Bitfarms Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

Bitfarms (TSE:BITF) Full Year 2023 Results

Key Financial Results

• Revenue: US$146.4m (up 2.8% from FY 2022).
• Net loss: US$104.0m (loss narrowed by 56% from FY 2022).
• US$0.40 loss per share (improved from US$1.15 loss in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Bitfarms Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 93%.

Looking ahead, revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Canada.

Performance of the Canadian Software industry.

The company's shares are down 15% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 3 warning signs for Bitfarms (2 are a bit concerning!) that you need to be mindful of.

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