Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin
self-mining company, reported its financial results for the third
quarter ended September 30, 2022. All financial references are
in U.S. dollars. During third quarter 2022, Bitfarms mined 1,515
bitcoin (BTC).
“In Q3 2022, we continued to execute our growth
plan and deliver industry leading production metrics, which make us
confident we will manage current challenges and thrive,” said Geoff
Morphy, Bitfarms' President and COO. “We averaged 16.5 BTC per day
in Q3 2022. As a result, we mined 3,733 BTC in the first nine
months of 2022, surpassing the 3,453 BTC mined in all of 2021. For
the second year in a row, Bitfarms is on pace to be one of the
largest known producers of Bitcoin. Consistently one of the
reported lowest cost producers, during Q3 2022, we reduced our
direct cost of production by 5% to $9,400 per BTC compared to Q2
2022. In addition, we drove greater efficiencies and discretionary
reductions in cash G&A that contributed to further savings, and
our total cash costs of production declined 16% to $14,300 per BTC
from Q2 2022. As such, even with recent BTC pricing, we continue to
generate positive cash flow from operations and posted $10 million
in Adjusted EBITDA.
“Our corporate hashrate increased by 17% from
the beginning of the quarter and by 180% from a year ago to 4.2
exahash per second (EH/s) at September 30, 2022. However, as
we enter Q4 2022, we modified our corporate hashrate guidance from
6.0 EH/s to 5.0 EH/s to reflect the impact of the Argentinian
macroeconomic environment on the timing of importing miners.
“During the quarter, we strengthened our balance
sheet to be better positioned to take advantage of complementary
opportunities,” concluded Morphy.
Financial Highlights for the Quarter
ended September 30, 2022
- Total revenue was $33 million,
compared to $42 million in Q2 2022, reflecting lower average BTC
prices, partially offset by increases in Bitfarms' hashrate.
- Gross mining profit* and gross
mining margin* were $17 million and 52%, respectively, compared to
$27 million and 66% in Q2 2022, respectively.
- General and administrative
expenses, excluding non-cash share-based compensation, were $6
million, down 15% from Q2 2022.
- Operating loss was $98 million,
including an $84 million non-cash impairment charge, a $44 million
realized loss on disposition of digital assets, and a $46 million
change in unrealized gain on revaluation of digital assets,
compared to an operating loss of $173 million, which including a
$78 million realized loss on disposition of digital assets, a $70
million change in unrealized loss on revaluation of digital assets,
and an $18 million impairment on goodwill in Q2 2022.
- Net loss was $85 million, or
($0.40) per basic and diluted share, compared to a net loss of $142
million, or ($0.70) per basic and diluted share, in Q2 2022.
- Adjusted EBITDA* was $10 million,
or 31% of revenue, compared to $19 million, or 45% of revenue, in
Q2 2022.
- The Company mined 1,515 BTC at an
average direct cost of production per BTC** of $9,400, compared to
$9,900 in Q2 2022.
- Total cash costs of production per
BTC were $14,300 in Q3 2022, down from $17,000 in Q2 2022.
Liquidity at September 30, 2022
At September 30, 2022, the Company held $36 million in cash and
2,064 BTC valued at approximately $40 million based upon a BTC
price of approximately $19,400.
“We remain steadfast in our resolve to maintain
financial strength and flexibility,” said Jeff Lucas, CFO of
Bitfarms. “When the BTC price started to trend lower, we began
deleveraging the balance sheet. Since June 1st, we have paid down
$94 million in debt, including fully retiring our highest interest
rate facilities. As such, we expect to reduce annualized interest
by $9 million.”
Q3 2022 Financing
Activities
- Sold 2,595 BTC for aggregate
proceeds of $56 million.
- Paid down $15 million of the
BTC-backed loan facility reducing it to $23 million, lowering
interest expense by $2 million on an annualized basis and freeing
up approximately $5 million of required BTC collateral in excess of
the loan principal outstanding.
- Paid down equipment-backed term
debt by $12 million, reducing interest expense in future
periods.
