Bitfarms Q3 revenue misses expectations, reports $46 mln net loss

Keel Infrastructure

13/11/2025 12:10

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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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)