Bitfarms (BITF) stock dropped 13% in Thursday premarket trading after the bitcoin miner turned energy and digital infrastructure company turned in softer-than-expected Q3 earnings and announced a plan to convert its Washington site to high-performance computing and AI workloads.
“We continue to execute on our strategy to pivot from an international Bitcoin miner to a North American energy and digital infrastructure company,” said CEO Ben Gagnon. “Beyond Washington, everything in our portfolio is being built to support Nvidia’s next generation Vera Rubin GPUs which are expected to ship in Q4 2026. With almost twice the energy density of Nvidia’s Blackwell GPUs, there is not a data center that exists today that can support Nvidia’s next generation of AI hardware.”
Q3 GAAP EPS of -$0.08, vs. the average analyst estimate of -$0.02, widened from -$0.05 in Q2 and -$0.05 in last year’s Q3.
Q3 revenue of $69.3M, missing the $84.7M consensus, decreased from $77.8M in the previous quarter and jumped from $27.1M in the year-ago period.
General and administrative expenses fell to $17.0M from $21.4M in Q2 and $25.3M in last year’s Q3,
Gross margin of -4% improved from -7% in Q2 and -7% in Q3 2024.
Adjusted EBITDA of $19.6M, trailing the Visible Alpha consensus of $31.5M, grew from $13.7M in the prior quarter and $2.20M a year ago.
During Q3, Bitfarms (BITF) earned 520 bitcoins (BTC-USD), less than the Visible Alpha estimate of 731, down from 718 in Q2 and up from 520 in Q3 2024. Total cash cost per bitcoin was $82,400, compared with $77,100 in the prior quarter and $53,800 a year ago.