Bit Digital Q3 revenue slightly beats estimates

Overview

• Bit Digital Q3 revenue grows 33% yr/yr, slightly beating analyst expectations

• Adjusted EBITDA for Q3 beats estimates, driven by gains on digital assets

• Company transitioning to Ethereum treasury and staking, winding down bitcoin mining

Outlook

• Company is transitioning to a pure-play Ethereum treasury and staking strategy

• Bit Digital expects minimal growth in Bitcoin mining segment

• Company aims to increase ETH density and maintain balance sheet strength

Result Drivers

• ETH STAKING GROWTH - Revenue from ETH staking increased 542% due to higher staking rewards and realized ETH price

• CLOUD SERVICES EXPANSION - Revenue from cloud services grew 48% yr/yr

• BITCOIN MINING DECLINE - Revenue from digital asset mining decreased 27% due to increased network difficulty and reduced hash rate

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "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 $5.75, about 56.2% above its November 13 closing price of $2.52

Press Release: ID:nPn9Vf3Nza

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