Bit Digital, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 13 August 2026: press release. Guidance figures: 3 new. The quarter’s numbers.

Key takeaways

Revenue up 15% sequentially: Total revenue was $32.1 million, up from $27.9 million in the first quarter. Six-month revenue was $60.0 million, up 18% year over year. Source
Net loss per diluted share reported: Net loss attributable to shareholders was $(107.2) million, or $(0.31) per diluted share, against $(146.7) million, or $(0.45) per diluted share, in the first quarter. Source
Cloud services revenue rose 42%: Cloud services revenue was $23.8 million at about 58% gross margin, from new contracts entering service and expansion of existing agreements. Six-month cloud revenue up 29%. Source
ETH staking revenue fell: Staking revenue was $0.9 million, down from $2.3 million. The company attributes the drop to ETH moved into liquid staking as collateral and to lower average ETH prices. Source
Remaining obligations near $1.0 billion: Remaining performance obligations were about $1.0 billion at quarter end, with recognition spread across 2026, 2027, 2028 and later. Source
LsETH impairment recorded: A non-cash impairment of $46.0 million was recorded on LsETH in the quarter. Management says it does not represent a realized loss. Source
ETH holdings about 164,310.5: Bit Digital held about 164,310.5 ETH at June 30, 2026, with market value based on a closing price of about $1,569. The footnote includes ETH in an externally managed fund and LsETH on an as-converted basis. Source
Capital shifting to ETH and infrastructure: Management expects capital allocation to keep shifting toward Ethereum and infrastructure-related areas. Source
Board reviewing options on valuation: The CEO said the market values Bit Digital primarily as a passive digital asset treasury, and the Board is evaluating options to address that gap. Source
WhiteFiber stake implied value: The 27,043,750 WhiteFiber shares had an implied value of about $1.05 billion at the June 30, 2026 closing price of $38.85. Source

“Bit Digital borrowed against a portion of its ETH treasury and became the lender, allowing us to support WhiteFiber’s growth without selling Ethereum or diluting our ownership.”
Sam Tabar, CEO of Bit Digital

Guidance

Area	Period	Figure	Against last quarter
NC-1 contracted billing Source	later in August 2026	full contracted run-rate billing across 40 megawatts of contracted IT load	New
Cloud services annualized revenue Source	once fully deployed	more than $200 million	New
Remaining performance obligations recognition Source	balance of 2026, 2027, 2028 and thereafter	$57.7 million (balance of 2026); $136.7 million (2027); $105.1 million (2028); remainder thereafter	New

What changed from last quarter

New guidance: Cloud services annualized revenue figure of more than $200 million, once the portfolio is fully deployed, was given for the first time. Source
New guidance: Timing of NC-1 revenue contribution was given as the third quarter of 2026. Source
New guidance: Full contracted run-rate billing across 40 MW of contracted IT load at NC-1 was given as expected later in August 2026. Source
Guidance kept: Guidance on mining capital is unchanged: no meaningful growth or maintenance capital to the segment. Source
New: During the quarter the company raised $50 million of liquidity against a portion of its ETH treasury. Source
New: Bit Digital used its own balance sheet to originate a delayed draw term facility for WhiteFiber with commitments of up to $150 million. Source
New: During the quarter 73,235 ETH was liquid staked and 66,192 LsETH was received in exchange. Source
New: On May 11, 2026, the company bought 8,568 ETH for $20 million, at an average cost of about $2,334.25 per ETH. Source
New: A non-cash impairment of $46.0 million was recorded on LsETH during the quarter. Source
New: The Board is evaluating options to address the gap between operating results and valuation. Source

Results and growth drivers

Revenue up 15% sequentially: Total revenue was $32.1 million, up from $27.9 million in the first quarter. Six-month revenue was $60.0 million, up 18% year over year. Source
Net loss per diluted share reported: Net loss attributable to shareholders was $(107.2) million, or $(0.31) per diluted share, against $(146.7) million, or $(0.45) per diluted share, in the first quarter. Source
Operating cash flow up for six months: Net cash from operating activities was $46.8 million for the six months ended June 30, 2026, up 33% from $35.1 million a year earlier. Source
Gross profit and margin reported: Gross profit for the quarter was $18.6 million, a gross margin of 57.9%. Source

