Financial Data and Key Metrics Changes - In Q3 2025, Bitfarms achieved total revenue of $84 million from continuing and discontinued operations, with $69 million from continuing operations, representing a year-over-year increase of 156% [40][41] - Gross mining profit from continuing operations was $21 million, with a gross mining margin of 35% and an average direct cost of $48,200 per Bitcoin mined [41] - Adjusted EBITDA from continuing operations was $20 million, or 28% of revenue, up from $2 million, or 8% of revenue year-over-year in Q3 2024 [42] Business Line Data and Key Metrics Changes - The company confirmed the ability to convert its Bitcoin megawatts for HPC and AI, representing a strategic opportunity to increase total data center megawatts in Quebec by 25% [19] - The Washington site is set to convert to HPC and AI workloads, with a fully funded agreement for $128 million for critical IT infrastructure [20][21] Market Data and Key Metrics Changes - Lease rates for data center infrastructure have grown at an average rate of 12% since 2022, compared to an average of 3% over the last 20 years [8][10] - Analysts predict a massive shortfall of nearly 45 gigawatts of power for data centers by 2030, confirming the increasing demand for data center capacity [10][11] Company Strategy and Development Direction - Bitfarms aims to optimize lease rates and margins through prioritizing infrastructure development, locking in higher rates under multi-year agreements, and developing infrastructure for next-generation GPUs [12][13] - The company plans to transition from Bitcoin mining to HPC and AI infrastructure, with a focus on developing facilities for NVIDIA's Vera Rubin GPUs [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed high conviction in the demand for HPC and AI infrastructure, emphasizing the strategic value of their energy portfolio and the unique positioning of their megawatts [16][35] - The company is well-capitalized with over $1 billion available for funding development projects, indicating strong financial health and a clear vision for future growth [44][45] Other Important Information - The company has transitioned to U.S. GAAP for Q4 and is working towards a U.S. redomicile in 2026 to improve institutional composition [35] - Bitfarms has maintained steady mining operations, achieving approximately $8 million in monthly free cash flow after G&A, which will support HPC and AI development projects [39][40] Q&A Session Summary Question: Can you share more on how you guys are thinking about economics for the Vera Rubin GPU infrastructure? - Management indicated that the economics will improve due to the increasing shortage of infrastructure and the specific requirements of the Vera Rubin GPUs, which will command a premium [47][49] Question: What is the expected timeline for expanding power capacity at Panther Creek and Scrubgrass? - Management noted that the timeline for expansion is uncertain but could happen quickly due to existing infrastructure and regulatory approvals [59] Question: What are the biggest challenges to meeting timelines for Washington, Sharon, and Panther Creek? - Management highlighted that construction bottlenecks are hard to forecast but emphasized the importance of having strong partners and project management teams in place [75]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved total revenue of $84 million from continuing and discontinued operations, with $69 million from continuing operations, representing a year-over-year increase of 156% [39] - Gross mining profit from continuing operations was $21 million, with a gross mining margin of 35% and an average direct cost of $48,200 per Bitcoin mined [39] - Adjusted EBITDA from continuing operations was $20 million, or 28% of revenue, up from $2 million, or 8% of revenue year-over-year in Q3 2024 [40] Business Line Data and Key Metrics Changes - The company confirmed that 100% of its 170 megawatts in Quebec are currently utilized for Bitcoin mining, with plans to convert these megawatts for HPC and AI, potentially increasing total data center megawatts in the province by 25% [18] - The Washington site has 18 megawatts of secured power, with a fully funded agreement for $128 million to develop the full capacity for HPC and AI workloads [19][20] Market Data and Key Metrics Changes - Lease rates for data center infrastructure have increased from an average of 3% over the last 20 years to an average of 12% since 2022, with expectations for this trend to continue [6][9] - Analysts predict a massive shortfall of nearly 45 gigawatts of power for data centers by 2030, confirming the increasing demand for data center capacity [9] Company Strategy and Development Direction - The company aims to prioritize infrastructure development to minimize the time between signing leases and generating revenue, thereby optimizing lease rates and margins [11] - Plans include developing infrastructure for NVIDIA's next-generation Vera Rubin GPUs, which are expected to command significantly greater economics due to their higher energy density [12][13] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for HPC and AI infrastructure will continue to grow, driven by the increasing need for data center capacity and the limitations in power and infrastructure [5][10] - The company is well-capitalized with over $1 billion available for funding its development projects, indicating strong financial health and a clear vision for advancing its HPC and AI initiatives [41][42] Other Important Information - The company has transitioned to a multi-strategy program for digital asset management, designed to offset Bitcoin production costs and fund energy infrastructure investments [39][40] - The company is actively pursuing GPU as a service or cloud monetization strategy, which could provide significant cash flow and returns compared to Bitcoin mining [21][56] Q&A Session Summary Question: Can you share more on how you guys are thinking about economics for the Vera Rubin GPU infrastructure? - Management indicated that the economics will improve due to the increasing shortage of infrastructure and the specific requirements of the new GPU models, which will drive higher economics [44][46] Question: What is the expected timeline for expanding power capacity at Panther Creek and Scrubgrass? - Management mentioned that positive indications have been received for the conversion of existing agreements, with potential expansions happening quickly, but specific timelines remain uncertain [51][52] Question: What are the biggest challenges to meeting timelines for Washington, Sharon, and Panther Creek? - Management noted that construction bottlenecks are hard to forecast, but having strong partners and project management teams in place will help mitigate risks [59] Question: How does the company evaluate GPU as a service compared to standard colocation? - Management explained that GPU as a service offers compelling benefits in terms of free cash flow and operational knowledge, which could significantly exceed the returns from Bitcoin mining [56][57]

