Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated
Bitcoin data center company, reported its financial results for the
second quarter ended June 30, 2024. All financial references
are in U.S. dollars.
During the quarter, Bitfarms made significant
progress expanding its geographically diversified portfolio, adding
220 MW of capacity in Paraguay and Pennsylvania and energizing the
Company's largest site to-date in Paso Pe, Paraguay.
The Company's new 120 MW site in Sharon, PA,
which is on the PJM Interconnection, once the agreement is
finalized, provides long-term access to low-cost U.S. energy and
flexible power trading options. The PJM grid enjoys an abundant
energy supply that is rapidly adding renewable capacity and
contributing to the reduction of greenhouse gas emissions in the
U.S. Importantly, the site is well-suited for a wide range of
opportunities beyond Bitcoin mining, including HPC/AI.
In South America, Bitfarms energized its 70 MW
site in Paso Pe, making it the Company's largest site by both EH
and MW. The Company also signed an agreement for an additional 100
MW in Yguazu, bringing its total contracted power in Paraguay to
280 MW in the first half of 2025 and making Bitfarms the largest
miner in the region. South America remains a highly strategic
geography for Bitfarms, with favorable power contracts and access
to reliable, sustainable energy.
Bitfarms recently appointed Ben Gagnon, a
seasoned leader with significant experience in Bitcoin mining, as
Chief Executive Officer. Mr. Gagnon has been with the Company for
five years and previously served as Chief Mining Officer, where he
was integral in establishing the Company's fleet upgrade and
transformative 2024 growth plan.
"I am honored to step into the CEO role at such
a pivotal time for the Company," stated Mr. Gagnon. "During the
quarter, we made significant strides to position Bitfarms for
accelerated growth and efficiency gains in the second half of the
year and into 2025. We also continued to expand and diversify the
business through new site agreements. Our new site in Sharon, PA
represents Bitfarms' first foray into the PJM region, which we
believe is the most attractive energy market in the U.S., and one
in which we hope to further grow our footprint. This site, in
combination with our new megawatts in South America, positions
Bitfarms to reach over 35 EH/s in 2025, representing 67% growth
from our year-end target of 21 EH/s. Over the next few years, we
will continue executing our growth strategy with a sharp focus on
U.S. expansion and diversification beyond Bitcoin mining."
Jeff Lucas, Bitfarms Chief Financial Officer,
stated, "Our robust balance sheet and capital efficient growth
strategy provides us with exceptional financial flexibility. Our
2024 growth and efficiency improvement plans are fully funded with
sufficient liquidity for the infrastructure buildout and miner
procurements needed to enable us to achieve 21 EH/s and 21w/TH by
year-end."
Strategic Alternatives Review
Process The Company also announced that the Special
Committee of the Bitfarms Board of Directors, comprised of solely
independent directors, has concluded the strategic alternatives
review process announced on May 29th, 2024. Following the
completion of that process, the Special Committee unanimously
determined that continuing to execute Bitfarms’ strategic plan as
an independent public company is in the best interest of the
Company and its shareholders at this time. The Board and management
team remain open to reviewing any and all opportunities that may
deliver value to shareholders.
Q2 2024 & Recent Operating
Highlights
- Operations
- Current hashrate of 11.1 EH/s, up from 6.5 EH/s in Q1
2024.
- Averaged 6.7 BTC per day in daily
production for Q2 2024.
- Data Center Portfolio
Expansion & Fleet Upgrade
- Entered into an agreement to lease
a site in Sharon, Pennsylvania, providing, once finalized,
immediate capacity of 12 MW with further development capacity up to
108 MW.
- Finalized an amendment to the
existing energy contract at Yguazu facility for an additional 100
MW of energy capacity for a total capacity of 200 MW.
- Deployed 39,400 miners across 9
facilities located in Canada, the US, and Paraguay.
Q2 2024 Financial
Highlights
- Total revenue of $42 million, down 16% Q/Q due to the decrease
in block rewards following the BTC halving event that occurred on
April 19, 2024.
- Gross mining profit* and gross
mining margin* of $21 million and 51%, respectively, down from $31
million and 64% in Q1 2024, respectively.
