Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 183

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 183
---
 Total operating expenses 
     (13,920,414) 
     (40,523,699) 
     26,603,285 

    Income (loss) from operations 
     11,739,005  
     (11,480,293) 
     23,219,298 

    Other income, net 
     4,726,754  
     68,974  
     4,657,780 
  
    Total other income, net 
     4,726,754  
     68,974  
     4,657,780 

    Income (loss) before income taxes 
     16,465,759  
     (11,411,319) 
     27,877,078 

    Income tax expenses 
     (1,591,557) 
     (541,781) 
     (1,049,776)
  
    Net income (loss) 
    $14,874,202  
    $(11,953,100) 
    $26,827,302 

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
$4.1 million, or 32.8%, to $16.6 million for the three months ended June 30, 2025 from $12.5 million for the three months ended June 30,
2024. The increase was primarily due to an increase in deployed GPU servers in the first quarter of 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.

Revenue from colocation services

In the fourth quarter of 2024, we acquired Enovum which provides customers
with physical space, power, and cooling within the data center facility.

53

Our revenue from colocation services was $1.7
million and $nil for the three months ended June 30, 2025. We had no revenue from colocation services for the three months ended June
30