Segment revenue lines

Cloud services revenue rose 42%: Cloud services revenue was $23.8 million at about 58% gross margin, from new contracts entering service and expansion of existing agreements. Six-month cloud revenue up 29%. Source
Colocation revenue essentially flat: Colocation revenue was $4.7 million at about 63% gross margin. Six-month colocation revenue rose 182% year over year. Source
ETH staking revenue fell: Staking revenue was $0.9 million, down from $2.3 million. The company attributes the drop to ETH moved into liquid staking as collateral and to lower average ETH prices. Source
Mining output and revenue declined: Mining revenue was $2.4 million on 32.3 bitcoin mined, down from 48.1 bitcoin. The segment gross margin was about 26%, and six-month mining revenue fell 58%. Source

“We are not trying to hold the most ETH. We are trying to get the most out of the ETH we hold.”
Sam Tabar, CEO of Bit Digital

Contracts and backlog

Contract liabilities rose to $143.1M: Contract liabilities were $143.1 million at June 30, 2026, up from $79.6 million at December 31, 2025. Source
Remaining obligations near $1.0 billion: Remaining performance obligations were about $1.0 billion at quarter end, with recognition spread across 2026, 2027, 2028 and later. Source
New WhiteFiber cloud contracts signed: WhiteFiber signed new multi-year cloud services agreements since its last earnings call, with more than $540 million of aggregate contract value over initial terms. Source

Costs, impairment and accounting

LsETH impairment recorded: A non-cash impairment of $46.0 million was recorded on LsETH in the quarter. Management says it does not represent a realized loss. Source
LsETH carried at cost: LsETH is accounted for separately from ETH and carried at cost less impairment, not fair value. The reclassification changed the balance sheet location without changing economic exposure. Source
Non-cash items drove the loss: Non-cash movements on digital assets and non-operating items together accounted for about $86 million of the quarterly loss. Source

“Our operating results improved through the quarter. Our valuation did not.”
Sam Tabar, CEO of Bit Digital

Cash, debt and collateral

Cash rose modestly: Cash and cash equivalents were about $83.6 million at June 30, 2026, against $79.5 million at March 31, 2026. About $27.5 million was held at Bit Digital and $56.1 million at WhiteFiber. Source
Convertible notes edged higher: Convertible notes were $336.2 million at June 30, 2026, up from $334.2 million at March 31, 2026. Source
LsETH pledged as loan collateral: 49,000 LsETH is pledged for the collateralized borrowing and shown as a $105.6 million digital asset collateral receivable. Source

ETH treasury

ETH holdings about 164,310.5: Bit Digital held about 164,310.5 ETH at June 30, 2026, with market value based on a closing price of about $1,569. The footnote includes ETH in an externally managed fund and LsETH on an as-converted basis. Source
Directly held ETH and staking: 75,757.5 ETH was held directly at a fair value of $118.9 million, including ETH natively staked through the validator partner. Source
No ETH sold this quarter: The company sold no ETH during the quarter. Its LsETH holdings are a separate line from the ETH position. Source

WhiteFiber financing and strategy

Delayed draw facility for WhiteFiber: Bit Digital originated a delayed draw term facility for WhiteFiber with commitments of up to $150 million, guaranteed by the WhiteFiber parent, using its own balance sheet. Source
Independent committees reviewed transaction: The transaction was reviewed by independent committees at both companies, and fairness opinions were delivered to their respective boards. Source
Capital shifting to ETH and infrastructure: Management expects capital allocation to keep shifting toward Ethereum and infrastructure-related areas. Source
Mining no longer a growth priority: Mining remains gross margin positive but is no longer a strategic growth priority. Source

Valuation and WhiteFiber stake

WhiteFiber called largest asset: The CEO described WhiteFiber as the largest asset by market value and said it continued to reach operating and commercial milestones. Source
Board reviewing options on valuation: The CEO said the market values Bit Digital primarily as a passive digital asset treasury, and the Board is evaluating options to address that gap. Source
WhiteFiber stake implied value: The 27,043,750 WhiteFiber shares had an implied value of about $1.05 billion at the June 30, 2026 closing price of $38.85. Source

Coming up, as management said on 13 August 2026

NC-1 permanent financing sought: Management said it is pursuing permanent financing for NC-1 while WhiteFiber uses interim capital. No timing was given. Source
NC-1 revenue starts third quarter: NC-1 revenue is expected to begin in the third quarter of 2026, after second quarter results that exclude it. Source

Figures management reported

Figure	Reported
Bitcoin mined Source	32.3 bitcoin in Q2 2026; 48.1 bitcoin in Q1 2026
Remaining performance obligations Source	approximately $1.0 billion
ETH held Source	approximately 164,310.5 ETH

