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Release – Bitcoin Depot Reports Fourth Quarter and Full Year 2023 Financial Results

Posted on March 25, 2024March 25, 2024 by aweinsoff@channelchek.com

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March 25, 2024 8:05 AM EDT

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FY 2023 Record Revenue of $689 Million, Up 7% Year-over-Year

FY 2023 Net Income of $1.6 Million, Down 54% Year-over-Year

FY 2023 Record Adjusted EBITDA (non-GAAP) of $56 Million, Up 37% Year-over-Year

Strengthens Footprint and Continues Business Momentum in the First Quarter of 2024

Provides First Quarter 2024 Guidance for Revenue and Adjusted EBITDA

ATLANTA, March 25, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 2023. Bitcoin Depot will host a conference call and webcast at 11:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“Bitcoin Depot had its strongest year ever in 2023 as we delivered $689 million in revenue, $56 million in Adjusted EBITDA, and had sustained strength in customer traffic and transaction volume,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We continued to advance our growth strategy by expanding the number of Bitcoin access points across North America while optimizing our footprint to drive an improvement in profitability. Looking ahead, Bitcoin Depot is well positioned to deliver profitable growth going forward while supporting our mission to safely, securely and efficiently bring Bitcoin to the masses. We see opportunities for accelerated market share growth and aim to have over 8,000 kiosks installed by the end of 2024, the largest installed fleet of Bitcoin ATMs in our history.”

Fourth Quarter and Full-Year 2023 Financial Results

Revenue in the fourth quarter of 2023 was $148.4 million, down 1% from $149.7 million for the fourth quarter of 2022. For the full year, revenue increased 7% to $689.0 million compared to $646.8 million in the prior year.

Gross Profit in the fourth quarter of 2023 was $17.9 million, up 23% from $14.6 million for the fourth quarter of 2022. Gross Profit margin in the fourth quarter of 2023 was 12.1% compared to 9.8% in the fourth quarter of 2022. For the full year, Gross Profit increased 64% to $87.8 million compared to $53.5 million in the prior year and Gross Profit margin was 12.8% compared to 8.3% in the prior year.

Total operating expenses were $17.0 million for the fourth quarter of 2023, compared to $14.8 million for the fourth quarter of 2022. For the full year, operating expenses were $69.8 million compared to $55.8 million in the prior year.

Net loss for the fourth quarter of 2023 was $1.5 million, compared to a net loss of $0.5 million for the fourth quarter of 2022. For the full year, net income was $1.6 million compared to net income of $3.5 million in the prior year.

Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2023 was $9.0 million, compared to Adjusted EBITDA of $11.4 million for the fourth quarter of 2022. For the full year, Adjusted EBITDA was $56.4 million compared to $41.2 million in the prior year. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash and cash equivalents were $26.4 million as of the end of the fourth quarter of 2023.

2023 Highlights

Completed software conversion to BitAccess across the Company’s full BTM fleet. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees.
Closed its previously announced business combination with GSR II Meteora Acquisition Corp. on June 30th and subsequently began trading on the Nasdaq on July 3rd.
Announced multiple partnerships with convenience store brands with locations spanning across several states to increase Bitcoin Depot’s fleet of deployed kiosks, including FastLane, Gas Express, High’s, Majors Management, Stinker Stores, GetGo^® Café + Market, and Jacksons Food Store.
Expanded BDCheckout program into three additional states and over 725 additional locations across a variety of convenience store partners through an ongoing partnership with a leading global payments technology company.
Announced distribution partnership with CORD Financial Services to distribute Bitcoin Depot kiosks across the U.S.
Secured preferred BTM vendor status with National Retail Association, AATAC, a national trade association of retailers, distributors, vendor suppliers and partners for the convenience store and retail industries.
Hired a new Chief Technology Officer to lead software development efforts.

Q1 2024 and Recent Highlights

Announced the sale of 50 new BTM kiosks to Sopris Capital as part of the Company’s franchise program.
Purchased 900 additional Bitcoin ATMs for Q1 2024 Expansion.
Announced expansion deal with a leading operator of convenience stores across 63 stores.
Announced deployment of 940 Bitcoin Depot kiosks in convenience store locations across 24 states beginning in Q1 of 2024.
Announced the expansion of the Company’s sales team with the hiring of 13 new sales representatives.

