Bitfarms (BITF) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 marked a strategic transformation from Bitcoin mining to North American HPC and AI infrastructure, with rebranding as Keel Infrastructure and redomiciliation to the U.S. effective April 1, 2026.

• Revenue grew 72% year-over-year to $229 million, driven by North American expansion and the pivot to HPC/data center infrastructure.

• Operating loss widened to $150 million, primarily due to non-cash depreciation, impairment charges, and digital asset revaluation losses.

• Shareholders overwhelmingly supported the pivot, U.S. re-domiciliation, and rebranding.

• Operations in Argentina and Paraguay were discontinued or classified as held for sale following the strategic shift.

Financial highlights

• Revenue for FY 2025 was $229 million, up from $133 million in FY 2024.

• Operating loss for 2025 was $150 million, including $98 million non-cash depreciation and $28 million impairment charges.

• Net loss for 2025 was $209 million, or $0.38 per share, compared to a $7 million net loss in 2024.

• Adjusted EBITDA was $29 million (13% margin), down from $31 million (23% margin) in 2024.

• General and administrative expenses increased to $78 million, mainly due to U.S. expansion and the Stronghold acquisition.

Outlook and guidance

• Advancing a 2.2 GW digital infrastructure pipeline across Washington, Pennsylvania, and Québec, with site delivery and HPC revenue targeted for 2027.

• 2026 will focus on permitting, customer engagement, and lease execution at Panther Creek, Sharon, and Moses Lake.

• Expansion capacity beyond 2.2 GW is planned for 2028 and beyond.

• Well-capitalized with $520 million in liquidity to support ongoing site development and leasing.