Earnings Call Intelligence Subscribe
Home › Call Sheets › BITF › Q3'24
Call sheet · Q3'24

Keel Infrastructure Corp. (formerly Bitfarms) (BITF)

Q3'24 earnings call · held November 13, 2024 · compared with the Q2'24 call · management-credibility review
5/12
Disclosure score
4 high, 4 medium flags
Financial quality
Bottom line
The sleeper story is that Bitfarms just created 200MW of unallocated power in Paraguay right as Bitcoin hits $90k, a massive option value the market hasn't processed. Yes, they missed hashrate targets and burned cash, but that's backward-looking. The binding constraint isn't power or capital, it's execution credibility after Gagnon abandoned his own guidance 90 days into the CEO role. Most revealing quote: 'We believe it would be premature to maintain the 35 exahash guidance' which translates to 'we have no idea what we're doing with our megawatts.' My view changes if they announce a real hosting deal at >$70/MW for Yguazu by year-end.

The 30-second version

  • The sleeper: 200MW Paraguay site now completely empty after hosting pivot, creating massive optionality at peak Bitcoin
  • The obvious: Stronghold deal adds 307MW but the real story is they're creating a 427MW PJM energy trading powerhouse
  • The red flag: Miner upgrade from T21 to S21 Pro masks massive warranty issues and deployment delays

What changed this quarter

MetricQ2'24Q3'24Change
Revenue$42M (YoY +17%)$45M (YoY +30%)+7% QoQ acceleration
Bitcoin Mined614 BTC703 BTC+14% despite halving headwind
Average Hashrate6.7 EH/s10.3 EH/s+54% QoQ surge
Operating Loss$24M$44M83% deterioration
Net Loss$27M ($0.07/share)$37M ($0.08/share)37% wider loss
Adjusted EBITDA$12M (28% margin)$6M (14% margin)1400bps margin compression
G&A ex-stock comp$11M$22M100% explosion in opex
One-time Charges$3M$12M$9M surge in 'nonrecurring' items
Electricity Cost$0.043/kWh$0.047/kWh+9% cost inflation
Fleet Efficiency28 w/TH23 w/TH18% efficiency gain

Accountability tracked

7 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Subscribe to Earnings Call Intelligence
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.