Bitfarms Q2 rev up 87% YoY to $78mln, gross mining margin down to 45%.

• Bitfarms reports Q2 revenue of $78mln, up 87% YoY • Gross mining margin at 45%, down from 51% in Q2 2024 • Partnered with T5 Data Centers for HPC/AI development at Panther Creek campus • Master Site Plan for Panther Creek data center campus submitted to Macquarie

Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, reported its financial results for the second quarter ended June 30, 2025. The company achieved revenue of $78 million, representing an 87% year-over-year (YoY) increase. The gross mining margin decreased to 45% from 51% in the previous quarter [1].

Key developments include the submission of a Master Site Plan for the Panther Creek data center campus to Macquarie and a strategic partnership with T5 Data Centers for high-performance computing (HPC)/AI development at the Panther Creek campus in Pennsylvania [1].

Bitfarms is executing a significant U.S. pivot, establishing a second principal office in New York City and initiating a share buyback program. The company has already repurchased 10% of available shares, demonstrating strong liquidity and a robust balance sheet [1].

The company's liquidity stood at approximately $230 million as of August 11, 2025, comprising $85 million in cash and $145 million in unencumbered Bitcoin [1]. Bitfarms plans to discontinue operations in Argentina by November 2025, focusing instead on its North American expansion, with over 1 GW in the Pennsylvania pipeline.

Bitfarms CEO Ben Gagnon stated, "Our North American energy portfolio positions Bitfarms to be a leader in HPC and AI infrastructure. With over 1 GW in our Pennsylvania pipeline, anchored by our flagship Panther Creek campus which is in close proximity to Amazon and CoreWeave sites, we aim to capture significant market share in what is quickly emerging as a new AI infrastructure hub. With additional energy strategically located in data center hotspots in Washington and Quebec, we are building a diversified, unique and scalable North American platform of robust energy and fiber infrastructure that is attracting significant interest from prospective clients. Coupled with strong political support for data center development in these regions, our strategic vision and pivot to the U.S. and to HPC & AI infrastructure positions us as a key player to meet surging demand in the AI industrial revolution coast-to-coast."

CFO Jeff Lucas added, "We executed several key initiatives over the last four months, including the Panther Creek financing, the commitment to our transition to U.S. GAAP accounting in Q4 2025, the announcement of our second principal executive office in New York City, and the commencement of our corporate share buyback program. I am proud to report that we’ve already repurchased 10% of all shares available under the repurchase program, a testament to our strong belief that the market is significantly undervaluing our shares. With minimal 2025 capex remaining and strong liquidity comprised of a growing Bitcoin treasury, approximately $85 million in cash, a debt financing in place with Macquarie, and consistent cash flows from our mining operations, we are well-positioned to execute on our HPC/AI infrastructure, share buyback, and U.S. pivot strategies."

The company's financial results underscore its strategic pivot towards HPC/AI infrastructure, showcasing a strong revenue growth trajectory and a robust balance sheet. As it continues to expand its North American presence, Bitfarms is well-positioned to capitalize on the growing demand for AI computing infrastructure.

References:
[1] https://www.stocktitan.net/news/BITF/bitfarms-reports-second-quarter-2025-ahz5nxpl1gte.html