BIT DIGITAL Reports Q2 Non-GAAP Net Income of $0.1M
September 1, 2022
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Bit Digital($NASDAQ:BTBT), Inc reported their second quarter earnings and Bitcoin mining revenue for the 2022 fiscal year. Their net income was $0.1 million dollars which is non-GAAP net income. This means that their net income does not take into account some expenses such as taxes and interest. Bitcoin mining revenue was $6.5 million dollars for the second quarter of 2022.
Some investors are worried about the long-term effects of Bit Digital’s earnings. They are concerned that the decrease in Bitcoin mining revenue will have a negative effect on the company’s market share and earnings.
However, Bit Digital is confident that they will be able to continue to grow their business and increase their earnings in the future.
Market Price
On Tuesday, BIT DIGITAL stock opened at $1.5 and closed at $1.5. The company attributed the improvement to increased revenue from its mining operations and cost-cutting measures. Despite the positive news, the stock price was unchanged from the previous day’s close.
VI Analysis
BIT DIGITAL is a strong company in terms of asset, growth, and profitability.
However, it is weak in dividend. The company’s fundamentals reflect its long term potential. The VI Star Chart shows that BIT DIGITAL has an intermediate health score of 5/10 with regard to its cashflows and debt, which means it might be able to sustain future operations in times of crisis. BIT DIGITAL is classified as ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Due to its moderate growth rate, such company is deemed less risky and volatile as it pursuits a sustainable growth rate.
Summary
If you’re looking for a company to invest in that is involved in the cryptocurrency industry, you may want to consider BIT DIGITAL. The company recently reported their Q2 non-GAAP net income, which came in at $0.1M. This is a strong indicator that the company is doing well and is a good investment.
