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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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SOURCE Bit Digital, Inc.

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GRE Alpha to Showcase Innovative LED Driver Solutions with LumiFree™ Light Distribution Technology at LEDucation 2025

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GRE Alpha, a global leader in LED power solutions, will exhibit cutting-edge LED drivers and control systems that power LumiFree™ light distribution technology at LEDucation 2025.

NEW YORK, March 15, 2025 /PRNewswire-PRWeb/ — GRE Alpha, a global leader in LED power solutions, will exhibit cutting-edge LED drivers and control systems that power LumiFree™ light distribution technology at LEDucation 2025.

LEDucation attendees are invited to visit GRE Alpha at Booth #205 to experience innovations firsthand and discuss how these solutions can be customized for specific project requirements.

Visitors to Booth #205 will experience firsthand how this powerful combination solves traditional challenges associated with manual lighting controls while offering superior flexibility and performance.

The showcase at the annual trade show and conference organized by the Designers Lighting Forum of New York will take place at the New York Hilton Midtown on March 18-19, 2025.

Visitors to GRE Alpha’s booth will witness live demonstrations highlighting the system’s wireless capabilities across multiple control protocols, including Bluetooth Low Energy (BLE), Wi-Fi, 0-10V, DALI, and DMX.

The GRE Alpha and LumiFree™ combination offers several key advantages:

Enhanced Control Flexibility: LumiFree™ technology enables electrical control of light spread and independent two-axis light distribution control (horizontal and vertical), representing a breakthrough in lighting customization with applications across general lighting, specialized lighting, and optical inspection systems.Simplified Integration: GRE Alpha’s LED drivers seamlessly integrate with a wide range of luminaire designs, allowing OEMs complete freedom in their mechanical requirements.Extended Product Lifespan: The elimination of mechanical control components reduces wear and failure points, significantly enhancing system reliability and longevity.Greater Automation Capabilities: With wireless connectivity and advanced programming options, lighting systems can be easily updated, monitored, and controlled remotely.Reduced Installation Complexity: Wireless controls eliminate the need for additional control wiring, simplifying installation and reducing associated costs.

The technology supports a wide range of applications, including architectural lighting, commercial installations, industrial applications, smart building integration, and retail and hospitality environments.

LEDucation attendees are invited to visit GRE Alpha at Booth #205 to experience these innovations firsthand and discuss how these solutions can be customized for specific project requirements.

About GRE Alpha

GRE Alpha is dedicated to the design and manufacture of high-quality power supplies and lighting control accessories that meet the needs of the lighting industry. With more than two decades of power conversion expertise, GRE Alpha provides OEM and ODM services to lighting manufacturers and offers a comprehensive portfolio of LED drivers and lighting control modules to global lighting brands.

For more information, visit www.grealpha.com/contact.

About LEDucation

LEDucation, presented by the Designers Lighting Forum of New York, is the largest LED-only trade show and conference in the United States. The event connects lighting design professionals with manufacturers, allowing attendees to explore cutting-edge innovations in LED technology.

For more information, visit https://leducation.org/

Media Contact

Marina Milutinovic, GRE Alpha, 1 (770) 538-0630, marina@grealpha.com, https://grealpha.com/ 

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SOURCE GRE Alpha

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Mitolyn Alerts Consumers About Misleading Third-Party Resellers and Reinforces Commitment to Product Integrity

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NEW YORK, March 15, 2025 /PRNewswire/ — The official brand behind Mitolyn has issued a public advisory regarding unauthorized third-party resellers misrepresenting the product online. Reports of unverified vendors listing non-official versions of Mitolyn across various platforms have surfaced, leading to confusion among consumers.

The official Mitolyn brand has been receiving complaints from individuals who unknowingly made purchases from unverified sources, later realizing discrepancies in packaging, labeling, and product details. This has raised concerns about authenticity and product integrity, as the original product was developed only under Bioventra’s portfolio of advanced formulations.

In response to these growing concerns, the company has issued an official statement emphasizing that Mitolyn should only be purchased through its official website to ensure quality and authenticity.

