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Bit Digital, Inc. Announces Fiscal Year 2024 Financial Results

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NEW YORK, March 14, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City, today announced its financial results for Fiscal Year 2024. In conjunction with the Company’s transition to domestic filer status, Bit Digital filed its Form 10K report with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025. The Company will host a conference call on March 14, 2025, at 10:00 AM ET to discuss results (click here for registration information).

Financial Highlights for Fiscal Year 2024               

Total revenue for fiscal year 2024 was $108.1 million, a 141% increase compared to the prior year’s results. The increase was primarily driven by the commencement of our high performance computing services (“HPC”) business.

Revenue from bitcoin mining was $58.6 million for fiscal year 2024 , a 32% increase compared to the prior year. Cloud services revenue was $45.7 million for 2024 compared to nil the prior year. Colocation services revenue, related to the Company’s acquisition of Enovum Data Centers Corp in October 2024, was $1.4 million for the period. ETH staking revenue was $1.8 million for 2024, a 169% increase from the prior year.

Revenue from digital asset mining comprised 54% of total revenue for 2024 compared to 98% during 2023. The change was driven by the commencement of the Company’s HPC business lines, with cloud services revenue generating 42% of total 2024 revenue. Digital asset mining comprised 40% of revenue during the fourth quarter of 2024.

The Company had cash, cash equivalents and restricted cash of $98.9 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $260.7 million, as of December 31, 2024.

Total assets were $538.2 million and Shareholders’ Equity amounted to $463.5 million as of December 31, 2024.

Adjusted EBITDA[1] was $73.0 million for the fiscal year 2024 compared to $12.4 million for fiscal year 2023. Adjusted EBITDA includes a $55.7 million in pre-tax gains on digital assets.

GAAP earnings per share was $0.19 on a fully diluted basis for fiscal year 2024 compared to a loss per share of $(0.16) for the prior year.

Operational Highlights for Fiscal Year 2024

The Company earned 949.9 bitcoins during fiscal year 2024 , a 37% decrease from the prior year. The decline was primarily driven by a reduction in block rewards following the halving event in April 2024 and by an increase in network difficulty, and partially offset by an increase in the Company’s average operational hash rate.

The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed for mining operations during fiscal year 2024 .

The average fleet efficiency for the active fleet was approximately 26.2 J/TH as of December 31, 2024.

The Company earned 565.1 ETH in native staking and 1.3 ETH in liquid staking, respectively, during 2024, compared to 287.0 ETH in native staking and 81.9 ETH/rETH-h in liquid staking, respectively, for 2023.

Treasury holdings of BTC and ETH were 741.9 and 27,623.2, respectively, with a fair market value of approximately $69.3 million and $92.1 million on December 31, 2024, respectively.

As of December 31, 2024, we had 24,239 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.6 EH/s.

The Company’s active hash rate of its bitcoin mining fleet was approximately 1.8 EH/s as of December 31, 2024.

Approximately 85% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2024. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.

The Company had approximately 21,568 ETH actively staked in native staking protocols as of December 31, 2024.

On October 9, 2024, the Company executed a Master Services and Lease Agreement (“MSA”) with Boosteroid Inc. (“Boosteroid”), a global cloud gaming provider. The Company finalized an initial order of 300 GPUs, projected to generate approximately $4.6 million in revenue over the five-year term. The MSA provides Boosteroid with the option to expand in increments of 100 servers, up to 50,000 servers, representing a potential $700 million revenue opportunity over the five-year term, subject to deployment plans and market conditions. The Company anticipates additional deployments throughout 2025.

On October 14, 2024, Bit Digital announced the acquisition of Enovum Data Centers (“Enovum”) for a total consideration of CAD $62.8MM (approximately USD $46MM based on a CAD/USD exchange rate of 0.73). The acquisition was completed on a debt-free basis, with a normalized level of working capital acquired, funded by approximately CAD $56 million of cash and approximately 1.62 million share equivalents issued solely to key management who rolled-over a significant portion of their existing ownership in Enovum. The transaction closed on October 11, 2024. The acquisition vertically integrated Bit Digital’s HPC operations with a 4MW Tier 3 datacenter in Montreal that is fully leased to a plurality of colocation customers. It also provided Bit Digital with a robust expansion pipeline and an experienced team to lead the development process.

