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Bitfarms (BITF) Financials

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$3.31 -0.23 (-6.50%)
As of 08/13/2026
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Annual Income Statements for Bitfarms

Annual Income Statements for Bitfarms

This table shows Bitfarms' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -33 48 -100 -56 -28 -285
Consolidated Net Income / (Loss)		 -16 48 -176 -56 -28 -285
Net Income / (Loss) Continuing Operations		 -16 48 -100 -40 -7.36 -209
Total Pre-Tax Income 		-16 43 -193 -40 -7.01 -208
Total Operating Income		 -6.73 64 -284 -50 -28 -150
Total Gross Profit		 2.87 111 11 -24 -16 -19
Total Revenue		 35 169 142 120 133 229
Operating Revenue		 35 169 142 120 133 229
Total Cost of Revenue		 32 58 132 144 149 248
Operating Cost of Revenue		 32 - 132 144 149 248
Total Operating Expenses		 8.25 43 128 42 65 108
Selling, General & Admin Expense		 8.25 43 52 34 62 78
Impairment Charge		 0.00 1.80 75 5.60 3.63 28
Other Special Charges / (Income)		 - - - 2.06 -0.23 1.61
Total Other Income / (Expense), net		 -11 0.85 0.00 25 74 -81
Interest Expense		 9.39 - - -11 -5.29 2.34
Other Income / (Expense), net		 -1.44 0.85 - 14 69 -79
Income Tax Expense		 0.17 21 -17 -0.15 0.35 0.10
Net Income / (Loss) Discontinued Operations		 - - - -16 -21 -76
Basic Earnings per Share		 ($0.19) $0.14 ($0.85) ($0.21) ($0.07) ($0.52)
Weighted Average Basic Shares Outstanding		 84.92M 157.65M 207.78M 262.24M 414.67M 551.68M
Diluted Earnings per Share		 ($0.19) $0.13 ($0.85) ($0.21) ($0.07) ($0.52)
Weighted Average Diluted Shares Outstanding		 84.92M 169.39M 207.78M 262.24M 414.67M 551.68M

Quarterly Income Statements for Bitfarms

This table shows Bitfarms' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q1 2026 Q2 2026
Period end date 3/31/2025 6/30/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -56 -5.50 -145 -65
Consolidated Net Income / (Loss)		 -56 -5.50 -145 -65
Net Income / (Loss) Continuing Operations		 -38 13 -128 -64
Total Pre-Tax Income 		-38 13 -128 -64
Total Operating Income		 -35 11 -98 -141
Total Gross Profit		 0.28 -3.89 -26 -87
Total Revenue		 48 61 37 30
Operating Revenue		 48 61 37 30
Total Cost of Revenue		 47 65 63 117
Operating Cost of Revenue		 47 65 63 117
Total Operating Expenses		 17 -15 29 54
Selling, General & Admin Expense		 18 19 27 31
Other Operating Expenses / (Income)		 - -16 - 9.03
Impairment Charge		 0.00 0.00 1.99 1.58
Other Special Charges / (Income)		 -0.56 -18 0.00 12
Total Other Income / (Expense), net		 -21 2.39 -72 77
Interest Expense		 -0.62 1.58 21 2.11
Interest & Investment Income		 - 0.46 - 2.89
Other Income / (Expense), net		 -22 3.51 -51 76
Income Tax Expense		 0.22 0.00 -0.00 0.02
Net Income / (Loss) Discontinued Operations		 -17 -19 -18 -1.04
Basic Earnings per Share		 ($0.11) ($0.01) ($0.24) ($0.11)
Weighted Average Basic Shares Outstanding		 500.16M 555.84M 602.58M 605.37M
Diluted Earnings per Share		 ($0.11) ($0.01) ($0.24) ($0.11)
Weighted Average Diluted Shares Outstanding		 500.16M 555.84M 602.58M 617.57M
Weighted Average Basic & Diluted Shares Outstanding		 - 1.12B 603.83M 1.21B

