Bit Digital Reports Mixed Q2 Results: EPS Miss, Revenue Up 80%

Bit Digital, Inc. (NASDAQ:BTBT) reported its second-quarter financial results Monday after the closing bell. Here’s a look at the details from the report.

The Details: Bit Digital reported quarterly losses of nine cents per share, which missed the analyst consensus estimate of losses of three cents per share.

Quarterly revenue came in at $29 million, beating the analyst consensus estimate of $26.09 million by 11.16% and representing a 220.87% increase year-over-year. The company said the increase was primarily driven by the commencement of its high-performance computing services (HPC) business and by a higher realized Bitcoin (CRYPTO: BTC) price.

Revenue from Bitcoin mining was $16.1 million for the second quarter of 2024, an 80% increase compared to the prior year’s quarter.

The company earned 244.2 Bitcoins, 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.

Bit Digital earned 109.4 Ethereum (CRYPTO: ETH) from native staking in the quarter. Treasury holdings of Bitcoin and Ethereum were 585.6 and 27,226.21, respectively, with a fair market value of approximately $36.7 million and $93.5 million on June 30, 2024, respectively.

“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,” Bit Digital said in its earnings press release.

The company will host a conference call at 10 a.m. E.T. Tuesday to discuss its second-quarter results.

What Else: Bit Digital also announced that it has signed a binding term sheet with Boosteroid Inc., a new customer for its high-performance computing (HPC) business.

Boosteroid will place an initial purchase for a starting quantity of GPU servers with a five-year service duration which is expected to generate approximately $13 million in revenue to Bit Digital over the five-year term.

The company said the entire 50,000 GPU deployment represents an aggregate revenue opportunity to Bit Digital in excess of $700 million over the five-year term, depending on the deployment plan and subject to market conditions.

BTBT Price Action: According to Benzinga Pro, Bit Digital shares are up 0.66% after-hours at $3.01at the time of publication Monday.

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