In This Story
Bit Digital Inc. (BTBT+5.95%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's operations in high-performance computing (HPC) infrastructure and digital asset production, with a focus on cloud services and colocation services. The company reported a significant expansion of its HPC data center operations through the acquisition of Enovum Data Centers Corp, a Tier-3 HPC data center platform based in Montreal, Canada.
Revenue from cloud services was $45.7 million, while colocation services generated $1.4 million. Digital asset mining revenue increased to $58.6 million, attributed to a higher average bitcoin price. ETH staking revenue also saw growth, with a total of $1.8 million reported.
Cost of revenue for cloud services was $19.5 million, including expenses for electricity, datacenter leases, and GPU server leases. Colocation services incurred costs of $0.5 million, primarily due to electricity and lease expenses.
Digital asset mining costs rose to $42.3 million, driven by increased electricity and profit-sharing fees. The company reported depreciation and amortization expenses of $32.3 million.
General and administrative expenses totaled $41.5 million, with significant expenditures on share-based compensation and professional consulting services.
Bit Digital recognized a gain of $55.7 million from digital assets, primarily due to increases in bitcoin and ETH prices. The company reported a net income of $28.3 million, a substantial improvement from the previous year's net loss of $13.9 million.
The filing also detailed the company's strategic partnerships and hosting agreements across North America and Iceland, highlighting its focus on sustainability and renewable energy sources for its operations.
Bit Digital's future plans include further expansion of its HPC data centers and continued investment in cloud services to meet growing market demand for AI and machine learning applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bit Digital Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.