Bit Digital shares rally 7% on strong 141% revenue growth

Bitcoin Miner Bit Digital Actions climbed 7% after the company said more than 140% of income in 2024, powered by its Cloud Services growing segment.

The latest financial results of Bit Digital suggest that a major change is underway, because its expansion cloud services and high performance IT operations seem to reshape its mix of income. In a press release Friday, March 14, Bit Digital declared $ 108.1 million in total income for 2024, an increase of 141% compared to the previous year.

The company’s management has awarded the sharp increase in the rapid expansion of its HPC activity. The data show that the cloud services, which contributed $ 45.7 million, were not even part of the company a year earlier.

“Profitability has improved in parallel with the expansion of companies, supported by stronger gross margins and operational efficiency. A strong liquidity position and no debt make it possible to make targeted investments that improve long -term capacities and competitiveness. »»

Digital bit

Meanwhile, Bitcoin (BTC)) MINUMER RENCES increased by 32% to 58.6 million dollars, although its share of total turnover increased from 98% in 2023 to 54% in 2024. Profitability also seems to improve, the company declared a net income of $ 0.19 per share, a reversal compared to the loss of $ 0.16 of the previous year.

Bitcoin income slides

However, operational figures seem to show both gains and challenges. The company won 949.9 BTC in 2024, down 37% compared to 2023, pointing to challenges such as the event of half April and the increase in network difficulties. At the same time, Son Ethereum (Ethn) Shuttle income increased by 169% to $ 1.8 million.

The expansion of the company’s cloud has also continued, with agreements signed with Boosterod and DNA Fund. A new data center project in Quebec, which should be fueled by hydroelectricity, is also in preparation.

“The company plans to invest about $ 19.3 million to develop the site, with potential expansion at 13 MW within 24 to 36 months, subject to the approval of the hydro-québec.”

Digital bit

Bit Digital suggested that profitability had improved as the company has developed, although it also mentions that “profitable financing options” are being studied. The company highlighted its strong liquidity and lack of debt, but has recognized that maintaining a financial discipline remains an objective. After the news, Bit Digital shares climbed $ 2.41 from $ 2.41, according to NASDAQ data.