Bitfarms Ltd BITF shares are buying and selling larger by 13.8% to $2.28 throughout Monday’s buying and selling session after the corporate reported second-quarter gross sales outcomes have been larger yr over yr.
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 steadiness sheet and rising monetary flexibility, we’re higher positioned to execute our development initiatives to drive market share positive aspects and elevated manufacturing,” mentioned Jeff Lucas, CFO of Bitfarms.
“As cautious stewards of capital, to higher align with our capability growth, we amended our miner supply schedule to match our deployment plan. Thus, we optimized assets, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023,” Lucas acknowledged.
At June 30, 2022, the corporate held $46 million in money and three,144 BTC valued at roughly $62 million based mostly upon the June 30, 2022 BTC worth of roughly $19,800.
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In keeping with information from Benzinga Pro, Bitfarms has a 52-week excessive of $5.39 and a 52-week low of $1.04.