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Bit Digital, Inc. Stock Price: Quote, Forecast, Splits & News (BTBT)

Finance

Company Profile

New

Bit Digital, Inc. Price & Performance (BTBT)

Stock Performance

Updated Mar 24, 8:00 PM UTC

BTBT:NASDAQ

$2.49USD

6.87% · $0.16

After Hours

-0.58% · $0.014

Open

$2.40

High

$2.54

Low

$2.40

Market Cap

$454.26M

P/E Ratio

13.1

Volume

14.90M

Year High

$5.74

Year Low

$1.76

News & Market Insights

Bit Digital Reports Impressive Revenue Growth
Mar 17, 2025
Bit Digital, Inc. has announced a remarkable 141% increase in revenue for fiscal year 2024, totaling $108.1 million. The surge was driven by the company's pivot to high-performance computing and cloud services, which contributed $45.7 million. Bitcoin mining revenue also grew by 32% year-over-year, reaching $58.6 million.123
Investors Show Confidence in Bit Digital's Transformation
Mar 17, 2025
Bit Digital's stock received a reiterated Buy rating with a $7 price target. Analysts highlighted the company's successful shift to high-performance computing, which now accounts for a significant portion of revenue. Its cloud services alone generated $45.7 million, showcasing the company's strategic diversification.234
Bit Digital Stock Rises Amid Earnings Beat
Mar 23, 2025
Following its Q4 2024 earnings report, Bit Digital's stock climbed 7.49%. The company exceeded market expectations with $26.1 million in quarterly revenue and $0.11 EPS. This performance reflects strong growth in cloud services and Bitcoin mining, as well as operational improvements.356

What's Happening

Peers

Earnings

Report Date

Mar 14, 2025

Reported Revenue

81.8M

Avg 1d Change

9.36%

Report Period

Q4 2024

Reported EPS

-0.11

Implied Move 1d

12.17%

Transcript

3m 31s

Our comments today may also include non GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our 10 ks filing, which is on our website. After our prepared remarks, we will open the call up for questions. Questions Bit. With that covered, will turn the call over to Sam to discuss our performance. Sam? Thank you, Kim. Ladies and gentlemen, thank you for joining us on the call today.

4m 2s

Today, I'll walk through our 2024 results. Highlight key milestones from a transformational year and provide insight into the strategic direction of Bit Digital as we scale our HPC operations. 2024 was a fantastic year for Bit Digital. Revenues grew exponentially by 141% margins expanded and adjusted EBITDA reached $73,000,000 This was driven by the rapid growth of our HPC business, which started in 2024 with one customer and by early January of this year, we surpassed 20 customers.

4m 47s

HPC revenue made up over 40% of full year revenue and more than half of Q4 revenue.

4m 56s

The Envem acquisition was a major leap forward.

This acquisition vertically integrated added a strong customer base and brought in a highly experienced team. This team gives us a huge advantage in scaling our infrastructure business Bit We also built out our organization, Headcount has been focused on hiring seasoned value creators. All focused either on data center operations or cloud services. These are businesses you could just throw capital at. You need the right talent, We now have specialized teams leading both divisions. We have a lot to cover today. I'll walk through each part of the business, Eric will then walk you through the financials before we open the line for questions. First, let's start with our cloud services business. As we scale our AI infrastructure, we recently launched WhiteFiber, our new HPC platform that integrates GPU cloud services and data center operations.

6m 20s

As part of this evolution, we have updated our segment reporting to better reflect our business structure. What was previously referred to as high performance computing services is now categorized under HPC, the umbrella term for our entire white fiber business. Cloud services represents our GPU cloud platform while colocation services includes our data center business from Ennevum. Cloud services did not exist in 2023 and it became our largest business in terms of revenue generation by the second half of twenty twenty four producing $13,000,000 of revenue in the fourth quarter of twenty twenty four.

7m 10s

This segment contributed 50% of total revenue in Q4 and 64% of gross profit.

7m 19s

Gross profits contracted slightly in Q4 as we added new GPUs and leased additional data center capacity ahead of revenue generation. We view this as temporary we expect margins to normalize over time. A key factor was GPU leasing expenses, particularly the H100 sale leaseback from early twenty twenty four. Which accounted for 70% of cost of revenue for that segment. That was a unique structure reflecting our risk tolerance at that time.

7m 55s

Going forward, as we own more GPUs outright, or deploy more traditional financing structures we expect margins to expand.

8m 7s

We currently have nine active customers in our cloud segments of Whitefiber. The majority are running single digit servers with annualized revenue or ARR below 1,000,000.

8m 22s

But Bit but most were won in the past few months. And this aligns with our strategy of onboarding customers and scaling deployments over time. We are happy to start with smaller initial deployments to earn trust demonstrate performance and expand contract sizes after relationships grow.

8m 45s

Our cloud services run rate is This will increase to around $72,000,000 later this month when the H200 contract of DNA fund begins generating revenue. Revenue generation on the contract was pushed out by a month as we ensured full reliability before going live. A decision made deliberately to prioritize customer experience and long term satisfaction. Additionally, we have a $15,000,000 in ARR expected to start at the June.

9m 23s

When we deploy five twelve B200 GPUs for our anchor customer. And separately, we received our first five twelve V200 GPUs. Which are being deployed in Iceland.

9m 39s

We expect this cluster to go live in April and plan to offer these GPUs through an on demand pool via third party platform. This would be an interim step as we internally as we work internally on developing our own on demand platform. While we see strong demand, for reserved B200 contracts, we believe on demand deployment effectively pulls forward revenue and shortens payback periods. Based on current market dynamics, this cluster could generate approximately $25,000,000 in additional ARR.

10m 27s

We also have about 113 H200 servers or nine zero eight GPUs currently being configured and we are evaluating reserve contract options for those units. Illustratively, at $2 per hour that is another $16,000,000 in ARR once contracted. Overall, our customer pipeline remains strong and dynamic. Demand for B200s is surging.

11m 4s

Also, since Deepseek we've seen renewed enthusiasm for H100s and H200s because one can do less with more.

