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Bit Digital, Inc. Announces Fiscal Year 2024 Financial Results

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Bit Digital (NASDAQ: BTBT) reported strong financial results for fiscal year 2024, with total revenue reaching $108.1 million, up 141% year-over-year. The growth was primarily driven by their new high-performance computing (HPC) services business.

Key financial highlights include:

  • Bitcoin mining revenue: $58.6M (32% increase)
  • Cloud services revenue: $45.7M
  • Colocation services revenue: $1.4M
  • ETH staking revenue: $1.8M (169% increase)

The company maintained strong liquidity with $260.7 million in total assets and achieved Adjusted EBITDA of $73.0 million. Notable operational developments include the acquisition of Enovum Data Centers for CAD $62.8M and significant cloud services agreements with Boosteroid and DNA Fund. The company's bitcoin mining operations produced 949.9 bitcoins, though this represented a 37% decrease due to the halving event and increased network difficulty.

Bit Digital (NASDAQ: BTBT) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con ricavi totali che hanno raggiunto 108,1 milioni di dollari, in aumento del 141% rispetto all'anno precedente. La crescita è stata principalmente guidata dalla loro nuova attività di servizi di calcolo ad alte prestazioni (HPC).

I principali punti finanziari includono:

  • Ricavi da mining di Bitcoin: 58,6 milioni di dollari (aumento del 32%)
  • Ricavi da servizi cloud: 45,7 milioni di dollari
  • Ricavi da servizi di collocazione: 1,4 milioni di dollari
  • Ricavi da staking di ETH: 1,8 milioni di dollari (aumento del 169%)

L'azienda ha mantenuto una solida liquidità con 260,7 milioni di dollari in attivi totali e ha raggiunto un EBITDA rettificato di 73,0 milioni di dollari. Sviluppi operativi notevoli includono l'acquisizione di Enovum Data Centers per 62,8 milioni di dollari canadesi e significativi accordi sui servizi cloud con Boosteroid e DNA Fund. Le operazioni di mining di bitcoin dell'azienda hanno prodotto 949,9 bitcoin, sebbene questo rappresenti una diminuzione del 37% a causa dell'evento di halving e dell'aumento della difficoltà di rete.

Bit Digital (NASDAQ: BTBT) informó resultados financieros sólidos para el año fiscal 2024, con ingresos totales que alcanzaron 108,1 millones de dólares, un aumento del 141% en comparación con el año anterior. El crecimiento fue impulsado principalmente por su nuevo negocio de servicios de computación de alto rendimiento (HPC).

Los aspectos financieros clave incluyen:

  • Ingresos por minería de Bitcoin: 58,6 millones de dólares (aumento del 32%)
  • Ingresos por servicios en la nube: 45,7 millones de dólares
  • Ingresos por servicios de colocación: 1,4 millones de dólares
  • Ingresos por staking de ETH: 1,8 millones de dólares (aumento del 169%)

La empresa mantuvo una sólida liquidez con 260,7 millones de dólares en activos totales y logró un EBITDA ajustado de 73,0 millones de dólares. Los desarrollos operativos notables incluyen la adquisición de Enovum Data Centers por 62,8 millones de dólares canadienses y acuerdos significativos de servicios en la nube con Boosteroid y DNA Fund. Las operaciones de minería de bitcoin de la empresa produjeron 949,9 bitcoins, aunque esto representó una disminución del 37% debido al evento de halving y al aumento de la dificultad de la red.

Bit Digital (NASDAQ: BTBT)는 2024 회계연도에 대한 강력한 재무 결과를 보고했으며, 총 수익은 1억 8백만 달러에 도달하여 전년 대비 141% 증가했습니다. 이 성장은 주로 새로운 고성능 컴퓨팅(HPC) 서비스 사업에 의해 주도되었습니다.