On December 30, 2024, the Company signed a Master Services Agreement (MSA) with DNA Fund for services utilizing 576 H200 GPUs over 25 months, representing $20.2 million in total revenue.

On December 27, 2024, the Company acquired a 160,000 sq. ft. site in Pointe-Claire, QC for a planned 5MW Tier-3 data center expansion. The site is expected to be operational by June 2025, will feature direct-to-chip liquid cooling and a heat reject loop to enhance energy efficiency. The facility will be powered by 100% renewable hydroelectricity from Hydro-Quebec. The Company expects to invest approximately $19.3 million to develop the site, with potential expansion to 13MW within 24-36 months, subject to Hydro-Quebec approval. A portion of the capacity is expected to support the Company’s cloud services business. The acquisition was initially self-funded, with mortgage financing in progress.

Subsequent Events

As of January 1, 2025, Bit Digital officially transitioned to domestic issuer status under U.S. securities regulations.

New Cloud Services Agreements:January 2025 – Signed an MSA for 32 H200 GPUs over six months, representing $300,000 in total revenue. Deployment began January 8, 2025.January 2025 – Signed an MSA for 24 H200 GPUs over 12 months, representing $450,000 in total revenue. Deployment began January 27, 2025.January 30, 2025 – Signed an MSA for 40 H200 GPUs over 12 months, representing $750,000 in total revenue. Deployment began January 24, 2025.

In January 2025, the Company entered into a new agreement to supply its first customer for an additional 464 B200 GPUs for a period of eighteen months. This new agreement replaces the prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer.

On February 6, 2025, the Company officially rebranded its HPC business as WhiteFiber, Inc., encompassing its GPU cloud services and HPC data center platform, Enovum Data Centers.

In February 2025, the Company, through its newly rebranded HPC business WhiteFiber, Inc., secured a five-year colocation agreement to provide 5MW (IT load) of built-to-suit data center infrastructure with Cerebras Systems, a leading accelerator of generative AI. The contract will be fulfilled at an Enovum-developed site, with the location to be announced. Operations are expected to commence in mid-2025.

Management Commentary

“2024 marked a pivotal shift for Bit Digital. Our business was historically driven by digital asset mining, but the successful launch and rapid expansion of our HPC business fundamentally reshaped our company. This evolution drove over 140% revenue growth, with these new business lines contributing nearly half of total revenue.

A defining milestone in this transformation was our acquisition of Enovum Data Centers in October. More than just an infrastructure expansion, Enovum provided us with a proven team, operational expertise, and a scalable platform to develop and operate data centers. It also introduced colocation services as a new business line, further diversifying our revenue streams and strengthening our AI compute capabilities.

Bitcoin mining remained a key revenue contributor, generating $58.6 million, a 32% increase year-over-year. However, as our HPC business scaled, mining’s share of total revenue declined to 54% in 2024, and further to 40% in Q424, compared to 98% in 2023. This shift underscores our strategic pivot toward infrastructure-driven revenue streams while maintaining disciplined mining operations.

Profitability improved alongside business expansion, supported by stronger gross margins and operational efficiencies. A strong liquidity position and no debt provide the flexibility to make targeted investments that enhance capabilities and long-term competitiveness. The Company is actively exploring cost-effective financing options to support expansion while maintaining financial discipline.

We are continuously exploring new ways to unlock and create shareholder value, ensuring that we remain dynamic and well-positioned for future opportunities.”

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors”  Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future.. See “Safe Harbor Statement” below.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

[1] Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items. Potential adjustments are listed within the section under the header “Non-GAAP Financial Measures” in the Form 10K.  

 

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GDT Ranks on CRN Tech Elite 250 for 11th Year

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DALLAS, March 17, 2025 /PRNewswire/ — Global IT solutions provider GDT today announced that CRN, a brand of The Channel Company, has once again been honored on the 2025 Tech Elite 250 list.

“GDT has earned certifications with many of the world’s leading tech providers.” –  Shawn O’Grady, Chair and CEO of GDT

This elite annual list showcases solution providers based in the U.S. and Canada that are committed to excellence and distinguish themselves by attaining top-tier certificates and specializations from leading technology vendors in the areas of artificial intelligence, infrastructure, cloud, and security. GDT has been included in the CRN Tech Elite 250 eleven times since the list was founded in 2011.