11m 14s

Or rather one can do more with less. [indiscernible] We're consistently engaging new prospective customers and demand continues to outstrip supply. While we see significant growth opportunities, we are taking a disciplined approach to GPU procurement carefully managing capital deployment, to avoid excess inventory risk. Our focus is on growing at a pace ensuring that as relationships deepen, we scale deployments accordingly. We've also invested in top tier technical talent, to build a robust software driven infrastructure that enhances performance, reliability, and scalability. Customers don't just need access to GPUs. They need a trusted high performance platform that ensures seamless deployment and maximal performance. Is a key differentiator [indiscernible] helping us drive customer trust, retention and long term growth.

12m 41s

Also, with Boosteroid, the third largest cloud gaming provider in the world, we continue to expand our partnership Currently, we have just under 500 GPUs contracted, represented approximately $1,600,000 in annual revenue over the five year term, We are in process of finalizing an agreement to deploy an additional 700 GPUs, which Bit completed, would generate an additional $2,400,000 in annual revenue for Boostride. And we expect the deployment cadence to accelerate throughout 2025.

13m 20s

Our GPU procurement strategy is a balancing act between growth and risk. We are focused on scaling customer deployments and expanding GPU capacity to meet growing demand. Several live opportunities are substantial. With contracts representing 9 figure annual revenue and three to four year locked up terms. Executing these would require the right financing structures. And we are actively evaluating lease financing and other capital efficient options. We are firmly in the mix for blue chip deals As our AI compute grows, our focus remains on execution, efficiency and customer relationships. Whitefiber is scaling rapidly. And we believe we are well positioned to be a leader in AI infrastructure.

14m 25s

Turning to our colocation service segment of Whitefiber.

14m 32s

This business was established with our acquisition of Ennevim in October 2024. Marking a major step in our evolution as an HPC platform. Before the acquisition, we had no colocation business, Now we operate a Tier three data center with a full roster of clients which currently stands at 14 active customers. We added a recurring revenue stream and expanded our expertise. Beyond its immediate contribution, Nivin provides a scalable foundation for future growth. Backed by an experienced team and a very robust development pipeline. The end of an acquisition is a gift that keeps on giving. Since closing the acquisition, we have moved quickly to expand our co location capacity and secure [indiscernible] sorry, customer agreements. In Q4, we acquired Montreal too, a 160,000 square foot industrial site in Montreal. For approximately $23,000,000 as part of our planned expansion to 32 megawatts by 2025.

15m 55s

Montreal too is being developed into a five megawatt Tier three data center expected to go live in mid-twenty twenty five. The facility will be powered by 100% renewable hydroelectricity and will feature direct to chip liquid cooling. The site provides key advantages in accelerating our development pipeline.

16m 24s

The property was well suited and includes transferable HVAC infrastructure.

16m 31s

Allowing us to reduce costs and bring capacity online faster. A core tenant We still expect to complete the retrofit for approximately $19,000,000 We are also in the process of securing cost effective mortgage financing to support the build out in a non dilutive manner. We plan on announcing the customer for launch two at a later date. In February, we announced a multiyear colocation agreement with a leading AI hardware innovator.

17m 18s

This client is Cerebras, the manufacturer of the fastest inference LLM processor in the world. Cerebras is launching six new data center sites in North America and chose us to be their partner for their first ever Canadian data center. This agreement is a major validation of our co location [indiscernible] Reinforcing our ability to provide high performance build to suit infrastructure for industry leaders. Under this contract, we will provide five megawatts of customized high density co location capacity over a five year term. The location for the development has been selected and we are in the process of finalizing legal ownership of the site. Once that process is complete, we will formally announce the location. We expect the contract to commence in mid-twenty twenty five. Cerebrus is pioneering wafer scale technology. Which enables ultrafast AI infrastructure some of the largest and most complex AI workloads in the world. Their deployment with us will be the first of its kind in Canada. Expanding AI compute access to enterprises, research institutions and government entities. This deployment required a highly customized high density solution validating our ability to design infrastructure for next generation AI workflows with very unique technical requirements.

19m 13s

Beyond this initial deployment, we see significant potential for future expansion as Cerebrus continues to scale its infrastructure. Their rapid growth AI optimized colocation. Our ability to meet their highly specialized requirements underscores the strength and adaptability of our platform We are super excited to support them in their next phase of development. As mentioned, we are deep in the mix for blue chip deals. And that's a prime example of one. Stay tuned for more.

19m 59s

Beyond Montreal two, our development pipeline has expanded significantly. Now totaling five ten megawatts. Including 156 megawatts under exclusive LOI.

20m 15s

This includes sites in both Canada and The U. S. With six locations under exclusive LOI ranging from eight megawatts to 100 megawatts. The major driver for the pipeline expansion was the addition of locations in The United States. We recently brought a U. S. Site under LOI that could redefine our data center platform. If developed, it could be our largest project to date [indiscernible] significantly expanding our scale and market position. Even with our planned capacity expansions, we continue to receive more customer demand This underscores the urgent need for additional high performance data center space and reinforces our approach of prioritizing X Everyone knows about the current tariff wars that are playing out. We're currently monitoring and assessing their potential impact on our data centers Bit out. Many critical components such as generators, HVAC systems and electrical infrastructure are imported from The United States Canada and Mexico.

21m 50s

And new tariffs could increase build costs. We are evaluating strategies to mitigate potential increases including diversifying supply chains, and optimizing procurement. While minor churning if how, and when these tariff policies may take place. Looking ahead, we believe inference will be the largest driver for long term AI compute demand. And we are positioning our data centers to cap this shift.

22m 28s

Strategically, we are developing in metropolitan areas where we expect the broadest customer appeal over time. This ensures we can meet the needs of enterprise government and research institutions seeking low latency high performance AI infrastructure. Turning to our Bitcoin mining business. We remain focused on maintaining a cost efficient and optimized fleet. Rather than growing hash rate for the sake of expansion. Mining accounted for 54% of revenue 2024 down from 98% in 2023, as we prioritize investments in HTC.

23m 22s

That said, mining remains an important part of our business. And we are taking targeted steps to improve efficiency and reduce costs. Our active mining fleet is currently around 1.6 ex a hash with an efficiency of approximately 25 to 26 joules per terahash. We have now fully exited all claimant facilities and are refreshing our fleet with more, if efficient miners at new hosting sites. To replace lost appointment capacity, we secured 30 megawatts of new hosting. 19 megawatts with Art Digital and 11 megawatts with Seluna. The 11 megawatt site was filled with 1,800 of redeployed 1,400 S21s and S21 plus units. The 19 megawatt site will support some redeployed assets as well as 3,800 S S21 plus minors adding eight twenty pentahash to our fleet.

