Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2024 Financial Results
Bit Digital (NASDAQ: BTBT) reported its Q2 2024 financial results, showing significant growth. Total revenue increased 220% to $29.0 million, driven by the new high performance computing (HPC) services and higher bitcoin prices. Bitcoin mining revenue grew 80% to $16.1 million, while HPC services contributed $12.5 million. The company's liquidity reached $191.9 million, with total assets of $315.5 million. However, Adjusted EBITDA was $(3.8) million, including an $11.5 million unrealized loss on digital assets. GAAP loss per share was $0.09. Operationally, Bit Digital mined 244.2 bitcoins, a 23% decrease due to halving and increased network difficulty. The company maintained a strong focus on sustainable practices, with 86% of its fleet's electricity from carbon-free sources.
Bit Digital (NASDAQ: BTBT) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando una crescita significativa. I ricavi totali sono aumentati del 220%, raggiungendo i 29,0 milioni di dollari, sostenuti dai nuovi servizi di calcolo ad alte prestazioni (HPC) e dall'aumento dei prezzi del bitcoin. I ricavi dal mining di bitcoin sono cresciuti dell'80%, fino a 16,1 milioni di dollari, mentre i servizi HPC hanno contribuito con 12,5 milioni di dollari. La liquidità dell'azienda ha raggiunto i 191,9 milioni di dollari, con attivi totali di 315,5 milioni di dollari. Tuttavia, l'EBITDA rettificato è stato di $(3,8) milioni, inclusa una perdita non realizzata di 11,5 milioni di dollari su asset digitali. La perdita per azione secondo i principi contabili GAAP è stata di 0,09 dollari. A livello operativo, Bit Digital ha minato 244,2 bitcoin, con un calo del 23% dovuto all'halving e all'aumento della difficoltà di rete. L'azienda ha mantenuto un forte focus sulle pratiche sostenibili, con l'86% dell'elettricità della sua flotta fornita da fonti prive di carbonio.
Bit Digital (NASDAQ: BTBT) reportó sus resultados financieros del segundo trimestre de 2024, mostrando un crecimiento significativo. Los ingresos totales aumentaron un 220%, alcanzando los 29,0 millones de dólares, impulsados por los nuevos servicios de computación de alto rendimiento (HPC) y los precios más altos de bitcoin. Los ingresos por minería de bitcoin crecieron un 80%, hasta 16,1 millones de dólares, mientras que los servicios de HPC contribuyeron con 12,5 millones de dólares. La liquidez de la compañía alcanzó los 191,9 millones de dólares, con activos totales de 315,5 millones de dólares. Sin embargo, el EBITDA ajustado fue de $(3,8) millones, incluyendo una pérdida no realizada de 11,5 millones de dólares en activos digitales. La pérdida por acción bajo los principios contables GAAP fue de 0,09 dólares. Operativamente, Bit Digital minó 244,2 bitcoins, una disminución del 23% debido al halving y al aumento de la dificultad de la red. La compañía mantuvo un fuerte enfoque en prácticas sostenibles, con el 86% de la electricidad de su flota proveniente de fuentes libres de carbono.
비트 디지털(Bit Digital, NASDAQ: BTBT)이 2024년 2분기 재무 결과를 발표하며 중요한 성장을 보여주었습니다. 총 수익이 220% 증가하여 2,900만 달러에 달했습니다, 이는 새로운 고성능 컴퓨팅(HPC) 서비스와 비트코인 가격 상승이 주효했기 때문입니다. 비트코인 채굴 수익은 80% 증가하여 1,610만 달러에 달했습니다, 반면 HPC 서비스는 1,250만 달러를 기여했습니다. 회사의 유동성은 1억 9,190만 달러에 도달했으며, 총 자산은 3억 1,550만 달러입니다. 그러나 조정 EBITDA는 -(380만 달러로, 디지털 자산에 대한 1,150만 달러의 미실현 손실이 포함되어 있습니다. GAAP 기준 주당 손실은 0.09 달러였습니다. 운영적으로 비트 디지털은 244.2 비트코인을 채굴했으며, 절반으로 인해 23% 감소하고 네트워크 난이도가 증가했습니다. 회사는 탄소 없는 에너지원에서 86%의 플릿 전력을 공급받는 지속 가능한 관행에 강한 목표를 유지했습니다.