- General and administrative expenses
of $12 million, down 6% Q/Q.
- Operating loss of $24 million,
which included $46 million accelerated depreciation on older
miners, compared to an operating loss of $24 million in Q1 2024,
which included $19 million accelerated depreciation on older miners
in connection with the transformative fleet upgrade.
- Net loss of $27 million, or $(0.07)
per basic and diluted share which included a $1 million non-cash
expense for revaluation of warrant liabilities in connection with
2021 and 2023 financing activities. This compares to a net loss of
$6 million, or $(0.02) per basic and diluted share in Q1 2024,
which included a $9 million non-cash gain for revaluation of
warrant liabilities.
- Adjusted EBITDA* of $12 million, or
28% of revenue, down from $23 million, or 46% of revenue, in Q1
2024.
- The Company earned 614 BTC at an
average direct cost of production per BTC* of $30,600, compared to
$18,400 in Q1 2024.
- Total cash cost of production per
BTC* was $47,300 in Q2 2024, up from $27,900 in Q1 2024 due to less
quantity of BTC earned.
Liquidity**As of June 30,
2024, the Company had total liquidity** of $195 million, comprised
of $139 million in cash and 905 BTC valued at $57 million based on
a BTC price of $62,700 at June 30, 2024. As of July 31, 2024,
the Company held 1,016 BTC.
Q2 2024 and Recent Financing
Activities
- Sold 515 BTC at an average price of
$65,500 for total proceeds of $34 million in Q2 2024 and sold 142
of the 253 BTC earned during July 2024, generating total proceeds
of $9 million. A portion of the funds was used to pay capital
expenditures.
- Added 111 BTC to treasury in July
2024 for a total of 1,016 BTC held in treasury, representing a
total value of $67 million based on a $66,100 BTC price on
July 31, 2024.
- Synthetic HODL™ of 233
long-dated BTC call options at July 31, 2024.
- Raised $136 million in net proceeds
during Q2 2024 and $240 million through August 7, 2024 through
the Company's 2024 at-the-market equity offering program ("2024 ATM
Program").
- Received confirmation from the
Provincial tax authorities, in April 2024, that $24 million in
previously paid Canadian sales taxes would be refunded. During Q2
2024, $19 million of the sales tax claims were refunded and the
remaining $5 million was received in July 2024.
Quarterly Operating
Performance
|
|
Q2 2024 |
Q1 2024 |
Q2 2023 |
|
Total BTC earned |
614 |
943 |
1,223 |
| Average Watts/Average TH
efficiency*** |
28 |
35 |
37 |
| BTC
sold |
515 |
941 |
1,109 |
|
|
As of June 30, |
As of March 31, |
As of June 30, |
|
|
2024 |
2024 |
2023 |
|
Operating EH/s |
10.4 |
6.5 |
5.3 |
| Operating capacity (MW) |
310 |
240 |
207 |
|
Hydropower (MW) |
256 |
186 |
178 |
Quarterly Average Revenue**** and Cost
of Production per BTC*
|
|
Q2 2024 |
Q1 2024 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
|
Avg. Rev****/BTC |
$65,800 |
$52,400 |
$36,400 |
$28,100 |
$28,000 |
| Direct Cost*/BTC |
$30,600 |
$18,400 |
$14,400 |
$15,100 |
$14,000 |
| Total
Cash Cost*/BTC |
$47,300 |
$27,900 |
$23,200 |
$20,700 |
$19,900 |
* Gross mining profit, gross mining margin,
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS
financial measures or ratios and should be read in conjunction
with, and should not be viewed as alternatives to or replacements
of measures of operating results and liquidity presented in
accordance with IFRS. Readers are referred to the reconciliations
of non-IFRS measures included in the Company’s MD&A and at the
end of this press release.
** Liquidity represents cash and balance of
digital assets.*** Average watts represent the energy consumption
of miners. **** Average revenue per BTC is for mining operations
only and excludes Volta revenue.
Conference CallManagement will host a
conference call today at 8:00 am EST. A presentation of the Q2 2024
results will be accessible before the call on the Investor website
and can be accessed here.
