Keel Infrastructure

BITF.TO

Software - Services · Technology

Price

C$7.74

-0.02 (-0.26%)

Market Cap

C$4.67B

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+228.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 169.4M (2021) → 556.5M (2025)

Bitfarms is a cryptocurrency mining company. It uses large warehouses full of specialized computers to solve complex math problems, which earns the company Bitcoin as a reward. It is one of the larger publicly traded Bitcoin miners in North America, listed on both the Toronto Stock Exchange and Nasdaq.

The company makes money by selling the Bitcoin it mines. It operates mining facilities mainly in Canada, the United States, Paraguay, and Argentina, where it seeks low-cost electricity to keep expenses down. Cheap power is the core competitive advantage in this industry, since electricity is the biggest cost. The main risk Bitfarms faces is that Bitcoin's price is highly volatile, and the negative gross and operating margins shown today reflect how hard it is to stay profitable when mining costs rise or Bitcoin prices fall — a challenge made worse by periodic "halving" events that cut mining rewards in half.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-44.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-234.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

11.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~14 months

$356M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Keel Infrastructure's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-71.1%

Thin — -71.1% gross margin

Operating Margin

-143.7%

Losing money on operations — -143.7%

ROCE

-5.3%

Weak — -5.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-4.8%

Shrinking sales (-4.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-178.3%

Burning cash (-178.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.38

Elevated debt (1.38)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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