Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 beat. The company reported fiscal year Q2 revenue of $481.1 million and adj. EBITDA of $87.5 million, better than our estimates of $416.7 million and $50.0 million, respectively. Strong agent close rates during the Medicare Advantage Annual Enrollment Period (AEP) were an important contributor to the impressive results. Notably, the Senior segment generated an impressive 39% adj. EBITDA margins in the quarter, 700 basis points year over year.
Raising guidance. Management guided fiscal 2025 revenue and adj. EBITDA to $1.5 billion – $1.575 billion, and $115 million – $140 million, respectively. Management’s previous guided ranges were $1.425 billion – $1.525 billion and $100 million – $130 million. We are raising our revenue and adj. EBITDA forecasts for fiscal 2025 and fiscal 2026, detailed later in this report.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Agreement in Place. Yesterday, Bit Digital announced it secured a colocation contract through WhiteFiber, its newly rebranded HPC business, and an unnamed client. Under the agreement, the Company will provide 5MW of built-to-suit data center infrastructure for a period of five years. The Company anticipates the contract to commence in mid-2025. No financial terms of the agreement were disclosed.
Potential Financial Impact. While no financial terms were given in the announcement, based on Enovum’s current 4MW colocation data center producing $7.2 million in revenue annually, the new agreement could generate roughly $9 million in additional revenue if the terms are similar. We expect a $5-$5.6 million impact for annualized EBITDA based on the $4-$4.5 million from the initial data center.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW YORK, February 10, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) announced today that it has secured a colocation contract with a leading AI hardware innovator. The agreement will be executed through WhiteFiber, Inc. (“WhiteFiber”), the Company’s newly rebranded HPC business, which includes cloud services and its data center platform, Enovum Data Centers Corp. (“Enovum”). Under the agreement, the Company will provide the client with 5 MW (IT load) of built-to-suit data center infrastructure for a period of five years. The contract will be fulfilled at a data center within Enovum’s proprietary development pipeline, with the location to be announced at a later date. The Company anticipates the contract will formally commence in mid-2025.
Sam Tabar, CEO of Bit Digital, commented: “Bit Digital is thrilled to partner with a company at the forefront of AI innovation in North America. This agreement underscores their confidence in our ability to deliver sophisticated, high-performance colocation solutions tailored for next-generation AI workloads. We are excited to support this client’s unique computing needs with our expertly designed data center infrastructure, delivering the reliability and scalability essential for AI innovation.”
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. The Company’s HPC business operates under the WhiteFiber Inc. (“WhiteFiber”) brand. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
GPU Cloud Business. The Company earned approximately $4.4 million in revenue from AI contracts during the month of January 2025. Bit Digital had 268 servers (2,144 GPUs) actively generating revenue from its Bit Digital AI contracts. In addition, the Company received $131,000 in cash payments from its equipment leasing contract with Boosteroid during the month.
Colocation Services Business. Bit Digital’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $522.9k) in January. The Company had 14 customers actively generating revenue at its Tier-3 Enovum Data Center as of month’s end. Bit Digital has rebranded its HPC business as WhiteFiber, Inc., encompassing the Company’s GPU Cloud business and its HPC data center business.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW YORK, February 6, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) announced today that it has officially rebranded its HPC business as WhiteFiber, Inc. (“WhiteFiber”). WhiteFiber encompasses the Company’s GPU Cloud business and its HPC data center business, Enovum Data Centers (“Enovum”). The new WhiteFiber website can be found at www.whitefiber.com.
Sam Tabar, CEO of Bit Digital, commented: “Rebranding our HPC business to WhiteFiber is an important step in establishing a distinct identity for this transformative venture. WhiteFiber represents the convergence of cutting-edge technology and seamless connectivity, underscoring our commitment to delivering vertically integrated HPC solutions. By combining data center colocation with GPU cloud services, we provide the high-performance infrastructure required for the most demanding AI workloads. With this rebrand, we signal to our customers, partners, and investors that we are focused on building a platform of unmatched reliability, efficiency, and innovation. Our WhiteFiber business is currently servicing more than 20 customers compared to just 1 at the start of 2024. We look forward to expanding both our customer base and existing partnerships through industry-leading performance and reliability.”
