$BTBT

Bit Digital, Inc

CIK:0001710350|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 32,113	$ 25,659	$ 60,039	$ 50,758
Cost of revenue (exclusive of depreciation and amortization shown below)
Depreciation and amortization expenses	(10,088)	(8,224)	(20,124)	(15,466)
Impairment of capitalized software assets	(5,006)		(5,006)
General and administrative expenses	(22,568)	(19,667)	(50,195)	(27,937)
(Losses) gains on digital assets	(28,841)	27,155	(149,911)	(22,051)
Gains on digital intangible assets	11,324		11,324
Impairment on digital intangible assets	(46,035)		(46,035)
Total operating expenses	(114,726)	(13,921)	(285,563)	(91,394)
(Loss) income from operations	(82,613)	11,738	(225,524)	(40,636)
Net gain (loss) from disposal of property and equipment			1,822	(334)
Change in fair value of derivative liability	(13,967)		(4,715)
Interest expense	(8,062)		(13,147)
Other (expense) income, net	(8,484)	4,727	(21,417)	395
Total other (expense) income, net	(30,513)	4,727	(37,457)	61
(Loss) income before income taxes	(113,126)	16,465	(262,981)	(40,575)
Income tax benefit/(expenses)	1,460	(1,592)	1,038	(2,263)
Net (loss) income	(111,666)	14,873	(261,943)	(42,838)
Net loss attributable to noncontrolling interest	(4,454)		(8,064)
Net (loss) income attributable to Bit Digital shareholders	$ (107,212)	$ 14,873	$ (253,879)	$ (42,838)
Weighted average number of ordinary share outstanding
Basic (in Shares)	350,018,575	206,889,826	337,998,729	194,355,223
Diluted (in Shares)	350,018,575	208,817,806	337,998,729	194,355,223
(Loss) earnings per share
Basic (in Dollars per share)	$ (0.31)	$ 0.07	$ (0.75)	$ (0.22)
Diluted (in Dollars per share)	$ (0.31)	$ 0.07	$ (0.75)	$ (0.22)
Digital asset mining
Revenues
Total revenues	$ 2,371	$ 6,632	$ 6,076	$ 14,409
Cost of revenue (exclusive of depreciation and amortization shown below)
Cost of revenue	(1,761)	(6,076)	(5,012)	(12,199)
Cloud services
Revenues
Total revenues	23,806	16,595	40,573	31,438
Cost of revenue (exclusive of depreciation and amortization shown below)
Cost of revenue	(9,963)	(6,391)	(16,742)	(12,479)
Colocation services
Revenues
Total revenues	4,726	1,729	9,500	3,367
Cost of revenue (exclusive of depreciation and amortization shown below)
Cost of revenue	(1,746)	(688)	(3,699)	(1,200)
ETH staking
Revenues
Total revenues	903	365	3,200	926
Cost of revenue (exclusive of depreciation and amortization shown below)
Cost of revenue	(42)	(30)	(163)	(62)
Other
Revenues
Total revenues	$ 307	$ 338	$ 690	$ 618

