Bit Digital, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Bit Digital Q1 2025 Earnings Summary

  • Total Revenue: $25.1 million (↓17% YoY; ↓4% QoQ from Q4 2024's $26.1 million).
  • Segment Breakdown:
    • Mining: $7.8 million (↓64% YoY; ↓26% QoQ). Bitcoin production declined by 80% YoY to 83 BTC due to the April 2024 halving and fleet redeployment.
    • Cloud Services: $14.8 million (↑84% YoY; ↑14% QoQ). Gross margin improved sequentially by 700 bps to 59%.
    • Colocation Services: $1.6 million (↑14% QoQ). Gross margin: 67%.
    • Ethereum Staking: $0.6 million (slightly ↓ QoQ).
  • Gross Profit: $12.3 million (49% gross margin vs. 47% in Q1 2024 and 40% in Q4 2024).
  • Adjusted EBITDA: -$44.5 million (vs. +$58.5 million in Q1 2024). Decline driven by non-cash $49.2 million mark-to-market loss on Bitcoin and Ethereum holdings.
  • GAAP EPS: -$0.32 per share (vs. +$0.43 per share in Q1 2024).

Business Highlights

  • Mining Fleet: Active hash rate: 1.5 EH/s as of March 31, 2025. Estimate to return to ~2.5 EH/s in June with improved efficiency in the low 20s J/TH.

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Operator: Hello, and welcome to the Bit Digital First Quarter 2025 Earnings Conference Call. Good morning, good afternoon and good evening, depending on where you are joining us from. Thank you for being here. [Operator Instructions] Also, as a reminder, today's conference is being recorded. I'll now hand it 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 first quarter 2025 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 yesterday'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 in our 10-K filing, which is on our website. [Operator Instructions] With that covered, I will turn the call over to Sam to discuss our performance. Sam? Sam Tabar: Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. Today, I'll walk through our first quarter results and provide key updates across the different busi

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