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Bitfarms CEO Ben Gagnon attributed the company’s growth to its transformation from solely a Bitcoin miner into a North American energy and computing company.
Bitfarms' (BITF) stock traded in the green in Thursday’s pre-market after the Bitcoin (BTC) miner reported a surprise fourth-quarter profit and stronger-than-expected revenue growth.
The rebound comes after shares sank below $1 on Wednesday, marking their lowest level in over a year. The earnings beat helped the stock recover, with retail sentiment on Stocktwits turning bullish.
Bitfarms reported earnings per share of $0.03, defying expectations of a $0.04 per share loss, according to Koyfin. Revenue grew 21% year-over-year to $56.05 million, surpassing analysts’ estimates of $54 million.
However, net income rose to $15 million, reversing a net loss of $62 million in the same period last year.
Bitfarms CEO Ben Gagnon attributed the company’s growth to progress in its high-performance computing and AI initiatives, including key executive hires and growth in mining capacity, which he expects will sustain cash flow through 2026 and beyond.
Like many miners in the industry, Bitfarms is expanding beyond Bitcoin mining by entering the energy-intensive AI and HPC sectors, where data centers can be repurposed for broader computing workloads.
Gagnon highlighted a 90% increase in energized capacity to 461 megawatts (MW) and a long-term development pipeline of over 1.4 gigawatts (GW), with most projects based in the U.S. and North America.
The company’s recent acquisition of Stronghold Digital Mining marked the largest merger between two publicly traded Bitcoin miners. Bitfarms also recently sold its 200-MW Yguazu data center to peer Hive Technologies (HIVE).
CFO Jeff Lucas said the Stronghold acquisition and Yguazu sale had strengthened Bitfarms’ financial position.
Meanwhile, Senior Vice President of Mining Operations Alex Brammer noted that Bitfarms had nearly tripled its hashrate over the past year and improved efficiency by over 40%.
The company increased its hash rate by more than 40% in the last three months to 18.6 exahashes per second (EH/s). Barmmer said this growth was driven by the activation of two North American sites, new miner deliveries, and continued optimizations across existing operations.
He added that capital expenditure requirements for 2025 were now 20% lower than previously planned.
The company does not plan to purchase any major miners in 2025 or 2026, instead directing capital toward developing U.S. energy and HPC infrastructure.
On Stocktwits, retail sentiment around Bitfarms’ stock surged to ‘extremely bullish’ territory from ‘bullish’ a day ago, and chatter jumped to ‘high’ levels.
According to platform data, message volume around Bitfarms climbed 300% over the past 24 hours.
One user said Bitfarms should announce a share buyback to restore investor confidence.
Another user wondered if Bitfarms' earnings were its “best quarter in ages,” given its return to profitability.
Despite Thursday’s pre-market gains, Bitfarms' stock remains down more than 36% in 2025 and has lost over half its value in the past year.
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