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BITF

Bitfarms Ltd.

BITF

Bitfarms Ltd. • NASDAQ
$3.48 ▲ 12.26% (+0.38)
Market Cap $1.81 B
52w High $6.60
52w Low $0.67
Dividend Yield 0%
P/E -26.77
Volume 60.73M
Outstanding Shares 520.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $69.245M ▼ $26.074M ▼ $-80.769M ▼ -116.642% ▼ $-0.14 ▼ $-13.243M ▼
Q2-2025 $77.8M ▲ $34.146M ▲ $-28.844M ▲ -37.075% ▲ $-0.052 ▲ $1.675M ▲
Q1-2025 $66.848M ▲ $31.817M ▲ $-35.875M ▼ -53.667% ▼ $-0.072 ▼ $89K ▼
Q4-2024 $56.163M ▲ $17.772M ▼ $15.165M ▲ 27.002% ▲ $0.031 ▲ $7.419M ▲
Q3-2024 $44.853M $32.103M $-36.649M -81.709% $-0.082 $-7.384M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $258.23M ▲ $801.279M ▼ $189.923M ▲ $611.356M ▼
Q2-2025 $144.468M ▲ $827.95M ▲ $165.464M ▲ $662.486M ▼
Q1-2025 $132.658M ▼ $777.003M ▲ $112.294M ▲ $664.709M ▲
Q4-2024 $146.84M ▲ $667.616M ▲ $59.621M ▼ $607.995M ▲
Q3-2024 $145.542M $586.625M $74.601M $512.024M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-78.65M ▼ $-59.838M ▲ $46.15M ▼ $15.146M ▼ $1.513M ▼ $-69.191M ▲
Q2-2025 $-28.844M ▲ $-74.525M ▼ $99.684M ▲ $46.631M ▲ $71.893M ▲ $-93.541M ▼
Q1-2025 $-35.875M ▼ $-18.581M ▲ $-25.654M ▼ $23.305M ▼ $-20.996M ▼ $-66.399M ▲
Q4-2024 $14.737M ▲ $-154.666M ▼ $90.475M ▲ $50.798M ▼ $-13.371M ▲ $-229.329M ▼
Q3-2024 $-36.649M $-13.831M $-117.03M $65.302M $-65.706M $-124.893M

Five-Year Company Overview

Income Statement

Income Statement Bitfarms’ revenue has recovered from a weak period and is now back near its prior peak, but profitability remains inconsistent. The company moved from a brief profit a few years ago to losses in the last three years, although the most recent year shows a clear improvement versus the worst year. Gross margins and operating margins are still under pressure, but the trend is toward smaller losses and better operating efficiency. Overall, the income statement tells a story of a business in transition: growing its top line again, but still working to turn that into durable, bottom-line profits.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully over the past five years. Total assets and shareholders’ equity have grown several times over, suggesting substantial reinvestment and expansion of the platform. Debt is present but relatively modest compared with equity, implying low financial leverage and some cushion against downturns. Cash is not large but is steady, so liquidity needs to be watched but does not appear stressed based on this snapshot. In short, Bitfarms looks asset-rich and equity-funded, with room but not unlimited capacity to absorb volatility.

Cash Flow

Cash Flow Cash generation is the main weak point. Operating cash flow has swung between positive and negative, and the latest year shows cash being used rather than generated by the core business. Free cash flow has been consistently negative because the company is spending heavily on equipment and infrastructure. This fits a capital‑intensive growth phase but raises execution risk: the new investments in mining and AI/HPC must eventually translate into steadier operating cash flow. Until that happens, the business is dependent on external funding or asset optimization to support its build‑out.

Competitive Edge

Competitive Edge Bitfarms’ edge comes from running highly efficient, low‑cost, vertically integrated data centers with access to relatively cheap, mostly hydro‑based power in multiple countries. Its power efficiency is reported to be better than many peers, which matters a lot as Bitcoin rewards fall and network difficulty rises. Geographic diversification across the Americas reduces reliance on any single power market or regulator. The planned shift into high‑performance computing and AI infrastructure is designed to add more stable, contract‑based revenue on top of cyclical Bitcoin mining income. However, the company will have to compete not only with other miners making the same pivot but also with large cloud and data‑center providers, so winning long‑term customer contracts will be critical.

Innovation and R&D

Innovation and R&D Innovation is focused more on operations and infrastructure design than on traditional lab-style research. Bitfarms has developed and adopted its own analytics and miner‑management tools, including software that tightly coordinates power, cooling, and machines and uses AI to improve uptime and energy trading. The firm runs much of its engineering, facility design, and repair in‑house, supporting faster iteration and cost control. On the strategic side, it is investing to repurpose sites for AI/HPC use, planning a GPU‑as‑a‑Service model, and working with specialized consultants and partners to accelerate entry into that market. Planned acquisitions are also being used to expand its U.S. presence. All of this represents a significant innovation push, but also requires strong execution and ongoing capital.

Summary

Bitfarms is in the middle of a major strategic shift: from being primarily a Bitcoin miner to becoming a broader digital infrastructure company serving AI and high‑performance computing clients. Financially, revenue has rebounded but profits are still negative, even though losses are narrowing. The balance sheet is relatively solid, with significant assets and equity and restrained use of debt, but cash flows remain weak due to heavy investment needs. Competitively, the company benefits from efficient operations, low‑cost power, and geographic spread, yet faces intense competition as many miners and large tech players chase the same AI/HPC opportunity. The central question going forward is whether Bitfarms can turn its infrastructure build‑out and pivot into more stable, recurring cash flows before market or crypto cycles turn against it again.

NEWS

November 13, 2025 · 6:45 AM UTC

Bitfarms Announces Plans for Conversion of Washington Site to HPC/AI Workloads

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October 30, 2025 · 7:00 AM UTC

Bitfarms Schedules Third Quarter 2025 Conference Call on November 13, 2025

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October 16, 2025 · 10:03 PM UTC

Bitfarms Announces Pricing of Upsized US$500 Million of Convertible Senior Notes

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October 15, 2025 · 4:05 PM UTC

Bitfarms Announces Proposed Offering of US$300 Million of Convertible Senior Notes

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October 14, 2025 · 7:00 AM UTC

Bitfarms Announces the Retirement of Jeff Lucas, Chief Financial Officer, and the Appointment of Jonathan Mir as Successor

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