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Mar 31
Bit Digital Q1 2025 Earnings Report
Bit Digital posted a net loss in Q1 2025 as bitcoin mining revenues dropped sharply post-halving, while cloud and colocation services continued to expand.
Key Takeaways
Bit Digital generated $25.1M in revenue but reported a net loss of $44.5M for Q1 2025, driven by mark-to-market losses and a decline in mining revenue. Strong growth in cloud and colocation segments partially offset the impact.
Total revenue reached $25.1M, down 17% year-over-year.
Cloud services grew 84% YoY, becoming the largest revenue segment.
Bitcoin mining revenue fell 64% due to halving and reduced hash rate.
Reported net loss of $44.5M, driven by $49.2M in digital asset losses.
Bit Digital
Bit Digital
Bit Digital Revenue by Segment
Revenue by Segment
Digital Asset Mining Revenue
CapyFin.comCloud Services Revenue
CapyFin.comColocation Services Revenue
CapyFin.comETH Staking Revenue
CapyFin.com Forward Guidance
Bit Digital expects continued momentum in cloud services and data center expansion, with decreasing reliance on bitcoin mining.
Positive Outlook
- Signed $20.9M in new cloud contracts with DNA Fund.
- Cerebras colocation deal and new data center in Québec advancing.
- GPU deployments support AI inference and training demand.
- Shadeform integration expanded global reach of cloud services.
- Strong liquidity position with ~$140M in total liquidity and no debt.
Challenges Ahead
- Bitcoin mining revenue continues to decline post-halving.
- Adjusted EBITDA dropped from $58.5M to $(44.5)M YoY.
- Net bitcoin earnings fell 80% from prior year.
- High exposure to mark-to-market losses on digital assets.
- No GAAP profitability; loss per share of $(0.32).