BIT DIGITAL Reports Surprising Earnings and Revenue Gains of $0.16 and $0.8M Respectively
June 14, 2023
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BIT Digital Inc., a leading digital currency mining company, has recently reported surprising earnings and revenue gains that exceeded expectations. The company reported a Non-GAAP EPS of $0.01 for Bit Digital ($NASDAQ:BTBT), which surpassed the estimated figure of $0.16, and its revenue of $8.3M exceeded the forecasted amount of $0.8M. The company specializes in the process of verifying and recording cryptocurrency transactions, known as mining. The process is integral to the cryptocurrency market and Bit Digital is one of the leading companies in this field. The company has seen accelerated growth over the past year as cryptocurrency continues to gain traction and widespread recognition.
The reported gains are considered a significant milestone for the company and demonstrate that its efforts to increase profitability are paying off. Investors have responded positively to the news, with shares of Bit Digital increasing by nearly 3%. The stock is expected to continue to climb in value as investors become increasingly confident in its future prospects.
Price History
The company’s stock opened at $2.8 and closed at $3.0, up by 3.1% from prior closing price of 2.9. This is the first time in the company’s history that it has seen such strong gains in both earnings and revenue. The gains are a result of the company’s recent investments in new technology and partnerships with other industry players. The company is expected to continue its growth in the near future as it continues to capitalize on the booming cryptocurrency market.
With a market cap of over $3 billion, BIT DIGITAL remains one of the most valuable companies in the sector. It is also well positioned to benefit from the increasing demand for blockchain technology and digital assets in general. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Bit Digital. More…
| Total Revenues | Net Income | Net Margin |
| 32.3 | -105.3 | -124.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Bit Digital. More…
| Operations | Investing | Financing |
| -8.5 | -18.61 | 18.71 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Bit Digital. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 100.42 | 10.49 | 1.92 |
Key Ratios Snapshot
Some of the financial key ratios for Bit Digital are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 91.9% | – | -120.8% |
| FCF Margin | ROE | ROA |
| -86.2% | -19.7% | -24.3% |
Analysis
At GoodWhale, we take a comprehensive approach to analyzing company wellbeing. A star chart analysis of BIT DIGITAL revealed that it is classified as a ‘rhino’ – a type of company that has achieved moderate revenue or earnings growth. This type of company may be of interest to investors looking for steady, long-term returns. The health score for BIT DIGITAL is 5/10 with regard to its cashflows and debt. This indicates that while the company is not in a great financial shape, it should be able to sustain future operations in times of crisis. Additionally, BIT DIGITAL is strong in asset, growth, and medium in profitability. However, its weak spot is dividend. Therefore, investors would have to consider the lack of dividends when evaluating this company. More…
Peers
The cryptocurrency mining industry is highly competitive, with Bit Digital Inc competing against Marathon Digital Holdings Inc, Hut 8 Mining Corp, and Cipher Mining Inc. All four companies are striving to be the leading provider of cryptocurrency mining services. Bit Digital Inc has a strong presence in North America, Europe, and Asia, while Marathon Digital Holdings Inc is focused on North America. Hut 8 Mining Corp has a strong presence in North America and Europe, while Cipher Mining Inc is focused on Asia.
– Marathon Digital Holdings Inc ($NASDAQ:MARA)
Marathon Digital Holdings, Inc. engages in the digital assets business. It focuses on the mining and development of blockchain technology. The company was founded on October 31, 2017 and is headquartered in El Segundo, CA.
– Hut 8 Mining Corp ($TSX:HUT)
Hut 8 Mining Corp is a cryptocurrency mining company that operates out of Canada and the United States. The company is one of the largest Bitcoin miners in North America and is publicly listed on the Toronto Stock Exchange. Hut 8 Mining Corp has a market capitalization of 451.02 million as of 2022 and a return on equity of -10.72%. The company mines Bitcoin and other cryptocurrencies through a network of data centres.
– Cipher Mining Inc ($NASDAQ:CIFR)
Cipher Mining is a cryptocurrency mining company with a market cap of $203.14 million as of 2022. The company has a return on equity of 28.25%. Cipher Mining is focused on providing safe and efficient mining operations. The company is headquartered in Vancouver, Canada.
Summary
BIT DIGITAL is a publicly traded cryptocurrency mining firm that recently reported their non-GAAP earnings per share (EPS). The company posted a figure of $0.01 per share, which beat analyst expectations by $0.16. Following the news of their impressive performance, the stock price moved up on the same day. Investors should take note of BIT DIGITAL’s positive performance and consider entering the stock as its price has risen due to its impressive earnings report.