24m 36s

To date, we have deployed nine forty one S-twenty one minuteers, and 500 S21 plus units improving overall fleet efficiency. These upgrades are expected to bring our operational hash rate to approximately 2.5x the hash by May. We with pro form a efficiency to around 22 joules per terahash.

25m 6s

Reaching three extra hash would require securing an additional 6.6 megawatts of hosting and acquiring approximately 1,800 more S plus minors. The power is available from multiple sources and we are actively evaluating the best path forward.

25m 29s

Our strategy remains unchanged.

25m 32s

We are not allocating significant growth capital to mining. Instead, we are structuring the business to maintain Bit exposure on a capital efficient way focusing on fleet optimization and cost reductions while keeping a disciplined approach to capital deployment. Mining remains a part of our portfolio but our investment priority remains on scaling our HPC business.

26m 6s

I'll now hand over the line to Eric who will discuss our financial results.

26m 14s

Thank you, Stan. I will now discuss our financial results for 2024. As a note, we completed our transition to domestic issuer status and filed our first Form 10 ks with SEC this morning. Revenue for the year was $108,000,000 a 141% increase from 2023. [indiscernible] Revenue increased across all business lines.

26m 46s

Bitcoin mining revenue was $58,600,000 up 32% year over year. Our Bitcoin production declined 37% to 950 Bitcoin due to higher network difficulty and the April happening event. However, higher Bitcoin prices and increased cash rate led to overall revenue growth. If you are mistaking revenue, more than doubled to $1,800,000 for 2024 as we earned approximately $5.66 Ethereum in staking rewards for the year.

27m 28s

Cloud services generated $45,700,000 in its first year of operations. Starting revenue in Jan twenty twenty four colocation services acquired through Avanum contributed $1,400,000 from October 12, through the year end. Our total cost of revenue excluding depreciation and amortization, was 62,400,000.0 compared to RMB29.6 million dollars in the prior year. The increase was driven by a larger mining fleet higher network difficulty and the launch of our cloud and colocation businesses. Cloud services costs were RMB19.5 million dollars with 13,600,000.0 from 800 server lease expenses. Gross profit was $45,700,000 a nearly threefold increase from 2023. Gross margins expanded approximately 500 basis points to 42.3% driven by cloud and colocation revenue. Which offset lower mining margins due to the block rewards reductions and higher network difficulty. General and administrative [indiscernible] were $41,500,000 up from $27,700,000 The increase was mainly due to higher payroll and professional fees. A large portion of these fees were tied to the M and M acquisition and are not expected to recur.

29m 15s

Depreciation and amortization was RMB32.3 million compared to RMB14.4 million in 2023. Reflecting a larger miner and GPU fleet. 2024 adjusted EBITDA was $73,000,000 compared to $12,400,000 in 2023. Adjusted EBITDA for 2024 includes $55,700,000 of gain on digital assets, which are predominantly unrealized gains.

29m 50s

GAAP earnings per share was $0.19 for 2024, on a fully diluted basis. Compared to a loss of $0.16 in 2023.

30m 4s

Turning to our balance sheet. We held approximately $98,900,000 of cash and restricted cash as of 12/31/2024, and our digital asset positions was worth approximately $161,400,000 In total assets, were $538,000,000 and shareholders' equity was $463,000,000 We remain debt free but are actively exploring financing options for our HPC business. Capital expenditures for 2024 totaled $94,000,000 The majority of the CapEx was deployed in the fourth quarter and was used to fund GPU purchases acquisition of Montreal two. I will now turn the call back to Sam for closing remarks.

31m 8s

Thank you, Eric.

31m 10s

Before we open the line for questions, I want to touch on the broader trends that we're seeing across our business.

31m 19s

We are experiencing significant and sustained demand for compute infrastructure. [indiscernible] exceeding the capacity we are currently bringing online. The need for high performance computing continues to expand and we believe we are well positioned to capitalize on this long term trend.

31m 43s

This demand stands in stark contrast to broader market sentiment.

31m 50s

Where we've seen risk assets including our own stock, come under pressure. Specifically for Bit Digital, the bigger our HPC business gets, the more our stock seems to trade like a pure play bitcoin miner which is ridiculous. We believe that we are deeply misunderstood but time is our friend eventually we believe we will be valued properly. While we can't control the macro environment, we are focused on what we can control.

32m 31s

Executing our strategy expanding our infrastructure and positioning our business for long term value creation.

32m 42s

We believe we are well on our way.

32m 47s

A key advantage for our model is the synergistic nature of our colocation and cloud business.

32m 57s

These segments are complementary serving different stages of the AI infrastructure value chain with distinct earnings profile and payback periods.

33m 11s

Colocation provides long term contracted revenue streams.

33m 18s

Cloud services offer high margin shorter duration contracts with greater flexibility. Together, they create a durable and diversified cash flow that supports sustainable growth.

33m 37s

From a capital allocation perspective, we've taken a pragmatic approach to financing growth. In the past, we have used equity issuance as a bridge financing tool to fund our expansion while we evaluated longer term cost effective capital solutions.

33m 59s

Given our current valuations, we recognize that issuing equity is clearly less attractive than ever Our focus is on securing alternative financing options that allow us to scale in a non dilutive manner that's much more sustainable. On the data center side, we are actively pursuing commercial mortgage financing to support our build out.

34m 31s

We are making progress on the front on this front and have finally received an attractive term sheet that we can move forward with and continue to explore the best terms before finalizing an agreement.

34m 46s

For our cloud services business, we are also exploring vendor financing and leasing structures to optimize our GPU investments.

34m 57s

Given the rapid evolution of AI hardware, we are structuring our GPU procurement strategy to balance growth and risk management. We are seeing compelling opportunities to scale.

35m 12s

And our approach ensures that we remain nimble while preserving capital efficiency.

35m 21s

As our business continues to evolve, [indiscernible] are assessing the best structure to highlight the value of each of our business lines. We remain committed to making decisions that drive long term value creation and position Bit Digital for growth.