Guidance

Based on current market conditions, Bitcoin Depot expects consolidated revenue in the first quarter of 2024 to range between $137 million and $138 million compared to $163.6 million in the first quarter of 2023. Bitcoin Depot expects Adjusted EBITDA (non-GAAP) in the first quarter of 2024 to range between $5 million – $6 million compared to net income of $6.1 million and Adjusted EBITDA of $13.6 million in the first quarter of 2023.

For important disclosures about Adjusted EBITDA, see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Conference Call

Bitcoin Depot will hold a conference call at 11:00 a.m., Eastern time (8:00 a.m. Pacific time), today to discuss its financial results for the fourth quarter and full year ended December 31, 2023.

Call Date: Monday, March 25, 2024
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
U.S. dial-in: 646-307-1963
International dial-in: 800-715-9871
Conference ID: 2505953

The conference call will broadcast live and be available for replay here following the call.

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

A replay of the call will be available beginning after 3:00 p.m. Eastern time on March 25, 2024 through April 1, 2024.

U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 2505953

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’s kiosks and at thousands of name-brand retail locations through its BDCheckout product. The Company has the largest market share in North America with approximately 6,339 kiosk locations as of December 31, 2023. 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, worldwide growth in the adoption and use of cryptocurrencies, and our guidance regarding our generation of revenue and Adjusted EBITDA for Q1 2024. 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.


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	As of December 31,
	2023			2022
	(unaudited)
Assets
Current:
Cash and cash equivalents	$	26,388		$	37,540
Cryptocurrencies		712			540
Accounts receivable, net		245			263
Prepaid expenses and other current assets		6,538			2,015
Total current assets		33,883			40,358
Property and equipment:
Furniture and fixtures		635			618
Leasehold improvements		172			172
Kiosk machines – owned		24,222			15,234
Kiosk machines – leased		20,524			36,591
Vehicles		—			17
Total property and equipment		45,553			52,632
Less: accumulated depreciation		(20,699	)		(13,976	)
Total property and equipment, net		24,854			38,656
Intangible assets, net		3,836			5,351
Goodwill		8,717			8,717
Operating lease right-of-use assets, net		484			302
Deposits		412			17
Deferred tax assets		4,027			—
Total assets	$	76,213		$	93,401


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	As of December 31,
	2023			2022
	(unaudited)
Liabilities and Stockholders’ Equity and Member’s Equity
Current:
Accounts payable	$	8,320		$	8,119
Accrued expenses and other current liabilities		19,745			11,309
Note payable		3,985			8,050
Income taxes payable		2,272			647
Deferred revenue		297			19
Operating lease liabilities, current portion		319			228
Current installments of obligations under finance leases		6,801			18,437
Other tax payable		700			—
Total current liabilities	$	42,439		$	46,809
Long-term liabilities
Note payable, non-current		17,101			29,522
Operating lease liabilities, non-current		279			247
Obligations under finance leases, non-current		2,848			6,140
Deferred income tax, net		805			1,239
Tax receivable agreement liability		2,582			—
Total Liabilities	$	66,054		$	83,957
Commitments and Contingencies (Note 22)
Stockholders’ Equity and Member’s Equity
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,125,000 shares issued and outstanding, at December 31, 2023		—			—
Class A common stock, $0.0001 par value; 800,000,000 authorized, 13,671,691 shares issued, and 13,551,047 shares outstanding at December 31, 2023		1			—
Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—
Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at December 31, 2023		—			—
Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—
Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—
Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at December 31, 2023		4			—
Treasury stock		(279	)		—
Additional paid-in capital		17,933			—
Retained earnings (accumulated deficit)		(30,991	)		—
Equity attributed to Legacy Bitcoin Depot		—			7,396
Accumulated other comprehensive loss		(203	)		(182	)
Total Stockholders’ Equity (Deficit) and Equity Attributable to Legacy Bitcoin Depot	$	(13,535	)	$	7,214
Equity attributable to non-controlling interests		23,694			2,230
Total Stockholders’ Equity and Member’s Equity	$	10,159		$	9,444
Total Liabilities and Stockholders’ Equity and Member’s Equity	$	76,213		$	93,401


BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in thousands, except share and per share amounts)

	Year ended December 31,
	2023			2022
	(unaudited)
Revenue	$	688,967		$	646,830
Cost of revenue (excluding depreciation and amortization)		588,637			574,535
Operating expenses:
Selling, general, and administrative		57,046			36,991
Depreciation and amortization		12,788			18,783
Total operating expenses	$	69,834		$	55,774
Income from operations	$	30,496		$	16,521
Other (expense) income:
Interest (expense)		(11,926	)		(12,318	)
Other (expense) income		(16,626	)		118
(Loss) gain on foreign currency transactions		(289	)		(380	)
Total other (expense)	$	(28,841	)	$	(12,580	)
Income before provision for income taxes and non-controlling interest		1,655			3,941
Income tax benefit (expense)		(8	)		(395	)
Net income	$	1,647		$	3,546
Net income attributable to Legacy Bitcoin Depot unit holders		12,906			3,980
Net income (loss) attributable to non-controlling interest		13,172			(434	)
Net (loss) attributable to Bitcoin Depot Inc.	$	(24,431	)	$	–
Other comprehensive income (loss), net of tax
Net income	$	1,647		$	3,546
Foreign currency translation adjustments		66			(110	)
Total comprehensive income	$	1,713		$	3,436
Comprehensive income attributable to Legacy Bitcoin Depot unit holders		12,885			3,870
Comprehensive income (loss) attributable to non-controlling interest		13,259			(434	)
Comprehensive loss attributable to Bitcoin Depot Inc.	$	(24,431	)	$	–

Explanation and Reconciliation of Non-GAAP Financial Measures

Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, stock-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. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each 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 and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and 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 these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit 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 both Adjusted EBITDA and Adjusted Gross Profit 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 the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, 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 forward-looking non-GAAP financial measures is included.

The following table presents a reconciliation of revenue to Adjusted EBITDA for the periods indicated:


BITCOIN DEPOT INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA

	Year Ended December 31,
*(in thousands)*	2023			2022
	(unaudited)
Net income	$	1,647		$	3,546
Adjustments:
Interest expense		11,926			12,318
Income tax (benefit) expense		8			395
Depreciation and amortization		12,788			18,783
Expense related to the PIPE transaction (1)		14,785			—
Non-recurring expenses (2)		9,298			4,879
Stock based compensation		2,523			1,230
Special bonus (3)		3,040			—
Expenses associated with the termination of the phantom equity participation plan		350			—
Adjusted EBITDA	$	56,365		$	41,151
Adjusted EBITDA margin (4)		8.2	%		6.4	%

(1)		Amounts include the recognition of a non-cash expense of $14.8 million and $2.5 million related to the PIPE transaction, entered into as of close of the Merger on June 30, 2023, for the twelve and three months ended December 31, 2023, respectively.
(2)		Comprised of non-recurring professional service fees.
(3)		Amount includes (A) Transaction bonus and related taxes to employees of approximately $1.4 million and (B) Founder Transaction bonus as a result of close of the Merger, of approximately $1.6 million, recognized as stock-based compensation, for the year ended December 31, 2023.
(4)		Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.

The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:

BITCOIN DEPOT INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT

	Year Ended December 31,
*(in thousands)*	2023			2022
	(unaudited)
Revenue	$	688,967		$	646,830
Cost of revenue (excluding depreciation and amortization)		(588,637	)		(574,535	)
Depreciation and amortization excluded from cost of revenue		(12,455	)		(18,783	)
Gross Profit	$	87,875		$	53,512
Adjustments:
Depreciation and amortization excluded from cost of revenue	$	12,455		$	18,783
Adjusted Gross Profit	$	100,330		$	72,295
Gross Profit Margin (1)		12.8	%		8.3	%
Adjusted Gross Profit Margin (1)		14.6	%		11.2	%

(1) Calculated as a percentage of revenue.

