Bit Digital grows cloud services in Q1 amid strong demand for GPU infrastructure
Published: 06:24 16 May 2025 AEST
Bit Digital Inc (NASDAQ:BTBT) continued to grow its cloud services business in the first quarter, with cloud revenue surging 84% year-over-year to $14.8 million.
Cloud revenue growth was driven by new GPU cloud service agreements and expanding partnerships, including deployments with DNA Fund and Boosteroid, the company said on Thursday.
Bit Digital signed multiple cloud contracts during the quarter totaling over 200 NVIDIA H200 GPUs and initiated a strategic partnership with Shadeform, enabling global access to its GPU cloud platform, WhiteFiber.
It also received its first shipment of NVIDIA B200 GPUs, with phased deployment beginning in April.
The company executed two new service orders with Boosteroid, totaling 701 GPU servers under five-year terms and representing approximately $2.1 million in annualized contract value.
Additionally, agreements signed with DNA Fund in April added 616 GPUs and $20.9 million in annualized revenue to Bit Digital’s cloud services pipeline.
Total revenue for Q1 was $25.1 million, including colocation services revenue $1.6 million, compared to none for the year-ago quarter, while staking revenue reached $0.6 million, a 72% year-over-year increase.
Management noted that gross margins improved both sequentially and year-over-year, attributed to stronger contribution from cloud and colocation segments and ongoing cost discipline.
“We ended the quarter with approximately $140 million in total liquidity and no debt, giving us the flexibility to invest in high-return initiatives,” management said in a statement.
Digital asset mining revenue was $7.8 million, down year-over-year due to the impact of the April 2024 halving and network adjustments.
"Our first quarter results were affected by mark-to-market losses on digital assets and lower bitcoin mining revenue, both of which reflect industry-wide headwinds and the strategic rebalancing of our business,” management said. “We continued to make meaningful progress in scaling our infrastructure platform and diversifying our revenue streams.”
