Bitfarms Q3 revenue misses expectations, reports $46 mln net loss
Overview
Bitfarms Q3 revenue of $69 mln missed analyst expectations
Company reported Q3 net loss of $46 mln, including impairment charges
Bitfarms closed $588 mln convertible notes offering, enhancing financial flexibility
Outlook
Bitfarms plans to complete Washington site conversion to HPC/AI workloads by December 2026
Company anticipates high demand for Vera Rubin infrastructure in 2027
Bitfarms has $814 mln liquidity and $200 mln potentially available from Macquarie facility
Result Drivers
HPC/AI INFRASTRUCTURE - Co is pivoting from Bitcoin mining to North American HPC/AI infrastructure, converting Washington site to support advanced workloads
FINANCIAL FLEXIBILITY - Successful $588 mln convertible notes offering and Macquarie debt facility conversion enhance financial flexibility for infrastructure projects
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $69.25 mln | $80 mln (4 Analysts) |
Q3 EPS |
| -$0.08 |
|
Q3 Net Income |
| -$80.77 mln |
|
Q3 Adjusted EBITDA |
| $19.56 mln |
|
Q3 Gross Margin |
| -4.00% |
|
Q3 Operating Income |
| -$28.96 mln |
|
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"
Wall Street's median 12-month price target for Bitfarms Ltd is C$4.50, about 1.3% above its November 12 closing price of C$4.44
Press Release: ID:nGNX2k05Zh
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