Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin
vertically integrated company, reported its financial results for
the fourth quarter and year ended December 31, 2022. All
financial references are in U.S. dollars. During fourth quarter
2022, Bitfarms mined 1,434 BTC.
“In 2022, we once again ranked among the
most cost-effective publicly traded BTC mining companies as we
focused on delivering superior performance, particularly during
challenging times, while upholding the highest mining, operating
and accounting standards,” said President and CEO of Bitfarms Geoff
Morphy. “Over the past nine months, we completed the construction
and commissioning of three new farms in Canada, further optimized
existing operations, and improved financial flexibility. These
initiatives contributed to increasing our hashrate to 4.5 EH/s as
of December 31, 2022, over 100% from the beginning of 2022. Looking
ahead, we plan to leverage our existing infrastructure in Argentina
and utilize equipment credits to prudently expand our EH/s to 6.0
with our existing assets by year end 2023. With our strengthened
balance sheet, we are actively evaluating potential acquisitions
that we expect to be accretive and complement our geographically
diverse mining operations.”
“We ended 2022 with 5,167 BTC mined, and in
mid-February 2023 we surpassed 20,000 BTC mined since our inception
in 2017. Our high operating efficiencies and low-cost power
contracts yielded an average direct cost of production of $10,000
per BTC*** in 2022. Even during an especially challenging BTC
pricing environment in Q4 2022, we continued to generate positive
cash flow from operations and posted $1 million in Adjusted EBITDA
as we maintained total cash cost of production per BTC less than
the average price of BTC for the quarter,” added Morphy.
Financial Highlights for the Quarter
ended December 31, 2022
- Total revenue was $27 million,
compared to $33 million in Q3 2022, as the 13% increase in
Bitfarms’ hashrate was offset by 15% lower average BTC prices and a
20% increase in network difficulty.
- Gross mining profit* and gross
mining margin* were $8 million and 33%, respectively, compared to
$17 million and 52% in Q3 2022, respectively.
- General and administrative expenses
excluding non-cash share-based compensation and a charge associated
with terminated consulting agreements, were $7 million, down 25%
from Q4 2021 and up 6% from Q3 2022. The increase from the third
quarter reflects modestly higher compensation expense and
professional services fees largely associated with the Argentina
build-out.
- Operating loss, including a $9
million non-cash impairment reversal, a $29 million realized loss
on disposition of digital assets, and a $23 million change in
unrealized gain on revaluation of digital assets, was $20 million,
compared to $98 million in Q3 2022, which included 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.
- Net loss was $17 million, or
($0.08) per basic and diluted share, compared to $85 million, or
($0.40) per basic and diluted share, in Q3 2022.
- Non-IFRS adjusted EBITDA* was $1
million, or 4% of revenue, compared to $10 million, or 31% of
revenue, in Q3 2022, driven by the lower average BTC price.
- The Company mined 1,434 BTC at an
average direct cost of production per BTC*** of $11,100, compared
to $9,600 in Q3 2022.
- Total cash cost of production per
BTC was $16,800 in Q4 2022, up from $14,500 in Q3 2022.
Liquidity at December 31, 2022
At December 31, 2022, the Company held $31 million in cash and 405
BTC valued at approximately $7 million based upon a BTC price of
approximately $16,500.
Chief Financial Officer Jeff Lucas said,
“Network difficulty increases are raising the cost of production
for everyone, and only the most efficient players will succeed.
Bitfarms continues to execute tactics to support our low-cost
structure and strong balance sheet. Consistent with our strategy of
carefully pursuing accretive growth opportunities, as market
conditions improve, we are positioned for intelligent growth.”
Financing Activities
- Q4 2022
- Paid $23 million to fully
extinguish the BTC-backed credit facility.
- Paid down $8 million in equipment
related indebtedness.
- Renegotiated miner purchasing
agreements, extinguishing without penalty payment obligations of
$45 million and establishing a $22 million credit for deposits
previously made, to be applied toward future purchase
agreements.
- Raised approximately $6 million in
net proceeds through the Company’s at-the-market (ATM) equity
offering program.
- Subsequent to December 31,
2022
- Settled all outstanding principal
and interest due to BlockFi totaling $21 million for a cash payment
of $8 million and paid off the $379,000 agreement with Reliz for
$118,000 in February 2023.