HPC/AI Infrastructure and Strategy - Bitfarms has a 1.9 GW power infrastructure asset portfolio in high-demand HPC/AI regions in North America, located in cool climates for improved efficiency[24] - The company is developing 18 MW of HPC/AI infrastructure at its Washington site for Nvidia Blackwell in 2026, with a secured supply chain for $128 million[26, 28] - Panther Creek in Eastern Pennsylvania is planned as a flagship HPC/AI campus with over 410 MW of power and 316 acres of land, with Phase 1 (50 MW) expected in H1 2027 and Phase 2 (300 MW) in H2 2027[33, 34] - Bitfarms has 170 MW of hydropower operating across multiple sites in Quebec, with potential to convert BTC mining infrastructure to HPC/AI[38] - Scrubgrass is a potential gigacampus site with 1.3 GW capacity and 650 acres, offering proximity to Pittsburgh and Cleveland[39, 40] Financial Performance and Capitalization - Bitfarms reported ~$8 million in monthly free cash flow from BTC mining operations in Q3 2025[49] - Q3 2025 revenue was $69 million, a 11% increase Q/Q and a 900% increase Y/Y[51] - Adjusted EBITDA for Q3 2025 was $20 million, a 122% increase Q/Q[51] - The company has over $1 billion in cash and Bitcoin on hand, with remaining funds available from the Macquarie facility[55] Strategic Initiatives - Bitfarms is undergoing a U S pivot, with the majority of planned MW development based in the U S , a new NYC office, and a transition to U S GAAP accounting, aiming for U S redomicile in 2026[42] - The company is evaluating a cloud monetization strategy for its Washington site to replace BTC mining cash flows[42]

Exhibit 99.1 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (Expressed in thousands of U.S. dollars - unaudited) BITFARMS LTD. TABLE OF CONTENTS | | Financial Statements (unaudited) | | | --- | --- | --- | | | Interim Consolidated Statements of Financial Position | 3 | | | Interim Consolidated Statements of Profit or Loss and Comprehensive Profit or Loss | 4 | | | Interim Consolidated Statements of Changes in Equity | 5 | | | Interim Conso ...