Risks management discussed

Financial: Non-cash movements on digital assets and non-operating items made up about $86 million of the quarterly loss. Source
Financial: 17,192 LsETH is retained as a buffer against margin requirements on the collateralized borrowing. Source
External: Management said the market values the company mainly as a passive digital asset treasury, a gap the Board is evaluating. Source
External: Lower average ETH prices during the quarter reduced staking revenue, together with the ETH repositioning into liquid staking. Source
Operational: Bitcoin mined fell to 32.3 from 48.1 in the prior quarter as the mining business continues to wind down. Source

Earlier plans management reported on

Not stated: The company does not intend to sell WhiteFiber shares in 2026 and continues to view the position as a long-term strategic asset. Source
Not stated: The company continued reducing bitcoin mining exposure during the quarter, as part of its shift toward Ethereum and infrastructure. Source
Not stated: The company does not expect to allocate meaningful growth or maintenance capital to mining going forward. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Bit Digital, Inc. Announces Second Quarter 2026 Financial Results

NEW YORK, August 13, 2026 /PRNewswire/ - Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a publicly listed Strategic Asset Company focused on Ethereum (“ETH”) strategies and AI/HPC infrastructure, today announced its financial results for the second quarter of 2026. The Company will host a conference call on August 13, 2026, at 10:30 AM ET to discuss results (click here for registration information).

Financial Highlights for the Second Quarter of 2026

The Company’s second quarter results reflected revenue growth across its infrastructure businesses, improved operating cash flow, and the execution of a treasury-backed financing that funded development of WhiteFiber’s NC-1 data center campus without selling ETH or issuing equity at either company.

Results for the second quarter of 2026 include the consolidated financial performance of WhiteFiber Inc. (Nasdaq: WYFI), with a portion of results attributable to non-controlling interests.

Total revenue for the second quarter of 2026 was $32.1 million, a 15% increase compared to $27.9 million in the first quarter of 2026. For the six months ended June 30, 2026, total revenue was $60.0 million, an 18% increase year over year.
Gross profit for the second quarter was $18.6 million, a gross margin of 57.9%.
Revenue from cloud services was $23.8 million, a 42% increase from the prior quarter, at a gross margin of approximately 58%, driven by new contracts entering service and expansion of existing agreements. For the six months, cloud services revenue increased 29% year over year.
Revenue from colocation services was $4.7 million, essentially unchanged from the prior quarter, at a gross margin of approximately 63%. For the six months, colocation revenue increased 182% year over year. NC-1 is not reflected in second quarter results and is expected to begin contributing in the third quarter.
Revenue from ETH staking was $0.9 million, compared to $2.3 million in the prior quarter. For the six months, ETH staking revenue increased 246% year over year. The sequential decline reflected the repositioning of ETH into liquid staking to collateralize the WhiteFiber financing described below, together with lower average ETH prices during the quarter.
Revenue from digital asset mining was $2.4 million, on 32.3 bitcoin mined compared to 48.1 bitcoin in the prior quarter. For the six months, mining revenue declined 58% year over year, consistent with the continued wind-down of the business. The segment generated a gross margin of approximately 26% for the second quarter.
Net loss attributable to Bit Digital shareholders for the second quarter was $(107.2) million, or $(0.31) per diluted share, compared to $(146.7) million, or $(0.45) per diluted share in the first quarter. Results continued to be impacted by non-cash movements on digital assets and non-operating items, which together accounted for approximately $86 million of the quarterly loss.
Net cash provided by operating activities was $46.8 million for the six months ended June 30, 2026, a 33% increase compared to $35.1 million in the same period of 2025.
Cash and cash equivalents totaled approximately $83.6 million as of June 30, 2026, compared to $79.5 million as of March 31, 2026. Of that balance, approximately $27.5 million was held at Bit Digital and approximately $56.1 million at WhiteFiber.
Contract liabilities were $143.1 million as of June 30, 2026, compared to $79.6 million as of December 31, 2025. Remaining performance obligations were approximately $1.0 billion at quarter end, of which approximately $57.7 million is expected to be recognized during the balance of 2026, $136.7 million in 2027, and $105.1 million in 2028, and the remainder thereafter.
Convertible notes were $336.2 million as of June 30, 2026, compared to $334.2 million as of March 31, 2026.
As of June 30, 2026, Bit Digital held 27,043,750 WhiteFiber shares, with an implied value of approximately $1.05 billion based on the Nasdaq closing price of $38.85 per share on that date.

Ethereum Treasury Update

As of June 30, 2026, the Company held approximately 164,310.5 ETH,[1] with a market value based on a closing ETH price of approximately $1,569 on that date.