“GDT is proud to have been included in the CRN Tech Elite 250 for six consecutive years,” said Shawn O’Grady, Chair and CEO of GDT. “GDT has earned certifications with many of the world’s leading tech providers. We are committed to helping our customers leverage the most advanced technologies to build resilient, modern infrastructures that can scale for the future of business and harness AI’s full potential.”

GDT continues to expand its knowledge base and elevate its industry expertise by pursuing advanced certifications with partners such as Cisco, HPE, Intel, VMWare, and NetApp, to name a few. GDT maintains over 450 certifications.

“Congratulations to the solution providers on CRN’s Tech Elite 250 for this recognition of their dedication to achieving top-level certifications and comprehensive proficiency in these critical technologies,” said Jennifer Follett, VP, U.S. Content, and Executive Editor of CRN at The Channel Company. “These companies are committed to expanding their expertise so they can consistently deliver outstanding IT solutions that help their customers thrive.”

Coverage of the Tech Elite 250 is featured in the April issue of CRN Magazine and online at www.CRN.com/techelite250.

About GDT

GDT is an award-winning, $1.4 billion IT solutions provider with a 29-year heritage and a global workforce, including its Technology Center in Bangalore. The company takes a people-first approach to solving complex problems, achieving meaningful outcomes, and driving strategic change. GDT maintains over 450 certifications with the world’s best-known technology providers.

Explore GDT solutions and offerings across cybersecurity, enterprise networking, hybrid data center, lifecycle services, and more. Follow GDT on LinkedIn.

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SOURCE GDT

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3 Unmissable Sessions Driving the Future of Game Development at GDC 2025

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Industry-leading sessions to explore platformer design, inclusive gaming, and blockchain’s evolving role.

SAN FRANCISCO, March 17, 2025 /PRNewswire/ — Scalex VC is excited to highlight three key sessions at GDC 2025 that will shape discussions around the future of gaming. As a leading venture capital firm investing in emerging technologies, Scalex VC is dedicated to fostering meaningful dialogue on platformer design, bias-aware game development, and blockchain’s evolving role in gaming. This year’s conference, taking place from March 17-21, 2025, will bring together top game creators, technologists, and thought leaders, providing attendees with practical strategies and deep insights from experts in these fields.

1. The Making of Astro Bot – Mastering Platformer Design

Date & Time: March 20, 2025 | 11:00 am12:00 pm PT
Speaker: Nicolas Doucet, Studio Director, Team ASOBI, PlayStation

Renowned for crafting some of PlayStation’s most engaging platformers, Team ASOBI’s Astro Bot has redefined accessibility and immersive game design. In this session, Nicolas Doucet will provide an exclusive look into the studio’s iterative design approach, ensuring seamless gameplay mechanics and universal player engagement.

Key Takeaways:

10 core principles for designing fluid and responsive platformers.How Team ASOBI balances challenge and accessibility in level design.The role of iterative prototyping in crafting engaging player experiences.

2. Leveling Up Player Experience Through Bias-Aware Game Design

Date & Time: March 20, 2025 | 2:30 pm3:00 pm PT
Speakers: Tanjulia Akter, Natashia Tjandra, and Faith McGee (Electronic Arts)

With gaming’s global audience becoming more diverse, addressing unconscious bias in-game mechanics and AI is critical for creating engaging and equitable experiences. This session provides hands-on frameworks to ensure inclusivity at every game development stage.

Key Takeaways:

Real-world examples of bias in game design and how to counteract it.Step-by-step frameworks for improving fairness in gameplay mechanics.How inclusive design enhances engagement and expands player reach.

3. Beyond the Tokens – Blockchain’s Role in Game Development

Date & Time: March 18, 2025 | 9:30 am10:00 am PT
Speakers: Kelvin Bonilla (Solana Foundation) & Devanshu Bharel (Spaceman Gaming)

With blockchain technology evolving beyond speculation, this session explores practical applications of decentralized assets, player-owned economies, and the technical trade-offs of Web3 integration in gaming. Developers will learn how blockchain solutions can enhance player experiences without disrupting core gameplay.

Key Takeaways:

Real case studies of blockchain integration in gaming.Addressing the technical and player adoption challenges of Web3.Strategies for implementing decentralized features that enhance—not hinder—gameplay.

