HC Wainwright & Co. Analyst Mike Colonnese added BitFarms shares to the corporate’s high decide within the Bitcoin mining sector in 2025.
In a analysis observe following Bitfarms’ fourth quarter 2024 income report and convention name, Colonnese mentioned the market is “considerably underestimating” the corporate’s contraction mining operations and rising AI methods.
HC Wainwright has repeatedly reiterated BitFarms buy rankings with a goal of $3.50 per share.
This autumn Abstract
BitFarms was reported on March twenty seventh within the fourth quarter of 2024. Income of $56.2 million rose 25% quarterly, in keeping with analyst expectations. Self-employed revenues rose to $54.6 million, as the common Bitcoin (BTC) worth was excessive and the hashrate rolled out by the top of the 12 months elevated by 13% to 12.8 EH/s. Complete mining revenue improved to $25.8 million at a margin of 47.3% from 38.4% within the final quarter.
Bitcoin manufacturing was immersed in 654 BTC because the community’s problem elevated, however the firm nonetheless recorded web revenue of $15.2 million, or $0.03 per share. The adjusted EBITDA almost tripled to $14.3 million.
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BitFarms elevated its hashrate capability to 18.6 EH/s, tripling its computing energy from 6.5 EH/s on the finish of 2023. The fleet improve has improved general effectivity by 45%, with hash prices at present averaged between $20-22 per Petahash, under the present market worth.
Regardless of this, Bitfarms inventory has fallen 57% since November, in comparison with a 7% decline within the NASDAQ index over the identical interval. Colonnese sees the corporate’s present valuation as a sudden low cost to friends buying and selling almost $85 million per EH, at round $25 million per EH.
Power belongings to advertise AI progress
Past mining, Bitfarms has established itself as a North American vitality and computing firm.
Administration mentioned there is no such thing as a quick plan to purchase extra ASIC miners, and future progress will concentrate on constructing vitality infrastructure to help AI and HPC workloads.
This shift contains latest acquisitions of base belongings and the sale of the Paraguay-based Yguazu website, which can enhance the U.S. share of the vitality portfolio from 6% to 33%. BitFarms is at present aiming to develop to 1.4 GW complete vitality capability by 2028, with almost 80% within the US.
Colonnese famous that HPC/AI alternatives haven’t but been mirrored in present forecasts, and that potential partnerships with HyperScaler can present significant advantages.
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