Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 75

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 75
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 direct production costs of mining operations, including electricity, management fee and maintenance cost but excluding depreciation
and amortization.  

The
cloud services segment generates revenue from providing high performance computing services to support generative AI workstreams. Cost
of revenue consists of direct production costs, including electricity costs, data center lease expense, GPU servers lease expense, and
other relevant costs, but excluding depreciation and amortization.

Colocation
services generate revenue by providing customers with physical space, power and cooling within the data center facility. Cost of revenue
consists of direct production costs related to our HPC data center services, including electricity costs, lease costs, data center employees’
wage expenses and other relevant costs, but excluding depreciation and amortization.

The
Ethereum staking segment generates revenue from both native staking and liquid staking. Cost of revenue consists of direct cost related
to ETH staking business including service fee and reward-sharing fees to the service providers.

The
CODM analyzes the performance of the segments based on reportable segment revenue and reportable segment cost of revenue. No operating
segments have been aggregated to form the reportable segments.

37

Other
than the $20.2 million of goodwill from the Enovum Acquisition allocated to the Colocation Services segment, the Company does not allocate
all assets to the reporting segments as these are managed on an entity-wide basis. Therefore, the Company does not separately disclose
the total assets of its reportable operating segments.

All
Other revenue is generated from equipment leases with external customers.

The
following tables present segment revenue and segment gross profit reviewed by the CODM:

Three
Months Ended September 30, 2025

    Digital asset
    mining  
    Cloud
    services  
    Colocation
    services  
    ETH
    staking  
    Total 
  
    Revenue from external customers 
    $7,415,702  
    $18,032,898  
    $1,692,280  
    $2,868,534  
    $30,009,414 

    Reconciliation of revenue 

    Other revenue (a) 

     454,588 
  
    Total consolidated revenue 

     30,464,002 

    Less: 

    Electricity costs 
     3,625,625  
     631,099  
     288,797  
     -  
     4