Bitfarms reports Q4 EPS (19c), consensus (3c)

Reports Q4 revenue $46M, consensus $43.08M. “In 2023, we set the foundation to drive significant growth through our transformational fleet upgrade and mining facility expansion,” said Geoff Morphy, President and Chief Executive Officer of Bitfarms. “To that end, we secured 35,888 ultra-efficient Bitmain T21 miners to be installed in the first half of 2024 and signed an option to purchase up to an additional 28,000 T21s for delivery in the second half 2024. Our 2024 plan targets tripling our hashrate to 21 EH/s, at least a 63% increase in operating capacity to 391 MW, and improving our fleet efficiency by 34% to 23 w/TH. New farm development in Paraguay will drive much of this growth. In Yguazu, we purchased land for our 100 MW project in January 2024. In Paso Pe, the infrastructure and electrical equipment are nearly ready for us to begin installing Bitmain T21 and new hydro-miners at our 70 MW project, which we expect to begin energizing in March. In addition, we are actively evaluating the best use of capital to secure further low-cost production growth opportunities via miner redeployment, acquisitions, and farm development,” added Morphy. At December 31, 2023, the Company held $84 million in cash and 804 BTC valued at approximately $34 million based upon a BTC price at that time of approximately $42,300 for total liquidity of $118 million.