Cash flow Bitfarms Ltd.

Equities

BITF

CA09173B1076

Blockchain & Cryptocurrency

Market Closed - Toronto S.E. Other stock markets 21:15:20 09/09/2024 BST			5-day change	1st Jan Change
2.640 ^CAD	+7.76%		-9.28%	-31.43%

09-09	Bitfarms Postpones Special Shareholders Meeting to Nov. 6	MT
09-09	Bitfarms Reschedules Special Meeting of Shareholders	CI

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Published financial data: BITFARMS LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	32.42M	34.7M	169M	142M	146M
Total Revenues	32.42M	34.7M	169M	142M	146M
Cost of Goods Sold, Total	20.98M	31.83M	58.37M	132M	168M
Gross Profit	11.44M	2.87M	111M	10.52M	-21.5M
Selling General & Admin Expenses, Total	10.29M	8.25M	43.24M	51.51M	39.29M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	10.29M	8.25M	43.24M	51.51M	39.29M
Operating Income	1.14M	-5.38M	67.88M	-40.99M	-60.79M
Interest Expense, Total	-3.27M	-6.1M	-3.42M	-14.22M	-4.08M
Interest And Investment Income	-	-	-	-	1.42M
Net Interest Expenses	-3.27M	-6.1M	-3.42M	-14.22M	-2.66M
Currency Exchange Gains (Loss)	-200K	-238K	-647K	-2.94M	-7.84M
Other Non Operating Income (Expenses)	1.9M	-2.96M	-28.24M	-156M	-44.19M
EBT, Excl. Unusual Items	-428K	-14.68M	35.58M	-214M	-115M
Impairment of Goodwill	-	-	-	-17.9M	-
Gain (Loss) On Sale Of Investments	-	-	6.15M	51.65M	12.24M
Gain (Loss) On Sale Of Assets	-	-1.44M	848K	-1.28M	-14.03M
Asset Writedown	-56K	-	60K	-75.21M	-
Other Unusual Items	-	-	-	-	12.84M
EBT, Incl. Unusual Items	-484K	-16.12M	42.64M	-256M	-104M
Income Tax Expense	-2.59M	172K	20.51M	-17.41M	-401K
Earnings From Continuing Operations	2.11M	-16.29M	22.13M	-239M	-104M
Net Income to Company	2.11M	-16.29M	22.13M	-239M	-104M
Minority Interest	792K	-	-	-	-
Net Income - (IS)	2.9M	-16.29M	22.13M	-239M	-104M
Net Income to Common Incl Extra Items	2.9M	-16.29M	22.13M	-239M	-104M
Net Income to Common Excl. Extra Items	2.9M	-16.29M	22.13M	-239M	-104M
Per Share Items
Net EPS - Basic	0.04	-0.19	0.14	-1.15	-0.4
Basic EPS - Continuing Operations	0.04	-0.19	0.14	-1.15	-0.4
Basic Weighted Average Shares Outstanding	67.04M	84.92M	158M	208M	262M
Net EPS - Diluted	0.04	-0.19	0.13	-1.15	-0.4
Diluted EPS - Continuing Operations	0.04	-0.19	0.13	-1.15	-0.4
Diluted Weighted Average Shares Outstanding	71.06M	84.92M	169M	208M	262M
Normalized Basic EPS	0.01	-0.11	0.14	-0.64	-0.28
Normalized Diluted EPS	0.01	-0.11	0.13	-0.64	-0.28
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	6.72M	4.78M	90.69M	27.36M	20.77M
EBITA	1.16M	-5.37M	67.88M	-40.99M	-60.68M
EBIT	1.14M	-5.38M	67.88M	-40.99M	-60.79M
EBITDAR	6.79M	5.07M	-	-	-
Effective Tax Rate - (Ratio)	535.33	-1.07	48.1	6.79	0.38
Total Current Taxes	-1.78M	172K	11.66M	-8.96M	2.93M
Total Deferred Taxes	-814K	-	8.84M	-8.45M	-3.33M
Normalized Net Income	524K	-9.17M	22.24M	-134M	-72.18M
Interest on Long-Term Debt	3.48M	6.24M	3.42M	8.76M	4.08M
Supplemental Operating Expense Items
