The stock may react positively to the strong revenue growth and $520M liquidity position supporting HPC expansion, but the collapse in Adjusted EBITDA margin and deep operating losses could weigh on sentiment. Watch for leasing progress at Panther Creek, Sharon, and Moses Lake sites as proof of HPC transition. The rebrand to Keel Infrastructure marks a strategic pivot—investors should assess whether the market values this shift into AI infrastructure given the current losses.
Price Chart
Executive Summary
Bitfarms reported FY 2025 results with revenue up 72% YoY to $229 million, but a sharply wider loss from continuing operations of $209 million due to a $50.5 million loss on digital asset revaluation amid Bitcoin price declines. The company is transitioning from Bitcoin mining to HPC/AI infrastructure, has secured $520 million in liquidity (cash + Bitcoin), and is advancing a 2.2 GW development pipeline. Shareholders approved redomiciling to the U.S. and rebranding as Keel Infrastructure, effective April 1, 2026.
Key Financial Metrics
Key Facts
- Revenue grew 72% YoY to $229.3 million in FY 2025
- Loss from continuing operations widened to $208.5 million vs. $7.4 million in FY 2024
- Adjusted EBITDA declined 8% to $28.9 million (13% margin) from $31.3 million (23% margin)
- Company reported a $50.5 million loss on change in fair value of digital assets, reversing a $26 million gain in FY 2024
- Liquidity totaled $520 million as of March 27, 2026: $359M cash and $161M unencumbered Bitcoin
- Shareholders approved U.S. redomiciliation and rebrand to Keel Infrastructure (ticker KEEL), closing April 1, 2026
- 2.2 GW HPC infrastructure pipeline in development across Pennsylvania, Washington, and Québec
Financial Impact
Revenue increased by $96 million YoY, but profitability deteriorated due to Bitcoin price volatility; Adjusted EBITDA margin compressed from 23% to 13%
Risk Factors
- Continued reliance on volatile Bitcoin valuations impacting earnings
- Execution risk in transitioning from mining to HPC/AI data centers
- Capital intensity of 2.2 GW development pipeline requiring significant future investment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3265299 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | — | awaiting T+20 | — | — |
Apr 7, 2026 25w ago | S-3ASR | $2.11 $3.53 | ▲ +67.30% | ▲ +58.75% | — |
Mar 31, 2026 26w ago | 6-K | $1.95 $2.89 | ▲ +48.21% | ▲ +38.78% | — |
Mar 31, 2026 26w ago | Press Release | $1.95 $2.89 | ▲ +48.21% | ▲ +38.78% | — |
Mar 20, 2026 27w ago | Press Release | $2.31 $2.80 | ▲ +21.21% | ▲ +13.79% | — |
Mar 17, 2026 28w ago | Press Release | $2.37 $2.84 | ▲ +19.83% | ▲ +15.53% | — |
Mar 5, 2026 30w ago | Press Release | $2.22 $1.98 | ▼ −10.81% | ▼ −7.02% | — |
US Market Status
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