Crypto miner Bitfarms stock gains as Q1 profitability improves despite bitcoin rout

Bitfarms (NASDAQ:BITF) shares are rising around 2% in Monday premarket trading, as Q1 earnings reflected EBITDA growth despite an ongoing slump in cryptocurrencies such as bitcoin (BTC-USD). EPS of $0.02 as of March 31 fell short of the average analyst estimate of $0.04 but improved from a loss of $0.06 in the period ended March 31, 2021. Revenue of $40.33M topped the consensus of $39.60M and jumped from $28.4M in Q1 a year ago. As for Bitfarms' (BITF) new Sherbrooke location, which will eventually replace its de la Pointe mining facility, is expected to be operational at some point in 2022, said President and Chief Operating Officer Geoff Morphy. He said his company anticipates surpassing 4.0 EH/s by June 30. In addition, "we are in advanced discussions for additional production facilities, all of which would utilize sustainably priced hydropower,” Morphy said. Meanwhile, adjusted EBITDA of $32.3M in Q1 surged from $19.7M in Q1 of last