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 $108.1 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 $45.7 million, a new revenue stream compared to nil in the prior year [5]. - Adjusted EBITDA was $73.0 million, up from $12.4 million in FY 2023, including $55.7 million in pre-tax gains on digital assets [5]. - GAAP earnings per share improved to $0.19 from a loss of $(0.16) in the previous year [5]. - The company had total liquidity of approximately $260.7 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 $92.1 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].
Bit Digital, Inc. Announces Fiscal Year 2024 Financial Results