Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 155

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 155
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 expense decreased by $1.6 million in Canada
due to its cease of business operation during the three months ended March 31, 2025 compared to the same period in 2024.

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

For the three months ended March 31, 2025, our
net loss was $57.7 million, representing a change of $107.8 million from a net income of $50.1 million for the three months ended March
31, 2024.

Basic and diluted loss per share was $0.32 and
$0.32 for the three months ended March 31, 2025, respectively. Basic and diluted earnings per share was $0.44 and $0.43 for the three
months ended March 31, 2024, respectively.

Basic and diluted weighted average number of shares
was 181,413,307 and 181,413,307 for the three months ended March 31, 2025, respectively. Basic and diluted weighted average number
of shares was 114,594,710 and 115,594,710 for the three months ended March 31, 2024, respectively. 

46

Discussion of Certain Balance Sheet Items

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

    March 31,  
    December 31,  
    Variance in 

    2025  
    2024  
    Amount 
  
    ASSETS 

    Current Assets 

    Cash and cash equivalents 
    $57,555,011  
    $95,201,335  
    $(37,646,324)
  
    Restricted cash 
     3,732,792  
     3,732,792  
     - 
  
    Accounts receivable 
     2,531,188  
     5,267,863  
     (2,736,675)
  
    USDC 
     1,036,596  
     411,413  
     625,183 
  
    Digital assets 
     79,030,760  
     161,377,344  
     (82,346,584)