- Amended the BTC-backed loan,
extending the maturity to December 29, 2022 and reducing the
collateral requirement from 143% to 135% with the interest rate
remaining unchanged at 11.25%.
- Raised $13 million of net proceeds
through the at-the-market equity program.
Financing Activities Subsequent to
September 30, 2022
- Sold daily production, totaling 486
BTC, during October 2022, generating proceeds of $10 million.
- Continued to deleverage the
Company’s balance sheet and reduce interest expense by making
principal paydowns in October totaling $3 million and paying off
its equipment term loan with the highest interest rate.
- Held 2,064 BTC in custody on
October 31, 2022, representing a total value of approximately $42
million based on a BTC price of $20,500.
- Raised $2 million of net proceeds
through the at-the-market equity program.
- Finalized terms on sale of the de
la Pointe facility with net proceeds of $3.5 million expected to
received by year end.
Recent Operating Highlights
- Surpassed 4.4 EH/s corporate
hashrate in November with new production coming online in Quebec
and Washington.
- Averaged 16.5 BTC per day in daily
production for Q3 2022, frequently exceeding 17 BTC per day in
daily production.
- Mined 486 BTC in October.
- Received and installed
approximately 7,000 miners in Q3 2022, adding more than 600 PH/s to
Bitfarms’ online hashrate.
- Completed the infrastructure for
the remaining four 10 MW modules in warehouse 1 in Rio Cuarto.
- In Sherbrooke, Québec:
- At Garlock, energized the first 6
MW of the 18,000 square foot expansion in early November with the
full 18 MW expected by early December.
- At Phase 3 of The Bunker, energized
6 MW in late October with the remaining 6 MW expected to be online
by early December.
- Upon retirement of de la Pointe,
Sherbrooke will consist of three farms in close proximity that are
scheduled to have 96 MW operational by year end.
- Increased total electrical capacity
by 39 MW to 176 MW at September 30, 2022, up 28% from June 30,
2022. And, with the October energization of 6 MW at the Phase 3 of
the Bunker, total capacity now stands at 182 MW.
Expansion UpdateBitfarms’
infrastructure construction contracts are projected to bring total
capacity to 5.0 EH/s as of December 31, 2022.
Quarterly Operating
Performance
Key Performance Indicators |
Q3 2022 |
Q2 2022 |
Q3 2021 |
Total BTC Mined |
1,515 |
1,257 |
1,050 |
Quarter End Operating Hashrate |
4.2 |
3.6 |
1.5 |
BTC/ Avg EH |
400 |
392 |
742 |
Operating Capacity (MW) |
176 |
137 |
69 |
Hydropower MW |
166 |
137 |
69 |
Watts/TH Efficiency |
40 |
41 |
46 |
BTC Sold |
2,595 |
3,375 |
31 |
Quarterly Operating
Production
Quarter |
BTC Mined 2022 |
BTC Mined 2021 |
Q1 |
961 |
598 |
Q2 |
1,257 |
759 |
Q3 |
1,515 |
1,050 |
Total YTD Sep. 30 |
3,733 |
2,407 |
Average Direct Cost of Production per
BTC** (rounded to nearest $100)
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Q3 2021 |
$9,400 |
$9,900 |
$8,700 |
$8,000 |
$6,900 |
Bitfarms' average direct cost of production** in
Q3 2022 was $9,400, among the lowest reported in the industry,
reflecting a decrease in BTC network difficulty of about 1% and by
improvements in operating efficiency during the quarter.
Conference CallManagement will
host a conference call and live webcast with an accompanying
presentation today, Monday, November 14, at 11 a.m. ET to review
the financial results and quarterly activity. Following
management’s formal remarks there will be a live
question-and-answer session, which may include pre-submitted
questions Participants are asked to pre-register for the call
through the following link:
Q3 2022 Conference Call
Please note that registered participants will
receive their dial in number upon registration and will dial
directly into the call without delay. Those without internet access
or unable to pre-register may dial in by calling: 1-866-777-2509
(domestic), 1-412-317-5413 (international). All callers should dial
in approximately 10 minutes prior to the scheduled start time and
ask to be joined into the Bitfarms call.
