Bit Digital Inc (BTBT) Q3 2024 Earnings Call Highlights: Navigating Growth Amidst Challenges

GuruFocus.com11-19

Total Revenue: $22.7 million, a 96% increase compared to the prior year. Bitcoin Production: Decreased 59% year-over-year to 165.4 Bitcoins. Bitcoin Mining Revenue: Decreased 11% from the prior year ...

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GuruFocus has detected 5 Warning Signs with BTBT.\n\nRelease Date: November 18, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nBit Digital Inc (NASDAQ:BTBT) announced the acquisition of Enovum, a high-performance computing data center operator, which vertically integrates their operations and adds a new revenue line.\nThe company has a strong pipeline of expansion opportunities, expecting to add 8 megawatts by Q2 2025 and reach 32 megawatts by the end of the year.\nBit Digital Inc (NASDAQ:BTBT) has executed a Master Service Agreement with Boosteroid, the third-largest cloud gaming provider, and expects to deploy around 10,000 GPUs through 2025.\nThe company has made significant hires, including a Head of Revenue and CTO, enhancing their GPU cloud business with a world-class team.\nBit Digital Inc (NASDAQ:BTBT) reported a 96% increase in total revenue compared to the prior year, driven by their HPC business.\n\n Negative Points \n\nThe third quarter was challenging for Bit Digital Inc (NASDAQ:BTBT)'s mining business due to increased electricity costs and lower mining margins.\nThe company received a notice of termination for hosting contracts from Coinmint, affecting their mining operations.\nBit Digital Inc (NASDAQ:BTBT) reported a negative adjusted EBITDA of $21.8 million for the quarter, impacted by unrealized losses on digital assets.\nThe company faces increased competition in the GPU-as-a-Service market, making it difficult to pre-sell GPU capacity.\nBit Digital Inc (NASDAQ:BTBT) is considering separating its HPC and digital asset businesses due to market undervaluation and financing challenges.\n\n Q & A Highlights \nQ: Your pipeline on the GPU rental business and with Enovum is robust. How are you getting to $8 million at the end of the year to reach your $100 million annual run rate target? A: We reaffirm that by year-end, our revenue target will hit $100 million. We're confident because the term sheets announced today, combined with Enovum, get us to about 90% of the way there. Deployment timelines will determine whether we reach the run rate in December or January.\nQ: Can you clarify the contribution from Enovum in the fourth quarter? A: The Enovum contribution is about $7 million annualized starting the fourth quarter. The $1.6 million you mentioned is the aggregate revenue recognized, but the December run rate would be slightly higher.\nQ: How should we think about average exahash for 4Q, 1Q, and 2Q '25 for your Bitcoin business? A: We plan to return to around three exahash by the end of February, likely at the cost of around $15 million to $20 million. Mining will remain a small part of our capital deployment going forward.\nQ: Could you provide more detail on the new HPC deals totaling about $20 million annually? A: There are three term sheets, two of which have moved to the MSA stage. One is for 576 H200s for 12 months, around $10 million in revenue. Another is 512 H200s for at least six months, representing $5 million in revenue. The third is a month-to-month contract for 54 GPUs, representing $1.2 million in annualized revenue.\nQ: Do you see separating the Bitcoin mining business as an effort to make the company's new focus easier to understand for investors? A: Yes, absolutely. Separating the businesses could unlock the value of the HPC business, which has higher valuations and multiples than Bitcoin mining. It also makes the story cleaner for lenders, as some banks are reluctant to deal with anything crypto-related.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484006960"}