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Bit Digital, Inc. Announces First Quarter of Fiscal Year 2025 Financial Results
NEW YORK, May 15, 2025 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a global platform for high-performance computing ("HPC")
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, May 15, 2025 /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 financial results for the First Quarter of 2025. The Company will host a conference call on May 16, 2025, at 10:00 AM ET to discuss results (click here for registration information).\n\n \n \n \n \n \n \n\n \nFinancial Highlights for First Quarter of 2025\nTotal revenue for the First Quarter of 2025 was $25.1 million, a 17% decrease compared to the prior year's results. The decrease was driven by a decline in Digital asset mining revenue following the April 2024 halving and partially offset by continued growth in Cloud services revenue and the addition of Colocation services revenue.Revenue from bitcoin mining was $7.8 million for the quarter, a 64% decrease compared to the prior year's quarter. Cloud services revenue was $14.8 million, an 84% increase from the prior year's quarter. Colocation services revenue was $1.6 million for the quarter as compared to none in the prior year's quarter. ETH staking revenue was $0.6 million for the quarter, a 72% increase from the prior year's quarter.Revenue from digital asset mining comprised 31% of total revenue for the first quarter of 2025 compared to 72% for the prior year's quarter.The Company had cash, cash equivalents and restricted cash of $61.3 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $141.4 million, as of March 31, 2025.Total assets were $458.2 million and Shareholders' Equity amounted to $417.4 million as of March 31, 2025.Adjusted EBITDA[1] was $(44.5) million for the First Quarter of 2025 compared to $58.5 million for the first quarter of 2024. Adjusted EBITDA for Q1 2025 includes $49.2 million in mark-to-market losses on digital assets compared to $45.7 million of gains in Q1 2024.GAAP loss per share was $(0.32) on a fully diluted basis for the First Quarter of 2025 compared to earnings per share of $0.43 for the first quarter of 2024.Operational Highlights for First Quarter of 2025\nThe Company earned 83.3 bitcoins during the First Quarter of 2025, an 80% decrease from the prior year. The decline was driven by a reduction in...