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Mar 31
Bitfarms Q1 2025 Earnings Report
Bitfarms reported a larger net loss despite revenue growth driven by Bitcoin mining expansion.
Key Takeaways
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.
Revenue rose to $67 million, up 33% year-over-year.
Hashrate surged 200% to 19.5 EHuM, with improved mining efficiency.
Secured $300 million in private debt to fund HPC expansion.
Net loss widened to $36 million due to higher costs and strategic investments.
Bitfarms
Bitfarms
Forward Guidance
Bitfarms is focused on leveraging its enhanced liquidity and strategic U.S. assets to expand its HPC and AI business while maintaining a strong Bitcoin mining base.
Positive Outlook
- Secured $300M financing from Macquarie Group for HPC development.
- Strong liquidity position with $150M available.
- No large miner purchases planned, minimizing capital outlay.
- Efficiency and hashrate targets met ahead of schedule.
- Strong partner additions in HPC and infrastructure.
Challenges Ahead
- Widened net loss due to strategic investments and impairments.
- Lower gross mining margin compared to previous year.
- Higher direct and cash costs per BTC mined.
- Adjusted EBITDA declined versus Q1 2024.
- Operating loss deepened as expenses rose.