Bit Digital, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Business Overview

  • Bit Digital is transitioning its strategy toward three core verticals: Ethereum treasury and staking, AI infrastructure via WhiteFiber Holdings, and recurring cash flow through disciplined capital allocation and acquisitions.
  • Mining is no longer a strategic growth priority but remains cash-flow generative; capital is shifting to Ethereum and infrastructure opportunities.
  • Company views AI compute and Ethereum infrastructure as converging opportunities, with compute scarcity positioned as an emerging asset class.

Key Financial Highlights (Q1 2026 vs Q4 2025)

  • Total revenue: $27.9 million, down 13.7% quarter-over-quarter from $32.3 million.
  • Cloud services revenue: $16.8 million, down 13.1% QoQ.
  • Collocation services revenue: $4.8 million, up 23.9% QoQ (strongest growth area).
  • Ethereum staking revenue: $2.3 million, down 29.4% QoQ due to lower average ETH prices and reduced natively staked balances.
  • Digital asset mining revenue: $3.7 million, down 33% QoQ reflecting lower Bitcoin production and prices.
  • Net loss: $146.7 million vs $185.3 million in Q4 2025 (improvement driven by non-cash mark-to-market adjustments on digital assets).
  • Revenue mix continues shifting away from mining toward Ethereum staking, cloud, and colocation operations for a more durable model.

Balance Sheet & Holdings (as of March 31, 2026)

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Operator: Hello, and welcome to the Bit Digital First Quarter 26 Earnings Conference Call. We will begin shortly. During the call, all participant lines will be in listen only mode. Following management's remarks, we will open the line for questions. If you would like to ask a question at that time, please press 1 on your telephone keypad. As a reminder, today's call is being recorded. I will now turn the call over to your host, Daniel Kennedy, Head of Investor Relations at Bit Digital. Daniel, please go ahead. William Cameron Schnier: Thank you. And welcome everyone to BitDigital's First Quarter 26 Earnings Call. Joining me today are Samir Tabar, Chief Executive Officer and Erke Huang, our Chief Financial Officer. I would like to remind everyone that certain statements made during today's call may be forward looking. These statements are subject to risks and uncertainties that could cause results to differ. For a discussion of these risks, please refer to our SEC filings including our Form 10 Q filed today. Throughout the call, we may also refer to non GAAP financial measures. Reconciliations to the most direct comparable GAAP measures can be found in our earnings materials available on our website. Unless otherwise indicated, figures discussed during these remarks are rounded for readability. Following our prepared remarks, we will open the call for questions. With that, I will turn the call over to Samir. Samir? Samir Tabar: Thank you, Daniel, and thank you, everyone, for

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