BITFARMS : Q3 2025 MDA - FINAL

Published on 11/13/2025 at 07:13 am EST

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Management's Discussion & Analysis For the three and nine months ended September 30, 2025 Q3 2025 TABLE OF CONTENTS

Introduction............................................................................................................................................ 3
Company Overview ................................................................................................................................ 4
Financial Highlights from Continuing Operations .................................................................................. 6
Third Quarter 2025 Financial Results and Operational Highlights from Continuing Operations .......... 7
Recent and Subsequent Events.............................................................................................................. 8
Production and Mining Operations 10
HPC/AI Infrastructure and BTC Mining Expansion Projects 11
Financial Performance 18
Selected Quarterly Information from Continuing Operations 30
Non-IFRS and Other Financial Measures and Ratios 32
Liquidity and Capital Resources 39
Financial Position 51
Financial Instruments 53
Related Party Transactions 53
Internal Controls Over Financial Reporting 53
Share Capital 56
Regulatory Compliance 56
Risk Factors 57
Significant Accounting Estimates 59
Material Accounting Policy Information and New Accounting Policies 59
Cautionary Note Regarding Forward-Looking Statements 60
Cautionary Note Regarding Non-IFRS and Other Financial Measures and Ratios 62
Additional Information 62
Glossary of Terms 63

‌INTRODUCTION
The following Management's Discussion and Analysis (the "MD&A") for Bitfarms Ltd. (together with its subsidiaries, the "Company" or "Bitfarms") has been prepared as of November 12, 2025. This MD&A should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and its accompanying notes (the "Financial Statements"), the Company's 2024 audited annual consolidated financial statements and its accompanying notes (the "2024 Annual Financial Statements") and the Company's Annual Information Form dated March 26, 2025 (the "2024 AIF"), which are available on SEDAR+ at https://www.sedarplus.ca and EDGAR at https://www.sec.gov/edgar.
The Company's 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 IAS 34, Interim Financial Reporting. The Company's Financial Statements and this MD&A are reported in thousands of U.S. dollars and U.S. dollars, respectively, except where otherwise noted.
Bitfarms' management team ("Management") is responsible for the preparation and integrity of the Financial Statements including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including the Financial Statements and MD&A, is complete and reliable.
The Company utilizes non-IFRS financial measures and ratios in assessing operating performance. Non-IFRS financial measures and ratios may exclude the impact of certain items and are used internally when analyzing operating performance. Refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios and Section 22 - Cautionary Note Regarding Non-IFRS and Other Financial Measures and Ratios of this MD&A for more information.
This MD&A contains forward-looking statements. Refer to the risk factors described in Section 18 - Risk Factors of this MD&A and in Section 19 - Risk Factors of the Company's MD&A for the year ended December 31, 2024, dated March 26, 2025 and to Section 21 - Cautionary Note Regarding Forward-Looking Statements of this MD&A for more information. This MD&A contains various terms related to the Company's business and industry which are defined in Section 24 - Glossary of Terms of this MD&A.
In this MD&A, the following terms shall have the following definitions:
Term Definition
Q3 2025 Three months ended September 30, 2025
Q3 2024 Three months ended September 30, 2024
YTD Q3 2025 Nine months ended September 30, 2025
YTD Q3 2024 Nine months ended September 30, 2024
‌COMPANY OVERVIEW

Founded in 2017, Bitfarms (Nasdaq/TSX: BITF) is a North American, publicly traded energy and compute infrastructure company. Since 2017, Bitfarms develops and operates data centers primarily for Bitcoin mining with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Having completed planned investments into Bitcoin mining operations, the Company is now focused on converting its existing energy and data center infrastructure to HPC and AI uses. Through the conversion of the Company's assets to HPC and AI infrastructure projects , the Company aims to realize greater value for its portfolio of North American energy assets in Pennsylvania, United States; Washington State, United States; and Quebec, Canada.

Currently, 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 Bitcoin ("BTC"). 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 to the Financial Statements, 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 with a combined capacity of 473 MW. Both facilities qualify as an "Alternative Energy System" under Pennsylvania, United States law because mining refuse is classified as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). The Company sells its electricity into the Pennsylvania, New Jersey, Maryland Interconnection ("PJM") Merchant Market under a professional services agreement with Customized Energy Solutions, Ltd. 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").

To support and accelerate the development of the Company's HPC/AI infrastructure projects, the Company undertook several significant initiatives. In October 2025, the Company raised $588.0 million and $50.0 million through the issuance of convertible notes and the conversion of its credit facility with Macquarie Equipment Capital, Inc. ("Macquarie"), respectively. In November 2025, the Company advanced its HPC/AI infrastructure strategy by acquiring the Sharon property in Pennsylvania, United States, for $32.3 million and entered into a purchase commitment of $128.7 million, payable in the next 12 months, for the development and expansion of HPC/AI infrastructure projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Refer to Section 5 - Recent and Subsequent Events for more details.

COMPANY OVERVIEW (Continued)

Bitfarms currently has 131 operating Bitcoin data centers situated in three countries: Canada, the United States and Paraguay, powered by long-term competitively priced power contracts.

The Company's ability to operate and secure power through its production sites as of November 12, 2025 are summarized below. The Company intends to allocate some or all of this power pipeline to its HPC/AI infrastructure strategy.

Region1 Energized capacity Secured contracted growth capacity Capacity under application Total pipeline North America

United States	171	MW 2	430	MW 3	1,360	MW	1,961	MW
Canada	170	MW	10	MW 4	-		180	MW
South America	341	MW	440	MW	1,360	MW	2,141	MW
Paraguay5	70	MW	- -				70	MW
Total	411	MW	440 MW 1,360			MW	2,211	MW

Secured Capacity Bitcoin data State/ Energized contracted under Total centers1 Province Country capacity growth capacity application pipeline
Bunker	Quebec	Canada	48	MW	-		-		48	MW
Leger	Quebec	Canada	30	MW	-		-		30	MW
Baie-Comeau	Quebec	Canada	22	MW	-		-		22	MW
Garlock	Quebec	Canada	18	MW	-		-		18	MW
Cowansville	Quebec	Canada	17	MW	-		-		17	MW
Saint-Hyacinthe	Quebec	Canada	15	MW	-		-		15	MW
Magog	Quebec	Canada	10	MW	-		-		10	MW
Farnham	Quebec	Canada	10	MW	-		-		10	MW
Panther Creek3	Pennsylvania	United States	60	MW	350	MW	60	MW	470	MW
Sharon	Pennsylvania	United States	30	MW	80	MW	-		110	MW
Scrubgrass	Pennsylvania	United States	63	MW	-		1,300	MW	1,363	MW
Washington	Washington	United States	18	MW	-		-		18	MW
Paso Pe	Guaira Department	Paraguay	70	MW	-		-		70	MW

1 This data excludes the discontinued operations in Rio Cuarto, Argentina and in Paraguay. On May 12, 2025, the Company's energy provider, Generación Mediterránea S.A. ("GMSA"), halted the supply of electricity to the Company's Rio Cuarto Bitcoin data center with energized capacity of 58 MW. On August 11, 2025, three months after being informed that electricity supply was being halted and with no expected path forward to resume operations in the future, the decision was made to shut down the plant, which was abandoned as of September 30, 2025. Refer to Section 8

- Financial performance (Discontinued operations) and Section 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

2The Company has a hosting contract to operate 21 MW of Miners on behalf of a third party at the Panther Creek Bitcoin data center.

3Refer to Section 7 - HPC/AI Infrastructure and BTC Mining Expansion Projects for details on the timing of the remaining MW not yet operational.

4 The Company has secured the rights for 10 MW of hydro-electricity in the province of Quebec, Canada and is continuing its efforts to search for economically viable properties for the available 10 MW of hydro-electricity.

5 As of September 30, 2025, the Paso Pe operations were classified as a disposal group held for sale, and all operations in Paraguay were designated as discontinued operations as the Company makes a strategic shift towards HPC/AI infrastructure in North America. Refer to Section 8 - Financial performance (Discontinued operations) of this MD&A.