35m 42s

With that, I would like to open the line for some questions.

35m 46s

As a note, we have Billy Krasopoulos, who leads our data center business.

35m 52s

And Ben Lampson, Head of Revenue for WhiteFiber. On the line, for some Q and A. If you would like to oh, I'm sorry, go ahead.

36m 8s

No, I was just suggesting that we should open the line for some Q and A now. Thank you.

36m 12s

Thank you. And our first question will come from Mike Grundahl with Northland Securities. Hey guys, thanks. First question is just on cloud services.

36m 46s

Sam, I think you said that current run rate is $62,000,000 and you have a contracted customer that's coming on late March, Have you named that customer That gets you to $72,000,000 run rate Yes, that's D and A funds.

37m 9s

Okay.

37m 11s

D and A Funds.

37m 12s

Okay. Then I think there is a another the five twelve GPUs come on I'll say roughly July 1 for a $15,000,000 ARR that gets you to $87,000,000 run rate Is there anything else contracted to come on right now? I guess that's the first question. Anything else we should be aware of that's contracted that lifts that $87,000,000 Well, we're already well past $100,000,000 from a contracted basis. Our white fiber business includes both the GPU and data center business.

37m 58s

So we have [indiscernible] go ahead.

38m 3s

Great.

38m 4s

So let me ask this question then. You also talked about setting up this on demand pool And I think you said that is the potential for $25,000,000 of ARR once it's contracted. And then there was another I'll call it GPU pool of nine zero eight, that has a $16,000,000 ARR once it's contracted. Did I hear those right?

38m 36s

Yes.

38m 37s

I would love to pass you over to Ben who heads our revenue for that division. Ben?

38m 45s

Yes. Thanks, Sam. So I want to be clear on this On demand is not contracted. But it commands a much higher price per hour than the contracted rates. So that $25,000,000 number for the B200s that are coming online at the April that is an annualized run rate based on those GPUs reaching full capacity on demand. Now we may choose to sell some or all of those onto reserved contract one, two or three years, as that derisks things long term.

39m 25s

But in the short term, we expect demand to be so high that we may choose to keep those on demand for a much higher price per hour.

39m 35s

Got it. And that $25,000,000 and then the $16,000,000 do you think those are going to be I don't know, generating revenue in the next quarter or two or three? Like how should we think of them contributing or adding to the $87,000,000 a rough timeline. Yes. We expect the B200s to start generating revenue in April. As for the H200s, I want to be careful to give a date on those as those are part of some R and D around some product developments and technological developments we'll be talking about later this year. So we're going to hold on to those for a little bit to run some R and D around some pretty cool stuff that we're building. And because of that, I don't want to give a hard date on when they're going to start generating revenue. Bit we'll be talking about some of that in our product roadmap later this year.

40m 35s

Great. Okay. And then just one more.

40m 38s

On the colocation or data center business, I don't think I heard what fourth quarter revenue was And then once we have that number, could we kind of walk through what's contracted and how that's ramping in 2025, just like what we did for the cloud services business?

41m 1s

Yes. We have Billy on the line who leads our colocation data center division. This is Ken. Let me just jump in for that first one. Mike, it was 1.4 was the colocation we recognized, but that was from the date of the acquisition. [indiscernible] for Montreal one, that would be the prevailing run rate. Until the new capacity comes online?

41m 27s

Got it.

41m 30s

And then I think you guys talked about Cerebrus coming online and that's a $10,000,000 run rate. Is there anything else we should be factoring in today I don't think we specified the run rate for that beyond just it being five megawatts and you could sort of extrapolate the market rate there [indiscernible] should layer in for data center right now?

42m 4s

Okay. Well, Montreal too, which would be a separate customer that we have not announced which would also start in the middle of twenty twenty five. And then just beyond that, the planned deployments for the second half, which would come on later in the year? Got it Bit. Okay. Thank you.

42m 27s

And the next question will come from Nick Giles with B. Riley. Thank you, operator. Good morning, everyone.

42m 36s

Guys, congrats on the progress thus far. My first question, you mentioned 100 megawatt site under LOI that would obviously be transformative. So I was hoping to get some additional color on when this capacity could come online Is there any existing power infrastructure in place at [indiscernible] then would there be a desire for a larger anchor tenant or how should we think about customer mix Thanks very much.

43m 11s

I think I'm happy to answer that question in a preliminary way. But Billy, would you like to give some more deep down color on that? Sure thing. So we've identified Bit in The United States, that we are under LOI presently. There is currently 24 megawatts of power available at this location with a very easy path to 48, basically double within sixty to ninety days. And additionally, we have discussions with the utility provider to get us another 100 megawatts towards the end of 2025. Got it.

43m 58s

Billy, that's very helpful. And so maybe just a follow-up on that. How much of this would be included in your 56 megawatts of exclusive LOI capacity?

44m 15s

This is about 90% of that. Right now.

44m 25s

Got it. Okay, that is.

44m 29s

Okay, great. That's very helpful.

44m 32s

My next question was just on some of the GPU contracts. What kind of extension options are embedded in these some of these smaller six to twelve month contracts? I mean, should we think about all of these customers as very likely to further expand or could some rotate out and you would plan to backfill that capacity? I'm just trying to get a better sense for GPU utilization.

44m 59s

Absolutely. That's a great question for Ben. Yes. I mean, we always with these customers, most of the time we're expecting them to both expand the amount of GPUs that they're using and the term? We've seen just broadly across the industry that customers prefer to start with especially earlier stage companies prefer to start with shorter deployments as they become comfortable with a new provider and as we show improve in those that shorter deployment term, they end up renewing for a longer and or larger Very helpful.

45m 47s

Guys, I'll turn it over for now, but keep up the good work. Thank you.

45m 54s

And the next question comes from George Sutton with Craig Hallum.

46m

Thank you and an impressive range of opportunities in front of you.

46m 4s

So first on the more traditional financing structures that you're working on, that seems to be the primary governor to further growth Can you just give us a sense of where those discussions are? Currently?

46m 22s

With respect to the mortgage financing, I think you're referring to?

