Bitfarms Ltd. reported its fiscal 2025 financial results, showing revenue of $229 million—an increase of 72% year‑over‑year—while the company posted a net loss of $209 million and an operating loss of $150 million. Adjusted EBITDA for the year was $29 million, down from $31 million in 2024, reflecting the impact of asset impairments and a decline in Bitcoin prices on the company’s legacy mining operations.
In the fourth quarter, Bitfarms generated $42.3 million in revenue, a 42.8% decline from the same period a year earlier, and reported a diluted loss per share of $0.25. The revenue drop is largely attributable to the contraction of Bitcoin mining income, while the company’s new high‑performance computing (HPC) and artificial‑intelligence (AI) initiatives have not yet produced significant top‑line contributions.
Management emphasized the company’s strategic pivot away from Bitcoin mining toward a North American HPC/AI platform. CFO Jonathan Mir noted that the transition “is designed to capitalize on the growing demand for high‑performance computing capabilities, positioning us as a key player in this burgeoning market.” CEO Ben Gagnon added that Bitfarms is now “100% North American infrastructure and 100% HPC and AI infrastructure” and that the firm has ceased new Bitcoin mining investments.
Bitfarms maintains a robust liquidity position, with $520 million in total liquidity—$359 million in unrestricted cash and $161 million in unencumbered Bitcoin—providing the financial flexibility needed to fund its capital‑intensive infrastructure build‑out. The company is advancing a 2.2 GW digital infrastructure development pipeline across Washington, Pennsylvania, and Quebec, aimed at supporting next‑generation GPU and AI workloads. The transition is capital‑intensive, and the company’s net loss reflects ongoing asset impairments and the need to invest heavily in the new platform.
The company is also undergoing a corporate rebranding to Keel Infrastructure, effective around April 1 2026, and has redomiciled to the United States. This rebranding signals a definitive shift away from its Bitcoin mining origins and underscores its commitment to becoming a leading provider of HPC and AI infrastructure in North America.
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