FUFU) reported unaudited financial results for 2025 on Friday, highlighting a pivot toward cloud-based mining services after a volatile year for the Bitcoin (CRYPTO: $BTC ) mining industry.

The Singapore based company said its total revenue for 2025 rose 2.7% to $475.8 million, up from $463.3 million in 2024. The lack luster growth was primarily driven by a 29.4% surge in its cloud mining division which generated $350.6 million and now accounts for nearly 74% of the company's total revenue.

This growth offset a sharp decline in self-mining revenue, which fell to $63.1 million from $157.5 million a year earlier.

Despite the up tick in cloud mining, BitFuFu swung to a net loss of $57.4 million for 2025, compared to a net profit of $54.0 million in 2024. The loss was largely attributed to a $32.8 million book value loss on digital assets and mining equipment following a steep down turn in the crypto market during the second half of 2025.

Operationally, BitFuFu continued to expand its footprint. Total managed computing power increased 11.1% year-over-year to 26.1 EH/s, while the number of registered users on its cloud platform grew 14.2% to approximately 676,000.

"In 2025, we continued to scale our cloud-mining platform, growing Cloud Mining Solutions revenue to $350.6 million and expanding total mining capacity under management to 26.1 EH/s," said Leo Lu, Chairman and CEO of BitFuFu. "While GAAP results were impacted by unrealized fair value movements in Bitcoin and digital-asset-related receivables, we ended the year with $177.1 million of combined cash and digital assets and built a solid foundation to navigate the current weaker market conditions."

The company ended the year with 1,778 BTC (CRYPTO: $BTC ) in its treasury, a 3.4% increase from the previous year.

Shares of BitFuFu are trading at $2.13, down 5.38 percent on the Nasdaq stock exchange.