Bit Digital (NASDAQ: BTBT) a annoncé ses résultats financiers du deuxième trimestre 2024, montrant une croissance significative. Les revenus totaux ont augmenté de 220 % pour atteindre 29,0 millions de dollars, alimentés par les nouveaux services de calcul haute performance (HPC) et la hausse des prix du bitcoin. Les revenus de l'exploitation minière de bitcoin ont crû de 80 %, atteignant 16,1 millions de dollars, tandis que les services HPC ont contribué pour 12,5 millions de dollars. La liquidité de l'entreprise a atteint 191,9 millions de dollars, avec des actifs totaux de 315,5 millions de dollars. Cependant, l'EBITDA ajusté était de -(3,8) millions de dollars, incluant une perte non réalisée de 11,5 millions de dollars sur des actifs numériques. La perte par action selon les principes comptables GAAP a été de 0,09 dollar. Sur le plan opérationnel, Bit Digital a extrait 244,2 bitcoins, soit une diminution de 23 % en raison de la division par deux et de l'augmentation de la difficulté du réseau. L'entreprise a maintenu un fort accent sur des pratiques durables, 86 % de l'électricité de sa flotte provenant de sources sans carbone.
Bit Digital (NASDAQ: BTBT) hat seine Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und zeigt ein signifikantes Wachstum. Der Gesamtumsatz stieg um 220% auf 29,0 Millionen Dollar, getrieben von den neuen Hochleistungscomputing- (HPC) Diensten und höheren Bitcoin-Preisen. Die Einnahmen aus Bitcoin-Mining wuchsen um 80% auf 16,1 Millionen Dollar, während die HPC-Dienste 12,5 Millionen Dollar beisteuerten. Die Liquidität des Unternehmens erreichte 191,9 Millionen Dollar, bei einer Gesamtbilanzsumme von 315,5 Millionen Dollar. Allerdings betrug das bereinigte EBITDA -3,8 Millionen Dollar, einschließlich eines nicht realisierten Verlustes von 11,5 Millionen Dollar auf digitalen Vermögenswerten. Der GAAP Verlust pro Aktie betrug 0,09 Dollar. Operativ hat Bit Digital 244,2 Bitcoins abgebaut, was einem Rückgang von 23% aufgrund der Halbierung und der erhöhten Netzwerkerschwernisse entspricht. Das Unternehmen legte einen starken Fokus auf nachhaltige Praktiken, wobei 86% des Strombedarfs seiner Flotte aus kohlenstofffreien Quellen stammen.
- Total revenue increased 220% year-over-year to $29.0 million
- Bitcoin mining revenue grew 80% to $16.1 million
- New HPC services business contributed $12.5 million in revenue
- Strong liquidity position of $191.9 million
- Total assets of $315.5 million and shareholders' equity of $295.3 million
- 86% of fleet's electricity consumption from carbon-free energy sources
- Signed binding term sheet with Boosteroid for potential $700 million revenue opportunity over five years
- Adjusted EBITDA decreased to $(3.8) million from $1.9 million in Q2 2023
- GAAP loss per share increased to $0.09 from $0.03 in Q2 2023
- Bitcoin production decreased 23% year-over-year due to halving and increased network difficulty
- Unlikely to reach 6.0 EH/s active hash rate target by year-end 2024 due to challenging mining economics
Insights
Bit Digital's Q2 2024 results show a significant revenue boost, with total revenue up
The company's liquidity position remains strong with
Bit Digital's shift towards HPC services marks a strategic pivot in the face of challenging bitcoin mining economics. The company's active hash rate of 2.6 EH/s falls short of their 6.0 EH/s year-end target, reflecting the impact of the halving event and increased network difficulty. However, their focus on fleet efficiency (27.9 J/TH) and sustainable practices (86% carbon-free energy) positions them well in the evolving crypto mining landscape.
The partnership with Boosteroid for GPU servers demonstrates Bit Digital's adaptability and potential for growth in the cloud gaming sector. This diversification could provide a more stable revenue stream compared to the volatile nature of cryptocurrency mining.
Financial Highlights for the Second Quarter of 2024
- Total revenue was
$29.0 million 220% increase compared to the Second Quarter of 2023. The increase was primarily driven by the commencement of our high performance computing services ("HPC") business and by a higher realized bitcoin price. - Revenue from bitcoin mining was
$16.1 million 80% increase compared to the prior year's quarter. The Company's HPC recognized$12.5 million - The Company had cash, cash equivalents and restricted cash of
$61.4 million $191.9 million - Total assets were
$315.5 million $295.3 million - Adjusted EBITDA[2] was
$(3.8) million $1.9 million $11.5 million - GAAP loss per share was
$0.09 $0.03
Operational Highlights for the Second Quarter of 2024
- The Company earned 244.2 bitcoins during the Second Quarter of 2024, a
23% 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. - The Company paid approximately
$0.04 7 - The average fleet efficiency for the active fleet was approximately 27.9 J/TH as of June 30, 2024.