- Ended February 2023 with $23
million indebtedness, down 86% from a high of $165 million in June
2022.
Q4 2022 and Recent 2023 Operating
Highlights
- Reached 4.7 EH/s online in early
2023.
- Surpassed 20,000 BTC mined
with renewable hydropower since 2017 founding.
- Completed construction of the first
50 MW warehouse in Rio Cuarto, Argentina.
- In Sherbrooke, Quebec:
- Completed the Garlock facility,
energizing 18 MW, representing full capacity.
- Energized the remaining 12 MW
capacity at The Bunker, bringing it to 48 MW and the total
Sherbrooke operations to 96 MW, both representing full
capacity.
- Decommissioned and sold the De la
Pointe facility for net cash proceeds of $4 million.
- Imported and installed 2,888 new
MicroBT M30s into Paraguay, which added a net 168 PH/s at this
farm, bringing its total hashrate to 288 PH/s at January 31,
2023.
- Improved efficiency of the overall
fleet to 39 w/TH and of the newly unencumbered Bitmain miners in
Washington state by 16% from 31 w/TH to 26 w/TH with new
firmware.
Quarterly Operating
Performance
Key Performance Indicators |
Q4 2022 |
Q4 2021 |
Q3 2022 |
Total BTC Mined |
1,434 |
1,045 |
1,515 |
Quarter End Operating Hashrate |
4.5 |
2.2 |
4.2 |
Operating Capacity (MW) |
188 |
99 |
176 |
Hydropower MW |
178 |
99 |
166 |
Watts/TH Efficiency |
40 |
45 |
40 |
BTC Sold |
3,093 |
56 |
2,595 |
Quarterly Operating
Production
Quarter |
BTC Mined 2022 |
BTC Mined 2021 |
Q1 |
961 |
598 |
Q2 |
1,257 |
759 |
Q3 |
1,515 |
1,050 |
Q4 |
1,434 |
1,045 |
Total Year 2022 |
5,167 |
3,453 |
Quarterly Average Revenue** and Cost of
Production per BTC***
|
Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
Q4 2021 |
Avg. Rev**/BTC |
$18,100 |
$21,300 |
$32,700 |
$41,300 |
$55,900 |
Direct Cost***/BTC |
$11,100 |
$9,600 |
10,100 |
$8,700 |
$8,000 |
Cash Cost/BTC |
$16,800 |
$14,500 |
$17,200 |
$18,100 |
$17,400 |
Financial Results for the Year-ended
December 31, 2022In 2022, the Company generated
revenue of $142 million, compared to $169 million in 2021.2022
gross profit was $11 million, or 7% gross margin*, compared to $111
million, or 66% gross margin*, in 2021.
The Company mined 5,167 BTC for an average cost
of production** per BTC of $10,000 in 2022.
Operating loss was $284 million in 2022,
compared to operating income of $64 million in 2021. 2022 net loss
was $239 million, or $(1.15) per basic and diluted share, compared
to a net income of $22 million, or $0.13 per diluted share, in
2021. EBITDA* was a loss of $170 million, with EBITDA margin* of
(119%) compared to a positive EBITDA* of $71 million, with EBITDA
margin* of 42%, in 2021. Adjusted EBITDA* was $52 million, with 36%
Adjusted EBITDA margin*, compared to $114 million, and 67% Adjusted
EBITDA margin*, in 2021.
Conference CallManagement will host a
conference call on Tuesday, March 21, 2023, at 11:00 a.m. ET to
review the financial results. Following management’s formal remarks
there will be a question-and-answer session, which may include
pre-submitted questions. Participants are asked to pre-register for
the call through the following link:
Q4 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), or
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 March 28, 2023, 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 4928932. A
presentation of the Q4 2022 results will be accessible on Tuesday,
March 21, 2023, under the “Investors” section of Bitfarms’
website.
About Bitfarms Ltd.Founded in
2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF)
Bitcoin 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 uptime.
Bitfarms has 10 mining facilities 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.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- BTC BTC/day = Bitcoin or Bitcoin
per day
- EH or EH/s = Exahash or exahash per
second
- MW or MWh = Megawatts or megawatt
hour
- PH or PH/s = Petahash or petahash
per second
- TH or TH/s = Terahash or terahash
per second
- W/TH = Watts per Terahash
*Gross margin, gross mining profit, gross mining
margin, operating margin, EBITDA, EBITDA margin, Adjusted EBITDA
and Adjusted EBITDA margin are non-IFRS financial measures or
ratios 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.
