Bitfarms reports Q2 EPS (7c) , consensus (11c)

Reports Q2 revenue $41.55M, consensus $44.63M. “I am honored to step into the CEO role at such a pivotal time for the Company,” stated Mr. Gagnon. “During the quarter, we made significant strides to position Bitfarms for accelerated growth and efficiency gains in the second half of the year and into 2025. We also continued to expand and diversify the business through new site agreements. Our new site in Sharon, PA represents Bitfarms’ first foray into the PJM region, which we believe is the most attractive energy market in the U.S., and one in which we hope to further grow our footprint. This site, in combination with our new megawatts in South America, positions Bitfarms to reach over 35 EH/s in 2025, representing 67% growth from our year-end target of 21 EH/s. Over the next few years, we will continue executing our growth strategy with a sharp focus on U.S. expansion and diversification beyond Bitcoin mining.”