Annual Cash Flow Statements for Bitfarms

This table details how cash moves in and out of Bitfarms' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 2.56 -129 -95 54 -19 586
Net Cash From Operating Activities		 6.54 -75 -197 -107 -142 -227
Net Cash From Continuing Operating Activities		 6.54 -75 -197 -105 -138 -225
Net Income / (Loss) Continuing Operations		 -16 22 -176 -56 -28 -285
Consolidated Net Income / (Loss)		 -16 22 -176 -56 -28 -285
Depreciation Expense		 11 24 72 84 135 123
Non-Cash Adjustments To Reconcile Net Income		 11 -235 -72 -136 -238 -64
Changes in Operating Assets and Liabilities, net		 0.55 113 -21 2.73 -7.48 1.11
Net Cash From Discontinued Operating Activities		 - - - -1.11 2.13 13
Net Cash From Investing Activities		 -3.57 -107 135 71 -178 104
Net Cash From Continuing Investing Activities		 -3.57 -107 135 71 -178 104
Purchase of Property, Plant & Equipment		 -4.45 -108 -78 -48 -287 -100
Acquisitions		 - - - -2.39 0.00 -55
Purchase of Investments		 - - - -36 -36 -188
Sale of Property, Plant & Equipment		 0.88 1.11 11 132 158 198
Divestitures		 - - - 0.00 0.00 63
Sale and/or Maturity of Investments		 - - 202 49 56 207
Other Investing Activities, net		 - - - -23 -69 -20
Net Cash From Financing Activities		 -0.40 54 -24 89 296 694
Net Cash From Continuing Financing Activities		 -0.40 54 -24 89 296 694
Repayment of Debt		 -0.49 -20 -131 -33 -5.22 -1.61
Repurchase of Common Equity		 - - - 0.00 0.00 -9.95
Issuance of Debt		 0.08 74 107 0.00 1.70 666
Issuance of Common Equity		 - - - 109 290 73
Other Financing Activities, net		 - - 0.02 13 9.60 -33
Cash Interest Paid		 4.25 3.98 18 14 1.74 1.26
Cash Income Taxes Paid		 - - 15 -12 1.51 0.43

Quarterly Cash Flow Statements for Bitfarms

This table details how cash moves in and out of Bitfarms' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2025 Q2 2025 Q1 2026 Q2 2026
Period end date 3/31/2025 6/30/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -21 76 -233 371
Net Cash From Operating Activities		 -19 -75 -65 -53
Net Cash From Continuing Operating Activities		 -19 -75 -64 -71
Net Income / (Loss) Continuing Operations		 -56 -5.50 -145 -65
Consolidated Net Income / (Loss)		 -56 -5.50 -145 -65
Depreciation Expense		 28 36 28 84
Non-Cash Adjustments To Reconcile Net Income		 -21 -92 62 -99
Changes in Operating Assets and Liabilities, net		 29 -13 -8.48 9.68
Net Cash From Investing Activities		 -26 100 -55 14
Net Cash From Continuing Investing Activities		 -26 100 -55 18
Purchase of Property, Plant & Equipment		 -43 -19 -10 -43
Purchase of Investments		 -37 -53 -0.97 -1.82
Sale of Property, Plant & Equipment		 39 -36 5.92 -3.59
Divestitures		 32 16 0.00 13
Sale and/or Maturity of Investments		 35 55 2.39 1.84
Net Cash From Financing Activities		 24 47 -113 410
Net Cash From Continuing Financing Activities		 24 47 -113 410
Repayment of Debt		 -0.04 -0.17 -114 -0.06
Other Financing Activities, net		 0.00 -0.39 0.45 -36

