Bitfarms announced on December 9, 2024, that it will restate its financial statements for fiscal years 2022-2023 and the first nine months of 2024 to correct a material error in classifying digital asset sales proceeds. The restatement primarily involves reclassifying proceeds from digital asset sales from operating activities to investing activities in the cash flow statements.The restatement includes an adjustment for warrant redemption accounting in 2023, impacting the net loss which increased by $4.9 million to $108.9 million. The company emphasized that these changes do not affect its overall cash position, net cash flows, or operational performance for the periods involved.Management acknowledged a material weakness in internal control over financial reporting during the restatement periods and is implementing remediation measures. The restatement was initiated following a Securities and Exchange Commission review of the company's annual report for the fiscal year ended December 31, 2023.

Bitfarms announced on December 9, 2024, that it will restate its financial statements for fiscal years 2022-2023 and the first nine months of 2024 to correct a material error in classifying digital asset sales proceeds. The restatement primarily involves reclassifying proceeds from digital asset sales from operating activities to investing activities in the cash flow statements.The restatement includes an adjustment for warrant redemption accounting in 2023, impacting the net loss which increased by $4.9 million to $108.9 million. The company emphasized that these changes do not affect its overall cash position, net cash flows, or operational performance for the periods involved.Management acknowledged a material weakness in internal control over financial reporting during the restatement periods and is implementing remediation measures. The restatement was initiated following a Securities and Exchange Commission review of the company's annual report for the fiscal year ended December 31, 2023.