Bit Digital Reports Strong Q1 Earnings, Revenue Beats Estimates
Bit Digital Inc. (BTBT), a Bitcoin miner, reported better-than-expected financial results for the first quarter of 2024, sending its shares higher in after-hours trading.
Revenue Growth Driven by AI Business and Higher Bitcoin Prices
The company's revenue surged 266% year-over-year to $30 million, exceeding analyst expectations of $27.733 million. This growth was attributed to the launch of Bit Digital's AI business and higher realized Bitcoin prices.
Earnings per Share Exceed Estimates
Bit Digital reported earnings of 43 cents per share, significantly surpassing analyst estimates of 1 cent per share.
Bitcoin Mining and AI Revenue
Bitcoin mining revenue increased by 166% year-over-year, while the newly launched AI business generated $8.1 million in revenue during the quarter.
Increased Bitcoin Holdings and Active Hash Rate
The company mined 410.7 Bitcoin during the quarter, a 13% year-over-year increase. Additionally, Bit Digital earned 111.1 Ethereum in native staking and 1.3 ETH in liquid staking. As of March 31, Bit Digital held 956.4 Bitcoin and 16,031.411 Ethereum.
The company's active hash rate for Bitcoin mining reached approximately 2.76 EH/s as of March 31. During the quarter, Bit Digital purchased approximately 2,350 Bitcoin mining units.
Strong Financial Position and Growth Plans
"We were well prepared for the halving which occurred in April 2024," the company stated. "Our balance sheet remains a core strength with over $160 million of total liquidity as of March 31, 2024, zero debt, and a growing revenue stream that is not correlated to the economics of Bitcoin mining."
Bit Digital remains committed to its goal of reaching 6.0 EH/s this year and is actively exploring both incremental hosting opportunities and potential acquisitions.
Management to Discuss Results in Conference Call
Management will hold a conference call on Thursday at 10 a.m. ET to discuss these results in detail.