Bitfarms Ltd. (BITF) Earnings Call Transcripts

Bitfarms Ltd.'s Latest Earnings Call - Q4 FY2025

In the fiscal year 2025, Bitfarms Ltd. (soon to be rebranded as Keel Infrastructure) reported a revenue of $229 million, a significant increase of 72% year-over-year. However, the company also faced a substantial operating loss of $150 million, primarily due to noncash depreciation and impairment charges. Management announced a strategic pivot away from Bitcoin mining to focus entirely on high-performance computing (HPC) infrastructure, signaling a transformative shift that could redefine the company's future growth trajectory. The company is well-capitalized with $520 million in liquidity, enabling it to advance its development projects without needing immediate capital market access.

Reported metrics

Guidance from management

Management expects to complete permitting processes in the coming months and is focused on executing leases throughout 2026. They anticipate that 2027 will be the year when sites begin generating revenue from HPC and AI customers.

What management said

For a customer to admit to binding in our view, they're going to want NTP, and that's based on the number of conversations that we are continuing to have there probably are some customers who would be interested to sign prior to NTP, those aren't the investment-grade counterparties that we're really seeking to engage with.

Yes. So two parts to that question. In terms of switching from a GPU as a service to co-location just changing that this model doesn't really impact the development time line. So we don't really see any delay there associated with changing from GPU as a service, just to co-location. Really, it's just a matter of how we want to allocate our capital and how we want to focus the business. When it comes to the memory sho...

What analysts pressed on

Analysts expressed concerns about the timing of lease executions and the potential impact of ongoing permitting processes on revenue generation. There were also questions regarding the company's exit strategy from Bitcoin mining and its implications for cash flow in the near term.

Main topics on the call

• Strategic Shift to HPC and AI Infrastructure — Management emphasized a complete pivot from Bitcoin mining to HPC and AI infrastructure, stating, "We are not here to compete with hyperscalers or NeClouds. We are here to enable them." This strategic transformation is e...
• Financial Performance and Losses — For fiscal year 2025, Bitfarms reported a net loss of $209 million, compared to a loss of $7 million in 2024. The CEO noted, "The differences... were driven by a number of factors, including change in fair market value o...
• Liquidity and Capital Structure — The company has a robust liquidity position of $520 million, which management stated is "much more than the CapEx budgeted to get us to a lease at Panther Creek, Sharon in Washington." This financial flexibility is cruci...
• Permitting and Site Development — Management indicated that permitting processes are ongoing and expected to be completed in the coming months, which is critical for advancing their development sites. They noted, "Permits are more of a closing condition ...

Read the full Bitfarms Ltd. transcript (Q4 FY2025) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 32 Bitfarms Ltd. earnings call transcripts on record, spanning August 28, 2020 to March 31, 2026. Based on this history, Bitfarms Ltd. reports quarterly. The most recent call on file is dated March 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BITF

Exchange

TSX

Country

CA

Sector

Information Technology

Industry

Software

Calls on record

32

First call

August 28, 2020

Most recent

March 31, 2026

Reporting cadence

quarterly