Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, primarily due to the April 2024 halving event and increased network difficulty [19][20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [19][20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, compared to a positive $58.5 million in Q1 2024, primarily due to a $49.2 million mark-to-market loss on digital asset holdings [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year, with production declining 80% to 83 bitcoins for the quarter [5][6] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [22] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [7] - The market value of digital asset positions appreciated on a mark-to-market basis, with Bitcoin prices increasing by 25% and Ethereum by 40% since the quarter end [25] Company Strategy and Development Direction - The company is focusing on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [8][12] - The company is pursuing nondilutive financing structures to support the expansion of its HPC platform and has initiated the process for commercial mortgage financing in the US [27][29] - The company is actively evaluating over 500 megawatts of potential capacity across Canada and the US, focusing on retrofitting existing sites [52][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to the halving event and increased competition but expressed confidence in the growth of cloud services [6][8] - The management is optimistic about securing large contracts with annualized revenue potential above $100 million, reflecting the strength of the platform built through disciplined investment [12] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and support growth initiatives [29][30] Other Important Information - The company held $57.6 million in cash and cash equivalents and $3.7 million in restricted cash as of March 31 [25] - The company remains debt-free and spent approximately $65 million on capital expenditures during the quarter, primarily on GPUs and data center infrastructure [26] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebranding has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [33][34][35] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from both hyperscalers and medium-sized NeoClouds, with updates expected in the coming months [38][40] Question: Delay in customer contract start date - The delay was due to internal product development schedule changes, but the company has options to utilize GPUs for other contracts if necessary [43][44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity in both regions, focusing on retrofitting existing sites for efficiency [51][52][53] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [58][62] Question: Gross margin profile and GPU procurement strategy - The company aims to increase margins through long-term contracts and strategic procurement aligned with customer demand [70][78]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $25.1 million, a 17% decrease year over year and slightly below the $26.1 million reported in Q4 2024 [19] - Bitcoin mining revenue was $7.8 million, down 64% year over year and 26% sequentially, reflecting the impact of the April 2024 halving event and increased network difficulty [20] - Cloud services revenue increased 84% year over year and 14% sequentially to $14.8 million, supported by new contracts [20] - Gross profit was $12.3 million, representing a total gross margin of 49%, compared to 47% in the same quarter last year [21] - Adjusted EBITDA was negative $44.5 million, primarily due to a $49.2 million mark to market loss on digital asset holdings [23] - GAAP net loss per share was $0.32, compared to earnings of $0.43 per share in Q1 2024 [24] Business Line Data and Key Metrics Changes - Mining segment revenue decreased 64% year over year and 26% sequentially, with production declining 80% year over year to 83 bitcoins [5][20] - Cloud services gross margin expanded to 59% from 52% in the previous quarter, reflecting improved utilization and scale [21] - Colocation services gross margin improved modestly to 67% [21] Market Data and Key Metrics Changes - Active Hash rate stood at approximately 1.5 exahash, with fleet efficiency at approximately 24.5 joules per terahash [6] - The market value of digital asset positions appreciated on a mark to market basis, with Bitcoin and Ethereum prices increasing by 25% and 40% respectively since the quarter end [24] Company Strategy and Development Direction - The company is focused on investing in data center build-out and cloud services, with a strategy to secure multiyear contracts with creditworthy counterparties [11][12] - The company aims to pursue nondilutive financing structures to support the expansion of its HPC platform [26] - The acquisition of a 95-acre property in North Carolina is intended for data center development, with a robust pipeline of over 500 megawatts of potential capacity under evaluation [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the mining segment due to market conditions but expressed confidence in the growth of cloud services