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Bit Digital, Inc. Announces First Quarter of Fiscal Year 2025 Financial Results

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NEW YORK, May 15, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City, today announced its financial results for the First Quarter of 2025. The Company will host a conference call on May 16, 2025, at 10:00 AM ET to discuss results (click here for registration information).

Financial Highlights for First Quarter of 2025

Total revenue for the First Quarter of 2025 was $25.1 million, a 17% decrease compared to the prior year’s results. The decrease was driven by a decline in Digital asset mining revenue following the April 2024 halving and partially offset by continued growth in Cloud services revenue and the addition of Colocation services revenue.Revenue from bitcoin mining was $7.8 million for the quarter, a 64% decrease compared to the prior year’s quarter. Cloud services revenue was $14.8 million, an 84% increase from the prior year’s quarter. Colocation services revenue was $1.6 million for the quarter as compared to none in the prior year’s quarter. ETH staking revenue was $0.6 million for the quarter, a 72% increase from the prior year’s quarter.Revenue from digital asset mining comprised 31% of total revenue for the first quarter of 2025 compared to 72% for the prior year’s quarter.The Company had cash, cash equivalents and restricted cash of $61.3 million, and total liquidity (defined as cash, cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $141.4 million, as of March 31, 2025.Total assets were $458.2 million and Shareholders’ Equity amounted to $417.4 million as of March 31, 2025.Adjusted EBITDA[1] was $(44.5) million for the First Quarter of 2025 compared to $58.5 million for the first quarter of 2024. Adjusted EBITDA for Q1 2025 includes $49.2 million in mark-to-market losses on digital assets compared to $45.7 million of gains in Q1 2024.GAAP loss per share was $(0.32) on a fully diluted basis for the First Quarter of 2025 compared to earnings per share of $0.43 for the first quarter of 2024.

Operational Highlights for First Quarter of 2025

The Company earned 83.3 bitcoins during the First Quarter of 2025, an 80% decrease from the prior year. The decline was driven by a reduction in block rewards following the halving event in April 2024, an increase in network difficulty, and a decrease in the Company’s average operational hash rate following a fleet deployment in connection with the Company’s exit from Coinmint facilities.The Company earned 211.0 ETH in native staking for the three months ended March 31, 2025.Treasury holdings of BTC and ETH were 417.6 and 24,434.2, respectively, with a fair market value of approximately $34.5 million and $44.5 million on March 31, 2025, respectively.As of March 31, 2025, we had 20,854 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 2.4 EH/s. The Company’s active hash rate of its bitcoin mining fleet was approximately 1.5 EH/s as of March 31, 2025.The Company had approximately 21,568 ETH actively staked in native staking protocols as of March 31, 2025.As of January 1, 2025, Bit Digital officially transitioned to domestic issuer status under U.S. securities law.In January 2025, the Company entered into a new agreement to supply its first customer for an additional 464 B200 GPUs for a period of eighteen months. This new agreement replaced the prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer. The customer has elected to defer the commencement date until August 20th, 2025, which is the latest allowable date under the agreement.In addition to the above, the Company signed multiple new cloud services agreements during the first quarter totaling more than 200 NVIDIA H200 GPUs, with contract durations ranging from one to twelve months. These deployments supported training and inference workloads and reflect continued momentum and customer diversification across the Company’s GPU cloud platform.In February, the Company officially rebranded its HPC business as WhiteFiber, Inc., encompassing its GPU cloud services and HPC data center platform, Enovum Data Centers.In February, the Company, through its high-performance computing platform WhiteFiber, secured a five-year, 5MW colocation agreement with Cerebras Systems (“Cerebras”), a leader in generative AI. In April, Bit Digital announced the selection of a new data center site in Saint-Jérôme, Québec (“MTL-3“) to fulfill the contract. The facility, being developed by Enovum under a lease-to-own structure, is expected to commence operations in July 2025, with total development costs estimated at approximately CAD $55 million (approximately $40 million USD). Cerebras holds a right of first refusal for additional capacity at the site.In March, the Company announced a strategic partnership between WhiteFiber and Shadeform, a leading multi-cloud GPU marketplace, to deliver on-demand access to NVIDIA B200 GPUs. Bit Digital received its first shipment of B200s during the quarter, comprising 64 servers (512 GPUs), and began phased deployment in April. Through the Shadeform integration, WhiteFiber’s GPU cloud became globally accessible across more than 100 regions, enabling developers and enterprises to access high-performance AI infrastructure without long-term commitmentsIn March 2025, the Company executed two new service orders under its existing agreement with Boosteroid, a global cloud gaming provider. The orders total 701 GPU servers under five-year terms, with deployments scheduled to commence in May and June 2025. These new contracts represent approximately $2.1 million in annualized contract value, bringing total contract value from Boosteroid to approximately $3.6 million annually and over $18 million in total contract value.