Annual Balance Sheets for Bitfarms

This table presents Bitfarms' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 52 543 343 379 663 1,296
Total Current Assets		 9.17 127 69 130 214 826
Cash & Equivalents		 5.95 126 31 84 60 573
Restricted Cash		 - - - - 33 5.56
Accounts Receivable		 1.10 1.04 0.70 0.71 1.26 5.47
Inventories, net		 0.00 - 1.22 - 1.14 8.68
Other Current Assets		 0.67 - 11 1.49 7.70 205
Other Current Nonoperating Assets		 - - - - 9.42 29
Plant, Property, & Equipment, net		 36 137 219 186 259 358
Total Noncurrent Assets		 6.74 279 68 105 278 112
Noncurrent Note & Lease Receivables		 - - - - 2.28 2.13
Intangible Assets		 0.38 1.68 0.03 3.70 - 2.98
Noncurrent Deferred & Refundable Income Taxes		 0.00 3.90 0.00 0.00 - 0.00
Other Noncurrent Operating Assets		 6.37 255 67 100 271 106
Total Liabilities & Shareholders' Equity		 52 902 343 379 663 1,296
Total Liabilities		 36 184 88 84 52 736
Total Current Liabilities		 28 105 67 69 28 148
Short-Term Debt		 17 10 43 4.02 0.15 97
Accounts Payable		 2.70 14 21 21 26 46
Other Current Liabilities		 3.63 68 3.82 43 2.22 4.65
Total Noncurrent Liabilities		 7.78 79 20 1.82 24 588
Long-Term Debt		 0.17 61 4.09 0.00 1.43 572
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 8.45 0.00 0.00 0.07 0.07
Other Noncurrent Operating Liabilities		 - 9.23 - - 22 15
Commitments & Contingencies		 - - - - 0.00 0.00
Total Equity & Noncontrolling Interests		 15 718 255 295 611 560
Total Preferred & Common Equity		 15 718 255 295 611 560
Preferred Stock		 5.59 - - - - 0.00
Total Common Equity		 9.86 718 255 295 611 560
Common Stock		 32 355 405 535 939 1,173
Retained Earnings		 -22 -22 -197 -300 -328 -612

Quarterly Balance Sheets for Bitfarms

This table presents Bitfarms' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2026 Q2 2026
Period end date 3/31/2026 6/30/2026
Total Assets		 1,067 1,416
Total Current Assets		 576 896
Cash & Equivalents		 357 716
Restricted Cash		 0.00 0.00
Accounts Receivable		 5.36 5.02
Inventories, net		 10 8.85
Other Current Assets		 20 151
Other Current Nonoperating Assets		 14 16
Plant, Property, & Equipment, net		 359 287
Total Noncurrent Assets		 300 232
Noncurrent Note & Lease Receivables		 2.04 1.92
Intangible Assets		 3.03 2.94
Noncurrent Deferred & Refundable Income Taxes		 0.95 2.07
Other Noncurrent Operating Assets		 294 225
Total Liabilities & Shareholders' Equity		 1,067 1,416
Total Liabilities		 648 1,087
Total Current Liabilities		 60 55
Short-Term Debt		 4.24 6.75
Accounts Payable		 54 47
Other Current Liabilities		 1.79 1.68
Total Noncurrent Liabilities		 588 1,032
Long-Term Debt		 573 1,019
Noncurrent Deferred & Payable Income Tax Liabilities		 0.07 0.07
Other Noncurrent Operating Liabilities		 13 13
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 419 329
Total Preferred & Common Equity		 419 329
Preferred Stock		 - 0.00
Total Common Equity		 419 329
Common Stock		 1,177 1,152
Retained Earnings		 -758 -823

