BITFARMS : Q3 2025 FS - FINAL

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Expressed in thousands of U.S. dollars - unaudited)

Financial Statements (unaudited)

Interim Consolidated Statements of Financial Position 3

Interim Consolidated Statements of Profit or Loss and Comprehensive Profit or Loss 4

Interim Consolidated Statements of Changes in Equity 5

Interim Consolidated Statements of Cash Flows 6

Notes to the Interim Condensed Consolidated Financial Statements (unaudited)

1. Nature of Operations 7

2. Liquidity 8

3. Basis of Presentation and Material Accounting Policy Information 9

4. Significant Accounting Judgments and Estimates 15

5. Business Combination 16

6. Sale of the Yguazu Mining Site 19

7. Rights to renewable energy credits and waste tax credits 19

8. Digital Assets 20

9. Inventories 22

10. Derivative Assets and Liabilities 22

11. Assets Held for Sale 25

12. Property, Plant and Equipment 28

13. Long-term Deposits and Equipment Prepayments 30

14. Refundable Deposits 31

15. Investment in Associate 31

16. Trade Payables and Accrued Liabilities 32

17. Warrant Liabilities 33

18. Long-term Debt 35

19. Income Taxes 36

20. Share Capital 37

21. Financial Instruments 39

22. Discontinued Operations 42

23. Net Loss Per Share 45

24. Share-based Payments 45

25. Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss 48

26. Geographical Information 50

27. Additional Details to the Statements of Cash Flows 52

28. Lawsuits, Commitments and Contingencies 52

29. Subsequent Events 56

‌As of September 30, As of December 31,

Notes		2025	2024
Assets
Current
Cash		86,952	59,542
Trade receivables		3,274	1,259
Other assets		4,520	7,285
Short-term prepaid deposits		6,121	14,554
Rights to renewable energy credits and waste tax credits	7	9,370	-
Income taxes receivable		321	424
Digital assets	8	171,278	87,298
Digital assets - restricted	8	17,933	32,826
Inventories	9	6,979	1,180
Derivative assets	10, 21	3,223	3,418
Assets held for sale	11	64,739	5,923
		374,710	213,709
Non-current
Restricted cash	18	25,000	-
Rights to waste tax credits	7	5,597	-
Property, plant and equipment	12, 26	359,870	348,525
Right-of-use assets		21,033	23,020
Long-term deposits and equipment prepayments	13	11,111	56,367
Refundable deposits	14	350	21,956
Intangible assets		2,739	4,039
Investment in associate	15	869	-
Total assets		801,279	667,616
Liabilities
Current
Trade payables and accrued liabilities	16	68,499	25,894
Derivative liabilities	10, 21	-	128
Current portion of long-term debt	18	607	146
Current portion of lease liabilities		3,469	2,089
Redemption obligations	10	15,339	-
Warrant liabilities	17	29,138	8,013
		117,052	36,270
Non-current
Long-term debt	18	50,843	1,430
Lease liabilities		18,765	19,750
Asset retirement provision		1,717	2,106
Deferred tax liability		65	65
Other non-current liability		1,481	-
Total liabilities		189,923	59,621
Shareholders' equity
Share capital	20	969,438	852,286
Equity warrants	20	11,477	-
Contributed surplus		69,645	67,521
Accumulated deficit		(459,114)	(334,507)
Revaluation surplus		19,910	22,695
Total equity		611,356	607,995
Total liabilities and equity		801,279	667,616

Should be read in conjunction with the notes to the interim condensed consolidated financial statements

November 12, 2025 /s/ Brian Howlett /s/ Ben Gagnon /s/ Jonathan Mir

Date of approval of the financial statements

Chairman of the Board of Directors

Chief Executive Officer & Director

Chief Financial Officer

‌Three months ended September 30,

Nine months ended September 30,

Notes		2025	2024	2025	2024
Continuing operations
Revenues	8, 25, 26	69,245	27,072	179,050	95,522
Cost of revenues	25	(72,127)	(29,072)	(181,684)	(117,475)
Gross loss		(2,882)	(2,000)	(2,634)	(21,953)
Operating expenses
General and administrative expenses	25	(17,036)	(25,310)	(54,203)	(47,809)
Gain (loss) on disposition of property, plant and equipment and deposits	6, 12	64	(12)	7,426	101
Impairment of non-financial assets	11	(9,102)	(3,628)	(9,102)	(3,628)
Operating loss		(28,956)	(30,950)	(58,513)	(73,289)
Net financial (expenses) income	25	(19,649)	6,868	(15,676)	16,387
Net loss before income taxes		(48,605)	(24,082)	(74,189)	(56,902)
Income tax recovery	19	2,347	98	5,554	4,417
Net loss from continuing operations		(46,258)	(23,984)	(68,635)	(52,485)
Net loss from discontinued operations	22	(34,511)	(12,665)	(74,734)	(16,743)
Net loss		(80,769)	(36,649)	(143,369)	(69,228)
Other comprehensive income (loss) Item that will not be reclassified to profit or loss: Change in revaluation surplus - digital assets, net of tax	8	6,395	721	15,977	12,699
Total comprehensive loss from continuing operations, net of tax		(39,863)	(23,263)	(52,658)	(39,786)
Total comprehensive loss from discontinued operations, net of tax	22	(34,511)	(12,665)	(74,734)	(16,743)
Total comprehensive loss, net of tax		(74,374)	(35,928)	(127,392)	(56,529)
Net loss per share from continuing operations Basic and diluted Net loss per share Basic and diluted	23 23	(0.08) (0.15)	(0.05) (0.08)	(0.13) (0.27)	(0.13) (0.17)
Weighted average number of common shares outstanding Basic and diluted	23	556,539,628	448,711,912	537,721,978	396,423,169

Should be read in conjunction with the notes to the interim condensed consolidated financial statements

‌Notes

Number of shares

Share capital

Equity warrants

Contributed

surplus

Accumulated

deficit

Revaluation

surplus

Total equity

Balance as of January 1, 2025	479,332,885	852,286	-	67,521	(334,507)	22,695	607,995
Net loss Change in revaluation surplus - digital assets, net of tax	- -	- -	- -	- -	(143,369) -	- 15,977	(143,369) 15,977
Total comprehensive loss, net of tax	-	-	-	-	(143,369)	15,977	(127,392)
Transfer of revaluation surplus on
disposal of digital assets to
accumulated deficit, net of tax	-	-	-	-	18,762	(18,762)	-
Share-based payment	24 -	-	-	10,902	-	-	10,902
Issuance of replacement share-based
payment	5 -	-	-	232	-	-	232
Issuance of common shares	20 79,037,751	104,299	-	-	-	-	104,299
Issuance of equity warrants	20 -	-	11,477	-	-	-	11,477
Settlement of restricted share units	24 2,469,700	3,892	-	(3,892)	-	-	-
Exercise of stock options and
warrants	20, 24 8,431,232	20,228	-	(6,429)	-	-	13,799
Settlement of share awards	20, 24 1,543,320	1,558	-	(1,558)	-	-	-
Repurchase and cancellation of
common shares	20 (7,807,141)	(12,825)	-	2,869	-	-	(9,956)
Balance as of September 30, 2025	563,007,747	969,438	11,477	69,645	(459,114)	19,910	611,356

