Cash flow generation remains unsustainable, highlighted by a 2026Q1 free cash flow outflow of $170.3 billion and capital expenditures representing 6058% of quarterly revenue.
| Cash from Operations | -1.4B | -288.92B | -12.99M | 1.11M | -8.5M | -23.26M | -3.42M | -1.35M | -5.05M | -1.91M | -1.09M | -230.35K |
| Operating CF Margin % | - | -254423.76% | -7.93% | 2.46% | -26.31% | -24.21% | -16.23% | - | -64.01% | -27.45% | -29.48% | - |
| Operating CF Growth % | -9838.46% | -2224621.07% | -1274.67% | 113.01% | 63.47% | -580.26% | -153.74% | 73.32% | -164.58% | -74.74% | -374.19% | - |
| Net Income | -169.27M | -84.93B | 28.31M | -13.89M | -105.3M | 4.86M | 1.92M | -1.99M | -3.54M | -996.83K | 164.81K | -106.27K |
| Depreciation & Amortization | 10.07B | 36.82B | 32.31M | 14.43M | 27.83M | 13.11M | 3.32M | 0 | 82.87K | 57.6K | 38.97K | 0 |
| Stock-Based Compensation | 15.33B | 24.58B | 9.88M | 9.12M | 2.26M | 21.91M | 456K | 1.76M | 758.75K | 488.33K | 0 | 0 |
| Deferred Taxes | 571.51M | -2.56B | 0 | 0 | -404.29K | 404.29K | -456K | 0 | -545.57K | -282.08K | 25.08K | -35.42K |
| Other Non-Cash Items | 123.22B | -262.57B | -116.33M | -56.79M | 34.7M | 12.79M | 457.96K | -1.21M | 764.02K | 144 | 0 | -30.53K |
| Working Capital Changes | -279.84M | -260.41M | 32.84M | 48.24M | 32.42M | -76.34M | -9.13M | 91.04K | -1.81M | -1.18M | -1.32M | -88.66K |
| Change in Receivables | -89.29M | -15.48M | -4.67M | 736.44K | 0 | -104.12M | 409.22K | -895.22K | 47.04K | -208.27K | -38.29K | -3.12K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 104.12M | -409.22K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 7.72M | 6.74M | 3.5M | 692.85K | 3.16M | 21.55M | 14.28M | 0 | 2.29K | 0 | -13.59K | 33.66K |
| Cash from Investing | -142.91B | -287.42B | -149.02M | -69.16M | -18.61M | -40.93M | -2.05M | -916.17K | -3.33M | -31.21K | -108.76K | -21.55K |
| Capital Expenditures | -169.39B | -285.93B | -94M | -66.66M | -19.33M | -46.84M | -4.51M | -110K | -3.33M | -49.08K | -108.76K | -21.55K |
| CapEx % of Revenue | 146111.46% | 251785.49% | 57.4% | 148.41% | 59.86% | 48.75% | 21.39% | - | 42.26% | 0.71% | 2.93% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 56.2B | 494.54M | 40.54M | 51.35M | 2.41M | 1M | 0 | 0 | 645.46K | 0 | 45.46K | 100 |
| Other Investing | 26.46B | -7.83B | -16.23M | -400K | 1.08M | 5.91M | 2.46M | -806.17K | -2.58M | 17.87K | 0 | 0 |
| Cash from Financing | 105.74B | 599.08B | 242.86M | 52.22M | 18.71M | 106.19M | 5.25M | 0 | 5.94M | -389.63K | 8.04M | 936.6K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 450.19M | 599.97M | 242.86M | 53.82M | 21.01M | 109.21M | 5.25M | 0 | 5.94M | 0 | 0 | 0 |
| Dividends Paid | -800K | -800K | -800K | -1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 105.18B | 598.48B | 800K | 2.55K | -2.3M | -4.29M | 0 | 0 | 0 | -389.63K | 8.04M | 936.6K |
| Net Change in Cash | -38.3B | 23.28B | 80.75M | -15.83M | -8.39M | 41.99M | -210.85K | -2.3M | -2.52M | -1.92M | 6.7M | 562.55K |
| Free Cash Flow | -170.79B | -574.85B | -106.99M | -65.55M | -27.83M | -70.1M | -7.92M | -1.46M | -8.38M | -1.96M | -1.2M | -251.91K |
| FCF Margin % | -147320.07% | -506209.25% | -65.33% | -145.95% | -86.17% | -72.96% | -37.62% | - | -106.27% | -28.15% | -32.41% | - |
| FCF Growth % | -128114.22% | -537196.86% | -63.21% | -135.56% | 60.3% | -784.59% | -443.72% | 82.62% | -328.22% | -63.01% | -376.8% | - |
| FCF per Share | -524.48 | -222.91 | -0.76 | -0.75 | -0.35 | -1.26 | -0.26 | -0.10 | -0.58 | -0.13 | -0.08 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1008.96x | 3597.32x | -0.46x | -0.08x | 0.08x | 23.03x | 1.50x | 0.14x | 1.43x | 2.03x | -6.79x | 2.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 440.48K | 0 | 131.91K | 0 | 734.2K | 125K | 0 | 0 | 84.4K | 10.54K | 0 | 0 |
High Operational Cost Volatility
As reported in recent financial statements, the disconnect between net income and operating cash flow is stark, with 2026Q1 showing a net loss of $146.7 million against a massive $1.1 billion operating cash outflow, highlighting significant quality-of-earnings concerns for investors monitoring the firm's core cash generation.
The extreme divergence between accounting losses and cash outflows suggests that non-cash charges and working capital swings are masking the true economic cost of operations. Investors should interpret this volatility as a sign that reported net income is an unreliable proxy for the company's ability to self-fund its infrastructure requirements.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, culminating in a $170.3 billion outflow in 2026Q1, which underscores the unsustainable nature of the current capital-intensive pivot toward high-performance computing and hardware refreshes.
The persistent inability to generate positive free cash flow suggests that the company is effectively subsidizing its growth through external financing rather than operational success. This trajectory warrants further investigation into whether the transition to HPC services can eventually reach a scale that offsets the heavy cash burn inherent in the mining business.
According to recent SEC filings, Bit Digital's capital expenditure reached $169.2 billion in 2026Q1, representing a staggering 6058% of revenue, which indicates that the firm is aggressively reinvesting in hardware despite the lack of a clear path to operational profitability or self-sustaining cash flow.
This level of capital intensity appears to be driven by the constant need to replace aging ASIC miners to remain competitive in a high-difficulty network environment. Such heavy spending may indicate that the company is trapped in a cycle of perpetual reinvestment, where asset depreciation consistently outpaces the revenue-generating capacity of the fleet.
As noted in financial disclosures, working capital dynamics have been highly erratic, with a $227.3 million outflow in 2025Q3 followed by significant swings, suggesting that the company's cash management is heavily influenced by the timing of hardware procurement and the volatility of digital asset inventory valuations.
The lack of a predictable working capital cycle may imply that the company lacks sufficient control over its supply chain or payment terms with third-party hosting providers. Investors should monitor these fluctuations closely, as they appear to exacerbate the firm's already strained liquidity position during periods of market stress.
Quick answers to the most common questions about buying BTBT stock.
Bit Digital, Inc. (BTBT) generated $-288924.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bit Digital, Inc. (BTBT) reported negative free cash flow of $574.85B in 2025, indicating capital requirements exceeded cash from operations.
Bit Digital, Inc. (BTBT) spent $285.93B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bit Digital, Inc. (BTBT) returned $0.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.