Subsequent Events

In April 2025, the Company entered into a definitive agreement to acquire a data center property in Madison, North Carolina. Closing of the transaction is subject to customary closing conditions, including receipt of an energy study verifying utility capacity. An earnest money deposit of $2.25 million was deposited in escrow pursuant to the terms of the Purchase Agreement, of which $1.25 million is non-refundable to us.In April 2025, the Company signed two additional cloud services agreements with DNA Fund. The first agreement, commencing in early May 2025, includes 104 NVIDIA H200 GPUs under a 25-month term. The second, expected to commence in May 2025, includes 512 H200 GPUs under a 23-month term. With these additions, DNA Fund’s total contracted deployment increased to 1,192 GPUs. Combined, the agreements represent approximately $20.9 million of annualized revenue.

Management Commentary

“Our first quarter results were affected by mark-to-market losses on digital assets and lower bitcoin mining revenue, both of which reflect industry-wide headwinds and the strategic rebalancing of our business. We continued to make meaningful progress in scaling our infrastructure platform and diversifying our revenue streams.

Cloud services revenue increased 84% compared to the year-ago period and accounted for the majority of total revenue. Demand was driven by both long-term enterprise contracts and short-term workloads from AI-native developers. Our strategic investments in next-generation hardware and distribution partnerships, including B200 deployments and our integration with Shadeform, helped expand platform reach and customer access.

Colocation services contributed a full quarter of revenue following our acquisition of Enovum in late 2024. We expect this business line to become a major growth engine as we expand our development pipeline to meet growing customer demand.

Bitcoin mining accounted for 31% of total revenue in the quarter, down from 40% in Q4 and 72% a year ago. The decline reflects both the halving event and the ongoing redeployment of miners from Coinmint facilities, which we used as an opportunity to retire less efficient assets and reposition our fleet. While mining remains a component of our platform, we expect its contribution to continue declining over time as our infrastructure businesses grow.

Gross margins improved both sequentially and year-over-year, driven by stronger contribution from Cloud and Colocation segments and ongoing cost discipline. We ended the quarter with approximately $140 million in total liquidity and no debt, giving us the flexibility to invest in high-return initiatives.

We advanced our platform on several fronts, deploying NVIDIA B200 GPUs, expanding key customer relationships, and progressing our datacenter expansion strategy. These milestones support our roadmap and reflect our growing relevance in the AI infrastructure landscape. As we scale our platform, we remain focused on disciplined execution and long-term value creation.”

[1] Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items. Potential adjustments are listed within the section under the header “Non-GAAP Financial Measures” in the Form 10-Q.  

About Bit Digital

Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors”  Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. The risk factor in the Form 10-K titled “If we are classified as a passive foreign investment company (“PFIC”) U.S. taxpayers who own our ordinary shares may have adverse United States federal income tax consequences” has been modified to the extent that Management has obtained a third party analysis for 2024 and does not believe that Bit Digital should be classified as a PFIC for 2024. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

 

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Dental Expert Dr. Kari Sakurai Explains Early Tooth Decay and Enamel Remineralization in HelloNation

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58 minutes ago

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November 2, 2026

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The Article Explains When Early Enamel Damage May Be Reversed and When a Filling Becomes Necessary

SANTA MONICA, Calif., Nov. 2, 2026 /PRNewswire/ — Can early cavities be reversed before a filling? HelloNation has published an article in which Dr. Kari Sakurai, dental expert at Pacific View Smile Center, answers this by explaining how early tooth decay can sometimes be addressed before permanent damage develops.

The article explains that early tooth decay does not always require an immediate filling. During the earliest stage, decay may involve mineral loss from tooth enamel without creating a physical hole. When the enamel support structure remains intact, the tooth may still regain lost minerals.

According to the article, dentists often call this process enamel demineralization. Bacteria in the mouth produce acids that remove calcium, phosphate, and other minerals from tooth enamel. Frequent exposure to sugars and fermentable carbohydrates can increase these acid attacks and contribute to continued mineral loss.