‌FINANCIAL HIGHLIGHTS FROM CONTINUING OPERATIONS1 Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	2025	2024
Revenues	69,245	27,072	179,050	95,522
Gross loss	(2,882)	(2,000)	(2,634)	(21,953)
Gross margin (2)	(4)%	(7)%	(1)%	(23)%
Operating loss	(28,956)	(30,950)	(58,513)	(73,289)
Operating margin (2)	(42)%	(114)%	(33)%	(77)%
Net loss from continuing operations	(46,258)	(23,984)	(68,635)	(52,485)
Net loss from discontinued operations	(34,511)	(12,665)	(74,734)	(16,743)
Net loss	(80,769)	(36,649)	(143,369)	(69,228)
Basic and diluted loss per share from continuing operations	(0.08)	(0.05)	(0.13)	(0.13)
Gross Mining profit (3)	21,091	11,242	68,936	47,223
Gross Mining margin (3)	35 %	44 %	43 %	51 %
Adjusted EBITDA (3)	19,563	2,198	38,538	23,845
Adjusted EBITDA margin (3)	28 %	8 %	22 %	25 %

As of September 30, As of December 31,

	2025	2024
Total assets	801,279	667,616
Current financial liabilities	81,453	30,445
Non-current financial liabilities	50,843	1,430

There have not been any distributions or cash dividends declared for the periods disclosed above.

1 Discontinued operations refer to the operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and to the Paso Pe, Paraguay, operations that met the criteria to be classified as held for sale as the Company makes a strategic shift towards HPC/AI infrastructure in North America. Refer to Sections 8 - Financial performance (Discontinued operations) and 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

2 Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

3Gross Mining profit, Gross Mining margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

‌THIRD QUARTER 2025 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS FROM CONTINUING OPERATIONS1 Financial
- Revenues of $69.2 million;
- Gross Mining profit3 of $21.1 million (35% Gross Mining margin3);
- Adjusted EBITDA3 of $19.6 million (28% Adjusted EBITDA margin3); and
- Gross loss of $2.9 million (Gross margin2 4%) including non-cash depreciation and amortization expense of
  $27.4 million, operating loss of $29.0 million (Operating margin2 of negative 42%) including an impairment loss of $9.1 million, and net loss of $46.3 million.
  Operations
- Hashrate under Management remained consistent at 14.8 EH/s as of September 30, 2025 compared to June 30, 2025;
- Earned 520 BTC at an average direct cost of $48,200 per BTC2, or an average total cash cost of $82,400 per BTC3, and received 15 BTC through hosting revenue;
- Held 1,658 BTC, including 157 restricted BTC, valued at approximately $189.2 million as of September 30, 2025;
- Sold 185 BTC at an average price of $116,500 per BTC for total proceeds of $21.6 million, a portion of which was used to pay capital expenditures to support the Company's growth and efficiency improvement objectives; and
- Achieved realized and unrealized gain of $13.3 million on BTC option contracts. Total cash cost per BTC would be reduced to $55,200 after considering the realized gains and unrealized losses of BTC option contracts.
  Corporate Share Buyback Program
- Commenced a corporate share buyback program authorizing the Company to purchase up to 10% of the Company's public float as of July 14, 2025; and
- Repurchased 7,807,141 common shares for cancellation through the corporate share buyback program for net costs of $10.0 million at an average share price of approximately $1.27.
  Expansions
- Entered into a partnership with T5 Data Centers, LLC ("T5") to advance HPC/AI infrastructure projects at the Panther Creek campus in Pennsylvania, United States.
  Divestitures
- Refocused its business from Latin American Mining to North America HPC/AI infrastructure projects;
- Abandoned Argentina operations after the Rio Cuarto, Argentina Bitcoin data center lost its energy supply; and
- Classified the Paso Pe, Paraguay Bitcoin data center as held for sale, reflecting the intention to exit the Paraguay Mining operations.

1Excluding discontinued operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and in Paso Pe, Paraguay, which met the criteria to be classified as held for sale as the Company makes a strategic shift towards HPC/AI Infrastructure in North America. Refer to Sections 8 - Financial performance (Discontinued operations) and 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

2 Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

3 Gross Mining profit, Gross Mining margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS measures or ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

THIRD QUARTER 2025 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS FROM CONTINUING OPERATIONS (Continued) Other
- Appointed Wayne Duso as an independent director of the Board of Directors (the "Board");
- Established a second principal executive office in New York City, United States; and
- Began the transition to reporting the Company's financial statements according to U.S. Generally Accepted Accounting Principles which is expected to commence with the annual consolidated financial statements for the fiscal year ending December 31, 2025.
‌RECENT AND SUBSEQUENT EVENTS

2024 ATM Program
During the period from October 1, 2025 to October 7, 2025, the Company issued 10,445,797 common shares through the 2024 ATM Program in exchange for gross proceeds of $35.8 million at an average share price of approximately $3.43. The Company received net proceeds of $34.7 million after paying commissions of $1.1 million to the sales agent. The 2024 ATM Program was terminated on October 7, 2025 after $375.0 million of gross proceeds was reached.
Convertible Senior Notes
In October 2025, the Company issued $588.0 million aggregate principal amount of convertible senior notes (the "Convertible Notes"), which included the full exercise of the purchasers' option to purchase up to an additional $88.0 million aggregate amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum payable semi-annually and mature on January 15, 2031.
Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events. Thereafter, holders may convert their notes at any time until maturity. Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1,000 principal amount (equivalent to a conversion price of approximately $6.86 per share), representing a 30% premium over the $5.28 reference price (the last reported sale price per common share of Bitfarms on Nasdaq on October 16, 2025), subjected to adjustments upon the occurrence of certain events.
The Convertible Notes are not redeemable prior to October 20, 2028, except in the event of certain changes in Canadian tax law. After that date, the Company may redeem the Convertible Notes, in whole or in part, for cash if the market price of its common shares exceeds 130% of the conversion price for a specified period. In the event of a fundamental change, holders may require the Company to repurchase their notes for cash.
Net proceeds from the offering were approximately $568.9 million.
Capped call transactions
In October 2025, in connection with the Convertible notes, the Company entered into capped call transactions, with a cap price of $11.88 per share (representing a 125% premium over the reference price).
1. RECENT AND SUBSEQUENT EVENTS (Continued)
Credit Facility with Macquarie
In October 2025, the Company converted its Credit Facility with Macquarie as described in Note 18 to the Financial Statements to an up to $300.0 million project-specific financing facility for the development of its data center campus in Panther Creek, Pennsylvania, United States. The Company drew an additional $50.0 million from the converted facility, for a total of $100.0 million drawn and issued an additional 2,197,127 warrants with a strike price of $5.69 and a term of 5 years. As a result of the project-specific financing facility's requirements, the restricted cash balance increased from $25.0 million to $50.0 million.
Sharon Purchase of Leased Property
In October 2025, the Company acquired the property it was leasing in Sharon, Pennsylvania, from the landlord for a total consideration of $38.7 million consisting of $5.0 million in cash and $33.7 million worth of the Company's shares as at the date of the close. This resulted in the issuance of 8,500,000 shares of the Company to the seller.
Redemption options of BTC
In October 2025, the Company exercised its option to redeem the fourth and last installment of the BTC pledged in relation to the purchase of Miners under the November 2024 Order. The Company redeemed 89 BTC for $8.3 million.
Also in November 2025, the Company exercised its option to redeem the third and fourth installments of the BTC pledged in relation to the purchase of Miners under the March 2025 Swap Order. The Company redeemed 14 BTC for $1.2 million.
Additionally, during October 2025, the Company exercised its option to redeem the first installment of the BTC pledged in relation to the purchase of Miners under the July 2025 Swap Order. The Company redeemed 14 BTC for $1.5 million.
Commitment for HPC/AI Infrastructure Projects

In November 2025, the Company entered into a purchase commitment of $128.7 million, payable over the next 12 months, for the development and expansion of HPC/AI infrastructure projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Under the terms of the agreement, the provider will deliver a range of services that include engineering, project management assistance, procurement and manufacturing, site management support and factory acceptance testing, all contributing, in addition to other expenses, to the construction of a fully integrated 18 MW hybrid-built data center in Washington State, United States.

