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Income Statement (USD)
Q1 '24 | QoQ | |
---|---|---|
Revenue | 50M | 5.4% |
Gross Profit | -11M | 689% |
Cost of Revenue | 61M | 32.8% |
Operating expense | 13M | 22.4% |
Net Income | -6M | 89.9% |
EBITDA | 15M | 108.4% |
Balance Sheet (USD)
Q1 '24 | QoQ | |
---|---|---|
Total Assets | 426M | 13.1% |
Total Liabilities | 61M | 27% |
Total Equity | 365M | 24.5% |
Shares Outstanding | 339M | 1.4% |
Cash Flow (USD)
Q1 '24 | QoQ | |
---|---|---|
Cash from operations | 18M | 31.5% |
Cash from financing | 40M | 16% |
EPS
Financial Highlights for Bitfarms in Q1 '24
Bitfarms reported a revenue of 50M, which is a 5.4% change from the previous quarter. An increase in revenue typically indicates growing demand for the company's products or services. This positive change in revenue is a good sign, suggesting that the company's sales are moving in the right direction.
Gross Profit stood at -11M, marking a -689% change since the last quarter. Gross profit showcases the efficiency in production and sales processes.
Cost of Revenue was 61M, a 32.8% difference from the previous quarter. A rising cost of revenue may suggest increased production or sales costs, which can impact margins. However, if accompanied by a proportionate rise in revenue, it could indicate scaling operations.
Operating Expenses for this period were 13M, showing a -22.4% change from the last quarter. Operating expenses cover the costs of running daily business operations. A significant increase might indicate inefficiencies or investments in growth, while a decrease could suggest cost-saving measures or potential underinvestment in key areas.
Net Income for the quarter was -6M, showing a 89.9% change from the prior quarter. Net income provides a clear picture of the company's profitability after all expenses. An increase suggests the company is becoming more profitable, while a decrease may raise concerns about the company's financial health, unless there are specific one-time costs or investments.
The company's EBITDA for the quarter was 15M, showing a 108.4% change from the previous period. EBITDA gives insight into the company's operational profitability, excluding non-operating expenses like interest and taxes. A rising EBITDA indicates strong operational performance, while a declining EBITDA may signal operational challenges or increased costs.
Bitfarms faced some challenges this quarter with a decline in one or more of the key metrics: revenue, gross profit, or net income. An increase in the cost of revenue, higher than the revenue growth, suggests potential margin pressures.