Participants may join by calling: 1-888-506-0062
(domestic), or 1-973-528-0011 (international), and should do so 10
minutes prior to the start time. Participants will be greeted by an
operator and asked for the access code, which is 968924. If you do
not have the code, then you may reference the Bitfarms’ Q2 2024
results conference call.
The conference call will also be available
through a live webcast found here.
A webcast replay will be available and can be
accessed in the Events section of our Investor website. An audio
replay will be available through August 20, 2024 and can be
accessed at 1-877-481-4010 (domestic), or 1-919-882-2331
(international), using access code 50787.
Upcoming Conferences &
Events
- September 9-11, 2024: H.C.
Wainwright 26th Annual Global Investment Conference, New York
City
- October 21-22, 2024: AIM Dubai
Summit 2024
Non-IFRS Measures*As a Canadian
company, Bitfarms follows International Financial Reporting
Standards (IFRS) which are issued by the International Accounting
Standard Board (IASB). Under IFRS rules, the Company does not
reflect the revaluation gains on the mark-to-market of its Bitcoin
holdings in its income statement. It also does not include the
revaluation losses on the mark-to-market of its Bitcoin holdings in
Adjusted EBITDA, which is a measure of the cash profitability of
its operations and does not reflect the change in value of its
assets and liabilities.
The Company uses Adjusted EBITDA to measure its
operating activities' financial performance and cash generating
capability.
2023 Restatement During the
preparation of the Company's financial statements for the year
ended December 31, 2023, the Company reassessed the application of
IFRS Accounting Standards on the accounting for warrants issued in
connection with private placement financings conducted in 2021 and,
as such, restated (the “Restatement”) its consolidated statements
of financial position as of December 31, 2022 and January 1, 2022,
its consolidated statements of profit or loss and comprehensive
profit or loss for the year ended December 31, 2022 and the three
months ended March 31, 2023 and its consolidated statements of cash
flows for the year ended December 31, 2022 and the six months ended
June 30, 2023, which were previously filed on SEDAR+ and
EDGAR. For further details, consult Note 3e of the audited
consolidated financial statements for the year ended December 31,
2023, and Note 3d of the interim condensed consolidated financial
statements for the three and six months ended June 30, 2024,
available on SEDAR+ and EDGAR. As described in the interim MD&A
for three and six months ended June 30, 2024, available on
SEDAR+ and EDGAR, the Company is undertaking remediation efforts in
light of the Restatement and in order to improve the overall
effectiveness of its internal control over financial reporting for
the accounting of complex financial instruments.
About Bitfarms Ltd.Founded in
2017, Bitfarms is a global Bitcoin data center company that
contributes its computational power to one or more mining pools
from which it receives payment in Bitcoin. Bitfarms develops, owns,
and operates vertically integrated mining farms with in-house
management and company-owned electrical engineering, installation
service, and multiple onsite technical repair centers. The
Company’s proprietary data analytics system delivers best-in-class
operational performance and uptime.
Bitfarms currently has 12 operating Bitcoin data
centers and two under development situated in four countries:
Canada, the United States, Paraguay, and Argentina. Powered
predominantly by environmentally friendly hydro-electric and
long-term power contracts, Bitfarms is committed to using
sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events,
developments, and online communities:
www.bitfarms.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- BTC BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
