Bit Digital (BTBT) Q4 2024 earnings summary

Executive summary

• Revenue grew 141% year-over-year to $108.1 million, driven by rapid expansion in high-performance computing (HPC) and cloud services, reducing reliance on digital asset mining.

• Adjusted EBITDA reached $73 million, up from $12.4 million in 2023, with significant margin expansion and $55.7 million in unrealized digital asset gains.

• The Enovum acquisition vertically integrated data center operations, expanded the customer base, and added $1.4 million in colocation revenue.

• Cloud services, under the WhiteFiber brand, became the largest revenue segment in the second half of 2024, contributing $45.7 million in its first year.

• Strategic acquisitions, new cloud contracts, and a strong liquidity position support ongoing expansion and operational flexibility.

Financial highlights

• Total revenue: $108.1 million, up 141% from 2023; bitcoin mining revenue: $58.6 million (+32% YoY); cloud services: $45.7 million (first year); colocation: $1.4 million; Ethereum staking: $1.8 million.

• Gross profit: $45.7 million, gross margin expanded to 42.3%.

• Adjusted EBITDA: $73 million, including $55.7 million in unrealized digital asset gains.

• GAAP EPS: $0.19 (diluted), compared to a loss of $0.16 in 2023.

• Cash and restricted cash: $98.9 million; total assets: $538 million; shareholders’ equity: $463 million; no debt.

Outlook and guidance

• Cloud services run rate expected to reach $87 million with new contracts, and over $100 million on a contracted basis.

• Additional $25 million ARR possible from on-demand B200 GPU pool, and $16 million ARR from H200 servers once contracted.

• Colocation revenue to ramp in 2025 with Montreal 2 and Cerebras deployments, including a 5MW Tier-3 data center in Pointe-Claire, QC.

• Development pipeline expanded to 510 MW, with 156 MW under exclusive LOI, including a transformative 100 MW U.S. site.

• Ongoing investments in energy-efficient infrastructure and renewable energy, with 85% of mining fleet powered by carbon-free sources.