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Mar 31, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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