Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 51

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 51
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 ordinary share outstanding 

    Basic 
     181,413,307  
     114,594,710 
  
    Diluted 
     181,413,307  
     115,594,710 

    Earning (loss) per share 

    Basic 
    $(0.32) 
    $0.44 
  
    Diluted 
    $(0.32) 
    $0.43 

28

Basic earning (loss) per share is computed by
dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
The computation of diluted net loss per share does not include dilutive ordinary share equivalents in the weighted average shares outstanding,
as they would be anti-dilutive.

For the three months ended March 31, 2025, the
unvested RSUs, warrants, options and convertible preferred shares were excluded from the calculation of diluted earnings per share because
they were anti-dilutive. 

For the three months ended March 31, 2024, the
dilutive effect of convertible preferred shares was included in the calculation of diluted earnings per share, but the unvested RSUs were
excluded because they were anti-dilutive.

17. SEGMENT REPORTING

The Company has four reportable segments: digital
asset mining, cloud services, colocation services, and ETH Staking. The reportable segments are identified based on the types of service
performed.

Gross profit (loss) is the segment performance
measure the chief operating decision maker (“CODM”) uses to assess the Company’s reportable segments.

The digital asset mining segment generates revenue
from the bitcoin the Company earns through its mining activities. Cost of revenue consists primarily of 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 and other relevant costs.

The Ethereum staking segment generates revenue
from