Bitfarms Posts 72% Revenue Growth to $229M, Secures $520M Liquidity and U.S. Redomiciliation
Bitfarms reported FY2025 revenue of $229 million, up 72% year-over-year, with an operating loss of $150 million including $98 million depreciation and $28 million impairments. As of March 27, 2026, it held $520 million in liquidity and secured shareholder approval to redomicile to the U.S. and rebrand as Keel Infrastructure.
1. Fiscal Year 2025 Financial Performance
Bitfarms reported FY2025 revenue of $229 million, a 72% increase year-over-year, while general and administrative expenses rose to $78 million. The company incurred a $150 million operating loss, driven by $98 million in depreciation and $28 million in impairments, and recorded a net loss from continuing operations of $209 million, or $0.38 per share.
2. Liquidity and Balance Sheet Strength
As of March 27, 2026, Bitfarms held $359 million in unrestricted cash and $161 million in unencumbered Bitcoin, totaling $520 million in liquidity. The February repayment of the $100 million Macquarie debt facility simplified the capital structure and bolstered flexibility for project-level financing.
3. Development Pipeline and Commercialization
The company is advancing a 2.2 GW digital infrastructure pipeline across Washington, Pennsylvania and Québec, with 341 MW energized, 430 MW secured and 1.5 GW in expansion capacity. Commercialization is underway at Panther Creek, Sharon and Moses Lake, with zoning approval secured for the Panther Creek site.
4. U.S. Redomiciliation and Rebranding
Shareholders approved redomiciliation from Canada to the United States, with closing expected April 1, 2026, at which point Bitfarms will rebrand as Keel Infrastructure and begin trading under the new name on Nasdaq and TSX. The shift to U.S. GAAP accounting parallels the strategic move to position the company as a regional leader in key North American data center hubs.