Annual Metrics And Ratios for Bitfarms

This table displays calculated financial ratios and metrics derived from Bitfarms' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 334,153,000.00
DEI Adjusted Shares Outstanding		 - - - - - 334,153,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.85
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 388.40% -15.97% 2.76% 31.78% 72.03%
EBITDA Growth		 0.00% 2,585.30% -337.85% 105.14% 207.08% -159.97%
EBIT Growth		 0.00% 889.04% -540.43% 73.98% -45.54% -658.13%
NOPAT Growth		 0.00% 801.05% -701.90% 74.60% -49.13% -434.02%
Net Income Growth		 0.00% 396.41% -463.78% 37.99% 50.37% -903.15%
EPS Growth		 0.00% 168.42% -753.85% 50.59% 69.05% -642.86%
Operating Cash Flow Growth		 0.00% -1,253.27% -160.77% 126.40% 98.38% -59.90%
Free Cash Flow Firm Growth		 0.00% 0.00% 22.14% 105.52% -4,034.92% 29.65%
Invested Capital Growth		 0.00% 709.83% -5.77% -21.16% 141.43% 21.52%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - - -
Gross Margin		 8.28% 65.56% 7.38% -14.69% -16.78% -8.25%
EBITDA Margin		 9.55% 52.49% -148.57% 7.43% 17.32% -46.12%
Operating Margin		 -19.40% 37.55% -199.41% -49.28% -55.77% -65.25%
EBIT Margin		 -23.55% 38.05% -199.41% -50.49% -55.77% -99.61%
Profit (Net Income) Margin		 -46.94% 28.49% -123.32% -74.42% -28.03% -124.11%
Tax Burden Percent		 101.07% 113.24% 90.98% 99.63% 79.09% 136.53%
Interest Burden Percent		 197.20% 66.12% 67.97% 147.92% 63.55% 91.26%
Effective Tax Rate		 0.00% 48.10% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -12.58% 19.38% -67.48% -19.75% -19.57% -18.50%
ROIC Less NNEP Spread (ROIC-NNEP)		 -65.17% 11.61% -79.54% 280.53% -51.43% 887.94%
Return on Net Nonoperating Assets (RNNOA)		 -92.87% -6.22% 31.39% -19.84% 7.59% -30.07%
Return on Equity (ROE)		 -105.45% 13.17% -36.09% -39.60% -11.98% -48.58%
Cash Return on Invested Capital (CROIC)		 0.00% -136.65% -61.54% 3.92% -102.42% -37.94%
Operating Return on Assets (OROA)		 -15.81% 21.70% -64.14% -20.48% -20.56% -23.31%
Return on Assets (ROA)		 -31.50% 16.25% -39.66% -30.18% -10.33% -29.04%
Return on Common Equity (ROCE)		 -67.30% 13.07% -36.09% -39.60% -11.98% -48.58%
Return on Equity Simple (ROE_SIMPLE)		 -105.45% 6.72% -68.77% -36.95% -8.89% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.71 33 -199 -50 -75 -105
NOPAT Margin		 -13.58% 19.49% -139.59% -34.50% -39.04% -45.67%
Net Nonoperating Expense Percent (NNEP)		 52.59% 7.77% 12.06% -300.28% 31.86% -906.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -16.90% -12.35% -8.51%
Cost of Revenue to Revenue		 91.72% 34.44% 92.62% 114.69% 116.78% 108.25%
SG&A Expenses to Revenue		 23.77% 25.51% 36.16% 26.85% 36.93% 34.17%
R&D to Revenue		 0.00% 0.00% 0.90% 0.00% 0.17% 0.00%
Operating Expenses to Revenue		 23.77% 25.48% 89.87% 35.22% 38.99% 47.28%
Earnings before Interest and Taxes (EBIT)		 -8.17 64 -284 -74 -108 -228
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3.31 89 -212 11 33 -106
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.34 2.21 0.82 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.34 2.24 0.82 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.60 4.46 2.58 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.41 2.54 0.81 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.82 3.91 2.28 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 52.62 13.17 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 11.02 4.27 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 57.16 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 1.60 0.10 0.24 0.01 0.00 1.19
Long-Term Debt to Equity		 0.49 0.08 0.07 0.00 0.00 1.02
Financial Leverage		 1.43 -0.54 -0.39 -0.07 -0.15 -0.03
Leverage Ratio		 3.35 0.81 0.91 1.31 1.16 1.67
Compound Leverage Factor		 6.60 0.54 0.62 1.94 0.74 1.53
Debt to Total Capital		 61.56% 9.02% 19.37% 1.35% 0.26% 54.44%
Short-Term Debt to Total Capital		 42.73% 1.30% 13.59% 1.35% 0.02% 7.89%
Long-Term Debt to Total Capital		 18.84% 7.72% 5.78% 0.00% 0.23% 46.55%