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (261,943)	$ (42,838)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expenses	20,124	15,466
Impairment of capitalized software assets	5,006
(Gain) Loss from disposal of property, plant, and equipment	(1,822)	334
Amortization of discount on debts issued	4,215
Losses on digital assets	149,911	22,051
Share-based compensation expenses	19,625	7,143
Changes in fair value of investment security	21,228	876
Changes in fair value of derivative liability	4,715
Current expected credit losses	2,212
Digital assets mined	(6,076)	(14,409)
Digital assets earned from staking	(3,200)	(926)
Impairment of digital intangible assets	46,035
Gain on digital intangible assets	(11,324)
Changes in operating assets and liabilities:
Digital assets and stable coins	(20,169)	53,985
Right-of-use assets	2,926	2,440
Deferred revenue	63,608	(19,040)
Lease liabilities	(3,286)	(2,288)
Other current assets	925	3,930
Other non-current assets	(894)	1,576
Accounts receivable	(1,561)	(1,187)
Accounts payable	5,912	(258)
Other payables and accrued liabilities	4,154	5,266
Net investment in lease	1,965	1,342
Other long-term liabilities	6,279	(393)
Income tax payable	(1,180)	341
Deferred tax liabilities	(615)	1,687
Net Cash Provided by Operating Activities	46,770	35,098
Cash Flows from Investing Activities:
Purchases of and deposits made for property, plant and equipment	(344,712)	(147,145)
Investment in equity securities		(2,002)
Proceeds from disposal of property, plant and equipment	26,483	906
Proceeds from disposal of digital assets	5,772
Net Cash Used in Investing Activities	(312,457)	(148,241)
Cash Flows from Financing Activities:
Net proceeds from issuance of ordinary shares for public offering		141,625
Net proceeds from issuance of ordinary shares/At-the-market offering	38,583	58,489
Net proceeds from issuance of convertible debts	222,118
Net proceeds from issuance of debts	103,431
Purchase of zero-strike call option	(120,000)
Payment of dividends	(800)	(800)
Repayment of finance lease liabilities	(12,599)
Net Cash Provided by Financing Activities	230,733	199,314
Net (decrease) increase in cash, cash equivalents and restricted cash	(34,954)	86,171
Effect of exchange rate changes on cash, cash equivalents and restricted cash	609	(204)
Cash, cash equivalents and restricted cash, beginning of period	122,213	98,934
Cash, cash equivalents and restricted cash, end of period	87,868	184,901
Supplemental Cash Flow Information
Cash paid for interest expense	3,107
Cash paid for income taxes, net of (refunds)	1,221	225
Non-cash Transactions of Investing and Financing Activities
Right of use assets exchanged for operating lease liabilities	8,305	31,193
Reclassification of deposits to property, plant and equipment	57,765	97,296
Issuance of subsidiary shares to employees in settlement of RSUs	5,051
Net investment in sales-type lease of equipment	1,051
Construction in progress included in other payables and accrued liabilities	(21,486)
Digital assets, pledged as collateral	105,616
ETH exchanged for LsETH	167,928
Extinguishment of financing lease by acquiring underlying building	$ 12,472

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 83,555	$ 118,356
Restricted cash	4,313	3,857
Accounts receivable, net	23,243	23,922
USDC	408	484
Net investment in lease – current, net	2,573	4,261
Loans receivable	400	400
Digital asset collateral receivable	105,616
Other current assets, net	25,343	26,735
Total Current Assets	245,451	178,015
Non-Current Assets
Deposits for property, plant, and equipment	33,500	52,838
Property, plant, and equipment, net	667,574	360,243
Goodwill	19,402	20,146
Digital assets	120,149	415,734
Digital intangible assets	27,600
Intangible assets, net	12,001	12,821
Operating lease right of use assets, net	16,925	12,053
Finance lease right of use assets, net		12,602
Net investment in lease - non-current, net	8,375	9,687
Investment securities	47,890	69,121
Deferred tax assets	7,564	2,578
Other non-current assets, net	29,463	28,580
Total Non-Current Assets	990,443	996,403
Total Assets	1,235,894	1,174,418
Current Liabilities
Accounts payable	14,319	8,875
Current portion of deferred revenue	17,909	7,997
Current portion of operating lease liabilities	5,455	5,549
Current portion of finance lease liabilities		12,911
Short-term debt and current portion of loan payable, net	78,436
Income tax payable	367	1,547
Other payables and accrued liabilities	46,019	56,067
Total Current Liabilities	162,505	92,946
Non-Current Liabilities
Non-current portion of deferred revenue	125,201	71,554
Non-current portion of operating lease liabilities	10,232	5,415
Long-term debt, net	25,464
Convertible notes payable, net	336,155	110,291
Derivative liability	23,975	19,260
Deferred tax liabilities	13,951	9,691
Other long-term liabilities	6,279
Total Non-Current Liabilities	541,257	216,211
Total Liabilities	703,762	309,157
Commitments and Contingencies – Note 22
Bit Digital Shareholders’ Equity
Preferred shares, $0.01 par value, 10,000,000 and 10,000,000 shares authorized, 1,000,000 and 1,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	9,050	9,050
Ordinary shares, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized, 354,929,291 and 324,322,214 shares issued, 354,799,305 and 324,192,228 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	3,549	3,243
Treasury stock, at cost, 129,986 and 129,986 shares as of June 30, 2026 and December 31, 2025, respectively	(1,172)	(1,172)
Additional paid-in capital	818,218	890,068
Accumulated deficit	(433,206)	(178,526)
Accumulated other comprehensive (loss) income	(1,276)	1,331
Total Bit Digital Shareholders’ Equity	395,163	723,994
Non-controlling Interests	136,969	141,267
Total Equity	532,132	865,261
Total Liabilities and Equity	$ 1,235,894	$ 1,174,418