This rebranding underscores Bit Digital’s commitment to addressing the surging demand for data centers and sustainable, cutting-edge HPC and AI cloud infrastructure. WhiteFiber’s platform is engineered to support the most demanding workloads with unparalleled performance, reliability, and efficiency, empowering industries to meet the challenges of tomorrow. The Company’s bitcoin mining and ETH staking businesses will continue to operate under the Bit Digital brand.
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT), a leading distributor of Medicare insurance policies and owner of a rapidly growing Healthcare Services platform, today announced it will release its second quarter 2025 financial results after market close on Monday, February 10, 2025. Chief Executive Officer, Tim Danker, and Chief Financial Officer, Ryan Clement, will host a conference call on the day of the release (February 10, 2025) at 5:00 pm ET to discuss the results.
After registering, a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx or via this link.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health, and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads.
With an ecosystem offering high touchpoints for consumers across insurance, medicare, pharmacy, and value-based care, the company now has four core business lines: SelectQuote Senior, SelectQuote Healthcare Services, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
ATLANTA, Feb. 03, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced it has purchased an additional $5 million in Bitcoin as part of its treasury strategy, first announced in June of last year.
With yesterday’s purchase of 51 BTC, the Company now holds 71.5 Bitcoin in its treasury, substantially increasing its position in the leading cryptocurrency.
“Adopting Bitcoin as part of our treasury strategy underscores our long-standing belief in Bitcoin as a significant financial asset and a store of value,” said Brandon Mintz, CEO of Bitcoin Depot. “We have always believed in providing easy access to Bitcoin for everyone, and this move reaffirms our confidence in Bitcoin’s potential for growth. Given the recent accounting standards update, it also allows our shareholders to benefit from future BTC appreciation.”
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 8,400 kiosk locations as of December 31, 2024. Learn more at www.bitcoindepot.com.
Cautionary Statement Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Contract. Last Friday, Bit Digital announced a new agreement with its anchor customer in the GPU Cloud portion of its HPC business. The new 464 Nvidia B200 GPUs contract replaces a prior agreement to provide 2,048 H100 GPUs. The contract represents approximately $15 million of annualized revenue and features a two-month prepayment from the customer. While the new agreement reduces annualized revenue from what the Company anticipated last year (roughly $50 million), management is exploring additional contracts with the customer, which we are hopeful, when combined, will at least rise to the originally expected contract level.
Additional Terms. Under the new agreement, Bit Digital will provide the customer with 58 B200 servers (464 GPUs) for 18 months. Furthermore, the customer may deduct 100% of the service fees from the previously paid $30 million non-refundable deposit.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
NEW YORK, January 24, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York, today announced a new agreement with a key customer for 464 Nvidia B200 GPUs, expanding its GPU Cloud business. This new agreement replaces a prior agreement whereby the Company was to provide the customer with an incremental 2,048 H100 GPUs and the Company continues to explore additional GPU contracts with this customer for 2025.
Under the terms of the agreement, Bit Digital will provide the customer with 58 Nvidia B200 servers (464 GPUs) for a period of eighteen months. The contract represents approximately $15 million of annualized revenue for Bit Digital and features a two-month prepayment from the customer. However, the customer may deduct 100% of the service fees from the $30 million non-refundable deposit previously paid to the Company. The contract is scheduled to commence on June 30th, 2025, and the GPUs will be deployed in Iceland. To fulfill the contract, Bit Digital has placed an order for 58 Nvidia B200 servers for approximately $21MM which are expected to be delivered well in advance of the service commencement date. Bit Digital intends to finance the purchase with cash and customer deposits and intends to retain complete ownership of the servers.
Sam Tabar, CEO of Bit Digital, commented: “We are pleased to have reached this agreement with a key customer. This contract delivers significantly improved margins compared to the original plan, which included a sale-leaseback agreement for a portion of the deployment. We look forward to exploring additional new business with this customer for 2025 while remaining focused on execution.”
About Bit Digital
Bit Digital, Inc. is a global platform for high-performance computing (“HPC”) infrastructure and digital asset production headquartered in New York City. Our operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (“Annual Report”). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Q4 2024 Results Signal Strength and Momentum for 2025
ATLANTA, Jan. 21, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced certain preliminary financial results for the fourth quarter ended December 31, 2024.
