BITFARMS EARNINGS PRESENTATION FY 2025 Powering Tomorrow's Economy This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward- looking information. Such factors, risks and uncertaint ...

Core Insights - The company is transitioning from Bitcoin mining to high-performance computing (HPC) infrastructure, with a focus on meeting the growing demand for HPC/AI services [2][9] - Shareholders have approved the redomiciliation from Canada to the U.S., with the rebranding to Keel Infrastructure expected to be completed around April 1, 2026 [4][15] - The company reported a significant increase in revenue for FY 2025, amounting to $229 million, a 72% year-over-year increase [12][23] Financial Highlights - As of March 27, 2026, the company had total liquidity of approximately $520 million, consisting of about $359 million in unrestricted cash and $161 million in unencumbered Bitcoin [6] - The operating loss for FY 2025 was $150 million, which included non-cash depreciation of $98 million and impairment charges of $28 million [12][24] - Adjusted EBITDA for FY 2025 was $29 million, representing 13% of revenue, down from $31 million or 23% of revenue in FY 2024 [12][27] Development Pipeline - The company is advancing a 2.2 GW digital infrastructure development pipeline across North America, with 341 MW of energized capacity currently in use [4][5] - Zoning approval has been secured for the Panther Creek site, marking a significant milestone in the infrastructure development process [4] - The company has expanded its infrastructure and corporate teams with senior hires averaging over 20 years of experience in HPC data center construction and project management [4] Strategic Initiatives - The CEO emphasized the importance of building top-tier infrastructure to support the exponential growth of HPC/AI [2] - The repayment of the $100 million Macquarie debt facility has simplified the capital structure and provided greater flexibility for future financing [2] - The company is experiencing strong interest from investment-grade counterparties seeking the attributes of its power-secured portfolio [2]

Earnings Calendar Overview - The earnings calendar for the week of March 30, 2026, marks the end of the first quarter of 2026, with several companies set to report their fiscal results [1]. Company-Specific Reports - Rezolve AI Plc (NASDAQ:RZLV) will release its fiscal year results before the market opens on March 30 [2]. - Gorilla Technology Group Inc. (NASDAQ:GRRR) is expected to report after the market closes on March 30, with investors focusing on cash burn, runway, and updates on scaling commercial flights and reducing operating losses [3]. - Canadian cannabis company Tilray Brands, Inc. (NASDAQ:TLRY) is scheduled to report Q4 results on April 1, with analysts predicting a loss of 14 cents per share and revenue of $201.35 million [5]. - Nauticus Robotics, Inc. (NASDAQ:KITT) will report Q4 results on April 2 [6]. Market Context - The earnings reports are occurring during a holiday-shortened week, with markets closed on April 3 for Good Friday [8]. - Investors are particularly interested in guidance related to China demand, direct-to-consumer weaknesses, tariffs, and the turnaround efforts of CEO Elliot Hill, especially given a more than 50% stock drawdown since 2021 [4].

Core Viewpoint - Bitfarms Ltd. is actively participating in the Jefferies Virtual Power x Data Center Conference, highlighting its role in the digital infrastructure and energy sector [1][2]. Group 1: Company Overview - Bitfarms Ltd. is a North American digital infrastructure and energy company focused on developing and owning data centers and energy infrastructure for high-performance computing workloads, including artificial intelligence [2]. - The company is headquartered in New York, NY, and Toronto, ON, and is publicly traded on both the Nasdaq and the Toronto Stock Exchange [3]. Group 2: Energy Portfolio - Bitfarms has a 2.1 GW North American energy portfolio, which includes energized, under development, and pipeline megawatts (MW) [3]. - The energy portfolio is strategically located in established data center clusters, providing robust access to power and fiber infrastructure [3].