Contacts:

Investors
Cody Slach, Alex Kovtun
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Media
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Source: Bitcoin Depot Inc.

Released March 25, 2024

Bit Digital (BTBT) – Being More Diversified

Posted on March 20, 2024March 20, 2024 by cpereira@noblefcm.com

Wednesday, March 20, 2024

Joe Gomes, 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.

Diversification Heading into 2024. The Company’s fiscal year 2023 saw the company expand its bitcoin miners and change from ETH mining to native and liquid staking. Most importantly, during the fall of 2023, management announced a new segment, Bit Digital AI, to provide digital infrastructure services, including GPU rental services. With the AI business line, Bit Digital has recurring revenue that gives the Company stability in times of volatility with BTC and ETH prices, in our view.

BTC Mining and ETH Staking. For the year, the Company earned 1,507.3 bitcoins, a 21% increase from last year driven by a higher active hash rate partially offset by an increase in network difficulty. The average fleet efficiency for the active fleet was approximately 28.8 J/TH as of December 31, 2023. The Company earned 287.0 ETH in native staking and 81.9 ETH in liquid staking for the year.

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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.

Bit Digital (BTBT) – First Look at Fourth Quarter Results

Posted on March 19, 2024March 19, 2024 by cpereira@noblefcm.com

Tuesday, March 19, 2024

Joe Gomes, 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.

4Q Results. Fourth quarter revenue was $16.1 million, above last year’s revenue of $7.8 million and above our estimate of $13 million. The Company realized a gain of $8.6 million on its digital assets during the quarter. Net loss for the quarter was $2.0 million, or about $0.02 per share, versus last year’s net loss of $68.7 million, or $0.87 per share. The large improvement was due to a $50 million asset impairment the Company incurred last year that did not repeat. Adjusted EBITDA for the quarter was $11.9 million compared to a negative $8.0 million in the prior year.

Fiscal Year Results. Revenue for 2023 was $44.9 million, an increase of 39% from the previous year’s $32.3 million. Net loss for the year was $13.9 million, or $0.16 per share, an improvement of $91.4 million from the prior year’s loss of $105.3 million, or $1.34 per share. Adjusted EBITDA for the year was $12.4 million compared to a negative $26.9 million last year.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Bit Digital, Inc. Announces Fiscal Year 2023 Financial Results

Posted on March 18, 2024March 19, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BTBT

NEW YORK, March 18, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (“SEC”) on March 18, 2024.

Financial Highlights for Fiscal Year 2023

Total revenue for fiscal year 2023 was $44.9 million, a 39% increase compared to the prior year. The majority of revenue was earned from our bitcoin mining business.
The Company had cash, cash equivalents and restricted cash of $18.2 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $81.2 million¹, as of December 31, 2023.
Total assets were $189.3 million and Shareholders’ Equity amounted to $152.7 million as of December 31, 2023.
Adjusted EBITDA² was $12.4 million for the fiscal year 2023.
Adjusted earnings per share³ was $0.12 for fiscal year 2023.