Balance as of January 1, 2024		334,153,330	535,009	- 56,622	(299,810)	2,941	294,762
Net loss		-	-	- -	(69,228)	-	(69,228)
Change in revaluation surplus - digital assets, net of tax		-	-	- -	-	12,699	12,699
Total comprehensive loss, net of tax		-	-	- -	(69,228)	12,699	(56,529)
Transfer of revaluation surplus on disposal of digital assets to accumulated deficit, net of tax		-	-	- -	12,329	(12,329)	-
Share-based payment	24	-	-	- 9,928	-	-	9,928
Issuance of common shares	20	110,856,066	242,392	- -	-	-	242,392
Settlement of restricted share units	24	366,666	1,016	- (1,016)	-	-	-
Exercise of stock options and warrants	20, 24	7,559,259	23,220	- (1,749)	-	-	21,471
Balance as of September 30, 2024		452,935,321	801,637	- 63,785	(356,709)	3,311	512,024

Should be read in conjunction with the notes to the interim condensed consolidated financial statements

‌Nine months ended September 30,

Notes		2025	2024
Cash flows from (used in) in operating activities
Net loss		(143,369)	(69,228)
Adjustment for non-cash items:
Depreciation and amortization	27	100,179	116,383
Impairment of non-financial assets		75,076	3,628
Net financial expenses (income)		15,355	(17,367)
Digital assets earned and hosting revenue received in BTC	8	(211,928)	(132,644)
Share-based payment		10,902	9,928
Income tax recovery		(5,141)	(4,583)
Renewable energy credits earned	7	(17,000)	-
(Gain) loss on disposition of property, plant and equipment and deposits		(9,016)	606
Digital assets exchanged for services	8	5,178	-
Interest income received		1,666	4,895
Interest expenses paid		(2,527)	(1,092)
Income taxes paid		(383)	(1,247)
Proceeds from disposition of renewable energy and waste tax credits	7	11,022	-
Changes in non-cash working capital components	27	17,042	(6,439)
Net change in cash related to operating activities		(152,944)	(97,160)
Cash flows from (used in) investing activities
Proceeds from sale of digital assets	8	159,295	111,264
Purchase of property, plant and equipment and Intangible asset		(75,365)	(168,687)
Proceeds from sale of property, plant and equipment and assets held for sale		17,226	2,598
Costs related to purchase and sale of assets held for sale		(7,988)	-
Purchase of marketable securities		(10,678)	(10,405)
Proceeds from disposition of marketable securities		11,133	11,936
Refundable Deposit	13	-	(7,800)
Purchase of derivative assets and liabilities	10	(151,067)	-
Proceeds from disposition of derivative assets and liabilities	10	164,367	-
Equipment and construction prepayments		(822)	(96,504)
Proceeds from disposal of business	6	63,038	-
Acquisition of business	5	(48,084)	-
Investment in Associate	15	(875)	-
Net change in cash related to investing activities		120,180	(157,598)
Cash flows from (used in) financing activities
Repayment of long-term debt	18	(437)	(4,045)
Proceeds from long-term debt, net of transaction costs	18	47,611	1,695
Repayment of lease liabilities		(1,625)	(1,998)
Issuance of common shares	20	38,043	239,392
Exercise of stock options and warrants	20, 24	11,446	8,620
Repurchase and cancellation of common shares	21	(9,956)	-
Net change in cash related to financing activities		85,082	243,664
Net increase in cash		52,318	(11,094)
Cash, beginning of the period		59,542	84,038
Exchange rates differences on currency translation		92	(31)
Cash and restricted cash, end of the period		111,952	72,913

Cash flows from discontinued operations 22

(109)

1,324

Should be read in conjunction with the notes to the interim condensed consolidated financial statements

‌NOTE 1: NATURE OF OPERATIONS

Bitfarms Ltd. was incorporated under the Canada Business Corporations Act on October 11, 2018 and continued under the Business Corporations Act (Ontario) on August 27, 2021. The consolidated financial statements of the corporation comprise the accounts of Bitfarms Ltd. and its wholly-owned subsidiaries (together referred to as the "Company" or "Bitfarms"). The common shares of the Company are listed on the Nasdaq Stock Market and the Toronto Stock Exchange (Nasdaq/TSX: BITF). Its registered office is located at 110 Yonge Street, Suite 1601, Toronto, Ontario, Canada, M5C 1T4.

The activities of the Company are comprised mainly of selling its computational power used for hashing calculations for the purpose of cryptocurrency mining in multiple jurisdictions as described in Note 26 "Geographical Information". The Company's operations are currently located in the United States, Canada and Paraguay. Refer to Note 22 for disclosures related to discontinued operations in Argentina and Paraguay. Volta, a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its Canadian data centers and provides electrician services to both commercial and residential customers in Quebec, Canada. Having completed its investments into Bitcoin mining in 2024 and 2025, the Company is now focused on converting as much of its existing energy and data center infrastructure to HPC and AI. The Company's current initiatives include the construction and buildout of new HPC/AI data centers.

Bitfarms primarily owns and operates data centers housing computers (referred to as "Miners") designed for the purpose of validating transactions on the Bitcoin Blockchain (referred to as "Mining"). Bitfarms generally operates its Miners 24 hours per day to produce computational power used for hashing calculations (measured by hashrate) that Bitfarms sells to Mining pool operators under a formula-driven rate commonly known in the industry as Full Pay Per Share ("FPPS"). Under FPPS, Mining pool operators compensate Mining companies for their computational power used for hashing calculations, measured by hashrate, based on what the Mining pool operator would expect to generate in revenue for a given time period if there was no randomness involved. The fee paid by a Mining pool operator to Bitfarms for its computational power used for hashing calculations may be in cryptocurrency, U.S. dollars, or another currency. However, the fees are paid to the Company on a daily basis in BTC (as defined below). Bitfarms accumulates the cryptocurrency fees it receives or exchanges them for U.S. dollars through reputable and established cryptocurrency trading platforms.

As described in Note 5, the Company acquired Stronghold Digital Mining, Inc. ("Stronghold") on March 14, 2025 (the "Stronghold Transaction"). Through the acquisition of Stronghold, the Company now owns and operates two refuse power generation facilities in Pennsylvania, United States. To support its co-located data centers, the Company's primary fuel source at these facilities is waste which is provided by various third parties. Waste tax credits are earned by the Company by utilizing refuse to generate electricity. The Company either consumes the energy internally to support computational activities related to hashing calculations or sells the energy it produces to the local energy supplier (the "Grid").