46m 26s

Don't want to get too deep into Bit, so that we don't jinx Bit, but we have very attractive term sheet that we are currently planning on making the terms even better, but this is definitely a really strong start for us. And should we proceed, this would be the most cost effective way tap into sources of financing without diluting [indiscernible] Because we couldn't do that with Bitcoin mining. You could easily do that with with data center and real estate. So we look forward to proving to the markets that we can do this and now we have finally going after going through a a process, a term sheet that we really like. And once we finalize that, we will be able to discuss it publicly.

47m 23s

Got you. So relative to Boosteroid, I'm curious if you could just talk about what determines the It's a mix up. Their GPU needs and also our own I guess, how we wanted to play the capital. I mean, there's only so much runway we have from the balance sheet. So we couldn't realistically do it $200,000,000 deployment for them tomorrow. So it's measured, but we see a lot of opportunity to expand that with Boostrud throughout the year and we expect that to gradually increase Got you. And then just question for Ben relative to white fiber. Can you just give us a sense of the the response that you've gotten from the rebranding and it sounds like you you could now do an on demand platform. I wasn't aware that could do that yet. With your platform. Is that Is that a little bit of an update on this call?

48m 29s

Yes. So let me clarify there. So we're going to be offering on demand instances through a partner. So we do not yet have our on demand platform live. That's I don't want to to kick I don't want to pontificate on when that will be, but we're looking definitely ended this year, early next year for our on demand platform. So we'll be leveraging a third party to put those instances into an on demand pool And in terms of the response on the rebrand, it's been really positive. I think the way that we're positioning our offering is really well received. We've had more demand than than we've had than we've been able to capture due to lack of supply.

49m 15s

Being live, which is a champagne problem. So we're really excited about how the rest of this year is going to go.

49m 23s

All right. Perfect. Thanks guys. [indiscernible] And the next question will come from Kevin Eady with H. Wainwright.

49m 35s

Hi, Kevin.

49m 38s

Hey, Sam.

49m 39s

Great to talk to you. Thanks for having me on. Let me echo Georgia's sentiments, impressive array of opportunity.

49m 47s

I think as I take a step back and look at it though, Sam, it's hard to get arms around all the moving parts that you have, obviously. And I think that's what most people have been asking about. Beyond that, is the equipment, I know you referenced tariffs, but I guess what I'm wondering is how comfortable are you in the sourcing the infrastructure equipment you're going to need to support all these all this effort, number one. And number two, is there a contract recourse for Cerebrus or for the eventual tenant of Montreal two?

50m 31s

To push back on the contract if you're not able to deliver on time. [indiscernible] there are three things you mentioned there. There are a lot of moving parts. Of our story in our business. I think that sometimes that's a weakness and not a strength. Because we have a lot of great things happening. And so we're not exactly a one trick pure play Bitcoin miner. So we're not a one trick pony. We're doing a lot of different good things on different fronts. So sometimes that that story and that narrative gets a little bit lost.

51m 5s

So we appreciate when analysts tease out every all the moving parts and provide a good report in terms of like the information of what's happening with respect to our businesses. So just a wanted to comment on that initial statement you made.

51m 20s

Your second question, is it more on the financing side or on the operation the logistics potential disruption of tariffs. Just wanted to understand if you're looking at it from an equipment sourcing perspective or financing sourcing perspective?

51m 38s

More on the equipment side, [indiscernible] mean, obviously, all the demand that you're seeing is echoed throughout the Yes. So that's the question, right? Will you be able to source Are you comfortable there?

51m 57s

And then there's a recourse for your potential tenants?

52m 1s

Yes. Billy is going to give an to that. But just before he does, I do want to mention, one of the main reasons we acquired Enevim and that team is because they've been doing this their entire careers and have established logistics supply systems and contingencies So none of this is it's just not their first rodeo. And that's why it was really important for us not to not just to acquire that Tier three data center, but really the team and the pipeline. Because they know what they're doing. And frankly, before we acquired them, we didn't know what we were doing in colocation services. And I salute the others who are trying it for the first time, but we just didn't have that courage and that's why we acquired that team. Because they know what they're doing. So anyway, Bit having said that, I would love to turn it to Billy to answer the question more deeply.

52m 54s

Thanks, Sam.

52m 56s

So the equipment for the two five megawatt deployments that we have coming online has all been secured Some of it has actually delivered. A large portion of it is in the production line right now to be delivered within the next thirty to sixty days. Equipment for remainder of 2025 We have purchase orders out, deposits on equipment for the 20 or so megawatts that we forecasted for the remainder of 2025. So we're very confident on that. And we're looking to place orders for deliveries on equipment in 2026 right now. On equipment that's site agnostic. So stuff like generators, HVAC equipment, battery equipment, even though we have sites that are under exclusivity LOI that we plan on closing on. Very shortly. The equipment has already been pre ordered. And to answer your other question, the two clients that are coming online in the next quarter or early third, are do not have recourse because of our confidence in delivering. I mean, we have the equipment We've secured the sites. [indiscernible] construction has begun. So there is no recourse for these clients if we do not meet the expected delivery date.

54m 33s

Thanks very much, Bill. I appreciate Bit, Sam. On the On the Bitcoin mining side, you teased us a little bit with a three extra hash target.

54m 42s

I guess what I'm wondering is why you would even bother? So that's like one question. The other one is on Boosteroid.

54m 51s

I understand that your if I have Bit correct, that is that you're leasing your leasing space in order to host them.

55m 2s

And I'm wondering how you've seen that pricing dynamic change, say, I don't know, over the past six months that you've been working with them?

55m 15s

Sure.

55m 16s

With respect to two questions. The first question is why bother with our Bitcoin mining business? And the other question is the as the passes of time has gone on with respect to our relationship with Boosteroid? Is that correct? [indiscernible] the involvement in Bitcoin mining. I do understand Bit, but why would you boost from 2.5 or 2.6 to three? It just doesn't seem to correlate with all the other opportunities you have?