Press & Media Contact

For interview requests, press passes, and media inquiries:
Zedd Mokhtar
60178799291
391950@email4pr.com

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SOURCE Scalex VC

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Essential Energy Selects Oracle to Modernise NSW’s Largest Electricity Network

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Leading energy distributor achieves core-to-edge modernisation with Oracle’s finance, HR, and workforce solutions to improve efficiency, support renewables, and enhance customer services

SYDNEY, March 18, 2025 /PRNewswire/ — Oracle CloudWorld Tour Sydney — Oracle today announced that Essential Energy, a leading electricity distributor in Australia, has modernised its operations and optimised asset management with Oracle’s cloud applications. This transformation enables Essential Energy to deliver safe and reliable power for the communities it serves while positioning it to play a pivotal role in Australia’s clean energy transition.

Essential Energy operates and maintains one of Australia’s largest electricity distribution networks, covering 95 percent of New South Wales and parts of southern Queensland, and serving over 890,000 customers across regional, rural, and remote communities. It plays a key role in the State’s transition to renewable energy, as noted in the NSW Electricity Infrastructure Roadmap. Managing energy across such a vast and diverse area presents unique challenges, including the need to modernise ageing infrastructure to meet growing power demands and prepare for emerging technologies.

Building on its long-standing relationship with Oracle, Essential Energy selected Oracle Fusion Cloud Applications Suite and Oracle Utilities Work and Asset Cloud Service (WACS) to improve business insights, enhance operational efficiency, and optimise workforce management to better meet evolving customer expectations.

“To strengthen our core business, we needed the right technology to modernise and replace a number of legacy software solutions used to manage our asset and works management value chain,” said Brad Thomas, head of Asset Engineering, Risk and Compliance, Essential Energy. “Oracle’s solutions are helping us manage over 10 million assets, systemise maintenance requirements, and provide an end-to-end view of our asset management system. With these tools we have improved our asset management practices and aligned our enterprise systems. They have also laid the foundation to help us lead Australia’s clean energy transition.”

Utilising integration between the Oracle applications, Essential Energy is able to create a centralised, and common data model for asset and financial management. By harnessing data insights from Oracle Fusion Applications and Oracle Utilities WACS, the company is able to optimise maintenance and maximise asset value to deliver greater benefits to customers across Australia.

Essential Energy can also take advantage of the cloud based applications to increase productivity, reduce costs, expand workforce insights and enhance employee experience through Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Human Capital Management (HCM). With quarterly update cycles, Oracle Fusion Applications will give the Essential Energy team access to continuous innovation as new features are added every 90 days, without downtime or business disruption.

Using Oracle Utilities WACS, Essential Energy can access insights, modelling, and planning capabilities that maximise its ability to manage network assets and better support communities, businesses, and residential customers. Over time, this enables the organisation to have clearer visibility into its asset and works management processes to support a more resilient and reliable electricity network across its entire footprint.

“Essential Energy’s cloud-first approach is redefining what’s possible in the energy sector, setting a new benchmark for modernisation and sustainability,” said Stephen Bovis, regional managing director, Australia and New Zealand, Oracle. “With Oracle Fusion Applications and Oracle Utilities Work and Asset Cloud Service, Essential Energy is not just optimising operations—it’s transforming its entire approach to managing one of Australia’s largest and most critical electricity networks. We are proud to work with Essential Energy in accelerating New South Wales’ clean energy transition while strengthening the State’s energy infrastructure and delivering lasting value to communities across the region.”

Deloitte and Accenture, both long-term members of the Oracle PartnerNetwork (OPN), were engaged to support the implementation of Oracle Cloud ERP and Oracle Cloud HCM, and Oracle Utilities WACS, respectively.

About Essential Energy 
Essential Energy builds, operates and maintains one of Australia’s largest electricity distribution networks, servicing over 900,000 customers across regional, rural and remote communities.   

The network footprint covers 95 per cent of New South Wales and parts of southern Queensland, traversing 737,000 square kilometres of diverse landscape from the desert to the coast, across alpine to sub-tropical.   

Delivering safe and reliable electricity for our communities is at the core of what we do, while actively supporting the energy transition through enabling the connection of renewables on the network.

Essential Energy’s footprint includes 1.4 million power poles.  

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

About Oracle CloudWorld Tour
Oracle CloudWorld Tour is Oracle’s global celebration of customers and partners. Join us to discover how to get the most business value from AI, explore ways to increase productivity and efficiency through automation, and learn more about our cloud infrastructure, database, and applications from the people that build and use them. For session details, news and more visit oracle.com/au/cloudworld-tour/ or oracle.com/au/news.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

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