Latest news with #BitfarmsLtd
Business Upturn
4 days ago
- Business
- Business Upturn
Investors in Bitfarms Ltd. Should Contact The Gross Law Firm Before July 8, 2025 to Discuss Your Rights
NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — The Gross Law Firm issues the following notice to shareholders of Bitfarms Ltd. (NASDAQ: BITF). Shareholders who purchased shares of BITF during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: Bitfarms Ltd. Loss Submission Form CLASS PERIOD: March 21, 2023 to December 9, 2024 ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Bitfarms maintained deficient internal controls over financial reporting; (ii) as a result, the Company incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (iii) in addition, the Company overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (iv) the foregoing errors caused Bitfarms to misstate various items in several of the Company's previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times. DEADLINE: July 8, 2025 Shareholders should not delay in registering for this class action. Register your information here: NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of BITF during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is July 8, 2025. There is no cost or obligation to you to participate in this case. WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018 Email: [email protected] Phone: (646) 453-8903
Yahoo
15-05-2025
- Business
- Yahoo
Bitfarms Ltd (BITF) Q1 2025 Earnings Call Highlights: Strategic Pivot and Financial Performance
Revenue: $67 million, up 33% year over year. Bitcoin Mining Revenue: $65 million. Gross Mining Profit: $28 million, representing a 43% direct mining margin. Net Loss: $36 million or $0.07 per share. Adjusted EBITDA: $15 million or 23% of revenue. Direct Mining Cost per Bitcoin: $47,800. All-in Cash Cost to Mine a Bitcoin: $72,300. Revenue per Bitcoin Earned: $92,500. Profit per Bitcoin: Just over $20,000. Total Liquidity: Approximately $150 million as of May 13th. Projected Free Cash Flow from Mining Operations: About $8 million per month. Projected CapEx Needs for 2025: Under $100 million, excluding HPC and AI capital needs. Warning! GuruFocus has detected 6 Warning Signs with BITF. Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bitfarms Ltd (NASDAQ:BITF) is strategically pivoting from solely Bitcoin mining to becoming a leading North American energy and compute infrastructure company, focusing on high-performance computing (HPC) and artificial intelligence (AI). The company has secured up to $300 million in financing from Macquarie Group to support the development of its Panther Creek campus, validating its HPC and AI development thesis. Bitfarms Ltd (NASDAQ:BITF) has made significant progress in rebalancing its portfolio towards the United States, acquiring strategic energy campuses and power generation facilities in Pennsylvania. The company has completed a transformative fleet upgrade, improving its Bitcoin mining efficiency and reducing operating costs, with over 94% of its purchased miners now installed. Bitfarms Ltd (NASDAQ:BITF) has a strong financial foundation with steady mining economics, no plans for additional large miner purchases, and minimal impact expected from potential tariffs. The company faces challenges in securing the necessary infrastructure and client commitments for its HPC and AI business, with ongoing development milestones required to access the full $300 million financing. Bitfarms Ltd (NASDAQ:BITF) reported a net loss of $36 million for the first quarter, including $17 million in impairment charges related to its Argentine operation. The company has divested its Iguazu Paraguay Bitcoin mining site, which was misaligned with its new HPC and US-centric strategy, indicating a shift away from certain international operations. There is uncertainty regarding the timeline and costs associated with the development of the Panther Creek campus and other US sites, as the company is still finalizing its master site plans. Bitfarms Ltd (NASDAQ:BITF) has decided to stop publishing monthly Bitcoin production reports, which may reduce transparency for investors focused on its Bitcoin mining operations. Q: Can you provide more specifics on the infrastructure development needed to build out the 500 megawatts of total expected capacity at Panther Creek? A: Jeffrey Lucas, CFO: We are in the final stages of a massive development plan for Panther Creek. We will have more information soon regarding expenditures. Ben Gagnon, CEO: The master site plan is expected to be completed this quarter, which is a key milestone to access the full $300 million facility with Macquarie. The $300 million can build out all powered land infrastructure for 500 megawatts or the initial substation and first HPC building. Q: Is there further room to optimize or improve power costs on the Bitcoin mining side? A: Ben Gagnon, CEO: We have about 6% of miners left to install, which are more efficient than the current ones. With our PGM facilities in Pennsylvania, we have more control over energy prices, allowing us to optimize free cash flow by adjusting hash rates based on daily energy costs. Q: What specific development milestones must be met to access the additional $250 million from Macquarie? A: Jeffrey Lucas, CFO: Once we have Macquarie's approval for the master development plan, we can begin drawing on the facility as capital requirements arise. The process is straightforward, involving approval of anticipated capital expenditures. Q: How do you rank your sites like Scrubgrass, Sharon, and Washington State compared