- Bitfarms reported third-quarter revenue of $69 million, missing the expected $85 million target.
- The company’s stock fell up to 14% in pre-market trading following the earnings results.
- CEO Ben Gagnon revealed plans to pivot from Bitcoin mining to AI and digital infrastructure, focusing on supporting future NVIDIA Vera Rubin GPUs.
- Bitfarms recently secured $588 million in financing to fund these strategic changes.
- The transition includes converting existing sites and assets for AI workloads and cloud operations.
Bitfarms saw its stock drop as much as 14% in pre-market trading after reporting third-quarter results. The company stated that its revenue grew 156% year-over-year, reaching $69 million, but this was below the forecasted $85 million, according to Koyfin data. The loss per share came in at $0.05, wider than analyst expectations for a $0.02 loss.
According to CEO Ben Gagnon, Bitfarms is shifting its business focus from being an international Bitcoin miner to a North American digital infrastructure company. Gagnon said the company is converting its Washington facility and other assets to support Artificial Intelligence (AI) workloads and cloud operations. This move follows a recent $588 million financing round.
The company’s new strategy centers on the upcoming NVIDIA Vera Rubin GPUs, which are expected to be released in Q4 2026. These next-generation graphics processing units are projected to have nearly double the energy density of current Blackwell GPUs, which means they will require data centers with specialized energy capacity. Gagnon stated, “While most developers are focused on supporting Blackwells we intend to lead the industry in the development of Vera Rubin infrastructure.” He added, “We strongly believe this infrastructure will be in even higher demand and shorter supply in 2027 and will command substantially greater economics from prospective customers.”
Gagnon emphasized that, with a strong financial position and valuable energy portfolio, Bitfarms aims to be well-positioned to construct infrastructure for emerging digital and AI economies. Retail sentiment surrounding the company shifted from “extremely bearish” to “bearish” on social trading platforms, although discussion levels remain low.
For further details and ongoing updates, information is available directly on Stocktwits.
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