Bitfarms (BITF) 27th Annual Needham Growth Conference summary

Strategic growth and portfolio expansion

• Active energy portfolio grew to 324 MW, with plans to reach 955 MW by 2025 and a pipeline to 1.6 GW in coming years.

• Major U.S. expansion shifts portfolio from 6% to nearly 50% U.S.-based, with significant increases in North American capacity and potential redomicile.

• Stronghold Digital Mining acquisition, expected to close in Q1 2025, adds over 300 MW of U.S. power capacity and vertically integrates power assets.

• Diversification into hosting, heat recapture, energy generation, trading, and HPC/AI, with a focus on leveraging macro trends for revenue and margin growth.

• Sites positioned near major data center hubs, with secured power, fiber, and water rights, supporting both Bitcoin and AI/HPC clients.

Operational and financial performance

• Achieved 12.8 EH/s operational hashrate and 21 w/TH fleet efficiency by end of 2024, with 100% year-over-year growth.

• Q3 2024 revenue reached $45M, up 8% quarter-over-quarter and 30% year-over-year, with gross mining margin at 38%.

• Maintained robust liquidity with $147M at year-end 2024, fully funding 2025 capex for 21 EH/s and 955 MW infrastructure.

• Adjusted EBITDA for Q3 2024 was $721K, with a margin of 14%.

• Solid cash flow from operations supports ongoing growth and expansion.

Capital strategy and risk management

• Emphasis on returns over hash rate growth, leveraging low-cost power and operational excellence.

• Synthetic HODL program delivered 135% ROIC from October 2023 to year-end 2024, generating $17.6M profit and equivalent to 138 additional Bitcoin.

• Launching Bitcoin One in 2025, an actively managed, leveraged Bitcoin accumulation strategy to enhance returns and manage risk.

• No plans to buy additional miners; focus is on monetizing energy infrastructure and minimizing capital needs.

• Risk managed via a dedicated committee, quantitative models, and active monitoring of derivative exposures.