to Panther Creek? A: Ben Gagnon, CEO: Panther Creek is the best opportunity due to its immediate power availability and proximity to major cities. Scrubgrass is similar but slightly behind in power connections. Sharon has 110 megawatts ready next year, and Washington offers low-cost power, making it suitable for different customer needs. Q: What are the biggest lessons learned from transitioning to HPC and AI capacity? A: Ben Gagnon, CEO: We've learned about the different quality controls required for HPC, which led us to engage advisors to quickly adapt. We've assessed all our sites, understanding strategic value and areas of concern, and now have a structured, repeatable process for development. Q: How do you view the macro environment for HPC capacity and the interest in PJM specifically? A: Ben Gagnon, CEO: We've had initial conversations with customers, but need certainty in timelines and construction schedules to advance discussions. The demand for HPC data centers is insatiable, and we don't see any slowdown in investment or demand. Q: What is your outlook for Bitcoin over the medium term, and how does it impact the mining industry? A: Ben Gagnon, CEO: We've maintained the same outlook since mid-2023, focusing on locking in mining hardware for the 2025 bull run. We expect healthy margins and free cash flow through 2026, with the best investment opportunities now in electrical infrastructure for HPC and AI. Q: How do you plan to unlock shareholder value through HPC development? A: Ben Gagnon, CEO: Our goal is to unlock value through long-term, high-margin contracted revenues. We focus on return on invested capital, balancing CapEx and ROIC to deliver the best returns for shareholders, driven by customer demand and conversations. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Bitfarms Ltd. (BITF) Reports Q1 Loss, Tops Revenue Estimates
Bitfarms Ltd. (BITF) came out with a quarterly loss of $0.04 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced earnings of $0.03, delivering a surprise of 175%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Bitfarms , which belongs to the Zacks Technology Services industry, posted revenues of $66.85 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.11%. This compares to year-ago revenues of $50.32 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Bitfarms shares have lost about 22.2% since the beginning of the year versus the S&P 500's gain of 0.1%. While Bitfarms has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Bitfarms: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.05 on $76.95 million in revenues for the coming quarter and -$0.14 on $321.25 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Bitdeer Technologies Group (BTDR), another stock in the same industry, has yet to report results for the quarter ended March 2025. The results are expected to be released on May 15. This company is expected to post quarterly loss of $0.48 per share in its upcoming report, which represents a year-over-year change of -700%. The consensus EPS estimate for the quarter has been revised 10.7% higher over the last 30 days to the current level. Bitdeer Technologies Group's revenues are expected to be $71.13 million, down 40.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bitfarms Ltd. (BITF) : Free Stock Analysis Report Bitdeer Technologies Group (BTDR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
12-05-2025
- Business
- Business Wire
Rosen Law Firm Urges Bitfarms Ltd. (NASDAQ: BITF) Stockholders With Large Losses to Contact the Firm for Information About Their Rights
For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that Bitfarms Ltd. (NASDAQ: BITF) Misled Investors Regarding its Business Operations. According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Bitfarms maintained deficient internal controls over financial reporting; (2) as a result, Bitfarms incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (3) in addition, Bitfarms overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (4) the foregoing errors caused Bitfarms to misstate various items in several of the Company's previously issued financial statements; (5) as a result, these financial statements were inaccurate and would likely need to be restated; and (6) as a result, Bitfarm's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against Bitfarms Ltd. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 8, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome.
Hamilton Spectator
07-05-2025
- Business
- Hamilton Spectator
Bitfarms Schedules First Quarter 2025 Conference Call on May 14, 2025
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, will report its first quarter 2025 financial results on Wednesday, May 14th before the market opens. Management will host a conference call on the same day at 8:00 am ET. All Q1 2025 materials will be available before the call and can be accessed on the ' Financial Results' section of the Bitfarms investor site. The live webcast and a webcast replay of the conference call can be accessed here . To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call. About Bitfarms Ltd. Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated HPC and Bitcoin mining data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay. Powered primarily 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: To learn more about Bitfarms' events, developments, and online communities: Investor Relations Contacts: Tracy Krumme SVP, Head of IR & Corp. Comms. +1 786-671-5638 tkrumme@ Media Contacts: Caroline Brady Baker Director, Communications and Marketing cbaker@
