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Bit Digital, Inc. Announces Fiscal Year 2024 Financial Results
BTBTBit Digital(BTBT) Prnewswire·2025-03-14 12:00

Core Viewpoint - Bit Digital, Inc. has reported significant financial growth for Fiscal Year 2024, driven by the launch of its high-performance computing (HPC) services, marking a strategic shift from traditional digital asset mining to a more diversified revenue model [1][8]. Financial Highlights for Fiscal Year 2024 - Total revenue reached 108.1million,a141108.1 million, a 141% increase from the previous year, primarily due to the commencement of HPC services [5]. - Revenue from bitcoin mining was 58.6 million, reflecting a 32% year-over-year increase, while cloud services generated 45.7million,anewrevenuestreamcomparedtonilintheprioryear[5].−AdjustedEBITDAwas45.7 million, a new revenue stream compared to nil in the prior year [5]. - Adjusted EBITDA was 73.0 million, up from 12.4millioninFY2023,including12.4 million in FY 2023, including 55.7 million in pre-tax gains on digital assets [5]. - GAAP earnings per share improved to 0.19fromalossof0.19 from a loss of (0.16) in the previous year [5]. - The company had total liquidity of approximately 260.7millionasofDecember31,2024[5].OperationalHighlightsforFiscalYear2024−Thecompanyownedoroperated24,239minersforbitcoinmining,achievingamaximumhashrateof2.6EH/s[4].−Treasuryholdingsincluded741.9BTCand27,623.2ETH,withfairmarketvaluesofapproximately260.7 million as of December 31, 2024 [5]. Operational Highlights for Fiscal Year 2024 - The company owned or operated 24,239 miners for bitcoin mining, achieving a maximum hash rate of 2.6 EH/s [4]. - Treasury holdings included 741.9 BTC and 27,623.2 ETH, with fair market values of approximately 69.3 million and 92.1million,respectively[4].−Theaveragefleetefficiencywasapproximately26.2J/THasofDecember31,2024[5].StrategicDevelopments−TheacquisitionofEnovumDataCentersinOctober2024forapproximately92.1 million, respectively [4]. - The average fleet efficiency was approximately 26.2 J/TH as of December 31, 2024 [5]. Strategic Developments - The acquisition of Enovum Data Centers in October 2024 for approximately 46 million enhanced the company's HPC operations and introduced colocation services [6][9]. - A Master Services and Lease Agreement with Boosteroid Inc. is projected to generate approximately $4.6 million in revenue over five years, with potential for significant expansion [6]. - The company signed multiple new cloud services agreements in January 2025, indicating ongoing growth in this segment [6]. Management Commentary - The management highlighted the pivotal shift in the company's business model, with HPC services contributing nearly half of total revenue in 2024 [8]. - The focus on operational efficiencies and a strong liquidity position allows for targeted investments to enhance long-term competitiveness [11].