Bitfarms Ltd. (T:BITF*CA)

Business Focus: Cryptocurrency Mining

Sector:  Technology Industry:  Blockchain & Cryptocurrency
 
Company Contact
Address: 110 Yonge Street, Suite 1601
TORONTO ON M5C 1T4
Tel: N/A
Website: https://bitfarms.com
IR: See website
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Key People
Nicolas Bonta
Chairman of the Board, Interim President, Co-Founder
Philippe Fortier
Vice President - Special Projects, Corporate Development
Benjamin Gagnon
Chief Executive Officer
Emiliano Joel Grodzki
Founder, Director
Jeffrey Lucas
Chief Financial Officer
Benoit Gobeil
Senior Vice President - Operations and Infrastructure
Marc-Andre Ammann
Vice President - Finance and Accounting
Stephanie Wargo
Vice President - Marketing and Communications
Andrea Keen Souza
Vice President - Human Resources
Patricia Osorio
Vice President, Corporate Secretary
   
Business Overview
Bitfarms Ltd. is a Canada-based global vertically integrated bitcoin mining company. The Company 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 operational performance and uptime. The Company operates through the cryptocurrency mining segment. The Company operates server farms comprised of computers (Miners) designed for the purpose of validating transactions on the Bitcoin (BTC) Blockchain (Mining). The Company also operates Miners about 24 hours a day producing computational power (measured by hashrate) which it sells to Mining Pools under a formula-driven rate commonly known as Full Pay Per Share (FPPS). The Company has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.
Financial Overview
For the six months ended 30 June 2024, Bitfarms Ltd revenues increased 40% to $91.9M. Net loss increased 7% to $32.6M. Revenues reflect Cryptocurrency mining segment increase from $35.5M to $91.9M, Argentina segment increase from $4.1M to $19.6M, Canada segment increase of 21% to $60.3M, Paraguay segment increase of 17% to $3.9M. Higher net loss reflects Cryptocurrency mining segment loss increase from $15.2M to $47.5M.
Employees: 170 as of Dec 31, 2023
Reporting Currency: U.S. Dollars
Enterprise value: $911.14M as of Sep 30, 2024
Annual revenue (TTM): $263.33M as of Sep 30, 2024
EBITDA (TTM): $60.20M as of Sep 30, 2024
Net annual income (TTM): -$182.22M as of Sep 30, 2024
Free cash flow (TTM): -$376.68M as of Sep 30, 2024
Net Debt Last Fiscal Year: N/A
Shares outstanding: 452,935,321 as of Dec 11, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization

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