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% in need of what analysts at Zacks have been anticipating.
That’s an enormous miss for an organization that’s been using excessive this yr by way of share value. On the revenue facet, Bitfarms logged a internet lack of $0.02 per share, which precisely matched the Zacks estimate, however nonetheless exhibits there’s hassle below the hood.
In comparison with final yr’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. Actually, over the previous 4 quarters, Bitfarms has solely crushed 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 progress, from $44.85 million in Q3 2024 to $69.25 million this quarter, sounds strong, however it doesn’t matter a lot when Wall Road anticipated far more. This quarter’s miss introduced the corporate’s income beat document 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, manner forward of the S&P 500’s 16.5% achieve. However that outperformance doesn’t imply a lot proper now. The speedy focus has turned to what Geoff Morphy, the CEO, and his group will say on the earnings name. Traders 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 development for the corporate was already trying weak. That very same development now feeds into the corporate’s Zacks Rank #4 (Promote) score, which 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 yr, analysts are forecasting a lack of $0.15 per share on $314.54 million in whole income. These estimates will certainly be below assessment after the newest numbers.
Bitfarms outlook dims as friends put together outcomes
The business isn’t dragging Bitfarms down both. The Zacks Know-how Providers business, which the corporate is a part of, presently ranks within the prime 27% out of greater than 250 tracked industries. Meaning it’s not the sector, it’s the corporate.
There’s additionally a highlight on MindWalk Holdings Corp., a peer in the identical business, which hasn’t reported but for its October quarter. Analysts count on MindWalk to submit a $0.01 per share loss, a significant 85.7% enchancment from the identical interval final yr.
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 traders could discover enticing if Bitfarms can’t get it collectively.
Ben Gagnon, the CEO of Bitfarms, mentioned on Thursday throughout the name occasion that despite the fact that the Washington property makes up lower than 1% of the corporate’s whole buildable portfolio, switching it to a GPU-as-a-Service web site may convey in additional internet 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 information facilities. These offers are tied to multi-billion-dollar income projections, and so they’re additionally serving to these firms stack up extra funds by means of debt.
What occurs subsequent for Bitfarms will come down as to whether Wall Road decides to present it one other shot or pulls the plug. Proper now, the corporate’s blended document on earnings, weak revisions development, and underwhelming Q3 numbers make {that a} powerful name.