주요 재무 하이라이트는 다음과 같습니다:

  • 비트코인 채굴 수익: 5,860만 달러 (32% 증가)
  • 클라우드 서비스 수익: 4,570만 달러
  • 콜로케이션 서비스 수익: 140만 달러
  • ETH 스테이킹 수익: 180만 달러 (169% 증가)

회사는 2억 6천 70만 달러의 총 자산으로 강력한 유동성을 유지했으며, 조정된 EBITDA는 7,300만 달러를 달성했습니다. 주목할 만한 운영 개발로는 6,280만 캐나다 달러에 Enovum 데이터 센터를 인수하고 Boosteroid 및 DNA Fund와의 중요한 클라우드 서비스 계약이 포함됩니다. 회사의 비트코인 채굴 작업은 949.9 비트코인을 생산했지만, 이는 반감기 이벤트와 증가된 네트워크 난이도로 인해 37% 감소한 수치입니다.

Bit Digital (NASDAQ: BTBT) a annoncé de solides résultats financiers pour l'exercice 2024, avec des revenus totaux atteignant 108,1 millions de dollars, en hausse de 141 % par rapport à l'année précédente. Cette croissance a été principalement soutenue par leur nouvelle activité de services de calcul haute performance (HPC).

Les points financiers clés incluent :

  • Revenus de l'exploitation minière de Bitcoin : 58,6 millions de dollars (augmentation de 32 %)
  • Revenus des services cloud : 45,7 millions de dollars
  • Revenus des services de colocation : 1,4 million de dollars
  • Revenus du staking d'ETH : 1,8 million de dollars (augmentation de 169 %)

L'entreprise a maintenu une solide liquidité avec 260,7 millions de dollars d'actifs totaux et a atteint un EBITDA ajusté de 73,0 millions de dollars. Parmi les développements opérationnels notables, on trouve l'acquisition d'Enovum Data Centers pour 62,8 millions de dollars canadiens et des accords significatifs de services cloud avec Boosteroid et DNA Fund. Les opérations de minage de Bitcoin de l'entreprise ont produit 949,9 bitcoins, bien que cela représente une diminution de 37 % en raison de l'événement de halving et de la difficulté accrue du réseau.

Bit Digital (NASDAQ: BTBT) berichtete über starke finanzielle Ergebnisse für das Geschäftsjahr 2024, mit einem Gesamtumsatz von 108,1 Millionen US-Dollar, was einem Anstieg von 141% im Vergleich zum Vorjahr entspricht. Das Wachstum wurde hauptsächlich durch ihr neues Geschäft mit Hochleistungsrechnerdiensten (HPC) vorangetrieben.

Wichtige finanzielle Höhepunkte sind:

  • Umsatz aus Bitcoin-Mining: 58,6 Millionen US-Dollar (32% Steigerung)
  • Umsatz aus Cloud-Diensten: 45,7 Millionen US-Dollar
  • Umsatz aus Colocation-Diensten: 1,4 Millionen US-Dollar
  • Umsatz aus ETH-Staking: 1,8 Millionen US-Dollar (169% Steigerung)

Das Unternehmen wies eine starke Liquidität mit 260,7 Millionen US-Dollar an Gesamtvermögen auf und erzielte ein bereinigtes EBITDA von 73,0 Millionen US-Dollar. Bemerkenswerte betriebliche Entwicklungen umfassen die Übernahme von Enovum Data Centers für 62,8 Millionen CAD und bedeutende Cloud-Service-Vereinbarungen mit Boosteroid und DNA Fund. Die Bitcoin-Mining-Aktivitäten des Unternehmens produzierten 949,9 Bitcoins, was jedoch einen Rückgang von 37% aufgrund des Halving-Ereignisses und der erhöhten Netzwerk-Schwierigkeit darstellt.

