Bitfarms Ltd., a foreign private issuer, reported its interim condensed consolidated financial statements for the first quarter ended March 31, 2024. The report, filed with the U.S. Securities and Exchange Commission, includes the financial statements and management's discussion and analysis for the period. Bitfarms, headquartered in Toronto, Canada, is primarily engaged in cryptocurrency mining across multiple jurisdictions including Canada, the United States, Argentina, and Paraguay. The company's common shares are listed on the Nasdaq Stock Market and the Toronto Stock Exchange. For the quarter, Bitfarms reported revenues of $50.3 million, a significant increase from $30.05 million in the same period the previous year. However, the company experienced a gross loss of $10.68 million due to higher cost of revenues, which amounted to...Show More

Bitfarms Ltd., a foreign private issuer, reported its interim condensed consolidated financial statements for the first quarter ended March 31, 2024. The report, filed with the U.S. Securities and Exchange Commission, includes the financial statements and management's discussion and analysis for the period. Bitfarms, headquartered in Toronto, Canada, is primarily engaged in cryptocurrency mining across multiple jurisdictions including Canada, the United States, Argentina, and Paraguay. The company's common shares are listed on the Nasdaq Stock Market and the Toronto Stock Exchange. For the quarter, Bitfarms reported revenues of $50.3 million, a significant increase from $30.05 million in the same period the previous year. However, the company experienced a gross loss of $10.68 million due to higher cost of revenues, which amounted to $60.99 million. The net loss for the quarter was $5.98 million, an improvement from a net loss of $3.7 million in the prior year. The company also reported a comprehensive income of $11.45 million, net of tax, primarily due to a change in revaluation surplus of digital assets. Bitfarms' total assets increased to $426.47 million from $378.72 million at the end of the previous year. The report also included certifications from CEO Nicolas Bonta and CFO Jeffrey Lucas, as well as details on the company's property, plant, and equipment, and financial instruments.