BITF Earnings Prediction
The chart below shows how BITF performed 10 days before and after its earnings report, based on data from the past quarters. Typically, BITF sees a +7.07% change in stock price 10 days leading up to the earnings, and a -6.27% change 10 days following the report. On the earnings day itself, the stock moves by +5.32%. This data can give you a slight idea of what to expect for the next quarter's release.
BITF Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
44.85M
29.65%
7.95%
Gross Margin
-26.28%
2.54%
-3.17%
Operating Margin
-87.82%
76.24%
54.10%
Net Margin
-81.71%
51.15%
27.63%
EPS
-0.08
-14.29%
14.29%
No Data Available
BITF Earnings Analysis
Bitfarms Ltd. Common Stock Corporation (BITF.O) Earnings Conference Call
Positive
Hashrate Growth and Bitcoin Mining: 1. Increased Hashrate: Bitfarms achieved a 54% growth in average hashrate, rising from 6.7 exahash in Q2 to 10.3 exahash in Q3 2024, leading to the mining of 703 Bitcoin, a 14% increase from the previous quarter.
Q3 Revenue Surge: 2. Revenue Growth: Total revenue for Q3 2024 reached $45 million, marking an 8% increase from Q2 and a 30% increase year-over-year, driven by enhanced mining activities.
Energy Efficiency Improvement: 3. Improved Energy Efficiency: The company improved its electrical efficiency from an average of 28 watts per terahash in Q2 to 23 watts per terahash in Q3, resulting in a 10% decrease in electricity cost per terahash.
Solid Financial Foundation: 4. Strong Cash Position: Bitfarms reported total liquidity of $146 million at the end of Q3, consisting of $73 million in cash and $73 million in Bitcoin, reflecting a solid financial foundation for future growth.
Power Capacity Expansion: 5. Successful Acquisition: The acquisition of Stronghold Digital Mining is expected to add over 300 megawatts of U.S. power capacity, increasing the company's megawatt pipeline to over 950 megawatts by year-end 2025, enhancing growth potential.
Negative
Operating Loss Increase: 1. Increased Operating Loss: Bitfarms reported an operating loss of $44 million in Q3, up from $24 million in the previous quarter, primarily due to one-time nonrecurring costs totaling $12 million.
Increased Administrative Expenses: 2. Rising General and Administrative Expenses: General and Administrative expenses surged to $22 million in Q3, a significant increase from $11 million in the prior quarter, largely driven by one-time costs associated with various settlements and acquisitions.
Declining Mining Profitability: 3. Declining Gross Mining Profit: Gross mining profit fell to $17 million, or 38% of mining revenue, down from $21 million, or 51% in the prior quarter, reflecting the impact of the Bitcoin halving and increased costs.
Net Loss Worsening: 4. Net Loss Increase: The net loss for Q3 was $37 million, or $0.08 per share, compared to a net loss of $27 million, or $0.07 per share, in the second quarter, indicating worsening financial performance.
Hashrate Target Delay: 5. Delayed Hashrate Target: Bitfarms is now projecting that the year-end target of 21 exahash will be pushed into the first half of 2025 due to construction delays and ongoing warranty servicing issues.
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BITF Earning Call Sentiment
Bitfarms Ltd. (BITF) Q3 2024 Earnings Call Transcript
1.0x
00:00
00:00
BITF.O
-14.11%Positive
The earnings report shows mixed financial performance with increased net losses and decreased gross mining profit, but also highlights positive aspects like improved electrical efficiency and increased Bitcoin treasury. The Q&A session reveals optimism in future Bitcoin mining returns and potential in HPC/AI, but lacks specifics in strategic plans and financing. The market cap indicates a moderate reaction, resulting in a neutral prediction for stock price movement.