Bitfarms Ltd. (BITF) Earnings
BITF has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +18.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 31, 2026 | $-0.04 | $0.03 | +175.0% | $15M | -75.7% |
| Nov 13, 2025 | $-0.02 | $-0.02 | +0.0% | $69M | +12.0% |
| Aug 12, 2025 | $-0.01 | $-0.02 | -100.0% | $78M | -4.0% |
| May 14, 2025 | $-0.04 | $-0.04 | +0.0% | $67M | -11.9% |
| Mar 27, 2025 | $-0.04 | $0.03 | +175.0% | $56M | -11.0% |
| Aug 8, 2024 | $-0.11 | $-0.07 | +36.4% | $42M | -20.6% |
| May 15, 2024 | $-0.02 | $-0.02 | -20.0% | $50M | +12.3% |
| Mar 7, 2024 | $-0.01 | $-0.06 | -605.1% | $48M | -1.7% |
| May 15, 2023 | $-0.03 | $-0.01 | +66.7% | $31M | +3.5% |
| Mar 21, 2023 | $-0.08 | $-0.07 | +12.5% | $-2M | -106.0% |
| Nov 14, 2022 | $-0.00 | $-0.08 | -2896.3% | $-11M | -129.5% |
| Aug 15, 2022 | $0.05 | $-0.05 | -200.0% | $-36M | -174.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · March 31, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Moved away from legacy Bitcoin business and focused on North American HPC and AI infrastructure. • Completed three-year transformation plan nearly halfway, including stronghold acquisition, power and land securing, $588 million raise, U.S. redomicile, and new executive team. • Strategy is to design site and campus developments as powered shell or colocation facilities. • 2026 is year of execution with milestones like finalizing permits, architecture/engineering work, and go-to-market for leases. • 2027 is year of delivery with sites coming online and HPC and AI revenue beginning. • Secured power, land, and expansion capacity in key markets.
Guidance
• 2026 is year of execution with milestones like finalizing permits, continued architecture/engineering work, and go-to-market for leases. • 2027 is year of delivery with sites coming online, delivering megawatts to customers, and completing transition to premier North American HPC and AI infrastructure company. • Expect to leave Bitcoin and Bitcoin mining behind in 2026 as site developments progress.
Segment performance
For fiscal year 2025, continuing operations (North American platform) had revenue of $229 million, a 72% year-over-year increase. Operating loss was $150 million, including non-cash depreciation of $98 million and $28 million of impairment charges. Net loss was $209 million, or $0.38 per basic and diluted share. Adjusted EBITDA was $29 million compared to $31 million in 2024.
Risks & headwinds
• Permitting process is complicated with different rules, regulations, timelines across sites. • Geopolitical uncertainty could impact GPU hardware availability, though energy bottleneck is still primary concern. • Regulatory matters for converting ISA to firm service for power capacity expansion have uncertain timelines.
Analyst Q&A
Q: Ben, talk about drivers for decision to go co-location at Moses Creek.
A: Evaluated multiple business models, but customer conversations showed best opportunity is pure play infrastructure development and ownership.
Q: Update on lease execution strategy.
A: Strategy is to get best terms for long-term leases, taking time to avoid negative impact on long-term value.
Q: Permits at sites and leasing environment.
A: Making good progress on permits, expecting full permitted status in coming months, and leasing driven by permitting and customer negotiations.
Q: Ver Rubin hardware availability and impact on leasing.
A: No impact expected as energy bottleneck is primary constraint.
Q: ESA progress at Panther Creek.
A: Converting ISA to firm service is regulatory matter, expected this year but timeline uncertain.
Q: Shift from GPU as a service to co-location impact on timing.
A: No impact on development timelines.
Q: Timeline for expanding Panther Creek capacity.
A: Regulatory conversion of ISA expected this year, and new power applications for further expansion in 2-3 years.
Q: Signing first lease and hash rate reduction.
A: Important to clear NTP for lease signing, hash rate will continue to trickle down as transition to HPC and AI continues.
Q: Utilization of generating assets in PJM capacity auction.
A: Power plants participate, and capacity payments are received but maxed out.
Q: Debt package and financing tools.
A: Compare and contrast asset and parent level financing options, markets are calm.
Q: Utilization of Bitcoin mining sites during wind down.
A: Power plants participate in PJM capacity auctions, no further investments in Bitcoin mining sites.