55m 50s

I mean, look, that's a good question. Our priority is the HPC business. There is no doubt That's where our business is. We think three is somewhat of an arbitrary number. We do think there is magic in the number three. But Bit also we also don't want to give up on our Bitcoin mining business. We believe in the thesis of Bitcoin especially these days with the institutionalization of Bitcoin at the Fed level and increasingly with financial and institutions. And so we are actually really excited in the future to talk a little bit more about digital assets and what we will be doing on that front. But for the time being, we believe that when you're mining Bit, you're getting that at a discount to open markets. And that is an important thing to do. But we're not going to expand for expansion sake. We're optimizing our fleet. We're making it lean. We're reducing costs. And the methods that I talked about earlier today. With respect to Boostroid, your question is kind of not clear to me. You're asking how has pricing changed during the course of of time? Is that it wasn't clear?

57m 9s

I think Bit asked for.

57m 12s

I can just interject Kevin. I mean, the way that contract is structured, it's not like our traditional cloud services. It's structured effectively as an equipment lease. Which basically means all the data center expenses are effectively pass throughs or more specifically we're not even billed. So it's pretty agnostic Like, say, directly pay the data center cost.

57m 44s

Thank you.

57m 45s

Kevin.

57m 49s

And the next question will come from Greg Pendy with Clear Street.

57m 54s

Hi, Greg. Thanks for taking my question. In for Brian Dobson. But just I guess a question, you're one of the only only companies out there that I'm aware of that has deployed Ethereum staking yield strategy. But we're hearing from a lot of the other miners and you said earlier, you're going to remain committed to having some Bit mining at least for now. But how are you evaluating the yield strategies that some of the pure play Bit miners are looking to do on their hodl balance. And would that shift, are you still going to very comfortable with staking Ethereum to get yield off the coin? Thanks.

58m 35s

Yes.

58m 35s

Well, the yield on Ethereum is higher than Bitcoin. Bitcoin, there is no is no real yield. There is the yield on Ethereum But we are we want to talk about the future of digital assets and our strategy on that. In the medium term future. I don't want to say too much about it right now. But we do believe that there is a very bright future with digital assets We've seen as mentioned earlier with Kevin, that Bit is now an accepted part of the DNA of the financial structure of The United States They're also now creating a digital asset stockpile for the long tail of other coins. I would imagine that will include Ethereum once once that's announced. There are many technologies out there outside of Bit with respect to Ethereum and other coins that are really worth looking at and also provide staking value and have their own merits And that's something we could get into in the medium term future. But for the time being, we're focused on white fiber, which includes our colocation services with Billy and our cloud business with Ben. Okay. Thanks.

59m 56s

And then just one more real quick one. Just we all we're hearing from a lot of people that the demand for HBC is out there, but how important is the locations specifically near the metro areas? Because there's a lot of other miners out there that are teasing the idea of pivoting maybe some of their AXA hash to HPC. But just from your discussions and what you're seeing in the environment, can you get more specific on what's drawing people? Is it location? Is it near metro areas or even near specific climate areas that are drawing people?

1h 34s

Yes. Billy will certainly offer a more technical answer than mine, but clearly there is business that we have won and there are there are certain requirements particularly on the inference side that require low latency which means you have to be in cities or near cities in order provide for such clients. And so we've always taken that view for a long time. Our thesis is proving correct. We understand that other Bit miners are building and in different places and we salute them and they're we hope we wish them the best. But with respect to our strategy, prefer to have our Tier three data centers in metropolitan areas or near them particularly with respect to inference. And it's one of the reasons why, frankly, one businesses like Cerebras. But Billy, do you have anything more to add to to that? I'm sure you do.

1h 1m 33s

I'm not a my technical powers is not a good as yours when it comes to this.

1h 1m 39s

Well, we look for sure we prefer urban markets, because latency is very important. In these types of installations. But I mean the markets that we're looking at price per square foot is not in the high to extreme ranges. We always look for locations. We try to balance out their locations. That's very helpful. Thanks a lot.

1h 2m 7s

And the next question will come from Joe Gomez with Noble Capital. Hey, Hi, Joe.

1h 2m 14s

Good morning. Thanks for taking my questions.

1h 2m 19s

So I just wanted to circle back here to something you said, Sam. It sounds like given where the stock is, you're going to turn the ATM off And last year you guys raised over $240,000,000 from that. And just kind of want to get your thoughts that you're comfortable that you can finance through other means that type of capital going forward here? [indiscernible] current levels, there is no desire to tap into the ATM. And frankly, we don't want to. We don't. We Bit hurts us as shareholder owners, which is where we are. To dilute the shareholding. And we one of the reasons why we decided to to pivot and expand and aggressively pursue the HPC HPC business through cloud, through colocation services? Is that it is a much easier path to take on debt. Bitdigital has had historically zero debt in the past. And the reason is because when you take on debt, you can't if you take on debt for bitcoin mining, you can't model out your future cash flows. Unless you're using a different type of Excel spreadsheet that I'm used to. You just can't predict the future cash flows because you don't know where the price of Bitcoin is going to be.

1h 3m 51s

So when Bit miners are taking on debt to finance their expansion it's a wild gamble and that didn't exactly turn out very good for many Bit miners. So we never took on debt historically. And most Bitcoin miners, they realize the risk of taking on debt there too and they are aggressive with their ATM.

1h 4m 14s

We decided if we're going to go towards a business that's non cyclical, and we can tap into non dilutive sources of capital in other words, not touch the ATM, and which is exactly what we're doing now. Particularly on the data center side, for example, we already have a very attractive term sheet from a Canadian bank lender where the terms are incredible and we don't have to use the ATM if that's the kind of financing terms that we can do. And it's easier to use those sources of financing because you can model future cash flows future cash flows it comes to the cloud business. You can't do that with Bitcoin mining, which is why, as I said, have zero debt because we were Bitcoin miners and now we've become something very different. And that's why we're ready to take on debt at very attractive terms in order to expand our businesses that are growing exponentially. Great.

1h 5m 26s

Thanks for that. Great. Thanks for that. Financing is painful, Joe. But I mean, if you look at the platform we Bit in 2024, I mean, we feel very good about that. So I think it was a very good use of funds and near term as a source of funds, we would likely opt to sell some digital assets before equity.

1h 5m 49s

Okay. Appreciate that color. Thanks guys.

1h 5m 55s

Good question. Tough one, but happy to answer it.

1h 6m

Thank you. And that does conclude the question and answer session. I'll now turn the conference back over to you.

1h 6m 8s

Well, thank you very much, ladies and gentlemen. This concludes the call for Bit Digital. We look forward to the next quarterly call. Stay tuned for some more very interesting that's it. Thank you so much. Have a great day.

