The company's operational performance is currently strained, evidenced by a 2026Q1 operating margin of -78.2% and SG&A expenses that reached $27.6 billion.
| Sales/Revenue | 115.93M | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 54.16M | 24.35M | 101.38M | 15.36M | 11.92M | 65.34M | 6.96M | 0 | 0 | 6.56M | 3.71M | 0 |
| Gross Margin % | 46.72% | 21.45% | 61.91% | 34.2% | 36.91% | 68.01% | 33.04% | - | - | 94.36% | 100% | - |
| Gross Profit Growth % | - | -75.98% | 560.05% | 28.84% | -81.75% | 838.71% | - | - | -100% | 77.08% | - | - |
| Operating Expenses | -63.92M | 80.96M | 73.82M | 31.98M | 119.09M | 59.45M | 5.4M | 1.99M | 1.89M | 8.31M | 3.49M | 141.69K |
| OpEx % of Revenue | - | 71.3% | 45.08% | 71.2% | 368.73% | 61.88% | 25.65% | - | 23.97% | 119.54% | 94.15% | - |
| Selling, General & Admin | 27.7B | 80.96B | 41.51M | 27.67M | 22.98M | 39.15M | 2.52M | 1.99M | 1.89M | 7.83M | 3.07M | 111.75K |
| SG&A % of Revenue | - | 71296.29% | 25.35% | 61.6% | 71.17% | 40.75% | 11.94% | - | 23.97% | 112.56% | 82.87% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 118.08M | -56.61M | 27.56M | -16.62M | -107.17M | 5.89M | 1.56M | -1.99M | -1.89M | -1.36M | 216.85K | -142K |
| Operating Margin % | 101.85% | -49.85% | 16.83% | -37% | -331.82% | 6.13% | 7.39% | - | -23.97% | -19.54% | 5.85% | - |
| Operating Income Growth % | - | -305.38% | 265.84% | 84.49% | -1919.4% | 278.23% | 178.13% | -5.4% | -39.16% | -726.69% | 252.71% | - |
| EBITDA | 161.89M | -14.89M | 59.87M | -2.19M | -79.34M | 19M | 4.88M | -1.99M | -1.89M | -1.3M | 255.83K | 1.56M |
| EBITDA Margin % | 139.64% | -13.11% | 36.56% | -4.88% | -245.65% | 19.78% | 23.18% | - | -23.97% | -18.71% | 6.9% | - |
| EBITDA Growth % | 518.78% | -124.87% | 2830.23% | 97.24% | -517.47% | 289.27% | 344.92% | -5.4% | -45.32% | -608.7% | -83.58% | - |
| D&A (Non-Cash Add-back) | 43.81M | 41.72M | 32.31M | 14.43M | 27.83M | 13.11M | 3.32M | 0 | 0 | 57.6K | 38.97K | 1.7M |
| EBIT | 63.23M | -56.61M | 27.56M | -26.74M | -38.89M | 13.07M | 1.12M | -1.99M | -1.89M | -1.27M | 216.85K | -142K |
| Net Interest Income | 5.09B | -1.6M | 550.26K | 0 | 0 | 0 | 41 | 0 | 0 | 15.46K | 3.32K | 0 |
| Interest Income | 792.52K | 1.5M | 550.26K | 0 | 0 | 0 | 41 | 0 | 0 | 17.17K | 3.32K | 12 |
| Interest Expense | -5.08B | 3.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -179.75M | -86.94M | 32.28M | -13.61M | -105.89M | 2.85M | 1.56M | -1.99M | -1.89M | -1.27M | 219.75K | -142K |
| Pretax Margin % | -155.05% | -76.56% | 19.71% | -30.31% | -327.87% | 2.96% | 7.38% | - | -23.97% | -18.23% | 5.93% | - |
| Income Tax | -2.26M | -2.01M | 3.98M | 279.04K | -592.85K | 3.86M | 0 | 0 | -461.17K | -272K | 54.94K | -35.42K |
| Effective Tax Rate % | 1.26% | 2.31% | 12.32% | -2.05% | 0.56% | 135.48% | 0% | 0% | 24.38% | 21.45% | 25% | 24.95% |
| Net Income | -169.27M | -80.32M | 28.31M | -13.89M | -105.3M | -1.01M | -2.28M | -9.68M | -3.54M | -942K | 160.91K | -106K |
| Net Margin % | -146.01% | -70.73% | 17.29% | -30.93% | -326.03% | -1.05% | -10.82% | - | -44.84% | -13.55% | 4.34% | - |
| Net Income Growth % | -112.96% | -383.74% | 303.74% | 86.81% | -10325.9% | 55.69% | 76.44% | -173.56% | -275.49% | -685.44% | 251.8% | - |
| Net Income (Continuing) | -177.5M | -84.93M | 28.31M | -13.89M | -105.3M | -1.01M | 1.56M | -1.99M | -1.89M | -997K | 164.81K | -106K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -3.83M | -7.68M | -1.65M | 0 | 0 | 0 |
| Minority Interest | 139.48B | 141.27M | 0 | 0 | 0 | 0 | 0 | 252.33K | 467.16K | 605.11K | 960.06K | 0 |
