NASDAQ$KEEL
Keel Infrastructure Corp · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Bitfarms reported Q3 2025 results with higher revenue and gross mining profit, but remained unprofitable due to strategic transitions and asset impairments.
Bitfarms grew its revenue significantly in Q3 2025 and continued executing its pivot toward HPC/AI infrastructure. Despite a $46 million net loss, it improved its adjusted EBITDA and demonstrated strong liquidity with over $800 million available.
- Revenue from continuing operations grew to $69.2 million, up 156% YoY.
- Net loss from continuing operations widened to $46.3 million, impacted by asset impairments.
- Adjusted EBITDA rose to $19.6 million, reflecting improved operational efficiency.
- Company held $814 million in liquidity as of November 12, 2025.
Headline financials
Revenue & EPS history
Bitfarms · Revenue · Quarterly
$69.2M
Forward guidance
Bitfarms continues its strategic transformation to an AI and HPC infrastructure company, with significant financial flexibility and a focus on building next-generation GPU-ready data centers.
Tailwinds
- Announced $588M convertible note offering to fund AI infrastructure.
- Secured $128M supply agreement for Washington HPC site.
- Converted $300M credit facility into project-specific financing.
- Completed acquisition of Sharon campus with 110 MW capacity target.
- Strong $814M liquidity to fund infrastructure expansion.
Headwinds
- Continued net losses with impairment charges and asset reclassifications.
- Gross margin from mining declined YoY.
- Discontinued operations led to an additional $35M net loss.
- Higher cost per BTC due to infrastructure expenses.
- Still early in AI pivot with uncertain monetization timelines.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
-3.6%
Avg return
Earnings day
-5.1%
Avg return
5 days after
+2.7%
Avg return
30 days after
25%
6 / 24 earnings
Positive
+13.4%
Q4 2021
Best reaction
-21.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +7.8% | +10.3% | +31.7% | |
| Q4 2025 | -6.4% | -4.0% | +21.2% | |
| Q3 2025 | -18.0% | -13.2% | -13.6% | |
| Q1 2025 | -3.6% | +2.8% | -23.0% | |
| Q3 2024 | -21.6% | -19.7% | -28.3% | |
| Q1 2024 | +9.3% | +1.2% | +40.5% | |
| Q4 2023 | +1.1% | -11.4% | -21.2% | |
| Q3 2023 | -3.4% | +3.4% | +84.5% | |
| Q2 2023 | +0.0% | +3.3% | -19.0% | |
| Q1 2023 | +8.2% | +15.3% | +20.4% | |
| Q4 2022 | +0.5% | +0.9% | +17.0% | |
| Q3 2022 | -12.0% | -23.7% | -38.5% | |
| Q2 2022 | +0.0% | -25.0% | -37.0% | |
| Q1 2022 | -1.0% | -10.3% | -29.6% | |
| Q4 2021 | +13.4% | +1.9% | -23.3% | |
| Q3 2021 | -1.7% | -4.7% | -39.3% | |
| Q2 2021 | -19.9% | -13.0% | -19.0% | |
| Q1 2021 | -0.6% | +4.1% | +7.0% | |
| Q4 2020 | -12.3% | -9.8% | +26.5% | |
| Q3 2020 | -5.9% | -10.6% | +44.3% | |
| Q2 2020 | -0.4% | -0.4% | +21.6% | |
| Q1 2020 | -12.7% | -12.7% | +29.0% | |
| Q4 2019 | -3.0% | -3.0% | +29.9% | |
| Q3 2019 | -3.3% | -3.3% | -16.6% | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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