1h 6m 26s

And that does conclude today's call We do thank you for your participation. Have an excellent day.

Key Insights

Revenue Growth and Diversification: Bit Digital reported a 141% revenue increase in 2024, reaching $108 million. The cloud services segment, launched in 2024, generated $45.7 million, contributing significantly to the company's growth. Colocation services, acquired through the Envem acquisition, added $1.4 million in revenue since October 2024.
HPC Expansion and Strategic Initiatives: The company launched WhiteFiber, an HPC platform integrating GPU cloud services and data center operations. Cloud services are expected to reach a $72 million run rate by late March 2025, with additional ARR of $15 million and $25 million anticipated from new GPU deployments later in the year.
Colocation Business Growth: The acquisition of Envem added a Tier 3 data center and a strong customer base. The Montreal Two site is under development, expected to go live in mid-2025 with a five-megawatt capacity. A partnership with Cerebras will add another five-megawatt deployment, with significant potential for future expansion.
Bitcoin Mining Optimization: Mining revenue accounted for 54% of total revenue in 2024 but is no longer the primary focus. The company is optimizing its fleet and targeting a hash rate of 2.5 exahash by May 2025, with minimal capital allocated for expansion.
Financing Strategy: Bit Digital is shifting away from equity issuance due to current stock valuations and is exploring non-dilutive financing options, including commercial mortgage financing for data centers and vendor financing for GPU procurement. The company remains debt-free but is prepared to take on debt for its HPC business under favorable terms.

Recent Transcripts

Revenues surged 141% with strategic HPC growth and successful Innovium acquisition.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$21M	$96M	$32M	$45M	$164M
Cost of Revenue	$14M	$31M	$20M	$30M	$62M
Gross Profit	$7M	$65M	$12M	$15M	$101M
Gross Profit %	33%	68%	37%	34%	62%
R&D Expenses	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Revenue

$21M

$96M

$32M

$45M

$164M

Cost of Revenue

$14M

$31M

$20M

$30M

$62M

Gross Profit

$7M

$65M

$12M

$15M

$101M

Gross Profit %

33%

68%

37%

34%

62%

R&D Expenses

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	$1.9M	$4.9M	-$105M	-$14M	$28M
Dep. & Amort.	$3.3M	$13M	$28M	$14M	$32M
Def. Tax	-$456K	$404K	-$404K	$0	$2.3M
Stock Comp.	$456K	$22M	$2.3M	$9.1M	$9.9M
Chg. in WC	-$9.1M	-$76M	$32M	$48M	$0

2020

2021

2022

2023

2024

Net Income

$1.9M

$4.9M

-$105M

-$14M

$28M

Dep. & Amort.

$3.3M

$13M

$28M

$14M

$32M

Def. Tax

-$456K

$404K

-$404K

$2.3M

Stock Comp.

$456K

$22M

$2.3M

$9.1M

$9.9M

Chg. in WC

-$9.1M

-$76M

$32M

$48M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$405K	$42M	$33M	$17M	$95M
ST Investments	$6.3M	$29M	$626K	$47M	$411K
Cash & ST Inv.	$6.7M	$42M	$33M	$65M	$96M
Receivables	$0	$0	$736K	$14M	$5.3M
Inventory	$1.9M	$0	$2.4M	$1M	$0

2020

2021

2022

2023

2024

Cash

$405K

$42M

$33M

$17M

$95M

ST Investments

$6.3M

$29M

$626K

$47M

$411K

Cash & ST Inv.

$6.7M

$42M

$33M

$65M

$96M

Receivables

$736K

$14M

$5.3M

Inventory

$1.9M

$2.4M

$1M

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Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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News & Market InsightsNews & Market Insights
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RelatedRelated
EarningsEarnings
Income StatementIncome Statement
Cash FlowCash Flow
Balance SheetBalance Sheet

Earnings

Report Date

Mar 14, 2025

Reported Revenue

81.8M

Avg 1d Change

9.36%

Report Period

Q4 2024

Reported EPS

-0.11

Implied Move 1d

12.17%

Transcript

3m 31s

4m 2s

4m 47s

HPC revenue made up over 40% of full year revenue and more than half of Q4 revenue.

4m 56s

The Envem acquisition was a major leap forward.

6m 20s

7m 10s

This segment contributed 50% of total revenue in Q4 and 64% of gross profit.

7m 19s

7m 55s

Going forward, as we own more GPUs outright, or deploy more traditional financing structures we expect margins to expand.

8m 7s

We currently have nine active customers in our cloud segments of Whitefiber. The majority are running single digit servers with annualized revenue or ARR below 1,000,000.

8m 22s

8m 45s

9m 23s

When we deploy five twelve B200 GPUs for our anchor customer. And separately, we received our first five twelve V200 GPUs. Which are being deployed in Iceland.

9m 39s

10m 27s

11m 4s

Also, since Deepseek we've seen renewed enthusiasm for H100s and H200s because one can do less with more.

11m 14s

12m 41s

13m 20s

14m 25s

Turning to our colocation service segment of Whitefiber.

14m 32s

15m 55s

16m 24s

The property was well suited and includes transferable HVAC infrastructure.

16m 31s

17m 18s

19m 13s

19m 59s

Beyond Montreal two, our development pipeline has expanded significantly. Now totaling five ten megawatts. Including 156 megawatts under exclusive LOI.

20m 15s

21m 50s

22m 28s

23m 22s

24m 36s

25m 6s

25m 29s

Our strategy remains unchanged.

25m 32s

26m 6s

I'll now hand over the line to Eric who will discuss our financial results.

26m 14s

26m 46s

27m 28s

29m 15s

29m 50s

GAAP earnings per share was $0.19 for 2024, on a fully diluted basis. Compared to a loss of $0.16 in 2023.

30m 4s

31m 8s

Thank you, Eric.

31m 10s

Before we open the line for questions, I want to touch on the broader trends that we're seeing across our business.

31m 19s

31m 43s

This demand stands in stark contrast to broader market sentiment.

31m 50s

32m 31s

Executing our strategy expanding our infrastructure and positioning our business for long term value creation.

32m 42s

We believe we are well on our way.

