Bitfarms Ltd. announced on December 9, 2024, that it will restate its financial statements for fiscal years 2022-2023 and Q3 2024 due to a material error in classifying proceeds from digital asset sales. The restatement reclassifies these proceeds from operating to investing activities in the cash flow statements, with no impact on overall cash position or net cash flows.The restatement also includes an adjustment for warrant redemption accounting in 2023. For FY2023, this resulted in an increase in net loss from $104.04M to $108.92M and a decrease in EPS from $(0.40) to $(0.42). The company emphasized that the restatements do not affect its operations or financial performance.Bitfarms acknowledged a material weakness in its internal control over financial reporting during the restatement periods and is implementing remediation measures. The company continues to operate 12 Bitcoin data centers across four countries, focusing on environmentally friendly power sources.

Bitfarms Ltd. announced on December 9, 2024, that it will restate its financial statements for fiscal years 2022-2023 and Q3 2024 due to a material error in classifying proceeds from digital asset sales. The restatement reclassifies these proceeds from operating to investing activities in the cash flow statements, with no impact on overall cash position or net cash flows.The restatement also includes an adjustment for warrant redemption accounting in 2023. For FY2023, this resulted in an increase in net loss from $104.04M to $108.92M and a decrease in EPS from $(0.40) to $(0.42). The company emphasized that the restatements do not affect its operations or financial performance.Bitfarms acknowledged a material weakness in its internal control over financial reporting during the restatement periods and is implementing remediation measures. The company continues to operate 12 Bitcoin data centers across four countries, focusing on environmentally friendly power sources.