UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 001-40370
BITFARMS LTÉE
(Translation of registrant’s name into English)
110 Yonge Street, Suite 1601, Toronto, Ontario, Canada M5C 1T4
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
On May 14, 2025, the Registrant filed with the Canadian Securities Regulatory Authorities on the System for Electronic Data Analysis and Retrieval + (SEDAR +) a material change report that includes a copy of a press release, a copy of which is attached hereto as Exhibit 99.1, which is incorporated by reference into the Registration Statements of Bitfarms Ltd. on Form F-10 (File No. 333-272989) and Form S-8 (File No. 333-278868 and File No. 333-285894), each as amended or supplemented.
See the Exhibits listed below.
| Exhibits | ||
| Exhibit No. | Description | |
| 99.1 | Material Change Report dated May 14, 2025 |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BITFARMS LTÉE | |||
| Par : | /s/ Ben Gagnon | ||
| Name: | Ben Gagnon | ||
| Title: | Directeur général | ||
Date: May 14, 2025
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Exhibit 99.1
FORM 51-102F3 MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
Bitfarms Ltd. (“Bitfarms” or the “Company”)
110 Yonge Street, Suite 1601
Toronto, Ontario M5C 1T4
Item 2 Date of Material Change
May 14, 2025
Item 3 News Release
The press release attached as Schedule “A” was released on May 14, 2025 by a newswire company in Canada and filed under the Company’s profile on SEDAR+.
Item 4 Summary of Material Change
The material change is described in the press release attached as Schedule “A”.
Item 5 Full Description of Material Change
The material change is described in the press release attached as Schedule “A”.
Item 6 Reliance of subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 Omitted Information
Not applicable.
Item 8 Executive Officer
Ben Gagnon
Directeur général
Bitfarms ltée
Bgagnon@bitfarms.com
+1 (647) 259-1790
Item 9 Date of Report
May 14, 2025
Schedule “A”
Bitfarms publie ses résultats du premier trimestre de 2025
- Revenue of $67 million, up 33% Y/Y -
- Gross mining margin of 43%, down from 63% from Q1 2024 -
- Total energy pipeline of ~1.4 GW, ~80% based in the U.S. -
-Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline -
Ce communiqué de presse constitue un « communiqué de presse désigné » aux fins du deuxième supplément de prospectus modifié et mis à jour de la Société, daté du 17 décembre 2024, à son prospectus préalable de base simplifié daté du 10 novembre 2023.
Toronto, Ontario (May 14, 2025) - Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.
“We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”
2
CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio. With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.”
Opérations de minage
| ● | Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024 |
| ● | Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024 |
Développements stratégiques récents
| ● | Completed acquisition of Stronghold Digital Mining, Inc. |
| ● | Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd. |
| ● | Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential |
| ● | Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure |
| ● | Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business |
| ● | Initiated Bitcoin One program following the success of Synthetic HODLTM program in 2024 |
Faits saillants financiers du deuxième trimestre 2024
| ● | Recettes totales de67 millions de dollars, en hausse de 33% d'une année sur l'autre |
| ● | Marge minière brute de 43% , en baisse par rapport à 63% au trimestre précédent1 2024 |
| ● | General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024 |
| ● | Perte d'exploitation de32 millions de dollars, contre une perte d'exploitation de24 millions de dollars au cours du trimestre1 2024 |
| ● | Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024 |
| ● | EBITDA ajusté* de16 millions de dollars, ou 23% des revenus, en baisse par rapport à23 millions de dollars ou 46% des revenus au trimestre1. 2024 |
| ● | La société a gagné 693 BTC à un coût direct moyen de production par BTC* de47,800 |
| ● | Le coût total de production par BTC* s'est élevé à72,300 au cours du trimestre1. 2025 |
3
Liquidité**
As of May 13, 2025, the Company had total liquidity of approximately $150 million.
