Financial highlights for the second quarter of 2022
* Non-GAAP operating loss excludes the effect of amortization of property, plants and appliances and stock-based reimbursement expense.
Second Quarter 2022 Operational Highlights
Management Comment
“In the current quarter of 2022, we managed to modestly increase bitcoin production on a sequential basis despite past announced disruptions in the operations of some hosting partners. Fortunately, our team is well versed when it comes to overcoming logistical hurdles. Our quick reaction included signing a new hosting agreement with Coinmint for 20 MW of carbon-free force and executing a hash rate change agreement with some other miner that provided for a 25% increase in our negotiated hash rate. These moves helped boost our active hash rate to 1. 06 p. a. in early July, which is almost double our active hash rate before the April pauses end.
After the end of the quarter, we also announced a new five MW hosting agreement with a supplier in Canada at a location powered primarily by hydropower. The small duration is a testament to our hosting diversification strategy to minimize site and counterparty risk. It’s vital to keep in mind that this agreement not only furthers our goal of installing completely carbon-free, but also deserves to help reduce our weighted average electricity rate.
Non-GAAP Financial Measures
We provide additional monetary measures for (i) non-GAAP source of operating income and (ii) non-GAAP net revenue stream. These additional monetary measures are not measures of monetary functionality under U. S. GAAP. In the U. S. , and therefore, those additional monetary measures may not be comparable to measures with the same call of other companies. Management uses those non-GAAP monetary measures internally to help understand, manage, and compare our business functionality and to make operational decisions. Those non-GAAP monetary measures are also useful for investors and analysts to constantly compare our functionality during reporting periods.
The following is a reconciliation of non-GAAP operating income (loss), which excludes the effect of (i) amortization of property, plant and appliances and (ii) stock-based reimbursement expenses, with their maximum GAAP measures directly comparable for the periods indicated:
The following is a reconciliation of non-GAAP net income, which excludes the effect of (i) amortization of assets, plant and equipment, (ii) stock-based redemption expenses, (iii) impairment of virtual assets, (iv) gain on disposal of assets and equipment, (v) gain on the sale of an investment value and (vi) gain on the sale of a subsidiary, its maximum directly comparable GAAP measures for the periods indicated:
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About Bit Digital
Bit Digital, Inc. es a virtual asset mining company based in New York City. Our mining operations are located in North America. For more information, please contact IR@bit-virtual. com or our online page at www. bit-virtual. COM.
Notice to investors
Safe Harbor Declaration
This press release may include certain “forward-looking statements” relating to the business of Bit Digital, Inc. and its subsidiaries. All statements, except for forward-looking statements of fact included in this document, are “forward-looking statements. ” These forward-looking statements are referred to by using forward-looking terminology such as “believes,” “expects” or similar expressions, which involve known and unknown dangers and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, dangers and uncertainties, and such expectations could possibly prove incorrect. Investors deserve not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company’s actual effects may also differ materially from those expected in those forward-looking statements due to a variety of factors, in addition to those discussed in the Company’s periodic reports filed with the Securities and Exchange Commission and which are found on their online page at https: //www. sec. gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by those factors. Except as required by securities laws, the Company assumes no legal responsibility to update any such forward-looking statements.
For information, please contact: ir@bit-digital. com, 1 (212) 463-5121
SOURCEBit Digital, Inc.