10-Q · May 15, 2026
Bit Digital reported significant challenges in Q4 with revenue totaling $32,338,000, a decrease from estimates of $35,016,000, and a substantial GAAP EPS of -$0.77 versus the expected -$0.02. The strong gross margin of…
Earnings analysis · 10-Q
BTBT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The provided excerpt does not contain the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A needed to assess quarterly revenue, margins, EPS, working capital, and free cash flow trends.…
Read full summary
The provided excerpt does not contain the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A needed to assess quarterly revenue, margins, EPS, working capital, and free cash flow trends. It does show materially increased Ethereum exposure, with 75,757.5 ETH valued at $118.9 million and approximately $11.890 million of net-income sensitivity to a 10% ETH move. Financing capacity for the WhiteFiber data-center business expanded by up to approximately CAD $115 million, but energy, geopolitical, litigation, and conditional-guarantee risks remain significant.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
ETH holdings reached $118.9 million
The Company held approximately 75,757.5 ETH as of June 30, 2026, recognized at a fair value of $118.9 million, providing substantial exposure to Ethereum infrastructure and staking economics.
-
Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting controls during the quarter.
-
New data-center financing secured
On July 6, 2026, WhiteFiber entered into a syndicated facility providing up to approximately CAD $115 million, or approximately $80.8 million, with an accordion feature of up to an additional CAD $25 million, or approximately $17.7 million.
-
$26.2 million facility draw completed
WhiteFiber subsequently drew CAD $36.8 million, approximately $26.2 million, under the facility on July 15, 2026; the loan carries a three-year term from initial drawdown and interest-only payments until the first full quarter after initial drawdown.
What to watch
-
ETH price sensitivity increased
A 10% increase or decrease in ETH price would change net income by approximately $11.890 million based on the June 30, 2026 holdings, versus $6.116 million for a 10% increase or decrease in the comparable 2025 period. A decline in ETH fair value could therefore materially reduce net income.
-
Energy and shipping disruptions
The Company states that its cloud and data-center businesses are energy intensive and that higher energy costs or constraints on available electrical capacity could increase operating costs, reduce operating margins, and delay infrastructure deployment. The filing also cites armed conflict involving the U.S., its allies, and Iran, including disruption involving the Strait of Hormuz and Red Sea trade routes.
-
Material litigation remains unresolved
The Company is pursuing litigation with aggregate damages sought exceeding $5.0 million in both the Delaware and New York actions, but cannot reasonably estimate a possible loss, range of loss, or expected recovery. A related guarantee is capped at the final net amount owed and will be null and void if the proposed business combination does not close.
Management's outlook
The provided filing excerpt does not include quantitative revenue, EPS, margin, or operating guidance; no explicit outlook was identified.
Earlier filings 3
10-K · March 27, 2026
Bit Digital (BTBT) completed a strategic reorientation in 2025 to become a predominantly ETH-staking and treasury company, completed a contribution/reorganization that left it with approximately 70.5% ownership of…
10-K · March 14, 2025
Bit Digital (BTBT) is repositioning toward HPC data centers and GPU cloud services: for the 12 months ended December 31, 2024 its cloud services recognized $45.7 million of revenue and it acquired Enovum (Oct 11, 2024)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.