Bit Digital Shares Fall in Premarket After Q3 Revenue Miss

Bit Digital shares fell in U.S. premarket trading Thursday after the Ether treasury and AI infrastructure company posted third-quarter revenue below analyst expectations, adding a market reaction to earnings that included $28.5 million in net income attributable to shareholders.

Revenue was $27.1 million, about 16% below analyst consensus of roughly $32.2 million and 11% lower than the $30.5 million recorded a year earlier. The gap between revenue and consensus was about $5.1 million. The quarter's net income attributable to shareholders totaled $28.5 million; diluted earnings per share were $0.08.

Cloud services generated $18.1 million in revenue. Staking revenue fell to $1 million from $2.9 million a year earlier, while Bitcoin (BTC) mining revenue declined to $2 million from $7.4 million. Bit Digital described the mining decline as consistent with its continued winddown of that business.

The company held about 163,726 Ether (ETH), valued at $439.4 million, as of Sept. 30. Its third-quarter profit and Ether holdings were covered in an earlier story.