Bit Digital (BTBT) Q1 2026 earnings summary

Executive summary

• Strategic focus shifted toward Ethereum treasury and staking, AI infrastructure (WhiteFiber), and disciplined capital allocation for durable cash flow, with mining no longer a strategic growth priority.

• Majority-owned subsidiary WhiteFiber expanded its high-performance computing and AI infrastructure business, including new data center developments and cloud service contracts.

• Actively participates in the Ethereum ecosystem to generate protocol-native yield while preserving balance sheet flexibility.

• Ongoing evaluation of strategic acquisitions aligned with infrastructure and treasury strategy.

Financial highlights

• Q1 2026 total revenue was $27.9 million, down 13.7% from $32.3 million in Q4 2025, but up 11% year-over-year from $25.1 million.

• Cloud services revenue was $16.8 million (down 13.1% quarter-over-quarter, up 13% year-over-year), colocation services $4.8 million (up 23.9% quarter-over-quarter, tripled year-over-year), staking revenue $2.3 million (down 29.4% sequentially, up 310% year-over-year), and mining revenue $3.7 million (down 33% sequentially, down 52% year-over-year).

• Net loss was $146.7 million in Q1 2026, compared to $185.3 million in Q4 2025 and $57.7 million in Q1 2025, impacted by non-cash mark-to-market adjustments on digital assets.

• Cash and cash equivalents were $79.5 million as of March 31, 2026, down from $118.4 million at year-end 2025.

• Digital assets totaled $295 million at quarter end, down from $415.7 million at December 31, 2025, mainly due to lower Ethereum prices.

Outlook and guidance

• Expectation to expand recurring revenue generation across the strategic asset platform, with continued growth in cloud and colocation services and full revenue contribution from major contracts anticipated in the second half of 2026.

• Ongoing transition to a pure-play ETH staking and treasury model, with further BTC-to-ETH conversions planned.

• Sufficient liquidity to fund operations for at least 12 months, supported by recent equity and debt financings.

• Anticipation of further integration of Ethereum and AI infrastructure as a unified platform.