The HelloNation article notes that a white or chalky area can be an early sign of enamel changes. At this point, the surface may not have collapsed into a cavity. Dental Expert Dr. Kari Sakurai helps explain why recognizing this stage matters.

The article describes fluoride toothpaste as an important tool for supporting enamel remineralization. Fluoride can help strengthen weakened enamel and encourage minerals to return to affected areas. Depending on a person’s cavity risk, a dentist may also recommend professional fluoride treatments or other fluoride products.

According to the article, saliva also supports natural repair. It helps wash away food particles, reduce harmful acids, and carry calcium and phosphate back to tooth surfaces. These functions create conditions that may help slow or reverse early tooth decay before permanent enamel damage occurs.

The article also discusses dry mouth as a factor that can interfere with this protection. Medications, health conditions, and lifestyle factors may reduce saliva production. With less saliva available to control acids and restore minerals, teeth may face a greater risk of developing cavities.

Eating habits also play a role. The article explains that frequent sugary snacks and drinks repeatedly expose teeth to acids. Reducing how often teeth encounter sugar gives saliva more time to restore a healthier oral environment between meals.

Daily oral hygiene also matters. Brushing twice each day with fluoride toothpaste helps manage plaque while supporting tooth enamel. Cleaning between teeth reaches areas brushing may miss, while regular dental care can identify changes before symptoms appear.

The article emphasizes that enamel remineralization has clear limits. Once decay breaks through the enamel surface and creates a true cavity, missing tooth structure cannot naturally grow back. A filling or another professional treatment may then be necessary to restore the damaged tooth.

Pain alone cannot reliably show how far decay has progressed. The article notes that some cavities cause no discomfort until they become deeper. A dental examination, sometimes supported by dental X-rays, can help determine whether the enamel remains intact or permanent damage has occurred.

The HelloNation article concludes that the distinction between reversible mineral loss and a cavity depends largely on the condition of the enamel surface. Fluoride, saliva, consistent oral hygiene, and reduced sugar frequency can support enamel during its earliest stages. Dental Expert Dr. Kari Sakurai helps explain these factors for readers considering how early dental care may affect treatment needs.

Can Early Cavities Be Reversed Before a Filling? Features insights from Dr. Kari Sakurai, a dental expert in Santa Monica, California, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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HelloNation Examines Older Homes’ Heating Efficiency With Insights From HVAC Expert Reid Sittler

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November 2, 2026

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The article explains practical ways to reduce heat loss and improve comfort in older homes in Massillon.

MASSILLON, Ohio, Nov. 2, 2026 /PRNewswire/ — What steps can homeowners take to improve comfort and reduce energy use in aging houses? HelloNation has published the answer in an article exploring the heating efficiency of older homes, with insights from HVAC Expert Reid Sittler of Massillon, Ohio.

Quality Heating & Cooling’s HVAC Expert Reid Sittler explains that many older properties face heating-efficiency challenges due to outdated construction methods and materials. It notes that heat loss in older houses often begins with insufficient insulation, especially in attics, walls, and crawl spaces. Without an effective barrier, warm air escapes easily, making heating systems work harder to maintain indoor comfort.

The article explains how an insulation upgrade can significantly improve the heating efficiency of older homes by slowing the transfer of heat to colder outdoor areas. By adding or replacing insulation in key areas of the home, homeowners can retain more heat and reduce overall energy use. HVAC Expert insights featured in the article emphasize that addressing insulation first often creates a strong foundation for other efficiency improvements.

Air leaks sealing is another major focus of the article. Small openings around windows, doors, and utility lines allow cold air to enter and warm air to escape, contributing to the heat loss that older houses commonly experience. The article notes that air leaks sealing with caulk or weatherstripping is a cost-effective way to improve indoor temperature stability without requiring major renovations.

Windows also play a role in the heating efficiency of older homes. The article explains that single-pane or poorly sealed windows allow more heat transfer than modern designs. While a full replacement may not always be necessary, adding storm windows or thermal coverings can help reduce heat loss in older houses during colder months.

Heating system performance is another key factor discussed in the article. Older furnaces often operate at lower efficiency levels, increasing energy use over time. Regular maintenance helps, but the article explains that a furnace upgrade may be worth considering when systems reach 15 to 20 years of age. A high-efficiency furnace can convert more fuel into usable heat, improving overall system performance.