and colocation segments [5][19] - The company remains optimistic about securing large contracts with annualized revenue potential above $100 million [11] - Management emphasized the importance of maintaining a strong liquidity position to build trust with customers and execute growth strategies [28] Other Important Information - The company raised approximately $10 million through its ATM program during the first quarter and an additional $48 million subsequent to the quarter end [27] - The company sold approximately $32 million worth of Bitcoin holdings during the quarter to help fund growth [28] Q&A Session Summary Question: Update on white fiber rebranding and platform initiatives - The rebrand has been well received, with positive feedback on the new website and upcoming first-to-market technology announcements expected soon [32][33] Question: Demand from hyperscalers and enterprise users - Strong demand is observed from hyperscalers and medium-sized NeoClouds for capacity, with updates expected in the coming months [40] Question: Reason for customer contract start date shift - The shift in start date was due to internal product development schedule changes, and the company is prepared to utilize the GPUs for other contracts if necessary [44][47] Question: Expansion in the US versus Canada - The company is evaluating over 500 megawatts of potential capacity across both Canada and the US, focusing on retrofitting existing sites for efficiency [52][54] Question: Balancing equity issuance and liquidating investments - The company maintains flexibility with its ATM program while balancing equity issuance with selling digital assets to fund growth responsibly [60][62] Question: Gross margin profile changes and GPU procurement strategy - The company aims to increase margins by spreading operating lease costs over a larger revenue base and continues to minimize speculative procurement risks [71][78]

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分组1 - Bit Digital, Inc. reported a quarterly loss of $0.05 per share, aligning with the Zacks Consensus Estimate, compared to earnings of $0.03 per share a year ago [1] - The company posted revenues of $25.11 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.22%, and down from $30.29 million year-over-year [2] - Bit Digital shares have declined approximately 27% since the beginning of the year, while the S&P 500 has gained 0.2% [3] 分组2 - The earnings outlook for Bit Digital is mixed, with the current consensus EPS estimate at -$0.02 on revenues of $35.46 million for the coming quarter, and -$0.04 on revenues of $158.34 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the top 20% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8]

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Acquisitions and Expansions - The company acquired Enovum Data Centers Corp on October 11, 2024, which includes a fully operational 4 MW Tier-3 data center hosting over 5,000 GPUs for 14 customers[234]. - A new 5 MW Tier-3 data center expansion project (MTL-2) near Montreal was acquired for CAD $33.5 million (approximately USD $23.3 million), with an expected investment of USD $19.3 million to meet Tier-3 standards, operational by Q3 2025[235]. - A lease for a new data center site (MTL-3) in Saint-Jerome, Quebec, was executed with a 20-year term and development costs expected to total approximately USD $40 million, targeting completion by late Q3 2025[237]. Agreements and Contracts - The company entered a five-year colocation agreement with Cerebras Systems to provide 5 MW of data center infrastructure, expected to be fulfilled at MTL-3 or another site[236]. - The company signed a binding term sheet with a customer for 2,048 GPUs, targeting total revenue of approximately $150 million over three years, or about $50 million annually[242]. - A Master Services and Lease Agreement was finalized for 2,048 GPUs, with an estimated total contract value exceeding $50 million in annualized revenue[243]. - A new agreement was entered to supply an additional 464 GPUs for $15 million of annualized revenue, with a deferred start date until August 20, 2025[245]. - A Master Service Agreement with Boosteroid Inc. was executed for 489 GPUs, projected to generate approximately $7.9 million in contracted value, with potential expansion up to 50,000 servers worth approximately $700 million[246]. - The Company finalized a service agreement to supply cloud services worth more than $50 million in annualized revenues, with an initial contract for 2,048 GPUs[371]. - A Master Services Agreement with DNA Fund includes a minimum purchase commitment of 32 GPUs and a total of 576 H200 GPUs over a 25-month period, representing an aggregate revenue opportunity of approximately $20.2 million[375]. Mining Operations - The company commenced its bitcoin mining operations in February 2020 and has focused on accumulating digital assets for potential sale or exchange[257]. - The company has chosen to acquire miners on the spot market to mitigate long delivery lead times, aiming to mine bitcoins quickly given their fixed