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- **Strategic HPC/AI Expansion**: 18MW Washington site converted to HPC/AI with $128M investment, targeting GPUaaS monetization with above-market margins.
- **Vera Rubin Premium**: 99% of 2026-2027 portfolio optimized for Vera Rubin GPUs, expected to command $180/kW/month vs. $140-$150/kW/month for GB300s.
- **Financial Strength**: $84M Q3 revenue, $20M EBITDA, and >$1B war chest (cash + Bitcoin + undrawn debt) support development.
- **Operational Efficiency**: 35% gross mining margin and 28% EBITDA margin, with Bitcoin 2.1 program reducing effective BTC production cost by 33%.
- **Growth Catalysts**: 410MW Panther Creek expansion, 1.3GW Scrubgrass potential, and Quebec regional campus strategy for <2ms latency.

**【CEO Summary Section】**
- **HPC/AI Infrastructure Growth**: Bitfarms is transitioning to a leading North American HPC and AI infrastructure provider, with a focus on high-demand regions like Pennsylvania, Washington, and Quebec. Key developments include:
  - **Washington Site Conversion**: 18 megawatts of low-cost, renewable power being converted to HPC/AI, with $128M invested in critical IT infrastructure for NVIDIA GB300 compatibility.
  - **GPU as a Service (GPUaaS)**: Exploring cloud monetization at Washington, targeting above-market margins due to low power costs and proximity to hyperscalers.
  - **Vera Rubin GPU Readiness**: 99% of 2026-2027 development portfolio optimized for NVIDIA’s next-gen Vera Rubin GPUs, expected to command premium lease rates due to higher energy density (370kW/rack vs. 190kW/rack for GB300s).
  - **Pennsylvania Expansion**: Panther Creek site’s power capacity expanded to 410 megawatts (from 350MW) via ESA conversion, with phase one targeting mid-2027 completion for Vera Rubin infrastructure.
  - **Quebec Strategy**: 170MW of low-cost hydropower being repurposed for HPC/AI, with Sherbrooke site prioritized for GPUaaS due to Montreal’s unmet demand for cloud services.

- **Competitive Advantages**: Cooler climates (Pennsylvania, Washington, Quebec) reduce PUE (1.2-1.3 vs. 1.4-1.5 in Texas), enabling higher revenue per megawatt. Secured power applications in Pennsylvania and Washington provide multi-year lead times for competitors.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Total revenue: $84M (including $69M from continuing operations).
  - Gross mining profit: $21M (35% margin), with Bitcoin 2.1 program reducing effective production cost to $55,200 per BTC (from $82,400).
  - Adjusted EBITDA: $20M (28% of revenue), up 13x YoY.
  - Free cash flow: ~$8M/month from Bitcoin mining, funding OPEX and CapEx.
- **Capital Structure**: 
  - $588M convertible note offering (capped call at $11.88/share) and $300M Macquarie project facility provide >$1B war chest (cash + Bitcoin + undrawn debt).
  - 100% of institutional investors in the convertible note offering participated, signaling strong investor confidence.
- **Liquidity**: $820M in cash and Bitcoin, with $200M available via Macquarie facility for HPC/AI development.

**【Q&A Highlights】**
- **Vera Rubin Economics**: Expected premium lease rates (~$180/kW/month vs. $140-$150/kW/month for GB300s) due to 370kW/rack density and hyperscalers’ urgency to deploy new GPUs.
- **Development Timelines**: 
  - Washington site: GPUaaS deployment by Q4 2026, with GPU financing options reducing CapEx requirements.
  - Panther Creek: Phase one (60MW) delayed to H1 2027 for Vera Rubin compatibility, with phase two (300MW) on track for 2027.
  - Scrubgrass: Potential 1.3GW expansion via natural gas pipeline, targeting 2028+ development.
- **Bitcoin Mining Wind-Down**: Pasco site sale expected to accelerate free cash flow realization, with remaining mining operations winding down as HPC/AI projects ramp.
- **GPU Acquisition**: Conversations with NVIDIA and OEMs on GPU financing, with potential 100% CapEx offset for Washington site.
- **Regional Campus Strategy**: Quebec sites within 90-minute drive of Montreal enable <2ms latency via direct fiber, replicating Amazon’s regional campus model.