Preferred Equity to Total Capital		 13.90% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 24.53% 90.98% 80.63% 98.65% 99.74% 45.56%
Debt to EBITDA		 7.47 0.80 -0.29 0.37 0.05 -6.33
Net Debt to EBITDA		 5.24 -0.61 -0.14 -7.36 -1.74 -0.84
Long-Term Debt to EBITDA		 2.29 0.68 -0.09 0.00 0.04 -5.41
Debt to NOPAT		 -5.25 2.15 -0.31 -0.08 -0.02 -6.39
Net Debt to NOPAT		 -3.68 -1.65 -0.15 1.58 0.77 -0.85
Long-Term Debt to NOPAT		 -1.61 1.84 -0.09 0.00 -0.02 -5.47
Altman Z-Score		 0.00 0.00 -2.53 3.49 4.11 0.00
Noncontrolling Interest Sharing Ratio		 36.18% 0.76% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.32 1.21 1.02 1.88 1.72 5.58
Quick Ratio		 0.30 1.21 0.47 1.23 1.68 3.91
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -233 -181 10 -394 -215
Operating Cash Flow to CapEx		 182.96% -70.44% -291.66% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -91.95
Operating Cash Flow to Interest Expense		 0.70 0.00 0.00 0.00 0.00 -97.04
Operating Cash Flow Less CapEx to Interest Expense		 0.32 0.00 0.00 0.00 0.00 -55.34
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.67 0.57 0.32 0.41 0.37 0.23
Accounts Receivable Turnover		 31.46 158.33 163.80 206.88 195.52 68.14
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 50.58
Fixed Asset Turnover		 0.97 1.96 0.80 0.72 0.72 0.73
Accounts Payable Turnover		 11.81 6.80 7.53 8.13 9.66 6.87
Days Sales Outstanding (DSO)		 11.60 2.31 2.23 1.76 1.87 5.36
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 7.22
Days Payable Outstanding (DPO)		 30.92 53.70 48.45 44.88 37.78 53.12
Cash Conversion Cycle (CCC)		 -19.31 -51.40 -46.22 -43.11 -35.92 -40.55
Capital & Investment Metrics		 - - - - - -
Invested Capital		 37 303 286 225 544 621
Invested Capital Turnover		 0.93 0.99 0.48 0.57 0.50 0.41
Increase / (Decrease) in Invested Capital		 0.00 266 -17 -61 319 110
Enterprise Value (EV)		 0.00 0.00 116 572 440 0.00
Market Capitalization		 0.00 0.00 86 652 498 0.00
Book Value per Share		 $0.12 $4.55 $1.31 $1.31 $1.47 $1.02
Tangible Book Value per Share		 $0.11 $4.44 $1.31 $1.30 $1.46 $1.01
Total Capital		 40 789 317 299 610 1,230
Total Debt		 25 71 61 4.02 1.58 669
Total Long-Term Debt		 7.57 61 18 0.00 1.43 572
Net Debt		 17 -54 30 -80 -58 89
Capital Expenditures (CapEx)		 3.57 107 67 -3.11 -5.46 -97
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9.53 -93 14 -19 -33 196
Debt-free Net Working Capital (DFNWC)		 -2.14 32 45 65 26 775
Net Working Capital (NWC)		 -19 22 1.68 61 26 678
Net Nonoperating Expense (NNE)		 12 -15 -23 58 -21 180
Net Nonoperating Obligations (NNO)		 22 -415 30 -69 -64 61
Total Depreciation and Amortization (D&A)		 11 24 72 85 141 123
Debt-free, Cash-free Net Working Capital to Revenue		 -27.47% -55.14% 9.72% -13.11% -17.24% 85.64%
Debt-free Net Working Capital to Revenue		 -6.16% 18.96% 31.40% 44.31% 13.63% 338.18%
Net Working Capital to Revenue		 -55.64% 12.91% 1.18% 41.56% 13.55% 295.87%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.14 $0.00 $0.00 ($0.13) ($0.52)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 157.65M 224.20M 0.00 414.67M 551.68M
Adjusted Diluted Earnings per Share		 $0.00 $0.13 $0.00 $0.00 ($0.13) ($0.52)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 169.39M 224.20M 0.00 479.33M 551.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 194.81M 415.55M 0.00 414.67M 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -4.71 34 -146 -42 -73 -84
Normalized NOPAT Margin		 -13.58% 20.04% -102.62% -28.64% -37.72% -36.50%
Pre Tax Income Margin		 -46.44% 25.16% -135.55% -74.69% -35.44% -90.90%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -0.87 0.00 0.00 0.00 0.00 -97.81
NOPAT to Interest Expense		 -0.50 0.00 0.00 0.00 0.00 -44.85
EBIT Less CapEx to Interest Expense		 -1.25 0.00 0.00 0.00 0.00 -56.11
NOPAT Less CapEx to Interest Expense		 -0.88 0.00 0.00 0.00 0.00 -3.15
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -3.50%

