Bitfarms (KEEL) financial statements
Bitfarms reported revenue of $229M in fiscal 2025, up 45.9% a year over 5 years.
Net income was -$285M and the operating margin -65.2%, against -19.4% in 2020.
Free cash flow was -$327M.
The diluted share count rose 550% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bitfarms's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $35M | $169M | $142M | $120M | $133M | $229M |
| Cost of revenue | $32M | $58M | $132M | $144M | $149M | $248M |
| Gross profit | $3M | $111M | $11M | -$24M | -$16M | -$19M |
| Selling, general and admin | $8M | $43M | $3M | $34M | $62M | $78M |
| Operating income | -$7M | $64M | -$284M | -$50M | -$28M | -$150M |
| Interest expense | $9M | $19,000 | $93,000 | $3M | $745,000 | $9M |
| Pre-tax income | -$16M | $43M | -$193M | -$40M | -$7M | -$208M |
| Income tax | $172,000 | $21M | -$17M | -$154,000 | $346,000 | $101,000 |
| Net income | $172,000 | $21M | -$176M | -$56M | -$28M | -$285M |
| EPS (diluted) | -$0.19 | $0.13 | -$0.85 | -$0.21 | -$0.07 | -$0.52 |
| Diluted shares | 85M | 169M | 208M | 262M | 415M | 552M |
| Gross margin | 8.3% | 65.6% | 7.4% | -19.7% | -11.9% | -8.2% |
| Operating margin | -19.4% | 37.5% | -199.4% | -41.5% | -21.0% | -65.2% |
| Net margin | 0.5% | 12.1% | -123.3% | -46.1% | -21.3% | -124.1% |
Balance sheet
Fiscal years, from Bitfarms's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $126M | $31M | $84M | $60M | $573M |
| Receivables | $1M | $1M | $108,000 | $689,000 | $1M | $5M |
| Inventory | — | — | — | $705,000 | $1M | $9M |
| Total current assets | $9M | $287M | $69M | $130M | $214M | $826M |
| Property, plant and equipment | $36M | $137M | $219M | $186M | $237M | $358M |
| Goodwill | — | $17M | — | — | — | — |
| Total assets | $52M | $543M | $343M | $379M | $663M | $1.3B |
| Total current liabilities | $28M | $101M | $67M | $69M | $28M | $148M |
| Long-term debt | $174,000 | $910,000 | $4M | — | $1M | $572M |
| Total liabilities | $36M | $120M | $88M | $84M | $52M | $736M |
| Shareholders' equity | $15M | $359M | $255M | $325M | $611M | $560M |
| Net debt | -$6M | -$125M | -$27M | -$84M | -$58M | $96M |
Cash flow
Fiscal years, from Bitfarms's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $7M | -$43M | -$122M | -$107M | -$142M | -$227M |
| Capital spending | $4M | $108M | $306M | $48M | $287M | $100M |
| Free cash flow | $3M | -$151M | -$429M | -$155M | -$429M | -$327M |
| Stock-based compensation | $2M | $23M | $22M | $11M | $13M | $15M |
| Net borrowing | -$404,000 | $40M | -$60M | -$31M | -$2M | $666M |
| Free cash flow margin | 8.0% | -89.4% | -301.0% | -129.0% | -321.6% | -142.6% |
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Open KEEL in InvestinglyQuestions
What was Bitfarms's revenue in 2025?
$229M in fiscal 2025, from its 10-K filing.
How much free cash flow does Bitfarms generate?
-$327M in fiscal 2025 (operating cash flow minus capital spending).
From Bitfarms's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.