The following is a summary of the Bitfarms Ltd. (BITF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Bitfarms reported Q3 revenue of $45 million, an 8% increase from the prior quarter and a 30% increase year-over-year.

• Gross mining profit for the quarter was $17 million, or 38% of mining revenue.

• Net loss for Q3 was $37 million, or a loss of $0.08 per share.

• Adjusted EBITDA was $6 million, reflecting 14% of revenue.

Business Progress:

• Expanded operational capacity with the addition of 3 new data centers and upgraded equipment increasing hashrate by 83%.

• Announced the acquisition of Stronghold Digital Mining enhancing vertical integration and expanding U.S. presence.

• Introduced new leadership roles and reorganized operations into two divisions to better focus on mining operations and infrastructure.

• Established two pilot sites for High-Performance Computing (HPC) and Artificial Intelligence (AI) as part of strategic diversification.

• Focused on U.S. expansion in the PJM energy market and initiated hosting agreements to optimize deployment and reduce costs.

Opportunities:

• The adoption and expansion of HPC and AI technologies present significant revenue prospects, particularly as Bitfarms reallocated miners to optimize operational logistics and expenses.

• Enhanced U.S. energy assets under the new administration could offer more favorable regulatory conditions and valuable opportunities in energy generation and trading.

Risks:

• Encountered shipping delays and extended minor warranty servicing which impacted the hashrate growth targets.

• Volatile Bitcoin value, as it profoundly influences operational profitability and strategic focus between Bitcoin mining and HPC/AI ventures.

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