The conference call will also be available through
a live webcast found here:Live Webcast
A webcast replay of the call will be available
approximately one hour after the end of the call and will be
available for one year, at the above webcast link. A telephonic
replay of the call will be available through November 21, 2022 and
may be accessed by calling 1-877-344-7529 (domestic) or
1-412-317-0088 (international) or Canada (toll free) 855-669-9658
and using access code 1280031. A presentation of the Q3 2022
results will be accessible on Monday, November 21, 2022, under the
“Investors” section of Bitfarms’ website.
*Gross mining profit, Gross mining margin,
EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin
are non-IFRS financial measures and should be read in conjunction
with, and should not be viewed as alternatives to or replacements
of, measures of operating results and liquidity presented in
accordance with IFRS and refer readers to reconciliations of
Non-IFRS measures included in the Company’s MD&A and at the end
of this press release.
**Represents the direct cost of Bitcoin based on
the total electricity costs, net of the gain on disposition of
marketable securities used to pay Argentina energy costs in
Argentine Pesos, and, where applicable, hosting costs related to
the mining of Bitcoin, excluding electricity consumed by hosting
clients, divided by the total number of Bitcoin mined.
About Bitfarms Ltd.Founded in
2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF)
Bitcoin self-mining company. Bitfarms runs vertically integrated
mining operations with in-house management and company-owned
electrical engineering, installation service, and onsite technical
repair. The Company’s proprietary data analytics system delivers
best-in-class operational performance and accelerated uptime.
Bitfarms has 10 mining facilities in production
around the world, which are housed in four countries: Canada, the
United States, Paraguay, and Argentina. Powered by predominantly
environmentally friendly hydro-electric and long-term power
contracts, Bitfarms is committed to using renewable, locally based,
and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments,
and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the Toronto
Stock Exchange, Nasdaq, or any other securities exchange or
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding expansion plans, including construction in
Argentina and Québec, and potential strategic opportunities,
expectations for monthly growth, targets, and goals for productive
capacity and hashrates, debt reduction and liquidity including the
ability to lower interest payments and manage bitcoin holding, and
other future plans and objectives of the Company are
forward-looking information. Other forward-looking information
includes, but is not limited to, information concerning: the
intentions, plans and future actions of the Company, as well as
Bitfarms’ ability to successfully mine digital currency, revenue
increasing as currently anticipated, the ability to profitably
liquidate current and future digital currency inventory, volatility
of network difficulty and digital currency prices and the potential
resulting significant negative impact on the Company’s operations,
the construction and operation of expanded blockchain
infrastructure as currently planned, and the regulatory environment
for cryptocurrency in the applicable jurisdictions.
Any statements that involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing, including the Company’s
ability to utilize the Company’s at-the-market offering (the “ATM
Program”) and the prices at which the Company may sell Common
Shares in the ATM Program, as well as capital market conditions in
