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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bitfarms Ltd | TSXV:BITF | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.13 | 4.06 | 4.15 | 0 | 01:00:00 |
(U.S.$ in thousands except per share data and percentages) | Three months ended | Twelve months ended | ||||||
For the periods ended as indicated | Dec. 312020 | Dec. 312019 | $ Change | % Change | Dec. 312020 | Dec. 312019 | $ Change | % Change |
Revenues | 11,324 | 10,536 | 788 | 7% | 34,703 | 32,421 | 2,282 | 7% |
Cost of sales | 8,580 | 7,702 | 878 | 11% | 31,830 | 20,982 | 10,848 | 52% |
Gross profit (loss) | 2,744 | 2,834 | (90) | (3%) | 2,873 | 11,439 | (8,566) | (75%) |
Gross margin | 24% | 27% | - | - | 8% | 35% | - | - |
General and administrative expenses | 2,265 | 2,409 | (144) | (6%) | 8,250 | 9,984 | (1,734) | (17%) |
(Gain) on disposition of cryptocurrencies | (65) | - | (65) | (100%) | (88) | - | (88) | (100%) |
Impairment of property, plant and equipment | - | - | - | - | - | 56 | (56) | (100%) |
Operating income (loss) | 544 | 425 | 119 | 28% | (5,289) | 1,399 | (6,688) | (478%) |
Operating margin | 5% | 4% | - | - | (15%) | 4% | - | - |
Loss on disposition of assets | 178 | 303 | (125) | (41%) | 1,442 | 310 | 1,132 | 365% |
Net financial expenses | 5,456 | 1,571 | 3,885 | 247% | 9,386 | 1,573 | 7,813 | 497% |
Net income (loss) before income taxes | (5,090) | (1,449) | (3,641) | (251%) | (16,117) | (484) | (15,633) | (3230%) |
Income tax expense (recovery) | 284 | (2,574) | 2,858 | 111% | 172 | (2,591) | 2,763 | 107% |
Net income (loss) | (5,374) | 1,125 | (6,499) | (578%) | (16,289) | 2,107 | (18,396) | (873%) |
Net earnings (loss) per share - basic | (0.06) | 0.02 | - | - | (0.19) | 0.04 | - | - |
Net earnings (loss) per share - diluted | (0.06) | 0.02 | - | - | (0.19) | 0.04 | - | - |
Gross mining profit (1) | 5,461 | 5,488 | (27) | - | 13,782 | 17,681 | (3,899) | (22%) |
Gross mining margin (1) | 53% | 56% | - | - | 43% | 60% | - | - |
EBITDA (1) | (500) | 2,299 | (2,799) | (122%) | 1,473 | 9,627 | (8,154) | (85%) |
EBITDA margin (1) | (4%) | 22% | - | - | 4% | 30% | - | - |
Adjusted EBITDA (1) | 3,556 | 2,986 | 570 | 19% | 8,019 | 10,617 | (2,598) | (24%) |
Adjusted EBITDA margin (1) | 31% | 28% | - | - | 23% | 33% | - | - |
(1) Gross mining profit, Gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin, are non- IFRS performance measures; please refer to the Caution Regarding Non-IFRS Financial Performance Measures section of Bitfarms’ 2020 Management Discussion and Analysis (MD&A).
(2) Represents the break-even cost of Bitcoin based on variable cost of electricity and is calculated by taking the total electricity costs related to the Mining of Bitcoin, excluding hosting contracts, divided by the total number of Bitcoin mined.
Fourth Quarter 2020 Highlights
Full Year 2020 Highlights
“As anticipated, the May 2020 Bitcoin Halving event negatively impacted some of our key financial metrics for both the quarter and full year results. However, significant improvements in Bitcoin mining economics provided a healthy boost to our fourth quarter results. Operationally, we added three thousand miners in the quarter, increasing mining computing power to approximately 965PH/s as of the end of 2020,” commented Mauro Ferrara, Interim Chief Financial Officer.
Emiliano Grodzki, Chief Executive Officer of Bitfarms added, “With the addition of 218PH/s to our mining pool and the increase in Bitcoin price in the fourth quarter of 2020, we ended the year on a very positive note, providing us great momentum going forward. Thus far in 2021, we have raised CAD$80 million in equity, repaid our term debt in full, added miners to our pool to reach 1.2PH/s in computing power and placed orders for 48,000 miners for delivery in 2022, with our supplier of choice, MicroBT, all in line with our growth plans for 2021 and beyond. With Bitcoin prices recently surpassing $60,000 and with over 500 Bitcoin in inventory by the end of the quarter, our financial position has never been stronger, and we are very excited about our prospects for the future.”
Webcast
The Company will be hosting a webcast presentation at 10:00 AM ET on March 25, 2021. To view the webcast presentation, please register at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=DEB9E64C-E583-46A9-B591-FEAEAD9CA5AD
The financial results and presentation will also be available on our website at www.bitfarms.com.
About Bitfarms Ltd.
Founded in 2017 Bitfarms is one of the largest, oldest, and most cost-effective public bitcoin mining operations in the world. Bitfarms runs vertically integrated mining operations with onsite technical repair, data analytics and engineers to deliver high performance and uptime of operations.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. Bitfarms is currently listed as a Rising Star by the TSX-V.
Bitfarms has a diversified production platform with five industrial scale facilities located in Quebec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
To learn more about Bitfarms’ events, developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/ https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/
For Corporate inquiries, please contact:Mauro FerraraInterim Chief Financial Officer and Corporate Secretary Bitfarms Ltd.+1.514.691-6228MFerrara@bitfarms.com
For Investor Relations, please contact:Core IRTristan Traywick Managing Director+1.516.222-2560tt@coreir.com
For Media inquiries, please contact:Core IRTristan Traywick Managing Director+1.516.222-2560tt@coreir.com
And
Ellis Ballard ellis@yapglobal.com
Defined Terms
PH/s: Petahash per second. EH/s: Exahash per second.
Cautionary Statement
Forward-Looking Statements
1 Year Bitfarms Chart |
1 Month Bitfarms Chart |
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