NOTE 1: NATURE OF OPERATIONS (Continued) Terms and definitions

In these financial statements, the terms below have the following definitions:

Term Definition

1. Backbone Backbone Hosting Solutions Inc.

2. Volta 9159-9290 Quebec Inc.

3. Backbone Argentina Backbone Hosting Solutions SAU

4. Backbone Paraguay Backbone Hosting Solutions Paraguay SA

5. Backbone Mining Backbone Mining Solutions LLC

6. Backbone Yguazu Zunz SA

7. BTC Bitcoin

8. BVVE Blockchain Verification and Validation Equipment (primarily Miners and mining-related equipment)

9. MW Megawatt

10. CAD Canadian dollars

11. USD U.S. dollars

12. ARS Argentine pesos

‌NOTE 2: LIQUIDITY

Bitfarms' primary source of revenues is Bitcoin Mining, a highly volatile industry subject to significant inherent risk. Declines in the market prices of cryptocurrencies, an increase in the difficulty of BTC mining, delays in the delivery of Mining equipment, changes in the regulatory environment and adverse changes in other inherent risks can significantly and negatively impact the Company's operations and cash flows and its ability to maintain sufficient liquidity to meet its financial obligations. Adverse changes to the factors mentioned above can impact the recoverability of the Company's digital assets and property, plant and equipment ("PPE"), resulting in impairment losses being recorded.

The Company's operating cash flows are negative as the proceeds from the BTC sold from its mining operations are classified within investing activities. However, the Company's current operating budget and future estimated cash flows (which includes planned proceeds from the sale of digital assets) combined with cash on hand indicate that the Company will have sufficient cash resources to meet its obligations exclusive of planned capital commitments for the buildout and development of HPC/AI infrastructure projects, during the twelve-month period following the date these interim condensed consolidated financial statements were authorized for issuance (the "twelve-month period"). These analyses are based on BTC market factors including price, difficulty and network hashrate for the twelve-month period.

At current BTC prices, the Company's existing cash resources and the forecasted cash flows from proceeds from sales of its BTC treasury and BTC earned are anticipated not to be sufficient to fund planned capital investments for the buildout and development of HPC/AI infrastructure projects. The Company therefore expects to need to raise additional funds from external sources to finance these planned capital investments.

In April 2025, the Company secured a credit facility for up to $300,000 with Macquarie Equipment Capital, Inc. ("Macquarie"), of which $50,000 was drawn and outstanding as of September 30, 2025. Refer to Note 18 for more details. During October 2025, the Company drew an additional $50,000 from the Macquarie credit facility and offered a $588,000 aggregate principal amount of convertible senior notes including purchaser's options of $88,000. During November 2025, the Company entered into a purchase commitment of $128,700 for HPC/AI infrastructure projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Refer to Note 29 for more details.

NOTE 2: LIQUIDITY (Continued)

If the Company raises additional funds by issuing securities, existing shareholders' ownership in the Company may be diluted. If the Company is unable to obtain financing, including from the issuance of securities, or if funds from operations are negatively impacted, or if the Company is in breach of its covenants, the Company may have difficulty meeting its payment obligations.

‌NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION

1. Basis of preparation and measurement

   The interim condensed consolidated financial statements ("Financial Statements") of the Company comprise the accounts of Bitfarms Ltd. and its wholly-owned subsidiaries. These Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim Financial Reporting. These Financial Statements were approved by the Board of Directors (the "Board") on November 12, 2025.

   These Financial Statements do not include all the information required for full annual financial statements and should be read in conjunction with the audited annual consolidated financial statements of the Company and the notes thereto for the year ended December 31, 2024.

   The Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments and digital assets recorded at fair value, and assets held for sale measured at the lower of their carrying amount and fair value less costs to sell.

   These Financial Statements have been prepared under the same accounting policies used in the audited annual consolidated financial statements for the year ended December 31, 2024, except for material new accounting policies added during the three and nine months ended September 30, 2025, and new accounting standards issued and adopted by the Company which are described below. The accounting policies have been applied consistently by the Company's entities and to all periods presented in these Financial Statements, unless otherwise indicated.

2. Material new accounting policy information

Business combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred and included in general and administrative expenses.

The Company determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs.

NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued) b. Material new accounting policy information (Continued)

Transaction costs

Transaction costs related to financial liabilities at amortized cost are deducted from the carrying value of the financial liability. They are then recognized over the expected life of the instrument using the effective interest method. Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers; levies by regulatory agencies and securities exchanges; and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs, internal administrative costs or holding costs.

Warrant liabilities and equity warrants

The Company issues warrants which entitle the holder to buy the Company's common shares at a predetermined exercise price within a certain time frame. The warrants may include a cashless exercise clause which would result in a variable number of shares being issued for a fixed price due to the unknown future price of the shares. The Company does not expect the warrants to be exercised on a cashless basis. Referred to as warrant liability, the Company records these warrants as a financial liability. Upon exercise, the Company records the exercised warrants at fair value immediately before settlement and records the gain or loss through the consolidated statements of profit or loss and comprehensive profit or loss. The Company subsequently measures the outstanding warrants at fair value at each reporting date and records the gain or loss through the consolidated statements of profit or loss and comprehensive profit or loss. Warrants issued which do not include a cashless exercise feature, referred to as equity warrants, are classified as equity instruments. Consideration received on the sale of a share and share purchase warrant is allocated using the fair value method.

Revenue recognition

Cryptocurrency Hosting Revenue

The Company has entered hosting contracts where it operates mining equipment on behalf of third parties within its facilities. Revenue from hosting contracts is measured as the Company meets its obligation of operating the hosted equipment over time.

Energy Revenue

The Company operates as a market participant through the Pennsylvania, New Jersey, Maryland Interconnection ("PJM"), a Regional Transmission Organization ("RTO") that coordinates the movement of wholesale electricity. The Company sells energy from its Panther Creek and Scrubgrass generating plants in the open market in the PJM RTO in the real-time, location marginal pricing market. Revenues from the sale of energy are earned as the energy is delivered as a series of distinct units that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation. Revenue from the sale of energy is recognized over time as energy volumes are generated and delivered to the RTO (which is contemporaneous with generation), using the output method based on megawatt hours for measuring progress. The Company applies the "right to invoice" practical expedient in recognizing revenue from the sale of energy. Under this practical expedient, revenue from the sale of energy is recognized based on the invoiced amount which corresponds directly with the value provided to the customer for the Company's performance obligation completed to date.

Reactive energy power is provided to PJM to maintain a continuous voltage level. Revenue from reactive power is recognized ratably over time as the Company stands ready to provide it if called upon by the PJM RTO.

NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued) b. Material new accounting policy information (Continued)

Property, Plant and Equipment

Property, plant and equipment are depreciated as follows:

Asset Class	Depreciation Method	Depreciation period
BVVE Miners	Straight-line	3 years
Mining-related equipment	Straight-line	5 years
Leasehold improvements Machinery and equipment	Straight-line Straight-line	Shorter of the lease term and the expected life of the improvement 5 to 20 years
Asset retirement cost	Straight-line	Over the lease term or 10 to 30 years
Buildings	Declining balance	4%
Power plants	Declining balance	4%
Vehicles	Declining balance	30%

Leases

Right-of-use ("ROU") assets are depreciated over the shorter of the lease term and the estimated useful lives of the assets, as follows:

Asset Class	Depreciation Method	Depreciation period
Leased premises	Straight-line	4-10 years
Machinery and equipment	Straight-line	3-4 years
Vehicles and other	Straight-line	3-5 years
BVVE	Straight-line	3 years

BTC Redemption Options and redemption obligation

A redemption obligation is recorded for the remaining BTC Redemption Options for which Miners have been shipped, reflecting the Company's obligation to either redeem the BTC Pledged for cash or use the BTC Pledged for the purchase of the Miners. The redemption obligation amount represents the value of Miners shipped, for which BTC payments were made, and reduced by the value of the BTC redeemed. Refer to Note 8 and 10 for more details.

Investments in Associates

Associates are all entities over which the Company has significant influence but not control or joint control. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the Company recognizes its share of profit and loss and other comprehensive income (loss) of the associates. Dividends received or receivable from associates are recognized as a reduction in the carrying amount of the investment.

NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued) b. Material new accounting policy information (Continued)

Rights to Renewable Energy Credits and Waste Tax Credits

The Company uses refuse, which is classified as a Tier II Alternative Energy Source under Pennsylvania law, to produce energy to sell to the Grid. Renewable energy credits ("RECs") are generated from renewable sources (i.e., refuse) that can be sold or traded. Government grants related to waste tax credits ("WTCs") are issued by the Commonwealth of Pennsylvania. Facilities that generate electricity by using refuse for power generation, control acid gases for emission control, and use the ash produced to reclaim mining-affected sites are eligible for such credits. The rights to RECs and WTCs are accounted for as intangible assets as per IAS 38, Intangible Assets. Simultaneously, in accordance with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, a corresponding contra expense within cost of revenues is recorded to offset the fuel expenses (energy cost) incurred to produce energy.

After the government grants the RECs and WTCs, a third party acts as the benefactor, on behalf of the Company, in the open market and is invoiced as RECs and WTCs are sold. When these credits are sold, the corresponding asset for the rights to RECs and WTCs are credited. Gain or loss on disposal are recorded in the statements of profit and loss and other comprehensive income (loss).

Discontinued Operations

A discontinued operation is a component of an entity that has either been abandoned, sold or is classified as held for sale and represents: i) a distinct major business line or operational region, ii) is part of a coordinated plan to sell a distinct major business line or operational region, or iii) is a subsidiary acquired solely for resale.

Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statements of profit and loss and other comprehensive income (loss). Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately in Note 22.

When an operation is classified as a discontinued operation, the comparative consolidated statements of profit and loss and other comprehensive income (loss) are re-presented as if the operation had been discontinued from the beginning of the comparative year.

NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

1. Material new accounting policy information (Continued)

   Performance Share Units

   The Company grants Performance Share Units ("PSUs") to senior management as part of its long-term incentive plan. PSUs entitle participants to receive a specified number of common shares of the Company, subject to the achievement of predetermined performance and service conditions over a defined vesting period.

   PSUs vest in a single tranche at the end of the performance cycle, contingent upon the attainment of certain corporate performance objectives. Upon vesting, each PSU converts into one common share of the Company, subject to a multiplier based on the level of achievement of the performance objectives. The actual number of shares awarded may be 0%, 50%, 100% or 200% of the target award.

   The fair value of PSUs is determined at the grant date using a Monte Carlo simulation model, which incorporates the probability of achieving market-based performance conditions. The grant date fair value is recognized as share-based payment expense over the vesting period, with a corresponding increase in contributed surplus. Market conditions shall be taken into account when estimating the fair value of the equity instruments at the grant date and shall not be subsequently remeasured. The expense is adjusted, when applicable, to reflect the number of awards expected to vest based on non-market performance and service conditions.

2. New accounting amendments issued and adopted by the Company

   The following amendments to existing standards were adopted with no impact to the Company for its annual period beginning on January 1, 2025:

   Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates ("IAS 21")

   Amendments to IAS 21 require an entity to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.

   NOTE 3: BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
3. New accounting amendments and standards issued to be adopted at a later date

The following amendments to existing standards have been issued and are applicable to the Company for its annual period beginning on January 1, 2026, with an earlier application permitted:

Amendments to IFRS 9, Financial Instruments ("IFRS 9") and IFRS 7, Financial Instruments: Disclosures ("IFRS 7)

Amendments to IFRS 9 and IFRS 7 clarify that financial assets and financial liabilities are recognized and derecognized at settlement date except for regular way purchases or sales of financial assets and financial liabilities meeting conditions for the new exception. The new exception permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the settlement date.

These amendments also provide guidelines to assess contractual cash flow characteristics of financial assets, which apply to all contingent cash flows, including those arising from environmental, social, and governance (ESG)-linked features.

In addition, the amendments for investments in equity instruments reported at fair value through other comprehensive income require separately disclosing the fair value gain or loss for investments derecognized in the period and investments held. The amendments added disclosure requirements for financial instruments with contingent features that could change the timing or amount of contractual cash flows that do not relate directly to basic lending risks and costs.

Furthermore, the amendments to IFRS 9 clarify: i) the requirements to account for an extinguishment of a lessee's lease liability that results in a gain or loss recognized in net income; and ii) the definition of the term "transaction price".

The Company is currently evaluating the impact of adopting the amendments on the Company's Financial Statements.

The following new standard has been issued and is applicable to the Company for its annual period beginning on January 1, 2027, with an earlier application permitted:

IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18")

On April 9, 2024, the International Accounting Standards Board ("IASB") issued IFRS 18, the new standard on presentation and disclosure in financial statements, which will replace IAS 1, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

• The structure of the statement of profit or loss, including specified totals and subtotals;

• Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (i.e., Management-defined performance measures); and

• Enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

The Company is currently evaluating the impact of adopting the new standard on the Company's Financial Statements.

‌NOTE 4: SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of the Financial Statements requires Bitfarms' management team ("Management") to undertake judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. These estimates and judgments are based on Management's best knowledge of the relevant events and circumstances and actions the Company may take in the future. The actual results may differ from these assumptions and estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to assumptions and estimates are recognized in the period in which the assumption or estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The significant judgements made by Management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the audited annual consolidated financial statements for year ended December 31, 2024, except for the following:

Business Combinations

Significant business combinations require judgements and estimates to be made at the date of acquisition in relation to determining the relative fair value of the allocation of the purchase consideration over the fair value of the assets. The information necessary to measure the fair values as at the acquisition date requires Management to make certain judgements and estimates about future events, including but not limited to forecasted revenues, operating costs and capital expenditures, future digital currency prices and income tax rates.

