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 |
| Key People | ||
| Nicolas Bonta Chairman of the Board, Founder | Philippe Fortier Vice President - Special Projects, Corporate Development | L. Geoffrey Morphy President, 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 fiscal year ended 31 December 2023, Bitfarms Ltd revenues increased 3% to $146.4M. Net loss decreased 56% to $104M. Revenues reflect Argentina segment increase from $1.5M to $19.1M, Paraguay segment increase of 83% to $6.9M. Lower net loss reflects Realized loss on disposition of digital decrease from $150.8M (expense) to $0K, Impairment on goodwill decrease from $17.9M (expense) to $0K. |
| Employees: | 170 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $807.34M as of Dec 31, 2023 |
| Annual revenue (TTM): | $200.29M as of Dec 31, 2023 |
| EBITDA (TTM): | $32.93M as of Dec 31, 2023 |
| Net annual income (TTM): | -$142.36M as of Dec 31, 2023 |
| Free cash flow (TTM): | -$65.28M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | N/A |
| Shares outstanding: | 356,291,726 as of Apr 3, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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