Quarterly Metrics And Ratios for Bitfarms

This table displays calculated financial ratios and metrics derived from Bitfarms' official financial filings.

Metric Q1 2025 Q2 2025 Q1 2026 Q2 2026
Period end date 3/31/2025 6/30/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 334,153,000.00 334,153,000.00 334,153,000.00 603,828,651.00
DEI Adjusted Shares Outstanding		 334,153,000.00 334,153,000.00 334,153,000.00 603,828,651.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.17 -0.02 -0.44 -0.11
Growth Metrics		 - - - -
Revenue Growth		 0.00% 0.00% -22.37% -50.04%
EBITDA Growth		 0.00% 0.00% -327.51% -61.06%
EBIT Growth		 0.00% 0.00% -162.85% -551.91%
NOPAT Growth		 0.00% 0.00% -182.39% -1,011.66%
Net Income Growth		 0.00% 0.00% -161.65% -1,081.51%
EPS Growth		 0.00% 0.00% -118.18% -1,000.00%
Operating Cash Flow Growth		 0.00% 0.00% -243.33% 29.32%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00%
Revenue Q/Q Growth		 0.00% 27.82% 0.00% -17.74%
EBITDA Q/Q Growth		 0.00% 275.44% 0.00% 115.98%
EBIT Q/Q Growth		 0.00% 125.20% 0.00% 56.68%
NOPAT Q/Q Growth		 0.00% 144.32% 0.00% -43.08%
Net Income Q/Q Growth		 0.00% 90.10% 0.00% 55.28%
EPS Q/Q Growth		 0.00% 90.91% 0.00% 54.17%
Operating Cash Flow Q/Q Growth		 0.00% -297.44% 0.00% 18.18%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -3.71%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -0.62%
Profitability Metrics		 - - - -
Gross Margin		 0.58% -6.38% -71.11% -285.09%
EBITDA Margin		 -59.73% 81.98% -328.91% 63.90%
Operating Margin		 -73.12% 17.75% -265.97% -462.62%
EBIT Margin		 -119.25% 23.51% -403.77% -212.64%
Profit (Net Income) Margin		 -116.58% -9.03% -392.93% -213.59%
Tax Burden Percent		 145.61% -41.69% 113.93% 101.66%
Interest Burden Percent		 67.14% 92.16% 85.41% 98.81%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% -129.83% -195.55%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -203.43% -172.76%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -100.88% -154.72%
Return on Equity (ROE)		 0.00% 0.00% -230.71% -350.28%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% -82.75% -28.26%
Return on Assets (ROA)		 0.00% 0.00% -80.53% -28.38%
Return on Common Equity (ROCE)		 0.00% 0.00% -230.71% -350.28%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -24 11 -69 -99
NOPAT Margin		 -51.18% 17.75% -186.18% -323.83%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 73.59% -22.79%
Return On Investment Capital (ROIC_SIMPLE)		 - - -6.90% -7.27%
Cost of Revenue to Revenue		 99.42% 106.38% 171.11% 385.09%
SG&A Expenses to Revenue		 36.97% 31.83% 72.55% 102.90%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 35.80% -24.13% 77.92% 177.53%
Earnings before Interest and Taxes (EBIT)		 -57 14 -149 -65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -28 50 -122 19
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 10.54
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 10.64
Price to Revenue (P/Rev)		 0.00 0.00 0.00 18.42
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 6.06
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 20.07
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.00 1.38 3.12
Long-Term Debt to Equity		 0.00 0.00 1.37 3.10
Financial Leverage		 0.00 0.00 0.50 0.90
Leverage Ratio		 0.00 0.00 2.55 4.31
Compound Leverage Factor		 0.00 0.00 2.17 4.26
Debt to Total Capital		 0.00% 0.00% 58.02% 75.73%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.42% 0.50%
Long-Term Debt to Total Capital		 0.00% 0.00% 57.59% 75.23%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 41.98% 24.27%