Bitfarms Ltd (BITF) Q3 2025 Earnings Call Transcript

- **Argentina Shutdown Success**: $18M proceeds offset mining loss, improving efficiency by 5%.
- **HPC Growth**: Panther Creek Phase 1 (50MW) on track for Q4 2026, backed by $300M Macquarie financing.
- **Financial Strength**: $230M liquidity, $8M/month free cash flow, 25% Bitcoin holdings increase.
- **Strategic Moves**: U.S. pivot with NYC office, 9% share buyback program executed at 10% of target.
- **Risk Management**: Regulatory hurdles in Quebec, but Sherbrooke HPC conversion prioritized.


**【CEO Summary Section】**
- **Argentina Shutdown**: Completed closure of mining operations by November 2025, expecting $18M in proceeds from equipment sales and cost savings. Improved fleet efficiency (+1% energy, +5% hash cost) offsets free cash flow loss.
- **Miner Upgrades**: Replaced 10,000 T21 miners with S21+ models, sold older equipment, and generated $25M in potential revenue.
- **Current Operations**: 17.7 exahash at 17W/T, generating $8M/month in free cash flow. Bitcoin holdings increased to 1,200 (up 25%), valued at $145M.
- **HPC Strategy**: 
  - **Pennsylvania (Panther Creek)**: 350MW campus with Macquarie $300M financing, Phase 1 (50MW) by Q4 2026, Phase 2 (300MW) by 2027. T5 partnership for development.
  - **Washington**: 18MW site targeting enterprise customers with 50% lower energy costs.
  - **Quebec**: 170MW hydropower; regulatory approval for conversion to HPC expected by 2027.
- **U.S. Pivot**: NYC office, U.S. GAAP reporting, and 2026 redomiciliation to expand U.S. investor access.
- **Share Buyback**: $230M liquidity; repurchased 5M shares (10% of 49.9M authorized) in first 2 weeks, plans to continue.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: 
  - Revenue: $78M (87% YoY), mining: $71M, hosting: $7M.
  - Gross Profit: $32M (45% margin), operating loss: $40M (due to $15M Argentina impairment).
  - Adjusted EBITDA: $14M (18% of revenue).
  - Liquidity: $230M (cash + BTC), $8M/month free cash flow.
- **Macquarie Financing**: $300M facility for Panther Creek; $50M drawn for design, $250M conditional on milestones.
- **Bitcoin Program**: $11M profit since Feb 2025; strategic review underway.

**【Q&A Highlights】**
- **Panther Creek Development**: Civil works and substation construction to begin Q4 2025, Phase 1 building by end-2026. T5 managing $400M build-out with 1.25 PUE target.
- **Quebec Conversion**: Regulatory approval needed; Sherbrooke (96MW) prioritized for HPC due to infrastructure and political support.
- **Bitcoin Mining Future**: No growth planned; hash rate may decline as HPC expands. 2026+ economics to guide mining decisions.
- **Share Buybacks**: Funded by mining cash flow, not debt; 9% of shares authorized, executed at market prices below issuance levels.
- **Customer Engagement**: Active conversations with hyperscalers for 2026 power; enterprise interest in Washington site.


Bitfarms Ltd. (BITF) Q2 2025 Earnings Call Transcript

- **Strategic Shift to HPC/AI**: $300M Macquarie financing fuels 500MW U.S. HPC campus development, with first site breaking ground H2 2025.
- **Bitcoin Mining Efficiency**: 19.5 exahash fleet at 43% margin, $72.3K/BTC all-in cost, 94% miners installed.
- **Financial Strength**: $150M liquidity, $8M/month free cash flow, < $100M 2025 CapEx (excluding HPC).
- **Growth Pipeline**: 1.4GW U.S. power portfolio validated for HPC/AI, targeting PJM grid-connected sites.


**【CEO Strategic Pivot Overview】**
- Transitioned to U.S.-centric HPC/AI infrastructure, acquiring 500MW-capacity Pennsylvania campuses and divesting Paraguay Bitcoin mine for $26M+ cash.
- Secured $300M Macquarie financing for Panther Creek HPC campus, with $50M upfront and $250M milestone-based tranche.
- Completed Bitcoin fleet upgrade to 19.5 exahash, reducing operating costs and eliminating tariffs on 300+ miners.
- 94% of purchased miners installed, with no material 2025 Bitcoin mining CapEx.

