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Bitfarms Ltd<\/strong> BITF<\/span> shares are trading higher by 13.8% to $2.28 during Monday’s trading session after the company reported second-quarter\u00a0sales results were higher year over year.<\/p>\n What Happened?<\/strong><\/p>\n Bitfarms reported quarterly losses of\u00a070 cents per share. The company also reported\u00a0$41.81 million\u00a0in sales this quarter, representing a 14% increase over sales of\u00a0$36.69 million in the same period last year.<\/p>\n \u201cBy deleveraging our balance sheet and increasing financial flexibility, we are better positioned to execute our growth initiatives to drive market share gains and increased production,\u201d said Jeff Lucas<\/strong>, CFO of Bitfarms.<\/p>\n \u201cAs careful stewards of capital, to better align with our capacity expansion, we amended our miner delivery schedule to match our deployment plan. Thus, we optimized resources, deferring\u00a0$39 million\u00a0in capex spending from the\u00a0fourth quarter\u00a0of 2022 into 2023,\u201d Lucas stated.<\/p>\n At June 30, 2022, the company held\u00a0$46 million\u00a0in cash and 3,144 BTC valued at approximately\u00a0$62 million\u00a0based upon the June 30, 2022 BTC price of approximately\u00a0$19,800.<\/p>\n See Also:\u00a0Why SNDL Stock Is Popping Off<\/a><\/em><\/p>\n According to data from\u00a0Benzinga Pro<\/a>, Bitfarms has a 52-week high of $5.39 and a 52-week low of $1.04.<\/p>\n<\/div>\n