Bit Digital (NASDAQ:BTBT) Issues Quarterly Earnings Results, Misses Estimates By $0.26 EPS

Bit Digital (NASDAQ:BTBT) released its quarterly earnings results on Thursday. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26), FiscalAI reports. The firm had revenue of $32.11 million during the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 9.67%.

Here are the key takeaways from Bit Digital’s conference call:

• Second-quarter revenue rose 15% sequentially to $32.1 million, led by a 42% increase in cloud-services revenue. Operating cash flow for the first six months increased 33% year over year to $46.8 million.
• Management highlighted approximately $1 billion of remaining performance obligations, including $57.7 million expected to be recognized during the rest of 2026 and $136.7 million in 2027. WhiteFiber also expects its North Carolina facility to reach the full contracted run rate under its 10-year, approximately $865 million agreement with Enscale.
• Bit Digital used Ethereum-backed liquidity to provide WhiteFiber with a delayed-draw facility of up to $150 million, preserving its ETH and WhiteFiber ownership while earning a return above staking yields. Management said the bridge is expected to be repaid following permanent financing for the North Carolina facility.
• Bit Digital reported a $107.2 million net loss attributable to shareholders, including a $28.8 million mark-to-market loss on digital assets, a $46 million non-cash impairment on liquid-staked ETH, and $14 million in derivative-liability losses. Ethereum staking revenue also fell sequentially after some ETH was unstaked as collateral.
• Management is evaluating a share buyback because it believes the stock trades at a 40% or greater discount to net asset value, but no timing, size, or funding source has been approved. The company said it will not sell WhiteFiber shares during 2026 and is also considering limited covered calls on a portion of that stake.

Bit Digital Price Performance

Shares of NASDAQ BTBT traded up $0.08 during trading on Friday, reaching $1.57. The company had a trading volume of 22,279,896 shares, compared to its average volume of 23,663,986. Bit Digital has a 52 week low of $1.18 and a 52 week high of $4.55. The business’s 50 day moving average price is $1.65 and its 200-day moving average price is $1.69. The stock has a market cap of $548.23 million, a PE ratio of -1.48 and a beta of 4.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the last quarter. Invesco Ltd. boosted its position in Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after buying an additional 1,604,011 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Bit Digital by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock valued at $17,669,000 after buying an additional 403,097 shares during the period. Vanguard Group Inc. increased its stake in shares of Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after buying an additional 6,201,477 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bit Digital by 21.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,123,173 shares of the company’s stock worth $13,463,000 after acquiring an additional 1,260,686 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analyst Ratings Changes

BTBT has been the subject of a number of research analyst reports. Craig Hallum reiterated a “buy” rating and issued a $3.50 target price on shares of Bit Digital in a research note on Tuesday, July 14th. Weiss Ratings lowered Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.12.

Key Headlines Impacting Bit Digital

Here are the key news stories impacting Bit Digital this week:

• Positive Sentiment: Revenue reached approximately $32.1 million, exceeding the roughly $23.6 million consensus estimate and rising 15% sequentially. Cloud-services revenue grew 42% from the prior quarter, supported by new and expanded contracts. Bit Digital revenue rises as cloud services drive growth
• Positive Sentiment: Management used the earnings call to emphasize Bit Digital’s cloud-driven pivot, including expansion in AI and high-performance computing infrastructure. Investors may view this business mix as offering more predictable growth than cryptocurrency mining alone. Bit Digital Earnings Call Highlights Cloud-Driven Pivot
• Positive Sentiment: Analysts cited in one report assigned Bit Digital an average price target of $5.12, indicating substantial potential upside from recent trading levels, although price targets are subject to revision. Bit Digital Receives Average Analyst Price Target
• Neutral Sentiment: The company is positioning itself as a strategic asset company focused on Ethereum strategies and AI/HPC infrastructure. The earnings call and transcript provide additional details on this longer-term repositioning. Bit Digital Q2 2026 Earnings Call Transcript
• Negative Sentiment: Profitability remained the key concern. Bit Digital reported a quarterly loss, with coverage citing an adjusted loss of about $0.06 per share versus an expected loss of $0.05, while the company’s reported loss was substantially affected by impairments, digital-asset losses and interest costs. Bit Digital Q2 Earnings Miss Despite Revenue Beat
• Negative Sentiment: MarketBeat reported a loss of $0.31 per share versus the $0.05 consensus estimate, alongside a negative net margin of 145.39%, underscoring the volatility and execution risk surrounding the company’s crypto and infrastructure businesses. Bit Digital Q2 Earnings Results

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.