Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 52

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 52
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 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.

Other than the $19.8 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.

Concentrations

During the three months ended March 31, 2025, the
Company earned revenue of approximately $12.6 million and $7.8 million from two customers, representing 50.1% and 31.0%
of the Company’s total consolidated revenue, respectively. During the three months ended March 31, 2024, the Company earned revenue
of approximately $20.9 million and $8.2 million from two customers, representing 68.8% and 26.9% of the Company’s total consolidated
revenue, respectively.

29

The following table presents segment revenue and
segment gross profit reviewed by the CODM:

Three Months Ended March 31, 2025

    Digital asset
 mining  
    Cloud services  
    Colocation
 services  
    ETH staking  
    Total 
  
    Revenue from external customers 
    $7,776,963  
    $14,842,286  
    $1,644,663  
    $560,641  
    $24,824,553 

    Reconciliation of revenue 

    Other revenue (a) 

     280,567 
  
    Total consolidated revenue 

     25,105,120 

    Less: 

    Electricity costs 
     4,233,082  
     569,937  
     223,058  
     -  
     5,026,077 
  
    Profit sharing fees 
     1,190,300  
     -  
     -  
     -  
     1,190,300 
  
    Datacenter lease expense