Bit Digital Q2 Revenue Beats by 35% as Cloud Services Surge 42%
BTBT sits 21% above its 52-week low of $1.18.
Summary
Bit Digital reported Q2 revenue of $32.1 million, beating consensus estimates of $23.7 million by 35%, driven by a 42% sequential jump in cloud services revenue. The company posted a net loss of $107.2 million, or $0.31 per share, largely due to a $46 million LsETH impairment and falling crypto prices. Management expects the NC-1 data center to begin contributing revenue in Q3 and projects WhiteFiber's cloud services portfolio to generate over $200 million in annualized revenue once fully deployed. The company also stated it does not intend to sell WhiteFiber shares in 2026, signaling confidence in the subsidiary's growth. This follows the 10-Q filed earlier today and the recent CAO departure to WhiteFiber, underscoring the strategic shift toward HPC and cloud infrastructure.
At the time of this announcement, BTBT was trading at $1.43 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.