Saturday, August 23, 2025

Bitfarms Reports Q4 2020 Revenue of $11.3 Million, Net Loss of $5.4 Million

Bitfarms Ltd (TSXV: BITF) this morning reported its fourth quarter and full year financial results for 2020, with the company recording revenues of $11.3 million for the fourth quarter along with a net loss of $5.4 million. The loss for the quarter was primarily attributed to financial expenses.

The firm for the fourth quarter meanwhile posted revenues of $34.7 million, along with a net loss of $16.3 million. Again, this was primarily related to “financial expenses.”

Revenues were up significantly on a quarter over quarter basis, with the company recording $11.3 million in revenues for the fourth quarter as compared to $6.8 million in the third quarter. Cost of sales for the quarter amounted to $8.6 million, resulting in a gross profit of $2.7 million.

On an operational basis the company managed to post a positive income, with expenses amounting to $2.3 million, resulting in positive operating income of $0.5 million following some small gains in the gain on the disposition of digital currencies. This gain was offset significantly however from financial expenses, which includes interest on long term debt and lease liabilities, as well as a loss on the revaluation of warrants, with a final net loss of $5.4 million recorded by the company for the quarter.

Giving a brief look to the balance sheet, Bitfarms saw its cash position improve from $1.3 million to $5.9 million, while receivables grew from $0.9 million to $1.1 million. Total current assets currently sits at $9.2 million, compared to $4.5 million in the prior quarter.

Things aren’t as rosy on the other side of the balance sheet however, with the company seeing accounts payable rise from $2.0 to $2.7 million over the quarter. The big jump comes from the current portion of long term debt, which rose from $11.8 million to $17.2 million, and the current portion of lease liabilities which rose to $3.6 million from $1.6 million. Total current liabilities overall climbed from $15.4 million to $28.5 million over the three month period.

Bitfarms last traded at $6.86 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

A Medical Breakthrough the Market Overlooked | David Elsley – Cardiol Therapeutics

Why Grade Beats Size in Silver Mining | Frank Basa – Nord Precious Metals

Are Investors Missing the Start of the Next Commodity Supercycle? | Morgan Lekstrom – NexMetals

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Bitfarms Receives $100 Million Credit Facility From Galaxy Digital

Bitfarms Ltd (TSXV: BITF) is looking to expand its operations in a hurry through non-dilutive...

Friday, December 31, 2021, 08:09:56 AM

Hut 8 Mining: Ethereum Equipment Purchase Likely Bid To Boost Valuation

On March 26, Hut 8 Mining Corp. (TSX: HUT) agreed to purchase US$30 million of...

Monday, March 29, 2021, 02:47:00 PM

Bitfarms Mines 12.6 Bitcoin Per Day In July

Bitfarms (TSXV: BITF) this morning provided the market with a brief update in terms of...

Thursday, August 5, 2021, 09:15:23 AM

Bitcoins Tumble Forces Bitfarms To Sell BTC To Meet Collateral Requirements

At least one cryptocurrency miner is feeling the impact of falling market sentiment, and as...

Friday, June 17, 2022, 03:31:00 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