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Jun 30, 2025
Bitfarms Q2 2025 Earnings Report
Bitfarms reported its financial results for the second quarter ended June 30, 2025, highlighting significant revenue growth and strategic advancements in HPC/AI infrastructure, despite a net loss.
Key Takeaways
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.
Revenue surged by 87% year-over-year to $78 million in Q2 2025, indicating strong top-line growth.
The company reported a net loss of $29 million and an operating loss of $40 million, primarily due to a $15 million non-cash impairment charge in Argentina.
Bitfarms is actively executing its HPC/AI growth strategy, including submitting a Master Site Plan for its Panther Creek campus and partnering with T5 Data Centers.
The company maintains robust liquidity with $85 million in cash and $145 million in unencumbered Bitcoin, supporting its strategic initiatives and share buyback program.
Forward Guidance
Bitfarms is strategically focused on expanding its HPC/AI infrastructure in North America, particularly in the U.S., with a significant energy pipeline and plans to discontinue operations in Argentina. The company aims to capture market share in the AI infrastructure sector and continues its share buyback program.
Positive Outlook
- Submitted Master Site Plan for Panther Creek campus HPC/AI development to Macquarie Group.
- Signed binding purchase and sale agreement for 180 acres at Panther Creek Campus, sufficient for all three phases of HPC/AI development.
- Partnered with T5 Data Centers to advance HPC/AI development at Panther Creek Campus.
- Confirmed expanded Panther Creek energy capacity of 50 MW in 2026 and 300 MW as early as 2027.
- Increased Megawatts under Active Development (MWuD) to 430 MW, with 100% in the U.S.
Challenges Ahead
- Discontinuation of mining operations in Argentina due to halted energy supply and future economic uncertainty.
- Expected completion of Argentina shutdown by November 11, 2025, leading to a reduction in EHuM.
Historical Earnings Impact
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