‌PRODUCTION AND MINING OPERATIONS1 Key Performance Indicators

Three months ended September 30, Nine months ended September 30,

	2025	2024 % Change	2025	2024	% Change
Total BTC earned	520	414 26 %	1,570	1,562	1 %
BTC received through hosting revenue	15	- 100 %	36	-	100 %
Average Watts/Average TH efficiency*	18	21 (14)%	19	27	(30)%
Installed Watts/TH efficiency	18	21 (14)%	18	27	(33)%

* Average Watts represents the average energy consumption of deployed Miners

Q3 2025 v. Q3 2024

520 BTC earned in Q3 2025, compared to 414 BTC earned in Q3 2024, representing an increase of 26% as a result of an increase in average Hashrate from the Company's expansions and upgrades to its Miner fleet with additional and higher efficiency Miners, partially offset by a 49% increase in average Network Difficulty; and
Improved ending energy efficiency to 19 Watts/TH on September 30, 2025 compared to 21 Watts/TH on September 30, 2024, as a result of the Company upgrading its fleet with more efficient Miners. This improvement resulted in a 18 average Watts/Average TH efficiency during Q3 2025, compared to 21 average Watts/Average TH efficiency during Q3 2024, representing an improvement of 14%.
YTD Q3 2025 v. YTD Q3 2024
1,570 BTC earned during YTD Q3 2025, compared to 1,562 BTC earned during YTD Q3 2024, representing an increase of 1% from the previous year as a result of an increase in Hashrate from the Company's expansions and upgrades to its Miner fleet with higher efficiency Miners, partially offset by reduced Block Rewards following the April 2024 halving event and a 46% increase in average Network Difficulty; and
Improved ending energy efficiency to 19 Watts/TH on September 30, 2025, compared to 21 Watts/TH on September 30, 2024, with the Company upgrading its Mining fleet. This improvement resulted in a 19 average Watts/Average TH efficiency during YTD Q3 2025, compared to 27 average Watts/Average TH efficiency during YTD Q3 2024, representing an improvement of 30%.

As of September 30, As of June 30,

	2025	2025 % Change
Period-end operating EH/s	14.8	14.8 - %
Watts/TH efficiency*	19	18 6 %
Installed Watts/TH efficiency	18	18 - %
Period-end energized capacity (MW)**	341	330 3 %

* Watts represents the energy consumption of deployed Miners

** Includes 21 MW operated on behalf of a third party through a hosting contract at the Panther Creek Bitcoin data center (as of September 30, 2024: nil)

Excluding discontinued operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and in Paso Pe, Paraguay, which met the criteria to be classified as held for sale as the Company makes a strategic shift towards HPC/AI Infrastructure in North America. Refer to Sections 8 - Financial performance (Discontinued operations) and 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

‌HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS

The Company describes its expansion plans below under the sections entitled "United States Expansion", "Paraguay Update" and "Canada Expansion". These expansion projects do not include updates from 2024 or earlier.

Cautionary statements

The estimated costs and timelines to achieve these expansion plans may change based on, among other factors, the cost and supply of equipment, the ability to import equipment into countries where it operates in a cost-effective and timely manner, the supply of electrical and other supporting infrastructure equipment, the availability of construction materials, currency exchange rates and the impact of geopolitical events on the supply chains described above. The Company's expansion plans rely on, among other factors, a consistent supply of electricity at cost-effective rates; refer to Section 19 - Risk Factors (Section Economic Dependence on Regulated Terms of Service and Electricity Rates Risks) of the MD&A for the year ended December 31, 2024, dated March 26, 2025 for further details, including a description of these and other factors. Also refer to Section 21 - Cautionary Note Regarding Forward-Looking Statements.

A. Development of HPC/AI Infrastructure Projects

In January 2025, the Company engaged two established consultants in HPC/AI infrastructure, Appleby Strategy Group ("ASG") and World Wide Technology ("WWT"), to conduct independent evaluations of the Company's data centers and energy assets for potential partial or total conversion to HPC/AI infrastructure. In parallel, ASG and WWT are conducting feasibility assessments, data center engineering, site map planning, construction budgeting, and accelerate marketing and development strategies. Combined, they will support the building of the Company's operational capabilities and will market the Company's sites to potential HPC/AI customers, offtake counterparties or partners.

In April 2025, WWT completed the first phase of its feasibility assessments and provided its findings to the Company which confirmed the suitability of all US sites and most Canadian sites for potential conversion to HPC/AI infrastructure.

In July 2025, the Company engaged T5 to oversee construction as the Owner's Representative for the Panther Creek HPC development following a thorough review process conducted with multiple data center developers. T5 was chosen for their multi-decade experience developing and operating HPC data centers and their unique end-to-end services offering. As Owners Representative for the site, T5 will be responsible for managing all of the contracting, permitting and construction for the Panther Creek data center campus. The engagement with T5 is designed such that the engagement can continue to expand in scope across general contracting, site commissioning and site operations and maintenance.

In August 2025, the Company entered into a binding purchase agreement for 181 acres of contiguous land at the Panther Creek campus for $3.5 million, which is anticipated to be more than sufficient land for multiple phases of HPC/AI development in this campus.

In October 2025, the owner of the 181 acres agreed to amend the plot map extending into an adjacent property owned by the same owner, which would give the Company approximately 20 additional acres for no additional cost. Subject to local approvals, this change would increase the purchased property from 181 acres to approximately 201 acres.

HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued)
1. Development of HPC/AI Infrastructure Projects (Continued)

In October 2025, WWT completed the second phase of its HPC development consulting engagement with the Company, providing defined service offerings for colocation data center services and information/operational technology stack high-level designs.

In November 2025, the Company opted to convert its Washington State Bitcoin data center to HPC/AI workloads as early as December 2026. Refer to Section 7B - HPC/AI Infrastructure and BTC Mining Expansion Projects (United States Expansion) for more details

Macquarie Credit Facility

In April 2025, the Company entered into an agreement for a credit facility up to $300.0 million from Macquarie for HPC development at the Panther Creek campus and drew down the initial tranche of $50.0 million. The Company issued 5,330,946 warrants convertible for a fixed number of common shares at an exercise price of

$1.17, and paid $3.2 million in transaction fees which will be deferred and/or amortized over the term of the credit facility.

In October 2025, the Company amended the facility to, among other things, limit the borrowers and guarantors under the credit facility's loan agreement to certain subsidiaries of the Company holding Panther reek project-specific assets, other than as unsecured guarantee of the Company and limited guarantees and collateral provided by certain subsidiaries of the Company. The Company accessed an additional $50.0 million of the credit facility to expedite the procurement of essential equipment and further its HPC/AI infrastructure projects, bringing the cumulative borrowed funds to $100.0 million. The Company issued 2,197,127 warrants convertible for a fixed number of common shares at an exercise price of $5.69, a 23% premium to the closing price on October 24, 2025.

The subsequent tranche(s) of the credit facility will allow the Company to draw up to an additional $200.0 million and will be drawable as the Company achieves specific development milestones at its Panther Creek location. The Company will contribute $50.0 million in kind, or in cash, to be held by the Company's dedicated Panther Creek subsidiary and issue additional warrants equivalent to 10% of the amount drawn up to $125.0 million. The maturity of each tranche is 2 years from the date of closing and each facility bears interest at 8% per annum. The funding facility is expected to provide the necessary capital for the Company to fund the initial portion of the Panther Creek data centers development and buildout.

HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued)
1. Development of HPC/AI Infrastructure Projects (Continued)
  Convertible Senior Notes
  In October 2025, the Company issued $588.0 million aggregate principal amount of convertible senior notes (the "Convertible Notes"), which included the full exercise of the purchasers' option to purchase up to an additional $88.0 million aggregate amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum payable semi-annually and mature on January 15, 2031.
  Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events. Thereafter, holders may convert their notes at any time until maturity. Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1,000 principal amount (equivalent to a conversion price of approximately $6.86 per share), representing a 30% premium over the $5.28 reference price (the last reported sale price per common share of Bitfarms on Nasdaq on October 16, 2025), subjected to adjustments upon the occurrence of certain events.
  The Convertible Notes are not redeemable prior to October 20, 2028, except in the event of certain changes in Canadian tax law. After that date, the Company may redeem the Convertible Notes, in whole or in part, for cash if the market price of its common shares exceeds 130% of the conversion price for a specified period. In the event of a fundamental change, holders may require the Company to repurchase their notes for cash.
  Net proceeds from the offering were approximately $568.9 million.
2. United States Expansion

Acquisition of Stronghold

On March 14, 2025, the Company acquired Stronghold in a stock-for-stock merger transaction (the "Transaction"). The Transaction was unanimously approved by the Board of Directors of both companies and was approved by shareholders representing a majority of the outstanding shares of Stronghold on February 27, 2025.