Operational Highlights for Fiscal Year 2023

The Company earned 1,507.3 bitcoins during 2023, a 21% increase from the prior year. Growth was primarily driven by a higher active hash rate and partially offset by an increase in network difficulty.
The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed during fiscal year 2023.
The average fleet efficiency for the active fleet was approximately 28.8 J/TH as of December 31, 2023.
The Company earned 287.0 ETH in native staking and 81.9 ETH in liquid staking, respectively, during fiscal year 2023.
Treasury holdings of BTC and ETH were 642.6 and 15,108.0, with a fair market value of approximately $27.2 million and $34.5 million on December 31, 2023, respectively.
The BTC equivalent⁴ of our digital asset holdings as of December 31, 2023 (defined as if all ETH, LsETH, and USDC holdings were converted into BTC as of that date) was approximately 1,489.9 BTC, or approximately $63.0 million. This figure excludes approximately 2,701 ETH that transferred to an internally managed fund.
As of December 31, 2023, we had 46,548 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 3.9 EH/S.
The Company’s active hash rate of its bitcoin mining fleet was approximately 2.50 EH/s as of December 31, 2023.
The Company purchased approximately 10,900 bitcoin mining units during 2023.
For the year ended December 31, 2023, the Company wrote off 5,328 bitcoin miners and 730 ETH miners.
Approximately 93% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2023. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023. Approximately 12,352 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.
In October 2023, Bit Digital finalized an agreement with Soluna Computing, Inc (“Soluna”) for 4.4 megawatts of incremental hosting capacity in Kentucky to power its miners for an initial contract term of twelve months.
In October 2023, the Company announced the launch of Bit Digital AI, a new business line that provides specialized infrastructure to support generative artificial intelligence (“AI”) workstreams. The Company subsequently finalized a service agreement with a customer to provide the customer with computational power from 2,048 GPUs over a three-year period. To fulfil the contract, the Company purchased 256 servers manufactured by Super Micro Computer, Inc., an authorized Nvidia OEM, that were equipped with 2,048 Nvidia HGX H100 GPUs along with related equipment. To help finance this operation, the Company subsequently entered into a sale-leaseback agreement with a third party, selling 96 AI servers (equivalent to 768 GPUs) and leasing them back for three years. The GPUs are deployed at a third-party datacenter located in Iceland.
In November 2023, Bit Digital finalized an agreement with Dory Creek, a subsidiary of Bitdeer Technologies Group, for 17.5 MW of incremental hosting capacity to power its miners at a location in Texas. Additionally, Bit Digital will have the first right for up to an additional 17.5 MW of capacity that may be brought online by the operator.

Subsequent Events

On January 22, 2024, approximately 192 servers (1,536 GPUs) began generating revenue from the Company’s AI customer contact. Subsequently, approximately 64 additional servers (512 GPUs) commenced revenue generation on February 2, 2024.
On January 26, 2024, the Company finalized an agreement Coinmint for up to 6 MW of additional mining capacity at Coinmint’s hosting facility in Massena, New York. This new agreement brings the Company’s total contracted hosting capacity with Coinmint to approximately 46 MW. Bit Digital purchased approximately 2,340 S19k Pro mining units that have since been deployed at the facility as of the date of this report.

Strategic Priorities for Fiscal Year 2024

Expand the active bitcoin mining fleet to approximately 6.0 EH/s.
Diversify and grow Bit Digital AI with the goal of increasing annualized revenue to $100 million by year-end 2024.
Maintain a strong and flexible balance sheet
Increase our treasury holdings of staked ETH with retained earnings
Continued focus on sustainability

Management Commentary

“2023 was a foundational year for Bit Digital. The year began with the price of bitcoin near cyclical lows and ended on a trajectory that would propel the asset to new all-time highs in 2024. Despite the improvement in the price of bitcoin, our core mission remains unchanged; to build a company that can successfully endure all phases of the bitcoin price cycle.

We enacted numerous changes to our bitcoin mining hosting portfolio during 2023, ending the year with six hosting partners and seven operating sites across three countries. Notably, we expanded our operations into Iceland during 2023, providing Bit Digital with geographic diversification outside of North America and into a region with an abundance of clean energy and supportive government policies. We will continue to focus our expansion areas in areas that provide cost-effective, carbon-free energy sources. As we consider our growth targets for 2024, our focus is on improving our overall fleet efficiency and lowering our production cost.

Bit Digital enacted a growth strategy in 2023 which prioritized maintaining a formidable balance sheet ahead of the ‘halving’ which is expected to occur during April 2024. We ended 2023 with a strong liquidity position and zero debt, and our liquidity position has improved materially since year-end in sympathy with rising digital asset prices. We also managed to more than double our active hash rate compared to the end of 2022, leading to a 21% increase in total bitcoin production.

We announced the launch of a new business line, Bit Digital AI, during the fall of 2023. This business aims to provide AI-focused clients with digital infrastructure services, including GPU rental services. It was important to us that we didn’t merely announce an ambition, but a real business, and this business line has already begun to contribute meaningful revenue to Bit Digital (approximately $4 million during February 2024). This enterprise draws on our core competencies as a bitcoin miner, and we believe we are on a credible path to materially expanding the scope of this business line. We look forward to demonstrating the earnings power from this business as the year progresses.”

