Business
Bitfarms Reports First Quarter 2025 Results
- Revenue of $67 million, up 33% Y/Y - - Gross mining margin of 43%, down from 63% from Q1 2024...
About this update from Keel Infrastructure Corp.
[{"type":"text","content":"Bitfarms Reports First Quarter 2025 Results\n\n\n\n - Revenue of $67 million, up 33% Y/Y -\n \n - Gross mining margin of 43%, down from 63% from Q1 2024 -\n \n - Total energy pipeline of ~1.4 GW, ~80% based in the U.S. -\n \n - Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline -\n \n\n\n This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.\n \n\n\n TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.\n \n\n CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.\n \n\n “We continued this momentum into Q2, having already secured an attractive financing facility for up ...