The article also highlights that a furnace upgrade should be evaluated alongside other improvements, such as insulation upgrades and air-leak sealing. In some cases, these combined efforts can deliver benefits similar to those of a high-efficiency furnace alone. HVAC Expert perspectives in the article reinforce the importance of taking a balanced approach to home efficiency.

Zoning controls are presented as another strategy to improve comfort. The article explains that zoning controls allow homeowners to divide the house into separate heating areas, directing warmth where it is needed most. This approach helps reduce energy waste and improve heating efficiency in older homes, particularly in larger or multi-level homes.

Quality Heating & Cooling’s HVAC Expert Reid Sittler emphasizes that improving the heating efficiency of older homes requires addressing multiple factors simultaneously. Insulation upgrades, air-leak sealing, furnace upgrades, and zoning controls all help reduce the heat loss that older houses commonly experience. When combined, these steps can create a more consistent indoor environment and better energy management.

In conclusion, How can older Massillon homes improve heating efficiency? features insights from Quality Heating & Cooling’s HVAC Expert, Reid Sittler of Massillon, Ohio, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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Church Tech Company, Subsplash Gives $8.4 Million Back to Churches through GrowCurve

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November 2, 2026

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Subsplash Giving’s GrowCurve program automatically lowers processing rates as giving grows, with no monthly fees and no rate negotiation.

DALLAS, Nov. 2, 2026 /PRNewswire/ — Subsplash, the leading church engagement platform trusted by 21,000+ churches and ministries, today announced it has given $8.4 million back to churches since 2016 through GrowCurve, the exclusive rate reduction program built into Subsplash Giving™. GrowCurve automatically lowers a church’s processing rate as its giving volume grows, so churches never have to negotiate for a better rate.

“Every dollar we give back is a dollar churches can put toward their people & their mission.” —Tim Turner, CEO & Founder

Most churches now offer digital giving options, but Subsplash is the only church giving provider that publicly guarantees automatically lower rates as giving grows. Subsplash Giving also charges no monthly fees.

“Every dollar we give back through GrowCurve is a dollar churches can put toward their people and their mission. $8.4 million is an awesome milestone, and we’re grateful that churches trust us to be their partner in ministry. The Great Commission—let’s go!” shared Tim Turner, CEO and founder of Subsplash.

Lower processing costs show up in church budgets, too. “We saved over $30,000 in the first year by switching to Subsplash,” said Mitchell Newholt, Creative & Production Director, New Life Church, Everett, WA.

Since it launched in 2016, Subsplash Giving has grown well beyond card and ACH gifts. Churches can now accept recurring donations, stock, cryptocurrency, donor-advised fund (DAF) gifts, and qualified charitable distribution (QCD) gifts. They can offer tap-to-give in person with Subsplash Tap discs, prompt viewers to give during live streams, and run campaigns and pledges from the Subsplash Dashboard.

Churches use these tools for projects big and small. Ethiopian Evangelical Church in Minnesota (EECMN), a St. Paul congregation of about 450 members, used Subsplash Giving to run a building campaign that brought in more than $500,000 in gifts and pledges toward a new church home within a few months. Their Digital Ministry Leader, Melaku Bartolomeos, explained, “The Subsplash platform has been a blessing for us. I don’t know why any church wouldn’t use it, honestly. We may not have accomplished what we did without it.”

Subsplash is also building church-focused AI tools that put giving data to work. Trends AI brings giving, people, and attendance data into one place, so church leaders can ask questions about giving trends in plain language. With Subsplash Workflows, staff can set up a first-time donor follow-up that gives every new giver an assigned next step.

Giving typically rises at year-end. With Subsplash Giving, donors can give in the app, on the church website, by text, with a tap, and during live streams. Learn more about Subsplash Giving.

ABOUT SUBSPLASH:
Subsplash is an industry leader in SaaS, fintech, and AI with an award-winning digital engagement platform used by over 21,000 leading churches and ministries around the world. Subsplash is passionate about helping mission-minded organizations engage their audiences through centralized, easy-to-manage systems. As the creators of the Ultimate Engagement Platform™, they’re dedicated to delivering delight to billions of people through custom mobile apps, AI, websites, live streaming, media hosting and delivery, online giving, events, church management, communication tools, and more. Additional information about Subsplash is available at www.subsplash.com.

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