Bit Digital, Inc. (Bit Digital), a sustainable platform for digital assets and artificial intelligence (AI) infrastructure, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a significant increase in total revenue, reaching $30.3 million, a 266% increase compared to the first quarter of 2023. This growth was primarily driven by the commencement of the Bit Digital AI business and a higher realized bitcoin price. Revenue from bitcoin mining alone was $21.9 million, marking a 166% increase from the previous year's quarter. The company's AI business, referred to as High-Performance Computing services (HPC), began generating revenue in January 2024 and recognized $8.1 million during the quarter. Bit Digital also issued a one-time service credit of $1.3 million to its HPC...Show More

Bit Digital, Inc. (Bit Digital), a sustainable platform for digital assets and artificial intelligence (AI) infrastructure, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a significant increase in total revenue, reaching $30.3 million, a 266% increase compared to the first quarter of 2023. This growth was primarily driven by the commencement of the Bit Digital AI business and a higher realized bitcoin price. Revenue from bitcoin mining alone was $21.9 million, marking a 166% increase from the previous year's quarter. The company's AI business, referred to as High-Performance Computing services (HPC), began generating revenue in January 2024 and recognized $8.1 million during the quarter. Bit Digital also issued a one-time service credit of $1.3 million to its HPC customer for decreased utilization during the initial deployment period. The company's cash and total liquidity stood at $35.5 million and approximately $163.2 million, respectively, as of March 31, 2024. Total assets were $291.1 million, and shareholders' equity amounted to $265.2 million. Adjusted EBITDA was $58.5 million for the quarter, compared to $1.5 million for the same period in 2023. GAAP earnings per share were $0.43 on a fully-diluted basis, compared to a loss of $0.03 for the first quarter of 2023. Operational highlights included earning 410.7 bitcoins, a 13% increase from the prior year, and the purchase of approximately 2,350 bitcoin mining units during the quarter. Approximately 85% of the fleet's run-rate electricity consumption was generated from carbon-free energy sources. The company's active hash rate of its bitcoin mining fleet was approximately 2.76 EH/s as of March 31, 2024. Management commented on the strong start to the year, with revenue growing by more than 250% and GAAP Net Income in excess of $50 million. The balance sheet remains strong with over $160 million of total liquidity, zero debt, and a growing revenue stream not correlated to the economics of bitcoin mining. The company is actively engaged in discussions for both incremental hosting opportunities and potential acquisitions, and is in the late stages of finalizing an agreement to double the size of the GPU fleet for its anchor client.