The Boston Globe Names Starburst Cofounder and CEO Justin Borgman to 2025 Tech Power Players 50 List
BOSTON, June 11, 2025 /CNW/ -- Starburst, the data platform for apps and AI, today announced that its Cofounder and CEO, Justin Borgman, has been named to The Boston Globe's fourth annual Tech Power Players 50, a list of the most influential, accomplished, and interesting people working across technology in New England.
This year's list of Tech Power Players honors 50-plus leaders across AI, quantum computing, consumer tech, cybersecurity, health tech, sustainability, and beyond. Eighteen innovators will join the ranks of the region's Tech Power Players for the first time, demonstrating exemplary contributions to the industry and considerable career impact on technology and business in New England.
"It's an honor to be recognized alongside so many trailblazers in the Boston tech community," said Borgman. "As the industry pivots toward AI-driven applications, Starburst is playing a foundational role by providing the high-performance, federated data access needed to fuel intelligent experiences, without the cost or complexity of centralizing data. This recognition is a testament to our team's work in redefining what's possible in modern data architecture."
Candidates for this year's list were selected based on the impact of their actions and accomplishments in fostering change and growth across the region. The list is vetted and decided on by the Globe's business and technology team, led by Gregory T. Huang, the Globe's business editor.
"The Globe is proud to recognize the tech leaders whose forward-thinking ideas and energy for change are making a difference in this moment," said Huang. "Our region is at a crossroads in technology, and these leaders are playing a dynamic role in shaping our future success."
In its fourth year, Tech Power Players 50 is a signature project of The Boston Globe's award-winning business and tech journalists. Since 2021, the Globe business and tech team has expanded its coverage to encompass the dynamic and far-reaching influence of The Hub — a region with a distinguished history in tech and an ambitious future in innovation — with offerings that include the Innovation Beat and Trendlines newsletters, profiles of prominent figures in Bold Types, investigations of consumer concerns in The Fine Print, and more.
Read and experience the full Tech Power Players 50 list at Globe.com/tech50 and in a commemorative issue of Globe Magazine available on June 15.
About Starburst
Starburst is the data platform built for flexibility, delivering fast, secure access to all your data, wherever it lives. Whether on-premises, across clouds, or in hybrid environments, Starburst provides choice and control to your architecture. Built on an open data stack with Trino and Apache Iceberg, it unifies distributed data without complex or costly migrations, unleashing the full power of the data lakehouse for analytics and AI.
With our Lakeside AI architecture, enterprises gain federated access, governed collaboration, and full data lineage, laying the foundation for scalable, compliant AI innovation. Starburst empowers data-intensive and security-conscious organizations to unlock the full potential of their data while ensuring performance, governance, and control.
Enterprises in 60+ countries, including Comcast, Citigroup, and 4 of the top 5 global banks, trust Starburst to maximize data value. Our strategic partnerships with AWS, Dell Technologies, and top cloud providers ensures seamless interoperability across environments.
From insights to action to AI, Starburst fuels innovation at every level. Learn more at starburst.ai.
