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: N/A
IR: N/A
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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 nine months ended 30 September 2023, Bitfarms Ltd revenues decreased 13% to $100.1M. Net loss decreased 79% to $46.7M. Revenues reflect United States segment decrease of 9% to $9.9M. Lower net loss reflects Realized loss on disposition of digital decrease from $122.2M (expense) to $0K, Financial expenses - Balancing value increase from $6.9M (expense) to $22.9M (income).
Employees: 150 as of Dec 31, 2022
Reporting Currency: U.S. Dollars
Enterprise value: $1,237M as of Sep 30, 2023
Annual revenue (TTM): $172.57M as of Sep 30, 2023
EBITDA (TTM): $14.41M as of Sep 30, 2023
Net annual income (TTM): -$86.18M as of Sep 30, 2023
Free cash flow (TTM): -$37.82M as of Sep 30, 2023
Net Debt Last Fiscal Year: N/A
Shares outstanding: 334,153,330 as of Jan 10, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization

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