Advertising Expense	110K	38K	174K	333K	491K
Selling and Marketing Expenses	110K	38K	174K	333K	491K
General and Administrative Expenses	2.66M	2.32M	43.06M	32.4M	18.92M
Net Rental Expense, Total	62K	291K	-	-	-
Imputed Operating Lease Interest Expense	136K	562K	-	-	-
Imputed Operating Lease Depreciation	-73.62K	-271K	-	-	-
Stock-Based Comp., G&A Exp. (Total)	-	-	-	21.79M	10.92M
Stock-Based Comp., SG&A Exp. (Total)	2.87M	-	-	-	-
Stock-Based Comp., Other (Total)	-	2.2M	22.58M	-	-
Total Stock-Based Compensation	2.87M	2.2M	22.58M	21.79M	10.92M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.16M	5.95M	126M	30.89M	84.04M
Total Cash And Short Term Investments	2.16M	5.95M	126M	30.89M	84.04M
Accounts Receivable, Total	1.11M	1.1M	1.04M	701K	714K
Other Receivables	2.58M	297K	2.68M	16.07M	1.49M
Total Receivables	3.69M	1.4M	3.72M	16.77M	2.21M
Inventory	135K	169K	548K	588K	705K
Prepaid Expenses	558K	203K	3.2M	-	-
Other Current Assets, Total	7K	1.45M	154M	20.85M	43.03M
Total Current Assets	6.55M	9.17M	287M	69.09M	130M
Gross Property Plant And Equipment	75.73M	73.49M	186M	384M	427M
Accumulated Depreciation	-31.72M	-32.3M	-39.68M	-149M	-227M
Net Property Plant And Equipment	44.01M	41.19M	146M	236M	200M
Goodwill	-	-	16.96M	-	-
Other Intangibles, Total	675K	377K	1.68M	33K	3.7M
Deferred Tax Assets Long-Term	-	-	3.9M	-	-
Other Long-Term Assets, Total	1.62M	973K	86.68M	38.18M	44.71M
Total Assets	52.86M	51.7M	543M	343M	379M
Liabilities
Accounts Payable, Total	2.29M	2.06M	9.87M	12.9M	9.08M
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	-	-	60M	-	-
Current Portion of Long-Term Debt	874K	17.17M	10.26M	43.05M	4.02M
Current Portion of Leases	746K	3.63M	4.35M	3.65M	2.86M
Current Income Taxes Payable	-	316K	12.09M	-	1.11M
Other Current Liabilities	102K	5.3M	4.61M	7.64M	52.09M
Total Current Liabilities	4.01M	28.48M	101M	67.24M	69.15M
Long-Term Debt	14.85M	174K	910K	4.09M	-
Long-Term Leases	5.72M	7.4M	9.23M	14.22M	12.99M
Deferred Tax Liability Non Current	-	-	8.45M	-	-
Other Non Current Liabilities	193K	209K	239K	1.98M	1.82M
Total Liabilities	24.77M	36.26M	120M	87.53M	83.96M
Common Stock, Total	33.94M	32M	379M	429M	530M
Additional Paid In Capital	-	5.59M	43.7M	65.51M	56.62M
Retained Earnings	-5.86M	-22.14M	-15K	-239M	-295M
Comprehensive Income and Other	-	-	-	-	2.94M
Total Common Equity	28.09M	15.45M	423M	256M	295M
Minority Interest	-	-	-	-	-
Total Equity	28.09M	15.45M	423M	256M	295M
Total Liabilities And Equity	52.86M	51.7M	543M	343M	379M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	84.62M	145M	201M	238M	339M
ECS Total Common Shares Outstanding	83.62M	88.94M	195M	224M	334M
Book Value / Share	0.34	0.17	2.17	1.14	0.88
Tangible Book Value	27.41M	15.07M	404M	256M	291M
Tangible Book Value Per Share	0.33	0.17	2.07	1.14	0.87
Total Debt	22.19M	28.37M	84.74M	65.01M	19.87M
Net Debt	20.03M	22.42M	-40.85M	34.12M	-64.17M
Debt Equivalent Oper. Leases	496K	2.33M	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	-	-