- w/TH = Watts/Terahash efficiency (includes cost of powering
supplementary equipment)
- Q/Q = Quarter over Quarter
- Synthetic HODL™ = the use of instruments that create Bitcoin
equivalent exposure
Cautionary StatementTrading in
the securities of the Company should be considered highly
speculative. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. Neither the Toronto Stock Exchange, Nasdaq, or
any other securities exchange or regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking StatementsThis
news release contains certain “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under Canadian and United States securities laws. The
statements and information in this release regarding projected
growth, target hashrate, opportunities relating to the Company’s
geographical diversification and expansion, upgrading and
deployment of miners as well as the timing therefor, improved
financial performance and balance sheet liquidity, other growth
opportunities and prospects, and other statements regarding future
growth, plans and objectives of the Company and the outcome of the
strategic alternatives recommendations of the Special Committee of
the independent directors of the Company, are forward-looking
information. Any statements that involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “prospects”,
“believes” or “intends” or variations of such words and phrases or
stating that certain actions, events or results “may” or “could”,
“would”, “might” or “will” be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the construction and operation of the
Company’s facilities may not occur as currently planned, or at all;
expansion may not materialize as currently anticipated, or at all;
the power purchase agreements and economics thereof may not be as
advantageous as expected; the digital currency market; the ability
to successfully mine digital currency; revenue may not increase as
currently anticipated, or at all; it may not be possible to
profitably liquidate the current digital currency inventory, or at
all; a decline in digital currency prices may have a significant
negative impact on operations; an increase in network difficulty
may have a significant negative impact on operations; the
volatility of digital currency prices; the anticipated growth and
sustainability of hydroelectricity for the purposes of
cryptocurrency mining in the applicable jurisdictions; the
inability to maintain reliable and economical sources of power for
the Company to operate cryptocurrency mining assets; the risks of
an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the potential adverse impact on the
Company’s profitability; the ability to complete current and future
financings; the impact of the Restatement on the price of the
Company’s common shares, financial condition and results of
operations; the risk that a material weakness in internal control
over financial reporting could result in a misstatement of the
Company’s financial position that may lead to a material
misstatement of the annual or interim consolidated financial
statements if not prevented or detected on a timely basis;
historical prices of digital currencies and the ability to mine
digital currencies that will be consistent with historical prices;
and the adoption or expansion of any regulation or law that will
prevent Bitfarms from operating its business, or make it more
costly to do so. For further information concerning these and other
risks and uncertainties, refer to the Company’s filings on
www.sedarplus.ca (which are also available on the website of the
U.S. Securities and Exchange Commission at www.sec.gov), including
the MD&A for the year-ended December 31, 2023, filed on March
7, 2024 and the MD&A for the three and six months ended
June 30, 2024 filed on August 8, 2024. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those expressed in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended, including
factors that are currently unknown to or deemed immaterial by the