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BitFuFu Reports Unaudited Second Quarter 2025 Financial Results
SINGAPORE, Aug. 15, 2025 (GLOBE NEWSWIRE) -- BitFuFu Inc. ('BitFuFu' or the 'Company') (NASDAQ: FUFU), a world-leading Bitcoin miner and mining services innovator, today announced its unaudited financial results for the quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights BitFuFu delivered robust sequential growth in Q2 2025, with revenue increasing 47.9% quarter-over-quarter to $115.4 million, driven by accelerating demand for cloud-mining solutions and strategic expansion of mining capacity. Despite the industry-wide impact of the April 2024 Bitcoin halving and increased network difficulty, our cloud-mining product offerings remained competitive, supported by efficient operations, cost-effective infrastructure, and scalable service capabilities. Revenue from cloud-mining increased by 22.3% period-over-period to $94.3 million, marking the highest second quarter in the Company's history, as the platform attracted record institutional participation and repeating customer purchases. The significant increase in revenue from cloud-mining solutions reflected growing customer demand for accessible and flexible mining services. Net income was $47.1 million, which included an unrealized fair value gain of $39.6 million from the increase in the price of Bitcoin. This compares to net income of $1.3 million in the same period of 2024, which included an unrealized fair value loss of $16.4 million. Adjusted EBITDA (a non-GAAP metric) increased to $60.7 million, compared to $8.3 million in the same period of 2024. For the three months ended June 30, 2025, basic and diluted earnings per ordinary share were US$0.29 and US$0.28, respectively, compared to US$0.01 for both in the same period of 2024. Combined balance of cash and cash equivalents and digital assets 1 were $211.4 million as of June 30, 2025, representing an increase of 25.8% from $168.1 million as of December 31, 2024. 'We delivered strong financial results in the second quarter, generating net income of $47.1 million—a sharp turnaround from a small loss in the first quarter. This performance more than offsets the impact of last year's Bitcoin halving and higher network difficulty, demonstrating the strength of our business model and the dedication of the BitFuFu team,' said Leo Lu, Chairman and Chief Executive Officer. 'Our total managed hash rate reached a record 36.2 EH/s and hosting capacity grew to 728 MW as of quarter-end, expanding further in July to 38.6 EH/s and 752 MW. 'With market sentiment toward Bitcoin remaining strongly positive and prices expected to rise further through the remainder of 2025 and beyond, we believe our expanding infrastructure, diversified mining operations, and continued innovation position us to seize new opportunities, strengthen our leadership in the sector, and deliver sustainable, long-term value for our shareholders.' ________________________ 1 The BTC collateral receivables are not included in the balance of digital assets; and BTC was measured at fair value in the Company's financials for the quarter ended June 30, 2025. Second Quarter 2025 Operational Highlights Total mining capacity increased by 46.6% to 36.2 EH/s as of June 30, 2025, compared to 24.7 EH/S as of June 30, 2024. Hosting capacity was 728 MW as of June 30, 2025, compared to 522 MW as of June 30, 2024. Number of cloud-mining registered users increased by 57.7% to 623,114 as of June 30, 2025, compared to 395,056 as of June 30, 2024. Number of Bitcoin ('BTC') held by the Company increased by 4.1% to 1,792 BTC as of June 30, 2025, compared to 1,721 as of June 30, 2024. As of June 30, Metric 2025 2024 Hosting capacity (MW) 728 522 Total mining capacity under management (EH/s) (1) 36.2 24.7 Cloud-mining registered Users 623,114 395,056 BTC Holdings (2) 1,792 1,721 Three Months Ended June 30, 2025 2024 BTC Produced From BitFuFu self-mining operations 143 780 By customers from cloud-mining solutions (3) 917 1,272 Average BTC produced per day by customers and BitFuFu 11.7 22.5 (1) Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline. Hash rates are estimates based on the manufacturers' specifications. (2) Includes 678 BTC as collateral for loans and miner procurement payables and excludes BTC produced or pledged by cloud-mining customers. (3) Defined as the number of BTC that were produced during the period by customers using mining capacity purchased from cloud-mining solutions. Second Quarter 2025 Financial Results Revenue Total revenue in the second quarter of 2025 was $115.4 million, representing a decrease of 10.8% from $129.4 million in the same period of 2024, primarily due to a decline in self-mining revenue. Revenue from cloud-mining solutions in the second quarter of 2025 was $94.3 million, representing a increase of 22.3% from $77.1 million in the same period of 2024. This increase was primarily due to (i) increases in demand for cloud mining services, (ii) repeat purchases from both existing customers and new customers acquired during the year of 2025, and (iii) continued growth in our managed hash rate and expansion of our power capacity. BitFuFu realized a net dollar retention rate of 59.5% for the second quarter of 2025, which was calculated by dividing the amount of recurring revenue in the second quarter of 2025 by the amount of revenue in the second quarter of 2024, reflecting continuous customer demands and the Company's ability to maintain a substantial portion of revenue from existing customers. Revenue from Bitcoin self-mining operations in the second quarter of 2025 was $14.8 million, representing a decrease of 71.0% from $51.1 million in the same period of 2024. The decrease was primarily due to the April 2024 Bitcoin 'halving event' in and an increase in blockchain network difficulty, which together led to a 49% period-over-period decrease in the average BTC daily earnings per tera-hash in the second quarter of 2025; and a 61.7% period-over-period decrease in the average hash rate used for self-mining operations, which was partially offset by the increase in BTC price from an average of 65,900 in the second quarter of 2024 to 98,800 in the second quarter of 2025. Revenue from mining equipment sales in the second quarter was $5.2 million, a substantial increase from $0.1 million in the same period of 2024. This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices. Building on this momentum, the Company is leveraging its strategic partnerships to further expand machine sales and capture new market opportunities. Cost of Revenue Cost of revenue in the second quarter of 2025 was $102.5 million, representing a decrease of 13.4% from $118.4 million in the second quarter of 2024. The decrease was in line with the decline in total revenue and was primarily driven by a reduction in per tera-hash electricity costs, as well as the Company's ongoing efforts to improve cost efficiency through procurement optimization. Operating Expenses Sales and marketing expenses, and research and development expenses in the second quarter of 2025 were $0.6 million and $0.4 million, respectively, approximately in-line with the same period of 2024. General and administrative expenses in the second quarter of 2025 were $2.1 million, compared to $1.4 million in the same period of 2024. The Company recognized a non-cash fair value gain of $31.3 million on BTC and a non-cash fair value gain of $8.3 million on BTC receivables or payables, reflecting a favorable mark-to-market adjustment as of June 30, 2025, compared to March 31, 2025. In addition, the Company recorded a $3.8 million gain on the disposal of digital assets during the quarter, as the selling price of BTC exceeded its carrying value at the end of the prior quarter. Net Income Net income in the second quarter of 2025 was $47.1 million, compared to the net income of $1.3 million in the same period of 2024, including an unrealized fair value gain of $39.6 million as mentioned above. Adjusted EBITDA Adjusted EBITDA in the second quarter of 2025 was $60.7 million, compared to $8.3 million in the same period of 2024. Liquidity and Capital Resources As of June 30, 2025, the Company had cash and cash equivalents and digital assets of $211.4 million, compared to $168.1 million as of December 31, 2024. The increase was mainly due to the Company's treasury management strategies, which have supported liquidity, and the appreciation in the value of BTC held by the Company during 2025. Conference Call The Company's management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Friday, August 15, 2025 (8:00 P.M. Singapore Time on the same day). All participants must register in advance of the conference call using the link provided below. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call. Registration Link: BitFuFu Second Quarter 2025 Earnings Conference Call Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at About BitFuFu Inc. BitFuFu Inc. is a world-leading Bitcoin miner and mining services innovator. BitFuFu is committed to empowering the global Bitcoin network through its industry-leading cloud mining platform, rapidly scaling infrastructure, and innovative mining services. For more information, please visit or follow BitFuFu on X @ BitFuFuOfficial. Non-GAAP Financial Measure BitFuFu uses and considers Adjusted EBITDA, a non-GAAP financial measure, as a supplemental metrics in reviewing and evaluating its performance. BitFuFu defines Adjusted EBITDA as (1) GAAP net profit/loss, plus (2) adjustments to add back interest expense/(income), income tax expense/(benefit), depreciation and amortization, (3) share-based compensation and (4) adjustments for non-recurring items, if any. BitFuFu believes that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the consolidated financial results in the same manner as its management and in comparing financial