Business
Bit Digital, Inc. Announces Third Quarter of Fiscal Year 2021 Financial Results
NEW YORK, Dec. 23, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the "Company"), a bitcoin mining company headquartered in New York, today announced
About this update from Bit Digital, Inc.
[{"type":"text","content":"NEW YORK, Dec. 23, 2021 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: BTBT) (the \"Company\"), a bitcoin mining company headquartered in New York, today announced its unaudited financial results for the third quarter ended September 30, 2021.\nFinancial Highlights for the Third Quarter 2021\nRevenue from bitcoin mining was $10.4 million. We earned 248.4 bitcoins. The decrease from 562.9 earned during the second quarter was due to miner migration and fleet reposition. We had no miners remaining in China. 100% of our miner fleet was deployed, in transit to, or awaiting installation in North America at September 30, 2021. We owned 27,744 miners including 851 miners acquired in the third quarter of 2021. Non-GAAP income from operations* was $4.8 million, or $0.09 per ordinary share. Non-GAAP net income** was $4.0 million, or $0.07 per ordinary share. We had cash and cash equivalents of $26.5 million, and total liquidity (defined as cash and digital assets) of approximately $61.5 million, as of September 30, 2021.* Non-GAAP income from operations excludes the impact of depreciation of property and equipment, and share-based compensation expense.\n** Non-GAAP net income excludes the impact of depreciation of property and equipment, impairment on digital assets, loss from disposal of property and equipment, and share-based compensation expense.\nForward Looking Statements \nThe following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this news release. Except for the statements of historical fact, this news release contains \"forward-looking information\" and \"forward-looking statements reflecting our current expectations that involve risks and uncertainties (collectively, \"forward-looking information\") that is based on expectations, estimates and projections as at the date of this news release. Actual results and the timing of events in this news release includes information about hash rate expansion, diversification of operations, potential further improvements to profitability and efficiency across mining operations, potential for the Company's long-term growth, and the business goals and objectives of the Company. Factors that could cause actual results, performance or achievements to differ material...