TSXV:BITF

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Executive Summary

Bitfarms Ltd., a blockchain infrastructure company, mines for cryptocurrency coins in North America. More Details


Snowflake Analysis

Imperfect balance sheet with weak fundamentals.


Similar Companies

Share Price & News

How has Bitfarms's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BITF is more volatile than 90% of Canadian stocks over the past 3 months, typically moving +/- 32% a week.

Volatility Over Time: BITF's weekly volatility has increased from 22% to 32% over the past year.


Market Performance


7 Day Return

-28.6%

BITF

2.9%

CA Software

-0.2%

CA Market


1 Year Return

400.0%

BITF

43.8%

CA Software

1.5%

CA Market

Return vs Industry: BITF exceeded the Canadian Software industry which returned 46.9% over the past year.

Return vs Market: BITF exceeded the Canadian Market which returned 2.1% over the past year.


Shareholder returns

BITFIndustryMarket
7 Day-28.6%2.9%-0.2%
30 Day30.8%1.1%4.0%
90 Day726.7%28.8%12.9%
1 Year400.0%400.0%44.3%43.8%5.2%1.5%
3 Yearn/a74.6%70.9%14.2%3.4%
5 Yearn/a182.9%173.8%63.2%38.1%

Long-Term Price Volatility Vs. Market

How volatile is Bitfarms's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Bitfarms undervalued compared to its fair value and its price relative to the market?

10.8x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BITF's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BITF's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BITF is unprofitable, so we can't compare its PE Ratio to the CA Software industry average.

PE vs Market: BITF is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BITF's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BITF is overvalued based on its PB Ratio (10.3x) compared to the CA Software industry average (7.6x).


Next Steps

Future Growth

How is Bitfarms forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

27.3%

Forecasted Software industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Bitfarms has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Bitfarms performed over the past 5 years?

12.1%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: BITF is currently unprofitable.

Growing Profit Margin: BITF is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if BITF's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare BITF's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BITF is unprofitable, making it difficult to compare its past year earnings growth to the Software industry (31.8%).


Return on Equity

High ROE: BITF has a negative Return on Equity (-50.64%), as it is currently unprofitable.


Next Steps

Financial Health

How is Bitfarms's financial position?


Financial Position Analysis

Short Term Liabilities: BITF's short term assets ($4.5M) do not cover its short term liabilities ($15.4M).

Long Term Liabilities: BITF's short term assets ($4.5M) do not cover its long term liabilities ($11.2M).


Debt to Equity History and Analysis

Debt Level: BITF's debt to equity ratio (87.5%) is considered high.

Reducing Debt: Insufficient data to determine if BITF's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BITF has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: BITF is forecast to have sufficient cash runway for 1 months based on free cash flow estimates, but has since raised additional capital.


Next Steps

Dividend

What is Bitfarms's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BITF's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BITF's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BITF's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BITF's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BITF's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.5yrs

Average management tenure


CEO

Emi Grodzki (44 yo)

0.83

Tenure

US$174,800

Compensation

Mr. Emiliano Joel Grodzki, also known as Emi, has been the Chief Strategy Officer at Blockchain Mining Limited since March 7, 2018 and has also been its Director since February 19, 2018. Mr. Grodzki is a F...


CEO Compensation Analysis

Compensation vs Market: Emi's total compensation ($USD174.80K) is below average for companies of similar size in the Canadian market ($USD517.89K).

Compensation vs Earnings: Emi's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Nicolas Bonta
Founder2.25yrsUS$174.80k11.43%
$ 37.4m
Emiliano Grodzki
Founder0.83yrUS$174.80k12.05%
$ 39.5m
Wes Fulford
Consultant0.83yrUS$229.00kno data
L. Morphy
President0.083yrno data0.046%
$ 151.3k
Mauro Ferrara
Interim CFO & Corporate Secretary0.25yrno datano data
Sonia Tercas
Director of Investor Relationsno datano datano data

0.5yrs

Average Tenure

44yo

Average Age

Experienced Management: BITF's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Nicolas Bonta
Founder2.25yrsUS$174.80k11.43%
$ 37.4m
Emiliano Grodzki
Founder0.83yrUS$174.80k12.05%
$ 39.5m
Pierre Seccareccia
Independent Director1.58yrsUS$15.42kno data
Brian Howlett
Lead Independent Director0.083yrno datano data
Andres Finkielsztain
Independent Director0.42yrno datano data

1.6yrs

Average Tenure

45yo

Average Age

Experienced Board: BITF's board of directors are not considered experienced ( 1.6 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BITF insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 33.8%.


Top Shareholders

Company Information

Bitfarms Ltd.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bitfarms Ltd.
  • Ticker: BITF
  • Exchange: TSXV
  • Founded: 2017
  • Industry: Application Software
  • Sector: Software
  • Market Cap: CA$327.579m
  • Shares outstanding: 112.18m
  • Website: https://www.bitfarms.com

Number of Employees


Location

  • Bitfarms Ltd.
  • 1376 Bayview Avenue
  • Unit 1
  • Toronto
  • Ontario
  • M4G 3A1
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BITFTSXV (TSX Venture Exchange)YesNew Common SharesCACADJul 2019
BFAR.FOTCPK (Pink Sheets LLC)YesNew Common SharesUSUSDJul 2019

Biography

Bitfarms Ltd., a blockchain infrastructure company, mines for cryptocurrency coins in North America. It operates through Backbone and Volta segments. The Backbone segment owns and operates server farms com...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/22 23:57
End of Day Share Price2021/01/22 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.