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 Viewpoint - Bitfarms Ltd. has appointed Jonathan Mir as Chief Financial Officer, effective October 27, 2025, to support the company's transition to a North American HPC/AI infrastructure company [2][3][4] Company Overview - Bitfarms is a North American energy and digital infrastructure company focused on building and operating data centers and energy infrastructure for high-performance computing and Bitcoin mining [5][6] - The company has a 1.3 GW energy pipeline, with over 80% of its projects based in the U.S., strategically located in areas with strong access to power and fiber infrastructure [5] Leadership Transition - Jonathan Mir brings over 25 years of capital markets experience in energy infrastructure, having previously worked at Lazard Inc. and Bank of America [3][4] - The current CFO, Jeff Lucas, will retire but will remain as a strategic financial advisor until Q1 2026 to ensure a smooth transition [2][4] - CEO Ben Gagnon expressed gratitude for Jeff Lucas's contributions during his tenure, highlighting the company's transformation from an international Bitcoin miner to a U.S.-focused energy and digital infrastructure company [4] Financial Position - Bitfarms currently holds approximately US$330 million in cash and Bitcoin, with an additional US$250 million available for financing its flagship Panther Creek Campus [4] - The company has successfully raised and deployed hundreds of millions of dollars and completed multiple acquisitions, including a significant public M&A deal [4]