Bitfarms Ltd

Latest Results (17.10.2025):

Bitfarms Ltd reported its financial results for the second quarter of 2025, showcasing substantial revenue growth alongside strategic operational initiatives aimed at enhancing its High Performance Computing and Artificial Intelligence (HPC/AI) capabilities.

Revenue Growth

Bitfarms reported total revenue of $78 million in Q2 2025, an impressive increase of 87% compared to Q2 2024.

Gross Mining Margin

The gross mining margin declined to 45% in Q2 2025 from 51% in the same quarter last year, reflecting changes in operational costs and market conditions.

Operating and Net Loss

The company experienced an operating loss of $40 million, which includes a non-cash impairment charge of $15 million related to the Argentina operations. The net loss stood at $29 million, or $0.05 per basic and diluted share, compared to a net loss of $27 million in Q2 2024.

Adjusted EBITDA

Adjusted EBITDA improved to $14 million, representing 18% of revenue in Q2 2025, up from $11 million or 28% of revenue in Q2 2024.

Bitcoin Operations

Bitfarms earned 718 BTC at an average direct production cost of $48,200 per BTC in Q2 2025. The company also completed the shutdown of its Argentina mining operations, resulting in estimated proceeds of $18 million.

Liquidity and Share Buyback

The company initiated a corporate share buyback program, purchasing 4.9 million shares at an average price of $1.24 per share as of August 8, 2025. Bitfarms held 1,402 BTC as of August 11, 2025, and generated $100 million in proceeds from the sale of 1,052 BTC during the quarter.

Expansion and Strategic Initiatives

Bitfarms submitted a Master Site Plan for the HPC/AI development of its Panther Creek campus and partnered with T5 Data Centers to advance these projects. The company also confirmed an expanded energy capacity of 50 MW in 2026 and 300 MW by 2027, reinforcing its commitment to scaling operations.