Bitfarms Reports Sharp Decline in Financial Income, Widening Net Loss

Bitfarms’ net financial income plummeted 82% year-over-year to $2.1 million in Q1 2025, down from $11.4 million in the same period last year. The decline stems from reduced gains on derivatives and slower revaluation of warrant liabilities tied to its 2023 private placement.

The company’s net loss ballooned to $35.9 million, a significant deterioration from the $6 million loss recorded in Q1 2024. A $3.4 million decrease in warrant liability revaluations accounted for nearly 40% of the $9.3 million year-over-year financial income drop.

Derivative-related performance swung $6.2 million against Bitfarms, compounding the challenges in its financial results. The mining firm’s earnings reflect ongoing volatility in cryptocurrency markets and the operational headwinds facing industry participants.