08:05 AM EDT, 05/15/2024 (MT Newswires) -- Bitfarms Ltd. ( BITF ) , a global Bitcoin vertically integrated company, on Wednesday reported a first-quarter net loss of US$6 million ($8.2 million), or US$0.02 per share, 62% wider than a loss of US$3.7 million, or US$0.02 per share, a year earlier.

Analysts polled by Capital IQ expected a loss of US$0.02.

Revenue for the quarter ended March 31 was US$50.3 million, up 67% from US$30.1 million a year earlier. Analysts surveyed by Capital IQ expected US$50.6 million.

Adjusted EBITDA for Q1 was US$21 million, up 230% from US$6.4 million a year earlier.

The company earned 943 Bitcoin at an average direct cost of production per BTC of US$20,500, as compared with US$16,200 in the fourth quarter of 2023.

Total cash cost of production per BTC was US$30,300 in Q1, up from US$25,200 in Q4 2023 due to the lower quantity of BTC earned.