** Average revenue per BTC is for mining
operations only and excludes Volta revenue.
*** Cost of Production per BTC represents the
direct cost of Bitcoin based on the total electricity costs, 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.
Cautionary StatementTrading 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 StatementsThis
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 availability of financing
opportunities, risks associated with economic conditions,
dependence on management and conflicts of interest, the ability to
service debt obligations and maintain flexibility in respect of
debt covenants; economic dependence on regulated terms of service
and electricity rates; the speculative and competitive nature of
the technology sector; dependency on continued growth in blockchain
and cryptocurrency usage; lawsuits and other legal proceedings and
challenges; conflict of interests with directors and management;
government regulations; 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 equity offering
program (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, 2022, filed on
March 21, 2023. 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 +1 646-373-9946Lisa
Helfermediarelations@bitfarms.com
Québec Media: TactLouis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
Bitfarms Ltd. Consolidated Financial
& Operational Results
|
Three months ended December 31, |
Year ended December 31, |
(U.S.$ in thousands except where indicated) |
2022 |
2021 |
$ Change |
% Change |
2022 |
2021 |
$ Change |
% Change |
|
|
|
|
|
|
|
|
|
Revenues |
27,037 |
|
59,598 |
|
(32,561 |
) |
(55) |
% |
142,428 |
|
169,491 |
|
(27,063 |
) |
(16) |
% |
Cost of revenues |
39,121 |
|
20,613 |
|
18,508 |
|
90 |
% |
131,910 |
|
58,371 |
|
73,539 |
|
126 |
% |
Gross (loss) profit |
(12,084 |
) |
38,985 |
|
(51,069 |
) |
(131) |
% |
10,518 |
|
111,120 |
|
(100,602 |
) |
(91) |
% |
Gross
margin (1) |
(45) |
% |
65 |
% |
— |
|
— |
|
7 |
% |
66 |
% |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
General and administrative expenses |
11,972 |
|
18,928 |
|
(6,956 |
) |
(37) |
% |
51,506 |
|
43,238 |
|
8,268 |
|
19 |
% |
Realized loss on disposition of digital assets |
28,567 |
|
137 |
|
28,430 |
|
nm |
150,810 |
|
289 |
|
150,521 |
|
nm |
Change in unrealized (gain) loss on revaluation of digital
assets |
(23,284 |
) |
3,869 |
|
(27,153 |
) |
(702) |
% |
(2,166 |
) |
4,861 |
|
(7,027 |
) |
(145) |
% |
Loss (gain) on disposition of property, plant and equipment |
(415 |
) |
(753 |
) |
338 |
|
(45) |
% |
1,277 |
|
(848 |
) |
2,125 |
|
251 |
% |
Impairment (reversal) on equipment and construction prepayments,
property, plant and equipment and right-of-use assets |
(8,903 |
) |
1,800 |
|
(10,703 |
) |
(595) |
% |
75,213 |
|
1,800 |
|
73,413 |
|
nm |
Impairment on goodwill |
— |
|
— |
|
— |
|
— |
|
17,900 |
|
— |
|
17,900 |
|
100 |
% |
Impairment reversal on property, plant and equipment |
— |
|
— |
|
— |
|
— |
|
— |
|
(1,860 |
) |
1,860 |
|
100 |
% |
Operating (loss) income |
(20,021 |
) |
15,004 |
|
(35,025 |
) |
(233) |
% |
(284,022 |