Stronghold shareholders received 2.52 shares of Bitfarms for each share of Stronghold held. The Company issued 59,866,609 common shares and 12,893,650 warrants in connection with the consummation of the Merger. In addition, the Company paid $51.1 million on closing to retire Stronghold's outstanding loans and other closing costs.

The Stronghold Transaction initially added to the Company's operations up to 307 MW of potential power capacity, with an additional 648 MW of incremental potential power capacity, for a total of 955 MW of potential power capacity. This 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. Further, the transaction solidifies Bitfarms' standing in the Bitcoin Mining sector and positions it well for expansion into the HPC/AI infrastructure sector with two strategically located facilities with energy infrastructure and expansion capacity. As of the date of this MD&A, the two refuse power generation plants have a combined energized and secured contracted growth capacity of 473 MW.

During the first quarter of 2025, approximately 14,500 S21 Pro Bitmain Miners were installed at the Stronghold Scrubgrass and Panther Creek Bitcoin data centers. Following the closing of the Stronghold Transaction on March 14, 2025, the Panther Creek Hosting Agreement and Scrubgrass Hosting Agreement were terminated, settling the $15.6 million Refundable Hosting Deposits to the Company.

7. HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued) B. United States Expansion (Continued)

Scrubgrass and Panther Creek 2025 update

During the second quarter of 2025, approximately 3,400 S21+ and 6,000 S21 Pro Bitmain Miners were installed at the Scrubgrass and Panther Creek Bitcoin data centers.

In October 2025, the Company entered into an Electricity Supply Agreement ("ESA") with PPL Electric Utilities Corporation ("PPL") to secure an additional 350 MW of secured contracted growth capacity at the Company's Panther Creek location, with 50 MW to be delivered by the end of 2026, and 300 MW by the end of 2027.

Sharon 2025 update

In January 2025, the Company installed 3,300 miners and energized 12 MW at the Sharon data center. In May 2025, the Company energized an incremental 18 MW expansion project, bringing the total energized capacity to 30 MW with 8,000 Miners installed.

In May 2025, the Company was registered for PJM's Peak Saver and Synchronized Reserves Dispatchable Programs. In August 2025 the Company initiated its customer base load baseline qualification run, and in October the Company successfully passed PJM's baseline requirements for registration in the Price Response (Economic Demand Response) Dispatchable Program and is now in the registration process with PJM. Participation in these programs includes both demand response and energy arbitrage strategies that the Company plans to develop in the coming months across its PJM portfolio. These programs are anticipated to contribute to maximizing the value of its PJM assets through more effective control of energy prices and will be accretive to the Company's flexible HPC data center strategy currently under development in PJM.

In July 2025, the Company entered into an agreement with a vendor for the procurement of all equipment required to develop the 80 MW substation to increase capacity from 30 MW to 110 MW by the end of 2026. In September 2024, the Company executed a contract with a group of vendors for the construction, installation and commissioning of the 80 MW substation.

In October 2025, the Company acquired the Sharon property from the landlord for a total consideration of

$38.7 million consisting of $5.0 million in cash and $33.7 million worth of the Company's shares as at the date of the close. This resulted in the issuance of 8,500,000 shares of the Company to the seller. Following the termination of the long-term lease agreement for the site, the Company anticipates average annual rent savings of $1.8 million for each of the remaining years.

Sharon Position as of September 30, 2025

As of September 30, 2025, the Company had placed deposits of $1.4 million with the energy supplier and suppliers for construction costs and for electrical components. As of September 30, 2025, property, plant and equipment ("PPE") included $16.3 million related to the Sharon data center for facility construction and infrastructure equipment costs.

Washington 2025 update

The Company completed the upgrade of a portion of its current fleet of Miners in Washington during February 2025 with new T21 Miners. In August 2025, the Company secured a binding agreement for an adjacent land parcel for $1.9 million due to its proximity to a major data center cluster and is anticipated to be sufficient for a potential conversion to HPC/AI infrastructure.

7. HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued)

United States Expansion (Continued)
Washington 2025 update (Continued)
In November 2025, the Company opted to convert its Washington State site to HPC/AI workloads. The 18 MW Bitcoin data center is anticipated to be the first site fully converted to support HPC/AI workloads with up to 190 KW per rack and advanced liquid cooling. The Company signed a $128.7 million purchase commitment for IT infrastructure and building materials as described above in Section 7A - HPC/AI Infrastructure and BTC Mining Expansion Projects (Development of HPC/AI Infrastructure Projects). The HPC/AI data center will have validated reference designs ensuring compatibility with GB300s, modular infrastructure enabling phased deployment and scalability and proven thermal and power management critical for HPC/AI operations. The Company is targeting completion of the HPC/AI data center as early as December 2026.
Paraguay Update Sale of Yguazu data center 2025 update
On January 24, 2025, the Company announced that it had entered into a binding letter of intent to sell its 200 MW development site in Yguazu to HIVE Digital Technologies Ltd. ("HIVE") (the "Yguazu Sale").
On March 14, 2025, the Yguazu Sale closed. HIVE purchased from Bitfarms its 100% ownership stake of its Yguazu BTC data center and the Company's loan receivable from its Yguazu subsidiary, Zunz SA ("Backbone Yguazu"), for $63.3 million, with Bitfarms receiving:
- $20.0 million advance payments made in January 2025 upon signing the letter of intent;
- $12.0 million upon the closing of the transaction;
- $31.0 million in equal installments over 6 months following the closing; and
- $0.2 million of other costs assumed by HIVE.
  As of September 30, 2025, the Company received all the payments from HIVE, as per the terms of the agreement. Refer to Note 6 to the Financial Statements for more details.
  Paso Pe 2025 update
  As of September 30, 2025, the Paso Pe facility met the criteria to be classified as held for sale, and all operations in Paraguay were classified as discontinued operations as the Company makes a strategic shift towards HPC/AI infrastructure projects in North America. The sale of the Paso Pe Bitcoin data center operations is anticipated to close within twelve months from the reporting date.
  Villarrica 2025 update
  In November 2025, the Company disposed of its 10 MW Bitcoin data center in Villarrica. The Company's Miners at this Bitcoin data center were sold to a third party.
Canada Expansion
Baie-Comeau 2025 update
In January 2025, the utility provider energized an additional 11 MW, increasing the Baie-Comeau data center total to 22 MW.
Baie-Comeau position as of September 30, 2025
The Company has $11.6 million of PPE at the Baie-Comeau data center, including infrastructure equipment that was repurposed from other data centers.
7. HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued)
Cryptocurrency Mining

As of September 30, 2025, the Company operated1 14.8 EH/s under Management across its facilities, which was consistent compared to the EH/s under Management as of June 30, 2025.

Through its expansion projects and the investment in its fleet upgrade, the Company achieved its initial 2025 targets of 18 EH/s operational and 19 w/TH installed in March 2025. The Company currently has no plans to increase its hashrate beyond the current operational hashrate1 of 14.8 EH/s.

The Company continues to prudently explore further opportunities to monetize and expand its infrastructure to create long-term value for shareholders.

Fleet Upgrade

Securing additional Miners was anticipated to benefit the Company by capitalizing on higher bitcoin prices and drive rapid and meaningful improvements across three key operating metrics: Hashrate, energy efficiency and operating costs per TH.

In August 2025, the Company completed its fleet upgrade, incorporating 85,442 new Miners into its operations, consisting of Bitmain T21, S21, Pro, S21 hydro and S21+ Miners. According to the average specifications outlined in the purchase contracts and the Company's actual achieved Hashrate, these additions were projected to deliver a combined output of 17.7 EH/s.