Performance Share Units

Management exercises significant judgment to assess the probability of meeting performance conditions tied to PSUs. The Company applies the Monte Carlo simulation method, which evaluates both market-based and non-market-based targets. This method requires various assumptions including share price volatility, risk-free interest rates, dividend yield, and the probability of meeting performance goals. Volatility and other inputs are estimated using historical and relevant market information. Changes in these assumptions or in Management's expectations regarding the achievement of performance and service conditions can materially impact the valuation and the amount of the expense recognized. The final number of PSUs that vest is subject to a performance multiplier, which is based on Management's best estimate of future outcomes and is inherently uncertain.

Discontinued Operations

Significant judgment is required to determine if a disposal qualifies as discontinued operations, which is a component of a business that is being sold or is held for sale and represents a distinct major business line or operational region that has a major impact on the Company. Key judgments include assessing whether a component is a distinct major line of business or geographic area, evaluating the significance of the impact of the disposal on future financial results and whether the sale is highly probable. For the disposal group to be abandoned, Management also exercises judgment the business is being abandoned (not sold) and when the abandonment event has triggered the classification of the component as discontinued.

‌NOTE 5: BUSINESS COMBINATION

On March 14, 2025 (the "Acquisition Date"), the Company acquired 100% of the issued share capital of Stronghold in a stock-for-stock merger transaction. Under the terms of the merger agreement, each Stronghold shareholder received 2.52 shares of Bitfarms for each Stronghold share they owned. A total of 59,866,609 common shares and 12,893,650 warrants were issued. In addition, the Company paid $51,060 on closing to retire Stronghold's outstanding loans and other closing costs.

As a result of the business combination, the pre-existing hosting agreements between the Company and Stronghold were effectively settled. A gain of $945 was recognized on the settlement of the Refundable Hosting Deposits. Refer to Note 14 and Note 21 for more details.

Stronghold is a vertically integrated power generation and data center company focused on environmental remediation and reclamation services in Pennsylvania, United States. The Stronghold Transaction is aligned with the Company's strategic objectives to diversify its operations and expand its presence in the United States through vertical integration of power generation and energy arbitrage capabilities.

NOTE 5: BUSINESS COMBINATION (Continued)

Details of the purchase price allocation* and the fair value of the net assets acquired are as follows:

As of March 14,

Notes		2025
Purchase consideration
Cash paid through repayment of debts		44,982
Reimbursement of Stronghold's acquisition-related costs		6,078
Fair value of shares issued**	20	66,452
Fair value of warrants issued	20	11,477
Fair value of replacement share-based payment	24	232
Settlement of Refundable Hosting Deposits	14, 21	15,474
Fair value of consideration transferred		144,695
Net identifiable assets acquired
Cash and cash equivalents		2,976
Accounts receivable		1,095
Short-term prepaid deposits		1,732
Other assets (current)		118
Rights to energy credits and waste tax credits (current portion)	7	7,395
Rights to waste tax credits (non-current portion)	7	1,594
Inventories	9	3,269
Property, plant and equipment	12	152,264
Intangible assets		51
Right-of-use assets		1,594
Other non-current assets		1,550
Accounts payable and accrued liabilities	16	(23,488)
Current portion of long-term debt	18	(420)
Current portion of lease liabilities		(800)
Long-term debt	18	(460)
Non-current lease liabilities		(756)
Asset retirement provision		(1,135)
Other non-current liabilities		(1,884)
Total net identifiable assets acquired		144,695

* The purchase price allocation for the acquisition reflects fair value estimates which are subject to change within the measurement period. As of November 12, 2025, the Company has substantially determined the fair values of most net assets except for property, plant and equipment and accounts payable and accrued liabilities. The fair values of certain tangible assets remain preliminary and are subject to change as the Company continues to assess the condition and useful lives of the assets. Accounts payable and accrued liabilities remain subject to change pending final confirmation of completeness. Measurement period adjustments that the Company determines to be material will be applied retrospectively to the period of acquisition in the Company's consolidated financial statements and, depending on the nature of the adjustments, other periods subsequent to the period of acquisition could also be affected. During the nine months ended September 30, 2025, the Company recognized minor measurement period adjustments, which have been reflected retrospectively in the consolidated financial statements. See below for details of measurement period adjustments.

** The fair value of the 59,866,609 shares issued as part of the consideration paid for Stronghold was based on the published share price on March 14, 2025 of $1.11 per share. Issuance costs of $196, which were directly attributable to the issuance of the shares, were netted against the deemed proceeds.

NOTE 5: BUSINESS COMBINATION (Continued)

Total acquisition-related costs that were not directly attributable to the issuance of shares amounted to

$7,081, of which $1,571 were incurred during the first quarter of 2025, and $5,510 were incurred during the year ended December 31, 2024. These amounts were included in general and administrative expenses in the consolidated statements of profit or loss and comprehensive profit or loss.

Revenue and profit and loss contribution

The following financial information presents the contributed revenue and profit and loss of the Company as if the closing of the Transaction occurred as of January 1, 2025 ("Proforma"). The contributed revenue and profit and loss of Stronghold since the Acquisition Date ("Actual Contribution") are presented as follows:

Proforma Actual Contribution

	From January 1 to September 30, 2025	From March 15 to September 30, 2025
Revenue from continuing operations	190,843	55,244
Net (loss) income from continuing operations	(82,468)	6,424

Purchase consideration - cash outflow Nine months ended September 30,

	2025
Cash outflow, net of cash acquired Cash consideration Less: cash balances acquired	51,060 (2,976)
Net cash outflow related to investing activities	48,084

Measurement period adjustments

The Company obtained new information about amounts and the related facts and circumstances that existed at the Acquisition Date that should have been recognized as of the Acquisition Date.

During the second quarter of 2025, adjustments to record additional accrued liabilities and rights to energy credits of $1,500 and $3,102, respectively, were recorded with a corresponding net decrease of $1,602 in property, plant and equipment.

During the three months ended September 30, 2025, an adjustment to recognize WTCs that existed as of the Acquisition Date of $5,885 was recorded with a corresponding decrease in property, plant and equipment. In addition, other adjustments of $1,462 were recorded with a corresponding increase in property, plant and equipment.

The measurement period adjustments are reflected in the purchase price allocation table above.

‌NOTE 6: SALE OF THE YGUAZU MINING SITE

On March 17, 2025, the Company completed the sale of its development 200 MW site in Yguazu, Paraguay to HIVE Digital Technologies Ltd. ("HIVE") pursuant to a binding letter of Intent ("LOI") originally signed on January 24, 2025, which was superseded by a share purchase agreement dated as of March 17, 2025. The transaction involved the sale of the Company's 100% ownership stake in the Yguazu, Paraguay Bitcoin data center. The total consideration of $63,260 and the transaction details are as follows:

As of March 17

Notes		2025
Consideration
Advance received in January 2025 upon signing the LOI		20,000
Cash received upon closing		12,038
Receivable over 6 equal monthly payments following the closing date*		31,000
Other costs assumed by HIVE		222
Total consideration		63,260
Net assets transferred
Current assets		2,590
Property, plant and equipment	12	34,006
Intangible asset		309
Long-term deposits and equipment prepayments	13	18,321
Security deposit for energy	14	2,809
Total net assets transferred		58,035
Gain on disposal of subsidiary		5,225

* As of September 30, 2025, the $31,000 interest-free receivable was fully collected.

