Bit Digital shares drop 5% premarket following third-quarter revenue shortfall
The company's Q3 revenue of $27 million fell short of Wall Street expectations by 16%, representing a gap of more than $5 million from analyst projections.
Stock prices for Nasdaq-traded Bit Digital declined 9.3% during Thursday's premarket session following the AI infrastructure and Ethereum treasury firm's announcement of third-quarter revenues that failed to meet Wall Street expectations.
The company disclosed $27.1 million in quarterly revenue, representing an 11% decrease compared to the $30.5 million generated during the same period last year. Shareholders saw net income of $28.5 million, translating to 8 cents per diluted share, based on the company's Thursday Securities and Exchange Commission filing.
According to data from Yahoo Finance, the firm's quarterly revenue fell short of Wall Street consensus projections by nearly 16%, missing the anticipated $32.2 million mark by $5.1 million.
The company generated $1 million from Ether (ETH) staking operations, reflecting approximately a 66% decline from the $2.9 million recorded in the prior year period. Additionally, the firm disclosed total ETH holdings of 163,725 tokens valued at $439.4 million.
Revenue from Bitcoin mining operations totaled $2 million, down significantly from the $7.4 million reported in the corresponding quarter last year.
According to Bit Digital, the reduction in mining-related revenue was "consistent with the continued winddown of the business." The firm disclosed in July 2025 that it had shifted its corporate treasury approach from Bitcoin to Ether.