Positive
  • 141% year-over-year revenue growth to $108.1M
  • Strong liquidity position with $260.7M and zero debt
  • Successful business diversification with HPC services now contributing 42% of revenue
  • Adjusted EBITDA increased to $73.0M from $12.4M year-over-year
  • Positive EPS of $0.19 compared to previous year's loss of $0.16
  • Strategic acquisition of Enovum Data Centers expanding infrastructure capabilities
  • Secured significant cloud services contracts with potential $700M revenue opportunity
Negative
  • 37% decrease in bitcoin production due to halving and increased network difficulty
  • Mining revenue dependency decreased from 98% to 54% of total revenue
  • Significant capital expenditure required ($19.3M) for new data center development

Insights

Bit Digital's FY2024 results demonstrate a remarkable strategic pivot that has fundamentally transformed its business model while delivering exceptional financial growth. Total revenue surged 141% to $108.1 million, driven by successful diversification into high-performance computing services alongside traditional bitcoin mining operations.

The evolution of revenue composition tells the compelling story. While bitcoin mining revenue grew 32% to $58.6 million, its contribution to overall revenue declined from 98% in 2023 to 54% in 2024 (and just 40% in Q4). This shift reflects the company's strategic foresight in building alternative revenue streams before the April 2024 halving event, which reduced bitcoin mining rewards and contributed to a 37% decline in bitcoins earned.

Profitability metrics show substantial improvement, with Adjusted EBITDA of $73 million (up from $12.4 million) and earnings per share of $0.19 versus a loss of $0.16 in 2023. The balance sheet remains robust with $98.9 million in cash and total liquidity of $260.7 million, supporting the company's expansion initiatives without overleveraging.

The strategic $46 million acquisition of Enovum Data Centers represents vertical integration that enhances operational capabilities and introduces colocation services as an additional revenue stream. The significant number of new service agreements, including contracts with Boosteroid and Cerebras Systems, demonstrates strong market validation for Bit Digital's expanded business model and provides visibility into future revenue growth.

Bit Digital's transformation from a primarily crypto mining operation to a diversified high-performance computing provider represents perfect timing in capitalizing on the surging demand for AI compute infrastructure. The company has adeptly leveraged its experience in managing compute-intensive operations to build a substantial GPU cloud services business that now contributes 42% of total revenue.

The Enovum Data Centers acquisition provides critical technical capabilities beyond mere space acquisition. This vertical integration brings established operational expertise in managing Tier 3 data centers and creates a foundation for scaling infrastructure development, as evidenced by the new 5MW facility in Pointe-Claire. The direct-to-chip liquid cooling implementation demonstrates technical sophistication that will yield efficiency advantages as AI workloads continue to increase power density requirements.

The rebranding to WhiteFiber strategically positions the company in the high-growth AI infrastructure space while signaling a commitment to sustainable operations, with 85% of electricity coming from carbon-free sources. This environmental focus represents a competitive advantage when courting enterprise customers with ESG mandates.

The multi-year contracts with companies like Cerebras Systems (5MW colocation agreement) and the earlier DNA Fund deal (576 H200 GPUs) validate the quality of Bit Digital's technical infrastructure and operational capabilities. These agreements provide stable, recurring revenue that contrasts favorably with the inherent volatility of cryptocurrency mining operations. The company's ability to secure these contracts while maintaining an average fleet efficiency of 26.2 J/TH for its mining operations demonstrates technical excellence across both business segments.

NEW YORK, March 14, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City, today announced its financial results for Fiscal Year 2024. In conjunction with the Company's transition to domestic filer status, Bit Digital filed its Form 10K report with the U.S. Securities and Exchange Commission ("SEC") on March 14, 2025. The Company will host a conference call on March 14, 2025, at 10:00 AM ET to discuss results (click here for registration information).

Financial Highlights for Fiscal Year 2024               

  • Total revenue for fiscal year 2024 was $108.1 million, a 141% increase compared to the prior year's results. The increase was primarily driven by the commencement of our high performance computing services ("HPC") business.

  • Revenue from bitcoin mining was $58.6 million for fiscal year 2024 , a 32% increase compared to the prior year. Cloud services revenue was $45.7 million for 2024 compared to nil the prior year. Colocation services revenue, related to the Company's acquisition of Enovum Data Centers Corp in October 2024, was $1.4 million for the period. ETH staking revenue was $1.8 million for 2024, a 169% increase from the prior year.