‌NOTE 7: RIGHTS TO RENEWABLE ENERGY CREDITS AND WASTE TAX CREDITS Notes As of September 30,

		2025
		nine-month period
		Rights to renewable energy credits	Rights to waste tax credits	Total
Balance as of January 1,		-	-	-
Addition related to business combination	5	3,104	5,885	8,989
Additions during the period	25	12,997	4,003	17,000
Less: disposal of credits to third parties		(11,022)	-	(11,022)
Balance as of period end		5,079	9,888	14,967
Current portion		(5,079)	(4,291)	(9,370)
Non-current portion		-	5,597	5,597

‌NOTE 8: DIGITAL ASSETS

BTC transactions and the corresponding values for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30,

	2025	2024
	Quantity Value ($)	Quantity Value ($)
Balance of digital assets including restricted digital assets as of July 1,	1,176 125,951	905 56,748
BTC earned*	520 59,417	414 25,057
BTC earned from discontinued operations (Note 22)	124 14,416	289 17,781
Hosting revenue received in BTC	15 1,722	- -
BTC received in advance for goods	6 741	- -
Change in BTC earned, not received	2 140	- -
BTC exchanged for cash	(185) (21,561)	(461) (27,938)
Realized gain on disposition of digital assets**	- 4,484	- 769
Change in unrealized gain on revaluation of digital assets**	- 3,901	- 212
Balance of digital assets including restricted digital assets as of September 30,	1,658 189,211	1,147 72,629
Less: Restricted digital assets as of September 30, ***	(157) (17,933)	- -
Balance of digital assets excluding restricted digital assets as of September 30,	1,501 171,278	1,147 72,629

NOTE 8: DIGITAL ASSETS (Continued) Nine months ended September 30,

	2025	2024
	Quantity Value ($)	Quantity	Value ($)
Balance of digital assets including restricted digital assets as of January 1,	1,285 120,124	804	33,971
BTC earned*	1,570 158,979	1,562	91,448
BTC earned from discontinued operations (Note 22)	485 49,259	698	41,196
Hosting revenue received in BTC	36 3,690	-	-
BTC received in advance for goods	8 922	-	-
BTC earned, not received	(6) (714)	-	-
BTC exchanged for cash	(1,665) (159,295)	(1,917)	(111,264)
BTC exchanged for services	(55) (5,178)	-	-
Realized gain on disposition of digital assets**	- 25,237	-	17,635
Change in unrealized loss on revaluation of digital assets**	- (3,813)	-	(357)
Balance of digital assets including restricted digital assets as of September 30,	1,658 189,211	1,147	72,629
Less: Restricted digital assets as of September 30,***	(157) (17,933)	-	-
Balance of digital assets excluding restricted digital assets as of September 30,	1,501 171,278	1,147	72,629

* Management estimates the fair value of BTC earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a level 1 input under IFRS 13, Fair Value Measurement.

** A portion of the realized gain on disposition of digital assets and the change in unrealized gain (loss) on revaluation of digital assets is presented in other comprehensive income after reversing previously recorded revaluation loss on digital assets in the statement of profit or loss. For the three and nine months ended September 30, 2025, a gain of $6,395, net of $2,279 of deferred income tax expense, and a gain of $15,977, net of $5,736 deferred income tax expense, respectively, were presented in other comprehensive income (three and nine months ended September 30, 2024: a gain of $721, net of $260 of deferred income tax expense, and a gain of $12,699, net of

$4,579 of deferred income tax expense, respectively).

*** Restricted digital assets comprise of 157 BTC for the BTC payment ("BTC Pledged") to a third party as deposits for Miners presented as restricted digital assets. As the Company has the right to redeem the BTC Pledged, the ability of the third party to control the asset is limited, and the BTC Pledged does not meet the definition of a sale. Refer to Note 10, 13 and 21 for more details.

‌NOTE 9: INVENTORIES As of September 30, As of December 31,

	2025	2024
Waste, limestone and fuel oil* Electronic and networking components	4,538 2,441	- 1,180
	6,979	1,180

* On the Acquisition Date, additions from the Stronghold business combination amounted to $3,269 for inventories. Refer to Note 5 for more details.

‌NOTE 10: DERIVATIVE ASSETS AND LIABILITIES BTC option and selling contracts

Starting in the first quarter of 2023, the Company purchased BTC option contracts that gave it the right, but not the obligation, to sell digital assets at a fixed price. Option contracts are used to reduce the risk of BTC price volatility and reduce the variability of cash flows generated from future sales of digital assets. The Company also entered into contracts and earned premiums by agreeing to sell BTC if the BTC price reached specific targets. The Company does not apply hedge accounting to these option contracts.

BTC redemption options and redemption obligations

Starting in November 2024, the Company entered into purchase orders of Miners with a supplier which allows the Company to pay for the Miners in cash, BTC or a combination of both. In the event that the Company elects to pay using BTC (BTC Pledged, as defined in Note 8) either in full or partially, the Company has the option to redeem the BTC Pledged at the price originally pledged in four quarterly installments ("BTC Installments") within 12 months after the redemption period starts. The redemption period starts when the Miners are shipped. If the Company elects not to redeem one of the BTC Installments, the Company forfeits the right to redeem the remaining BTC Installments. The right to redeem the BTC ("BTC Redemption Option") meets the definition of an embedded derivative.

A redemption obligation was recorded for the remaining BTC Redemption Options for which Miners have been shipped, reflecting the Company's obligation to either redeem the BTC Pledged for cash or use the BTC Pledged for the purchase of the Miners. As of September 30, 2025, the redemption obligation amounted to

$15,339, which represented the value of Miners delivered, for which BTC payments were made, and reduced by the value of the BTC redeemed.

No redemption obligation was recorded as of December 31, 2024, as the Miners ordered, for which the deposit payment in BTC was made, had not yet been shipped.

NOTE 10: DERIVATIVE ASSETS AND LIABILITIES (Continued) BTC redemption options and redemption obligations (Continued) The following table summarizes the BTC Redemption Options: As of September 30,

		2025
Notes		Quantity of restricted Redemption BTC Obligation
November 2024 Order	i.	351 33,230
Redemption of BTC		(262) (24,923)
March 2025 Swap Order	ii.	29 2,374
Redemption of BTC		(15) (1,187)
July 2025 Swap Order	iii.	54 5,845
Redemption of BTC		- -
		157 15,339

1. In November 2024, the Company paid for the Miners ordered ("November 2024 Order") using 351 BTC valued at $33,230 (i.e., 351 BTC Pledged). On initial recognition, the Company recorded a derivative asset of $1,349 with a corresponding reduction in long-term deposits and equipment prepayments as the Miners were not yet shipped. During the nine months ended September 30, 2025, the Company exercised its option to redeem the first three installments of the BTC pledged and redeemed an aggregate 262 BTC for $24,923. Subsequently, in October 2025, the Company exercised the fourth and last BTC Installment of the November 2024 Order. Refer to Note 29 for more details.

