Bit Digital Inc Reports Third Quarter 2024 Financial Results
Intellectia.AI
Bit Digital, Inc. Reports Third Quarter 2024 Financial Results
Overview Bit Digital, Inc. (Nasdaq: BTBT) reported its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | QoQ% Change | YoY% Change | Consensus Estimate | Variance from Estimate |
|---|---|---|---|---|---|
| Total Revenue | $22.7 million | +96% | +96% | $22.91 million | -$0.21 million |
| GAAP Loss per Share | $0.26 | - | - | $-0.02 | -$0.24 |
| Adjusted EBITDA | $(21.8) million | - | - | - | - |
Interpretation : Bit Digital's revenue nearly doubled compared to the same quarter last year, primarily due to its new HPC business. However, the GAAP loss per share widened significantly, driven partly by a large unrealized loss on digital assets.
Segment Revenue Performance
| Segment | Q3 2024 Revenue | QoQ% Comparison |
|---|---|---|
| Bitcoin Mining | $10.1 million | -11% |
| HPC | $12.2 million | N/A (new) |
Interpretation : While bitcoin mining revenues decreased due to lower block rewards and increased network difficulty, the newly commenced HPC segment significantly boosted total revenue.
Operational Highlights
- Earned 165.4 bitcoins, a 59% decrease compared to the previous year.
- Active bitcoin mining hash rate at 2.4 EH/s.
- Revenue projections from Boosteroid's initial GPU server purchase anticipate $4.6 million over five years.
- Signed $15.1 million in GPU contracts by end of 2024.
- Acquired Enovum Data Centers to enhance HPC capabilities with potential revenue growth.
Management Commentary The company's leadership emphasized strategic investments in its HPC business, reinforcing future growth with the acquisition of Enovum and significant customer engagement, such as with Boosteroid. Despite challenges in the bitcoin mining segment, Bit Digital is committed to expanding its data center operations and scaling its HPC capabilities to meet rising demand. The primary focus is on enhancing customer acquisition and the digital infrastructure footprint, targeting $100 million in HPC run-rate revenue by the end of 2024.
Forward Guidance The management continues to expect to reach $100 million in run-rate revenue for the HPC business by the end of 2024.
Stock Price Movement Following the earnings release, Bit Digital's stock experienced a decrease of approximately 2.51%.
This summary captures Bit Digital's financial and operational performance for the third quarter of 2024, providing key insights into the company's strategic direction and market position.
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