32m 47s

A key advantage for our model is the synergistic nature of our colocation and cloud business.

32m 57s

These segments are complementary serving different stages of the AI infrastructure value chain with distinct earnings profile and payback periods.

33m 11s

Colocation provides long term contracted revenue streams.

33m 18s

Cloud services offer high margin shorter duration contracts with greater flexibility. Together, they create a durable and diversified cash flow that supports sustainable growth.

33m 37s

33m 59s

34m 31s

34m 46s

For our cloud services business, we are also exploring vendor financing and leasing structures to optimize our GPU investments.

34m 57s

Given the rapid evolution of AI hardware, we are structuring our GPU procurement strategy to balance growth and risk management. We are seeing compelling opportunities to scale.

35m 12s

And our approach ensures that we remain nimble while preserving capital efficiency.

35m 21s

35m 42s

With that, I would like to open the line for some questions.

35m 46s

As a note, we have Billy Krasopoulos, who leads our data center business.

35m 52s

And Ben Lampson, Head of Revenue for WhiteFiber. On the line, for some Q and A. If you would like to oh, I'm sorry, go ahead.

36m 8s

No, I was just suggesting that we should open the line for some Q and A now. Thank you.

36m 12s

Thank you. And our first question will come from Mike Grundahl with Northland Securities. Hey guys, thanks. First question is just on cloud services.

36m 46s

37m 9s

Okay.

37m 11s

D and A Funds.

37m 12s

37m 58s

So we have [indiscernible] go ahead.

38m 3s

Great.

38m 4s

38m 36s

Yes.

38m 37s

I would love to pass you over to Ben who heads our revenue for that division. Ben?

38m 45s

39m 25s

But in the short term, we expect demand to be so high that we may choose to keep those on demand for a much higher price per hour.

39m 35s

40m 35s

Great. Okay. And then just one more.

40m 38s

41m 1s

41m 27s

Got it.

41m 30s

42m 4s

42m 27s

And the next question will come from Nick Giles with B. Riley. Thank you, operator. Good morning, everyone.

42m 36s

43m 11s

43m 58s

Billy, that's very helpful. And so maybe just a follow-up on that. How much of this would be included in your 56 megawatts of exclusive LOI capacity?

44m 15s

This is about 90% of that. Right now.

44m 25s

Got it. Okay, that is.

44m 29s

Okay, great. That's very helpful.

44m 32s

44m 59s

45m 47s

Guys, I'll turn it over for now, but keep up the good work. Thank you.

45m 54s

And the next question comes from George Sutton with Craig Hallum.

46m

Thank you and an impressive range of opportunities in front of you.

46m 4s

46m 22s

With respect to the mortgage financing, I think you're referring to?

46m 26s

47m 23s

48m 29s

49m 15s

Being live, which is a champagne problem. So we're really excited about how the rest of this year is going to go.

49m 23s

All right. Perfect. Thanks guys. [indiscernible] And the next question will come from Kevin Eady with H. Wainwright.

49m 35s

Hi, Kevin.

49m 38s

Hey, Sam.

49m 39s

Great to talk to you. Thanks for having me on. Let me echo Georgia's sentiments, impressive array of opportunity.

49m 47s

50m 31s

51m 5s

51m 20s

51m 38s

51m 57s

And then there's a recourse for your potential tenants?

52m 1s

52m 54s

Thanks, Sam.

52m 56s

54m 33s

Thanks very much, Bill. I appreciate Bit, Sam. On the On the Bitcoin mining side, you teased us a little bit with a three extra hash target.

54m 42s

I guess what I'm wondering is why you would even bother? So that's like one question. The other one is on Boosteroid.

54m 51s

I understand that your if I have Bit correct, that is that you're leasing your leasing space in order to host them.

55m 2s

And I'm wondering how you've seen that pricing dynamic change, say, I don't know, over the past six months that you've been working with them?

55m 15s

Sure.

55m 16s

55m 50s

57m 9s

I think Bit asked for.

57m 12s

57m 44s

Thank you.

57m 45s

Kevin.

57m 49s

And the next question will come from Greg Pendy with Clear Street.

57m 54s

58m 35s

Yes.

58m 35s

59m 56s

1h 34s

1h 1m 33s

I'm not a my technical powers is not a good as yours when it comes to this.

1h 1m 39s

1h 2m 7s

And the next question will come from Joe Gomez with Noble Capital. Hey, Hi, Joe.

1h 2m 14s

Good morning. Thanks for taking my questions.

1h 2m 19s

1h 3m 51s

1h 4m 14s

1h 5m 26s

1h 5m 49s

Okay. Appreciate that color. Thanks guys.

1h 5m 55s

Good question. Tough one, but happy to answer it.

1h 6m

Thank you. And that does conclude the question and answer session. I'll now turn the conference back over to you.

1h 6m 8s

1h 6m 26s

And that does conclude today's call We do thank you for your participation. Have an excellent day.

Key Insights

Revenue Growth and Diversification: Bit Digital reported a 141% revenue increase in 2024, reaching $108 million. The cloud services segment, launched in 2024, generated $45.7 million, contributing significantly to the company's growth. Colocation services, acquired through the Envem acquisition, added $1.4 million in revenue since October 2024.
HPC Expansion and Strategic Initiatives: The company launched WhiteFiber, an HPC platform integrating GPU cloud services and data center operations. Cloud services are expected to reach a $72 million run rate by late March 2025, with additional ARR of $15 million and $25 million anticipated from new GPU deployments later in the year.
Colocation Business Growth: The acquisition of Envem added a Tier 3 data center and a strong customer base. The Montreal Two site is under development, expected to go live in mid-2025 with a five-megawatt capacity. A partnership with Cerebras will add another five-megawatt deployment, with significant potential for future expansion.
Bitcoin Mining Optimization: Mining revenue accounted for 54% of total revenue in 2024 but is no longer the primary focus. The company is optimizing its fleet and targeting a hash rate of 2.5 exahash by May 2025, with minimal capital allocated for expansion.
Financing Strategy: Bit Digital is shifting away from equity issuance due to current stock valuations and is exploring non-dilutive financing options, including commercial mortgage financing for data centers and vendor financing for GPU procurement. The company remains debt-free but is prepared to take on debt for its HPC business under favorable terms.

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