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. 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. 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.

Footnotes:
1 This figure excludes approximately 2,701 ETH that were transferred to an internally managed fund.
2 Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items.
3 Adjusted EPS is a financial measure defined as our EBITDA divided by our diluted weighted-average shares outstanding, adjusted with the EPS impact related to the adjustments made to EBITDA to derive Adjusted EBITDA.
4 “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, LsETH, and USDC, were converted into BTC as of December 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com.

GoHealth, Inc. (GOCO) – Resetting Expectations: Still Well Positioned

Posted on March 15, 2024March 15, 2024 by cpereira@noblefcm.com

Friday, March 15, 2024

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.

Q4 results below expectations. The company reported Q4 revenue of $276.7 million, 23.6% below our forecast of $362.0 million. Adj. EBITDA in the quarter was $57.0 million, below our forecast of $116.1 million. The weaker than expected results were due in large part to low Medicare Advantage plan turnover, which limited the total revenue from new policy sales in the quarter.

Low plan turnover. Management noted that the average incremental benefits added to Medicare Advantage plans in 2023 was lower than usual, which resulted in less plan switching by Medicare Advantage enrollees. Of the more than 300,000 consumers it served, GoHealth’s PlanFit Checkup recommended that roughly 1/3 of them stay with their existing plans.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – GoHealth Reports Fourth Quarter and Fiscal 2023 Results

Posted on March 14, 2024March 14, 2024 by aweinsoff@channelchek.com

Research News and Market Data on GOCO

Mar 14, 2024 at 6:00 AM EDT

CHICAGO, March 14, 2024 (GLOBE NEWSWIRE) — GoHealth, Inc. (NASDAQ: GOCO) (“GoHealth” or the “Company”), a leading health insurance marketplace and Medicare-focused digital health company, today announced unaudited financial results for the fourth quarter and year ended December 31, 2023.

The Company generated $109.1 million of cash flow from operations in 2023, a substantial 79.2% improvement compared to $60.9 million in the prior year period.
The percentage of revenue earned from non-agency sales in the fourth quarter was 60% of Medicare revenue, compared to 26% in 2022. This shift to non-agency operating model continues to drive cash generation.
Fourth quarter 2023 net revenues were $276.7 million, compared to $69.4 million in the prior year period. Full year 2023 net revenues were $734.7 million, compared to $631.7 million in 2022.
Fourth quarter 2023 net loss was $2.3 million and Adjusted EBITDA¹ was $57.0 million, improvements of 98.5% and 160.1%, respectively, compared to the prior year period. Full year 2023 net loss of $151.3 million and Adjusted EBITDA¹ of $75.1 million were improvements of 59.8% and 157.9%, respectively, compared to the prior year period.
As a result of the improved performance of the Company and focus on higher quality submissions, there was no Lookback adjustment recorded in 2023. The Company recorded lookback adjustments in 2022 that are detailed in the tables below.
GoHealth assisted over two million Medicare consumers assess their benefit options in 2023.

“As we reflect on our achievements this past year, our consumer-centric focus shifted from enrollment to engagement, with trust at its core. Our innovative PlanFit CheckUp program is a prime example of our commitment to the consumer and a driver of our 2023 results. By prioritizing the real needs of Medicare consumers, we continue to enhance consumer trust and set a new standard for industry practices, said Vijay Kotte, CEO of GoHealth. “Our approach underscores our mission to transform the consumer healthcare journey, ensuring every action we take is aligned with our core values of transparency, trust, and integrity,” continued Kotte.

“In 2023, GoHealth did right by the consumer while staying true to our values as a company and effectively managing our cash. Our results showcase a meaningful year over year increase in profitability and significant improvement in our operating cash flow, highlighting the effectiveness of our strategic initiatives and the unwavering commitment of our team,” said Jason Schulz, CFO of GoHealth.

(1) Adjusted EBITDA is a non-GAAP measure. For a definition of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure, please see below.