Debt to EBITDA		 0.00 0.00 -2.91 -4.47
Net Debt to EBITDA		 0.00 0.00 -1.12 -1.35
Long-Term Debt to EBITDA		 0.00 0.00 -2.89 -4.44
Debt to NOPAT		 0.00 0.00 -3.88 -4.02
Net Debt to NOPAT		 0.00 0.00 -1.49 -1.22
Long-Term Debt to NOPAT		 0.00 0.00 -3.85 -3.99
Altman Z-Score		 0.00 0.00 0.00 1.79
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.00 0.00 9.60 16.26
Quick Ratio		 0.00 0.00 6.05 13.07
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -696 -722
Operating Cash Flow to CapEx		 -478.81% -135.94% -1,467.16% -113.40%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -32.41 -341.37
Operating Cash Flow to Interest Expense		 0.00 -47.33 -3.01 -25.04
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -82.15 -3.22 -47.12
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.00 0.20 0.13
Accounts Receivable Turnover		 0.00 0.00 40.81 37.52
Inventory Turnover		 0.00 0.00 25.37 35.75
Fixed Asset Turnover		 0.00 0.00 0.61 0.66
Accounts Payable Turnover		 0.00 0.00 4.90 6.78
Days Sales Outstanding (DSO)		 0.00 0.00 8.94 9.73
Days Inventory Outstanding (DIO)		 0.00 0.00 14.39 10.21
Days Payable Outstanding (DPO)		 0.00 0.00 74.50 53.85
Cash Conversion Cycle (CCC)		 0.00 0.00 -51.17 -33.91
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 0.00 627 623
Invested Capital Turnover		 0.00 0.00 0.70 0.60
Increase / (Decrease) in Invested Capital		 0.00 0.00 627 623
Enterprise Value (EV)		 0.00 0.00 0.00 3,776
Market Capitalization		 0.00 0.00 0.00 3,466
Book Value per Share		 $0.00 $0.00 $0.70 $0.54
Tangible Book Value per Share		 $0.00 $0.00 $0.69 $0.54
Total Capital		 0.00 0.00 998 1,355
Total Debt		 0.00 0.00 579 1,026
Total Long-Term Debt		 0.00 0.00 575 1,019
Net Debt		 0.00 0.00 222 310
Capital Expenditures (CapEx)		 3.94 55 4.41 47
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 163 133
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 520 848
Net Working Capital (NWC)		 0.00 0.00 516 841
Net Nonoperating Expense (NNE)		 31 16 76 -34
Net Nonoperating Obligations (NNO)		 0.00 0.00 208 294
Total Depreciation and Amortization (D&A)		 28 36 28 84
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 74.41% 70.47%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 237.83% 450.78%
Net Working Capital to Revenue		 0.00% 0.00% 235.89% 447.19%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.24) ($0.11)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 602.58M 605.37M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.24) ($0.11)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 602.58M 617.57M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 603.83M 1.21B
Normalized Net Operating Profit after Tax (NOPAT)		 -25 -4.89 -67 -89
Normalized NOPAT Margin		 -52.00% -8.03% -182.42% -292.36%
Pre Tax Income Margin		 -80.06% 21.67% -344.88% -210.10%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.00 9.05 -6.96 -30.61
NOPAT to Interest Expense		 0.00 6.83 -3.21 -46.61
EBIT Less CapEx to Interest Expense		 0.00 -25.77 -7.16 -52.69
NOPAT Less CapEx to Interest Expense		 0.00 -27.99 -3.41 -68.69
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Bitfarms’ latest quarter shows a bigger business, but profitability and cash generation remain under pressure. In Q1 2026, revenue fell year over year while operating losses widened sharply, and the company continued to burn a significant amount of cash. On the positive side, Bitfarms ended the quarter with a large cash balance and a much larger equity base than a year ago, which gives it more flexibility near term.

