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 growth in cloud and colocation services, while digital asset mining revenue declined sharply.

• Net loss for Q2 2026 was $107.2M to $111.7M, primarily due to $46M impairment on liquid staked ETH, $28.8M digital asset losses, and non-cash items; the company is transitioning to ETH staking and AI/HPC infrastructure, winding down bitcoin mining.

• Maintained conviction in Ethereum, using ETH as productive capital and executing treasury-backed financing to fund WhiteFiber's NC-1 facility without selling ETH or issuing equity.

• WhiteFiber signed new multi-year cloud services agreements exceeding $500M in aggregate value and completed major data center acquisitions.

• Board is considering a share buyback due to persistent NAV discount, with timing and liquidity sources under evaluation.

Financial highlights

• Q2 2026 revenue was $32.1M, up 15% sequentially and 25% year-over-year; six-month revenue reached $60M, up 18% year-over-year.

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

• Operating cash flow for six months was $46.8M, up 33% year-over-year.

• Net loss attributable to shareholders was $107.2M to $111.7M, with $86M of the loss from digital asset revaluation, derivative revaluation, and interest expense.

• Digital asset losses were $28.8M in Q2 and $149.9M in H1 2026, mainly from ETH and BTC price declines; $46M non-cash impairment on LSETH.

Outlook and guidance

• NC-1 facility expected to begin contributing revenue in Q3 2026.

• WhiteFiber targets 70MW of data center capacity by Q4 2026, with a 1,500MW pipeline under review.

• Full revenue contribution from a $865M, 10-year Nscale Services Agreement expected to begin in Q3 2026.

• Remaining performance obligations at quarter end were ~$1B, with $57.7M to be recognized in 2026, $136.7M in 2027, and $105.1M in 2028.

• WhiteFiber's cloud services portfolio projected to generate over $200M in annualized revenue once fully deployed.