Bitfarms revenue misses estimates by 16.7% as Q3 results disappoint investors

Bitfarms just posted its latest earnings report for Q3 2025, and the results were straight-up disappointing. The company reported $69.25 million in revenue for the quarter ending September, falling about 16.7% short of what analysts at Zacks were expecting. That’s a big miss for a company that’s been riding high this year in terms of share price. On the profit side, Bitfarms logged a net loss of $0.02 per share, which matched the Zacks estimate but still signals trouble under the hood.

Compared to last year’s Q3 loss of $0.09 per share, Bitfarms has narrowed the gap to $0.02 per share this year. However, the company’s track record on earnings remains shaky. In the past four quarters, Bitfarms has only beaten earnings estimates once. For instance, just a quarter ago, analysts expected a $0.01 per share loss, but the company posted $0.02 per share loss, doubling the projected loss and delivering a ‑100% surprise.

While year-over-year revenue growth from $44.85 million in Q3 2024 to $69.25 million this quarter seems promising, it fell well short of Wall Street expectations. This miss has dragged Bitfarms' revenue beat rate down to just two out of the last four quarters. However, Bitfarms stock has soared 112.8% year-to-date, significantly outperforming the S&P 500's 16.5% gain. Despite this, investors remain concerned, with immediate attention shifting to what CEO Geoff Morphy and his team will address in the earnings call to explain the recurring misses and outline a plan for recovery.

Prior to the earnings release, the revisions trend for Bitfarms was already weak, feeding into its Zacks Rank #4 (Sell) rating. Analysts currently forecast a loss of $0.01 per share on $86.81 million in revenue for the next quarter. For the full fiscal year, projections stand at a $0.15 per share loss with $314.54 million in total revenue. These estimates will now likely be revised in light of the latest disappointing results.

The Zacks Technology Services industry, where Bitfarms operates, ranks in the top 27% of over 250 tracked industries, indicating that it’s not the sector dragging Bitfarms down—it's the company itself. Meanwhile, MindWalk Holdings Corp., a peer in the same industry, is expected to post a $0.01 per share loss, a significant 85.7% improvement from the same period last year, with revenue projected at $4 million, down 10.9% year-over-year. MindWalk's stable EPS estimates could attract investors if Bitfarms continues underperforming.

During the earnings call, Ben Gagnon, the CEO of Bitfarms, revealed plans to repurpose the Washington property (less than 1% of the company’s buildable portfolio) into a GPU-as-a-Service site, which promises to generate more net operating income than Bitcoin mining ever did. This shift echoes moves by competitors like Cipher and Terawulf, who have partnered with backers such as SoftBank and Google to co-develop data centers tied to multi-billion-dollar revenue projections.

The next chapter for Bitfarms hinges on Wall Street's confidence. The company’s mixed earnings record, weak revisions trend, and underwhelming Q3 results make the future uncertain. Whether the market decides to give Bitfarms another chance or moves on will depend on how quickly the company can regain investor trust and meet expectations.