results across accounting periods. However, Non-GAAP financial measure is not defined under GAAP and are not presented in accordance with GAAP. Non-GAAP financial measure has limitations as analytical tools, which possibly do not reflect all items of expense that affect the Company's operations. BitFuFu's calculation of adjusted EBITDA may be different from the calculation methods of other companies, and therefore, the comparability of such measure may be limited. In addition, this non-GAAP financial measure adjusts for the impact of items that BitFuFu does not consider indicative of the operational performance of its business and should not be considered in isolation or construed as an alternative to net profit/loss or any other measure of performance or as an indicator of its future performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on the non-GAAP financial measure, please see the table captioned ' Unaudited Reconciliation of GAAP and non-GAAP Results ' set forth at the end of this release. BitFuFu encourages you to review its financial information in its entirety and not rely on a single financial measure. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BitFuFu's management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause BitFuFu's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The announced results of the second quarter of 2025 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release and the Company does not undertake any duty to update such information, except as required under applicable law. For The Three Months Ended For The Six Months Ended June 30, June 30, 2025 2024 2025 2024 Total revenues $ 115,395 $ 129,421 $ 193,439 $ 273,832 Cost of revenues Cost of revenues incurred to a related party (58,989) (43,691) (89,002) (88,989) Cost of revenues incurred to third parties (36,153) (68,621) (71,663) (139,969) Cost of revenues – depreciation and amortization (7,401) (6,097) (13,462) (12,194) Total cost of revenues (102,543) (118,409) (174,127) (241,152) Gross profit 12,852 11,012 19,312 32,680 Operating expenses Sales and marketing expenses (647) (585) (1,107) (968) General and administrative expenses (2,088) (1,392) (4,093) (3,326) Research and development expenses (387) (343) (751) (734) Unrealized fair value gain of digital asset receivables or payables 8,340 - 5,170 - Unrealized fair value gain of digital assets 31,261 (16,361) 15,074 (4,603) Realized gain/(loss) on sales of digital assets 3,807 9,893 2,426 22,982 Total operating (expenses)/income, net 40,286 (8,788) 16,719 13,351 Operating income 53,138 2,224 36,031 46,031 Investment income 114 - 250 Interest expense (2,170) (1,528) (4,283) (3,056) Interest income 597 775 1,092 1,118 Other expenses, net (143) (15) (143) (15) Income before income taxes 51,536 1,456 32,947 44,078 Income tax expense (4,395) (125) (2,620) (7,439) Net income and total comprehensive income 47,141 1,331 30,327 36,639 Less: Net income attributable to non-controlling interests (16) - (74) - Total Comprehensive income attributable to ordinary shareholders of Bitfufu $ 47,125 $ 1,331 $ 30,253 $ 36,639 Earnings per share: Ordinary shares – basic (US$) $ 0.29 $ 0.01 $ 0.19 $ 0.23 Ordinary shares – diluted (US$) $ 0.28 $ 0.01 $ 0.18 $ 0.23 Weighted average shares outstanding used in calculating basic and diluted earnings per share: Ordinary shares – basic 163,265,449 162,902,268 163,186,914 159,525,286 Ordinary shares – diluted 168,647,741 162,902,268 168,569,206 159,525,286 BitFuFu Inc. June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 40,086 $ 38,201 Restricted cash and cash equivalents - 6,910 Digital assets 171,360 129,940 Digital assets collateral receivables 9,397 12,569 Accounts receivable, net 18,932 10,926 Amount due from related parties 28,552 33,116 Prepayments 32,755 21,651 Inventory 205 246 Other current assets, net 18,237 11,710 Total current assets 319,524 265,269 Non-current assets: Equipment, net 70,526 55,981 Digital asset collateral receivables 63,140 47,827 Long-term equity investment 71 - Deposits - - Goodwill * 6,484 - Deferred tax assets, net 7,860 8,601 Total non-current assets 148,081 112,409 Total assets $ 467,605 $ 377,678 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payables $ 9,850 $ 14,119 Contract liabilities 39,068 15,757 Taxes payable 2,074 2,229 Accrued expenses and other payables 10,660 8,773 Obligation to return collateral digital assets 45,278 21,436 Amount due to a related party 809 1,579 Total current liabilities 107,739 63,893 Non-current liabilities: Long-term loans 40,000 34,950 Long-term payables 101,301 101,301 Deferred tax liabilities, net 16,207 15,072 Total non-current liabilities 157,508 151,323 Total liabilities 265,247 215,216 Total shareholders' equity 202,358 162,462 Total liabilities and stockholders' equity $ 467,605 $ 377,678 * The balance of goodwill may be further changed after completing the Purchase Price Valuation ('PPA') report by the certified valuer.