Company. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Investor Relations
Contacts:
BitfarmsTracy KrummeSVP, Head of IR & Corp. Comms.+1
786-671-5638tkrumme@bitfarms.com
Innisfree M&A IncorporatedGabrielle Wolf / Scott Winter+1
212-750-5833
Laurel Hill Advisory
Group1-877-452-7184416-304-0211assistance@laurelhill.com
Media Contacts:
U.S.: Joele Frank, Wilkinson Brimmer KatcherDan Katcher or
Joseph Sala+1 212-355-4449
Québec: TactLouis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
|
Bitfarms Ltd. Consolidated Financial & Operational
Results |
| |
| |
Three months ended June 30, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 (3) |
$ Change |
% Change |
2024 |
2023 (3) |
$ Change |
% Change |
|
Revenues |
41,548 |
|
35,479 |
|
6,069 |
|
17 |
% |
91,865 |
|
65,529 |
|
26,336 |
|
40 |
% |
| Cost of
revenues |
(52,823 |
) |
(41,519 |
) |
(11,304 |
) |
27 |
% |
(113,822 |
) |
(79,922 |
) |
(33,900 |
) |
42 |
% |
|
Gross loss |
(11,275 |
) |
(6,040 |
) |
(5,235 |
) |
87 |
% |
(21,957 |
) |
(14,393 |
) |
(7,564 |
) |
53 |
% |
| Gross
margin (1) |
(27 |
)% |
(17 |
)% |
— |
|
— |
|
(24 |
)% |
(22 |
)% |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
(12,402 |
) |
(9,155 |
) |
(3,247 |
) |
35 |
% |
(25,598 |
) |
(17,515 |
) |
(8,083 |
) |
46 |
% |
|
Reversal of revaluation loss on digital assets |
— |
|
— |
|
— |
|
— |
% |
— |
|
2,695 |
|
(2,695 |
) |
(100 |
)% |
|
Gain (loss) on disposition of property, plant and equipment |
99 |
|
7 |
|
92 |
|
nm |
269 |
|
(1,559 |
) |
1,828 |
|
117 |
% |
|
Impairment on short-term prepaid deposits and property, plant and
equipment |
— |
|
(9,982 |
) |
9,982 |
|
100 |
% |
— |
|
(9,982 |
) |
9,982 |
|
100 |
% |
|
Operating loss |
(23,578 |
) |
(25,170 |
) |
1,592 |
|
(6 |
)% |
(47,286 |
) |
(40,754 |
) |
(6,532 |
) |
16 |
% |
|
Operating margin (1) |
(57 |
)% |
(71 |
)% |
— |
|
— |
|
(51 |
)% |
(62 |
)% |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
| Net
financial (income) expenses |
(1,317 |
) |
(1,007 |
) |
(310 |
) |
31 |
% |
10,126 |
|
9,960 |
|
166 |
|
2 |
% |
|
Net loss before income taxes |
(24,895 |
) |
(26,177 |
) |
1,282 |
|
(5 |
)% |
(37,160 |
) |
(30,794 |
) |
(6,366 |
) |
21 |
% |
|
|
|
|
|
|
|
|
|
|
| Income
tax (expense) recovery |
(1,704 |
) |
94 |
|
(1,798 |
) |
nm |
4,581 |
|
424 |
|
4,157 |
|
980 |
% |
|
Net loss |
(26,599 |
) |
(26,083 |
) |
(516 |
) |
2 |
% |
(32,579 |
) |
(30,370 |
) |
(2,209 |
) |
7 |
% |
|
|
|
|
|
|
|
|
|
|
| Basic
and diluted loss per share (in U.S. dollars) |
(0.07 |
) |
(0.11 |
) |
— |
|
— |
|
(0.09 |
) |
(0.13 |
) |
— |
|
— |
|
|
Change in revaluation surplus - digital assets, net of tax |
(5,455 |
) |
579 |
|
(6,034 |
) |
nm |
11,978 |
|
2,391 |
|
9,587 |
|
401 |
% |
|
Total comprehensive loss, net of tax |
(32,054 |
) |
(25,504 |
) |
(6,550 |
) |
26 |
% |
(20,601 |
) |
(27,979 |
) |
7,378 |
|
(26 |
%) |
|
|
|
|
|
|
|
|
|
|
| Gross Mining profit (2) |
20,650 |
|
16,355 |
|
4,295 |
|
26 |
% |
51,990 |
|
30,298 |
|
21,692 |
|
72 |
% |
| Gross Mining margin (2) |
51 |
% |
48 |
% |
— |
|
— |
|
58 |
% |
48 |
% |
— |
|
— |
|
| EBITDA (2) |
21,989 |
|
(4,803 |
) |
26,792 |
|
558 |
% |
48,399 |
|
12,634 |
|
35,765 |
|
283 |
% |
| EBITDA margin (2) |
53 |
% |
(14 |
)% |
— |
|
— |
|
53 |
% |
19 |
% |
— |
|
— |
|
| Adjusted EBITDA (2) |
11,618 |
|
9,968 |
|
1,650 |
|
17 |
% |
34,942 |
|
18,343 |
|
16,599 |
|
90 |
% |
|
Adjusted EBITDA margin (2) |
28 |
% |
28 |
% |
— |
|
— |
|
38 |
% |
28 |
% |
— |
|
— |
|
nm: not meaningful
|
|
|
|
1 |
Gross margin and Operating margin are supplemental financial
ratios; refer to Section 9 - Non-IFRS and Other Financial Measures
and Ratios of the Company's MD&A. |
|
2 |
Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin,
Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or
ratios; refer to Section 9 - Non-IFRS and Other Financial Measures
and Ratios of the Company's MD&A. |
|
3 |
Prior year figures are derived from restated financial statements.
