Bit Digital, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (Compared to 2023)
  • Total Revenue: $108 million, up 141% from $44.8 million in 2023.
  • Adjusted EBITDA: $73 million, up from $12.4 million in 2023.
  • Gross Profit: $45.7 million, up nearly 3x from 2023; gross margin expanded 500 bps to 42.3%.
  • GAAP EPS (Diluted): $0.19, compared to a loss of $0.16 in 2023.
  • Total Assets: $538 million; Digital Assets: $161.4 million; Cash & Restricted Cash: $98.9 million.
  • Debt: None (Company remains debt-free).

Business Segment Performance

Cloud Services (WhiteFiber GPU Cloud Platform)
  • Launched in January 2024; generated $45.7 million in FY 2024 revenue.
  • Q4 Cloud Revenue: $13 million (50% of total quarterly revenue, 64% of gross profit).
  • Contracted run-rate as of late March 2025: $87 million.
  • Upcoming deployments expected to add another $25M (on-demand) + $16M (reserved H200s).
  • 9 active customers; majority in early deployment stages expected to scale.
  • Key customers: DNA Fund (H200 contract begins generating March), Boosteroid (current $1.6M ARR, expanding to $4M total across 1,200 GPUs).
Colocation Services (WhiteFiber Data Center Ops via Enovum)

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Operator: Please standby. Hello, and welcome to the Bit Digital, Inc. Fiscal Year 2024 Earnings Conference Call. Good morning, good afternoon, and good evening depending on where you are joining us from. Thank you for being here. We are just giving a few more moments for attendees to dial in, so thank you for your patience. While we wait, please note that during this call, all participant lines will be in a listen-only mode. Following the officers' update, we will open the floor for a question and answer session. If you have a question at that time, simply press star one on your telephone keypad. Also, as a reminder, today's conference is being recorded. I will now hand it over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital, Inc. Cameron, the floor is yours. Thank you. Good morning, and welcome to the Bit Digital, Inc. 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. I therefore refer you to today's 10-K filing and our other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found i

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