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Bitfarms (BITF) investor relations material
Bitfarms Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Achieved strong progress in Q2 2025 with all Bitcoin miners deployed, generating $8M monthly free cash flow and completing all mining growth plans, while pivoting strategically to U.S. and HPC/AI infrastructure.
Discontinued Argentina mining operations due to electricity supply issues and rising costs, reallocating resources to U.S. growth, with $18M in expected proceeds.
Rebalanced portfolio to over 80% North American megawatts, focusing on U.S. expansion, NYC office, and transition to U.S. GAAP.
Launched share buyback program for up to 9–10% of outstanding shares, repurchasing over 4.9M shares at an average price of $1.24.
Secured $300M debt financing from Macquarie for Panther Creek data center development.
Financial highlights
Q2 2025 revenue reached $78M, up 87% year-over-year and 16% sequentially; $71M from mining, $7M from hosting/electricity services.
Gross mining margin was 43–45%, down from 51% in Q2 2024.
Adjusted EBITDA was $14M (18% of revenue), up from $11M in Q2 2024; operating loss was $40M, including $15M Argentina impairment.
Net loss for the quarter was $29M or $0.05 per share.
Total liquidity as of August 11 was $230M in cash and unencumbered BTC.
Outlook and guidance
No further Bitcoin mining growth planned; focus shifting to HPC/AI, with Panther Creek campus to deliver 50MW by end of 2026 and up to 350MW by 2027, $400M total CapEx expected.
Quebec conversion to HPC/AI targeted for 2027–2028, pending regulatory approval.
Continued share buybacks anticipated, funded by excess mining cash flow.
Committed to reporting full-year fiscal 2025 results under U.S. GAAP and establishing a second principal executive office in NYC.
Panther Creek HPC revenue start date?
Macquarie $250M draw timeline?
Bitcoin mining hash rate outlook?
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Q3 202512 Nov, 2025
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Bitfarms is a blockchain infrastructure company that operates some of the largest cryptocurrency mining data centers in North America. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions.
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