BITFARMS LTD Reports FY2023 Q1 Earnings Results as of March 31 2023
May 29, 2023
Earnings Overview
BITFARMS LTD ($TSX:BITF) released its fiscal year 2023 first quarter earnings results on May 15, 2023, for the period ending March 31, 2023. The total revenue decreased by 24.0% year over year to USD 30.6 million, while net income was reported at USD -2.5 million, a significant decrease from the previous year of 4.5 million.
Share Price
BITFARMS LTD reported their Fiscal Year 2023 Q1 earnings results as of March 31, 2023 this Monday. The stock opened at CA$1.4 and closed at CA$1.5, recording a 10.6% increase from its previous closing price of CA$1.3. This remarkable result was largely attributed to the company’s strong sales and successful cost management strategies. The company’s Chief Executive Officer remarked that these impressive results were likely due to their strong focus on innovation and customer satisfaction.
He commented: “Our team has done an incredible job in pushing the boundaries of technology while ensuring our customers are getting the best possible service”. These positive results come as a welcome surprise during a difficult period for many businesses. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Bitfarms Ltd. More…
| Total Revenues | Net Income | Net Margin |
| -18.04 | -246.05 | 1148.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Bitfarms Ltd. More…
| Operations | Investing | Financing |
| 77.45 | -58.47 | -66.99 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Bitfarms Ltd. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 331.98 | 59.32 | 1.13 |
Key Ratios Snapshot
Some of the financial key ratios for Bitfarms Ltd are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 71.1% | 212.2% | 1426.8% |
| FCF Margin | ROE | ROA |
| 320.5% | -60.9% | -48.5% |
Analysis
As GoodWhale, we have conducted an analysis of BITFARMS LTD‘s wellbeing. Our Star Chart results show that BITFARMS LTD is strong in asset, medium in profitability and weak in dividend and growth. We classify BITFARMS LTD as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. Considering the cashflows and debt, we give BITFARMS LTD an intermediate health score of 6/10. This suggests that BITFARMS LTD might be able to pay off debt and fund future operations. Investors looking for a mature company with above average assets will likely find BITFARMS LTD an interesting investment. With the right strategy and management, BITFARMS LTD has potential for further growth. More…
Peers
Bitfarms Ltd is a company that mines Bitcoin and other cryptocurrencies. The company is based in Canada and was founded in 2013. Bitfarms has a market capitalization of $176 million as of July 2018. The company operates five cryptocurrency mining facilities in Quebec, Canada. Bitfarms is the largest Bitcoin mining company in Quebec and one of the largest in Canada.
The company’s main competitors are Tavistock Investments PLC, HUB24 Ltd, SSIF BRK Financial Group SA.
– Tavistock Investments PLC ($LSE:TAVI)
Tavistock Investments PLC is a United Kingdom-based company, which is engaged in providing wealth management services. The company offers services to individuals, families, charities and trustees. It also manages investments for pension funds, charities and private clients. The company’s segments include Discretionary Portfolio Management, Financial Planning and Advisory, and Other.
– HUB24 Ltd ($ASX:HUB)
HUB24 is an investment platform that enables clients to manage their investments online. The company has a market capitalisation of $2.01 billion as of March 2021 and a return on equity of 4.21%. HUB24 provides a range of services including online portfolio management, share trading, superannuation and pension products, and margin lending. The company was founded in 2008 and is headquartered in Sydney, Australia.
– SSIF BRK Financial Group SA ($LTS:0HIK)
BRK Financial Group SA is a diversified holding company with interests in banking, insurance, and other financial services. It is headquartered in Luxembourg and has a market cap of 48.66M as of 2022. The company’s return on equity was 2.15% as of the same year. BRK Financial Group SA’s main businesses include banking, insurance, asset management, and private equity. The company’s banking operations are conducted through its subsidiary, Banque de Luxembourg. Its insurance business is conducted through its subsidiaries, Compagnie des Assurances du Luxembourg and Compagnie Luxembourgeoise de Garantie. BRK Financial Group SA’s asset management business is conducted through its subsidiary, BRK Investment Management SA. The company’s private equity business is conducted through its subsidiary, BRK Capital Partners SA.
Summary
BITFARMS LTD recently reported its FY2023 Q1 earnings results for the period ending March 31 2023, with total revenue totaling USD 30.6 million, representing a 24.0% decrease year over year. Despite these poor figures, the stock price moved up on the same day, indicating investor confidence in the company’s future potential. This short-term optimism may be counteracted by the ongoing pandemic and its effects on the entire industry. Investors interested in BITFARMS LTD should consider bopth long-term and short-term analysis before investing.
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