In This Article:
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Total Revenue: $22.7 million, a 96% increase compared to the prior year.
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Bitcoin Production: Decreased 59% year-over-year to 165.4 Bitcoins.
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Bitcoin Mining Revenue: Decreased 11% from the prior year to $10.1 million.
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HPC Services Revenue: $12.2 million recognized during the quarter.
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Ethereum Staking Revenue: 161.9 Ethereums earned, approximately $450,000 in revenue.
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Total Cost of Revenue: $15.5 million, up from $8.8 million in the prior year.
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Gross Profit: $7.2 million, a 162% increase from the prior year.
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Gross Margin: Expanded 800 bps to 32%.
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General and Administrative Costs: $13.7 million, compared to $4.9 million in the prior year.
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Depreciation and Amortization: $8.4 million, up from $3.6 million last year.
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Adjusted EBITDA: Negative $21.8 million, compared to negative $2.9 million last year.
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GAAP Earnings Per Share: Loss of $0.26, compared to a loss of $0.08 in the prior year.
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Cash and Restricted Cash: Approximately $106 million as of September 30, 2024.
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Digital Assets: Valued at approximately $118 million.
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Total Assets: $376 million at the end of the quarter.
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Shareholders' Equity: $315 million.
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CapEx: Approximately $1.6 million during the quarter.
Release Date: November 18, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bit Digital Inc (NASDAQ:BTBT) announced the acquisition of Enovum, a high-performance computing data center operator, which vertically integrates their operations and adds a new revenue line.
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The company has a strong pipeline of expansion opportunities, expecting to add 8 megawatts by Q2 2025 and reach 32 megawatts by the end of the year.
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Bit Digital Inc (NASDAQ:BTBT) has executed a Master Service Agreement with Boosteroid, the third-largest cloud gaming provider, and expects to deploy around 10,000 GPUs through 2025.
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The company has made significant hires, including a Head of Revenue and CTO, enhancing their GPU cloud business with a world-class team.
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Bit Digital Inc (NASDAQ:BTBT) reported a 96% increase in total revenue compared to the prior year, driven by their HPC business.
Negative Points
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The third quarter was challenging for Bit Digital Inc (NASDAQ:BTBT)'s mining business due to increased electricity costs and lower mining margins.
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The company received a notice of termination for hosting contracts from Coinmint, affecting their mining operations.
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Bit Digital Inc (NASDAQ:BTBT) reported a negative adjusted EBITDA of $21.8 million for the quarter, impacted by unrealized losses on digital assets.
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The company faces increased competition in the GPU-as-a-Service market, making it difficult to pre-sell GPU capacity.
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Bit Digital Inc (NASDAQ:BTBT) is considering separating its HPC and digital asset businesses due to market undervaluation and financing challenges.