Bit Digital Inc. Third‑Quarter 2026 Results

Bit Digital Inc. (NASDAQ:BTBT) announced its third‑quarter 2026 financial performance, delivering adjusted earnings per share of $0.08, which surpassed the analyst consensus estimate of a loss of $0.05 by $0.13. Despite the earnings beat, total revenue for the quarter was $27.1 million, falling short of the consensus forecast of $32.23 million and representing an 11% year‑over‑year decline from $30.5 million in the same quarter of 2025. The revenue shortfall triggered a 9.29% drop in the company’s share price in pre‑market trading.

The revenue composition showed a strong rebound in the colocation segment, which generated $5.6 million, up 232% year‑over‑year, and delivered a 57% gross margin. This growth was driven by the MTL‑3 site becoming fully operational in November 2025 and the initial contribution from the NC‑1 facility’s first 20 MW of contracted capacity, which added 19% sequential growth to colocation revenue. Cloud services revenue reached $18.1 million, a modest year‑over‑year increase, with a 56% gross margin.

Conversely, digital‑asset mining revenue contracted sharply to $2.0 million, down from $7.4 million in the prior‑year quarter, reflecting the company’s ongoing wind‑down of that business line. Ethereum (ETH) staking revenue also declined to $1.0 million from $2.9 million year‑over‑year, primarily because the firm repositioned ETH into liquid staking to collateralize financing for its subsidiary WhiteFiber during the second quarter. As of September 30, 2026, Bit Digital held approximately 163,725.9 ETH, valued at $439.4 million based on market prices.

Net income attributable to shareholders turned positive at $28.5 million, or $0.08 per diluted share, a reversal from a net loss of $107.2 million recorded in the second quarter. Cash and cash equivalents stood at $143.5 million at quarter‑end. The company continues to own a 59.7% stake in WhiteFiber Inc., which was valued at roughly $487 million using WhiteFiber’s closing price of $18.01 per share on September 30.

"Our third‑quarter results reflect the continued shift toward Ethereum and AI infrastructure," said Sam Tabar, Chief Executive Officer. "Colocation revenue increased 19% sequentially, supported by NC‑1’s initial contribution, while native ETH staking revenue grew 14%."

Key Metrics

  • Adjusted EPS: $0.08 (vs. -$0.05 consensus)
  • Revenue: $27.1 million (missed $32.23 million estimate)
  • Colocation revenue: $5.6 million, +232% YoY, 57% margin
  • Cloud services revenue: $18.1 million, slight YoY rise, 56% margin
  • Digital‑asset mining revenue: $2.0 million (down from $7.4 million YoY)
  • ETH staking revenue: $1.0 million (down from $2.9 million YoY)
  • ETH holdings: 163,725.9 ETH, market value $439.4 million
  • Net income: $28.5 million, $0.08/share (vs. $107.2 million loss in Q2)
  • Cash: $143.5 million
  • WhiteFiber stake: 59.7%, valued at $487 million