BitFarms just released its latest financial results for Q3 2025, and the results were completely disappointing. The company reported revenue of $69.25 million for the quarter that ended in September, missing analyst estimates by approximately 16.7%.
That’s a big mistake for a company whose stock price has soared this year. On the earnings front, BitFarms posted a net loss of $0.02 per share, which was exactly in line with Zacks’ expectations, but still points to internal issues.
The gap has narrowed compared to last year’s third-quarter loss of $0.09 per share, but the fact remains that earnings surprises are rare. In fact, over the past four quarters, Bitfarms has exceeded revenue estimates just once.
A quarter ago, analysts had expected the company to post a loss of just $0.01 per share, but BitFarms ended up posting a loss of $0.02, doubling its loss and delivering a nasty 100% surprise.
Losses narrow, but profits fall below expectations
Year-over-year sales growth from $44.85 million in Q3 2024 to $69.25 million this quarter sounds solid, but it doesn’t really matter that Wall Street was expecting more. The quarter’s failure reduced the company’s record for higher revenue than in two of the past four quarters.
Despite a weak third quarter, BitPharm stock is still up 112.8% year-to-date, significantly outpacing the S&P 500’s 16.5% rise. But that outperformance doesn’t mean much at this point. For now, the focus is on what CEO Jeff Morphy and his team will say on the earnings call. Investors are looking for answers to why the failure continues and what the plan is to turn it around.
Just before the earnings decline, the company’s correction trend was already looking weak. The same trend is currently reflected in the company’s Zacks Rank #4 (Sell) rating, meaning analysts don’t expect the stock to outperform the market anytime soon. Going forward, it will depend on how much profit forecasts change now that the results are out.
For the next quarter, the current consensus is calling for a loss of $0.01 per share on revenue of $86.81 million. For the full year, analysts expect the company to report a loss of $0.15 per share on revenue of $314.54 million. These estimates will no doubt be revisited after the latest numbers.
Bitfarm’s outlook darkens as peers prepare results
The industry isn’t holding BitFarm back either. The company’s Zacks Technology Services industry currently ranks in the top 27% of over 250 surveyed industries. So it’s not a sector, it’s a company.
Comparing company MindWalk Holdings is also attracting attention, but the company has not yet announced its financial results for the October fiscal year. Analysts expect MindWalk to post a loss of $0.01 per share, an improvement of 85.7% from the year-ago quarter.
MindWalk’s revenue is expected to be $4 million, down 10.9% year-over-year. Notably, MindWalk’s EPS estimates have remained unchanged over the past 30 days, meaning that even if BitFarms can’t get it together, investors could find any signs of stability appealing.
Bitfarms CEO Ben Gagnon said in a Thursday call event that even though Washington real estate accounts for less than 1% of the company’s total buildable portfolio, switching it to a GPU-as-a-service site could bring in more net operating income than it has ever earned from Bitcoin mining.
Miners like Cipher and Terawulf that are already moving into AI infrastructure are bringing in big backers like SoftBank and Google to co-develop data centers. These deals are tied to multibillion-dollar revenue projections and are also helping these companies raise more money through debt.
What happens next for Bitfarm will depend on whether Wall Street gives it another shot or walks away. This is a difficult call to make at this point, given the company’s mixed results, weak downward revisions, and unimpressive third-quarter numbers.