Bitfarms revenue misses estimates by 16.7% as Q3 results disappoint investors

Bitfarms just posted its latest earnings report for Q3 2025, and the results were straight-up disappointing. The company reported $69.25 million in revenue for the quarter ending September, falling about 16.7% short of what analysts at Zacks were expecting.

That’s a big miss for a company that’s been riding high this year in terms of share price. On the profit side, Bitfarms logged a net loss of $0.02 per share, which exactly matched the Zacks estimate, but still shows there’s trouble under the hood.

Compared to last year’s Q3 loss of $0.09 per share, the company has narrowed the gap, but that doesn’t change the fact that earnings surprises have been rare. In fact, over the past four quarters, Bitfarms has only beaten earnings estimates once.

A quarter ago, analysts thought the company would lose just $0.01 per share, but Bitfarms ended up posting $0.02, doubling the loss and delivering a nasty ‑100% surprise.

Loss narrows, but revenue miss drags outlook

The year-over-year revenue growth, from $44.85 million in Q3 2024 to $69.25 million this quarter, sounds solid, but it doesn’t matter much when Wall Street expected way more. This quarter’s miss brought the company’s revenue beat record down to two out of the last four quarters.

Despite the Q3 letdown, Bitfarms stock is still up 112.8% year-to-date, way ahead of the S&P 500’s 16.5% gain. But that outperformance doesn’t mean much right now. The immediate focus has turned to what Geoff Morphy, the CEO, and his team will say on the earnings call. Investors want answers, what’s driving the continued misses, and what’s the plan to turn it around?

Right before the earnings dropped, the revisions trend for the company was already looking weak. That same trend now feeds into the company’s Zacks Rank #4 (Sell) rating, meaning analysts don’t expect this stock to beat the market any time soon. The future will depend on how much earnings estimates move now that the results are out.

For the next quarter, the current consensus is a loss of $0.01 per share on expected revenues of $86.81 million. For the full fiscal year, analysts are forecasting a loss of $0.15 per share on $314.54 million in total revenue. These estimates will definitely be under review after the latest numbers.

Bitfarms outlook dims as peers prepare results

The industry isn’t dragging Bitfarms down either. The Zacks Technology Services industry, which the company is part of, currently ranks in the top 27% out of more than 250 tracked industries. That means it’s not the sector, it’s the company.

There’s also a spotlight on MindWalk Holdings Corp., a peer in the same industry, which hasn’t reported yet for its October quarter. Analysts expect MindWalk to post a $0.01 per share loss, a major 85.7% improvement from the same period last year.

Revenue for MindWalk is projected at $4 million, down 10.9% year-over-year. Notably, MindWalk’s EPS estimates haven’t moved in 30 days, a sign of stability investors may find attractive if Bitfarms can’t get it together.

Ben Gagnon, the CEO of Bitfarms, said on Thursday during the call event that even though the Washington property makes up less than 1% of the company’s total buildable portfolio, switching it to a GPU-as-a-Service site could bring in more net operating income than anything they’ve ever made from Bitcoin mining.

Miners like Cipher and Terawulf, who’ve already stepped into AI infrastructure, have pulled in heavyweight backers like SoftBank and Google to co-develop data centers. These deals are tied to multi-billion-dollar revenue projections, and they’re also helping these companies stack up more funds through debt.

What happens next for Bitfarms will come down to whether Wall Street decides to give it another shot or pulls the plug. Right now, the company’s mixed record on earnings, weak revisions trend, and underwhelming Q3 numbers make that a tough call.