supply[258]. - The company deployed an additional 1,441 miners during Q1 2025, resulting in an active hash rate of approximately 1.5 EH/s[264]. - The total contracted hosting capacity with Coinmint increased to approximately 46 MW as of January 2024[270]. - The company entered into a Master Mining Services Agreement with Blockbreakers for 4 MW of additional mining capacity, bringing total contracted capacity with them to approximately 9 MW[266]. - The company has secured a strategic co-location agreement with Soluna Computing for up to 6.6 MW, with a profit share of 35%[280]. - The company has a co-mining agreement with Digihost, providing approximately 6.0 MW of capacity, with Digihost entitled to 30% of the net profit[273]. - The company has a loan agreement with GreenBlocks for up to $5 million to finance miners with a capacity of 8.25 MW in Iceland[274]. - The company has a total contracted hosting capacity with Soluna of approximately 17.6 MW as of March 31, 2025[281]. - The company has entered into hosting agreements with A.R.T. Digital Holdings for a total capacity of 19 MW, with profit shares ranging from 19.75% to 40%[283]. Financial Performance - For the three months ended March 31, 2025, the company recognized revenue of $7.8 million from bitcoin mining services, a decrease of $14.1 million or 64.5% compared to $21.9 million for the same period in 2024[294][303]. - Cloud services revenue increased by $6.8 million, or 83.9%, to $14.8 million for the three months ended March 31, 2025, compared to $8.1 million for the same period in 2024[296]. - The company generated $1.6 million in revenue from colocation services for the three months ended March 31, 2025, compared to $0 for the same period in 2024[299]. - The net loss for the three months ended March 31, 2025, was $57.7 million, compared to a net income of $50.1 million for the same period in 2024, reflecting a variance of $107.8 million[294]. - The company reported a net loss of $57.7 million for the three months ended March 31, 2025, a change of $107.8 million from a net income of $50.1 million in the same period of 2024[334]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(44.5) million, compared to $58.5 million for the same period in 2024, indicating a significant decline in operational performance[361]. - The company incurred a loss of $49.2 million on digital assets for the three months ended March 31, 2025, compared to a gain of $45.7 million in the same period of 2024[331]. Asset Management - The company's total assets decreased by $52,999,090 to $485,248,574 as of March 31, 2025, compared to $538,247,664 as of December 31, 2024[336]. - The company's cash and cash equivalents decreased by $37,646,324 to $57,555,011 as of March 31, 2025, compared to $95,201,335 as of December 31, 2024[336]. - The balance of accounts receivable decreased to $2.5 million as of March 31, 2025, down from $5.3 million as of December 31, 2024, attributed to paid invoices from customers[339]. - The balance of digital assets decreased by $82.3 million to $XX million as of March 31, 2025, primarily due to exchanges of bitcoins into cash and USDC, and a change in fair value of $49.2 million[342]. - The current and non-current portion of deferred revenue decreased to $21.2 million and $0.1 million, respectively, as of March 31, 2025, down from $30.8 million and $0.1 million as of December 31, 2024, reflecting a recognition of $11.1 million in revenue[355]. - Working capital decreased to $139.8 million as of March 31, 2025, from $241.8 million as of December 31, 2024, reflecting a reduction in liquidity[362]. Operational Changes and Future Outlook - The company anticipates long-term operational improvements despite potential short-term decreases in mining output due to strategic changes in hosting partnerships[261]. - The ability to generate revenue from digital asset production is subject to various risks, including regulatory and market volatility[377]. - The company may need to raise additional capital to fund operations and pursue its business strategy, which could involve risks and uncertainties[376][377]. - The company expects to continue to opportunistically invest in miners to increase its hash rate capacity[304]. Ethereum Operations - The company initiated Ethereum staking operations in the fourth quarter of 2022 and has since transitioned to partnerships with various service providers for staking activities[289][306]. - The company has ceased all liquid staking activities as of the first quarter of 2024, reclaiming all staked Ethereum[308]. - For the three months ended March 31, 2025, the company earned 211.0 ETH in native staking, resulting in revenues of $560,641, an increase of $239,398 or 74.5% from $321,243 in the same period of 2024[310][312]. - The company's revenues from ETH liquid staking decreased by $4,503, or 100%, to $nil due to the termination of liquid staking activities in the first quarter of 2024[313]. - The cost of revenue from the ETH staking business increased by $16,135, or 98%, driven by an increase in staked ETH from 3,008 ETH to 21,568 ETH[326].

