Bitfarms Ltd. (BITF) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BITF SEC filings page.
Bitfarms Ltd. (BITF) reported $229.3M in revenue for fiscal year 2025, up 72.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue expansion has not translated into gross profit, while asset growth has arrived with heavier leverage and persistent cash consumption.
Revenue expanded72.0% from FY2024 to FY2025, but gross margin remained negative at-8.3% . The sharper deterioration below gross profit—operating margin moved from-21.0% to-65.3% —shows that growth was accompanied by costs that more than offset the modest gross-margin improvement.
Cash conversion is structurally weak: FY2025 operating cash flow was
The financing profile changed materially: debt-to-equity rose from 0.0x in FY2024 to 1.0x in FY2025 as total liabilities increased from
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Bitfarms Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bitfarms Ltd. earned a return on assets of -21.9% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from -4.3% the prior year. Earnings ranks banks on that return over three years, and Bitfarms Ltd. scores 7/100 among other banks.
Bitfarms Ltd. reported revenue of $229.3M in fiscal year 2025, against $133.3M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Bitfarms Ltd. scores 89/100 among other banks.
Bitfarms Ltd. funded 43.2% of its assets with shareholders' equity at the end of fiscal year 2025, holding $560.4M of equity against $1.3B of assets. Capital ranks banks on that cushion, and Bitfarms Ltd. scores 91/100 among other banks.
Not available for Bitfarms Ltd., and counted as zero in the overall score.
Not available for Bitfarms Ltd., and counted as zero in the overall score.
Bitfarms Ltd. reported a net loss of $284.5M in fiscal year 2025, against a loss of $28.4M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Bitfarms Ltd. scores 21/100 among other banks.
Bitfarms Ltd. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Bitfarms Ltd. reported a net loss of $284.5M while operations used $226.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Bitfarms Ltd. reported an operating loss of $149.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Bitfarms Ltd. generated $37.0M in revenue in Q1 2026. This represents a decrease of 22.4% from the same quarter a year earlier.
Bitfarms Ltd.'s EBITDA was -$70.7M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 991.5% from the same quarter a year earlier.
Bitfarms Ltd. reported -$145.4M in net income in Q1 2026. This represents a decrease of 161.6% from the same quarter a year earlier.
Bitfarms Ltd. earned -$0.24 per diluted share (EPS) in Q1 2026. This represents a decrease of 118.2% from the same quarter a year earlier.
Cash & Balance Sheet
Bitfarms Ltd. recorded an outflow of $75.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 20.6% from the same quarter a year earlier.
Bitfarms Ltd. held $398.4M in cash against $573.2M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Bitfarms Ltd.'s gross margin was -71.1% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 71.7 percentage points from the same quarter a year earlier.
Bitfarms Ltd.'s ROE was -34.7% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 26.3 percentage points from the same quarter a year earlier.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Bitfarms Ltd. invested $10.3M in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 76.2% from the same quarter a year earlier.
Not reported for Q1 2026.
Not reported for Q1 2026.
BITF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $37.0M-22.4% | N/A | $47.7M | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $63.3M+33.6% | N/A | $47.4M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | -$26.3M-9630.8% | N/A | $276K | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $26.8M+52.3% | N/A | $17.6M | N/A | N/A | N/A | N/A | N/A |
| Operating Income | -$98.4M-182.4% | N/A | -$34.8M | N/A | N/A | N/A | N/A | N/A |
| EBITDA | -$70.7M-991.5% | N/A | -$6.5M | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $3.6M+1845.9% | N/A | $185K | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$3K-101.4% | N/A | $222K | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$145.4M-161.6% | N/A | -$55.6M | N/A | N/A | N/A | N/A | N/A |
| EPS (Basic) | -$0.24-118.2% | N/A | -$0.11 | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | -$0.24-118.2% | N/A | -$0.11 | N/A | N/A | N/A | N/A | N/A |
| Diluted Shares (Avg) | 603M+20.5% | N/A | 500M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
BITF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B | $1.3B+95.5% | N/A | $663.1M | N/A | $343.1M-36.8% | $542.6M+949.4% | $51.7M |
| Current Assets | $575.6M | $826.5M+286.7% | N/A | $213.7M | N/A | $69.1M-75.9% | $287.1M+3031.8% | $9.2M |
| Cash & Equivalents | $398.4M+933.4% | $631.0M+959.7% | $38.5M | $59.5M-29.1% | $84.0M+172.1% | $30.9M-75.4% | $125.6M+2011.9% | $5.9M |
| Inventory | $10.4M | $8.7M+663.1% | N/A | $1.1M | N/A | N/A | N/A | N/A |
| Accounts Receivable | $5.4M | $5.5M+334.6% | N/A | $1.3M | N/A | $108K-89.6% | $1.0M-5.9% | $1.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $17.0M | N/A |
| Total Liabilities | $647.6M | $736.0M+1315.7% | N/A | $52.0M | N/A | $87.7M-26.9% | $120.0M+231.0% | $36.3M |
| Current Liabilities | $59.9M | $148.1M+426.1% | N/A | $28.2M | N/A | $67.4M-33.4% | $101.2M+255.3% | $28.5M |
| Non-Current Liabilities | $587.6M | $587.9M+2366.8% | N/A | $23.8M | N/A | $20.3M+7.8% | $18.8M+142.0% | $7.8M |
| Long-Term Debt | $573.2M | $572.4M+39931.3% | N/A | $1.4M-64.4% | $4.0M-71.7% | $14.2M+54.1% | $9.2M+24.7% | $7.4M |
| Total Equity | $419.1M-36.6% | $560.4M-8.3% | $661.4M | $611.1M+87.8% | $325.4M+27.4% | $255.4M-28.9% | $359.0M+2224.1% | $15.4M |
| Retained Earnings | -$757.8M | -$612.5M-86.8% | N/A | -$327.9M | N/A | -$197.2M-1314493.3% | -$15K+99.9% | -$22.1M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
BITF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$64.7M-243.3% | N/A | -$18.8M | N/A | N/A | N/A | N/A | N/A |
| Depreciation & Amortization | $27.7M-2.4% | N/A | $28.4M | N/A | N/A | N/A | N/A | N/A |
| Stock-Based Compensation | $3.7M-14.2% | N/A | $4.3M | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | $10.3M-76.2% | N/A | $43.3M | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$75.0M-20.6% | N/A | -$62.2M | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$54.8M-113.8% | N/A | -$25.7M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Financing Cash Flow, Dividends Paid, Share Buybacks.