Inventories - Raw Materials, Total	135K	169K	548K	588K	705K
Land - (BS)	2.72M	3.26M	4.55M	4.39M	5.74M
Machinery, Total	54.51M	53.12M	157M	309M	356M
Full Time Employees	-	-	106	150	170
Accumulated Allowance for Doubtful Accounts (Supple)	40K	40K	-	37K	51K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.9M	-16.29M	22.13M	-239M	-104M
Depreciation & Amortization - CF	6.42M	11.13M	24.24M	72.31M	84.65M
Amortization of Goodwill and Intangible Assets - (CF)	16K	9K	-	-	113K
Depreciation & Amortization, Total	6.43M	11.14M	24.24M	72.31M	84.76M
Amortization of Deferred Charges, Total - (CF)	410K	351K	235K	109K	21K
(Gain) Loss From Sale Of Asset	-	1.44M	4.3M	-889K	1.78M
(Gain) Loss on Sale of Investments - (CF)	-	-	0	-51.65M	-12.24M
Asset Writedown & Restructuring Costs	56K	-	-60K	93.11M	12.25M
Stock-Based Compensation (CF)	2.87M	2.2M	22.58M	21.79M	10.92M
Other Operating Activities, Total	-3.62M	5.14M	-126M	144M	28.91M
Change In Accounts Receivable	-2K	5K	64K	429K	-13K
Change In Inventories	-5K	-34K	-379K	-	-
Change In Accounts Payable	-16K	109K	9.24M	94K	-315K
Change In Income Taxes	-1.74M	2.06M	11.78M	-126K	156K
Change in Other Net Operating Assets	-1.26M	1.1M	-5.32M	-4.38M	1.41M
Cash from Operations	6.02M	7.22M	-37.17M	36.25M	23.6M
Capital Expenditure	-23.78M	-4.48M	-193M	-195M	-73.7M
Sale of Property, Plant, and Equipment	1.41M	879K	1.11M	10.5M	3.11M
Cash Acquisitions	-	-	-23M	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	51.65M	12.24M
Other Investing Activities, Total	-	-	-	-22.18M	-
Cash from Investing	-22.36M	-3.6M	-215M	-155M	-58.34M
Short Term Debt Issued, Total	-	-	60M	40M	-
Long-Term Debt Issued, Total	14.66M	84K	14.23M	67.2M	-
Total Debt Issued	14.66M	84K	74.23M	107M	-
Short Term Debt Repaid, Total	-	-	-	-100M	-
Long-Term Debt Repaid, Total	-1.73M	-1.95M	-24.73M	-37.3M	-34.18M
Total Debt Repaid	-1.73M	-1.95M	-24.73M	-137M	-34.18M
Issuance of Common Stock	100K	2.05M	322M	54.11M	122M
Other Financing Activities, Total	4.94M	-	-	-	-
Cash from Financing	17.97M	185K	372M	24.01M	87.88M
Foreign Exchange Rate Adjustments	-23K	-15K	-21K	43K	18K
Net Change in Cash	1.61M	3.79M	120M	-94.71M	53.15M
Supplemental Items
Cash Interest Paid	3.11M	4.25M	3.98M	17.72M	12.14M
Cash Income Tax Paid (Refund)	768K	-	-	14.96M	-11.59M
Levered Free Cash Flow	-18.28M	8.49M	-245M	-17.98M	15.28M
Unlevered Free Cash Flow	-16.24M	12.3M	-243M	-9.09M	17.82M
Change In Net Working Capital	2.89M	-6.46M	139M	-117M	-33.82M
Net Debt Issued / Repaid	12.94M	-1.87M	49.5M	-30.1M	-34.18M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.81	-6.43	14.28	-5.78	-10.53
Return on Total Capital	1.97	-7.14	15.4	-6.19	-11.97
Return On Equity %	8.65	-74.83	10.1	-70.5	-37.82
Return on Common Equity	13.32	-74.83	10.1	-70.5	-37.82
Margin Analysis
Gross Profit Margin %	35.28	8.28	65.56	7.38	-14.69
SG&A Margin	31.75	23.77	25.51	36.16	26.84
EBITDA Margin %	20.74	13.77	53.51	19.21	14.19