  • Revenue from digital asset mining comprised 54% of total revenue for 2024 compared to 98% during 2023. The change was driven by the commencement of the Company's HPC business lines, with cloud services revenue generating 42% of total 2024 revenue. Digital asset mining comprised 40% of revenue during the fourth quarter of 2024.

  • The Company had cash, cash equivalents and restricted cash of $98.9 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $260.7 million, as of December 31, 2024.

  • Total assets were $538.2 million and Shareholders' Equity amounted to $463.5 million as of December 31, 2024.

  • Adjusted EBITDA[1] was $73.0 million for the fiscal year 2024 compared to $12.4 million for fiscal year 2023. Adjusted EBITDA includes a $55.7 million in pre-tax gains on digital assets.

  • GAAP earnings per share was $0.19 on a fully diluted basis for fiscal year 2024 compared to a loss per share of $(0.16) for the prior year.

Operational Highlights for Fiscal Year 2024

  • The Company earned 949.9 bitcoins during fiscal year 2024 , a 37% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty, and partially offset by an increase in the Company's average operational hash rate.

  • The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed for mining operations during fiscal year 2024 .

  • The average fleet efficiency for the active fleet was approximately 26.2 J/TH as of December 31, 2024.

  • The Company earned 565.1 ETH in native staking and 1.3 ETH in liquid staking, respectively, during 2024, compared to 287.0 ETH in native staking and 81.9 ETH/rETH-h in liquid staking, respectively, for 2023.

    Treasury holdings of BTC and ETH were 741.9 and 27,623.2, respectively, with a fair market value of approximately $69.3 million and $92.1 million on December 31, 2024, respectively.

  • As of December 31, 2024, we had 24,239 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.6 EH/s.

  • The Company's active hash rate of its bitcoin mining fleet was approximately 1.8 EH/s as of December 31, 2024.

  • Approximately 85% of our fleet's run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2024. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.

  • The Company had approximately 21,568 ETH actively staked in native staking protocols as of December 31, 2024.

  • On October 9, 2024, the Company executed a Master Services and Lease Agreement ("MSA") with Boosteroid Inc. ("Boosteroid"), a global cloud gaming provider. The Company finalized an initial order of 300 GPUs, projected to generate approximately $4.6 million in revenue over the five-year term. The MSA provides Boosteroid with the option to expand in increments of 100 servers, up to 50,000 servers, representing a potential $700 million revenue opportunity over the five-year term, subject to deployment plans and market conditions. The Company anticipates additional deployments throughout 2025.

  • On October 14, 2024, Bit Digital announced the acquisition of Enovum Data Centers ("Enovum") for a total consideration of CAD $62.8MM (approximately USD $46MM based on a CAD/USD exchange rate of 0.73). The acquisition was completed on a debt-free basis, with a normalized level of working capital acquired, funded by approximately CAD $56 million of cash and approximately 1.62 million share equivalents issued solely to key management who rolled-over a significant portion of their existing ownership in Enovum. The transaction closed on October 11, 2024. The acquisition vertically integrated Bit Digital's HPC operations with a 4MW Tier 3 datacenter in Montreal that is fully leased to a plurality of colocation customers. It also provided Bit Digital with a robust expansion pipeline and an experienced team to lead the development process.

  • On December 30, 2024, the Company signed a Master Services Agreement (MSA) with DNA Fund for services utilizing 576 H200 GPUs over 25 months, representing $20.2 million in total revenue.

  • On December 27, 2024, the Company acquired a 160,000 sq. ft. site in Pointe-Claire, QC for a planned 5MW Tier-3 data center expansion. The site is expected to be operational by June 2025, will feature direct-to-chip liquid cooling and a heat reject loop to enhance energy efficiency. The facility will be powered by 100% renewable hydroelectricity from Hydro-Quebec. The Company expects to invest approximately $19.3 million to develop the site, with potential expansion to 13MW within 24-36 months, subject to Hydro-Quebec approval. A portion of the capacity is expected to support the Company's cloud services business. The acquisition was initially self-funded, with mortgage financing in progress.

Subsequent Events

  • As of January 1, 2025, Bit Digital officially transitioned to domestic issuer status under U.S. securities regulations.

