EX-99.2 3 ea021169701ex99-2_bitfufu.htm UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) FOR EACH QUARTER OF 2023

Exhibit 99.2

 

BitFuFu Inc. (the “Company”)

 

Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited and Unreviewed) For Each Quarter of 2023*

 

   For The Three Months Ended 
  March 31,
2023
  

June 30,
2023

  

September 30,
2023

   December 31,
2023
 
   (In thousands) 
Total revenues  $57,969   $76,268   $61,295   $88,574 
                     
Cost of revenues                    
Cost of revenues incurred to a related party   (40,099)   (47,334)   (36,675)   (42,433)
Cost of revenues incurred to third parties   (9,445)   (14,525)   (18,495)   (37,932)
Cost of revenues – depreciation and amortization   (6,030)   (6,097)   (6,075)   (6,253)
Total cost of revenues   (55,574)   (67,956)   (61,245)   (86,618)
Gross profit   2,395    8,312    50    1,956 
Operating expenses                    
Sales and marketing expenses   (423)   (419)   (446)   (575)
General and administrative expenses   (891)   (584)   (701)   (1,506)
Research and development expenses   (483)   (352)   (353)   (553)
Credit loss provision for receivables   -    -    -    (100)
Impairment loss on digital assets   (1,719)   (2,205)   (1,900)   (1,163)
Realized gain on sales of digital assets   4,525    2,896    1,441    9,369 
Total operating income/(expenses), net   1,009    (664)   (1,959)   5,472 
Operating income/(loss)   3,404    7,648    (1,909)   7,428 
Interest expense   (807)   (1,633)   (1,545)   (1,550)
Interest income   410    342    203    100 
Other income, net   4    3    -    580 
Income/(loss) before income taxes   3,011    6,360    (3,251)   6,558 
Income tax (expense)/benefit   (328)   (1,221)   560    (1,195)
Net income and total comprehensive income/(loss)  $2,683   $5,139   $(2,691)  $5,363 

 

*This unaudited and unreviewed condensed consolidated statement of operations and comprehensive income/(loss) is qualified in its entirety and should be read together with (a) the annual report of the Company for the fiscal year ended December 31, 2023 (the 2023 Annual Report) and (b) the Companys consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, stockholdersequity, and cash flows in each of the years for the three-year period ended December 31, 2023, and the related notes are filed as part of the 2023 Annual Report.