 

Unverified Resellers Causing Widespread Confusion

In recent weeks, multiple consumer reports have highlighted the increasing prevalence of unauthorized sellers listing Mitolyn outside of the brand’s verified distribution channels. This issue is not unique to Mitolyn, as the broader supplement industry has faced similar challenges with third-party vendors presenting themselves as legitimate sources.

The official brand has actively monitored unauthorized listings and is committed to raising awareness about the potential risks associated with purchasing from unknown third-party vendors.

While some unauthorized sellers may present Mitolyn as genuine, discrepancies in packaging, ingredients, and descriptions have raised red flags. Some consumers have reported receiving products that appear different from what is shown on official materials, while others have struggled with returns and refund processes due to unclear seller policies.

 

Customer Complaints Highlight Need for Greater Awareness

Consumer reports received by the official Mitolyn brand have included concerns such as:

Product inconsistencies – Some customers noted that the labeling, logo placement, or product descriptions did not match official representations.Ingredient discrepancies – While the core formulation of Mitolyn remains proprietary, there have been concerns about whether third-party products match the expected ingredient profile.Unclear storage conditions – Customers have questioned whether Mitolyn’s third-party resellers handle and store the product correctly, as dietary supplements require specific conditions to maintain quality.Limited customer support – Many individuals who purchased Mitolyn from non-official sources found that customer service inquiries went unanswered, leaving them unable to address concerns or seek refunds.

A spokesperson for the official Mitolyn brand commented:
 “We take product integrity seriously and are committed to ensuring that consumers receive only authentic formulations. Unfortunately, unauthorized sellers sometimes misrepresent products, leading to confusion. We encourage customers to remain vigilant when verifying sources.”

 

The Rise of Unauthorized Supplement Sellers

Unauthorized supplement resellers have become a growing issue across various e-commerce platforms, social media marketplaces, and third-party retail websites. Many third-party sellers attempt to capitalize on Mitolyn’s demand, sometimes presenting products at unrealistic discounts or listing them in ways that do not align with official brand communications.

This trend has led to several industry-wide concerns, including:

Unverified product origins – Some sellers source products through unauthorized means, making it difficult for consumers to determine where and how the product was handled before purchase.Potential product substitutions – In some cases, third-party vendors list a product under a brand name, Mitolyn, for instance, but ship alternative formulations or lookalike substitutes.Misleading discount strategies – Some resellers attempt to lure in customers with extremely low prices, which can indicate unverified stock or repackaged items.

While Mitolyn’s official brand is actively monitoring unauthorized sales, the company emphasizes that consumers should take proactive steps to avoid misleading listings.

 

How Consumers Can Identify Official Product Sources

Consumers can take several steps to avoid misleading third-party listings and ensure they are purchasing authentic products. It is important to examine product details carefully, checking for inconsistencies in labeling, packaging, or branding that may indicate a non-official Mitolyn version. Pricing should also be reviewed with caution, as significantly lower prices than usual may suggest an unauthorized seller. Verifying the legitimacy of the seller by researching whether they are recognized as an authorized distributor can help prevent confusion. Lastly, consumers are encouraged to confirm product details through official channels to ensure accuracy and authenticity.

 

Company Response & Consumer Safety Commitment

The official Mitolyn brand has reaffirmed its commitment to consumer safety, product integrity, and transparency. With the increase in unauthorized sales, the company remains focused on educating customers about product authenticity.

“We are committed to making sure that individuals who seek out Mitolyn receive the correct formulation as originally designed. By raising awareness about misleading third-party listings, we hope to prevent unnecessary confusion and ensure a positive customer experience,” the spokesperson added.

Additionally, the company is actively monitoring third-party sales channels and taking steps to minimize unauthorized Mitolyn product listings that could misrepresent the brand.

 

Final Advisory for Consumers

With misleading third-party listings continuing to appear across various online marketplaces, consumers are encouraged to be diligent in verifying sources before making a purchase. The official Mitolyn brand has issued this advisory to help prevent further confusion and misinformation.

For updates regarding product authenticity and verification measures, consumers can refer to official sources.