EBITA Margin %	3.58	-15.47	40.05	-28.78	-41.46
EBIT Margin %	3.53	-15.49	40.05	-28.78	-41.54
Income From Continuing Operations Margin %	6.5	-46.94	13.06	-167.84	-71.08
Net Income Margin %	8.94	-46.94	13.06	-167.84	-71.08
Net Avail. For Common Margin %	8.94	-46.94	13.06	-167.84	-71.08
Normalized Net Income Margin	1.62	-26.43	13.12	-93.78	-49.31
Levered Free Cash Flow Margin	-56.38	24.46	-144.74	-12.62	10.44
Unlevered Free Cash Flow Margin	-50.08	35.45	-143.48	-6.38	12.18
Asset Turnover
Asset Turnover	0.82	0.66	0.57	0.32	0.41
Fixed Assets Turnover	1	0.81	1.81	0.75	0.67
Receivables Turnover (Average Receivables)	32.1	31.39	158.33	163.8	206.88
Inventory Turnover (Average Inventory)	190.75	209.41	162.82	232.24	259.66
Short Term Liquidity
Current Ratio	1.63	0.32	2.84	1.03	1.88
Quick Ratio	1.46	0.26	1.28	0.71	1.25
Operating Cash Flow to Current Liabilities	1.5	0.25	-0.37	0.54	0.34
Days Sales Outstanding (Average Receivables)	11.37	11.66	2.3	2.23	1.76
Days Outstanding Inventory (Average Inventory)	1.91	1.75	2.24	1.57	1.41
Average Days Payable Outstanding	43	24.96	37.07	31.49	23.87
Cash Conversion Cycle (Average Days)	-29.72	-11.55	-32.52	-27.69	-20.7
Long Term Solvency
Total Debt/Equity	78.99	183.65	20.05	25.44	6.74
Total Debt / Total Capital	44.13	64.74	16.7	20.28	6.32
LT Debt/Equity	73.22	49.01	2.4	7.16	4.41
Long-Term Debt / Total Capital	40.91	17.28	2	5.71	4.13
Total Liabilities / Total Assets	46.86	70.12	22.12	25.51	22.17
EBIT / Interest Expense	0.35	-0.88	19.85	-2.88	-14.9
EBITDA / Interest Expense	2.32	0.94	26.94	2.2	5.88
(EBITDA - Capex) / Interest Expense	-4.96	0.21	-29.57	-11.51	-12.19
Total Debt / EBITDA	2.93	4.93	0.92	2.08	0.83
Net Debt / EBITDA	2.64	3.89	-0.44	1.09	-2.68
Total Debt / (EBITDA - Capex)	-1.37	22.27	-0.84	-0.4	-0.4
Net Debt / (EBITDA - Capex)	-1.24	17.6	0.4	-0.21	1.29
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-4.09	7.04	388.4	-15.97	2.76
Gross Profit, 1 Yr. Growth %	5.17	-74.88	3.77K	-90.53	-304.43
EBITDA, 1 Yr. Growth %	-48.16	-32.04	1.8K	-69.83	-24.07
EBITA, 1 Yr. Growth %	-44.37	-464.92	-1.36K	-160.38	48.05
EBIT, 1 Yr. Growth %	-44.47	-469.55	-1.36K	-160.38	48.32
Earnings From Cont. Operations, 1 Yr. Growth %	-111.55	-873.09	-235.86	-1.18K	-40.77
Net Income, 1 Yr. Growth %	-130.96	-661.88	-235.86	-1.18K	-40.77
Normalized Net Income, 1 Yr. Growth %	-94.78	-1.38K	-342.45	-700.68	-23.17
Diluted EPS Before Extra, 1 Yr. Growth %	-124.32	-579.57	-167.77	-985.01	-52.94
Accounts Receivable, 1 Yr. Growth %	21.49	-0.45	-5.89	-32.47	1.85
Inventory, 1 Yr. Growth %	58.82	25.19	224.26	7.3	19.9
Net Property, Plant and Equip., 1 Yr. Growth %	110.94	-6.41	255.09	61.23	-15.04
Total Assets, 1 Yr. Growth %	101.49	-2.18	949.41	-36.77	10.38
Tangible Book Value, 1 Yr. Growth %	89.97	-45.03	2.58K	-36.74	13.98
Common Equity, 1 Yr. Growth %	81.88	-45	2.64K	-39.52	15.41
Cash From Operations, 1 Yr. Growth %	-56.25	19.98	-614.61	-183.68	-34.9
Capital Expenditures, 1 Yr. Growth %