Deuxième trimestre de 2025 et activités de financement récentes
| ● | Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program. |
| ● | As of May 13, 2025, the Company held 1,166 BTC. |
| ● | Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM. |
Performance opérationnelle trimestrielle
| Q1 2025 | Q4 2024 | Q1 2024 | ||||||||||
| Total des BTC obtenus | 693 | 654 | 943 | |||||||||
| BTC reçus grâce aux revenus de l'hébergement | 6 | — | — | |||||||||
| BTC vendu | 428 | 502 | 941 | |||||||||
| As of March 31, | Depuis le Décembre 31, | As of March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Fonctionnement EH/s | 19.5 | 12.8 | 6.5 | |||||||||
| Moyenne des watts/efficacité moyenne du TH*** | 20 | 22 | 35 | |||||||||
| Capacité d'exploitation (MW) | 461 | 394 | 240 | |||||||||
Revenu moyen trimestriel**** et coût de production par BTC*
| Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | ||||||||||||||||
| Rev. moy.****/BTC | $ | 92,500 | $ | 82,400 | $ | 60,900 | $ | 65,800 | $ | 52,400 | ||||||||||
| Coût direct*/BTC | $ | 47,800 | $ | 40,800 | $ | 36,600 | $ | 30,600 | $ | 18,400 | ||||||||||
| Coût total en espèces*/BTC | $ | 72,300 | $ | 60,800 | $ | 53,700 | $ | 47,600 | $ | 27,900 | ||||||||||
| * | Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC 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. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release. |
| ** | Liquidity represents cash and balance of unrestricted digital assets. |
| *** | Average watts represent the energy consumption of miners. |
| **** | Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue. |
Conférence téléphonique
Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ’Financial Results’ section of the Bitfarms investor site.
The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.
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Mesures non IFRS*
As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.
The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.
À propos de Bitfarms ltée
Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.
Pour en savoir plus sur les événements, les développements et les communautés en ligne de Bitfarms :
www.bitfarms.com
https://www.facebook.com/BitfarmsFR/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms_fr/
https://www.linkedin.com/company/bitfarms-fr
Glossaire des termes
| ● | BTC BTC/jour = Bitcoin ou Bitcoin par jour |
| ● | EHuM = Exahash Under Management, qui comprend l'hashrate propriétaire de Bitfarms et l'hashrate hébergé par Bitfarms pour des clients tiers. |
| ● | EH ou EH/s = Exahash ou exahash par seconde |
| ● | MW ou MWh = Mégawatts ou mégawattheure |
| ● | w/TH = Efficacité en watts/terahash (y compris le coût de l’alimentation de l’équipement supplémentaire) |
| ● | T/T = Trimestre sur trimestre |
| ● | A/A = Année sur année |
| ● | Synthetic HODL™ = l'utilisation d'instruments qui créent une exposition équivalente au bitcoin. |
| ● | HPC/AI = Calcul à haute performance / Intelligence artificielle |
Énoncés prévisionnels
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 the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.
Toute déclaration impliquant des discussions relatives à des prédictions, des attentes, des croyances, des plans, des projections, des objectifs, des hypothèses, des événements ou des performances futurs (en utilisant souvent, mais pas toujours, des expressions telles que « s'attend à » ou « ne s'attend pas à », « est attendu », « anticipe » ou « n'anticipe pas », « planifie », « budget », « programmé », « prévisions », « estimations », « perspectives », « croire » ou « avoir l'intention » ou des variantes de ces mots et de ces expressions ou déclarant que certaines actions, événements ou résultats « peuvent » ou « pourraient », « seraient », « pourraient » ou « seront » pris pour se produire ou être atteints) ne sont pas des déclarations de faits historiques et peuvent constituer de l'information prospectives.
5
This forward-looking information is based on assumptions and estimates of management of Bitfarms 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 Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; 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 to operate cryptocurrency mining assets; the risks of an increase in 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 Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; 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 Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms 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, including factors that are currently unknown to or deemed immaterial by Bitfarms. 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. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. 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.