75,757.5 ETH was held directly at a fair value of $118.9 million, including ETH natively staked through the Company’s validator partner.
During the quarter, the Company liquid staked 73,235 ETH and received 66,192 LsETH in exchange. Of that balance, 49,000 LsETH was pledged as collateral in connection with the Company’s collateralized borrowing and is reflected on the balance sheet as a digital asset collateral receivable of $105.6 million. The remaining 17,192 LsETH is carried within digital intangible assets at $27.6 million and is retained as a buffer against margin requirements.
On May 11, 2026, the Company purchased 8,568 ETH for $20 million, at an average cost of approximately $2,334.25 per ETH. The Company sold no ETH during the quarter.

LsETH is accounted for separately from ETH under different guidance and is carried at cost less impairment rather than fair value. The reclassification changed where the position appears on the balance sheet without changing the Company’s underlying economic exposure. The Company recorded a non-cash impairment of $46.0 million on LsETH during the quarter, which does not represent a realized loss.

Strategic Asset Company Strategy

Bit Digital operates as a Strategic Asset Company, allocating capital across two core areas: Ethereum as economic infrastructure, and AI infrastructure through its majority ownership stake in WhiteFiber.

During the second quarter, the Company raised $50 million of liquidity against a portion of its ETH treasury and used its own balance sheet to originate a delayed draw term facility for WhiteFiber, with commitments of up to $150 million, guaranteed by the WhiteFiber parent. The facility provided WhiteFiber with additional liquidity to support its growth initiatives, including the development of the NC-1 data center campus. Structuring the transaction this way preserved the Company’s ETH position and avoided issuing equity at either company. The transaction was reviewed by independent committees at both companies, with fairness opinions delivered to their respective boards.

The Company does not intend to sell WhiteFiber shares in 2026 and continues to view the position as a long-term strategic asset.

Bitcoin Mining Update

Bit Digital continued reducing exposure to bitcoin mining during the quarter as part of its transition toward Ethereum and infrastructure-related operations. Mining remains gross margin positive but is no longer a strategic growth priority.

The Company does not expect to allocate meaningful growth or maintenance capital to this segment going forward. Capital allocation is expected to continue shifting toward Ethereum and infrastructure-related opportunities.

Management Commentary

“This quarter was about capital allocation,” said Sam Tabar, CEO of Bit Digital. “WhiteFiber required interim capital to support its growth initiatives while pursuing permanent financing for NC-1. Bit Digital borrowed against a portion of its ETH treasury and became the lender, allowing us to support WhiteFiber’s growth without selling Ethereum or diluting our ownership.”

“That decision reflects how we operate. We are not trying to hold the most ETH. We are trying to get the most out of the ETH we hold. Our strategy is to build a productive balance sheet - assets that earn while they appreciate, assets that finance operating businesses, and businesses that generate cash flow we can reinvest.”

“WhiteFiber, our largest asset by market value, continued to reach important operating and commercial milestones. Initial billing has commenced at NC-1, with full contracted run-rate billing across 40 megawatts of contracted IT load expected later this month. Since its last earnings call, WhiteFiber has also signed new multi-year Cloud Services agreements representing more than $540 million of aggregate contract value over their initial terms. Based on contracts signed to date, its Cloud Services portfolio is expected to generate more than $200 million of annualized revenue once fully deployed.”

“Our operating results improved through the quarter. Our valuation did not. The market continues to value Bit Digital primarily as a passive digital asset treasury, and the Board is currently evaluating our options to address that disconnect.”

[1] Includes approximately 15,318 ETH and ETH-equivalents held in an externally managed fund, and approximately 73,235 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of June 30, 2026.

About Bit Digital

Bit Digital (NASDAQ: BTBT) is a Strategic Asset Company (SAC) focused on active participation in Ethereum infrastructure and controlling equity exposure to AI/HPC infrastructure through its majority ownership stake in WhiteFiber (NASDAQ: WYFI). The Company purchases and stakes ETH to generate protocol-native yield and participates directly in the Ethereum network. Bit Digital allocates capital with a focus on long-duration, foundational infrastructure, and disciplined balance sheet management. For additional information, please contact ir@bit-digital.com, visit our website at www.bit-digital.com or follow us on LinkedIn or X.

Investor Notice

Investing in our securities involves risks worth considering, before making an investment decision. All current and potential investors are advised to regularly review the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K. If any material risks were to occur - including those not presently known to us or currently deemed immaterial - our business operations may be impaired, and our financial condition or operating results would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. 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

Forward-looking statements notice

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.