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Bitfarms Reports Q4 Revenue Growth of 33% to $60M, Along With Margin Expansion

Eliza Gkritsi - CoinDesk
2022-03-28 14:16
Canadian crypto miner Bitfarms' (BITF) on Monday morning reported fourth quarter and full-year 2022 results, as well as an updates on expansion and financing plans.
  • Revenue of $60 million was up 33% from $45 million in Q3, and up 426% from $12 million in Q4 one year ago.
  • Operating income in Q4 was $15 million, and net income was $10 million, or $0.05 per share. Adjusted EBITDA of $44 million, or 74% of revenue was up from $32M, or 71% of revenue in Q3. The company mined 1,045 bitcoin (BTC) in Q4 at an average price of $8,000 per coin versus an average of $7,500 a year earlier
  • For comparison, Marathon Digital – one of the larger miners in the world - had blended costs of $5,087 per coin, according to an investor presentation.
  • Turning to the balance sheet, Bitfarms as of year-end held $126 million of cash and 3,301 bitcoin valued at about $153 million (based on price of $46,300). The company raised $113.9 million in Q4 via the sale of 17.6 million shares through its at-the-market program with H.C. Wainwright. Since the start of 2022, the Canadian miner raised another $25.6 million through ATM share sales.
  • On January 6, the Canadian miner purchased another 1,000 bitcoin for $43 million to add to its Treasury.
  • As of March 25, the company had boosted its hashrate to 2.7 EH/s vs. 2.2 EH/s at the end of the year. Management believes existing miner orders and contracted infrastructure expansion should allow hashrate of about 7.2 EH/s by the end of 2022. The company target is 8.0 EH/s by year-end, and Bitfarms is looking at further development opportunities in order to be able to achieve this.
  • Shares are up 13% in Monday morning action, rising along with mining peers like Marathon Digital (MARA) and Core Scientific ((CORZ), thanks to big rally to above $47,000 for bitcoin (BTC) over the weekend.
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