**【CFO Financial Highlights】**
- Q1 2025 revenue: $67M (33% YoY growth), driven by 19.5 exahash Bitcoin mining.
- Gross mining profit: $28M (43% margin), with $72.3K all-in cash cost per Bitcoin.
- Liquidity: $150M (cash + unencumbered BTC), with $8M/month free cash flow from mining.
- 2025 CapEx: < $100M (excluding HPC/AI), focused on electrical infrastructure.

**【Q&A Key Takeaways】**
- HPC development prioritizes U.S. sites with PJM grid access; Panther Creek to break ground H2 2025.
- Bitcoin mining to generate $6M/month in fixed costs, with potential for strategic Bitcoin accumulation via derivatives.
- HPC/AI business model: powered shell ($2-4M/MW) vs. turnkey ($8-10M/MW), targeting 1.4GW total capacity.
- No immediate plans for additional Bitcoin mining hardware purchases.


Bitfarms Ltd. (BITF) Q1 2025 Earnings Call Transcript

- **US-Focused Energy Transition**: 80% of 1.4GW pipeline in the US, with 142MW immediately available at Stronghold sites. Pennsylvania sites offer PJM grid access, fiber connectivity, and lower power costs.
- **Cost Efficiency**: Hash cost reduced 50% to $22/TH, 2025 CapEx cut to <$100M via Yguazu sale. Mining portfolio derisked through 2026 with >50% margins at $80K/BTC.
- **HPC Growth**: Hired HPC experts, engaged NVIDIA partners, and advanced feasibility studies for 1.4GW pipeline. Hyperscaler interest driven by powered land/shell models and 12-36-month development timelines.
- **Financial Strength**: $135M liquidity, $8-12M/month mining cash flow, no debt. Bitcoin One program generated $18M profit, supporting low-cost capital for HPC expansion.

**【CEO Summary Section】**
- **Strategic Transformation**: Transitioned from international Bitcoin miner to a US-focused energy and compute company. Hashrate under management tripled to 18.6 Exahash, with 45% efficiency improvement. Energy portfolio expanded by 90% to 461 MW, with 80% of pipeline in the US.
- **Cost Optimization**: Reduced hash cost to $22/TH, down 50%, through fleet upgrades and PJM energy management. Sold Yguazu site, saving $325M in CapEx and reducing 2025 CapEx to <$100M.
- **HPC/AI Expansion**: Acquired Stronghold sites for HPC potential, hired SVPs for HPC and infrastructure. Sites in Pennsylvania (Panther Creek, Scrubgrass, Sharon) offer 1.4GW pipeline with PJM grid access, fiber connectivity, and lower power costs. NVIDIA GTC feedback highlights site appeal for hyperscalers.
- **Bitcoin Business Resilience**: Mining portfolio derisked through 2026, with no major miner purchases planned. Bitcoin One program generated $18M profit in 2023-2024, targeting low-cost capital for growth.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $56M (21% QoQ growth), mining profit $26M (47% margin). Net income $15M vs. $37M loss in Q3. Adjusted EBITDA $14M (25% of revenue). Liquidity $135M, with $8-12M/month mining cash flow.
- **Cost Control**: G&A expenses reduced by $1.3M in Q4. 2025 CapEx < $100M, focused on US infrastructure. No debt on balance sheet, exploring debt financing for HPC projects.
- **Mining Economics**: Direct mining margin >50% at $80K/BTC, with potential 50-75% margins if BTC exceeds $100K. 2026 outlook cautious due to network hashrate growth, but HPC diversification expected to offset risks.

**【Q&A Highlights】**
- **HPC Timeline**: Regulatory approvals for Pennsylvania sites could take 12-36 months. Immediate 142MW available at Stronghold sites, with 800MW pipeline. Feasibility studies for North American sites expected in Q2.
- **CapEx Allocation**: 2025 CapEx ~$95M, $7M for miner upgrades, rest for US infrastructure (e.g., Sharon expansion). No plans for new miner purchases.
- **Latin America Assets**: Profitable sites remain operational, but no further divestments planned. Focus on US growth and HPC opportunities.
- **Hyperscaler Deals**: Due diligence 6-12 months, powered land/shell models preferred. Pennsylvania sites' power costs and climate advantages make them more valuable than Texas peers.

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