Bitfarms reports Q3 EPS (8c), consensus (2c)

Reports Q3 revenue $69M, consensus $84.66M. The Company earned 520 BTC at an average Direct Cost per BTC of $48,200. As of November 12, 2025, the Company had total liquidity of approximately $814 million comprised of approximately $637 million in cash and approximately $177 million in unencumbered Bitcoin. “We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company,” stated CEO Ben Gagnon. “We recently announced our successful $588 million convertible note offering, alongside our plans to convert our Washington site to HPC/AI workloads where additional monetization strategies for the site, including cloud operations, are being evaluated. Beyond Washington, everything in our portfolio is being built to support Nvidia’s next generation Vera Rubin GPUs which are expected to ship in Q4 2026. With almost twice the energy density of Nvidia’s Blackwell GPUs, there is not a data center that exists today that can support Nvidia’s next generation of AI hardware. While most developers are focused on supporting Blackwells we intend to lead the industry in the development of Vera Rubin infrastructure. We strongly believe this infrastructure will be in even higher demand and shorter supply in 2027 and will command substantially greater economics from prospective customers. With our strong financial position and high-value energy portfolio, Bitfarms (BITF) has never been better positioned to build the infrastructure that will power tomorrow’s economy.”