Bitfarms Ltd (NASDAQ:BITF) shares are trading higher by 13.8% to $2.28 during Monday's trading session after the company reported second-quarter sales results were higher year over year.

What Happened?

Bitfarms reported quarterly losses of 70 cents per share. The company also reported $41.81 million in sales this quarter, representing a 14% increase over sales of $36.69 million in the same period last year.

"By deleveraging our balance sheet and increasing financial flexibility, we are better positioned to execute our growth initiatives to drive market share gains and increased production," said Jeff Lucas, CFO of Bitfarms.

"As careful stewards of capital, to better align with our capacity expansion, we amended our miner delivery schedule to match our deployment plan. Thus, we optimized resources, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023," Lucas stated.

At June 30, 2022, the company held $46 million in cash and 3,144 BTC valued at approximately $62 million based upon the June 30, 2022 BTC price of approximately $19,800.

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According to data from Benzinga Pro, Bitfarms has a 52-week high of $5.39 and a 52-week low of $1.04.