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Muon Space Deploys FireSat Protoflight, Marking a Major Milestone in Global Wildfire Monitoring

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Initial FireSat satellite is healthy, paving the way for improved real-time wildfire intelligence and future constellation expansion

MOUNTAIN VIEW, Calif., March 15, 2025 /PRNewswire/ — Muon Space, an end-to-end space systems provider, has successfully launched the FireSat Protoflight satellite, marking a significant milestone in the deployment of the FireSat constellation. This groundbreaking initiative aims to transform global wildfire detection, monitoring, and response.

Designed and built by Muon Space—including its state-of-the-art six-channel multispectral infrared (IR) instrument—FireSat showcases the company’s expertise in delivering fully integrated, mission-tailored satellite systems from concept to operation. Launched aboard SpaceX’s Transporter 13 rideshare mission on March 14 from Vandenberg Space Force Base, Muon Space has successfully established communications with the satellite and confirmed its operational health.

“The FireSat mission exemplifies Muon Space’s ability to rapidly design, build, and deploy high-performance remote sensing systems tailored to address complex, real-world challenges,” said Jonny Dyer, CEO of Muon Space. “FireSat is just the beginning—we are demonstrating how purpose-built constellations can deliver transformative solutions at the speed our customers and partners require.”

Announced in May 2024, the FireSat Constellation is a collaboration between Muon Space and Earth Fire Alliance, combining Muon’s expertise in space-based remote sensing with the Alliance’s deep knowledge of wildfire management and response strategies. This partnership aims to enhance global wildfire response, management, and situational awareness by providing actionable data to first responders, policymakers, and communities facing escalating wildfire threats.

Working closely with hundreds of members of the federal, state, and local fire communities, Muon Space developed the FireSat system and delivered its first satellite to orbit in just 16 months. The initiative has been supported by leading NGOs and philanthropic organizations, including Environmental Defense Fund, the Gordon and Betty Moore Foundation, and others.

“Designing and building an advanced infrared instrument capable of detecting wildfires with high confidence required significant scientific and engineering innovation,” said Dan McCleese, Chief Scientist of Muon Space. “This achievement underscores Muon Space’s ability to push the boundaries of space-based observation, advancing not only wildfire intelligence but also a broad range of critical operational, scientific, and security applications.”

The planned 50+-satellite constellation will eventually provide global coverage with each point on Earth observed every 20 minutes with key wildfire-prone regions benefiting from more frequent observations.

“FireSat is a game-changer for wildfire response,” said Brian Collins, Executive Director of Earth Fire Alliance. “For too long, decision-makers have relied on outdated or incomplete fire data. FireSat is poised to provide persistent, high-fidelity, and detailed information that will empower end users to save more lives and structures, better protect ecosystems, and reduce economic losses.”

Muon is currently developing three additional satellites, which will launch in 2026. FireSat is expected to reach full operational capacity by 2030.

About Muon Space

Founded in 2021, Muon Space is an end-to-end Space Systems Provider that designs, builds, and operates LEO satellite constellations delivering mission-critical data. Our revolutionary, integrated technology stack, Halo enables customers to optimize every dimension of their missions for faster time-to-orbit and superior constellation remote sensing performance. Our state-of-the-art facilities in CA are optimized for manufacturing spacecraft and rapid, flexible payload integration at scale. From earth observation to national security, Muon Space is dedicated to delivering Earth Intelligence for a safer and more resilient world.

For more information on Muon Space, visit: https://www.muonspace.com/

About Earth Fire Alliance

Earth Fire Alliance is a California Nonprofit Public Benefit Corporation founded in 2024 on the belief that high-fidelity data, accessible on a global scale, will transform humanity’s collective approach and relationship to fire. The Alliance shares a vision of expanding wildfire focus and funding from reactive suppression to proactive stewardship that includes better informed real-time decisions on the ground, data-driven resilience initiatives, and improved understanding about the positive and negative role of fire on the landscape. Committed to delivering transformative real-time data from all wildfires on Earth through user-driven technology and radical collaboration, Earth Fire Alliance champions the FireSat satellite constellation. FireSat will deliver unprecedented data about where fires are and how fast they’re moving to frontline fire responders around the globe.

Learn more about the Alliance, FireSat, and how to get involved or support at https://www.earthfirealliance.org/

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