Bit Digital, Inc. ( (BTBT) ) has released its Q4 earnings. Here is a breakdown of the information Bit Digital, Inc. presented to its investors.
Bit Digital, Inc. is a global platform specializing in high-performance computing infrastructure and digital asset production, with operations in the US, Canada, and Iceland. The company recently announced its financial results for Fiscal Year 2024, highlighting significant growth and strategic advancements.
In Fiscal Year 2024, Bit Digital reported a total revenue of $108.1 million, marking a 141% increase from the previous year, primarily due to the launch of its high-performance computing services. The company’s bitcoin mining revenue rose by 32% to $58.6 million, while cloud services, a new revenue stream, contributed $45.7 million. The acquisition of Enovum Data Centers also added $1.4 million in colocation services revenue.
The company’s financial health appears robust, with total assets of $538.2 million and shareholders’ equity of $463.5 million as of December 31, 2024. Adjusted EBITDA saw a significant increase to $73.0 million, supported by pre-tax gains on digital assets. Bit Digital’s strategic shift towards infrastructure-driven revenue streams is evident, with digital asset mining’s share of total revenue decreasing as the HPC business expands.
Looking ahead, Bit Digital’s management remains optimistic, focusing on sustainable practices and strategic investments to enhance capabilities and competitiveness. The company is actively exploring new opportunities to create shareholder value, ensuring it remains well-positioned for future growth in the evolving digital asset and computing landscape.
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