Bit Digital Reports Mixed Q2 Results: EPS Miss, Revenue Up 80%
Portfolio Pulse from Erica Kollmann
Bit Digital, Inc. (NASDAQ:BTBT) reported mixed Q2 results with a larger-than-expected EPS loss but a significant revenue increase driven by its high-performance computing services. The company also announced a new partnership with Boosteroid Inc., which could generate substantial future revenue.
August 19, 2024 | 9:14 pm
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Bit Digital reported a larger-than-expected EPS loss but saw an 80% increase in revenue, driven by its new HPC business. The company also announced a significant partnership with Boosteroid, potentially generating $700M over five years.
Despite missing EPS estimates, Bit Digital's revenue growth and new partnership with Boosteroid are positive indicators. The revenue increase was driven by the HPC business, and the Boosteroid deal could significantly boost future revenues.
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