Bitfarms Ltd. (TSXV: BITF) reported on Monday its financial results for Q3 2021, notching a quarterly revenue of US$44.8 million. This figure is an increase from Q3 2020’s revenue of US$6.8 million.
The crypto firm relayed that the year-on-year increases were primarily attributable to increases in the hashrate, macro events in China, and higher average bitcoin prices.
The gross margin for the quarter came in at 66%, up from last year’s negative 15%. With a gain on revaluation of digital assets amounting to US$13.9 million, the firm ended with a quarterly net income of US$23.7 million compared to last year’s net loss of US$4.8 million. This translates to US$0.13 earnings per diluted share.
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Meanwhile, adjusted EBITDA for the quarter came in at US$31.9 million compared to last year’s US$0.4 million.
The company also ended the quarter with a cash balance of US$43.3 million from a starting balance of US$5.9 million at the beginning of the year. The influx of cash is mainly due to net proceeds from the issuance of common shares and warrants amounting to US$149.0 million. Current assets came in at US$152.5 million while current liabilities ended at US$27.7 million.
The blockchain firm recently announced that it has reached a hashrate of 2EH/s in November, with a target of reaching 3 EH/s by March 2022 and 8 EH/s by December 2022.
Bitfarms Ltd. last traded at $10.80 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.
