Bitfarms has released its earnings report for the third quarter of 2025, and the results have not met investor expectations. The company generated $69.25 million in revenue for the quarter ending in September, which is approximately 16.7% below the projections made by analysts at Zacks.
This revenue miss is significant for a company that has seen its stock price rise sharply this year. On the profitability front, Bitfarms recorded a net loss of $0.02 per share, aligning with Zacks” expectations but still indicating underlying issues. While this loss is an improvement compared to last year”s third quarter loss of $0.09 per share, it highlights the company”s struggle, particularly as earnings surprises have been infrequent. Of note, Bitfarms has only surpassed earnings estimates once in the last four quarters.
In the previous quarter, analysts anticipated a smaller loss of only $0.01 per share, but the company reported a loss of $0.02, resulting in a dismal surprise of -100%.
Despite the disappointing Q3 results, Bitfarms” stock remains up 112.8% year-to-date, significantly outperforming the S&P 500, which has gained 16.5%. However, this outperformance seems overshadowed by the current focus on the upcoming earnings call featuring CEO Geoff Morphy and his team. Investors are eager for clarification regarding the persistent revenue misses and the strategies in place for recovery.
Prior to the earnings release, the company”s revisions trend was already concerning, contributing to its current Zacks Rank of #4 (Sell). Analysts are not optimistic about the stock”s ability to outperform the market in the near future. The outlook now hinges on how earnings estimates adjust in light of these latest results.
For the upcoming quarter, analysts predict a loss of $0.01 per share, with expected revenues of $86.81 million. For the full fiscal year, the forecasted loss stands at $0.15 per share, with total revenue expectations of $314.54 million. These projections are likely to be reassessed following the recent earnings report.
Interestingly, the challenges facing Bitfarms do not stem from broader industry issues. The Zacks Technology Services industry, which encompasses Bitfarms, is currently ranked in the top 27% of over 250 tracked industries, indicating that the company”s struggles are self-contained.
Attention is also directed towards MindWalk Holdings Corp., a competitor yet to report its October quarter results. Analysts anticipate MindWalk will show a loss of $0.01 per share, reflecting an impressive 85.7% improvement year-over-year. Revenue projections for MindWalk stand at $4 million, a 10.9% year-over-year decline. Notably, MindWalk”s earnings per share estimates have remained stable over the past month, presenting an attractive quality for investors, particularly if Bitfarms continues to falter.
During the earnings call, Ben Gagnon, the CEO of Bitfarms, suggested that converting a property in Washington, although representing less than 1% of the company”s total buildable portfolio, into a GPU-as-a-Service site could potentially yield higher net operating income than what they have previously achieved through Bitcoin mining.
Other players in the mining space, such as Cipher and Terawulf, have ventured into AI infrastructure, attracting significant investment from firms like SoftBank and Google for data center development. These arrangements are linked to multi-billion-dollar revenue forecasts, positioning these companies for enhanced financial support through debt.
Ultimately, the fate of Bitfarms is contingent upon whether Wall Street chooses to continue backing the company or decides to withdraw support. Presently, the combination of their inconsistent earnings history, negative revisions trends, and underwhelming Q3 performance complicates the situation for investors and analysts alike.
