H.C. Wainwright Reiterates Buy Rating on BitFuFu Inc. (FUFU)

H.C. Wainwright analyst Kevin Dede reiterated a Buy rating and $7.00 price target on BitFuFu Inc. (NASDAQ: FUFU).

The analyst commented: "Yesterday morning, BitFuFu reported FY24 revenue of $463.3M, up 63.1% from $284.1M in FY23. Year-over-year growth was primarily driven by a 52.2% increase in cloud-mining solutions revenue to $271.0M from $178.0M, and a 57.2% rise in self-mining revenue to $157.5M from $100.2M. Mining equipment sales added $30.5M in 4Q24, surprisingly given mining machine sale suspension since FY23 in effort to prioritize cloud mining operations. For 4Q24, revenue reached $99.2M, beating our estimate of $95.2M and up from $90.3M in 3Q24. BitFuFu finalized a strategic agreement with Bitmain in 4Q24 to acquire up to 80,000 S21 miners with flexible payment terms, including deferred payments, interest-free periods post-delivery, and partial equity payments. This supports capacity expansion and machines to sell directly to BitFuFu’s customers who may not be able to buy directly from Bitmain due to supply-demand imbalance. BitFuFu expanded its mining services with the launch of BitFuFu Pool in 2024, offering commission rates as low as 0.4%, less than half common industry rates of 1.0%, as discussed in our December 9 note Pushing the Story to Investors; Performance and Upgrades. In January 2025, BitFuFu introduced BitFuFu OS for outside sale. The software platform is no doubt intended to optimize Bitmain machines by offering real-time adjustments through overclocking and underclocking, enabling miners to adjust operations based on temperature conditions, power availability, and market dynamics. Reiterate Buy rating and $7 PT."

For an analyst ratings summary and ratings history on BitFuFu Inc. click here. For more ratings news on BitFuFu Inc. click here.

Shares of BitFuFu Inc. closed at $5.50 yesterday.

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