Throughout 2024 and 2025, Bitfarms executed a series of strategic fleet upgrade transactions to enhance operational efficiency and optimize its miner portfolio. In November 2024, the Company amended its Purchase Option and March 2024 Purchase Order, upgrading 18,853 Bitmain T21 Miners to more efficient S21 Pro models for an additional $33.2 million, paid in BTC and structured for redemption in four installments.

In March 2025, Bitfarms completed a swap order, returning 4,160 Bitmain T21 Miners in exchange for 3,660 Bitmain S21+ Miners, utilizing a $9.5 million credit and settling the $2.4 million net balance in BTC, with all miners received and prepayments cleared by September 30, 2025. The BTC payment is structured for redemption in four installments.

Subsequently, in July 2025, the Company returned 10,467 Bitmain T21 Miners for a $23.9 million credit and purchased 8,585 Bitmain S21+ Miners for $29.9 million, paying the $6.0 million net balance in BTC, with plans to sell these new units. The BTC payment is structured for redemption in four installments.

As of September 30, 2025, all three transactions had been fully executed, with the upgraded and swapped Miners received, equipment prepayments settled, and BTC redemption options. Management oversees the BTC redemption options which are generally available on a quarterly basis, in line with the agreed schedules. Management monitors market conditions, liquidity needs, making strategic adjustments as necessary to ensure efficient redemptions. This approach allows for flexibility and responsiveness, helping to optimize outcomes for all stakeholders. Refer to Note 10 to the Financial Statements for more details. As of October 31, 2025, the Company sold the 8,585 S21+ Miners from the July 2025 swap for approximately $24.7 million.

1 Excluding discontinued operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and in Paso Pe, Paraguay, which met the criteria to be classified as held for sale as the Company makes a strategic shift towards HPC/AI Infrastructure in North America. Refer to Sections 8 - Financial performance (Discontinued operations) and 18- Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

HPC/AI INFRASTRUCTURE AND BTC MINING EXPANSION PROJECTS (Continued) E. Cryptocurrency Mining (Continued)
Fleet Upgrade (Continued)
Prior to the Company's Argentina operations shutdown, the Company's fleet upgrade enabled the Company to reach 19.5 EH/s operating capacity and 19 w/TH efficiency in Q1 2025. The Company intends to continue liquidating older, less efficient Miners to offset the cost of the capital expenditure. During YTD Q3 2025, the Company sold 17,176 older generation Miners to third parties for approximately $30.0 million. Refer to Note 11 to the Financial Statements.

‌FINANCIAL PERFORMANCE Consolidated Financial & Operational Results

Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Continuing operations
Revenues	69,245	27,072	42,173	156 %	179,050	95,522	83,528	87 %
Cost of revenues	(72,127)	(29,072)	(43,055)	148 %	(181,684)	(117,475)	(64,209)	55 %
Gross loss	(2,882)	(2,000)	(882)	44 %	(2,634)	(21,953)	19,319	(88)%
Gross margin (1)	(4)%	(7)%	-	-	(1)%	(23)%	-	-
Operating expenses
General and administrative expenses	(17,036)	(25,310)	8,274	(33)%	(54,203)	(47,809)	(6,394)	13 %
Gain on disposition of property, plant and equipment and deposits	64	(12)	76	633 %	7,426	101	7,325	nm
Impairment of non-financial assets	(9,102)	(3,628)	(5,474)	151 %	(9,102)	(3,628)	(5,474)	151 %
Operating loss	(28,956)	(30,950)	1,994	(6)%	(58,513)	(73,289)	14,776	(20)%
Operating margin (1)	(42)%	(114)%	-	-	(33)%	(77)%	-	-
Net financial income (expenses)	(19,649)	6,868	(26,517)	(386)%	(15,676)	16,387	(32,063)	(196)%
Net loss before income taxes	(48,605)	(24,082)	(24,523)	102 %	(74,189)	(56,902)	(17,287)	30 %
Income tax recovery	2,347	98	2,249	nm	5,554	4,417	1,137	26 %
Net loss from continuing operations	(46,258)	(23,984)	(22,274)	93 %	(68,635)	(52,485)	(16,150)	31 %
Net loss from discontinued operations (2)	(34,511)	(12,665)	(21,846)	172 %	(74,734)	(16,743)	(57,991)	346 %
Net loss	(80,769)	(36,649)	(44,120)	120 %	(143,369)	(69,228)	(74,141)	107 %

Change in revaluation surplus - digital assets, net of tax	6,395	721	5,674	787%	15,977	12,699	3,278	26%
Total comprehensive loss from continuing operations, net of tax	(39,863)	(23,263)	(16,600)	71%	(52,658)	(39,786)	(12,872)	32%
Total comprehensive loss from discontinued operations, net of tax (2)	(34,511)	(12,665)	(21,846)	172 %	(74,734)	(16,743)	(57,991)	346%
Total comprehensive loss, net of tax	(74,374)	(35,928)	(38,446)	107 %	(127,392)	(56,529)	(70,863)	125%
From continuing operations
Basic and diluted net loss per share from continuing operations (in U.S. dollars)	(0.08)	(0.05)	-	-	(0.13)	(0.13)	-	-
Gross Mining profit (3)	21,091	11,242	9,849	88 %	68,936	47,223	21,713	46 %
Gross Mining margin (3)	35 %	44 %	-	-	43 %	51 %	-	-
Adjusted EBITDA (3)	19,563	2,198	17,365	790 %	38,538	23,845	14,693	62 %
Adjusted EBITDA margin (3)	28 %	8 %	-	-	22 %	25 %	-	-

nm: not meaningful

Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.
Discontinued operations refer to the operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and to the Paso Pe, Paraguay, operations that met the criteria to be classified as held for sale as the Company makes a strategic shift towards HPC/AI infrastructure in North America. Refer to Sections 8 - Financial performance (Discontinued operations) and 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.
Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

FINANCIAL PERFORMANCE (Continued)

Revenues from continuing operations

Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Cryptocurrency Mining	60,439	25,621	34,818	136 %	161,751	92,012	69,739	76 %
Cryptocurrency Hosting	2,737	-	2,737	100 %	5,861	-	5,861	100 %
Electrical services	1,122	1,451	(329)	(23)%	3,222	3,510	(288)	(8)%
Energy sales	4,947	-	4,947	100 %	8,216	-	8,216	100 %
	69,245	27,072	42,173	156 %	179,050	95,522	83,528	87 %

Q3 2025 v. Q3 2024

Revenues were $69.2 million in Q3 2025 compared to $27.1 million in Q3 2024, an increase of $42.2 million, or 156%.

The most significant factors impacting the increase in Bitfarms' revenues in Q3 2025 compared to Q3 2024 are presented in the table below. Revenues increased mostly due to an increase in the Company's average BTC Hashrate and average BTC price, partially offset by the increase in Network Difficulty.

(U.S. $ in thousands except where indicated) Note BTC $ % Change

BTC and revenues, including Volta*, for the three months ended September 30, 2024		414	27,072	-
Impact of increase in Network Difficulty during Q3 2025 as compared to Q3 2024	1	(254)	(29,807)	(110)%
Impact of increase in average Bitfarms' BTC Hashrate during Q3 2025 as compared to
Q3 2024	2	375	45,096	167 %
Impact of difference in average BTC price in Q3 2025 as compared to Q3 2024	3		24,325	90 %

Other Mining variance, Computational power sold in exchange for services variance,

other revenues and change in Volta* 2,559 9 %

BTC and revenues, including Volta*, for the three months ended September 30,

2025 535 69,245 156 %

*9159-9290 Quebec Inc. ("Volta") is a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its data centers and provides electrician services to both commercial and residential customers in Quebec, Canada.

Notes

Calculated as the difference in BTC earned in Q3 2025 compared to Q3 2024, based on the change in Network Difficulty, multiplied by Q3 2025 average BTC price earned.

Calculated as the difference in BTC earned in Q3 2025 compared to Q3 2024, based on the change in Bitfarms' average Hashrate, multiplied by Q3 2025 average BTC price earned.

