Northland Securities Comments on Bitfarms Q1 Earnings

Key Points

• Northland Securities forecasts Bitfarms will report ($0.05) EPS for Q1 2026 and ($0.22) EPS for FY2026, versus a MarketBeat consensus full-year loss of ($0.21) per share.
• Shareholders approved a U.S. redomiciliation and Bitfarms rebranded as Keel Infrastructure, reporting about $520M of combined cash and Bitcoin and a 2.2 GW development pipeline as it pivots toward AI and energy-infrastructure opportunities.
• Despite notable institutional buying and a consensus “Moderate Buy” rating with a $4.14 target, Q4 2025 showed revenue down ~43% YoY and a very large net loss, highlighting near-term profitability and balance-sheet risks.

Bitfarms Ltd. (NASDAQ:BITF - Free Report) - Northland Securities issued their Q1 2026 earnings per share estimates for shares of Bitfarms in a report released on Tuesday, March 31st. Northland Securities analyst M. Grondahl anticipates that the company will earn ($0.05) per share for the quarter. The consensus estimate for Bitfarms' current full-year earnings is ($0.21) per share. Northland Securities also issued estimates for Bitfarms' FY2026 earnings at ($0.22) EPS.

A number of other research firms also recently issued reports on BITF. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. HC Wainwright cut their price objective on shares of Bitfarms from $4.00 to $3.70 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday, January 21st. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.14.

Bitfarms Stock Performance

Bitfarms stock opened at $1.98 on Thursday. The company has a market cap of $1.19 billion, a PE ratio of -8.61 and a beta of 3.77. Bitfarms has a 12 month low of $0.67 and a 12 month high of $6.60. The company has a fifty day moving average price of $2.21 and a two-hundred day moving average price of $2.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. Voya Investment Management LLC purchased a new position in shares of Bitfarms during the 3rd quarter valued at $2,349,000. Thames Capital Management LLC acquired a new position in Bitfarms in the 3rd quarter valued at approximately $19,834,000. Azora Capital LP bought a new stake in shares of Bitfarms during the third quarter valued at approximately $11,545,000. Aurelius Capital Management LP bought a new position in Bitfarms in the third quarter worth $18,999,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $1,030,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms News Roundup

Here are the key news stories impacting Bitfarms this week:

• Positive Sentiment: Shareholders approved U.S. redomiciliation and Bitfarms officially rebranded to Keel Infrastructure, completing the U.S. move that should improve U.S. investor access and regulatory clarity. Bitfarms Officially Rebrands as Keel Infrastructure; Completes U.S. Redomiciliation
• Positive Sentiment: Company reports ~$520M of combined cash and Bitcoin on the balance sheet and a 2.2 GW development pipeline (Washington, Pennsylvania, Québec), supporting site commercialization and growth projects. Bitfarms Reports Fiscal Year 2025 Results
• Positive Sentiment: Shares rose after coverage that the company is expanding an AI pivot / energy-infrastructure focus, which investors appear to view as a potential higher-margin growth path beyond pure bitcoin mining. Bitfarms Shares Jump Despite $285M Net Loss as Miner Expands AI Pivot
• Positive Sentiment: Notable institutional buying activity reported in the quarter (large additions by firms like Jane Street, Citadel, Renaissance), which can support liquidity and investor confidence. Bitfarms Ltd. (BITF) Releases Q4 2025 Earnings
• Neutral Sentiment: HC Wainwright trimmed its target from $4.00 to $3.70 but kept a Buy rating — a modestly positive analyst stance but with reduced upside expectations. HC Wainwright Lowers Price Target
• Neutral Sentiment: Company published its Q4/2025 earnings presentation and full earnings call transcript — useful for detail on cost trends, CapEx, and commercialization timelines but no surprise that shifts remain underway. Bitfarms Ltd. 2025 Q4 - Results - Earnings Call Presentation
• Neutral Sentiment: Full transcript of the fiscal 2025 earnings call is available for investors wanting management’s color on operations, AI initiatives and development timelines. Bitfarms Ltd. Q4 2025 Earnings Call Transcript
• Negative Sentiment: Q4/2025 financials showed revenue down ~43% YoY, a gross loss and a very large net loss (reported net loss attributable to common shareholders sharply wider), highlighting near-term profitability challenges. Bitfarms Q4 2025 Earnings Summary
• Negative Sentiment: Coverage notes widening losses and elevated liabilities despite cash increases — these balance-sheet dynamics and macro crypto volatility remain downside risks for the stock. Crypto News Today: Bitfarms Loss Widens

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.

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