Revenue is entirely dependent on volatile non-interest income, which constituted 133.5% of total revenue in 2026Q2, while net interest income is negligible and negative at -$8.1M, rendering traditional margin analysis inapplicable.
Bit Digital, Inc. (BTBT) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Net Interest Income | 5.07B | -1.6M | 550.26K | 0 | 0 | 0 | 41 | 0 | 0 | 15.46K | 3.32K | 0 |
| NII Growth % | -2485.7% | -390.16% | - | - | - | -100% | - | - | -100% | 365.19% | - | - |
| Net Interest Margin % | 410.61% | -0.14% | 0.1% | 0% | 0% | 0% | 0% | 0% | 0% | 0.12% | 0.04% | 0% |
| Interest Income | 878.33K | 1.5M | 550.26K | 0 | 0 | 0 | 41 | 0 | 0 | 17.17K | 3.32K | 12 |
| Interest Expense | -5.07B | 3.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7K | 0 | 0 |
| Loan Loss Provision | 5.16B | 86.11M | 62.38M | 29.56M | 20.37M | 30.74M | 14.1M | 0 | 0 | 390.22K | 0 | 0 |
| Non-Interest Income | 121.96M | 112.06M | 163.21M | 44.92M | 32.3M | 96.08M | 21.07M | 0 | 7.89M | 6.94M | 3.7M | -12 |
| Non-Interest Income % | 2.35% | 101.45% | 99.66% | 100% | 100% | 100% | 100% | - | 100% | 99.78% | 99.91% | 100% |
| Total Net Revenue | 5.2B | 110.47M | 163.76M | 44.92M | 32.3M | 96.08M | 21.07M | 0 | 7.89M | 6.95M | 3.71M | -12 |
| Revenue Growth % | 3246.49% | -32.54% | 264.59% | 39.07% | -66.39% | 356.1% | - | -100% | 13.48% | 87.61% | - | - |
| Non-Interest Expense | 114.25M | 80.96M | 73.82M | 31.98M | 119.09M | 59.45M | 5.4M | 1.99M | 1.89M | 8.31M | 3.49M | 141.69K |
| Efficiency Ratio | 2.2% | 73.29% | 45.08% | 71.2% | 368.73% | 61.87% | 25.65% | - | 23.97% | 119.57% | 94.15% | -1180775% |
| Operating Income | -74.86M | -56.61M | 27.56M | -16.62M | -107.17M | 5.89M | 1.56M | -1.99M | -1.89M | -1.36M | 216.85K | -142K |
| Operating Margin % | -1.44% | -51.25% | 16.83% | -37% | -331.82% | 6.13% | 7.39% | - | -23.97% | -19.55% | 5.85% | 1183333.33% |
| Operating Income Growth % | - | -305.38% | 265.84% | 84.49% | -1919.4% | 278.23% | 178.13% | -5.4% | -39.16% | -726.69% | 252.71% | - |
| Pretax Income | -309.35M | -86.94M | 32.28M | -13.61M | -105.89M | 2.85M | 1.56M | -1.99M | -1.89M | -1.27M | 219.75K | -142K |
| Pretax Margin % | -5.95% | -78.7% | 19.71% | -30.31% | -327.87% | 2.96% | 7.38% | - | -23.97% | -18.24% | 5.93% | 1183333.33% |
| Income Tax | -5.31M | -2.01M | 3.98M | 279.04K | -592.85K | 3.86M | 0 | 0 | -461.17K | -272K | 54.94K | -35.42K |
| Effective Tax Rate % | 1.72% | 2.31% | 12.32% | -2.05% | 0.56% | 135.48% | 0% | 0% | 24.38% | 21.45% | 25% | 24.95% |
| Net Income | -291.36M | -80.32M | 28.31M | -13.89M | -105.3M | -1.01M | -2.28M | -9.68M | -3.54M | -942K | 160.91K | -106K |
| Net Margin % | -5.61% | -72.71% | 17.29% | -30.93% | -326.03% | -1.05% | -10.82% | - | -44.84% | -13.55% | 4.34% | 883333.33% |
| Net Income Growth % | -453.28% | -383.74% | 303.74% | 86.81% | -10325.9% | 55.69% | 76.44% | -173.56% | -275.49% | -685.44% | 251.8% | - |
| Net Income (Continuing) | -304.04M | -84.93M | 28.31M | -13.89M | -105.3M | -1.01M | 1.56M | -1.99M | -1.89M | -997K | 164.81K | -106K |
| EPS (Diluted) | -0.83 | -0.31 | 0.20 | -0.16 | -1.34 | -0.02 | -0.06 | -0.62 | -0.24 | -0.07 | 0.01 | -0.01 |
| EPS Growth % | -181.74% | -255% | 225% | 88.06% | -6600% | 67.95% | 89.94% | -158.33% | -231.03% | -753.15% | - | - |
| EPS (Basic) | - | -0.31 | 0.20 | -0.16 | -1.34 | -0.02 | -0.06 | -0.62 | -0.24 | -0.07 | 0.01 | -0.01 |
| Diluted Shares Outstanding | 350.02M | 2.58B | 141.51M | 87.53M | 78.61M | 55.44M | 30.59M | 15.2M | 14.39M | 14.55M | 14.55M | 14.55M |
Quick answers to the most common questions about buying BTBT stock.
