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Bitfarms
(TSX:BITF)
Bitfarms (BITF) vs. iShares MSCI Canada ETF (EWC)
Bitfarms Business Overview & Revenue Model
Bitfarms Earnings Call Summary
Bitfarms Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 245.66M | 192.88M | 146.37M | 142.43M | 169.49M | 34.70M |
| Gross Profit | -16.42M | -32.36M | -21.50M | 10.52M | 111.12M | 2.87M |
| EBITDA | 25.00M | 74.35M | -7.73M | -106.42M | 70.53M | 1.47M |
| Net Income | -86.20M | -54.06M | -104.04M | -175.64M | 22.13M | -16.29M |
Balance Sheet | ||||||
| Total Assets | 827.95M | 667.62M | 378.73M | 343.10M | 542.59M | 51.70M |
| Cash, Cash Equivalents and Short-Term Investments | 144.47M | 146.84M | 84.04M | 35.44M | 191.63M | 5.95M |
| Total Debt | 74.91M | 23.41M | 19.87M | 65.01M | 84.74M | 28.37M |
| Total Liabilities | 165.46M | 59.62M | 83.96M | 87.70M | 183.58M | 36.26M |
| Stockholders Equity | 662.49M | 608.00M | 294.76M | 255.40M | 359.01M | 15.45M |
Cash Flow | ||||||
| Free Cash Flow | -514.16M | -480.42M | -177.02M | -317.40M | -230.43M | 2.74M |
| Operating Cash Flow | -261.60M | -140.56M | -105.71M | -122.42M | -37.17M | 7.22M |
| Investing Cash Flow | 47.48M | -178.39M | 70.97M | 3.66M | -215.15M | -3.60M |
| Financing Cash Flow | 186.04M | 294.46M | 87.88M | 24.01M | 371.99M | 185.00K |
Bitfarms Technical Analysis
Bitfarms Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | C$88.73M | -22.25 | -6.67% | ― | ― | -90.34% | |
56 Neutral | C$73.71M | ― | -0.89% | ― | -20.75% | -84.00% | |
56 Neutral | C$7.16B | 35.55 | 18.75% | ― | 7.46% | -4.30% | |
43 Neutral | $2.19B | ― | -17.06% | ― | 51.69% | 28.00% | |
43 Neutral | $997.87M | ― | -7.18% | ― | 60.71% | -52.29% | |
41 Neutral | C$26.26M | ― | -102.00% | ― | 34.56% | -161.07% |
Bitfarms Corporate Events
Bitfarms reported a revenue of $69 million from continuing operations and successfully closed a $588 million convertible notes offering. The company is converting its Washington site to support advanced liquid cooling for GB300s and plans to lead the industry in developing infrastructure for Nvidia’s Vera Rubin GPUs. With substantial financial flexibility and a strong energy portfolio, Bitfarms is well-positioned to advance its HPC/AI infrastructure across North America. The company has also made executive team updates, including the appointment of Jonathan Mir as CFO and Wayne Duso to the Board of Directors, and initiated a corporate share buyback program.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$6.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. announced plans to convert its Washington State Bitcoin mining facility to support high-performance computing and AI workloads, targeting completion by December 2026. The conversion will feature advanced liquid cooling and support for Nvidia GB300 GPUs, with a fully funded agreement of $128 million to secure critical IT equipment. This strategic shift is expected to provide a strong cash flow foundation, potentially generating more net operating income than Bitcoin mining, as the company transitions away from Bitcoin mining in 2026 and 2027.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$6.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
On October 30, 2025, Bitfarms Ltd. announced it will release its third quarter 2025 financial results on November 13, 2025, before the market opens. The company will host a conference call on the same day to discuss the results. This announcement highlights Bitfarms’ ongoing commitment to transparency and communication with its stakeholders, potentially impacting investor confidence and market positioning.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$6.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. has announced it will release its third quarter 2025 financial results on November 13, 2025, before the market opens, followed by a conference call at 8:00 am EST. This announcement highlights Bitfarms’ ongoing commitment to transparency and engagement with stakeholders, as it continues to expand its digital infrastructure footprint in the U.S., which could further strengthen its position in the high-performance computing and Bitcoin mining industry.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$5.50 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
On October 24, 2025, Bitfarms Ltd. successfully closed an additional $50 million draw under an amended loan agreement with Macquarie Equipment Capital, Inc. As part of this agreement, Bitfarms issued warrants to Macquarie, allowing them to purchase over 2.1 million common shares at a premium price, which could enhance the company’s financial flexibility and market position.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
