By Robb M. Stewart


Bitfarms' shares fell on Thursday after the Bitcoin miner logged a bigger-than-expected loss for the latest quarter.

In morning trading, the shares were lower by 8.6% at C$3.28 in Toronto, extending their decline this year to 15%. On Nasdaq, the stock was down 7.4% at $2.45, for a year-to-date drop of 16%.

The company's fourth-quarter net loss widened to $57.2 million, or 19 cents a share, from a year-earlier loss of $13.1 million, or 6 cents. The result included a $38 million expense for the revaluation of a warrant liability issued in connection with 2021 and 2023 financing activities.

Analysts polled by FactSet were expecting a loss of 3 cents a share.

Revenue for the period was 71% higher at $46.2 million, beating the $43.1 million expected by the market.

The company, which has 11 operating Bitcoin mining facilities and two under development, said it has secured 35,888 Bitmain T21 miners to be installed in the first half of this year and signed an option to buy up to an additional 28,000 T21s for delivery in the second half.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

03-07-24 1129ET