Bitfarms : 2025.11.12 FINAL BITF Q3 2025 Earnings PPT

The North American Energy and Compute Infrastructure Company

Q3 2025 EaFnings PFesentation

November 13, 2025

Concept Data Center Campus at Panther Creek

Ben Gagnon

Chief Executive Officer & Director

InfFastFuctuFe is not a bubble

Capacity YoY Growth (%)

3% 2% -3%

-4%

Global Installed Data Center Capacity (GW) Lease Rentals ($/kw/mo)

Lease YoY Growth (%)

200

180

10%

19%

13% 3%

8.8 %

Annualized growth of Data Center Capacity1

3.0 %

Lease Rentals ($/kw/mo)

160

140

120

100

80

60

40

20%

10%

-8% 1% -3%

-4% 1% -4% -2%

14% 19%

-6% 0%

16% 12%

15%

12%

11%

17%

18%

140

120

100

80

60

40

20

Annualized growth of Lease Rentals since 20052

Global Installed Data Center Capacity (GW)

12 %

20 11% 4%

0

4% 4% 4% 4% 2% 3% 3% 5% 7% 8%

0Annualized growth rate of Lease Rentals since 20222

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

4

InfFastFuctuFe is a bottleneck

2 +100 GW

Of AI Chips to be produced by 20301

140

120

Gigawatts

100

80

60

40

20

All AI Chip Production

All AI Chip Production (w/ efficiency gains) US Generation Growth

~30 GW

Of new generation to come online by 20301

~45 GW

0

2024 2025 2026 2027 2028 2029 2030

Shortage of power for new data centers by 20302

5

Not all MW aFe cFeated equal

1.9 GW

In emerging data center hub, Pennsylvania2

Bitfarms has the largest portfolio of power infrastructure assets in what are some of the most in demand regions for HPC/AI in North America.1

Bitfarms' North American portfolio is exclusively in cool climates, which supports improved efficiency, reducing costs and driving higher values per MW.

Bitfarms has the assets, the team and the strategic partners to convert its energy portfolio to HPC/AI.

170 MW

In one of the largest data center regions in Canada2,3

18 MW

In one of largest data center clusters on the west coast2,4

6

Designed foF GB300 Optimized foF speed

Washington Site

• Modular infrastructure enabling rapid deployment. Targeting completion in December 2026

• Liquid cooled with energy density up to 190 KW per rack

• Expected industry-leading efficiency of

  1.2-1.3 PuE

• Full supply chain of IT infrastructure and building materials secured for $128M1

18 MW

Total gross capacity in development

7

Washington

Expected to be the first HPC/AI site fully complete

18 MW 6 Acres

8

2026 Blackwell GPUs

• Largest data center cluster on the west coast1

• 10-year + waitlist for power2

• Attractive to both enterprise and

hyperscalers

High Demand Region

• $128M to supply 18 MW of critical IT infrastructure

• Fully funded capex for all

  equipment and construction

• Potential GPU Financing Options available

Supply Chain Secured & Fully funded

• High margins through low-cost data center power & low PuE

• Easy to execute with multiple go-to-market strategies

• Potential for strong cashflow foundation to replace BTC mining

Colocation Or

Cloud Strategy

PantheF CFeek

Our flagship HPC/AI campus in Eastern Pennsylvania

410+ MW1

316 Acres2

9

2027 Vera Rubin GPUs3

• 350 MW of secured power in 2026 & 2027

• Positive indications to increase capacity beyond 500 MW

• Increased acreage to support

potential capacity expansion

More Power More Land

• Phase 1 - 50 MW (H1 2027)

• Phase 2 - 300 MW (H2 2027)

• Phase 3 - 60 MW (Subject to

  approval1,2)

• Phase 4 - 100 MW+ (Subject to additional load study4)