On October 21, 2025, Bitfarms Ltd. entered into a note indenture agreement with Computershare Trust Company, N.A. and Computershare Trust Company of Canada as trustees. This agreement involves the issuance of 1.375% Convertible Senior Notes due 2031, which could impact the company’s financial strategy and market positioning by providing additional capital for its operations.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. has successfully closed a US$588 million offering of convertible senior notes, including an $88 million option exercised by initial purchasers. This capital raise strengthens Bitfarms’ balance sheet, providing over US$1 billion in financial resources, which will support the company’s infrastructure developments in North America. The offering introduces high-quality institutional partners to Bitfarms’ capital structure, enhancing its market positioning and operational flexibility.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. has announced the pricing of its upsized offering of US$500 million in convertible senior notes, which will mature in 2031. The capital raised will be used for general corporate purposes and to purchase cash-settled capped calls to mitigate economic dilution. This strategic financial move enhances Bitfarms’ liquidity and positions it to better manage its capital structure, potentially increasing its competitiveness in the digital infrastructure sector.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. has announced a proposed offering of US$300 million in convertible senior notes due 2031, with an option for initial purchasers to acquire an additional US$60 million. The proceeds from this offering are intended for general corporate purposes and to fund capped call transactions aimed at mitigating economic dilution, with a cap set at a 125% premium to the last reported sale price of Bitfarms’ common shares. This strategic financial move is expected to enhance Bitfarms’ market positioning by potentially reducing economic dilution and stabilizing share prices, thereby benefiting stakeholders.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. has announced the retirement of its Chief Financial Officer, Jeff Lucas, and the appointment of Jonathan Mir as his successor. Jonathan Mir, with over 25 years of capital markets experience in energy infrastructure, will join Bitfarms as CFO effective October 27, 2025, bringing invaluable expertise to support the company’s transition to a North American HPC/AI infrastructure company. CEO Ben Gagnon expressed gratitude for Jeff Lucas’s contributions, highlighting his role in transforming Bitfarms from a Bitcoin miner to a digital infrastructure leader. The leadership change is expected to bolster Bitfarms’ growth strategy in Pennsylvania, Quebec, and Central Washington, with a strong financial position and significant capital available for future projects.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
On October 10, 2025, Bitfarms Ltd. announced the conversion of its $300 million private debt facility with Macquarie Group into a project-specific financing arrangement to fund the development of its data center campus in Panther Creek, Pennsylvania. This conversion allows Bitfarms to draw an additional $50 million to accelerate the development of its high-performance computing and AI infrastructure, with construction set to begin in Q4 2025. The move positions Bitfarms to capitalize on the growing demand for digital infrastructure in Pennsylvania, enhancing its industry positioning and operational capabilities.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$3.25 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
On October 10, 2025, Bitfarms Ltd. announced an amendment to its loan agreement with Macquarie Equipment Capital, converting a $300 million debt facility into project-specific financing for its data center campus in Panther Creek, Pennsylvania. This amendment allows Bitfarms to draw an additional $50 million to accelerate the development of its high-performance computing and AI infrastructure, positioning the company to meet growing demand in Pennsylvania, a burgeoning hub for AI infrastructure.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$3.25 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd. recently held its earnings call, showcasing a mix of optimism and challenges. The company reported significant achievements in revenue growth and strategic expansions, particularly in the North American market. However, it also faced hurdles in Argentina and regulatory challenges in Quebec. Despite these setbacks, Bitfarms’ proactive measures, such as infrastructure investments and a stock buyback program, illustrate a robust position moving forward.
On August 18, 2025, Bitfarms Ltd. announced the appointment of Wayne Duso, a former AWS executive, to its Board of Directors. This strategic move aligns with Bitfarms’ focus on expanding its high-performance computing and AI business across North America. Duso’s extensive experience in cloud storage and data center technologies is expected to bolster Bitfarms’ capabilities in meeting the rising demand for HPC/AI infrastructure, potentially driving sustainable growth and enhancing value for stakeholders.
The most recent analyst rating on (TSE:BITF) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms has appointed Wayne Duso, a former AWS executive with extensive experience in enterprise technologies and cloud storage systems, to its Board of Directors. This strategic move aligns with Bitfarms’ focus on expanding its high-performance computing and AI business across North America, leveraging Duso’s expertise to capitalize on the growing demand for HPC/AI infrastructure, thereby driving sustainable growth and value for the company and its stakeholders.
The most recent analyst rating on (TSE:BITF) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Bitfarms stock, see the TSE:BITF Stock Forecast page.
Bitfarms Ltd., a North American energy and digital infrastructure company, specializes in building and operating data centers and energy infrastructure for high-performance computing and Bitcoin mining.