Bitfarms’ (NASDAQ: BITF) Q2 results came in below estimates, but that’s not stopping JonesReseach from targeting a $2 price target per share, a 57% increase from its pre-market value of $1.28 on August 13, 2025. The equity investment firm reiterated a buy rating for the bitcoin miner-turned-AI/HPC infrastructure firm Wednesday following the company’s quarterly presentation.
JonesResearch attributed Bitfarm’s Q2 earnings miss to the shutdown of mining operations in Argentina and higher infrastructure costs at Panther Creek and Scrubgrass, with revenue coming in at $77.8 million versus the note’s $80.5 million estimate.
JonesResearch further noted Bitfarm’s share buyback program and the 2026 U.S. redomicile plan as other catalysts for the company.
Bitfarms Q2 EBITDA estimates
Bitfarm’s partially offset its lower bitcoin mining revenue with hosting and energy sales. The company’s gross margin in Q2 was 40.5% versus a 53.2% forecast, reflecting costs attached to the Pennsylvania assets, and its cash-based SG&A was $17.8 million. JonesResearch’s internal EBITDA calculations came to $13.7 million versus a $22.8 million estimate. Bitfarms’ operating loss was $26.9 million given the lower EBITDA, although the company offset this somewhat with lower depreciation and amortization and stock-based compensation.
“We now expect the mining operations to hold steady at 17.7 EH/s for the foreseeable future, generating positive operating cash flow above $0.040/TH hashprice and providing Bitfarms a solid 2.5-year runway before the next halving to execute on AI/HPC initiatives,” JonesResearch said in the note.
Bitfarms’ previously disclosed its mining woes in Argentina when officials cut the site’s power draw in May following power uncertainty in the region. The company expects to cease operations in the region in November.
For Panther Creek, JonesResearch expects a tenant announcement in Q2 2026 at the earliest, following the site’s development by T5 data center providers. The note projects “equity value of $375–$600MM or $0.68–$1.09 per share.”
