Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 94

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 94
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 not consider such measures either in isolation or as substitutes for analyzing
our results as reported under U.S. GAAP.

Reconciliations of Adjusted EBITDA to the most
comparable U.S. GAAP financial metric for historical periods are presented in the table below: 

    For the Three Months Ended March 31, 

    2025  
    2024 
  
    Reconciliation of non-GAAP income (loss) from operations: 

    Net income (loss) 
    $(57,711,645) 
    $50,081,857 
  
    Depreciation and amortization expenses 
     7,241,989  
     6,845,949 
  
    Income tax expense 
     671,716  
     1,577,350 
  
    EBITDA 
     (49,797,940) 
     58,505,156 

    Adjustments: 

    Loss from disposal of property and equipment 
     333,620  
     - 
  
    Share-based compensation expenses 
     252,390  
     492,599 
  
    Changes in fair value of long-term investments 
     4,692,428  
     (454,705)
  
    Adjusted EBITDA 
    $(44,519,502) 
    $58,543,050 

50

Liquidity and capital resources

As of March 31, 2025, we had working capital of
$139.8 million which includes USDC of $1.0 million and digital assets of $79.0 million as compared with working capital of $241.8 million
as of December 31, 2024. Working capital is the difference between the Company’s current assets and current liabilities.

To date, we have financed our operations primarily
through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our
future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible
financing on favorable terms.

We have sold and intend to continue to offer and sell equity securities
from time to time in one or more offerings at the market (ATM) at prices and on terms which the Company will then determine for an initial
aggregate offering price of $500 million pursuant to a registration statement on Form F-3 declared effective by the SEC