- The Company earned 109.4 ETH from native staking in the Second Quarter of 2024.
- Treasury holdings of BTC and ETH were 585.6 and 27,226.21, respectively, with a fair market value of approximately
$36.7 million $93.5 million - The BTC equivalent[3] of our digital asset holdings as of June 30, 2024 (defined as if all ETH and USDC holdings were converted into BTC as of that date) was approximately 2,082.1 BTC1, or approximately
$130.5 million - As of June 30, 2024, we had 50,044 miners owned or operating (in
Iceland ) for bitcoin mining with a total maximum hash rate of 4.3 EH/s. - The Company's active hash rate of its bitcoin mining fleet was approximately 2.6 EH/s as of June 30, 2024.
- The Company purchased approximately 1,146 bitcoin mining units during the Second Quarter of 2024.
- Approximately
86% of our fleet's run-rate electricity consumption was generated from carbon-free energy sources as of June 30, 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 17,184 ETH actively staked in native staking protocols as of June 30, 2024.
- In the second quarter of 2024, the Company finalized an agreement to supply its existing customer with an additional 2,048 GPUs over a three-year period. To help finance this operation, the Company entered into a sale-leaseback agreement with a third party, agreeing to sell 128 AI servers (equivalent to 1,024 GPUs) and lease them back for three years. In late July, at behest of the customer, the Company and the customer mutually agreed to temporarily delay the purchase order so that the customer could evaluate potentially upgrading the purchase order to include newer generation Nvidia GPUs. Accordingly, the Company and manufacturer mutually agreed to delay the Company's purchase pending the contractual outcome with the Company's customer. The Company expects to provide additional details about the revised deployment timeline in the coming weeks. The Company's contract with the customer remains fully in effect, but may have to be amended to provide for newer generation GPUs. In early August, the Company received
$30.0 million
Subsequent Events
- On August 19, 2024, Bit Digital announced that it had signed a binding term sheet with Boosteroid Inc. ("Boosteroid"), the world's third-largest cloud gaming provider. Upon signing a master service agreement ("MSA"), Boosteroid will place an initial purchase for a starting quantity of GPU servers with a five-year service duration. Bit Digital will provide Boosteroid with options to draw down additional servers in multiples of 100, up to a total of 50,000 GPU servers within five years after signing the MSA, depending on their deployment plans and subject to market conditions. The entire 50,000 GPU deployment represents an aggregate revenue opportunity to Bit Digital in excess of
$700 million U.S. andEurope . The initial deployment is scheduled to begin over the next two to three months and is expected to generate approximately$13 million $2.6 million
Management Commentary
"The second quarter of 2024 was an important step in the evolution of Bit Digital. Despite the reduction in block rewards from the April 'halving event', our total revenue more than doubled from the prior year, principally aided by the first full quarter of revenue from our HPC services business. Our balance sheet remains a key strength that will enable us to withstand recent market volatility and deploy growth capital into high-return opportunities.
Mining economics remain challenging, and in the absence of a material improvement in expected payback periods for mining equipment, it is unlikely that we will reach our active hash rate target of 6.0 EH/s by year-end 2024. From the onset of the year, we have been cautious in terms of exahash growth, preferring to wait for the post-halving mining environment before enacting material growth. In the interim, we will focus on high grading our existing fleet while reserving the right to make opportunistic growth purchases should the returns profile justify the expenditure.
We continue to view the HPC business as the most attractive use of incremental growth capex in the current environment. Our pipeline remains strong and the main bottleneck to date has been a lack of personnel and man hours to bring contracts to the finish line. We have started to solve this issue, making our first key hire for this business earlier this month with a plan to further expand our personnel and improve our tech stack. Our growth pipeline remains strong, and we continue to believe we will be able to reach our
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence ("AI") infrastructure headquartered in
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" in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. 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. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital's production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. 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] This figure excludes approximately 2,701 ETH that were transferred to an internally managed fund. |
[2] 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. See disclosure about Non-GAAP Financial Measures on page 24 below. |
[3] "BTC equivalent" is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH and USDC, were converted into BTC as of June 30, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com. |
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SOURCE Bit Digital, Inc.
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