07:33 AM EDT, 08/12/2025 (MT Newswires) -- Bitfarms ( BITF ) , a global energy and compute infrastructure company, was at last look down 2.4% in US pre-market trade on Tuesday as the company reported a wider-than-expected loss for the second quarter, with revenue missing forecasts.

For Q2, Bitfarms ( BITF ) had a net loss of US$29 million, or $0.05 per basic and diluted share, compared to a net loss of $27 million, or $0.07 per basic and diluted share, in Q2 2024. The loss for this quarter was wider than the negative $0.02 forecast at FactSet

The company had total revenue of $77.8 million, up 87% year over year from $41.55 million, but missing a FactSet forecast of $83.1 million.

It had adjusted EBITDA of $14 million, or 18% of revenue, up from $11 million or 28% of revenue in Q2 2024. And it had gross mining margin of 45%, down from 51% in Q2 2024.

Among other highlights, Bitfarms ( BITF ) noted it had partnered with data center builder and operator T5 Data Centers to advance HPC/AI development at its Panther Creek campus in Pennsylvania. A Master Site Plan for the Panther Creek, PA data center campus was submitted to Macquarie.

CEO Ben Gagnon stated, "Our North American energy portfolio positions Bitfarms ( BITF ) to be a leader in HPC and AI infrastructure. With over 1 GW in our Pennsylvania pipeline, anchored by our flagship Panther Creek campus which is in close proximity to Amazon and CoreWeave sites, we aim to capture significant market share in what is quickly emerging as a new AI infrastructure hub. With additional energy strategically located in data center hotspots in Washington and Quebec, we are building a diversified, unique and scalable North American platform of robust energy and fiber infrastructure that is attracting significant interest from prospective clients. Coupled with strong political support for data center development in these regions, our strategic vision and pivot to the U.S. and to HPC & AI infrastructure positions us as a key player to meet surging demand in the AI industrial revolution coast-to-coast."

CFO Jeff Lucas added, "We executed several key initiatives over the last four months, including the Panther Creek financing, the commitment to our transition to U.S. GAAP accounting in Q4 2025, the announcement of our second principal executive office in New York City, and the commencement of our corporate share buyback program. I am proud to report that we've already repurchased 10% of all shares available under the repurchase program, a testament to our strong belief that the market is significantly undervaluing our shares. With minimal 2025 capex remaining and strong liquidity comprised of a growing Bitcoin treasury, approximately $85 million in cash, a debt financing in place with Macquarie, and consistent cash flows from our mining operations, we are well-positioned to execute on our HPC/AI infrastructure, share buyback, and U.S. pivot strategies."