Contacts pour les relations avec les investisseurs :
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Contacts pour les médias :
Caroline Brady Baker
Director, Communications and Marketing
cbaker@bitfarms.com
6
Bitfarms ltée Résultats financiers et opérationnels consolidés
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Revenus | 66,848 | 50,317 | 16,531 | 33 | % | |||||||||||
| Coût des revenus | (67,390 | ) | (60,999 | ) | (6,391 | ) | 10 | % | ||||||||
| Perte brute | (542 | ) | (10,682 | ) | 10,140 | (95 | )% | |||||||||
| Marge brute (1) | (1 | )% | (21 | )% | — | — | ||||||||||
| Dépenses d'exploitation | ||||||||||||||||
| Dépenses générales et administratives | (20,173 | ) | (13,196 | ) | (6,977 | ) | 53 | % | ||||||||
| Gain sur la cession d'immobilisations corporelles et de dépôts | 5,586 | 170 | 5,416 | nm | ||||||||||||
| Dépréciation d'actifs non financiers | (17,230 | ) | — | (17,230 | ) | (100 | )% | |||||||||
| Perte d'exploitation | (32,359 | ) | (23,708 | ) | (8,651 | ) | 36 | % | ||||||||
| Marge d’exploitation (1) | (48 | )% | (47 | )% | — | — | ||||||||||
| Revenu financier net | 2,110 | 11,443 | (9,333 | ) | (82 | )% | ||||||||||
| Perte nette avant impôts sur le revenu | (30,249 | ) | (12,265 | ) | (17,984 | ) | 147 | % | ||||||||
| Recouvrement (charge) d'impôt sur le revenu | (5,626 | ) | 6,285 | (11,911 | ) | (190 | )% | |||||||||
| Perte nette | (35,875 | ) | (5,980 | ) | (29,895 | ) | 500 | % | ||||||||
| Basic and diluted net loss per share (in U.S. dollars) | (0.07 | ) | (0.02 | ) | — | — | ||||||||||
| Variation de réévaluation du surplus - actifs numériques, déduction faite de l’impôt | (13,421 | ) | 17,433 | (30,854 | ) | (177 | %) | |||||||||
| Total du résultat global (perte nette), net d’impôt | (49,296 | ) | 11,453 | (60,749 | ) | (530 | %) | |||||||||
| Bénéfice de minage brut (2) | 28,043 | 31,340 | (3,297 | ) | (11 | )% | ||||||||||
| Gross Mining margin (2) | 43 | % | 63 | % | — | — | ||||||||||
| EBITDA ajusté (2) | 15,086 | 23,324 | (8,238 | ) | (33 | )% | ||||||||||
| Marge EBITDA ajustée (2) | 23 | % | 46 | % | — | — | ||||||||||
nm: not meaningful
| 1 | Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 - Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A. |
| 2 | Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 - Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A. |
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Bitfarms ltée Rapprochement du bénéfice net (perte) consolidé(e) à l'EBITDA et à l'EBITDA ajusté
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Revenus | 66,848 | 50,317 | 16,531 | 33 | % | |||||||||||
| Perte nette avant impôts sur le revenu | (30,249 | ) | (12,265 | ) | (17,984 | ) | 147 | % | ||||||||
| Revenus d'intérêts | (305 | ) | (302 | ) | (3 | ) | 1 | % | ||||||||
| Dépréciation et amortissement | 29,693 | 38,977 | (9,284 | ) | (24 | )% | ||||||||||
| EBITDA | (861 | ) | 26,410 | (27,271 | ) | (103 | )% | |||||||||
| Marge du BAIIA | (1 | )% | 52 | % | — | — | ||||||||||
| Rémunération en actions | 4,437 | 3,094 | 1,343 | 43 | % | |||||||||||
| Dépréciation d'actifs non financiers | 17,230 | — | 17,230 | 100 | % | |||||||||||
| Gain sur la réévaluation des warrants | (5,618 | ) | (9,040 | ) | 3,422 | (38 | )% | |||||||||
| Gain sur la vente des titres négociables | (391 | ) | (338 | ) | (53 | ) | 16 | % | ||||||||
| Gain sur le règlement des dépôts d'hébergement remboursables | (945 | ) | — | (945 | ) | (100 | )% | |||||||||
| Services professionnels non liés aux activités courantes | 1,671 | — | 1,671 | 100 | % | |||||||||||
| Recouvrement de la taxe sur les ventes - années antérieures - énergie et infrastructure et dépenses G&A (1) | — | 2,387 | (2,387 | ) | 100 | % | ||||||||||
| (Produits) charges financières nettes et autres | (437 | ) | 811 | (1,248 | ) | (154 | )% | |||||||||
| EBITDA ajusté | 15,086 | 23,324 | (8,238 | ) | (33 | )% | ||||||||||
| Marge du BAIIA ajustée | 23 | % | 46 | % | — | — | ||||||||||
| 1 | Le recouvrement de la taxe sur les ventes concernant l'énergie et l'infrastructure et les frais généraux et administratifs a été affecté à leurs périodes respectives; voir la note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) des états financiers annuels 2024. |
8
Bitfarms ltée Calcul du bénéfice de minage brut et de la marge de minage brute