For fiscal year 2025, Bit Digital, Inc. (BTBT) reported total revenue of $110.5M.
Bit Digital, Inc. (BTBT) reported a net loss of $80.3M for the fiscal year ending 2025.
Bit Digital, Inc. (BTBT) reported an operating income of $-56.6M, resulting in an operating profit margin of -51.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Bit Digital, Inc. (BTBT) generated $24.4M in gross profit for the year, representing a gross profit margin of 22.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses and volatile earnings
Metrics are mathematically derived from official filings.
NII Contribution Remains Negligible
Net interest income is immaterial to Bit Digital's revenue model, contributing less than 1% of total revenue in most quarters, with a negative NII of -$8.1M in 2026Q2 indicating a net interest expense position.
The company's income statement is overwhelmingly driven by non-interest income, which appears to be primarily digital asset mining revenue. The negligible and sometimes negative NII suggests the firm does not operate a traditional lending or deposit-taking business model, making standard bank NIM analysis inapplicable. This structure implies that profitability is almost entirely dependent on cryptocurrency prices and operational efficiency in mining, rather than interest rate dynamics.
Negative NIM Reflects Non-Bank Model
The reported Net Interest Margin of -0.7% in 2026Q2 and 4.3% in 2026Q1 are statistical anomalies for a company classified as a bank, suggesting the metric is not meaningful for evaluating its core mining operations.
The NIM figures are erratic and often zero or negative, which is inconsistent with a depository institution's earnings model. This indicates the 'bank' classification is likely a regulatory or sectoral categorization rather than a reflection of its primary business. Investors should disregard traditional bank margin analysis and focus instead on the company's cost of revenue relative to digital asset prices, which is the true driver of its operational margin.
Efficiency Ratio Volatile and Misleading
The efficiency ratio swung from a negative -4.1% in 2025Q3 to 139.7% in 2026Q2, a volatility that underscores the non-recurring nature of its earnings and the dominance of non-operating items in its income statement.
The extreme swings in the efficiency ratio, including negative values, are driven by large, non-cash items like fair value adjustments on digital assets, which distort the relationship between operating expenses and revenue. The ratio is not a reliable measure of operational efficiency for this firm. A more relevant analysis would examine the trend in total operating expenses relative to the volatile mining revenue, which has shown significant quarter-to-quarter variation.
Provision Expense Lacks Traditional Context
Loan loss provisions of $5.5M in 2026Q2 and $5.1B in 2026Q1 are reported, but their nature is unclear given the company's primary business is digital asset mining, not traditional lending.
The provision expense line item is present but its composition is opaque. The massive $5.1B provision in 2026Q1 is a clear outlier and likely relates to a specific, non-recurring event or accounting adjustment rather than a normal credit cycle. Without disclosure on the underlying assets, it is impossible to assess credit quality. This line item does not appear to reflect traditional loan loss reserves and warrants investigation into its specific drivers.
Non-Interest Income is the Entire Revenue Engine
Non-interest income constituted 100% of total revenue in seven of the last ten quarters, peaking at $81.8M in 2024Q4, confirming the company's complete reliance on digital asset mining and related activities.
The revenue composition is monolithic, with non-interest income—presumably from cryptocurrency mining—being the sole material top-line driver. This creates extreme concentration risk tied to volatile digital asset prices and network difficulty. The absence of diversified fee streams like wealth management or transaction fees means the company lacks the recurring revenue characteristics typical of traditional financial services firms.
Earnings Quality Severely Distorted by Non-Cash Items
Net income has swung from a $150.9M profit in 2025Q3 to a $188.4M loss in 2025Q4, a volatility that suggests earnings are heavily influenced by non-cash fair value accounting rather than sustainable operational cash flow.
The most significant challenge to earnings quality is the extreme volatility in net income, which does not correlate with the relatively stable non-interest income line. This disconnect strongly implies that large, non-cash gains or losses—likely related to the mark-to-market valuation of digital assets or investments—are dominating the bottom line. Investors should be cautious in interpreting reported net income as a measure of recurring profitability, as it appears to be a function of accounting treatments for volatile assets.