Bitfarms Ltd. (BITF) Stock Surged 12.60% Today, Here’s Why

Bitfarms Ltd. (BITF) stock soared 12.60% in the current-market trading session at the price of $4.20 after reporting its financial results for the fourth quarter and full-year 2021.

Bitfarms, established in 2017, is a multinational bitcoin mining firm. The company runs proprietary data analytics, integrated self-mining operations, and engineering services to deliver higher operational performance.

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BITF Q4 2021 Financial Summary

On 28th March 2022, BITF published its earnings report for Q4 and the year ended 31st December 2021. The company has also presented its corporate updates.

Revenues totaled US$60M for Q4 of 2021, representing a growth of 426 percent, or US$48M, from Q4 of the previous year. For Q4 of 2021, gross profit and gross margins were US$49M and 84 percent, respectively. BITF has US$15M in operating income for Q4 of 2021. Operating income was US$0.36M for the same quarter of 2020.

BITF calculated a net income of US$10M, or per share of US$0.05, for Q4 of 2021. Net loss was US$5M, or per share of $(0.06), for Q4 of 2020. The company has US$44M in adjusted EBITDA for Q4 of 2021, compared to US$4M for last year’s same quarter. On 31st December 2021, the company had roughly US$126M in cash.

BITF Year 2021 Highlights

BITF generated US$169M in revenues for the year 2021. It represents a surge of 383 percent, or US$134M, from the prior year. For 2021, gross profit totaled US$111M compared to US$3M in 2020. The company has US$64M in operating income for the year 2021. The operating loss was US$7M for the previous year.

For the year 2021, BITF has a net income of US$22M, or per share of UE$0.13. Net loss was US$16M, or per share of $(0.19), for 2020. The company has US$71M in EBITDA for 2021 compared to US$1M for 2020. Adjusted EBITDA totaled US$119M for 2021 compared to US$8M last year.

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