  • Cash position remains strong: Bitfarms reported $357.3 million in cash and equivalents at the end of Q1 2026, providing a sizable liquidity cushion.
  • Book value improved: Total common equity was $419.1 million, versus a much smaller equity base in the prior-year period, suggesting the balance sheet has strengthened.
  • Debt is manageable relative to assets: Total liabilities of $647.6 million were below total assets of $1.07 billion, indicating the company still has positive equity.
  • Asset base is large and diversified: Total assets included $359.2 million in net PP&E and $294.3 million in other noncurrent operating assets, showing a capital-intensive business model.
  • Operating cash burn improved vs. net loss: Depreciation and non-cash adjustments helped offset part of the loss, but operating cash flow still stayed negative.
  • Discontinued operations remain a drag: The company reported a $17.8 million loss from discontinued operations in Q1 2026.
  • Revenue declined year over year: Revenue fell to $37.0 million from $47.7 million in Q1 2025, a notable drop of about 22%.
  • Gross margin turned deeply negative: Cost of revenue was $63.3 million against revenue of $37.0 million, producing a negative gross profit of $26.3 million.
  • Operating losses widened significantly: Operating loss increased to $98.4 million from $34.8 million a year ago.
  • Cash flow was heavily negative: Net cash used in operating activities was $64.7 million, and total cash and equivalents fell by $232.7 million during the quarter.

Key takeaway: Bitfarms appears to have a healthier liquidity and equity position than it did a year ago, but the core business is still not generating enough revenue or margin to cover operating costs. Until revenue growth and gross profitability improve, the stock will likely continue to trade more on balance-sheet strength and financing flexibility than on earnings power.

08/14/26 06:46 PM ETAI Generated. May Contain Errors.

Bitfarms Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bitfarms' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bitfarms' net income appears to be on an upward trend, with a most recent value of -$284.54 million in 2025, rising from -$16.29 million in 2020. The previous period was -$28.37 million in 2024. See where experts think Bitfarms is headed by visiting Bitfarms' forecast page.

Bitfarms' total operating income in 2025 was -$149.60 million, based on the following breakdown:
  • Total Gross Profit: -$18.90 million
  • Total Operating Expenses: $108.39 million

Over the last 5 years, Bitfarms' total revenue changed from $34.70 million in 2020 to $229.28 million in 2025, a change of 560.7%.

Bitfarms' total liabilities were at $735.97 million at the end of 2025, a 1,315.7% increase from 2024, and a 1,929.9% increase since 2020.

In the past 5 years, Bitfarms' cash and equivalents has ranged from $5.95 million in 2020 to $573.46 million in 2025, and is currently $573.46 million as of their latest financial filing in 2025.

Over the last 5 years, Bitfarms' book value per share changed from 0.12 in 2020 to 1.02 in 2025, a change of 774.9%.


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Financial statements for NASDAQ:BITF last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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