Bitfarms’ Q3 2025 Revenue Falls 16.7% Short of Estimates, Sending Shockwaves Through Investor Circles

• Breaking Down Bitfarms' Disappointing Q3 Performance
• The AI Pivot Play: Desperation or Genius?
• Wall Street’s Verdict: Zacks Rank #4 (Sell)
• Sector Context: No Place to Hide
• The Million-Dollar Question: What Now?
• Bitfarms Q3 2025 Earnings: Your Questions Answered

Bitfarms just dropped a financial bombshell that’s got the crypto mining world buzzing. Their Q3 earnings report revealed revenues missing analyst targets by a staggering 16.7%, despite showing year-over-year growth. While losses per share matched expectations at $0.02, the company’s spotty track record of beating estimates (just once in the last four quarters) has investors questioning whether this mining operation can dig itself out of trouble. With shares up 112.8% YTD but now facing serious headwinds, all eyes are on CEO Geoff Morphy’s next move.

Breaking Down Bitfarms' Disappointing Q3 Performance

Let’s crunch the numbers that sent shockwaves through Wall Street. Bitfarms posted $69.25 million in Q3 revenue - a 54.4% jump from last year’s $44.85 million, but way below the $83 million analysts were expecting. That massive miss snapped their two-quarter streak of revenue beats. The loss per share held steady at $0.02, matching Zacks estimates but doubling last quarter’s projected $0.01 loss. Ouch.

Here’s the kicker - while the company reduced losses from $0.09 per share in Q3 2024, their inability to consistently outperform has analysts nervous. "One beat in four quarters isn’t the consistency we look for in mining plays," noted our BTCC market strategist. "The Washington GPU pivot could be interesting, but execution risk remains high."

The AI Pivot Play: Desperation or Genius?

During the earnings call, CEO Geoff Morphy dropped hints about repurposing their Washington facility (currently

Competitors like Cipher and Terawulf have already made moves into AI infrastructure, landing big-name backers like SoftBank and Google. Their data center deals promise nine-figure revenues, making Bitfarms’ GPU ambitions look like catching up rather than innovating. The question isn’t whether AI is the future - it’s whether Bitfarms can execute where others already have a head start.

Wall Street’s Verdict: Zacks Rank #4 (Sell)

The analyst community isn’t mincing words. Bitfarms now carries a Zacks Rank #4 (Sell), with consensus expecting:

Source: TradingView financial data

What’s particularly worrying is the weakening trend in estimate revisions. "When analysts stop raising their forecasts, it often precedes underperformance," our BTCC team observes. "The 112% YTD stock gain might have priced in perfection that these results didn’t deliver."

Sector Context: No Place to Hide

Here’s the twist - Bitfarms can’t blame sector headwinds. Their Zacks Technology Services sector ranks in the top 27% of all industries. Meanwhile, competitor MindWalk Holdings (reporting soon) expects an 85.7% YoY earnings improvement. This underperformance appears uniquely Bitfarms’ own making.

The market’s patience appears thin. As one fund manager told us: "We’ve seen this movie before - miners promising diversification when bitcoin cycles turn. The question is whether Morphy’s team can deliver something peers haven’t already done better."

The Million-Dollar Question: What Now?

With shares still up triple digits YTD, the real debate is whether this is a buying opportunity or the start of a painful reckoning. The Washington GPU experiment could be transformative... or a distraction from Core mining operations that still aren’t firing on all cylinders.

One thing’s certain - Bitfarms needs to start beating expectations, not just meeting them. As the AI infrastructure Gold rush heats up, being "just okay" might not cut it anymore. The clock is ticking for Morphy to prove this isn’t another case of "too little, too late" in the hyper-competitive crypto mining space.

Bitfarms Q3 2025 Earnings: Your Questions Answered

How much did Bitfarms miss revenue estimates by in Q3 2025?

Bitfarms reported $69.25 million in Q3 revenue, missing analyst expectations of $83 million by a significant 16.7% margin.

What is Bitfarms' current Zacks Rank?

The company currently holds a Zacks Rank #4 (Sell), indicating analysts expect it to underperform the market in the NEAR term.

How has Bitfarms' stock performed year-to-date despite the earnings miss?

Remarkably, Bitfarms shares are up 112.8% YTD as of November 2025, vastly outperforming the S&P 500's 16.5% gain.

What new strategy did Bitfarms' CEO mention during the earnings call?

CEO Geoff Morphy revealed plans to convert their Washington facility to GPU-as-a-service, claiming it could generate more income than their Bitcoin mining operations ever have.

How many times has Bitfarms beaten earnings estimates in the last four quarters?

The company has surpassed earnings expectations just once in the past four quarters, with this most recent quarter matching estimates at a $0.02 loss per share.