Bit Digital Q1 Revenue Falls 14%, Posts $146.7 Million Net Loss

Uk Jin

Summary

Bit Digital said first-quarter revenue was $27.9 million, down 13.6%% from the fourth quarter of last year.
The company said revenue from Ethereum staking, cloud services and digital-asset mining declined, and that it reallocated about 70,000 Ether into liquid staking.
Bit Digital said its first-quarter net loss was $146.7 million and that non-cash mark-to-market losses from digital-asset price swings affected results.

Forecast Trend Report by Period

Bit Digital, a Nasdaq-listed US company, reported lower revenue in the first quarter from the previous quarter, as cloud services, Ethereum staking and digital-asset mining revenue declined.

The Block reported on May 15 that Bit Digital posted first-quarter revenue of $27.9 million, down 13.6% from the fourth quarter of last year.

Ethereum staking revenue fell 29.4% from the prior quarter to $2.3 million. The company said it reallocated about 70,000 Ether into liquid staking to improve treasury flexibility.

Cloud services revenue totaled $16.8 million, down 13.1% from the previous quarter. Digital-asset mining revenue dropped 32.9% to $3.7 million as Bitcoin production declined and average prices fell.

Colocation services revenue was $4.8 million.

Bit Digital posted a net loss of $146.7 million in the first quarter. The company said non-cash mark-to-market losses driven by digital-asset price swings weighed on results.

ETH