Refer to the Q2 2024 interim financial statements Note 3d - Basis
of Presentation and Material Accounting Policy Information -
Restatement. |
|
Bitfarms Ltd. Reconciliation of Consolidated Net Income
(loss) to EBITDA and Adjusted EBITDA |
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 (1) |
$ Change |
% Change |
2024 |
2023 (1) |
$ Change |
% Change |
|
Revenues |
41,548 |
|
35,479 |
|
6,069 |
|
17 |
% |
91,865 |
|
65,529 |
|
26,336 |
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net loss before income taxes |
(24,895 |
) |
(26,177 |
) |
1,282 |
|
(5 |
)% |
(37,160 |
) |
(30,794 |
) |
(6,366 |
) |
21 |
% |
|
Interest (income) and expense |
(1,693 |
) |
846 |
|
(2,539 |
) |
(300 |
)% |
(1,995 |
) |
2,200 |
|
(4,195 |
) |
(191 |
)% |
| Depreciation and
amortization |
57,337 |
|
20,528 |
|
36,809 |
|
179 |
% |
96,314 |
|
41,228 |
|
55,086 |
|
134 |
% |
| Sales
tax recovery - depreciation and amortization |
(8,760 |
) |
— |
|
(8,760 |
) |
100 |
% |
(8,760 |
) |
— |
|
(8,760 |
) |
100 |
% |
|
EBITDA |
21,989 |
|
(4,803 |
) |
26,792 |
|
nm |
48,399 |
|
12,634 |
|
35,765 |
|
283 |
% |
|
EBITDA margin |
53 |
% |
(14 |
)% |
— |
|
— |
|
53 |
% |
19 |
% |
— |
|
— |
|
|
Share-based payment |
1,675 |
|
2,462 |
|
(787 |
) |
(32 |
)% |
4,769 |
|
4,998 |
|
(229 |
) |
(5 |
)% |
| Impairment on short-term
prepaid deposits and property, plant and equipment |
— |
|
9,982 |
|
(9,982 |
) |
100 |
% |
— |
|
9,982 |
|
(9,982 |
) |
100 |
% |
| Reversal of revaluation loss
on digital assets |
— |
|
— |
|
— |
|
— |
% |
— |
|
(2,695 |
) |
2,695 |
|
100 |
% |
| Gain on extinguishment of
long-term debt and lease liabilities |
— |
|
— |
|
— |
|
— |
% |
— |
|
(12,835 |
) |
12,835 |
|
100 |
% |
| Loss (gain) revaluation of
warrants |
1,455 |
|
1,189 |
|
266 |
|
22 |
% |
(7,585 |
) |
2,410 |
|
(9,995 |
) |
(415 |
)% |
| Gain on disposition of
marketable securities |
(413 |
) |
(4,955 |
) |
4,542 |
|
(92 |
)% |
(751 |
) |
(7,126 |
) |
6,375 |
|
(89 |
)% |
| Service fees not associated
with ongoing operations |
3,096 |
|
— |
|
3,096 |
|
100 |
% |
3,096 |
|
— |
|
3,096 |
|
100 |
% |
| Sales tax recovery - prior
years - energy and infrastructure and general and administrative
expenses (2) |
(18,468 |
) |
2,333 |
|
(20,801 |
) |
(892 |
)% |
(16,081 |
) |
4,430 |
|
(20,511 |
) |
(463 |
)% |
| Net
financial expense and other |
2,284 |
|
3,760 |
|
(1,476 |
) |
(39 |
)% |
3,095 |
|
6,545 |
|
(3,450 |
) |
(53 |
)% |
|
Adjusted EBITDA |
11,618 |
|
9,968 |
|
1,650 |
|
17 |
% |
34,942 |
|
18,343 |
|
16,599 |
|
90 |
% |
|
Adjusted EBITDA margin |
28 |
% |
28 |
% |
— |
|
— |
|
38 |
% |
28 |
% |
— |
|
— |
|
nm: not meaningful
|
|
|
|
1 |
Prior year figures are derived from restated financial statements.