| EPS (Diluted) | -0.52 | -0.31 | 0.20 | -0.16 | -1.34 | -0.02 | -0.06 | -0.62 | -0.24 | -0.07 | 0.01 | -0.01 |
| EPS Growth % | -4% | -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 | 0.05 | -0.62 | -0.24 | -0.07 | 0.01 | -0.01 |
| Diluted Shares Outstanding | 325.64M | 2.58B | 141.51M | 87.53M | 78.61M | 55.44M | 30.59M | 15.2M | 14.39M | 14.55M | 14.55M | 14.55M |
| Basic Shares Outstanding | 325.64M | 2.58B | 140.35M | 87.53M | 78.61M | 55.44M | 30.59M | 15.2M | 14.39M | 14.55M | 14.55M | 14.55M |
| Dividend Payout Ratio | - | - | 2.83% | - | - | - | - | - | - | - | - | - |
High Operational Cost Volatility
As reported in recent financial statements, Bit Digital's gross margin has fluctuated significantly, reaching a low of 20.7% in 2026Q1, which underscores the inherent instability of an asset-light mining model that lacks the cost-control benefits of vertically integrated power generation and proprietary infrastructure ownership.
The wide variance in gross margins suggests that the company is highly susceptible to shifts in network difficulty and electricity pricing. Investors should monitor whether the transition toward high-performance computing can provide the margin stability that commodity-based Bitcoin mining has historically failed to deliver.
Based on the company's income statement data, SG&A expenses reached an extreme $27.6 billion in 2026Q1, causing operating income to collapse to -$21.8 million and indicating that the firm is currently struggling to achieve the necessary scale to cover its fixed corporate and administrative cost structure.
The inability to scale operating income alongside revenue suggests that the company's current administrative footprint is disproportionately large relative to its output. This lack of operating leverage may indicate that management is prioritizing aggressive expansion or infrastructure development over immediate bottom-line efficiency.
According to recent SEC filings, Bit Digital's net income is frequently obscured by massive stock-based compensation, which hit $15.3 billion in 2026Q1, effectively masking the underlying operational performance and creating a significant disconnect between reported earnings and the actual cash-generating capacity of the core business.
The reliance on equity-based incentives appears to be a primary driver of dilution, which warrants further investigation by shareholders concerned with long-term value accretion. The volatility in net income, exacerbated by fair-value accounting for digital assets, suggests that headline figures should be viewed with extreme skepticism.
While the company maintains a $122 million cash position, the reliance on third-party hosting providers, as noted in operational disclosures, creates a structural vulnerability where Bit Digital may be deprioritized during periods of high energy demand, potentially leading to severe revenue compression and margin erosion.
Short-sellers may focus on the company's lack of owned power infrastructure as a critical failure point in a competitive mining environment. If hosting costs continue to rise or if providers prioritize their own compute needs, the company's asset-light strategy may prove to be a liability rather than a competitive advantage.
Quick answers to the most common questions about buying BTBT stock.
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 -49.8%. 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 21.4%. This demonstrates the company's core pricing power and production efficiency.