Bitfarms Q2 revenue up 87% Y/Y, net loss widens

Overview

• Bitfarms Q2 revenue up 87% Y/Y, but marginally misses analysts' expectations

• However, net loss widens to $29 mln from $27 mln

• Bitfarms initiates share buyback, repurchases 10% of available shares

Outlook

• Bitfarms plans to expand Panther Creek energy capacity to 300 MW by 2027

• Company expects to complete Argentina mining shutdown by Nov. 11, 2025

• Bitfarms aims to redomicile to U.S. and adopt U.S. GAAP by end of 2025

• Company sees Panther Creek as key AI infrastructure hub

Result Drivers

• U.S. EXPANSION - Co expanded its energy portfolio in North America, with 82% of MWuM in the region and increased MWuD to 430 MW, focusing on U.S. growth

• ARGENTINA SHUTDOWN - Discontinuation of Argentina operations expected to yield $18 mln in proceeds, partially offsetting reduced EHuM

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Bitfarms Ltd is C$3.50, about 50.9% above its August 11 closing price of C$1.72

Press Release: ID:nGNX39KTTT