Bit Digital Reports $28.3 Million Net Income for Fiscal Year 2024, Driven by Revenue Growth

Bit Digital, Inc. (BTBT) reported a net income of $28.3 million for the fiscal year ended December 31, 2024, a significant turnaround from a net loss of $13.9 million in fiscal year 2023. This improvement stems from a substantial increase in revenue, reaching $108.0 million in 2024 compared to $44.9 million in 2023. The increase is largely attributed to the launch of the company's cloud services business, which generated $45.7 million in revenue during 2024, and the acquisition of Enovum Data Centers, contributing $1.4 million in colocation services revenue. Revenue from digital asset mining also increased to $58.6 million in 2024 from $44.2 million in 2023, primarily due to a higher average Bitcoin price.

Significant strategic developments during the year included the October 11, 2024 acquisition of Enovum Data Centers, a Tier-3 high-performance computing (HPC) data center platform in Montreal, Canada. Enovum's 4MW data center was fully operational and leased to 14 customers at the time of acquisition. Bit Digital also acquired the real estate for a 5MW expansion project (MTL 2) in Montreal, expected to be operational by June 2025. The company plans to expand its HPC data center capacity to 32MW by the end of 2025 and 80MW+ by the end of 2026. Further, Bit Digital's cloud services business secured several new customers, including Boosteroid Inc., a global cloud gaming provider, with a potential $700 million revenue opportunity over five years.

Operational highlights include the deployment of additional miners at various hosting facilities throughout the year, resulting in an active hash rate of approximately 1.8 EH/s as of December 31, 2024. The company also actively pursued new cloud services customers, resulting in significant revenue generation from this segment. The company's employee count, including subsidiaries and consultants, reached approximately 54 as of March 14, 2025. The company's digital asset holdings as of December 31, 2024, included 741.9 Bitcoin and 27,623.2 Ethereum, valued at $69.3 million and $92.1 million, respectively.

The company's financial performance was significantly impacted by the adoption of ASU 2023-08, which required the measurement of certain crypto assets at fair value. This resulted in a cumulative-effect adjustment to the beginning balance of retained earnings. The company also experienced changes in hosting partnerships, leading to the reallocation of its mining fleet and the disposal of approximately 25,495 bitcoin miners during 2024. The company's outlook anticipates continued growth in its HPC business, driven by increasing demand for advanced computing and AI services. However, the company acknowledges significant risks related to competition, regulatory changes, and the volatility of digital asset markets. The company also notes that it does not anticipate paying cash dividends in the foreseeable future.