Bit Digital (BTBT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $32.1M, up 15% sequentially and 25% year-over-year, driven by strong cloud and colocation services growth, while digital asset mining revenue declined as the business winds down.

• Net loss attributable to shareholders was $(107.2)M, improved from $(146.7)M in Q1, but widened year-over-year due to $46M non-cash impairment on LSETH, $28.8M digital asset losses, and other non-operating items.

• Strategic focus shifted toward Ethereum and AI/HPC infrastructure, with continued wind-down of bitcoin mining and expansion of WhiteFiber's data center operations.

• Executed treasury-backed financing, raising $50M liquidity against ETH to fund WhiteFiber's NC-1 facility, preserving ETH position and avoiding equity dilution.

• Company is transitioning to a pure-play ETH staking and treasury model, with major data center expansions and new long-term contracts.

Financial highlights

• Q2 2026 revenue was $32.1M (+15% sequentially, +25% YoY); six-month revenue reached $60M (+18% YoY).

• Gross profit for Q2 was $18.6M, with a gross margin of 57.9%.

• Net loss for Q2 2026 was $(107.2)M, or $(0.31) per share, with $86M of the loss from digital asset revaluation, derivative revaluation, and interest expense.

• Operating cash flow for the first half was $46.8M, up 33% year-over-year.

• Digital asset losses were $28.8M in Q2, with a $46M non-cash impairment on LSETH.

Outlook and guidance

• NC-1 data center expected to contribute to results starting Q3 2026.

• WhiteFiber's cloud services portfolio projected to generate over $200M in annualized revenue once fully deployed, with a $865M, 10-year Nscale Services Agreement expected to begin full revenue contribution in Q3 2026.

• Remaining performance obligations at quarter end were ~$1B, with significant contracted revenue to be recognized through 2028.

• No intention to sell WhiteFiber shares in 2026; position viewed as a long-term strategic asset.