Overview

* Bitfarms ( BITF ) Q3 revenue of $69 mln missed analyst expectations

* Company reported Q3 net loss of $46 mln, including impairment charges

* Bitfarms ( BITF ) closed $588 mln convertible notes offering, enhancing financial flexibility

Outlook

* Bitfarms ( BITF ) plans to complete Washington site conversion to HPC/AI workloads by December 2026

* Company anticipates high demand for Vera Rubin infrastructure in 2027

* Bitfarms ( BITF ) has $814 mln liquidity and $200 mln potentially available from Macquarie facility

Result Drivers

* HPC/AI INFRASTRUCTURE - Co is pivoting from Bitcoin mining to North American HPC/AI infrastructure, converting Washington site to support advanced workloads

* FINANCIAL FLEXIBILITY - Successful $588 mln convertible notes offering and Macquarie debt facility conversion enhance financial flexibility for infrastructure projects

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $69.25 $80 mln

Revenue mln (4

Analysts

)

Q3 EPS -$0.08

Q3 Net -$80.77

Income mln

Q3 $19.56

Adjusted mln

EBITDA

Q3 Gross -4.00%

Margin

Q3 -$28.96

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* Wall Street's median 12-month price target for Bitfarms Ltd ( BITF ) is C$4.50, about 1.3% above its November 12 closing price of C$4.44

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)