About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York, announced its unaudited digital asset production, HPC services revenue, and corporate updates for the month of November 2024.Corporate Highlights for November 2024 The Company had 266 servers (2,128 GPUs) actively generating revenue from its Bit Digital AI contracts, as of Nove ...

Bit Digital, Inc. (BTBT) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this company have returned +5%, compared to the Zacks S&P 500 composite's +3.8% change. During this period, the Zacks Technology Services industry, which Bit Digital falls in, has gained 29.3%. The key question now is: What could be the stock's future direction?While media rel ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was $22.7 million, a 96% increase compared to the prior year, driven by HPC business contributions and partially offset by decreased mining revenue [35][36] - Bitcoin production decreased by 59% year-over-year to 165.4 Bitcoins, despite more than doubling the hash rate growth [36] - Bitcoin mining revenue decreased by 11% from the prior year to $10.1 million, with higher Bitcoin prices partially offsetting the decrease in production [36] - Gross profit increased by 162% from the prior year to $7.2 million, with HPC services contributing significantly [38] - Adjusted EBITDA was negative $21.8 million for the quarter, compared to negative $2.9 million last year, influenced by unrealized losses on digital assets [40] Business Line Data and Key Metrics Changes - The HPC services business recognized $12.2 million in revenue during the quarter, marking its first full quarter of revenue generation [37] - The mining business faced challenges, with underwhelming margins due to increased electricity costs and network hash rate growth [27][30] - The company plans to high-grade its mining fleet to improve efficiency and reduce production costs [30][49] Market Data and Key Metrics Changes - The Bitcoin price has rallied about 50% compared to the Q3 average, while variable electricity costs have subsided from summer highs [27] - The network hash rate continues to grow, which will partially offset the benefits of higher Bitcoin prices [27] Company Strategy and Development Direction - The company has shifted its focus from being strictly a Bitcoin miner to embracing a longer-term strategic mindset, including the acquisition of Enovum to enhance HPC operations [6][7] - The acquisition of Enovum is seen as transformational, vertically integrating HPC operations and adding colocation as a new revenue line [8][9] - The company aims to reach a $100 million run rate revenue target for its HPC business by year-end 2024 [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the mining business but remains optimistic about the HPC sector's growth potential [27][51] - The company is exploring options for separating its HPC and digital assets businesses to unlock value and improve financing opportunities [101][52] - Management believes that the HPC business provides stable revenues, while digital assets offer potential for appreciation, creating a balanced approach [51] Other Important Information - The company plans to transition to a domestic filer and will file a 10-K for its 2024 annual results [43][56] - The balance sheet remains strong with approximately $106 million in cash and restricted cash, and total assets amounting to $376 million [42] Q&A Session Summary Question: Can you help bridge the revenue target for the GPU rental business? - Management is confident in reaching the $100 million annual run rate target by year-end, with term sheets and contributions from Enovum getting them close to the goal [60][61] Question: How should we think about average exahash for Q4 and beyond? - The company plans to return to around 3 exahash by the first half of 2025, with a cautious approach to fleet growth [67][68] Question: Can you provide details on the new HPC deals? - Management discussed three term sheets totaling around $20 million in annual revenue, with two already converted to MSAs [80][81] Question: Is there potential for separating the Bitcoin mining business? - Management sees separating the businesses as a viable way to unlock value, especially given the higher valuations for HPC compared to Bitcoin mining [101]

Bit Digital, Inc. (BTBT) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -233.33%. A quarter ago, it was expected that this company would post a loss of $0.03 per share when it actually produced a loss of $0.01, delivering a surprise of 66.67%.Over the last four quarters, the company has surp ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Exhibit 99.1 Bit Digital, Inc. Announces Third Quarter of Fiscal Year 2024 Financial Results NEW YORK, November 18, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a global platform for high- performance computing ("HPC") infrastructure and digital asset production headquartered in New York City, today announced its unaudited financial results for the Third Quarter ended September 30, 2024. Financial Highlights for the Third Quarter of 2024 Operational Highlights for the Third Quarter ...

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a global platform for high-performance computing ("HPC") infrastructure and digital asset production headquartered in New York City, today announced its unaudited financial results for the Third Quarter ended September 30, 2024.Financial Highlights for the Third Quarter of 2024                Total revenue was $22.7 million for the Third Quarter of 2024, a 96% increase compared to the Third Quarter of 2023. The increas ...