Bitfarms simply posted its newest earnings report for Q3 2025, and the outcomes have been straight-up disappointing. The corporate reported $69.25 million in income for the quarter ending September, falling about 16.7% wanting what analysts at Zacks have been anticipating.
That’s a giant miss for a corporation that’s been driving excessive this 12 months by way of share value. On the revenue facet, Bitfarms logged a web lack of $0.02 per share, which precisely matched the Zacks estimate, however nonetheless exhibits there’s hassle beneath the hood.
In comparison with final 12 months’s Q3 lack of $0.09 per share, the corporate has narrowed the hole, however that doesn’t change the truth that earnings surprises have been uncommon. In reality, over the previous 4 quarters, Bitfarms has solely overwhelmed earnings estimates as soon as.
1 / 4 in the past, analysts thought the corporate would lose simply $0.01 per share, however Bitfarms ended up posting $0.02, doubling the loss and delivering a nasty ‑100% shock.
Loss narrows, however income miss drags outlook
The year-over-year income development, from $44.85 million in Q3 2024 to $69.25 million this quarter, sounds strong, however it doesn’t matter a lot when Wall Avenue anticipated far more. This quarter’s miss introduced the corporate’s income beat report down to 2 out of the final 4 quarters.
Regardless of the Q3 letdown, Bitfarms inventory remains to be up 112.8% year-to-date, method forward of the S&P 500’s 16.5% achieve. However that outperformance doesn’t imply a lot proper now. The instant focus has turned to what Geoff Morphy, the CEO, and his staff will say on the earnings name. Buyers need solutions, what’s driving the continued misses, and what’s the plan to show it round?
Proper earlier than the earnings dropped, the revisions pattern for the corporate was already trying weak. That very same pattern now feeds into the corporate’s Zacks Rank #4 (Promote) ranking, that means analysts don’t count on this inventory to beat the market any time quickly. The longer term will rely on how a lot earnings estimates transfer now that the outcomes are out.
For the following quarter, the present consensus is a lack of $0.01 per share on anticipated revenues of $86.81 million. For the total fiscal 12 months, analysts are forecasting a lack of $0.15 per share on $314.54 million in complete income. These estimates will certainly be beneath evaluate after the most recent numbers.
Bitfarms outlook dims as friends put together outcomes
The trade isn’t dragging Bitfarms down both. The Zacks Expertise Providers trade, which the corporate is a part of, at present ranks within the high 27% out of greater than 250 tracked industries. Which means it’s not the sector, it’s the corporate.
There’s additionally a highlight on MindWalk Holdings Corp., a peer in the identical trade, which hasn’t reported but for its October quarter. Analysts count on MindWalk to publish a $0.01 per share loss, a serious 85.7% enchancment from the identical interval final 12 months.
Income for MindWalk is projected at $4 million, down 10.9% year-over-year. Notably, MindWalk’s EPS estimates haven’t moved in 30 days, an indication of stability buyers might discover enticing if Bitfarms can’t get it collectively.
Ben Gagnon, the CEO of Bitfarms, mentioned on Thursday in the course of the name occasion that despite the fact that the Washington property makes up lower than 1% of the corporate’s complete buildable portfolio, switching it to a GPU-as-a-Service web site might deliver in additional web working earnings than something they’ve ever made out of Bitcoin mining.
Miners like Cipher and Terawulf, who’ve already stepped into AI infrastructure, have pulled in heavyweight backers like SoftBank and Google to co-develop knowledge facilities. These offers are tied to multi-billion-dollar income projections, they usually’re additionally serving to these firms stack up extra funds via debt.
What occurs subsequent for Bitfarms will come down as to whether Wall Avenue decides to present it one other shot or pulls the plug. Proper now, the corporate’s combined report on earnings, weak revisions pattern, and underwhelming Q3 numbers make {that a} robust name.