Expanding Phases For Development

• Revising Phase 1 for Vera Rubin GPUs

• Planning additional Phase 3 and Phase 4 for potential expansion

• Expected to break ground in Q4 2025

Next Steps

ShaFon

Expected to be the first HPC/AI campus fully complete

110 MW

17 Acres 2027 Vera Rubin GPUs1

• ESA for 110 MW secured with First Energy

• 80 MW substation under construction, completion YE 2026

Power Secured

• Closed on land purchase October 2025

• Being built to support Vera Rubin

GPUs in 20271

Moving Forward on HPC/AI

• Securing long lead time item equipment

• Engaging owners rep and GC

• Construction of new fiber lines to the campus

Next Steps

10

Quebec

Unique opportunity to meaningfully scale HPC/AI in Quebec and Canada

170 MW

8 Sites

11

2027 Vera Rubin GPUs1

• 170 MW of hydropower operating across multiple sites

• 7 sites within 90 min drive from Montreal

• Potential to connect sites with

direct fiber infrastructure

Regional Campus Strategy

• Confirmed ability to convert BTC Mining infrastructure to HPC/AI with regulators and utility

• Applying standardized designs

plans completed in WA site

Next-Gen Infrastructure

• Engineering plans for 96 MW in Sherbrooke expected as early as 2027

• 74 MW of potential expansion in 2028

Next Steps

ScFubgFass

A potential gigacampus

1.3 GW1,2

650 Acres 2028 Pipeline site

• Robust fiber infrastructure

• Proximity to Pittsburgh and Cleveland

• Existing 80 MW powerplant

Site Advantages

• Conceptual load studies for 750 MW complete1

• Confirmed deliverability of over of 550 MW of gas available from 2nd largest natural gas pipeline in the US within 3 miles of site2

Potential GW Capacity

• Detailed load study of 750 MW1

• Engineering plans on Natural Gas Pipeline2

• Development plans for additional generating capacity and data center campus2

Next Steps

12

Well-Positioned for Continued Growth in 2026 & Beyond

Unique HPC/AI Development PoFtfolio Largest power portfolios in Pennsylvania (1.9 GW pipeline), Washington (18 MW) & Quebec (170 MW) amongst miners moving to HPC/AI1

Well Capitalized to Invest in HPC/AI infrastructure with over $1 billion in cash, BTC and the Panther Creek Project facility with Macquarie2

ConveFsion of Washington Site HPC/AI Develop 18 MW of HPC/AI infrastructure for Nvidia Blackwell in 2026.

StFong FFee Cash Flow from our BTC mining operations that fund opex, G&A, debt service and contribute to capex with no planned miner capex.

Evaluating Cloud Monetization StFategy for Washington to replace BTC mining cashflows

U.S. Pivot UndeFway with majority of MW planned development based in U.S., new NYC office and transition to U.S. GAAP accounting; working towards U.S. redomicile in 20263

13

Jonathan Mir

Chief Financial Officer

Q3 Financial Highlights: Strengthened Balance Sheet

S588M

Gross proceeds from upsized convertible notes offering

Up to S200M

Remaining on project facility for the development of Panther Creek facility1

~S8M

Monthly Free Cash Flow from BTC Mining Operations in Q3 2025

15

Q3 2025 Financial Performance from Continuing Operations

Q/Q

Revenue

+11%

$62M

$69M

Q2 2025

Q3 2025

Y/Y

+156% $69M

$27M

Q3 2024

Q3 2025

GFoss Mining MaFgin

Q/Q

47%

35%

Q2 2025

Q3 2025

Y/Y

44%

35%

Q3 2024

Q3 2025

Adjusted EBITDA

Q/Q

+122%

$20M

$9M

Q2 2025

Q3 2025

Y/Y

+900%

$20M

$2M

Q3 2024

Q3 2025

16

Well-Capitalized To Fund Highly Desirable MWs for HPC/AI

OveF S1B

Cash & Bitcoin1 on-hand, remaining funds available to draw from Macquarie facility2

Existing mining business to contribute to opex and cash balance during HPC/AI site conversion

