CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks. Trading CFDs is high risk and is not suitable for everyone. Refer to our PDS and Target Market Determination. AFSL 513393
Open platformOpen platform

Bit Digital Q3 revenue misses as bitcoin mining winddown weighs

By Reuters News


Overview

  • US Ethereum/AI infrastructure firm's Q3 revenue fell 11% yr/yr, missing analyst expectations

  • Company returned to profitability in Q3 with net income of $28.5 mln, or $0.08 per share

  • Colocation revenue rose 232% yr/yr as company shifted focus from bitcoin mining


Outlook

  • Company does not intend to sell WhiteFiber shares in 2026, viewing them as a long-term asset

  • Company expects capital allocation to continue shifting toward Ethereum and infrastructure-related opportunities

  • Bit Digital does not expect to allocate meaningful growth or maintenance capital to bitcoin mining


Result Drivers

  • COLOCATION GROWTH - Colocation revenue increased 232% yr/yr, driven by the MTL-3 site becoming fully operational and initial revenue from the NC-1 facility

  • BITCOIN MINING WINDDOWN - Revenue from digital asset mining fell sharply as the company continued to reduce exposure to bitcoin mining

  • ETH STAKING REPOSITIONING - ETH staking revenue declined yr/yr due to repositioning ETH into liquid staking to collateralize WhiteFiber financing, though sequential revenue improved with higher ETH prices


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$27.10 mln

$32.23 mln (5 Analysts)

Q3 EPS

$0.08


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 $4.00, about 403.3% above its November 11 closing price of $0.79


Reuters Recommended Reads

  • Nov 10 - WhiteFiber Q3 revenue rises 19% as NC-1 data center becomes fully operational in late September

  • Nov 10 - CoreWeave Q3 revenue more than doubles, beats analyst estimates

  • Nov 10 - Singapore's Bitdeer Q3 revenue beats estimates on AI cloud growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.