Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 147

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 147
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,245,628)

    (Loss) income from operations 
     (52,368,312) 
     47,159,034  
     (99,527,346)

    Loss from disposal of property, plant, and equipment 
     (333,620) 
     -  
     (333,620)
  
    Other (expense) income, net 
     (4,337,997) 
     4,500,173  
     (8,838,170)
  
    Total other (expense) income, net 
     (4,671,617) 
     4,500,173  
     (9,171,790)

    (Loss) income before income taxes 
     (57,711,645) 
     50,081,857  
     (107,793,502)

    Income tax expenses 
     (671,716) 
     (1,577,350) 
     905,634 
  
    Net (loss) income 
    $(57,711,645) 
    $50,081,857  
    $(107,793,502)

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
$6.8 million, or 83.9%, to $14.8 million for the three months ended March 31, 2025 from $8.1 million for the three months ended March
31, 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.

41

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.

Our revenue from colocation services was $1.6
million and $nil for the three months ended March 31, 2025 and