Core Viewpoint - Bitfarms Ltd. has received shareholder approval for a statutory plan to redomicile operations from Canada to the US and rebrand as Keel Infrastructure Corp, indicating a strategic pivot aimed at enhancing long-term shareholder value [1][4]. Group 1: Shareholder Approval - The vote for the redomiciliation and rebranding was held at a virtual Special Meeting of Shareholders, with a single agenda item, the Arrangement Resolution, which required at least two-thirds approval to pass [2]. - The resolution received overwhelming support, with 99.3% of votes cast in favor [2]. Group 2: Redomiciliation Details - The redomiciliation process allows existing Bitfarms common shares to be exchanged on a one-for-one basis for shares in the newly incorporated Keel Infrastructure Corp, which will trade under the ticker KEEL on NASDAQ and the Toronto Stock Exchange [3]. - The anticipated completion date for the redomiciliation process is around April 1, 2026, pending court and other closing conditions [3]. Group 3: Company Overview - Bitfarms operates as a blockchain infrastructure company, focusing on cryptocurrency mining through data centers powered by hydroelectric energy in locations such as Québec, Paraguay, and Washington [4]. - CEO Ben Gagnon emphasized that this transition marks the company's entry into a new phase, following a thorough review of opportunities to enhance shareholder value [4].

Core Viewpoint - Bitfarms Ltd. is expected to report its fourth-quarter 2025 results on March 31, with revenues estimated at $59.63 million, reflecting a year-over-year growth of 6.17% and a projected loss of 4 cents per share, indicating a significant decline from earnings of 3 cents per share in the previous year [1][3]. Financial Performance - Bitfarms has shown inconsistent earnings performance over the last four quarters, achieving an average positive surprise of 18.75% [2]. - The company reported a gross loss of $2.9 million, an operating loss of $29 million, and a net loss of $46 million in the third quarter of 2025, primarily due to high depreciation, impairment charges, and rising operating expenses related to infrastructure expansion [3]. - Significant impairment charges were recorded, including $9 million from continuing operations and approximately $34 million from discontinued operations, mainly due to the shutdown of its Argentina facility and the classification of Paraguay assets as held for sale [5]. Capital Expenditure and Debt - Bitfarms' expansion into HPC/AI infrastructure has resulted in increased capital spending and debt, issuing $588 million in convertible notes and committing over $128 million to data center development [4]. - The company's financial flexibility is constrained due to substantial cash outflows directed toward long-term projects rather than immediate revenue generation, which is expected to pressure financial performance in Q4 2025 [4]. Competitive Strengths - Bitfarms possesses a strategically located power portfolio with 2.1 GW of capacity across North America, which includes 341 MW operational, 440 MW secured for growth, and 1,360 MW under application [6]. - The company's assets are concentrated in high-demand regions, which is expected to enhance revenue visibility and margin potential in the fourth quarter of 2025 [6]. Earnings Prediction - The Zacks model indicates that Bitfarms does not conclusively predict an earnings beat this time, with an Earnings ESP of +100.00% and a Zacks Rank of 4 (Sell) [7][8].

Company Performance - Bitfarms Ltd. (BITF) experienced a decline of 4.33% to $2.21 in the latest trading session, underperforming the S&P 500's loss of 0.37% [1] - Over the past month, Bitfarms shares have increased by 13.23%, outperforming the Business Services sector's decline of 0.26% and the S&P 500's decline of 3.7% [1] Upcoming Earnings - Bitfarms Ltd. is set to release its earnings report on March 31, 2026, with projected earnings of -$0.04 per share, indicating a year-over-year decline of 233.33% [2] - The consensus estimate for quarterly revenue is $59.63 million, reflecting a 6.17% increase from the previous year [2] Full-Year Estimates - The Zacks Consensus Estimates for Bitfarms indicate expected earnings of -$0.28 per share and revenue of $273.53 million, representing year-over-year changes of -100% and +41.81%, respectively [3] - Recent revisions to analyst forecasts are crucial as they reflect near-term business trends, with positive revisions suggesting a favorable outlook on business health and profitability [3] Zacks Rank and Industry Performance - The Zacks Rank system, which evaluates estimate changes, currently assigns Bitfarms a rank of 4 (Sell), with a significant downward shift of 65.15% in the consensus EPS estimate over the past month [5] - The Technology Services industry, part of the Business Services sector, holds a Zacks Industry Rank of 182, placing it in the bottom 26% of over 250 industries, indicating weaker performance compared to higher-ranked industries [6]