The Company expects revenue to range between $135 million and $137 million, compared to $135.3 million reported in the third quarter of 2024 and $148.4 million reported in the fourth quarter of 2023. The Company also expects adjusted EBITDA to range between $11 million and $13 million, an increase of 22% to 44% compared to the $9.0 million reported in the fourth quarter of 2023 and an increase of 19% to 41% compared to the $9.2 million reported in the third quarter of 2024.
“We ended 2024 on a strong note, with an anticipated uptick in sequential revenue and significant improvements in adjusted EBITDA on both a sequential and year-over-year basis,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “This performance reflects the expansion of our BTM network and our progress in improving kiosk profitability. The strength of our fourth quarter positions us well for a rebound in 2025, supported by the overall health of our business and a more favorable cryptocurrency market environment.”
The financial results for the fourth quarter ended December 31, 2024, included in this release are preliminary, have not been reviewed or audited, are based upon the Company’s estimates, and were prepared prior to the completion of the company’s financial statement close process. The preliminary financial results should not be viewed as a substitute for the Company’s full fourth quarter results and do not present all information necessary for an understanding of the Company’s financial performance. Accordingly, undue reliance should not be placed on this preliminary data. Bitcoin Depot plans to release its fully audited fourth-quarter and full-year 2024 financial results in March.
About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 8,400 kiosk locations as of December 31, 2024. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Use of non-GAAP Financial Measures
This press release includes preliminary Adjusted EBITDA results for the fourth quarter ended December 31, 2025. Adjusted EBITDA is a non-GAAP. Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Bitcoin Depot believes Adjusted EBITDA provides useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provides a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA is a key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating this measures. Bitcoin Depot primarily relies on GAAP results and relies on Adjusted EBITDA and other non-GAAP measures on a supplemental basis. No such measure should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures. Due to some of the information excluded from Adjusted EBITDA calculation being non-ascertainable or non-accessible until the financial close is complete, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the non-GAAP financial measures is included.
Contacts:
Investors Cody Slach Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Clearwater Analytics (NYSE: CWAN) announced today its agreement to acquire Enfusion, Inc. (NYSE: ENFN) for $1.5 billion, marking a significant move to create an integrated front-to-back investment management platform. The deal, announced January 13, 2025, will see Clearwater pay $11.25 per share in a mixed cash-and-stock transaction, along with $30 million to terminate Enfusion’s tax receivable agreement.
The acquisition brings together two complementary SaaS providers in the investment management space. Clearwater, known for its middle and back-office solutions, will integrate Enfusion’s front-office capabilities, including investment book of record (IBOR) and portfolio management systems, to create a unified cloud-native platform serving institutional investors.
“Today’s announcement is about creating a future where our clients benefit from the synergy of two highly complementary, innovative software leaders,” said Sandeep Sahai, CEO of Clearwater Analytics. The combination aims to eliminate the error-prone data handoffs that typically occur between front, middle, and back offices in investment operations.
The strategic merger significantly expands Clearwater’s market presence, particularly in the hedge fund sector where Enfusion has established itself as a leading platform provider. The deal is expected to increase Clearwater’s total addressable market by $1.9 billion and strengthen its international footprint, leveraging Enfusion’s strong presence in Europe and Asia, where it generates 38% of its revenue.
Clearwater expects to achieve substantial operational synergies, targeting $20 million in cost savings within the first two and a half years post-closing. The company also projects significant improvements in Enfusion’s adjusted EBITDA margins, anticipating a 400 basis point expansion in the first year and an additional 400 basis points in the second year after closing.
The transaction terms offer Enfusion shareholders $5.85 per share in cash and $5.40 per share in Clearwater Class A Common Stock, representing a 13% premium over Enfusion’s January 10 closing price and a 32% premium over its September 19, 2024 price, before market speculation about a potential sale began.
Enfusion’s CEO Oleg Movchan expressed enthusiasm about the merger, stating, “Together with Clearwater, our shared passion for building innovative technologies and enriching every aspect of the client journey will now accelerate and enhance our combined ability to support our clients’ evolving needs.”
