Bit Digital Q2: $32.1M Revenue, $540M New Cloud Contracts, $1B Backlog
BTBT sits 23% above its 52-week low of $1.18.
Summary
Bit Digital reported Q2 revenue of $32.1 million, up 15% sequentially, and disclosed $540 million in new WhiteFiber cloud contracts with a $1 billion total backlog. The company also announced the board is evaluating options to address its valuation disconnect.
Key Events · Earnings and Guidance · BTBT
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Q2 Revenue Beats, Up 15% QoQ
Total revenue of $32.1 million, a 15% increase from Q1 2026, driven by a 42% sequential jump in cloud services revenue to $23.8 million.
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$540M New Cloud Contracts
WhiteFiber signed new multi-year Cloud Services agreements representing more than $540 million of aggregate contract value over their initial terms.
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$1B Remaining Performance Obligations
Contract liabilities rose to $143.1 million, and remaining performance obligations reached approximately $1.0 billion, with $57.7 million expected to be recognized in the balance of 2026.
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WhiteFiber Cloud Portfolio to Exceed $200M Annualized
Based on contracts signed to date, WhiteFiber's Cloud Services portfolio is expected to generate more than $200 million of annualized revenue once fully deployed.
Analysis · BTBT · Crypto Assets
Bit Digital's Q2 results show revenue growth and a massive expansion of WhiteFiber's contracted backlog. The company disclosed $540 million in new multi-year cloud services agreements and a $1.0 billion remaining performance obligation, with WhiteFiber's cloud portfolio expected to generate over $200 million in annualized revenue once fully deployed. This is a significant positive development for the company's AI/HPC infrastructure strategy, even as the quarter's net loss of $107.2 million was driven by non-cash impairments on digital assets. The board's statement that it is evaluating options to address the valuation disconnect adds a potential catalyst for shareholder value.
At the time of this filing, BTBT was trading at $1.45 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $509.8M. The 52-week trading range was $1.18 to $4.55. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.