2. In March 2025, an exchange agreement (''March 2025 Swap Order'') was entered into to exchange Miners for which the Company paid $2,374 in BTC which can be redeemed on a quarterly basis (i.e., 29 BTC Pledged). On initial recognition, the Company recorded a derivative asset of $393 with a corresponding reduction in long-term deposits and equipment prepayments as the Miners had not yet been shipped. During the nine months ended September 30, 2025, the Company exercised its option to redeem the first and second installments of the BTC Pledged and redeemed 15 BTC for $1,187. Subsequently, in October 2025, the Company exercised the third and fourth BTC Installments of the March 2025 Swap Order. Refer to Note 29 for more details.

3. In July 2025, an exchange agreement (''July 2025 Swap Order'') was entered into to exchange Miners for which the Company paid $5,966 in BTC which can be redeemed on a quarterly basis (i.e., 54 BTC Pledged). On initial recognition, the Company recorded a derivative asset of $679 with a corresponding reduction in assets held for sale. During the three and nine months ended September 30, 2025, no option to redeem BTC was exercised. Subsequently, in October 2025, the Company exercised the first BTC Installment of the July 2025 Swap Order. Refer to Note 29 for more details.

Refer to Note 8, Note 21 and Note 29 for more details.

NOTE 10: DERIVATIVE ASSETS AND LIABILITIES (Continued) Warrant assets of private company

During the second quarter of 2025, the Company acquired warrants of a privately held Canadian company ("PHCC") to purchase preferred shares. Refer to Note 15 for more details.

The following table summarizes the derivatives and reconciles the fair value measurement (Level 2):

As of September 30, As of December 31,

	2025				2024
	nine-month period				twelve-month period
	Warrants of private company	BTC Redemption Option	BTC option and selling contracts		BTC Redemption Option	BTC option and selling contracts
	Derivative Assets	Derivative Assets	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Assets	Derivative Liabilities
Balance as of January 1,	-	3,418	-	(128)	-	1,281	-
Initial recognition	-	1,072	-	-	1,349	-	-
Purchases	374	-	85,898	64,795	-	13,610	351
Sales	-	-	(73,659)	(90,708)	-	(30,762)	(358)
Remeasurement recognized in statement of profit or loss	(84)	(1,557)	(12,239)	26,041	2,069	15,871	(121)
Balance as of period end	290	2,933	-	-	3,418	-	(128)
Total derivative assets	3,223				3,418
Total derivative liabilities	-				(128)

NOTE 10: DERIVATIVE ASSETS AND LIABILITIES (Continued)

The following gain or loss on derivatives are recognized in Net financial (expenses) income in the consolidated statements of profit or loss and comprehensive profit or loss:

Three months ended September 30, Nine Months Ended September 30,

	2025	2024	2025	2024
Gain (loss) on BTC options and selling contracts Unrealized change in fair value of outstanding contracts Realized gain (loss) on settled contracts	(458) 13,807	(732) 654	(230) 14,032	(1,028) 1,305
	13,349	(78)	13,802	277
Gain (loss) on BTC Redemption Option
Unrealized change in fair value	(3,498)	-	(5,006)	-
Realized gain on settled options	2,324	-	3,449	-
	(1,174)	-	(1,557)	-
Loss on warrants of private company
Unrealized change in fair value	(40)	-	(84)	-
Total gain (loss)	12,135	(78)	12,161	277

‌NOTE 11: ASSETS HELD FOR SALE

As of September 30, 2025 and December 31, 2024, assets held for sale* consisted of the following:

As of September 30, As of December 31,

Note	2025	2024
Miners i. Mining electrical components Assets of disposal group classified as held for sale** 22	21,184 3,624 39,931	4,806 1,117 -
	64,739	5,923

* Assets held for sale were measured at the lower of their carrying amount and fair value less costs to sell at the time of the reclassification. The fair value of the asset was determined using the latest sale approach, which is based on recent sales price concluded by the Company. It is a level 3 measurement under the fair value hierarchy and is a non-recurring measurement. The key assumption used by Management to determine the fair value is the most recent amount invoiced to a third party for a Miner sold.

** Assets of disposal group classified as held for sale relate to the assets of the Company's Paso Pe, Paraguay, Bitcoin data center operations, which are classified as discontinued operations. Refer to Note 22 for more details.

NOTE 11: ASSETS HELD FOR SALE (Continued)

i. Miners held for sale

The following table summarizes the movement of Miners held for sale:

MicroBT WhatsMiner M30, M31 & M50

Bitmain S19j Pro, S19j Pro + Miners

Bitmain S21+ Miners

Bitmain T21 Miners

Total

Proceeds of sale

Gain (loss) on sale

Qty

Value

Qty

Value

Qty

Value

Qty

Value

Qty

Value

Value

Value

Balance as of December 31, 2024

24,927

2,752

7,996

2,054

-

-

-

-

32,923

4,806

2,547

(120)

Additions	7,673	2,739	- -	-	-	-	-	7,673 2,739	-	-
Dispositions	(11,177)	(1,283)	- -	-	-	-	-	(11,177) (1,283)	1,578	295
Impairment -
discontinued
operations	-	(1,320)	- -	-	-	-	-	- (1,320)	-	-
Balance as of March 31, 2025	21,423	2,888	7,996 2,054	-	-	-	-	29,419 4,942	1,578	295
Additions	2,900	363	- -	-	-	-	-	2,900 363	-	-
Dispositions	(5,999)	(686)	(500) (100)	-	-	-	-	(6,499) (786)	873	87
Balance as of June 30, 2025	18,324	2,565	7,496 1,954	-	-	-	-	25,820 4,519	2,451	382
Additions	256	102	6,409 2,137	8,585	34,739	10,469	21,990	25,719 58,968	-	-
Reclassification
to disposal
group as assets
held for sale*	(2,900)	(363)	- -	-	-	(1,600)	(3,648)	(4,500) (4,011)	-	-
Dispositions	(9,628)	(1,400)	(2,298) (778)	(3,432)	(10,693)	(6,469)	(14,749)	(21,827) (27,620)	27,552	(69)
Transfer to
Property, Plant
and Equipment	-	-	(6,277) (1,570)	-	-	-	-	(6,277) (1,570)	-	-
Impairment	-	-	- -	-	(9,102)	-	-	- (9,102)	-	-
Balance as of September 30, 2025	6,052	904	5,330 1,743	5,153	14,944	2,400	3,593	18,935 21,184	30,003	313

* Reclassification to disposal group as assets held for sale relates to the Miners of the Company's Paso Pe, Paraguay, Bitcoin data center operations that were previously included in assets held for sale prior to becoming a disposal group held for sale and discontinued operations. Refer to Note 22 for more details.

