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Sep 30, 2025
Bitfarms Q3 2025 Earnings Report
Bitfarms reported Q3 2025 results with higher revenue and gross mining profit, but remained unprofitable due to strategic transitions and asset impairments.
Key Takeaways
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.
Revenue from continuing operations grew to $69.2 million, up 156% YoY.
Net loss from continuing operations widened to $46.3 million, impacted by asset impairments.
Adjusted EBITDA rose to $19.6 million, reflecting improved operational efficiency.
Company held $814 million in liquidity as of November 12, 2025.
Revenue by Geographic Location
Forward Guidance
Bitfarms continues its strategic transformation to an AI and HPC infrastructure company, with significant financial flexibility and a focus on building next-generation GPU-ready data centers.
Positive Outlook
- Announced $588M convertible note offering to fund AI infrastructure.
- Secured $128M supply agreement for Washington HPC site.
- Converted $300M credit facility into project-specific financing.
- Completed acquisition of Sharon campus with 110 MW capacity target.
- Strong $814M liquidity to fund infrastructure expansion.
Challenges Ahead
- Continued net losses with impairment charges and asset reclassifications.
- Gross margin from mining declined YoY.
- Discontinued operations led to an additional $35M net loss.
- Higher cost per BTC due to infrastructure expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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