general; risks relating to the strategy of maintaining and
increasing Bitcoin holdings and the impact of depreciating Bitcoin
prices on working capital; the competitive nature of the industry;
currency exchange risks; the need for the Company to manage its
planned growth and expansion; the effects of product development
and need for continued technology change; the ability to maintain
reliable and economical sources of power to run its cryptocurrency
mining assets; the impact of energy curtailment or regulatory
changes in the energy regimes in the jurisdictions in which the
Company operates; protection of proprietary rights; the effect of
government regulation and compliance on the Company and the
industry; network security risks; the ability of the Company to
maintain properly working systems; reliance on key personnel;
global economic and financial market deterioration impeding access
to capital or increasing the cost of capital; share dilution
resulting from the ATM Program and from other equity issuances; and
volatile securities markets impacting security pricing unrelated to
operating performance. In addition, particular factors that could
impact future results of the business of Bitfarms include, but are
not limited to: the construction and operation of facilities may
not occur as currently planned, or at all; expansion may not
materialize as currently anticipated, or at all; the digital
currency market; the ability to successfully mine digital currency;
revenue may not increase as currently anticipated, or at all; it
may not be possible to profitably liquidate the current digital
currency inventory, or at all; a decline in digital currency prices
may have a significant negative impact on operations; an increase
in network difficulty may have a significant negative impact on
operations; the volatility of digital currency prices; the
anticipated growth and sustainability of hydroelectricity for the
purposes of cryptocurrency mining in the applicable jurisdictions;
the inability to maintain reliable and economical sources of power
for the Company to operate cryptocurrency mining assets; the risks
of an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the adverse impact on the Company’s
profitability; the ability to complete current and future
financings, any regulations or laws that will prevent Bitfarms from
operating its business; historical prices of digital currencies and
the ability to mine digital currencies that will be consistent with
historical prices; an inability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to the effects of COVID-19 on the price of digital
currencies, capital market conditions, restriction on labour and
international travel and supply chains; and, the adoption or
expansion of any regulation or law that will prevent Bitfarms from
operating its business, or make it more costly to do so. For
further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
(which are also available on the website of the U.S. Securities and
Exchange Commission at www.sec.gov), including the annual
information form for the year-ended December 31, 2021, filed on
March 28, 2022. The Company has also assumed that no significant
events occur outside of Bitfarms’ normal course of business.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
expressed in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts:
LHA Investor RelationsDavid
Barnard+1 415-433-3777Investors@bitfarms.com
Actual Agency Matt Weaver+1
339-234-3332mediarelations@bitfarms.com
Québec Media: TactLouis-Martin
Leclerc+1 418-693-2425lmleclerc@tactconseil.ca
Bitfarms Ltd. Consolidated Results of Operations
Data
|
Three months ended |
Nine months ended |
(U.S.$ in thousands except where indicated) |