17

Appendix

Strategic U.S. Pivot

U.S.-Based GFowth

Pipeline

82% of North American MWs in the U.S. today

Multi-year energy development pipeline

anticipates over 85% U.S. MWs

U.S. GAAP ConveFsion

Simplifies corporate structure, reduces costs, broadens U.S. investor base and improves eligibility for U.S. indices

NYC PFincipal Executive

Office

130 miles from flagship Panther Creek site; strengthens U.S. presence and aligns with HPC growth strategy

Concept Data Center Campus at Panther Creek 19

Robust Political Support for HPC/AI Development in PA

• $90 billion committed from top industry participants to support HPC/AI development in PA

• Transformative tax revenues and job growth for towns and counties has robust support from local level up to the White House

• Local, state and national strategic interests aligned on development of energy and HPC/AI infra

• Anticipated expedited regulatory approval process to develop energy and HPC/AI infra

PA Senator McCormick, President Trump and Blackstone

President Jon Gray at Pennsylvania Energy & Innovation Summit in Pittsburgh, PA

Bitfarms CEO Ben Gagnon, PA Senator Argall, Bitfarms COO Liam Wilson,

Bitfarms SVP Richard Schaffer in the State Capital Building in Harrisburg, PA

PA State Representative Heffley, Bitfarms CEO Ben Gagnon in front of Panther Creek Development Site

20

Footnotes

Page 1, 19

Note: Image is a computer-generated rendering for illustrative purposes; construction is expected to begin in

Q4 2025.

Page 4

1. IEA - Energy and AI Observatory.

2. CBRE Data Center Trends H1 2025 Report , Company Information and Street Research.

Page 5

1. Institute for Progress, "How to Build the Future of AI in the United States Pt. 2" (October 23, 2024). Growth

forecasts for the total size of the AI data center ecosystem as measured in power (gigawatts) according to

Page 10, 11

Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change.

1. The company plans to design the facilities to support next generation Nvidia Vera Rubin GPUs.

Page 12

Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change.

1. 750 MW under application and subject to approval by utility and regulators.

2. 550 MW of additional natural gas generation subject to further engineering, permit and feasibility analysis.

   Page 13

   Note: All figures in US$ millions, unless otherwise stated.

   1. Indicates power capacity currently built, secured and under application at Bitfarms properties.

      methodologies indicated by the legends. Y-axis values represent growth from 2024 onward. Please refer to 2. See note 1 on slide 15 for more information.

      "Cautionary Statement on Forward Looking Statements" on slide 2.

   2. Boston Consulting Group's January 2025 report, titled "Breaking Barriers to Data Center Growth".

   Page 6

   1. Among publicly-traded Bitcoin miners in each respective region.

   2. Indicates power capacity currently built, secured and under application at Bitfarms properties.

   3. Baxtel, "Quebec Province Data Center Market", accessed October 13, 2025.

   4. Baxtel, "Quincy Colocation & Data Center Market", accessed October 13, 2025.

   Page 7

   Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change

   1. Company entered fully binding agreement for $128 million, under the terms of the agreement, the partner will supply all critical IT equipment and building materials for 18 MW of gross capacity.

   Page 8

   Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change.

   1. Baxtel, "Quincy Colocation & Data Center Market", accessed October 13, 2025.

   2. Local utility and other publicly available information.

   Page 9

   Note: Image is a computer-generated rendering for illustrative purposes; construction is expected to begin in Q4 2025.

   1. Pending conversion of the 60 MW ISA to a 60 MW ESA.

   2. Total campus capacity including Panther Creek power plant and updated zoning currently in progress.

   3. The company plans to design the facilities to support next generation Nvidia Vera Rubin GPUs.

   4. Subject to approval with an additional load study from electric utility PPL.

3. Efforts to redomicile will be subject to shareholder and regulatory approvals.

Page 15

Note: All figures in US$ millions, unless otherwise stated. All information as of 11/12/2025, unless otherwise stated. "Free cash flow" is a non-IFRS financial measure. Please see the section titled "Non-IFRS Financial Measures" on slide 22 for more information.