) |
63,640 |
|
(347,662 |
) |
(546) |
% |
Operating margin (1) |
(74) |
% |
25 |
% |
— |
|
— |
|
(199) |
% |
38 |
% |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Net
financial (income) expenses |
(3,369 |
) |
(2,933 |
) |
(436 |
) |
15 |
% |
(27,560 |
) |
21,003 |
|
(48,563 |
) |
(231) |
% |
Net (loss) income before income taxes |
(16,652 |
) |
17,937 |
|
(34,589 |
) |
(193) |
% |
(256,462 |
) |
42,637 |
|
(299,099 |
) |
(702) |
% |
|
|
|
|
|
|
|
|
|
Income
tax (recovery) expense |
191 |
|
8,260 |
|
(8,069 |
) |
(98) |
% |
(17,412 |
) |
20,507 |
|
(37,919 |
) |
(185) |
% |
Net (loss) income and total comprehensive (loss)
income |
(16,843 |
) |
9,677 |
|
(26,520 |
) |
(274) |
% |
(239,050 |
) |
22,130 |
|
(261,180 |
) |
nm |
|
|
|
|
|
|
|
|
|
Basic
(loss) earnings per share (in U.S. dollars) |
(0.08 |
) |
0.05 |
|
— |
|
— |
|
(1.15 |
) |
0.14 |
|
— |
|
— |
|
Diluted (loss) earnings per share (in U.S. dollars) |
(0.08 |
) |
0.05 |
|
— |
|
— |
|
(1.15 |
) |
0.13 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Gross Mining profit (1) |
8,494 |
|
49,055 |
|
(40,561 |
) |
(83) |
% |
82,584 |
|
134,884 |
|
(52,300 |
) |
(39) |
% |
Gross Mining margin (1) |
33 |
% |
84 |
% |
— |
|
— |
|
59 |
% |
82 |
% |
— |
|
— |
|
EBITDA (1) |
7,396 |
|
29,061 |
|
(21,665 |
) |
(75) |
% |
(169,821 |
) |
70,533 |
|
(240,354 |
) |
(341) |
% |
EBITDA margin (1) |
27 |
% |
49 |
% |
— |
|
— |
|
(119) |
% |
42 |
% |
— |
|
— |
|
Adjusted EBITDA (1) |
1,126 |
|
40,275 |
|
(39,149 |
) |
(97) |
% |
51,568 |
|
113,540 |
|
(61,972 |
) |
(55) |
% |
Adjusted EBITDA margin (1) |
4 |
% |
68 |
% |
— |
|
— |
|
36 |
% |
67 |
% |
— |
|
— |
|
nm: not meaningful
(1) |
Gross margin, gross Mining profit, gross Mining margin, operating
margin, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA
margin, are non-IFRS financial measures or ratios; refer to the
Non-IFRS Financial Measures and Ratios section of the Company’s
MD&A. |
Bitfarms Ltd. Reconciliation of
Consolidated Net Income (loss) to EBITDA and Adjusted
EBITDA
|
Three months ended December 31, |
Year ended December 31, |
(U.S.$ in thousands except where indicated) |
2022 |
2021 |
$ Change |
% Change |
2022 |
2021 |
$ Change |
% Change |
|
|
|
|
|
|
|
|
|
Revenues |
27,037 |
|
59,598 |
|
(32,561 |
) |
(55) |
% |
142,428 |
|
169,491 |
|
(27,063 |
) |
(16) |
% |
|
|
|
|
|
|
|
|
|
Net (loss) income before income taxes |
(16,652 |
) |
17,937 |
|
(34,589 |
) |
(193) |
% |
(256,462 |
) |
42,637 |
|
(299,099 |
) |
(702) |
% |
Interest expense |
3,271 |
|
837 |
|
2,434 |
|
291 |
% |
14,221 |
|
3,420 |
|
10,801 |
|
316 |
% |
Depreciation and amortization expense |
20,777 |
|
10,287 |
|
10,490 |
|
102 |
% |
72,420 |
|
24,476 |
|
47,944 |
|
196 |
% |
EBITDA |
7,396 |
|
29,061 |
|
(21,665 |
) |
(75) |
% |
(169,821 |
) |
70,533 |
|
(240,354 |
) |
(341) |
% |
Share-based payment |
3,795 |
|
10,036 |
|
(6,241 |
) |
(62) |
% |
21,788 |
|
22,585 |
|
(797 |
) |
(4) |
% |
Realized loss on disposition
of digital assets |
28,567 |
|
137 |
|
28,430 |
|
nm |
150,810 |
|
289 |
|
150,521 |
|
nm |
Change in unrealized (gain)