Core Insights - Bitfarms Ltd. is transitioning from an international Bitcoin miner to a North American energy and digital infrastructure company, focusing on high-performance computing (HPC) and artificial intelligence (AI) workloads [2][12][20] - The company successfully completed a $588 million convertible note offering and has plans to convert its Washington site to support advanced HPC/AI workloads, targeting completion by December 2026 [2][6][12] - Bitfarms has a strong liquidity position with approximately $814 million available as of November 12, 2025, which includes $637 million in cash and $177 million in unencumbered Bitcoin [9][12] Financial Performance - For Q3 2025, Bitfarms reported revenues of $69 million from continuing operations, a 156% increase year-over-year, while revenues from discontinued operations were $14 million [5][12][34] - The company incurred a net loss of $80.8 million in Q3 2025, compared to a net loss of $36.6 million in Q3 2024, reflecting a 120% increase in losses [12][34] - Adjusted EBITDA for Q3 2025 was $20 million, representing 28% of revenue, up from $2 million or 8% of revenue in Q3 2024 [12][34] Operational Developments - The Washington site will feature advanced liquid cooling and modular infrastructure to support Nvidia's next-generation Vera Rubin GPUs, expected to ship in Q4 2026 [2][6] - The company has completed the acquisition of a property in Sharon, Pennsylvania, which will now be dedicated to HPC/AI infrastructure, with an expected total capacity of 110 MW by the end of 2026 [6][12] - Bitfarms has initiated a corporate share buyback program, purchasing 7.8 million shares at an average price of $1.27, totaling approximately $10 million [7][12] Strategic Initiatives - The company is redomiciling to the U.S. and plans to convert to U.S. GAAP by the end of 2025 as part of its broader strategy [12][20] - Bitfarms has discontinued operations in Argentina and Paraguay, reflecting its strategic shift towards North American HPC/AI infrastructure projects [12][32] - The company aims to lead the industry in developing infrastructure for Nvidia's Vera Rubin GPUs, anticipating higher demand and better economics in 2027 [2][12]

Core Insights - Bitfarms plans to convert its Washington site to support HPC/AI workloads, targeting completion by December 2026 [1][2] - The facility will feature advanced liquid cooling and support Nvidia GB300s, with a capacity of 18 MW and a Power usage Effectiveness (PuE) ratio between 1.2 and 1.3 [2][3] - The company has secured a fully funded agreement worth US$ 128 million for critical IT equipment and building materials [2][3] Company Strategy - The conversion of the Washington site is part of Bitfarms' HPC/AI infrastructure development strategy, aiming to generate more net operating income than Bitcoin mining [3][6] - The company holds nearly a billion dollars in cash and unused credit facilities, allowing for potential GPU financing options [3][6] - Bitfarms is exploring GPU-as-a-Service and cloud monetization strategies specifically for the Washington site [3][6] Infrastructure and Technology - The facility will utilize modular infrastructure for phased deployment and scalability, ensuring compatibility with Nvidia GB300 GPUs [7][6] - Proven thermal and power management systems will be critical for supporting HPC/AI workloads [7][6] - The site is designed to enable high-performance computing with advanced liquid cooling technology [3][6] Financial Position - The conversion of the Washington site is expected to provide a strong cash flow foundation to support operational expenses, general and administrative costs, and debt service [3][6] - The company aims to wind down its Bitcoin mining business in 2026 and 2027, reallocating resources towards HPC/AI opportunities [3][6] Company Overview - Bitfarms is a North American energy and digital infrastructure company focused on building and operating data centers for high-performance computing and Bitcoin mining [4][5] - The company has a 2.1 GW energy portfolio across North America, strategically located in data center hotspots [4][5]