Calculated as the difference in average BTC price in Q3 2025 compared to Q3 2024 multiplied by BTC earned in Q3 2024.

FINANCIAL PERFORMANCE (Continued)
1. Revenues from continuing operations (Continued)

Q3 2025 v. Q3 2024 (Continued)

The following tables summarize the Company's revenues and average Hashrate for Q3 2025 and Q3 2024 by country:

Revenues Three months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change
North America
United States	39,386	2,171	37,215	nm
Canada	29,859	24,901	4,958	20 %
	69,245	27,072	42,173	156 %

Average Operational Hashrate under Management* Three months ended September 30,

(Average Hashrate in EH/s except where indicated)	2025	2024 Change	% Change
North America
United States	6.8	0.5 6.3	nm
Canada	5.5	5.6 (0.1)	(2)%
	12.3	6.1 6.2	102 %

nm: not meaningful

*Average operational hashrate reflects the hashrate of the Miners that the Company owns and operates.

Bitfarms earned its revenues during Q3 2025 from its North American operations. The United States and Canada accounted for 57% and 43% of total revenues, respectively, compared to 8% and 92% in Q3 2024, respectively.

In Q3 2025, revenues from the Company's operations in United States and Canada increased by $37.2 million and $5.0 million, respectively, compared to Q3 2024. The increases are mainly due to the average Hashrate increase of the United States operations of 6.3 EH/s, and the increase in average BTC price, partially offset by the increase in Network Difficulty. The Company's acquisition of Stronghold's facilities as part of the Stronghold Transaction contributed to 1.4 EH/s, or 23% of the Hashrate increase.

FINANCIAL PERFORMANCE (Continued)
1. Revenues from continuing operations (Continued)

YTD Q3 2025 v. YTD Q3 2024

Revenues were $179.1 million in YTD Q3 2025 compared to $95.5 million in YTD Q3 2024, an increase of $83.5 million, or 87%.

The most significant factors impacting the increase in Bitfarms' revenues in YTD Q3 2025, compared to YTD Q3 2024, are presented in the table below. Revenues increased mostly due to the increase in average BTC price and the increase in average Bitfarms' Hashrate, partially offset by the increase in Network Difficulty and lower BTC Block Rewards following the BTC halving event that occurred on April 19, 2024.

(U.S. $ in thousands except where indicated) Note BTC $ % Change

BTC and revenues, including Volta*, for the nine months ended September 30,

2024 1,562 95,522 -

Impact of BTC halving event on April 19, 2024 on Bitfarms' quantity of BTC earned during YTD Q3 2025	1	(611) (55,251)	(58)%
Impact of increase in Network Difficulty during YTD Q3 2025 as compared to YTD Q3 2024	2	(1,034) (103,096)	(107)%
Impact of increase in average Bitfarms' BTC Hashrate during YTD Q3 2025 as compared to YTD Q3 2024	3	1,689 167,183	175 %
Impact of difference in average BTC price in YTD Q3 2025 as compared to YTD Q3 2024	4	66,764	70 %
Other Mining variance, Computational power sold in exchange for services variance, other revenues and change in Volta*		7,928	7 %

BTC and revenues, including Volta*, for the nine months ended September 30,

2025 1,606 179,050 87 %

*Volta is a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its data centers and provides electrician services to both commercial and residential customers in Quebec, Canada

Notes

Calculated as the theoretical BTC earned based on Bitfarms' actual Hashrate during YTD Q3 2025 assuming the BTC halving event did not occur, compared to actual BTC earned during the same period multiplied by average BTC price earned.

Calculated as the difference in BTC earned in YTD Q3 2025 compared to YTD Q3 2024, based on the change in Network Difficulty, multiplied by YTD Q3 2025 average BTC price earned.

Calculated as the difference in BTC earned in YTD Q3 2025 compared to YTD Q3 2024, based on the change in Bitfarms' average Hashrate, multiplied by YTD Q3 2025 average BTC price earned.

Calculated as the difference in average BTC price in YTD Q3 2025 compared to YTD Q3 2024 multiplied by BTC earned in YTD Q3 2024.

FINANCIAL PERFORMANCE (Continued)

Revenues from continuing operations (Continued)

YTD Q3 2025 v. YTD Q3 2024 (Continued)

The following tables summarize the Company's revenues and average Hashrate for YTD Q3 2025 and YTD Q3 2024 by country:

Revenues Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change
North America
United States	90,484	10,354	80,130	774 %
Canada	88,566	85,168	3,398	4 %
	179,050	95,522	83,528	87 %

Average Hashrate under Management* Nine months ended September 30,

(Average Hashrate in EH/s except where indicated)	2025	2024 Change	% Change
North America
United States	5.6	0.5 5.1	nm
Canada	5.8	4.6 1.2	26 %
	11.4	5.1 6.3	124 %

nm: not meaningful

*Average operational hashrate reflects the hashrate of the Miners that the Company owns and operates.

Bitfarms earned its revenues during YTD Q3 2025 from its North American operations. The United States and Canada accounted for 51% and 49% of total revenues, respectively, compared to 11% and 89% in YTD Q3 2024, respectively.

In YTD Q3 2025, revenues from the Company's operations in United States and Canada increased by $80.1 million and $3.4 million, respectively, compared to YTD Q3 2024. The increases are mainly due to average hashrate increase of the United States and Canada operations of 5.1 EH/s and 1.2 EH/s, respectively, and the increases in average BTC price, partially offset by the increase in Network Difficulty and the decrease in Block Rewards following the BTC halving event that occurred on April 19, 2024. The Company's acquisition of Stronghold facilities as part of the Stronghold Transaction contributed to 1.4 EH/s, or 22% of the Hashrate increase.

8. FINANCIAL PERFORMANCE (Continued)

Cost of Revenues from continuing operations

Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Energy	(21,861)	(13,108)	(8,753)	67 %	(57,153)	(44,620)	(12,533)	28 %
Sales tax recovery - energy	-	-	-	(100)%	-	17,017	(17,017)	(100)%
Depreciation and amortization	(27,386)	(13,583)	(13,803)	102 %	(73,773)	(91,884)	18,111	(20)%
Sales tax recovery -depreciation and amortization	-	-	-	- %	-	8,760	(8,760)	(100)%
Hosting expenses	-	-	-	- %	(7,735)	-	(7,735)	(100)%
Infrastructure expenses	(21,799)	(1,284)	(20,515)	nm	(40,235)	(4,070)	(36,165)	889 %
Electrical components and salaries	(1,081)	(1,097)	16	(1)%	(2,788)	(2,678)	(110)	4 %
	(72,127)	(29,072)	(43,055)	148 %	(181,684)	(117,475)	(64,209)	55 %

nm: not meaningful

Q3 2025 v. Q3 2024

Bitfarms' cost of revenues for Q3 2025 was $72.1 million, compared to $29.1 million for Q3 2024. The increase in cost of revenues was mainly attributable to:

