Financials Bitfarms Ltd.

Equities

BITF

CA09173B1076

Blockchain & Cryptocurrency

Market Closed - Toronto S.E. Other stock markets 16:00:00 2026-01-16 EST			5-day change	1st Jan Change
4.120 ^CAD	+4.04%		+5.64%	+27.55%

01-14	Bitfarms Appoints Edie Hofmeister as Chair Ahead of U.S. Redomicile	MT
01-14	Bitfarms Ltd. Appoints Edie Hofmeister as Chair of the Board	CI

Projected Income Statement: Bitfarms Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	34.7	169.5	142.4	146.4	192.9	276.6	263.7	661.5
Change	-	388.4%	-15.97%	2.76%	31.78%	43.38%	-4.64%	150.85%
EBITDA ¹	-	-	-	35.08	54.66	64.47	66.35	387.5
Change	-	-	-	-	55.8%	17.95%	2.91%	484.1%
EBIT ¹	-5.289	67.59	-284	-72.13	-107.6	-128.4	-69.16	267.7
Change	-	1,377.99%	-520.19%	74.6%	-49.13%	-19.34%	46.12%	487.11%
Interest Paid ¹	-9.386	-21	-	-	4.299	-17.42	-13.2	-13.5
Earnings before Tax (EBT) ¹	-	-	-256.5	-104.4	-68.35	-125.1	-86.23	222.6
Change	-	-	-	59.28%	34.55%	-82.97%	31.05%	358.17%
Net income ¹	-	-	-239	-104	-54.06	-134.3	-92.23	222.5
Change	-	-	-	56.48%	48.03%	-148.47%	31.34%	341.24%
Announcement Date	3/25/21	3/28/22	3/21/23	3/7/24	3/27/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	11.32	28.43	36.69	44.77	59.6	40.33	41.82	33.25	27.04	30.05	35.48	34.6	46.24	50.32	41.55	44.85	56.16	66.85	77.8	83.66	62.66	72.73	63.93	61.2	60.05	165.8	215.5	207.1
Change	-	151.08%	29.03%	22.04%	33.11%	-32.33%	3.68%	-20.49%	-18.68%	11.14%	18.07%	-2.49%	33.66%	8.81%	-17.43%	7.95%	25.22%	19.02%	16.38%	7.53%	-25.1%	16.07%	-12.1%	-4.27%	-1.87%	176.07%	29.99%	-3.89%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	7.672	6.866	14.05	21.01	11.62	6.352	14.32	15.09	13.72	19.56	18.29	21.77	14.19	14.76	15.63	65.9	84.85	88.42
Change	-	-	-	-	-	-	-	-	-	-	-	-10.51%	104.6%	49.54%	-44.69%	-45.33%	125.36%	5.39%	-9.05%	42.59%	-6.5%	19.03%	-34.83%	4.03%	5.86%	321.71%	28.76%	4.2%
EBIT ¹	0.544	16.47	12.8	18.34	19.92	6.874	-76.36	-13.67	-20.02	-15	-15.19	-18.64	-12.74	-23.71	-23.68	-43.89	-16.38	-32.36	-39.63	-28.96	-21.78	-16.26	-15.01	-15.13	-15.28	-	-	-
Change	-	2,927.76%	-22.32%	43.31%	8.63%	-65.49%	-1,210.9%	82.1%	-46.48%	25.09%	-1.27%	-22.72%	31.66%	-86.13%	0.13%	-85.38%	62.67%	-97.49%	-22.46%	26.93%	24.78%	25.35%	7.68%	-0.78%	-1%	-	-	-
Charge d'intérêts ¹	-5.456	-23.42	-1.127	0.616	2.933	-	-	-	-	-	-	-	-	-	-	7.241	0.29	2.11	2.143	-1.884	-3.01	-3.3	-3.3	-3.3	-2.1	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	10.96	-161.2	-89.53	-16.65	-2.809	-24.99	-18.3	-57.54	-12.26	-24.9	-36.65	5.458	-30.25	-37.48	-48.6	-24.51	-17.79	-16.74	-17	-17.08	-	-	-
Change	-	-	-	-	-	-	-1,571.52%	44.47%	81.4%	83.13%	-789.57%	26.76%	-214.38%	78.68%	-102.98%	-47.22%	114.89%	-654.21%	-23.91%	-29.67%	49.58%	27.43%	5.9%	-1.6%	-0.45%	-	-	-
Net income ¹	-	-	-	-	-	4.519	-141.9	-84.81	-16.84	-2.479	-24.89	-18.7	-57.16	-5.98	-26.6	-36.65	15.16	-35.88	-28.84	-80.77	-23.54	-19.29	-18.49	-19	-19.33	-	-	-
Change	-	-	-	-	-	-	-3,240.47%	40.24%	80.14%	85.28%	-904.2%	24.87%	-205.61%	89.54%	-344.8%	-37.78%	141.38%	-336.56%	19.6%	-180.02%	70.86%	18.06%	4.14%	-2.8%	-1.72%	-	-	-
Announcement Date	3/25/21	5/26/21	8/16/21	11/15/21	3/28/22	5/16/22	8/15/22	11/14/22	3/21/23	5/15/23	8/8/23	11/6/23	3/7/24	5/15/24	8/8/24	11/13/24	3/27/25	5/14/25	8/12/25	11/13/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Bitfarms Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-36.1	-178	-328	-
Change	-	-	-	-	-	-392.71%	-84.27%	-
Announcement Date	3/25/21	3/28/22	3/21/23	3/7/24	3/27/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Bitfarms Ltd.

Fiscal Period: December	2024	2025	2026
CAPEX ¹	286.9	84.4	300
Change	-	-70.58%	255.45%
Free Cash Flow (FCF) ¹	-427.5	-84.6	-437.2
Change	-	80.21%	-416.78%
Announcement Date	3/27/25	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Bitfarms Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	23.97%	28.34%	23.31%	25.16%	58.58%
EBIT Margin (%)	-	-15.24%	39.88%	-199.41%	-49.28%	-55.77%	-46.42%	-26.23%	40.47%
EBT Margin (%)	-	-	-	-180.06%	-71.35%	-35.44%	-45.22%	-32.7%	33.65%
Net margin (%)	-	-	-	-167.84%	-71.08%	-28.03%	-48.57%	-34.97%	33.63%
FCF margin (%)	-	-	-	-	-	-221.63%	-30.59%	-165.78%	-
FCF / Net Income (%)	-	-	-	-	-	790.71%	62.98%	474.01%	-
Profitability
ROA	1.81%	-6.43%	14.28%	-5.78%	-10.53%	-12.38%	-	-	-
ROE	8.65%	-74.83%	10.1%	-70.5%	-37.82%	-11.98%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	148.75%	30.52%	113.76%	-
CAPEX / EBITDA (%)	-	-	-	-	-	524.91%	130.91%	452.15%	-
CAPEX / FCF (%)	-	-	-	-	-	-67.12%	-99.76%	-68.62%	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-0.339	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	1.466	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	-	-	-1.15	-0.4	-0.13	-0.255	-0.156	0.345
Change	-	-	-	-	65.22%	67.5%	-96.15%	38.82%	321.15%
Nbr of stocks (in thousands)	-	-	-	218,275	322,129	472,551	601,584	601,584	601,584
Announcement Date	-	-	-	3/21/23	3/7/24	3/27/25	-	-	-