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Bit Digital, Inc. Announces Fiscal Year 2024 Financial Results

1. Bit Digital reported over 140% revenue growth in FY 2024. 2. HPC business contributed nearly half of total revenue amid strategy shift. 3. Bitcoin mining revenue increased by 32% but its share declined in total revenue. 4. The company has strong liquidity with no debt, enabling future investments. 5. BTBT explores financing options to support ongoing expansions.

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Why Bullish?

The strong revenue growth and strategic shift towards HPC positively position BTBT amidst market trends. Historical examples, like Nvidia, show HPC growth correlating with stock price increases as demand rises.

How important is it?

The company's rapid evolution and strong financials directly signal substantial growth potential for BTBT. Furthermore, the transition to domestic filing enhances confidence amongst investors.

Why Long Term?

BTBT's strategic pivot to HPC will likely yield sustainable revenue streams, particularly as AI and cloud services expand. Similar transformations have historically resulted in consistent long-term value creation for tech firms.

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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 Operational Highlights for Fiscal Year 2024 Subsequent Events 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 [email protected] 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. SOURCE Bit Digital, Inc.

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