loss on revaluation of digital assets |
(23,284 |
) |
3,869 |
|
(27,153 |
) |
(702) |
% |
(2,166 |
) |
4,861 |
|
(7,027 |
) |
(145) |
% |
Impairment (reversal) on
equipment and construction prepayments, property, plant and
equipment and right-of-use assets |
(8,903 |
) |
1,800 |
|
(10,703 |
) |
(595) |
% |
75,213 |
|
1,800 |
|
73,413 |
|
nm |
Impairment on goodwill |
— |
|
— |
|
— |
|
— |
% |
17,900 |
|
— |
|
17,900 |
|
100 |
% |
Impairment reversal on
property, plant and equipment |
— |
|
— |
|
— |
|
— |
% |
— |
|
(1,860 |
) |
1,860 |
|
100 |
% |
Net
financial (income) expenses and other |
(6,445 |
) |
(4,628 |
) |
(1,817 |
) |
39 |
% |
(42,156 |
) |
15,332 |
|
(57,488 |
) |
(375) |
% |
Adjusted EBITDA |
1,126 |
|
40,275 |
|
(39,149 |
) |
(97) |
% |
51,568 |
|
113,540 |
|
(61,972 |
) |
(55) |
% |
Adjusted EBITDA margin |
4 |
% |
68 |
% |
— |
|
— |
|
36 |
% |
67 |
% |
— |
|
— |
|
nm: not meaningful
Bitfarms Ltd. Calculation of Gross
Mining Profit and Gross Mining Margin
|
Three months ended December 31, |
Year ended December 31, |
(U.S.$ in thousands except where indicated) |
2022 |
2021 |
$ Change |
% Change |
2022 |
2021 |
$ Change |
% Change |
Gross (loss) profit |
(12,084 |
) |
38,985 |
|
(51,069 |
) |
(131) |
% |
10,518 |
|
111,120 |
|
(100,602 |
) |
(91) |
% |
Non-Mining revenues (1) |
(1,101 |
) |
(1,206 |
) |
105 |
|
(9) |
% |
(3,443 |
) |
(4,425 |
) |
982 |
|
(22) |
% |
Depreciation and amortization expense |
20,777 |
|
10,287 |
|
10,490 |
|
102 |
% |
72,420 |
|
24,476 |
|
47,944 |
|
196 |
% |
Purchases of electrical
components and other |
510 |
|
552 |
|
(42 |
) |
(8) |
% |
1,773 |
|
1,986 |
|
(213 |
) |
(11) |
% |
Electrician salaries and payroll taxes |
392 |
|
437 |
|
(45 |
) |
(10) |
% |
1,316 |
|
1,727 |
|
(411 |
) |
(24) |
% |
Gross Mining profit (2) |
8,494 |
|
49,055 |
|
(40,561 |
) |
(83) |
% |
82,584 |
|
134,884 |
|
(52,300 |
) |
(39) |
% |
Gross Mining margin |
33 |
% |
84 |
% |
— |
|
— |
|
59 |
% |
82 |
% |
— |
|
— |
|
(1) |
Non-Mining revenues reconciliation: |
|
Three months ended December 31, |
Year ended December 31, |
(U.S.$ in thousands except where indicated) |
2022 |
2021 |
$ Change |
% Change |
2022 |
2021 |
$ Change |
% Change |
Revenues |
27,037 |
|
59,598 |
|
(32,561 |
) |
(55) |
% |
142,428 |
|
169,491 |
|
(27,063 |
) |
(16) |
% |
Less Mining related revenues for the purpose of calculating gross
Mining margin: |
|
|
|
|
|
|
|
|
|
Mining revenues |
(25,936 |
) |
(58,392 |
) |
32,456 |
|
(56) |
% |
(138,985 |
) |
(164,393 |
) |
25,408 |
|
(15) |
% |
Hosting revenues |
— |
|
— |
|
— |
|
— |
|
— |
|
(673 |
) |
673 |
|
100 |
% |
Non-Mining revenues |
1,101 |
|
1,206 |
|
(105 |
) |
(9) |
% |
3,443 |
|
4,425 |
|
(982 |
) |
(22) |
% |
(2) |
“Gross Mining profit” is defined as Gross profit excluding
depreciation and amortization and other minor items included in
cost of revenues 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. |
Bitfarms (NASDAQ:BITF)
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Bitfarms (NASDAQ:BITF)
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De Jul 2023 a Jul 2024