Bitfarms Announces US$500 Million At The Market Financing, Posts Q2 Net Loss

Last night, Bitfarms Ltd (TSXV: BITF) reported its second quarter financial results, posting revenues of $36.7 million for the three month period along with a net loss.

Revenues were up on a quarter over quarter basis, climbing from $28.4 million to $36.7 million. Cost of sales during the quarter meanwhile amounted to $13.4 million, resulting in a gross profit of $23.4 million.

While the company managed to keep general and administrative expenses relatively low at $10.6 million, a loss on revaluation of digital assets to the tune of $14.9 million resulting in the firm posting an operational loss of $2.1 million, and ultimately a net loss of $3.7 million for the quarter following financial expenses and taxes.

Selkirk Copper Mines — sponsored Sponsored · Selkirk Copper Mines

The firm for the quarter however posted positive EBITDA of $2.7 million, and positive adjusted EBITDA of $23.8 million.

In terms of Bitcoin mined, the firm produced a total of 759 Bitcoin at an average cost of $9,000 per each. The company currently holds 1,293 coins in its inventory.

The company last night also announced the launch of an at-the-market equity program, which is to be conducted by HC Wainwright. The financing will see the firm raise up to US$500 million via the direct sale of common shares on the Nasdaq. Proceeds from the program are to be used for working capital, funding operations, repaying debt, and completing future acquisitions among other justifications.

Bitfarms last traded at $8.08 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Everybody Should Own Gold | George Bee – U.S. Gold Corp.

A $40M Company Created $2B in Mining Value | John-Mark Staude – Riverside Resources

The Debt Crisis Is Turning Gold Into Money | Shawn Khunkhun – Contango Silver and Gold

Recommended

Epic Gold Assays 9.42 g/t Gold Over 11 Metres at Hawkins In Trenching, Links Occurrences Along 15 Kilometre Corridor

Goliath Cuts 28.81 g/t Gold Equivalent Over 4 Metres Within Broader Surebet Intercept

Related News

Bitfarms Announces Uptick in Monthly Bitcoin Production; Market Ignores Growth

On November 1, Bitfarms Ltd. (TSXV: BITF) reported that it mined 343 Bitcoin in October,...

Tuesday, November 2, 2021, 03:38:00 PM

Bitfarms: Decline In Bitcoin Hash Rate Appears To Fully Offset Price Decline

Stocks of Bitcoin miners have declined around 25-30% since Bitcoin peaked at US$64,000 in mid-April....

Tuesday, July 6, 2021, 12:48:00 PM

Bitcoin Miners Dramatically Outperformed Bitcoin Over The Last Six Months

Given the explosive performance of Bitcoin over the past six months, and the even more...

Wednesday, January 20, 2021, 11:57:00 AM

Bitfarms Improves December Production 9% While Continuing To Sell Off Bitcoin Holdings

Bitfarms Ltd (TSX: BITF) is looking to start 2023 off on a strong note, with...

Tuesday, January 3, 2023, 08:21:44 AM

Bitfarms Improves Hashrate To 1.2 EH/s

Bitfarms (TSXV: BITF) this morning provided a corporate update on the status of its digital...

Wednesday, March 24, 2021, 07:38:14 AM