Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 119

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 119
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 ETH as of September 30, 2025.

For
the three months ended September 30, 2024, a loss of $21.9 million was recognized, primarily attributable to the decreases in the prices
of bitcoin and ETH as of September 30, 2024.

Income
tax provisions

Provision
for income taxes consists of federal, state and foreign income taxes. Our income tax provision for the three months ended September 30,
2025 is primarily attributable to the mix of earnings and losses in countries with differing statutory tax rates, and the valuation allowance
applied to the Company’s deferred tax assets in the United States, Singapore and Hong Kong. We continue to maintain a valuation
allowance against the deferred tax assets in United States, Singapore and Hong Kong as the Company does not expect those deferred tax
assets are “more likely than not” to be realized in the near future, particularly due to the uncertainty on macroeconomics,
politics and profitability of the business.

Our
income tax provision was $0.7 million and $0.6 million for the three months ended September 30, 2025 and 2024, respectively. The income
tax provision was higher during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily
due to increase of $1.2 million in Iceland due to the higher operation profits during the three months ended September 30, 2025 compared
to the same period in 2024 and decrease of $0.3 million in the United States due to the rapid investment in infrastructures in Iceland,
which results in a lower GILTI tax in the USA, during the three months ended September 30, 2025 compared to the same period in 2024 and
decrease of $0.7 million due to the operating loss from Enovum during the three months ended September 30, 2025 compared to the same
period in 2024.

Net
income (loss) and earnings (loss) per share

For
the three months ended September 30, 2025, our net income was $146.7 million, representing a change of $185.5 million from a net loss
of $38.8 million for the three months ended September 30, 2024.

Basic
and diluted earning per share was $0.48 and $0.47 for the three months ended September 30, 2025,