Core Insights - Bitfarms Ltd. (BITF) is set to report its third-quarter 2025 results on November 13, with expected revenues of $83.1 million, reflecting an 85.3% increase from the same quarter last year. The consensus estimate for loss per share is 2 cents, compared to a loss of 9 cents in the previous year [1][8]. Financial Performance - Over the past 60 days, one EPS estimate for Q3 2025 has been revised downward, with no upward adjustments made [2]. - Bitfarms has a strong earnings surprise history, having beaten the Zacks Consensus Estimate in three out of four quarters, with an average earnings surprise of 25% [3]. Earnings Outlook - The likelihood of Bitfarms achieving an earnings beat this quarter is low, as the company currently has an Earnings ESP of -100.00% and a Zacks Rank of 4 (Sell) [4]. - The volatility in Bitcoin prices directly impacts Bitfarms' financial performance, with Bitcoin prices increasing nearly 8% from July 1, 2025, to September 30, 2025, which may have affected the number of bitcoins mined by the company due to increased competition among miners [6]. Stock Performance - Bitfarms' stock has increased by 48.8% over the past year, outperforming the industry growth of 32.1% and the Zacks S&P 500 composite's 17.9% rise. However, it has underperformed compared to Cipher Mining, which saw a 182% increase [7]. Valuation Metrics - The current trailing 12-month price-to-sales ratio for BITF is 5.27, which is lower than Cipher Mining's 20.32 but slightly higher than Bit Digital's 5.2 [11]. Strategic Initiatives - Bitfarms is shifting its focus from Bitcoin mining to High-Performance Computing and AI (HPC/AI) as a diversification strategy to mitigate Bitcoin volatility risks and tap into the growing demand for data centers [14]. - However, this transition faces challenges, including the need for regulatory approval, securing long-term contracts for recurring revenues, and managing a significant debt load due to the capital-intensive nature of building data centers [15][16]. Financial Health - The company's return on equity is currently at -9.9%, compared to the industry's 15.9%, indicating fundamental unprofitability and operational losses. The return on invested capital stands at -9.5%, against the industry's 8%, raising concerns about financial risk and capital management [16]. Investment Recommendation - Given the risks associated with reliance on Bitcoin mining and the uncertain outlook for earnings, potential buyers are advised to avoid investing in Bitfarms ahead of its earnings release. Current investors are recommended to sell their positions to realize profits [17][18].

Earnings Reports Overview - The earnings season is slowing down, but several retail-favorite companies are set to report this week [1] - Key companies reporting include Barrick Mining Corp., Plug Power Inc., Oklo Inc., Cisco Systems Inc., Walt Disney Co., and Applied Materials Inc. [2][3][5][10][11] Company-Specific Insights - Barrick Mining Corp. reported its third-quarter results before the market opened on November 10 [2] - Plug Power Inc. is expected to report losses of 12 cents per share and revenue of $179.54 million, having missed earnings expectations for the last 18 quarters [3] - Oklo Inc. is anticipated to report losses of 13 cents per share and revenue of $17.01 billion, with stock volatility noted ahead of the report [5] - Cisco Systems Inc. is expected to be a focal point for investors, particularly regarding management's guidance and updates on AI and cybersecurity business momentum [10] - Walt Disney Co. and JD.com Inc. will release earnings reports before the market opens on November 13 [11] - Applied Materials Inc. is set to release its Q4 results after the market closes on November 13 [11] Additional Companies Reporting - Other companies reporting this week include Workhorse Group Inc., Beyond Meat Inc., Microvision Inc., and Virgin Galactic Holdings Inc. [4][6][12]

Core Viewpoint - Cryptocurrency-related stocks experienced a pre-market increase, indicating positive market sentiment towards the sector [1] Company Summaries - Coinbase saw a pre-market rise of 3.0% [1] - Bitfarms increased by 5.2% in pre-market trading [1] - Strategy stock rose by 2.6% before the market opened [1]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Bitfarms Ltd. due to higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The earnings report is expected on November 13, with a consensus estimate of a quarterly loss of $0.02 per share, reflecting a year-over-year change of +77.8%. Revenues are projected to be $83.11 million, an increase of 85.3% from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has been revised 50% lower in the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][12]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a negative Earnings ESP of -100.00% for Bitfarms, suggesting analysts have become more pessimistic. The stock currently holds a Zacks Rank of 4, complicating predictions of an earnings beat [12][10]. Historical Performance - In the last reported quarter, Bitfarms was expected to post a loss of $0.01 per share but actually reported a loss of -$0.02, resulting in a surprise of -100.00%. Over the last four quarters, the company has beaten consensus EPS estimates two times [13][14]. Industry Comparison - Viant Technology, another player in the Zacks Technology Services industry, is expected to report earnings per share of $0.13, reflecting a year-over-year change of -13.3%. Revenues are expected to be $85.29 million, up 80.1% from the previous year [18][19].