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Perte brute | (542 | ) | (10,682 | ) | 10,140 | (95 | )% | |||||||||
| Revenus de non minage¹ | (1,985 | ) | (894 | ) | (1,091 | ) | 122 | % | ||||||||
| Dépréciation et amortissement | 29,693 | 38,977 | (9,284 | ) | (24 | )% | ||||||||||
| Composants électriques et salaires | 877 | 708 | 169 | 24 | % | |||||||||||
| Recouvrement de la taxe sur les ventes - années antérieures - énergie et infrastructure². | — | 2,028 | (2,028 | ) | 100 | % | ||||||||||
| Autre | — | 1,203 | (1,203 | ) | 100 | % | ||||||||||
| Bénéfice brut de l'activité de minage | 28,043 | 31,340 | (3,297 | ) | (11 | )% | ||||||||||
| Marge brute de minage | 43 | % | 63 | % | — | — | ||||||||||
nm: not meaningful
| (1) | Conciliation des revenus non reliés au minage : |
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Revenus | 66,848 | 50,317 | 16,531 | 33 | % | |||||||||||
| Moins de revenus liés au minage dans le but de calculer la marge brute de minage : | ||||||||||||||||
| Revenus de minage³ | (64,863 | ) | (49,423 | ) | (15,440 | ) | 31 | % | ||||||||
| Revenus hors minage | 1,985 | 894 | 1,091 | 122 | % | |||||||||||
nm: not meaningful
| (2) | Le recouvrement de la taxe sur les ventes concernant les dépenses d'énergie et d'infrastructure a été affecté à leurs périodes respectives; voir la note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) des états financiers annuels 2024. |
| (3) | Les revenus miniers comprennent les revenus provenant de la vente de la puissance informatique utilisée pour les calculs de hachage et les revenus provenant de la puissance informatique vendue en échange de services. |
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Bitfarms ltée Calcul du coût direct et du coût direct par BTC
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Coût des revenus | 67,390 | 60,999 | 6,391 | 10 | % | |||||||||||
| Dépréciation et amortissement | (29,693 | ) | (38,977 | ) | 9,284 | (24 | )% | |||||||||
| Composants électriques et salaires | (877 | ) | (708 | ) | (169 | ) | 24 | % | ||||||||
| Dépenses d'infrastructure | (3,677 | ) | (1,974 | ) | (1,703 | ) | 86 | % | ||||||||
| Recouvrement de la taxe de vente - années antérieures - énergie et infrastructure (1) | — | (2,028 | ) | 2,028 | 100 | % | ||||||||||
| Autre | — | — | — | — | % | |||||||||||
| Coût direct | 33,143 | 17,312 | 15,831 | 91 | % | |||||||||||
| Quantité de BTC obtenus | 693 | 943 | (250 | ) | (27 | )% | ||||||||||
| Coût direct par BTC (en dollars américains) | 47,800 | 18,400 | 29,400 | 160 | % | |||||||||||
Bitfarms ltée Calcul du coût total en espèces et du coût total par BTC
| Trois mois terminés le 31 mars, | ||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2025 | 2024 | Changement en $ | Changement en pourcentage | ||||||||||||
| Coût des revenus | 67,390 | 60,999 | 6,391 | 10 | % | |||||||||||
| Dépenses générales et administratives | 20,173 | 13,196 | 6,977 | 53 | % | |||||||||||
| 87,563 | 74,195 | 13,368 | 18 | % | ||||||||||||
| Dépréciation et amortissement | (29,693 | ) | (38,977 | ) | 9,284 | (24 | )% | |||||||||
| Dépenses de services non monétaires (2) | (785 | ) | — | (785 | ) | (100 | )% | |||||||||
| Composants électriques et salaires | (877 | ) | (708 | ) | (169 | ) | 24 | % | ||||||||
| Rémunération en actions | (4,437 | ) | (3,094 | ) | (1,343 | ) | 43 | % | ||||||||
| Services professionnels non liés aux activités courantes | (1,671 | ) | — | (1,671 | ) | (100 | )% | |||||||||
| Recouvrement de la taxe sur les ventes - années antérieures - énergie et infrastructure et dépenses G&A (1) | — | (2,387 | ) | 2,387 | 100 | % | ||||||||||
| Autre | — | (2,744 | ) | 2,744 | 100 | % | ||||||||||
| Coût total des liquidités | 50,100 | 26,285 | 23,815 | 91 | % | |||||||||||
| Quantité de BTC obtenus | 693 | 943 | (250 | ) | (27 | )% | ||||||||||
| Coût total en espèces par BTC (en dollars américains) | 72,300 | 27,900 | 44,400 | 157 | % | |||||||||||
| 1 | Le recouvrement de la taxe sur les ventes concernant l'énergie et l'infrastructure et les frais généraux et administratifs a été affecté à leurs périodes respectives; voir la note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) des états financiers annuels 2024. |
| 2 | Dépenses de services sans effet de trésorerie, incluses dans l'infrastructure, qui ont été échangées contre de la puissance informatique vendue. |
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