The deal has received unanimous approval from both companies’ boards of directors and a special committee of independent Enfusion directors. Major Enfusion shareholders, including FTV, ICONIQ, and Mr. Movchan, who collectively hold approximately 45% of voting power, have agreed to support the transaction.
Clearwater has secured $800 million in committed financing through a Term Loan B, along with a $200 million revolving credit line to support the transaction. The company expects to close the deal in the second quarter of 2025, subject to regulatory approvals and customary closing conditions. Upon completion, the combined entity will be positioned to offer a comprehensive, cloud-native investment management solution that serves clients across the entire investment lifecycle.
Key Points: – Mercury General stock falls 20% as California represents one-fifth of its US premiums – JPMorgan doubles damage estimate to $20B as fires continue to rage – Over 246,000 Californians left without power amid safety shutoffs
The devastating Los Angeles wildfires are sending shockwaves through financial markets, with major insurance stocks tumbling Friday as the disaster shapes up to be one of California’s costliest natural catastrophes. Mercury General Corporation led the decline with a dramatic 20% drop, reflecting its heavy exposure to the California market, where it derives approximately one-fifth of its U.S. homeowners’ insurance premiums.
The fires, which have already claimed at least 10 lives and destroyed thousands of structures, are prompting major reassessments of potential losses by financial analysts. JPMorgan has doubled its estimate of insured losses to $20 billion, with warnings that this figure could climb higher as fires continue to burn across the region.
Other major insurers are also feeling the impact, with industry giants including Allstate, Travelers Companies, Chubb, and American International Group seeing their shares decline between 2% and 4% in early trading. The widespread market reaction underscores the growing concerns about the insurance industry’s exposure to climate-related disasters in high-value property markets.
“It will take weeks or months to determine the magnitude of the insured damages, but the Los Angeles wildfires are likely among the most costly wildfires in the state’s history,” Moody’s insurance analysts noted in their Thursday report. The catastrophe’s timing is particularly problematic as it comes just as California attempts to attract insurers back to the state amid increasing climate-related risks.
The impact extends beyond insurance companies, with utility stocks also facing significant pressure. Edison International, parent company of Southern California Edison, is heading toward a 13% weekly loss, while Pacific Gas & Electric shares dropped more than 10%. Although Southern California Edison maintains its equipment did not spark the fires, JPMorgan analysts note that if found responsible, the company’s liability would be capped at $4 billion.
The crisis has forced Southern California Edison to implement widespread safety-related power shutoffs, affecting approximately 173,000 residents, while total power outages across California have reached 246,000 customers. These measures, while necessary for safety, underscore the growing challenges faced by both insurers and utilities in managing climate-related risks in one of America’s most populous states.
The situation draws parallels to PG&E’s historic 2019 bankruptcy filing, which Harvard researchers dubbed “the first climate change bankruptcy.” That case, resulting from over $30 billion in legal claims related to previous California wildfires, serves as a stark reminder of the financial vulnerabilities faced by companies operating in regions increasingly affected by climate change.
As firefighters continue their efforts to contain the blazes, the financial impact of this disaster is likely to reverberate through the insurance and utility sectors for months to come. The event may also accelerate discussions about the sustainability of current insurance models in areas prone to climate-related disasters, potentially leading to significant changes in how risk is assessed and priced in vulnerable regions.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
HPC/AI Side. At year-end,Bit Digital had 266 servers actively generating revenue from its Bit Digital AI contracts and earned approximately USD $4.5 million of total unaudited GPU Cloud revenue during the month of December. In addition, $177k in revenue from the Boosteroid contract was recognized. The Company’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $528.1k) and had 14 customers generating revenue at the Enovum Data Center facility as of December 31, 2024.
Mining. The Company produced 32.4 BTC in December, a 27.8% decrease from 44.9 BTC last month due to changes in the Company’s hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners. The active hash rate was roughly 1.8 EH/s, a decline from 2.51 EH/s last month due to the reasons mentioned earlier. During the month, 941 S21 miners were purchased for $3.2 million, with the Company selling 4,506 S19 mining units for approximately $836.6k. We expect the hash rate to climb back up as the Company redeploys its new and current miners to new sites.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
