Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 105

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 105
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     (22,050,521) 
     34,193,628  
     (56,244,149)
  
    Total operating expenses 
     (91,393,846) 
     (23,751,503) 
     (67,642,343)

    (Loss) income from operations 
     (40,635,561) 
     35,678,741  
     (76,314,302)

    Net loss from disposal of property and equipment 
     (333,620) 
     -  
     (333,620)
  
    Other income, net 
     395,011  
     4,569,147  
     (4,174,136)
  
    Total other income, net 
     61,391  
     4,569,147  
     (4,507,756)

    (Loss) income before income taxes 
     (40,574,170) 
     40,247,888  
     (80,822,058)

    Income tax expenses 
     (2,263,273) 
     (2,119,131) 
     (144,142)
  
    Net (loss) income 
    $(42,837,443) 
    $38,128,757  
    $(80,966,200)

Revenue

We generate revenues from cloud services, colocation
services, digital asset mining, and ETH staking businesses.

Revenue from cloud services

In the fourth quarter of 2023, we initiated WhiteFiber,
a new business line to provide cloud services to support generative AI workstreams. The Company commenced the cloud services in January
2024.

Our revenues from cloud services increased by
$10.9 million, or 52.9%, to $31.4 million for the six months ended June 30, 2025 from $20.6 million for the six months ended June 30,
2024. The increase was primarily due to an increase in deployed GPU servers for the six months ended June 30, 2025 and the $1.3 million
service credit issued to the customer as compensation for decreased utilization during the initial deployment period, which included testing
and optimization phases, in the first quarter of 2024.

59

Revenue from colocation services

Our revenue from colocation services was $3.4 million