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Bitfarms (BITF) investor relations material
Bitfarms Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Transitioned from international Bitcoin mining to a leading North American HPC and AI infrastructure company, focusing on high-demand regions like Pennsylvania, Washington, and Quebec, and leveraging a large power portfolio.
Strategic focus on developing infrastructure for NVIDIA's next-generation Vera Rubin GPUs, aiming to secure higher lease rates and margins.
Announced conversion of the Washington site to HPC and AI workloads, with a $128 million fully funded agreement for critical IT infrastructure and building materials.
Robust political and financial support for HPC/AI development, especially in Pennsylvania, with expedited regulatory processes anticipated.
Monetization strategies include colocation and GPU as a service/cloud, with the latter expected to generate higher net operating income than historical Bitcoin mining.
Financial highlights
Q3 2025 revenue from continuing operations was $69 million, up 156% year-over-year and 11% quarter-over-quarter, with total revenue including discontinued operations at $84 million.
Adjusted EBITDA from continuing operations was $20 million (28% margin), up from $2 million (8%) in Q3 2024 and $9 million (15%) in Q2 2025.
Gross mining margin was 35% in Q3 2025, down from 44% in Q3 2024.
Net loss from continuing operations was $46 million, or $0.08 per share, including a $9 million impairment charge.
Cash G&A for Q3 was $14 million, down from $20 million in Q3 2024.
Outlook and guidance
Over $1 billion in liquidity, including cash, Bitcoin, and undrawn credit facilities, supports all planned CapEx for HPC/AI expansion.
Expect continued strong free cash flow from Bitcoin mining to fund OpEx, G&A, debt service, and CapEx during the transition.
Anticipate full conversion of energy assets to HPC and AI infrastructure, with Washington and Sharon sites leading, and Panther Creek following in phases.
CapEx guidance for 2026 is pending finalization of NVIDIA Vera Rubin reference designs, with more clarity expected in Q1 2026.
U.S. redomicile and transition to U.S. GAAP targeted for 2026.
Vera Rubin GPU customer acquisition strategy
HPC/AI site CapEx breakdown and timelines
Future of Bitcoin mining operations
Balance early contracts vs. peak lease rates?
Washington GPUaaS ROI vs. colocation margins?
Scrubgrass 1.3 GW capacity: milestones & risks?
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Q4 202518 Mar, 2026
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Frequently asked questions
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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