Bitfarms (BITF) Q4 2024 earnings summary

Executive summary

• Transformed from an international Bitcoin miner to a North American energy and compute company, nearly tripling hash rate to 18.6 EHUM and doubling energized MW in 2024, with a focus on U.S. growth and diversification into HPC/AI.

• Completed the acquisition of Stronghold Digital Mining and sale of the Yguazu site, rebalancing the portfolio to the U.S. and reducing CapEx needs.

• Built a 1.4 GW energy pipeline, with 80% in the U.S., and reduced average power costs to $0.043/kWh.

• Advanced HPC/AI strategy with key hires, partnerships, and a focus on revenue diversification to reduce BTC price dependency.

• Maintained low power costs and reduced hashcost by nearly 50%, positioning for greater yield per MW and enhanced shareholder value.

Financial highlights

• Q4 2024 revenue was $56 million, up 21% year-over-year and 24% sequentially; 654 BTC mined.

• Gross mining margin was 47% in Q4 2024; adjusted EBITDA was $14 million (25% margin).

• Net income for Q4 2024 was $15.2 million ($0.03/share), reversing a prior net loss.

• All-in cash cost to mine a Bitcoin was $60,800, with revenue per Bitcoin at $82,400.

• Liquidity as of March 26, 2025, was $135 million, plus $31 million in receivables from the Yguazu sale.

Outlook and guidance

• No large miner purchases planned for 2025 or 2026; focus on U.S. energy and HPC infrastructure.

• CapEx for 2025 projected under $100 million, mostly for infrastructure, not miners.

• Clear path to 1.4+ GW of power capacity by 2028, with 80% of pipeline in the U.S.

• Expect to grow energized capacity from 461 MW to 500 MW by year-end, and to 592 MW in 2026.

• Continued diversification into HPC/AI and energy trading to maximize returns and reduce BTC price volatility exposure.