Bit Digital, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $30.3 million, up 266% year-over-year and 85% sequentially from Q4 2023.
  • Adjusted EBITDA: $58.5 million, compared to $1.5 million in Q1 2023. Includes $43.5 million in digital asset fair value gains.
  • GAAP EPS: $0.43, versus a loss of $0.03 in Q1 2023.
  • Bitcoin Production: 410.7 BTC in Q1, up 13% year-over-year.
  • Production Cost per BTC: ~$19,700; profit per BTC ~$10,300.
  • Active Hash Rate: Grew to ~2.76 EH/s as of March 31, 2024 (up from 2.52 EH/s at year-end 2023); expected to exceed 3.0 EH/s soon with curtailment lifts.
  • HPC/AI (Bit Digital AI) Business:
    • $8.1 million revenue in Q1 (net of a one-time $1.3 million credit for initial deployment).
    • Gross profit from HPC: $3.2 million. Adjusted gross margin (without credit): ~72.5% vs reported 61%.
    • $100M annualized revenue goal remains intact, driven by GPU expansion and additional customers.
    • Current anchor customer requested an additional 2,048 GPUs in late March; contract is close to finalization.
    • GPU procurement strategy benefits from lower pricing and potential volume discounts.
    • Planning to hire a dedicated sales team to accelerate growth and handle pipeline.

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Operator: Hello and welcome to the Bit Digital First Quarter 2024 Earnings Conference Call. Good morning, good afternoon and good evening depending on where you're joining us from. Thank you for being here. [Operator Instructions] Also, as a reminder, today's conference is being recorded. I'll now hand the call over to your host Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours. Cameron Schnier: Thank you. Good morning. Welcome to the Bit Digital first quarter 2024 earnings call. Joining us on the call today are Sam Tabar, Chief Executive Officer; and Erke Huang, Chief Financial Officer. Before we begin, I would like to remind all participants that some of the statements we have been making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. And therefore refer you to our latest 20-F filing, yesterday 6-K filings and our other SEC filings. Our comments today may also include non-GAAP financial measures, additional details and reconciliations. The most directly comparable GAAP financial measures can be found in our 20-F filings and yesterday's 6-K filings which are on our website. After our prepared remarks, we'll open the call for questions. [Operator Instructions] With that, I'll turn the call over to Sam. Sam Tabar: Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I'll

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