Refer to the Q2 2024 interim financial statements Note 3d - Basis
of Presentation and Material Accounting Policy Information -
Restatement. |
|
2 |
Sales tax recovery relating to energy and infrastructure and
general and administrative expenses have been allocated to their
respective periods; refer to the Q2 2024 interim financial
statements Note 23b - Additional Details to the Statement of Profit
or Loss and Comprehensive Profit or Loss (Canadian sales tax
refund). |
|
Bitfarms Ltd. Calculation of Gross Mining
Profit and Gross Mining Margin |
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 |
$ Change |
% Change |
2024 |
2023 |
$ Change |
% Change |
|
Gross loss |
(11,275 |
) |
(6,040 |
) |
(5,235 |
) |
87 |
% |
(21,957 |
) |
(14,393 |
) |
(7,564 |
) |
53 |
% |
|
Non-Mining revenues (1) |
(1,165 |
) |
(1,236 |
) |
71 |
|
(6 |
)% |
(2,059 |
) |
(2,078 |
) |
19 |
|
(1 |
)% |
| Depreciation and
amortization |
57,337 |
|
20,528 |
|
36,809 |
|
179 |
% |
96,314 |
|
41,228 |
|
55,086 |
|
134 |
% |
| Sales tax recovery -
depreciation and amortization |
(8,760 |
) |
— |
|
(8,760 |
) |
(100 |
)% |
(8,760 |
) |
— |
|
(8,760 |
) |
(100 |
)% |
| Electrical components and
salaries |
873 |
|
1,075 |
|
(202 |
) |
(19 |
)% |
1,581 |
|
1,751 |
|
(170 |
) |
(10 |
)% |
| Sales tax recovery - prior
years - energy and infrastructure (2) |
(16,366 |
) |
2,100 |
|
(18,466 |
) |
(879 |
)% |
(14,338 |
) |
4,017 |
|
(18,355 |
) |
(457 |
)% |
|
Other |
6 |
|
(72 |
) |
78 |
|
nm |
1,209 |
|
(227 |
) |
1,436 |
|
nm |
|
Gross Mining profit |
20,650 |
|
16,355 |
|
4,295 |
|
26 |
% |
51,990 |
|
30,298 |
|
21,692 |
|
72 |
% |
|
Gross Mining margin |
51 |
% |
48 |
% |
— |
|
— |
|
58 |
% |
48 |
% |
— |
|
— |
|
nm: not meaningful
|
(1) |
Non-Mining revenues reconciliation: |
|
|
Three months ended June 30, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 |
$ Change |
% Change |
2024 |
2023 |
$ Change |
% Change |
|
Revenues |
41,548 |
|
35,479 |
|
6,069 |
|
17 |
% |
91,865 |
|
65,529 |
|
26,336 |
|
40 |
% |
|
Less Mining related revenues for the purpose of calculating gross
Mining margin: |
|
|
|
|
|
|
|
|
|
Mining revenues |
(40,383 |
) |
(34,243 |
) |
(6,140 |
) |
18 |
% |
(89,806 |
) |
(63,451 |
) |
(26,355 |
) |
42 |
% |
|
Non-Mining revenues |
1,165 |
|
1,236 |
|
(71 |
) |
(6 |
)% |
2,059 |
|
2,078 |
|
(19 |
) |
(1 |
)% |
|
(2) |
Sales tax recovery relating to energy and infrastructure expenses
has been allocated to their respective periods; refer to Q2 2024
interim financial statements Note 23b - Additional Details to the
Statement of Profit or Loss and Comprehensive Profit or Loss
(Canadian sales tax refund). |
|
Bitfarms Ltd. Calculation of Direct Cost and Direct Cost
per BTC |
| |
|
|
Three months ended March 31, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 |
$ Change |
% Change |
2024 |
2023 |
$ Change |
% Change |
|
Cost of revenues |
52,823 |
|
41,519 |
|
11,304 |
|
27 |
% |
113,822 |
|
79,922 |
|
33,900 |
|
42 |
% |
|
Depreciation and amortization |
(57,337 |
) |
(20,528 |
) |
(36,809 |
) |
179 |
% |
(96,314 |
) |
(41,228 |
) |
(55,086 |
) |
134 |
% |
| Sales tax recovery -
depreciation and amortization |
8,760 |
|
— |
|
8,760 |
|
100 |
% |
8,760 |
|
