Bitfarms reported $2.1 million in web monetary revenue for the primary quarter of 2025, a pointy decline from $11.4 million in the identical interval a yr earlier, attributable to lowered features on derivatives and warrant revaluations.
Bitfarms stated in its latest Management’s Discussion and Analysis of the primary quarter efficiency that the decrease monetary revenue contributed to a wider web lack of $35.9 million, in comparison with a $6 million web loss within the first quarter of 2024.
Features from revaluating warrant liabilities tied to the corporate’s 2023 non-public placement decreased $3.4 million, primarily driving the $9.3 million year-over-year drop in monetary revenue. The truthful worth of those liabilities fell at a slower charge throughout the quarter than related changes recorded within the earlier yr.
Moreover, Bitfarms recorded a $6.2 million swing in derivative-related efficiency, together with a $2.2 million web loss from its Bitcoin (BTC) Redemption Possibility and a $1.5 million loss from the Bitcoin One Program.
The latter comprised a $6.3 million unrealized loss on open positions, partially offset by $4.8 million in realized features. Within the first quarter of 2024, the corporate had booked a $2.5 million achieve from unrealized appreciation in Artificial HODL by-product contracts.
Income climbs on hashrate development
Whole income rose 33% year-over-year to $66.8 million, up from $50.3 million within the first quarter of 2024, pushed by elevated common Bitcoin costs and better hash charge deployment.
Bitfarms expanded its common operational hashrate to 13.5 exahashes per second (EH/s) from 5.9 EH/s, supported by miner upgrades and the acquisition of Stronghold Digital Mining, which added new capability and contributed 1.4 EH/s to the entire.
Nevertheless, the corporate mined fewer BTC within the quarter, 693 BTC in comparison with 943 BTC a yr earlier. This displays lowered block rewards following the April 2024 halving and a 44% improve in community problem.
The typical complete money value per mined BTC rose to $72,300, whereas common sale costs reached $87,100. Gross mining revenue declined 11% to $28 million, and adjusted EBITDA dropped 35% to $15.1 million.
Infrastructure rebalanced towards North America
Bitfarms ended the quarter with 19.5 EH/s in hash charge underneath administration and 461 megawatts (MW) of energized capability, roughly 70% of which is now in North America.
Integrating Stronghold’s operations additionally introduced new vitality technology capabilities to the corporate’s portfolio, together with refuse-fueled energy belongings in Pennsylvania.
Operational prices elevated with the growth. Vitality bills rose 31% to $25.4 million, whereas internet hosting and infrastructure spending climbed because of the timing of the Stronghold acquisition and improvement work at new websites within the US and Canada.
Bitfarms offered 428 BTC for $37.3 million throughout the quarter and held 1,492 BTC valued at $123.2 million as of March 31. Whole complete loss for the quarter reached $49.3 million, in comparison with revenue of $11.5 million in Q1 2024.
Argentina operations halted
The corporate’s Rio Cuarto mining website in Argentina, representing 13% of Bitfarms’ complete energized capability as of March 31, was taken offline on Might 12 after the native energy provider halted electrical energy supply indefinitely.
With no assurance of when service could resume, Bitfarms is evaluating whether or not to keep up regional operations.
In consequence, the corporate recorded a $15.9 million impairment loss on the Argentina cash-generating unit, citing worsening macroeconomic situations and better vitality prices, notably for pure fuel.
The monetary impairments from the disruption will probably be included within the agency’s second quarter earnings report.
