Summary by Moomoo AI
Bit Digital reported Q3 2024 total revenue of $22.7 million, up 96% YoY, driven by its new high-performance computing (HPC) services which contributed $12.2 million. Bitcoin mining revenue declined 11% to $10.1 million due to post-halving impacts. The company recorded an adjusted EBITDA loss of $21.8 million, including a $21.9 million unrealized loss on digital assets.The company held $105.6 million in cash and total liquidity of $223.6 million as of September 30. Its active bitcoin mining hash rate reached 2.4 EH/s with 50,044 miners deployed. The company made strategic progress in HPC, signing an MSA with cloud gaming provider Boosteroid for potential revenue of $700 million over 5 years. It also acquired Enovum Data Centers for CAD $62.8 million to expand HPC capabilities.Management expects to reach $100 million run-rate HPC revenue by end of 2024. The company is shifting focus from mining to scaling its HPC business through expanding client base, growing data center footprint and developing software stack, which it believes offers greater long-term value creation potential.
