Bitfarms Reports Second Quarter 2025 Results

Core Insights - Bitfarms Ltd. reported a revenue of $78 million for Q2 2025, representing an 87% year-over-year increase [9][30] - The gross mining margin decreased to 45% from 51% in Q2 2024 [9][31] - The company is advancing its HPC/AI development strategy through partnerships and a robust balance sheet [1][3] HPC / AI Development - Bitfarms submitted a Master Site Plan for its Panther Creek data center campus to Macquarie Group, supported by a $300 million debt facility [6] - The company partnered with T5 Data Centers to enhance HPC/AI development at the Panther Creek campus [1][6] - The energy capacity at Panther Creek is expected to expand to 50 MW in 2026 and 300 MW by 2027 [6] Energy Portfolio - The company has rebalanced its energy portfolio to 410 MWuM, with 82% located in North America [6] - Bitfarms confirmed a total multi-year MW pipeline of over 1.3 GW, with more than 80% in the U.S. [6] U.S. Pivot & Corporate Initiatives - Bitfarms initiated a corporate share buyback program, repurchasing 10% of available shares at an average price of $1.24 [13][5] - The company is transitioning to U.S. GAAP accounting by Q4 2025 and has established a second principal executive office in New York City [3][13] Financial Performance - The company reported an operating loss of $40 million, including a non-cash impairment charge of $15 million related to its Argentina operations [12][30] - Adjusted EBITDA for Q2 2025 was $14 million, or 18% of revenue, compared to $11 million or 28% in Q2 2024 [12][31] - Bitfarms earned 718 BTC at an average direct cost of production of $48,200 per BTC [12][39]