$20.5 million increase in infrastructure expenses, mainly due to:
- $9.2 million non-recurring expense in customs duties following a determination by U.S. Customs and Border Protection's regarding Miners imported by the Company in 2021, compared to nil in Q3 2024. Refer to Note 16 to the Financial Statements for more details; and
- $8.3 million increase related to operating expenses at the Panther Creek and Scrubgrass power plants, following the acquisition of Stronghold in the first quarter of 2025. The expenses included
  $3.9 million of labor costs and other employee benefits, $2.0 million of plant maintenance costs and $2.3 million of other operating expenses.
$8.8 million, or 67%, increase in energy expenses, mainly due to:
- The Company adding new and more efficient Miners, which increased energy utilization to an average of 238 MW during Q3 2025 versus 133 MW for the same period in 2024, resulting in an increase in electricity costs of $5.3 million; and
- $11.6 million increase due to fuel expenses for the Panther Creek and Scrubgrass power plants following the acquisition of Stronghold in the first quarter of 2025, partially offset by renewable energy credits ("RECs") and waste tax credits ("WTCs") of $6.4 million and $1.9 million, respectively, in Q3 2025.
$13.8 million increase in non-cash depreciation and amortization expense as the Company added new Miners, power plants and electrical infrastructure.
8. FINANCIAL PERFORMANCE (Continued)
1. Cost of Revenues from continuing operations (Continued)
  YTD Q3 2025 v. YTD Q3 2024
  Bitfarms' cost of revenues was $181.7 million for YTD Q3 2025 compared to $117.5 million for YTD Q3 2024. The increase in cost of revenues was mainly due to:
$36.1 million, or 889%, increase in infrastructure expenses, mainly due to:
- A $20.4 million increase related to operating expenses at the Panther Creek and Scrubgrass power plants following the acquisition of Stronghold in the first quarter of 2025. The expenses included
  $7.8 million of labor costs and other employee benefits, $7.9 million of plant maintenance costs and $4.7 million of other operating expenses; and
- A $9.2 million increase in non-recurring expense of customs duties following a determination by
  U.S. Customs and Border Protection's regarding Miners imported by the Company in 2021, compared to nil in YTD Q3 2024. Refer to Note 16 to the Financial Statements for more details.
$12.5 million, or 28%, increase in energy expenses, mainly due to:
- A $23.5 million increase due to fuel expenses from its power plants to generate revenues following the acquisition of Stronghold in the first quarter of 2025, partially offset by RECs and WCTCs of
  $13.0 million and $4.0 million, respectively, in YTD Q3 2025; and
- The Company adding new and more efficient Miners, which increased energy utilization to an average of 222 MW during YTD Q3 2025 versus 144 MW for the same period in 2024, resulting in an increase in electricity costs of $5.6 million.
$25.8 million sales tax recovery received in Q3 2024 for sales taxes paid by the Company from February 5, 2022 to April 2024 due to the Company receiving confirmation from the provincial tax authorities that Canadian sales taxes are refundable, compared to nil in YTD Q3 2025. Refer to Note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.
A $7.7 million, or 100%, increase in hosting expenses, mainly due to:
- A $4.4 million increase in electricity costs incurred in Q1 2025 for the hosting of the Company's Miners at the Panther Creek and Scrubgrass facilities prior to the acquisition of Stronghold; and
- A non-recurring increase of $3.3 million in hosting expenses as the Company had its Miners hosted at Stronghold's Panther Creek and Scrubgrass facilities in the first quarter of 2025, prior to the acquisition of Stronghold.
  These increases were partially offset by:
A $18.1 million decrease in non-cash depreciation and amortization expense due to the accelerated depreciation recorded in YTD Q3 2024 related to the upgrade program which decreased the anticipated useful life of older Miners. Refer to Note 12 - Property, Plant and Equipment to the 2024 Annual Financial Statements.

8. FINANCIAL PERFORMANCE (Continued)

General & Administrative Expenses from continuing operations

Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
Salaries and wages	(6,992)	(6,774)	(218)	3 %	(19,630)	(15,777)	(3,853)	24 %
Share-based payments	(2,851)	(4,968)	2,117	(43)%	(10,687)	(9,504)	(1,183)	12 %
Professional services	(3,755)	(11,366)	7,611	(67)%	(13,067)	(18,077)	5,010	(28)%
Sales tax recovery -professional services	-	-	-	- %	-	1,389	(1,389)	(100)%
Insurance, duties and other	(2,507)	(1,514)	(993)	66 %	(7,421)	(4,906)	(2,515)	51 %
Travel, motor vehicle and meals	(491)	(310)	(181)	58 %	(1,444)	(893)	(551)	62 %
Telecom hosting and telecommunications	(127)	(57)	(70)	122 %	(436)	(194)	(242)	125 %
Advertising and promotion	(313)	(321)	8	(2)%	(1,518)	(600)	(918)	153 %
Sales tax recovery - other general and administrative expenses	-	-	-	- %	-	753	(753)	(100)%
	(17,036)	(25,310)	8,274	(33)%	(54,203)	(47,809)	(6,394)	13 %

Q3 2025 v. Q3 2024

Bitfarms' general and administrative ("G&A") expenses were $17.0 million in Q3 2025, compared to $25.3 million for Q3 2024. The decrease of $8.3 million, or 33%, was largely due to:

$7.6 million decrease in professional services mainly due to legal and accounting fees incurred in Q3 2024 associated with nonrecurring activities including (i) the Stronghold Transaction, (ii) the Strategic Alternatives Review Process as defined in the Company's 2024 Annual MDA, (iii) the response to the shareholder dispute involving Riot Platforms, Inc. ("Riot"), including with respect to the implementation and defense of the shareholder rights plan adopted by the Company on June 20, 2024 and the Company entering into the Settlement Agreement, and (iv) the settlement of the employment claim against the Company brought by the Company's former Chief Executive Officer ("CEO"), compared to nil in Q3 2025; and
$2.1 million decrease in share-based payments due to less total stock options, restricted stock units ("RSU") and performance stock units ("PSUs") granted with lower fair values and longer vesting periods during Q3 2025 compared to Q3 2024.

8. FINANCIAL PERFORMANCE (Continued)

General & Administrative Expenses from continuing operations (Continued)
YTD Q3 2025 v. YTD Q3 2024
For YTD Q3 2025, Bitfarms' G&A expenses were $54.2 million, compared to $47.8 million for the same period in 2024. The increase in G&A expenses of $6.4 million, or 13%, was mainly due to:
- $3.9 million increase in salaries and wages due to (i) the increase in the Company's headcount in YTD Q3 2025 compared to YTD Q3 2024 to support the global expansion as well as merit and market-based adjustments and cost of living salary increases and (ii) the salaries paid to Stronghold employees following the acquisition in the first quarter of 2025;
- $2.5 million increase in insurance, duties and other due to increases in property and liability insurance expense as a result of expanded infrastructure and a larger number of Miners deployed as well as increases in property taxes, other taxes, permits and software licenses to support the global expansion;
- $2.1 million sales tax recovery received in YTD Q3 2024 for sales taxes paid by the Company from February 5, 2022 to April 2024 due to the Company receiving confirmation from the provincial tax authorities that Canadian sales taxes are refundable, compared to nil in YTD Q3 2025. Refer to Note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements; and
  The increases were partially offset by:
- $5.0 million decrease in professional services mainly due to legal and accounting fees incurred in YTD Q3 2024 associated with nonrecurring activities including (i) the Stronghold Transaction, (ii) the Strategic Alternatives Review Process as defined in the Company's 2024 Annual MD&A, (iii) the response to the shareholder dispute involving Riot, including with respect to the implementation and defense of the shareholder rights plan adopted by the Company on June 20, 2024 and the Company entering into the Settlement Agreement, and (iv) the settlement of the employment claim against the Company brought by the Company's former CEO, compared to nil in YTD Q3 2025.
8. FINANCIAL PERFORMANCE (Continued)
Net financial (expenses) income from continuing operations

Three months ended September 30, Nine months ended September 30,

(U.S.$ in thousands except where indicated)	2025	2024	$ Change	% Change	2025	2024	$ Change	% Change
(Loss) gain on revaluation of warrants	(26,340) 12,135 - (74) 585 (1,884) (202) (3,869)	5,704 (78) - (675) 2,452 (415) 104 (224)	(32,044) 12,213 - 601 (1,867) (1,469) (306) (3,645)	(562)% nm - % (89)% (76)% 354 % (294)% nm	(20,577) 12,161 945 (74) 1,921 (4,591) (450) (5,011)	13,289 277 - (675) 5,174 (1,092) (917) 331	(33,866) 11,884 945 601 (3,253) (3,499) 467 (5,342)	(255)% nm 100 % (89)% (63)% 320 % (51)% nm
Gain (loss) on derivative assets and
liabilities
Gain on settlement of Refundable
Hosting Deposits
Loss on initial recognition of
refundable deposits
Interest income
Interest on long-term debt and lease
liabilities
(Loss) gain on exchange rates
Other financial (expenses) income
	(19,649)	6,868	(26,517)	(386)%	(15,676)	16,387	(32,063)	(196)%

nm: not meaningful

Q3 2025 v. Q3 2024

Bitfarms' net financial expense was $19.6 million for Q3 2025, compared to a $6.9 million income for Q3 2024. The $26.5 million unfavorable change was primarily related to:

$32.0 million unfavorable change in (loss) gain on revaluation of warrants due to the increase in the fair value of the warrant liabilities for the 2023 private placement and Macquarie credit facility (the "2025 Warrants") in Q3 2025 compared to the decrease in the fair value of the warrant liabilities for the 2023 private placements in Q3 2024;
$3.6 million unfavorable change in other financial income (expenses) mainly due to $2.7 million of nonrecurring interest on customs duties described in Section 7C - Financial Performance (General & Administrative expenses from continuing operations) in Q3 2025, and the amortization of transactions fees related to the Macquarie credit facility;
The unfavorable change was partially offset by:
$12.2 million favorable change in gain (loss) on derivative assets and liabilities mainly due to a net gain of

$13.3 million in Q3 2025 from the Bitcoin One Program, which includes a realized gain of $13.8 million on closed positions, partially offset by unrealized losses of $0.5 million on open positions. Refer to Section 11b

- Capital Resources (Bitcoin One program for digital assets management).

