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Earnings transcript
Read the complete earnings call transcript.
BITF
Bitfarms Ltd.
$2.16
0.18
(9.09%)
| Exchange: | NASDAQ |
| Market Cap: | 1.302B |
| Shares Outstanding: | 57.046M |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Information Technology ServicesView industry performance | |||||
| CEO: | Benjamin J. Gagnon | |||||
| Full Time Employees: | 170 | |||||
| Address: |
| |||||
| Website: | https://keelinfra.com |
Bitfarms Ltd. operates an enterprise focused on the extraction of various digital currencies across North America. The company maintains and runs its own data centers, primarily dedicated to verifying transactions on the Bitcoin Blockchain, from which it obtains cryptocurrency through block rewards and associated transaction fees. In addition to its mining operations, Bitfarms provides electrical contracting services to commercial and residential customers throughout Quebec, Canada. It also offers hosting facilities for external cryptocurrency mining equipment. Founded in 2017, the company maintains its corporate headquarters in Toronto, Canada.
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Revenue Segmentation
BITF full analysis
Welcome to MARKETSNAP’s SWOT analysis for Bitfarms, a company that might not be on everyone’s radar but is definitely worth a closer look if you’re into the crypto mining space. Today, we’re diving deep into what makes Bitfarms tick, breaking down their strengths, weaknesses, opportunities, and threats, all while keeping an eye on what this means for you as a long-term investor. So, grab a coffee, let’s chat about this intriguing player in the blockchain world, and see if it’s…
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 146,366 | 192,881 | 229,276 |
| Gross Profit | -21,502 | -32,359 | -18,904 |
| EBITDA | -17,413.445 | 74,352 | -74,012 |
| Operating Income | -72,129 | -107,563 | -97,243 |
| Net Income | -108,922 | -54,063 | -284,544 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 378,725 | 667,616 | 1,296,344 |
| Total Liabilities | 83,963 | 59,621 | 735,969 |
| Total Stockholders Equity | 294,762 | 607,995 | 560,375 |
| Total Debt | 19,872 | 23,415 | 683,778 |
| Cash and Cash Equivalents | 84,038 | 59,542 | 573,462 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 24,030.759 | -140,562 | -226,594 |
| Capital Expenditure | -71,305 | -339,854 | -100,297 |
| Free Cash Flow | -177,016 | -480,416 | -326,891 |
| Net Income | -108,922 | -54,063 | -284,544 |
| Net Change in Cash | 53,151 | -24,496 | 571,420 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 180,636.099 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 590,898.933 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 394,245.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | -30,950.592 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 119,914.862 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 41,363.197 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | -183,835.246 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | -32,969.791 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | -111,521.456 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 58,067.848 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 189,952.230 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 126,735.399 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | -0.200 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | -0.060 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | -0.330 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Progress in Q2 2025: As highlighted in the Q2 2025 earnings call transcript, Bitfarms reported significant developments in financial performance, indicating robust revenue growth and operational improvements. This suggests effective management and operational efficiency in their core Bitcoin mining activities.
- Strategic Energy Assets: The earnings call emphasized Bitfarms’ ability to leverage energy assets, providing a competitive edge in cost management for mining operations and potential diversification into high-performance computing (HPC) and AI infrastructure.
- Positive Free Cash Flow Trends: Analysis of cash flow statements shows a focus on generating positive free cash flow, supported by operational cash flow improvements. This financial stability can fund future capital expenditures without excessive reliance on debt.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates BITF intrinsic value between $2.47 – $2.47 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about BITF valuation
Is BITF (BITF) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for BITF (BITF) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BITF a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BITF trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BITF’s P/E ratio?
You can see BITF’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BITF?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BITF a good long-term investment?
Whether BITF fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BITF
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Daily snapshot
9.09
Trading Metrics:
| Open: | 2.07 | Previous Close: | 1.98 | |
| Day Low: | 2 | Day High: | 2.16 | |
| Year Low: | 0.67 | Year High: | 6.6 | |
| Price Avg 50: | 2.19 | Price Avg 200: | 2.37 | |
| Volume: | 15.269M | Average Volume: | 35.884M |
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