Company Performance - Bit Digital, Inc. (BTBT) closed at $2.08, showing no change from the previous day, while outperforming the S&P 500's daily loss of 0.07% [1] - The company's shares increased by 20.23% over the past month, surpassing the Business Services sector's gain of 16.17% and the S&P 500's gain of 13.74% [1] Upcoming Earnings - The upcoming earnings report for Bit Digital, Inc. is scheduled for May 15, 2025, with an expected EPS of -$0.05, reflecting a 266.67% decline compared to the same quarter last year [2] - Revenue is projected at $26.21 million, indicating a 13.46% decrease from the same quarter last year [2] Full Year Estimates - For the full year, analysts expect earnings of -$0.04 per share and revenue of $158.34 million, representing changes of +85.71% and +46.54% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Bit Digital, Inc. are important for investors, as positive revisions can indicate a favorable business outlook [4] - The Zacks Rank system, which reflects these estimate changes, provides actionable insights for investors [5] Zacks Rank and Industry Performance - Bit Digital, Inc. currently holds a Zacks Rank of 3 (Hold), with a recent consensus EPS projection moving 100% lower [6] - The Technology Services industry, part of the Business Services sector, ranks in the top 26% of all industries, indicating strong performance potential [7]

Core Viewpoint - Bit Digital, Inc. is set to release its First Quarter 2025 results on May 15, 2025, with a follow-up conference call on May 16, 2025, to discuss the results [1][2]. Company Overview - Bit Digital, Inc. operates as a global platform for high-performance computing (HPC) infrastructure and digital asset production, headquartered in New York City [3]. - The company's HPC business functions under the WhiteFiber Inc. brand, with operations located in the US, Canada, and Iceland [3]. Upcoming Events - The earnings call will be accessible via a live webcast and conference call, scheduled for May 16, 2025, at 10:00 a.m. ET [1][2]. - A press release detailing the First Quarter 2025 earnings will be issued prior to the conference call and made available on the company's website [2].

Company Performance - Bit Digital, Inc. (BTBT) closed at $2.11, reflecting a +1.93% change from the previous session, outperforming the S&P 500's gain of 1.47% [1] - The stock has increased by 5.08% over the past month, contrasting with the Business Services sector's decline of 1.38% and the S&P 500's loss of 0.47% [1] Earnings Expectations - The upcoming earnings report is expected to show an EPS of -$0.05, a decline of 266.67% from the same quarter last year [2] - Revenue is forecasted to be $26.21 million, indicating a 13.46% decrease compared to the prior year [2] - Full-year estimates predict earnings of -$0.04 per share and revenue of $158.34 million, representing year-over-year increases of +85.71% and +46.54%, respectively [3] Analyst Estimates and Rankings - Recent adjustments to analyst estimates for Bit Digital, Inc. are crucial as they reflect changing business trends, with positive revisions indicating a favorable outlook [4] - The Zacks Rank system, which assesses estimate changes, currently ranks Bit Digital, Inc. at 3 (Hold), following a 100% fall in the Zacks Consensus EPS estimate over the past month [6] Industry Context - The Technology Services industry, part of the Business Services sector, holds a Zacks Industry Rank of 82, placing it in the top 34% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - Bit Digital, Inc. (BTBT) has been trending in stock searches, indicating potential interest and volatility in its stock performance due to recent developments and earnings estimates [1][2]. Earnings Estimate Revisions - For the current quarter, Bit Digital is projected to report a loss of $0.05 per share, reflecting a significant decline of -266.7% year-over-year. The Zacks Consensus Estimate has increased by +40% in the last 30 days [5]. - The consensus earnings estimate for the current fiscal year is -$0.04, showing an increase of +85.7% year-over-year, but has changed by -100% over the past month [5]. - For the next fiscal year, the consensus earnings estimate is $0.18, indicating a substantial increase of +525% compared to the previous year, although this estimate has decreased by -28.6% recently [6]. Revenue Growth Projections - The consensus sales estimate for the current quarter is $26.21 million, which represents a year-over-year decline of -13.5%. For the current and next fiscal years, the sales estimates are $158.34 million and $249.1 million, indicating increases of +46.5% and +57.3%, respectively [11]. Last Reported Results and Surprise History - In the last reported quarter, Bit Digital achieved revenues of $26.1 million, a year-over-year increase of +62.6%. The EPS was -$0.11, compared to -$0.02 a year ago. The revenue exceeded the Zacks Consensus Estimate by +5.21%, while the EPS fell short by -175% [12]. - Over the last four quarters, Bit Digital has surpassed consensus EPS estimates twice and revenue estimates three times [13]. Valuation - Bit Digital is graded B on the Zacks Value Style Score, indicating that it is trading at a discount compared to its peers. This assessment is based on various valuation metrics [17].