Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 113

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 113
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 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 macroeconomy, politics and profitability of the business.

Our income tax provision was $2.3 million and
$2.1 million for the six months ended June 30, 2025 and 2024, respectively. The income tax provision did not change materially during
the six months ended June 30, 2025 compared to the same period in 2024. 

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

For the six months ended June 30, 2025, our net
loss was $42.8 million, representing a change of $81.0 million from a net income of $38.1 million for the six months ended June 30, 2024.

Basic and diluted loss per share was $0.22 and
$0.22 for the six months ended June 30, 2025, respectively. Basic and diluted earnings per share was $0.31 and $0.31 for the six months
ended June 30, 2024, respectively.

Basic and diluted weighted average number of shares
was 194,355,223 and 194,355,223 for the six months ended June 30, 2025, respectively. Basic and diluted weighted average number of
shares was 121,362,883 and 122,374,103 for the six months ended June 30, 2024, respectively. 

64

Discussion of Certain Balance Sheet Items

The following table sets forth selected information
from our consolidated balance sheets as of June 30, 2025 and December 31, 2024. This information should be read together with our consolidated
financial statements and related notes included elsewhere in this report. 

    June 30,  
    December 31,  
    Variance in 

    2025  
    2024  
    Amount 
  
    ASSETS 

    Current Assets 

    Cash and cash equivalents 
    $181,165,847  
    $95,201,335  
    $85,964,512