1. Draws upon the project facility are subject to the achievement of certain milestones and other conditions as set forth in the project facility agreements.

Page 16

Note: All figures in US$ millions, unless otherwise stated. Gross Mining Margin and Adjusted EBITDA are non-IFRS financial measures. Please see the section titled "Non-IFRS Financial Measures" on slide 22 for more information.

Page 17

Note: All figures in US$ millions, unless otherwise stated. All information as of 11/12/2025, unless otherwise stated.

1. Consists of: (i) cash on hand as of November 12, 2025 and (ii) total bitcoin owned by the Company valued at the price at close of business on November 12, 2025.

2. Draws upon the project facility are subject to the achievement of certain milestones and other conditions as set forth in the project facility agreements.

Glossary Non-IFRS Financial Measures

BTC BTC/day = Bitcoin or Bitcoin per day

GW = Gigawatt

HPC/AI = High Performance Computing / Artificial Intelligence

MW oF MWh = Megawatts or megawatt hour

Pipeline= Existing power capacity at data centers and capacity under active development

PJM= Pennsylvania-New Jersey-Maryland Interconnection

PuE = Power usage Effectiveness ratio, a ratio that measures the energy efficiency of a data center, calculated by dividing the total power used by the facility by the power consumed by the IT equipment

Q/Q oF QoQ= Quarter over Quarter

Y/Y oF YoY= Year over Year

S/kw/mo= price in U.S. dollars per Kilowatt per Month

This presentation makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. The Company uses non-IFRS measures including "free cash flow", "Gross margin," "Operating margin," "EBITDA," "EBITDA margin," "Adjusted EBITDA," "Adjusted EBITDA margin," "Gross mining profit," and "Gross mining margin" as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective.

EBITDA and EBITDA margin are common measures used to assess profitability before the impact of different financing methods, income taxes, depreciation of capital assets and amortization of intangible assets. Adjusted EBITDA and Adjusted EBITDA margin are measures used to assess profitability before the impact of all of the items in calculating EBITDA in addition to certain other non-cash expenses. Gross mining profit and Gross mining margin are measures used to assess profitability after power costs in cryptocurrency production, the largest variable expense in mining. Management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets.

"EBITDA" is defined as net income (loss) before:

• Interest expense

• Income tax expense

• Depreciation and amortization

  "EBITDA margin" is defined as the percentage obtained when dividing EBITDA by Revenue. "Adjusted EBITDA" is

  defined as EBITDA adjusted to exclude:

• Share-based compensation

• Non-cash finance expenses

• Asset impairment charges

• Realized gains or losses on disposition of digital assets and (reversal of) revaluation loss on digital assets

• Gain on disposition of marketable securities, gains or losses on derivative assets and liabilities & discount

  expense on VAT receivable

• Loss on currency exchange

• Loss (gain) on revaluation of warrants and warrant issuance costs

• Sales tax recovery

• Other non-recuring items that do not reflect the core performance of the business.

"Adjusted EBITDA margin" is defined as the percentage obtained when dividing Adjusted EBITDA by Revenue. "Gross mining profit" is defined as Gross profit excluding depreciation and amortization, non-Mining revenues, purchase of electrical components and other expenses, electrician salaries and payroll taxes, hosting expenses and sales tax recovery. "Gross mining margin" is defined as the percentage obtained when dividing Gross mining profit by Revenues from mining related activities.

These measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. For reconciliations of Non-IFRS Financial Measures, refer to the Company's 2024 MD&A and Q3 2025 MD&A.

22

Corporate Offices

595 Madison Avenue, 28th Floor

New York, NY 10022

110 Yonge St Suite 1601, Toronto, ON M5C 1T4 Toronto, Ontario, MSC 1C4, Canada

Operations and Accounting Office of North-America

1040 Rue du Lux, Suite 312 Brossard, Quebec, J4Y 0E3, Canada

Operations and Accounting Office of South-America

3123 Castex Street, PB Buenos Aires, Argentina

23