BITF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K | Q4'22 | Q4'21 | Q4'20 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -71.1%-71.7pp | N/A | 0.6% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -266.0% | N/A | -73.1% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -392.9% | N/A | -116.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -34.7%-26.3pp | N/A | -8.4% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -13.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 9.60 | 5.58-2.0x | N/A | 7.59 | N/A | 1.02-1.8x | 2.84+2.5x | 0.32 |
| Debt-to-Equity | 1.37 | 1.02+1.0x | N/A | 0.000.0x | 0.010.0x | 0.060.0x | 0.03-0.5x | 0.48 |
| Asset Turnover | 0.03 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -202.8% | N/A | -130.5% | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bitfarms Ltd. BITF | FY2025 | $229.3M | -$284.5M | N/A | $1.2B | 35/100 |
| Bit Digital, Inc. BTBT | FY2025 | $113.6M | -$80.3M | -70.7% | $573.4M | 35/100 |
| HIVE Digital Technologies Ltd. HIVE | FY2026 | $297.8M | -$148.4M | -49.9% | $831.1M | 35/100 |
| Oppenheimer Holdings, Inc. OPY | FY2025 | $1.6B | $148.4M | 9.1% | $1.3B | 47/100 |
| BitFuFu Inc. FUFU | FY2025 | $477.5M | -$31.3M | -6.5% | $215.0M | 39/100 |
| UP Fintech Holding Ltd TIGR | FY2025 | $538.7M | $171.5M | 31.8% | $868.7M | 39/100 |
Where Bitfarms Ltd. Ranks
Frequently Asked Questions
What is Bitfarms Ltd.'s annual revenue?
Bitfarms Ltd. (BITF) reported $229.3M in total revenue for fiscal year 2025. This represents a 72.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bitfarms Ltd.'s revenue growing?
Bitfarms Ltd. (BITF) revenue grew by 72.0% year-over-year, from $133.3M to $229.3M in fiscal year 2025.
Is Bitfarms Ltd. profitable?
No, Bitfarms Ltd. (BITF) reported a net income of -$284.5M in fiscal year 2025.
What is Bitfarms Ltd.'s EBITDA?
Bitfarms Ltd. (BITF) had EBITDA of -$27.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Bitfarms Ltd. have?
As of fiscal year 2025, Bitfarms Ltd. (BITF) had $631.0M in cash and equivalents against $572.4M in long-term debt.
What is Bitfarms Ltd.'s gross margin?
Bitfarms Ltd. (BITF) had a gross margin of -8.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bitfarms Ltd.'s operating margin?
Bitfarms Ltd. (BITF) had an operating margin of -65.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bitfarms Ltd.'s return on equity (ROE)?
Bitfarms Ltd. (BITF) has a return on equity of -50.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bitfarms Ltd.'s free cash flow?
Bitfarms Ltd. (BITF) recorded an outflow of $326.9M in free cash flow during fiscal year 2025. This represents a 23.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bitfarms Ltd.'s operating cash flow?
Bitfarms Ltd. (BITF) recorded an outflow of $226.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Bitfarms Ltd.'s total assets?
Bitfarms Ltd. (BITF) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bitfarms Ltd.'s capital expenditures?
Bitfarms Ltd. (BITF) invested $100.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Bitfarms Ltd.'s current ratio?
Bitfarms Ltd. (BITF) had a current ratio of 5.58 as of fiscal year 2025, which is generally considered healthy.
What is Bitfarms Ltd.'s debt-to-equity ratio?
Bitfarms Ltd. (BITF) had a debt-to-equity ratio of 1.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bitfarms Ltd.'s return on assets (ROA)?
Bitfarms Ltd. (BITF) had a return on assets of -21.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bitfarms Ltd.'s Piotroski F-Score?
Bitfarms Ltd. (BITF) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bitfarms Ltd.'s earnings high quality?
Bitfarms Ltd. (BITF) reported a net loss of $284.5M while operations used $226.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bitfarms Ltd. cover its interest payments?
Bitfarms Ltd. (BITF) reported an operating loss of $149.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bitfarms Ltd.?
Bitfarms Ltd. (BITF) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.