In This Article:
-
Total Revenue: $25.1 million, a 17% decrease year over year.
-
Bitcoin Mining Revenue: $7.8 million, down 64% year over year and 26% sequentially.
-
Cloud Services Revenue: $14.8 million, up 84% year over year and 14% sequentially.
-
Co-location Revenue: $1.6 million, up from $1.4 million in the previous quarter.
-
Gross Margin: 49%, compared to 47% in the same quarter last year.
-
Cloud Services Gross Margin: 59%, up from 52% last quarter.
-
Co-location Services Gross Margin: 67%.
-
Adjusted EBITDA: Negative $44.5 million, compared to positive $58.5 million in the first quarter of 2024.
-
Net Loss Per Share: $0.32 on a fully diluted basis.
-
Cash and Cash Equivalents: $57.6 million as of March 31.
-
Digital Assets Market Value: Approximately $80 million as of March 31.
-
Total Assets: $485 million.
-
Shareholders' Equity: $417 million.
-
CapEx: $65 million for the quarter.
Release Date: May 16, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Cloud services revenue increased by 84% year over year and 14% sequentially, reaching $14.8 million.
-
Mining operations remained gross margin positive, with margins expanding approximately 500 basis points sequentially to 21%.
-
The company is actively engaged in several large contract discussions, each with an annualized revenue potential above $100 million.
-
Bit Digital Inc (NASDAQ:BTBT) is investing in proprietary software development to enhance platform capabilities, including the launch of an API layer for external provisioning.
-
The company remains debt-free, with a strong liquidity position of approximately $141 million, including digital assets and USDC.
Negative Points
-
First quarter 2025 revenue from the mining segment decreased 64% year over year and 26% sequentially.
-
Bitcoin mining production declined 80% year over year to 83 Bitcoins for the quarter.
-
Total revenue for the quarter was $25.1 million, a 17% decrease compared to the same quarter last year.
-
Adjusted EBITDA was negative $44.5 million, primarily due to a $49.2 million mark-to-market loss on digital asset holdings.
-
The company raised approximately $48 million through the ATM program post-quarter end, which may raise concerns about equity dilution.
Q & A Highlights
Q: Can you provide an update on the white fi rebranding and any new platform initiatives? A: The rebranding has been well received, with positive feedback on the new website. We are working on platform initiatives, including first-to-market technology, with announcements expected in the coming weeks. We are also developing cross-data center workloads, which we believe will be revolutionary.