September 30, |
September 30, |
|
2022 |
|
2021 |
|
$ Change |
% Change |
2022 |
|
2021 |
|
$ Change |
% Change |
|
|
|
|
|
|
|
|
|
Revenues |
33,247 |
|
44,774 |
|
(11,527) |
|
(26)% |
115,391 |
|
109,893 |
|
5,498 |
|
5% |
|
Cost of sales |
37,186 |
|
15,306 |
|
21,880 |
|
143% |
|
92,789 |
|
37,758 |
|
55,031 |
|
146% |
|
Gross (loss) profit |
(3,939) |
|
29,468 |
|
(33,407) |
|
(113)% |
22,602 |
|
72,135 |
|
(49,533) |
|
(69)% |
Gross margin |
(12)% |
66% |
|
— |
|
— |
|
20% |
|
66% |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative expenses |
10,299 |
|
10,884 |
|
(585) |
|
(5)% |
39,534 |
|
24,310 |
|
15,224 |
|
63% |
|
Realized loss on disposition of digital assets |
44,329 |
|
177 |
|
44,152 |
|
nm |
122,243 |
|
152 |
|
122,091 |
|
nm |
Change in unrealized (gain) loss on revaluation of digital
assets |
(45,655) |
|
(13,893) |
|
(31,762) |
|
229% |
|
21,118 |
|
992 |
|
20,126 |
|
nm |
Loss (gain) on disposition of property, plant and equipment |
756 |
|
70 |
|
686 |
|
980% |
|
1,692 |
|
(95) |
|
1,787 |
|
nm |
Impairment on equipment and construction prepayments, property,
plant and equipment and right-of-use assets |
84,116 |
|
— |
|
84,116 |
|
100% |
|
84,116 |
|
— |
|
84,116 |
|
100% |
|
Impairment on goodwill |
— |
|
— |
|
— |
|
— |
|
17,900 |
|
— |
|
17,900 |
|
100% |
|
Impairment reversal on property, plant and equipment |
— |
|
(1,860) |
|
1,860 |
|
100% |
|
— |
|
(1,860) |
|
1,860 |
|
100% |
|
Operating (loss) income |
(97,784) |
|
34,090 |
|
(131,874) |
|
(387)% |
(264,001) |
|
48,636 |
|
(312,637) |
|
(643)% |
Operating margin |
(294)% |
76% |
|
— |
|
— |
|
(229)% |
44% |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Net financial (income) expenses |
(8,251) |
|
(616) |
|
(7,635) |
|
nm |
(24,191) |
|
23,936 |
|
(48,127) |
|
(201)% |
Net (loss) income before income taxes |
(89,533) |
|
34,706 |
|
(124,239) |
|
(358)% |
(239,810) |
|
24,700 |
|
(264,510) |
|
nm |
|
|
|
|
|
|
|
|
|
Income tax (recovery) expense |
(4,725) |
|
10,973 |
|
(15,698) |
|
(143)% |
(17,603) |
|
12,247 |
|
(29,850) |
|
(244)% |
Net (loss) income and total comprehensive (loss)
income |
(84,808) |
|
23,733 |
|
(108,541) |
|
(457)% |
(222,207) |
|
12,453 |
|
(234,660) |
|
nm |
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share (in U.S. dollars) |
(0.40) |
|
0.14 |
|
— |
|
— |
|
(1.09) |
|
0.08 |
|
— |
|
— |
|
Diluted (loss) earnings per share (in U.S. dollars) |
(0.40) |
|
0.13 |
|
— |
|
— |
|
(1.09) |
|
0.08 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Gross mining profit (1) |
16,789 |
|
35,448 |
|
(18,659) |
|
(53)% |
74,089 |
|
85,782 |
|
(11,693) |
|
(14)% |
Gross mining margin (1) |
52% |
|
82% |
|
— |
|
— |
|
66% |
|
80% |
|
— |
|
— |
|
EBITDA (1) |
(65,419) |
|
41,755 |
|
(107,174) |
|
(257)% |
(177,217) |
|
41,472 |
|
(218,689) |
|
(527)% |
EBITDA margin (1) |
(197)% |
93% |
|
— |
|
— |
|
(154)% |
38% |
|
— |
|
— |
|
Adjusted EBITDA (1) |
10,317 |
|
29,762 |
|
(19,445) |
|
(65)% |
50,442 |
|
73,265 |
|
(22,823) |
|
(31)% |
Adjusted EBITDA margin (1) |
31% |
|
66% |
|
— |
|
— |
|
44% |
|
67% |
|
— |
|
— |
|
nm: not meaningful
(1) Gross mining profit, Gross mining margin,
EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin,
are non-IFRS performance measures; refer to the Non-IFRS Financial
Performance Measures section of the Company's MD&A.
Bitfarms Ltd. Reconciliation of Consolidated Net
Income (loss) to EBITDA and Adjusted EBITDA
|
Three months ended |
Nine months ended |
(U.S.$ in thousands except where indicated) |
September 30, |
September 30, |
|
2022 |
|
2021 |
|
$ Change |
% Change |
2022 |
|
2021 |
|
$ Change |
% Change |
|
|
|
|
|
|
|
|
|
Revenues |
33,247 |
|
44,774 |
|
(11,527) |
|
(26)% |
115,391 |
|
109,893 |
|
5,498 |
|
5% |
|
