Bitfarms (9MK) Stock Overview

9MK fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

Risk Analysis

Has less than 1 year of cash runway

Earnings have declined by 13.5% per year over past 5 years

Volatile share price over the past 3 months compared to the German market

9MK Community Fair Values

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2.7k

US$6.85

69.1% undervalued

Jolt_Communications's

Fair Value

Profit Margin

20.14%

Future PE

22x

Price in 2031

US$11.03

Bitfarms Ltd. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Bitfarms
Historical stock prices
Current Share Price	CA$1.71
52 Week High	CA$5.60
52 Week Low	CA$0.63
Beta	4.02
1 Month Change	-13.02%
3 Month Change	-31.38%
1 Year Change	150.44%
3 Year Change	54.05%
5 Year Change	n/a
Change since IPO	64.90%

Recent News & Updates

No updates

Recent updates

No updates

Shareholder Returns

	9MK	DE Software	DE Market
7D	0%	-1.4%	4.7%
1Y	150.4%	-38.6%	8.4%

Return vs Industry: 9MK exceeded the German Software industry which returned -38.6% over the past year.

Return vs Market: 9MK exceeded the German Market which returned 8.4% over the past year.

Price Volatility

Is 9MK's price volatile compared to industry and market?
9MK volatility
9MK Average Weekly Movement	12.5%
Software Industry Average Movement	6.1%
Market Average Movement	6.0%
10% most volatile stocks in DE Market	13.5%
10% least volatile stocks in DE Market	2.7%

Stable Share Price: 9MK's share price has been volatile over the past 3 months compared to the German market.

Volatility Over Time: 9MK's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
2017	n/a	n/a	www.keelinfra.com

Bitfarms Ltd. operates digital and energy infrastructure, with a primary focus on high-performance computing (HPC) and artificial intelligence (AI) workloads in North America, Canada, and the United States. It primarily owns and operates data centers housing computers to validate transactions on the bitcoin blockchain, as well as sells computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. The company also provides electrician services to commercial and residential customers in Quebec, Canada.

Bitfarms Ltd. Fundamentals Summary

How do Bitfarms's earnings and revenue compare to its market cap?
9MK fundamental statistics
Market cap	€1.01b
Earnings (TTM)	-€176.88m
Revenue (TTM)	€194.49m

7.5x

P/S Ratio

-8.2x

P/E Ratio

Is 9MK overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
9MK income statement (TTM)
Revenue	US$229.28m
Cost of Revenue	US$248.18m
Gross Profit	-US$18.90m
Other Expenses	US$189.61m
Earnings	-US$208.51m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	-0.35
Gross Margin	-8.25%
Net Profit Margin	-90.94%
Debt/Equity Ratio	119.5%

How did 9MK perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/04/15 03:36
End of Day Share Price	2026/04/07 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Keel Infrastructure Corp. is covered by 10 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Brian Kinstlinger	Alliance Global Partners
Martin Toner	ATB Cormark
Nicholas Giles	B. Riley Securities, Inc.