BitFarms simply launched its newest monetary outcomes for Q3 2025, and the outcomes had been utterly disappointing. The corporate reported income of $69.25 million for the quarter that led to September, lacking analyst estimates by roughly 16.7%.
That is an enormous mistake for an organization whose inventory worth has soared this 12 months. On the earnings entrance, BitFarms posted a internet lack of $0.02 per share, which precisely matched Zacks’ expectations, however nonetheless factors to inner points.
The hole has narrowed in comparison with final 12 months’s third-quarter lack of $0.09 per share, however the truth stays that earnings surprises are uncommon. In actual fact, over the previous 4 quarters, Bitfarms has exceeded income estimates simply as soon as.
1 / 4 in the past, analysts had anticipated the corporate to put up a lack of simply $0.01 per share, however BitFarms ended up posting a lack of $0.02, doubling its loss and delivering a nasty 100% shock.
Losses slender, however income fall under expectations
Yr-over-year gross sales progress from $44.85 million in Q3 2024 to $69.25 million this quarter sounds strong, nevertheless it would not actually matter that Wall Road was anticipating extra. The quarter’s failure diminished the corporate’s file for increased income than in two of the previous 4 quarters.
Regardless of a weak third quarter, BitPharm inventory continues to be up 112.8% year-to-date, considerably outpacing the S&P 500’s 16.5% rise. However that outperformance does not imply a lot at this level. For now, the main target is on what CEO Jeff Morphy and his crew will say on the earnings name. Buyers are on the lookout for solutions to why the failure continues and what the plan is to show it round.
Simply earlier than the earnings decline, the corporate’s correction pattern was already trying weak. The identical pattern is presently mirrored within the firm’s Zacks Rank #4 (Promote) score, which means analysts do not anticipate the inventory to outperform the market anytime quickly. Going ahead, it can depend upon how a lot revenue forecasts change now that the outcomes are out.
For the subsequent quarter, the present consensus is looking for a lack of $0.01 per share on income of $86.81 million. For the complete 12 months, analysts anticipate the corporate to report a lack of $0.15 per share on income of $314.54 million. These estimates will little doubt be revisited after the most recent numbers.
Bitfarm’s outlook darkens as friends put together outcomes
The trade is not holding BitFarm again both. The corporate’s Zacks Expertise Companies trade presently ranks within the prime 27% of over 250 surveyed industries. So it is not a sector, it is an organization.
Evaluating firm MindWalk Holdings can be attracting consideration, however the firm has not but introduced its monetary outcomes for the October fiscal 12 months. Analysts anticipate MindWalk to put up a lack of $0.01 per share, an enchancment of 85.7% from the year-ago quarter.
MindWalk’s income is anticipated to be $4 million, down 10.9% year-over-year. Notably, MindWalk’s EPS estimates have remained unchanged over the previous 30 days, which means that even when BitFarms cannot get it collectively, traders might discover any indicators of stability interesting.
Bitfarms CEO Ben Gagnon stated on a convention name Thursday that regardless that Washington actual property accounts for lower than 1% of the corporate’s whole buildable portfolio, changing it to a GPU-as-a-service web site might convey in additional internet working revenue than it has ever earned from Bitcoin mining.
Miners like Cipher and Terawulf which might be already shifting into AI infrastructure are bringing in large backers like SoftBank and Google to co-develop information facilities. These offers are tied to multibillion-dollar income projections and are additionally serving to these firms elevate more cash by way of debt.
What occurs subsequent for Bitfarm will depend upon whether or not Wall Road provides it one other shot or walks away. This can be a troublesome name to make at this level, given the corporate’s combined outcomes, weak downward revisions, and unimpressive third-quarter numbers.
