Bit Digital Q3 revenue misses as bitcoin mining winddown weighs
BTBT•Bit Digital reported Q3 revenue of $27.1 million, below the $32.23 million analyst consensus, and net income of $28.5 million, or $0.08 per share. Colocation revenue rose 232% year over year as the company reduced its bitcoin mining exposure.
1. Revenue and earnings
Bit Digital’s Q3 revenue fell 11% year over year to $27.1 million, missing the $32.23 million analyst consensus. The company reported net income of $28.5 million, or $0.08 per share.
2. Shift in business focus
Colocation revenue increased 232% year over year, driven by the MTL-3 site becoming fully operational and initial revenue from the NC-1 facility. Digital asset mining revenue fell as Bit Digital continued to reduce its bitcoin mining exposure. The company said it does not expect to allocate meaningful growth or maintenance capital to bitcoin mining and expects capital allocation to keep shifting toward Ethereum and infrastructure-related opportunities.
