Bitfarms Ltd BITF shares are buying and selling greater by 13.8% to $2.28 throughout Monday’s buying and selling session after the corporate reported second-quarter gross sales outcomes had been greater yr over yr.
What Occurred?
Bitfarms reported quarterly losses of 70 cents per share. The corporate additionally reported $41.81 million in gross sales this quarter, representing a 14% enhance over gross sales of $36.69 million in the identical interval final yr.
“By deleveraging our stability sheet and growing monetary flexibility, we’re higher positioned to execute our development initiatives to drive market share features and elevated manufacturing,” stated Jeff Lucas, CFO of Bitfarms.
“As cautious stewards of capital, to higher align with our capability enlargement, we amended our miner supply schedule to match our deployment plan. Thus, we optimized sources, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023,” Lucas said.
At June 30, 2022, the corporate held $46 million in money and three,144 BTC valued at roughly $62 million primarily based upon the June 30, 2022 BTC worth of roughly $19,800.
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In keeping with knowledge from Benzinga Pro, Bitfarms has a 52-week excessive of $5.39 and a 52-week low of $1.04.
