Bit Digital Q2 revenue beats estimates on cloud services growth
Bit Digital Q2 revenue beats estimates on cloud services growth
Overview
US Ethereum/AI infrastructure firm's Q2 revenue rose 15%, beating analyst expectations
Company posted Q2 net loss of $107.2 mln, or $0.31 per diluted share
Cloud services revenue grew 42% sequentially, offsetting declines in digital asset mining
Outlook
Company expects NC-1 data center to begin contributing revenue in Q3
WhiteFiber cloud services portfolio expected to generate over $200 mln annualized revenue once fully deployed
Company does not intend to sell WhiteFiber shares in 2026
Result Drivers
CLOUD SERVICES GROWTH - Cloud services revenue rose 42% sequentially, driven by new contracts and expansion of existing agreements
ETH STAKING REPOSITIONING - ETH staking revenue fell sequentially as ETH was shifted into liquid staking to collateralize WhiteFiber financing and due to lower ETH prices
MINING WIND-DOWN - Digital asset mining revenue declined as company continued to reduce exposure to bitcoin mining, which is no longer a strategic growth priority
Company press release: ID:nPn5LjW8Na
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $32.10 mln | $23.71 mln (4 Analysts) |
Q2 Loss Per Share |
| $0.31 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Bit Digital, Inc. is $5.50, about 276.7% above its August 12 closing price of $1.46
Reuters Recommended Reads
Aug 12 - WhiteFiber Q2 revenue rises 54%, loss widens on higher costs, charge
Aug 10 - Riot Platforms Q2 revenue beats on data center contracts
Aug 11 - CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)