Bitfarms grew its revenue significantly in Q3 2025 and continued executing its pivot toward HPC/AI infrastructure. Despite a $46 million net loss, it improved its adjusted EBITDA and demonstrated strong liquidity with over $800 million available.

Bitfarms achieved a substantial 87% year-over-year revenue increase to $78 million in Q2 2025, driven by its strategic pivot towards High-Performance Computing (HPC) and AI infrastructure. The company reported a net loss of $29 million and an operating loss of $40 million, impacted by a non-cash impairment charge related to its Argentina operations. Despite the losses, Bitfarms demonstrated strong liquidity with $85 million in cash and $145 million in unencumbered Bitcoin, alongside progress in its share buyback program and U.S. expansion.

Bitfarms posted a $36 million net loss in Q1 2025, despite achieving $67 million in revenue and strong hashrate and efficiency improvements. The company continued its strategic pivot to high-performance computing and secured major financing for U.S.-based data center development.

Bitfarms generated $56 million in revenue during Q4 2024, up 21% year-over-year. Despite a $16 million operating loss, the company posted a net income of $15 million, marking a significant turnaround from a $62 million loss in Q4 2023. Adjusted EBITDA was $14.3 million, and gross mining margin declined to 47%.