Bitfarms Q1 loss per share better than feared; accelerates 6.0 EH/s target

Bitfarms Ltd. ( NASDAQ: BITF ) accelerated the timeframe of its hashrate target after posting first-quarter loss per share that narrowed from the prior quarter and came in lower than the average analyst estimate. Shares of the bitcoin ( BTC-USD ) miner gained 10.7% as bitcoin bounced 1.6% to $27.39K as of shortly before 4:30 p.m. ET. Q1 GAAP loss per share of $0.01, vs. the -$0.0.6 consensus, improved from $0.08 in Q4 2022 and fell from EPS of $0.02 in the year-ago quarter. Revenue of $30.1M, falling short of the $30.8M, rose from $27M in Q4 2022 and fell 25% from a year earlier. The Q/Q increase reflected higher average bitcoin ( BTC-USD ) prices, partially offset by a decrease in total BTC produced. The company now expects to reach six exahash per second (EH/s) of computing power by the end of Q3, compared with end-2023 in the prior goal. As of April 27, its hashrate stood at 5.0 EH/s. Q1 gross mining margin advanced to 42% from 33% in the previous quarter and dropped from 76% in Q1 2022. Adjusted EBITDA came in at $6.33M, up from $1M in Q4 2022 and down from $21.4M in Q1 2022. More on Bitfarms Bitfarms says mined 379 BTC in April, sold 349 Bitfarms: A Vastly Improved Fundamental Story