Core Viewpoint - Bitfarms is transitioning from Bitcoin mining to artificial intelligence (AI) infrastructure, making its upcoming earnings report on March 31, 2025, crucial for investors [1][3]. Company Transition - The company announced plans to wind down Bitcoin mining and focus on high-performance computing (HPC) and AI infrastructure in November 2025 [3][4]. - Bitfarms has a 2.1-gigawatt North American energy portfolio, indicating sufficient capacity for its planned AI data centers [3]. Financial Expectations - The CEO stated that the Washington state site, once converted for HPC/AI workloads, could generate more net operating income than previously achieved with Bitcoin mining [4]. - Positive customer commitments for the AI data centers would be a significant indicator of future success [3]. Market Position and Risks - Bitfarms is entering a competitive market for AI infrastructure, which requires substantial investment and carries inherent risks [5]. - The company is still in the early stages of its pivot to AI, making it a risky investment at this time [5].

Core Thesis - Bitfarms Ltd. (BITF) is transitioning from Bitcoin mining to high-performance computing (HPC) and AI data centers, leveraging its North American power portfolio to meet growing demand in energy and infrastructure [2][4][6] Financial Position - As of March 19th, BITF's share price was $2.39, with trailing and forward P/E ratios of 28.31 and 84.03 respectively [1] - The company has approximately $1 billion in total liquidity, including $637 million in cash, $200 million in project credit availability, and $171 million in digital assets [3] Strategic Initiatives - BITF is winding down its Bitcoin mining operations and divesting non-core sites while focusing on HPC/AI sites as cash generators [4][8] - The company is aligning its HPC/AI infrastructure with Nvidia's product roadmap, particularly for next-generation GPUs [3][8] Valuation Insights - A sum-of-the-parts valuation indicates that the GPU cloud segment could generate approximately $1.1 billion in enterprise value (EV), with HPC/AI builds valued at around $2.7 billion [5] - Additional capital of approximately $2.2 billion will be needed for buildouts by 2027, with potential funding avenues including project financing and strategic partnerships [5] Market Position and Opportunities - BITF's sites are strategically located to maximize access to low-cost energy and earn renewable energy credits [4] - The company is expected to benefit from catalysts such as HPC/AI contract announcements and continued site development, presenting a compelling investment opportunity [6]

Core Thesis - Bitfarms Ltd. (BITF) is transitioning from Bitcoin mining to high-performance computing (HPC) and AI data centers, leveraging its North American power portfolio to meet growing demand in energy and infrastructure [2][4] Financial Position - As of March 19th, BITF's share price was $2.39, with trailing and forward P/E ratios of 28.31 and 84.03 respectively [1] - The company has approximately $1 billion in total liquidity, including $637 million in cash, $200 million in project credit availability, and $171 million in digital assets, positioning it well for strategic investments [3] Business Strategy - BITF is winding down its Bitcoin mining operations and divesting non-core sites, focusing on HPC/AI sites as cash generators [4][8] - The company is aligning its HPC/AI infrastructure with Nvidia's product roadmap, particularly for next-generation GPUs, to create a potential scarcity of capacity when these GPUs are released [3][8] Valuation and Growth Potential - A sum-of-the-parts valuation indicates that the GPU cloud segment could generate approximately $1.1 billion in enterprise value (EV), with HPC/AI builds valued at around $2.7 billion, although both are subject to execution risk [5] - Additional capital of approximately $2.2 billion will be needed for buildouts by 2027, with potential funding avenues including project financing, minority campus sales, and strategic partnerships [5] Investment Opportunity - BITF presents a compelling investment opportunity due to strong risk-adjusted upside, exposure to constrained PJM grid capacity, and upcoming catalysts such as HPC/AI contract announcements and continued site development [6]