NOTE 11:	ASSETS HELD FOR SALE (Continued)
i.	Miners held for sale (Continued)
	MicroBT		MicroBT							Gain
	WhatsMiner M30,		WhatsMiner		Bitmain S19j Pro,				Proceeds (loss) on
	M31 & M50		M20S		S19j Pro + Miners		Total		of sale	sale
	Qty	Value	Qty	Value	Qty	Value	Qty	Value	Value	Value
Balance as of January 1, 2024	-	-	731	316	300	205	1,031	521	-	-
Additions	7,696	1,363	-	-	-	-	7,696	1,363	-	-
Dispositions	-	-	(258)	(108)	(300)	(205)	(558)	(313)	239	(74)
Balance as of March 31, 2024	7,696	1,363	473	208	-	-	8,169	1,571	239	(74)
Additions	30,606	6,565	-	-	2,609	822	33,215	7,387	-	-
Dispositions	(1,140)	(251)	-	-	-	-	(1,140)	(251)	289	38
Balance as of June 30, 2024	37,162	7,677	473	208	2,609	822	40,244	8,707	528	(36)
Additions	277	62	-	-	5,786	1,587	6,063	1,649	-	-
Dispositions	(4,620)	(1,022)	-	-	-	-	(4,620)	(1,022)	1,049	27
Impairment	-	(3,120)	(473)	(208)	-	(300)	(473)	(3,628)	-	-
Balance as of September 30, 2024	32,819	3,597	-	-	8,395	2,109	41,214	5,706	1,577	(9)
Additions	1,447	181	-	-	-	-	1,447	181	-	-
Dispositions	(9,339)	(1,026)	-	-	(399)	(55)	(9,738)	(1,081)	970	(111)
Balance as of December 31, 2024	24,927	2,752	-	-	7,996	2,054	32,923	4,806	2,547	(120)

‌NOTE 12: PROPERTY, PLANT AND EQUIPMENT Notes BVVE Land and buildings Power plants Machinery and Equipment Leasehold improvements Vehicles Total

Cost
Balance as of January 1, 2025	425,447	34,426	-	-	59,827	1,748	521,448
Additions	110,969	538	24	168	4,949	1,060	117,708
Additions through
business combination	5 30,845	5,937	101,450	10,890	-	3,142	152,264
Dispositions	6 (29,259)	(15,611)	-	-	(1,234)	(67)	(46,171)
Transfer to assets held
for sale	11, 22 (187,824)	(13,882)	-	-	(40,605)	(493)	(242,804)
Balance as of September 30, 2025	350,178	11,408	101,474	11,058	22,937	5,390	502,445
Accumulated Depreciation
Balance as of January 1,
2025	141,878	819	-	-	29,377	849	172,923
Depreciation	25, 27 88,567	535	2,199	1,211	3,153	906	96,571
Dispositions	(2,322)	-	-	-	(1,191)	(50)	(3,563)
Transfer to assets held
for sale	11, 22 (135,155)	(7,565)	-	-	(40,132)	(354)	(183,206)
Impairment -
discontinued operations	22 37,326	6,911	-	-	15,304	165	59,706
Impairment - deposits
transferred to PPE	107	-	-	-	37	-	144
Balance as of September 30, 2025	130,401	700	2,199	1,211	6,548	1,516	142,575
Net book value as of September 30, 2025	219,777	10,708	99,275	9,847	16,389	3,874	359,870

NOTE 12: PROPERTY, PLANT AND EQUIPMENT (Continued) Notes BVVE Land and buildings Leasehold improvements Vehicles Total

Cost
Balance as of January 1, 2024		354,803	5,740	50,728	1,262	412,533
Additions		294,311	29,114	10,228	529	334,182
Dispositions		(433)	-	(560)	(25)	(1,018)
Transfer to assets held for sale	11	(208,471)	-	-	-	(208,471)
Change in discount rate in asset retirement obligations		-	-	88	-	88
Sales tax recovery	25	(14,763)	(428)	(657)	(18)	(15,866)
Balance as of December 31, 2024		425,447	34,426	59,827	1,748	521,448
Accumulated Depreciation
Balance as of January 1, 2024		199,794	424	25,656	647	226,521
Depreciation	25, 27	141,219	423	4,166	222	146,030
Sales tax recovery - depreciation	25, 27	(8,624)	(28)	(104)	(4)	(8,760)
Dispositions		(62)	-	(423)	(16)	(501)
Transfer to assets held for sale	11	(197,199)	-	-	-	(197,199)
Impairment on deposits transferred to PPE		6,750	-	82	-	6,832
Balance as of December 31, 2024		141,878	819	29,377	849	172,923
Net book value as of December 31, 2024		283,569	33,607	30,450	899	348,525

Assets not subject to depreciation

As of September 30, 2025, property, plant and equipment that are not yet placed into service amounted to

$3,485 and are not yet subject to depreciation.

Dispositions

Through the sale of the Yguazu Mining Site during the first quarter of 2025, the Company sold $34,006 of property, plant and equipment to HIVE, comprising $18,395 of BVVE and $15,611 attributed to land and building asset. Refer to Note 6 for more details.

In addition, in connection with the March 2025 Swap Order, dispositions included the Miners returned to the supplier as of September 30, 2025 with a cost $11,928 and accumulated depreciation of $4,201. Refer to Notes 10 for more details.

‌NOTE 13: LONG-TERM DEPOSITS AND EQUIPMENT PREPAYMENTS As of September 30, As of December 31,

Notes	2025	2024
Security deposits for energy and rent Equipment and construction prepayments Deferred transaction fees - undrawn tranche of the credit facility 18	8,905 822 1,384	4,513 51,854 -
	11,111	56,367

Following the sale of the Yguazu Mining Site, the Company sold $18,321 of long-term deposits and equipment prepayments to HIVE. Refer to Note 6 for more details.

Equipment and construction prepayments

The following table details the equipment and construction prepayments:

As of September 30, As of December 31,

	2025	2024
March 2024 Purchase Order Other BVVE and electrical components Construction work and materials*	- - 822	34,791 3,499 13,564
	822	51,854

* Deposits for construction work and materials mainly related to the United States expansions.

March 2024 Purchase Order

During the first quarter of 2024, the Company ordered 19,369 Bitmain T21 Miners, 3,975 Bitmain S21 Miners and 762 Bitmain S21 Hydro Miners (collectively defined as the ''March 2024 Purchase Order'') for $51,285,

$13,608 and $4,338, respectively, with deliveries scheduled from April 2024 to November 2024. In November 2024, the Company amended the March 2024 Purchase Order and upgraded 12,853 Bitmain T21 Miners to 12,853 S21 Pro Miners for $22,654. The amendment had an embedded derivative for the BTC Redemption Option, as described in Note 10, which was initially recognized at a fair value of $1,349, reducing the Company's Long-term deposits and equipment prepayments. As of September 30, 2025, all Miners on the March 2024 Purchase Order were received and the equipment prepayment amount was nil.