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Investing.com -- Cryptocurrency mining company Bitfarms Ltd. (NASDAQ:BITF) reported first quarter results that fell short of analyst expectations, sending its shares down 4.3% in early trading.
The company posted a loss of $0.07 per share for Q1 2025, wider than the $0.02 loss analysts were forecasting. Revenue came in at $66.85 million, below the consensus estimate of $70.41 million.
Despite the earnings miss, Bitfarms saw its revenue increase 33% YoY to $66.8 million, up from $50.3 million in Q1 2024. The company attributed the revenue growth to an increase in its average Bitcoin hashrate and higher average Bitcoin prices, which was partially offset by increased network difficulty and lower Bitcoin rewards following last year’s halving event.
Bitfarms mined 693 Bitcoin in Q1, down 27% from 943 Bitcoin in the same period last year. The company’s average operational hashrate grew to 13.5 EH/s, up 129% YoY.
"While we fell short of expectations this quarter, we made significant progress on our expansion plans," said CEO Emiliano Grodzki. "The acquisition of Stronghold and sale of our Paraguay facility has rebalanced our portfolio and positions us well for future growth in North America."
The company ended the quarter with 1,492 Bitcoin on its balance sheet, valued at approximately $123.2 million as of March 31, 2025.
Bitfarms shares were down 4.3% following the earnings release, reflecting investor disappointment with the quarterly results.
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