Summary by Futu AI
Bitfarms Ltd., a foreign private issuer, reported its interim condensed consolidated financial statements for the first quarter ended March 31, 2024. The report, filed with the U.S. Securities and Exchange Commission, includes the financial statements and management's discussion and analysis for the period. Bitfarms, headquartered in Toronto, Canada, is primarily engaged in cryptocurrency mining across multiple jurisdictions including Canada, the United States, Argentina, and Paraguay. The company's common shares are listed on the Nasdaq Stock Market and the Toronto Stock Exchange. For the quarter, Bitfarms reported revenues of $50.3 million, a significant increase from $30.05 million in the same period the previous year. However, the company experienced a gross loss of $10.68 million due to higher cost of revenues, which amounted to...Show More