  • New Cloud Services Agreements:
    • January 2025 – Signed an MSA for 32 H200 GPUs over six months, representing $300,000 in total revenue. Deployment began January 8, 2025.
    • January 2025 – Signed an MSA for 24 H200 GPUs over 12 months, representing $450,000 in total revenue. Deployment began January 27, 2025.
    • January 30, 2025 – Signed an MSA for 40 H200 GPUs over 12 months, representing $750,000 in total revenue. Deployment began January 24, 2025.

  • In January 2025, the Company entered into a new agreement to supply its first customer for an additional 464 B200 GPUs for a period of eighteen months. This new agreement replaces the prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer.

  • On February 6, 2025, the Company officially rebranded its HPC business as WhiteFiber, Inc., encompassing its GPU cloud services and HPC data center platform, Enovum Data Centers.

  • In February 2025, the Company, through its newly rebranded HPC business WhiteFiber, Inc., secured a five-year colocation agreement to provide 5MW (IT load) of built-to-suit data center infrastructure with Cerebras Systems, a leading accelerator of generative AI. The contract will be fulfilled at an Enovum-developed site, with the location to be announced. Operations are expected to commence in mid-2025.

Management Commentary

"2024 marked a pivotal shift for Bit Digital. Our business was historically driven by digital asset mining, but the successful launch and rapid expansion of our HPC business fundamentally reshaped our company. This evolution drove over 140% revenue growth, with these new business lines contributing nearly half of total revenue.

A defining milestone in this transformation was our acquisition of Enovum Data Centers in October. More than just an infrastructure expansion, Enovum provided us with a proven team, operational expertise, and a scalable platform to develop and operate data centers. It also introduced colocation services as a new business line, further diversifying our revenue streams and strengthening our AI compute capabilities.

Bitcoin mining remained a key revenue contributor, generating $58.6 million, a 32% increase year-over-year. However, as our HPC business scaled, mining's share of total revenue declined to 54% in 2024, and further to 40% in Q424, compared to 98% in 2023. This shift underscores our strategic pivot toward infrastructure-driven revenue streams while maintaining disciplined mining operations.

Profitability improved alongside business expansion, supported by stronger gross margins and operational efficiencies. A strong liquidity position and no debt provide the flexibility to make targeted investments that enhance capabilities and long-term competitiveness. The Company is actively exploring cost-effective financing options to support expansion while maintaining financial discipline.

We are continuously exploring new ways to unlock and create shareholder value, ensuring that we remain dynamic and well-positioned for future opportunities."

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City. The Company's HPC business operates under the WhiteFiber Inc. ("WhiteFiber") brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors"  Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: "We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on." Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future.. See "Safe Harbor Statement" below.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

[1] Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense ("EBITDA") adjusted to eliminate the effects of certain non-cash and / or non-recurring items. Potential adjustments are listed within the section under the header "Non-GAAP Financial Measures" in the Form 10K.  

 

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SOURCE Bit Digital, Inc.

FAQ

What was Bit Digital's (BTBT) total revenue for fiscal year 2024?

Bit Digital's total revenue for fiscal year 2024 was $108.1 million, representing a 141% increase compared to the previous year.

How many bitcoins did BTBT mine in 2024 and why did production decrease?

BTBT mined 949.9 bitcoins in 2024, a 37% decrease from 2023 due to the Bitcoin halving event in April 2024 and increased network difficulty.

What was the value of BTBT's treasury holdings as of December 31, 2024?

As of December 31, 2024, BTBT held 741.9 BTC worth $69.3 million and 27,623.2 ETH worth $92.1 million.

How much revenue did BTBT generate from its new cloud services business in 2024?

BTBT generated $45.7 million in revenue from its cloud services business in 2024, representing 42% of total revenue.

What was the Enovum Data Centers acquisition deal value for BTBT?

BTBT acquired Enovum Data Centers for CAD $62.8 million (approximately USD $46 million), funded by CAD $56 million in cash and 1.62 million shares.
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