Bitfarms Reports Q4 Revenue Growth of 33% to $60M, Along With Margin Expansion

Canadian crypto miner Bitfarms (BITF) on Monday morning reported revenue of $60 million for the fourth quarter of 2021, up 33% from $45 million in the third quarter and up 426% from the fourth quarter of 2020.

• The company reported full-year revenue of $169 million for 2021, up 383% versus 2020.
• Operating income in Q4 was $15 million, and net income was $10 million, or $0.05 per share. Adjusted EBITDA for Q4 was $44 million, or 74% of revenue, up from $32 million, or 71% of revenue in Q3. The company mined 1,045 bitcoin (BTC) in Q4 at an average price of $8,000 per coin versus an average of $7,500 a year earlier.
• For comparison, Marathon Digital – one of the larger miners in the world – had blended mining costs of $5,087 per coin, according to an investor presentation.
• Turning to the balance sheet, Bitfarms as of year-end held $126 million in cash and 3,301 bitcoin valued at about $153 million (based on price of $46,300). The company raised $113.9 million in Q4 via the sale of 17.6 million shares through its at-the-market (ATM) program with H.C. Wainwright. Since the start of 2022, the Canadian miner raised another $25.6 million through ATM share sales.
• On January 6, the Canadian miner purchased another 1,000 bitcoin for $43 million to add to its BTC treasury holdings.
• As of March 25, the company had boosted its hashrate to 2.7 exahash per second (EH/s) versus 2.2 EH/s at the end of the year. Management believes existing miner orders and contracted infrastructure expansion should allow hashrate of about 7.2 EH/s by the end of 2022. The company target is 8.0 EH/s by year-end, and Bitfarms is looking at further development opportunities in order to be able to achieve this.
• Shares are up 13% in Monday morning trading, rising along with mining peers like Marathon Digital (MARA) and Core Scientific (CORZ), thanks to a big rally to above $47,000 for bitcoin (BTC) over the weekend.

Read more: Marathon Digital’s Q4 Revenue Rises 17% From Q3, but Misses Estimates Slightly