|
|
|
|
|
|
|
|
|
Net (loss) income before income taxes |
(89,533) |
|
34,706 |
|
(124,239) |
|
(358)% |
(239,810) |
|
24,700 |
|
(264,510) |
|
nm |
Interest expense |
3,394 |
|
788 |
|
2,606 |
|
331% |
|
10,950 |
|
2,583 |
|
8,367 |
|
324% |
|
Depreciation and amortization expense |
20,720 |
|
6,261 |
|
14,459 |
|
231% |
|
51,643 |
|
14,189 |
|
37,454 |
|
264% |
|
EBITDA |
(65,419) |
|
41,755 |
|
(107,174) |
|
(257)% |
(177,217) |
|
41,472 |
|
(218,689) |
|
(527)% |
Share-based payment |
3,961 |
|
5,787 |
|
(1,826) |
|
(32)% |
17,993 |
|
12,549 |
|
5,444 |
|
43% |
|
Realized loss on disposition of digital assets |
44,329 |
|
177 |
|
44,152 |
|
nm |
122,243 |
|
152 |
|
122,091 |
|
nm |
Change in unrealized (gain) loss on revaluation of digital
assets |
(45,655) |
|
(13,893) |
|
(31,762) |
|
229% |
|
21,118 |
|
992 |
|
20,126 |
|
nm |
Impairment on equipment and construction prepayments, property,
plant and equipment and right-of-use assets |
84,116 |
|
— |
|
84,116 |
|
100% |
|
84,116 |
|
— |
|
84,116 |
|
100% |
|
Impairment on goodwill |
— |
|
— |
|
— |
|
— |
% |
17,900 |
|
— |
|
17,900 |
|
100% |
|
Impairment reversal on property, plant and equipment |
— |
|
(1,860) |
|
1,860 |
|
100% |
|
— |
|
(1,860) |
|
1,860 |
|
100% |
|
Net financial (income) expenses and other |
(11,015) |
|
(2,204) |
|
(8,811) |
|
400% |
|
(35,711) |
|
19,960 |
|
(55,671) |
|
(279)% |
Adjusted EBITDA |
10,317 |
|
29,762 |
|
(19,445) |
|
(65)% |
50,442 |
|
73,265 |
|
(22,823) |
|
(31)% |
Adjusted EBITDA margin |
31% |
|
66% |
|
— |
|
— |
|
44% |
|
67% |
|
— |
|
— |
|
nm: not meaningful
Bitfarms Ltd. Calculation of Gross Mining
Profit and Gross Mining Margin
|
Three months ended |
Three months ended |
(U.S.$ in thousands except where indicated) |
September 30, |
September 30, |
|
2022 |
|
2021 |
|
$ Change |
% Change |
2022 |
|
2021 |
|
$ Change |
% Change |
Gross (loss) profit |
(3,939) |
|
29,468 |
|
(33,407) |
|
(113)% |
22,602 |
|
72,135 |
|
(49,533) |
|
(69)% |
Non-mining revenues (1) |
(971) |
|
(1,315) |
|
344 |
|
(26)% |
(2,342) |
|
(3,219) |
|
877 |
|
(27)% |
Depreciation and amortization expense |
20,720 |
|
6,261 |
|
14,459 |
|
231% |
|
51,643 |
|
14,189 |
|
37,454 |
|
264% |
|
Purchases of electrical components and other |
690 |
|
586 |
|
104 |
|
18% |
|
1,262 |
|
1,387 |
|
(125) |
|
(9)% |
Electrician salaries and payroll taxes |
289 |
|
448 |
|
(159) |
|
(35)% |
924 |
|
1,290 |
|
(366) |
|
(28)% |
Gross mining profit (2) |
16,789 |
|
35,448 |
|
(18,659) |
|
(53)% |
74,089 |
|
85,782 |
|
(11,693) |
|
(14)% |
Gross mining margin |
52% |
|
82% |
|
— |
|
— |
|
66% |
|
80% |
|
— |
|
— |
|
(1) Non-mining revenues reconciliation:
|
Three months ended |
Nine months ended |
(U.S.$ in thousands except where indicated) |
September 30, |
September 30, |
|
2022 |
|
2021 |
|
$ Change |
% Change |
2022 |
|
2021 |
|
$ Change |
% Change |
Revenues |
33,247 |
|
44,774 |
|
(11,527 |
) |
(26)% |
115,391 |
|
109,893 |
|
5,498 |
|
5 |
% |
Less mining related revenues for the purpose of calculating gross
mining margin: |
|
|
|
|
|
|
|
|
Mining revenues |
(32,276 |
) |
(43,459 |
) |
11,183 |
|
(26)% |
(113,049 |
) |
(106,001 |
) |
(7,048 |
) |
7 |
% |
Hosting revenues |
— |
|
— |
|
— |
|
— |
% |
— |
|
(673 |
) |
673 |
|
100 |
% |
Non-mining revenues |
971 |
|
1,315 |
|
(344 |
) |
(26)% |
2,342 |
|
3,219 |
|
(877 |
) |
(27)% |
(2) “Gross mining profit” is defined as Gross
profit excluding depreciation and amortization and other minor
items included in cost of sales that do not directly relate to
mining related activities. "Gross mining margin” is defined as the
percentage obtained when dividing Gross mining profit by Revenues
from mining related activities.
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