Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 207

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 207
---

results in a performance measurement that represents a key indicator of the Company’s core business operations. The adjustments
currently include fair value adjustments such as investment securities value changes and non-cash share-based compensation expenses, in
addition to other income and expense items. 

We believe Adjusted EBITDA can be an important
financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including
our return on capital and operating efficiencies, from period-to-period by making such adjustments.

Adjusted EBITDA is provided in addition to and
should not be considered to be a substitute for, or superior to net income, the comparable measures under U.S. GAAP. Further, Adjusted
EBITDA should not be considered as an alternative to revenue growth, net income, diluted earnings per share or any other performance measure
derived in accordance with U.S. GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted
EBITDA has limitations as an analytical tool, and you should 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
 June
    30,  
    For the Six Months Ended
 June
    30, 

    2025  
    2024  
    2025  
    2024 

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

    Net income (loss) 
    $14,874,202  
    $(11,953,100) 
    $(42,837,443) 
    $38,128,757 
  
    Depreciation and amortization expenses 
     8,223,538  
     8,346,633  
     15,465,527  
     15,192,582 
  
    Income tax expenses 
     1,591,557  
     541,781  
     2,263,273  
     2,119,131 
  
    EBITDA 
     24,689,297  
     (3,064,686) 
     (25,108,643)