Investor Presentaiton
Financial Highlights Backbone
Mining revenue & BTC mined (1)
$ US (M)
20
15
$27.2
10
$5.7
$9.8
45
SEG22225,
50
1,200
1,051
1,000
40
759
35
800
30
577
598
535
600
#BTC Mined
$43.5
S
US $ (M)
$35.5
400
$45
$40
$30
223322225
$20
$15
$10
200
Q3 2020
Q4 2020
Q1 2021
Q2 2021 Q3 2021
Gross Mining Margin (3)
$25
90%
80%
70%
60%
50%
40%
82%
80%
79%
30%
53%
20%
26%
10%
0%
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
US $ (M)
EBITDA (2)
100%
92%
80%
60%
39.8
40%
20%
8%
$-
(8%)
(5%)
(0.5)
(3.0)
is
$-5
(05)
(11%)
$-10
(20%)
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Adjusted EBITDA (4)
69%
67%
71%
80%
70%
$20
60%
50%
$15
29.9
34%
40%
23.8
$10
19.8
30%
20%
$5
3%
10%
3.6
02
0%
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
(1) Revenue is recognized when cryptocurrency is received in exchange for mining activities. Unsold cryptocurrency is accounted as an intangible asset under the revaluation model, initially at fair value upon receipt, with
subsequent revaluation losses being recorded through profit or loss. Revaluation gains are recorded through other comprehensive income, or profit or loss to the extent that they reverse a prior revaluation loss.
(2) EBITDA is calculated as net income before interest expense, income tax expense, and depreciation and amortization. EBITDA is a non-IFRS performance measure.
(3) Gross mining margin is calculated as revenue less mining energy and infrastructure costs for Backbone standalone divided by revenue. Gross mining margin is a non-IFRS performance measure.
(4) Adjusted EBITDA defined as EBITDA adjusted to exclude: (i) share-based compensation; (ii) non-cash finance expenses; (iii) asset disposition gain/loss; and iv) other non-cash expenses.
Bitfarms
12
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