8. FINANCIAL PERFORMANCE (Continued)

Net financial (expenses) income from continuing operations (Continued)
YTD Q3 2025 v. YTD Q3 2024
Bitfarms' net financial expense was $15.7 million for YTD Q3 2025, compared to a $16.4 million income for YTD Q3 2024. The $32.1 million unfavorable change was mainly due to:
- $33.9 million unfavorable change in (loss) gain on revaluation of warrants due to the increase in the fair value of the warrant liabilities for the 2023 private placement and 2025 Warrants in YTD Q3 2025 compared to the decrease in the fair value of the warrant liabilities for the 2021 and 2023 private placements in YTD Q3 2024;
- $5.3 million unfavorable change in other financial income (expenses) mainly due to $2.7 million nonrecurring interest on customs duties described in Section 7C - Financial Performance (General & Administrative expenses from continuing operations) in YTD Q3 2025, and the amortization of transactions fees related to the Macquarie credit facility;
- $3.5 million increase in interest on long-term debt and lease liabilities due to the interest on the Macquarie credit facility, and higher interest on lease liabilities in YTD Q3 2025 compared to YTD Q3 2024 due to new leases; and
- $3.3 million decrease in interest income due to the Company's lower average cash balance during YTD Q3 2025 compared to YTD Q3 2024. Refer to Section 11a - Liquidity and Capital Resources (Cash Flows) for details of the Company's cash flows.
  The unfavorable change was partially offset by:
- $11.9 million increase in gain (loss) on derivative assets and liabilities mainly due to a net gain of $13.8 million in YTD Q3 2025 from the Bitcoin One Program, which includes a realized gain of $14.0 million on closed positions, partially offset by unrealized losses of $0.2 million on open positions. Refer to Section 11b
- Capital Resources (Bitcoin One program for digital assets management).
8. FINANCIAL PERFORMANCE (Continued)
Discontinued Operations

In 2025, the Company began a significant transformation in its corporate strategy, pivoting away from its historical focus on Latin American Mining operations to concentrate on U.S. HPC/AI infrastructure market. This strategic realignment was driven by several key factors: the demand for AI compute capacity across North America, and the volatility and operational challenges in the Company's Latin American operation jurisdictions. As a result of these strategic decisions and challenges, the Company classified certain of its Latin American assets as held for sale and its operations as discontinued operations.

Argentina's operations as discontinued operations

In the second quarter of 2025, the Company's energy supplier halted the supply of electricity to the Company's Rio Cuarto, Argentina Bitcoin data center. Following this event, on August 11, 2025, the Company determined that it would discontinue and abandon its operations in Rio Cuarto, Argentina. The Company negotiated to eliminate its asset retirement obligation and reduced the reserved power to a minimum. As of September 30, 2025, the Argentina's operations were abandoned and classified as a discontinued operation.

Paraguay's operations as discontinued operations and assets held for sale

During the first quarter of 2025, the Company finalized the sale of its Yguazu Bitcoin data center in Paraguay. During the three months ended September 30, 2025, Management determined that the Paso Pe facility met the criteria to be classified as held for sale, and all operations in Paraguay were classified as discontinued operations as the Company makes a strategic shift towards HPC/AI infrastructure projects in North America. The sale of the Paso Pe Bitcoin data center operations is anticipated to close within twelve months from the reporting date.

Refer to Note 22 - Discontinued Operations to the Financial Statements for more information on the results of Argentina's and Paraguay's operations and the impairment loss on the cash generating unit ("CGU").

‌9. SELECTED QUARTERLY INFORMATION FROM CONTINUING OPERATIONS3

(U.S. $ in thousands except earnings per share)	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Revenues	69,245	61,926	47,879	37,752	27,072	31,425	37,025	34,548
Net loss from continuing operations	(46,258)	(7,750)	(14,627)	21,405	(23,984)	(18,971)	(9,530)	(56,968)
Basic earnings (loss) per share from continuing operations	(0.08)	(0.05)	(0.07)	0.03	(0.08)	(0.07)	(0.02)	(0.21)
Diluted earnings (loss) per share from continuing operations	(0.08)	(0.05)	(0.07)	0.03	(0.08)	(0.07)	(0.02)	(0.21)

Net (loss) income before income taxes	(48,605)	(17,770)	(7,814)	12,064	(24,082)	(17,005)	(15,815)	(59,732)
Interest (income) and expense	1,299	1,649	(278)	(321)	(2,037)	(1,717)	(328)	63
Depreciation and amortization	27,386	27,270	19,117	15,048	13,583	45,856	32,445	16,251
Sales tax recovery - depreciation and amortization	-	-	-	-	-	(8,760)	-	-
EBITDA (1)	(19,920)	11,149	11,025	26,791	(12,536)	18,374	16,302	(43,418)
EBITDA margin (1)	(29)%	18 %	23 %	71 %	(46)%	58 %	44 %	(126)%
Share-based payment	2,851	3,541	4,295	3,843	4,968	1,561	2,975	3,734
(Reversal of) revaluation loss on digital assets	-	-	-	-	-	-	-	(1,183)
Impairment of non-financial assets	9,102	-	-	-	3,628	-	-	2,270
Loss (gain) on revaluation of warrants	26,340	(145)	(5,618)	(6,314)	(5,704)	1,455	(9,040)	42,760
Gain on settlement of Refundable Hosting Deposits	-	-	(945)	-	-	-	-	-
Costs not associated with ongoing operations	9,244	-	1,671	1,287	9,383	3,096	-	-
Sales tax recovery - prior years - energy and infrastructure and G&A expenses (2)	-	-	-	-	-	(18,468)	2,387	2,485
Net financial expenses and other	(8,054)	(5,417)	(581)	(18,163)	2,459	2,385	620	1,608
Adjusted EBITDA (1)	19,563	9,128	9,847	7,444	2,198	8,403	13,244	8,256
Adjusted EBITDA margin (1)	28 %	15 %	21 %	20 %	8 %	27 %	36 %	24 %

1 EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 - Non-IFRS and Other Financial Measures and Ratios.

2 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b - Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements.

3 This data excludes the discontinued operations in Rio Cuarto, Argentina and in Paraguay. On May 12, 2025, the Company's energy provider GMSA, halted the supply of electricity to the Company's Rio Cuarto Bitcoin data center with energized capacity of 58 MW. On August 11, 2025, three months after being informed that electricity supply was being halted and with no path forward to resume operations in the future, the decision was made to shut down the plant, which was abandoned by September 30, 2025. Additionally, as of September 30, 2025, the Paso Pe facility met the criteria to be classified as held for sale, and all operations in Paraguay were designated as discontinued operations as the Company makes a strategic shift towards HPC/AI infrastructure in North America. Refer to Section 8 - Financial performance (Discontinued operations) and Section 18 - Risk Factors (The Company's operations in Rio Cuarto have been suspended due to a halt in its supply of electrical power on May 12, 2025) of this MD&A.

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Bitfarms Ltd. published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 12:12 UTC.

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12-01	Wall St futures drop on caution ahead of data, Powell's remarks	RE
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10-16	Bitfarms Ltd prices $500 million convertible senior notes due 2031	RE

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