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Dec 31, 2024
Bitfarms Q4 2024 Earnings Report
Bitfarms reported strong year-over-year revenue growth and turned a profit in Q4 2024 despite an increase in operating loss.
Key Takeaways
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%.
Revenue rose 21% year-over-year to $56 million in Q4 2024.
Net income reached $15 million compared to a $62 million net loss in Q4 2023.
Operating loss widened to $16 million from $13 million a year earlier.
Adjusted EBITDA fell to $14.3 million from $16.3 million in Q4 2023.
Forward Guidance
Bitfarms expects to diversify its revenue through HPC/AI initiatives and reduced dependency on BTC price, focusing capital on U.S. infrastructure and long-term earnings stability.
Positive Outlook
- Acquisition of Stronghold Digital Mining completed.
- Sale of Yguazu data center increases capital for strategic growth.
- HPC/AI strategy is advancing with new leadership and partnerships.
- Improved energy efficiency ahead of schedule.
- Strong liquidity position with $135 million available.
Challenges Ahead
- Gross mining margin declined year-over-year to 47%.
- Adjusted EBITDA dropped 12% compared to Q4 2023.
- Operating loss widened despite revenue growth.
- BTC earned decreased significantly year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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