Bit Digital’s Revenue Soars as Cloud Services Take Off
Bit Digital’s stock rose 7% after the company announced a 141% revenue increase in 2024. The growth is largely due to its expanding cloud services.
On March 14, Bit Digital reported $108.1 million in total revenue for 2024. This is a significant jump from the previous year. The company’s cloud services, which brought in $45.7 million, were not even part of the business a year ago.
The company’s management credits the rapid expansion of its high-performance computing (HPC) business for the surge. “Profitability improved alongside business expansion,” said Bit Digital. “Strong gross margins and operational efficiencies supported this growth.”
Bitcoin mining revenue grew 32% to $58.6 million. Tho, its share of total revenue fell from 98% in 2023 to 54% in 2024. The company reported a net income of $0.19 per share, a turnaround from the previous year’s loss.
Operational figures show both gains and challenges. The company earned 949.9 BTC in 2024, down 37% from 2023. This is due to challenges such as April’s halving event and increasing network difficulty. Though, its Ethereum staking revenue grew 169% to $1.8 million.
Bit Digital’s cloud expansion continues wiht agreements signed with Boosteroid and DNA Fund. A new data center project in Quebec,expected to be powered by hydroelectricity,is also in the works. The company expects to invest approximately $19.3 million to develop the site.
Bit Digital suggested that profitability improved as the business grew. However, it also mentioned that “cost-effective financing options” are being explored. The company emphasized its strong liquidity and lack of debt but acknowledged that maintaining financial discipline remains a focus.