— |
|
8,760 |
|
100 |
% |
| Electrical components and
salaries |
(873 |
) |
(1,075 |
) |
202 |
|
(19 |
)% |
(1,581 |
) |
(1,751 |
) |
170 |
|
(10 |
)% |
| Infrastructure |
(922 |
) |
(761 |
) |
(161 |
) |
21 |
% |
(2,896 |
) |
(1,702 |
) |
(1,194 |
) |
70 |
% |
| Sales tax recovery - prior
years - energy and infrastructure (1) |
16,366 |
|
(2,100 |
) |
18,466 |
|
(879 |
)% |
14,338 |
|
(4,017 |
) |
18,355 |
|
(457 |
)% |
|
Other |
— |
|
82 |
|
(82 |
) |
(100 |
)% |
— |
|
82 |
|
(82 |
) |
(100 |
)% |
|
Direct Cost |
18,817 |
|
17,137 |
|
1,680 |
|
10 |
% |
36,129 |
|
31,306 |
|
4,823 |
|
15 |
% |
|
Quantity of BTC earned |
614 |
|
1,223 |
|
(609 |
) |
(50 |
)% |
1,557 |
|
2,520 |
|
(963 |
) |
(38 |
)% |
|
Direct Cost per BTC (in U.S. dollars) |
30,600 |
|
14,000 |
|
16,600 |
|
119 |
% |
23,200 |
|
12,400 |
|
10,800 |
|
87 |
% |
nm: not meaningful
|
Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost
per BTC |
| |
|
|
Three months ended March 31, |
Six months ended June 30, |
|
(U.S.$ in thousands except where indicated) |
2024 |
2023 |
$ Change |
% Change |
2024 |
2023 |
$ Change |
% Change |
|
Cost of revenues |
52,823 |
|
41,519 |
|
11,304 |
|
27 |
% |
113,822 |
|
79,922 |
|
33,900 |
|
42 |
% |
|
General and administrative expenses |
12,402 |
|
9,155 |
|
3,247 |
|
35 |
% |
25,598 |
|
17,515 |
|
8,083 |
|
46 |
% |
|
|
65,225 |
|
50,674 |
|
14,551 |
|
29 |
% |
139,420 |
|
97,437 |
|
41,983 |
|
43 |
% |
| Depreciation and
amortization |
(57,337 |
) |
(20,528 |
) |
(36,809 |
) |
179 |
% |
(96,314 |
) |
(41,228 |
) |
(55,086 |
) |
134 |
% |
| Sales tax recovery -
depreciation and amortization |
8,760 |
|
— |
|
8,760 |
|
100 |
% |
8,760 |
|
— |
|
8,760 |
|
100 |
% |
| Electrical components and
salaries |
(873 |
) |
(1,075 |
) |
202 |
|
(19 |
)% |
(1,581 |
) |
(1,751 |
) |
170 |
|
(10 |
)% |
| Share-based payment |
(1,675 |
) |
(2,462 |
) |
787 |
|
(32 |
)% |
(4,769 |
) |
(4,998 |
) |
229 |
|
(5 |
)% |
| Service fees not associated
with ongoing operations |
(3,096 |
) |
— |
|
(3,096 |
) |
100 |
% |
(3,096 |
) |
— |
|
(3,096 |
) |
100 |
% |
| Sales tax recovery - prior
years - energy and infrastructure and general and administrative
expenses (1) |
18,468 |
|
(2,333 |
) |
20,801 |
|
nm |
16,081 |
|
(4,430 |
) |
20,511 |
|
nm |
|
Other |
(415 |
) |
63 |
|
(478 |
) |
(759 |
)% |
(3,159 |
) |
308 |
|
(3,467 |
) |
nm |
|
Total Cash Cost |
29,057 |
|
24,339 |
|
4,718 |
|
19 |
% |
55,342 |
|
45,338 |
|
10,004 |
|
22 |
% |
|
Quantity of BTC earned |
614 |
|
1,223 |
|
(609 |
) |
(50 |
)% |
1,557 |
|
2,520 |
|
(963 |
) |
(38 |
)% |
|
Total Cash Cost per BTC (in U.S. dollars) |
47,300 |
|
19,900 |
|
27,400 |
|
138 |
% |
35,500 |
|
18,000 |
|
17,500 |
|
97 |
% |
nm: not meaningful
|
|
|
|
1 |
Sales tax recovery relating to energy and infrastructure and
general and administrative expenses have been allocated to their
respective periods; refer to Q2 2024 interim financial statements
Note 23b - Additional Details to the Statement of Profit or Loss
and Comprehensive Profit or Loss (Canadian sales tax refund). |
Bitfarms (NASDAQ:BITF)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Bitfarms (NASDAQ:BITF)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024
