Bit Digital, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $29 million, up 220% from Q2 2023 driven by first full quarter of High-Performance Computing (HPC) revenue and higher bitcoin prices.
  • Gross Profit: $13.8 million, up 300% year-over-year. Gross margin increased to 48%, up from 37% in Q2 2023.
  • Adjusted EBITDA: ($3.8 million) loss, compared to $1.9 million gain in Q2 2023, due to $11.5 million unrealized loss on digital assets.
  • GAAP EPS: ($0.09) per share, down from ($0.03) in Q2 2023.
  • Bitcoin Mining:
    • Produced 244 bitcoins, down 23% YoY due to halving and increased mining difficulty.
    • Mining revenue: $16.1 million, up 80% YoY due to higher bitcoin prices.
    • Mining gross margin: approximately 34% with a cost to produce of $43,200 per bitcoin vs. $65,800 average selling price.
    • Active hash rate fell slightly to 2.6 EH/s due to curtailments and cost-saving measures.
  • HPC Business:
    • Revenue: $12.5 million at 63% gross margin (first full quarter of revenue recognition).
    • Signed a binding term sheet with Boosteroid; five-year deal covering up to 50,000 GPUs, potentially worth >$700 million.

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Operator: Hello, and welcome to the Bit Digital Second 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 and welcome to the Bit Digital second 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 will be 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's 6-K filings and our other SEC filings. Our comments today may also include non-GAAP financial measures, additional details and reconciliations to 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. If you like to ask a question, please hit star, one on your keypad. With that [indiscernible] covered, I'll turn the call over to Sam to discuss our performance. Sam? Sam Tabar: Th

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