Conference Call Details

The Company will host a conference call today, Thursday, March 14, 2024 at 8:00 a.m. (ET) to discuss its financial results. Participants can pre-register for the conference call at the following link: Webcast Pre-registration. A live audio webcast of the conference call will be available via GoHealth’s Investor Relations website, https://investors.gohealth.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

About GoHealth, Inc.:

GoHealth is a leading health insurance marketplace and Medicare-focused digital health company whose purpose is to compassionately ensure consumers’ peace of mind when making healthcare decisions so they can focus on living life. For many of these consumers, enrolling in a health insurance plan is confusing and difficult, and seemingly small differences between health plans may lead to significant out-of-pocket costs or lack of access to critical providers and medicines. GoHealth’s proprietary technology platform leverages modern machine-learning algorithms, powered by over two decades of insurance purchasing behavior, to reimagine the process of matching a health plan to a consumer’s specific needs. Its unbiased, technology-driven marketplace coupled with highly skilled licensed agents has facilitated the enrollment of millions of consumers in Medicare plans since GoHealth’s inception. For more information, visit https://www.gohealth.com.

Investor Relations:
John Shave
JShave@gohealth.com

Media Relations:
Pressinquiries@gohealth.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding our expected growth, future capital expenditures and debt service obligations are forward-looking statements.

In some cases, you can identify forward-looking statements by terms, such as “may,” “will,” “should,” “aim,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “likely,” “strive”, “future,” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions, projections and other statements about future events that are based on current expectations and assumptions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to the following: the marketing and sale of Medicare plans are subject to numerous, complex and frequently changing laws, regulations and guidelines; our operating results have been, and may continue to be, adversely impacted by factors that impact our estimate of LTV (as defined below); our gradual expansion of the Encompass Solution may not be as successful as we expect; our business may be harmed if we lose our relationships with health plan partners or if our relationships with health plan partners change; health plan partners may reduce the commissions paid to us and change their underwriting practices in ways that reduce the number of, or impact the renewal or approval rates of, insurance policies sold through our platform; we currently depend on a small group of health plan partners for a substantial portion of our revenue and losing our relationships with any of these health plan partners may disproportionately impact our financial position and performance; changes and developments in the health insurance system and laws and regulations governing the health insurance markets in the United States could materially adversely affect our business, operating results, financial condition and qualified prospects; we rely on certain services from the Centers for Medicare & Medicaid Services, and a federal government shutdown that impedes our ability to use these services may materially impact our business; information technology system failures could interrupt our operations; volatility in general economic conditions, including inflation, interest rates, and commodity prices and exchange rates may impact our financial position and performance; we may lose key employees or fail to attract qualified employees; our failure to grow our customer base or retain our existing customers; we may not realize the benefits we expect from our strategic cash flow optimization and other cash management initiatives; our ability to sell Medicare-related health insurance plans is largely dependent on our licensed health insurance agents; operating and growing our business may require additional capital; and the Founders and Centerbridge have significant influence over us, including control over decisions that require the approval of stockholders.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in the Company’s 2022 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the first quarter ended March 31, 2023, Quarterly Report on Form 10-Q for the second quarter ended June 30, 2023, Quarterly Report on Form 10-Q for the third quarter ended September 30, 2023, the forthcoming 2023 Annual Report on Form 10-K and other SEC filings. If one or more events related to these or other risks or uncertainties materialize, or our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Use of Non-GAAP Financial Measures and Key Performance Indicators

In this press release, we use supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures include net income (loss) before interest expense, income tax (benefit) expense and depreciation and amortization expense, or EBITDA; Adjusted EBITDA; Adjusted EBITDA margin; Sales per Submission; Cost per Submission and Adjusted Gross Margin per Submission. Adjusted EBITDA is the primary financial performance measure used by management to evaluate the business and monitor its results of operations. Sales per Submission, Cost per Submission and Adjusted Gross Margin per Submission are key operating metrics used by management to understand the Company’s underlying financial performance and trends.

Additional non-GAAP financial measures, including net revenue excluding the Lookback Adjustments, Adjusted EBITDA excluding the Lookback Adjustments, net revenue excluding both the Non-Encompass BPO Services revenue and the Lookback Adjustments and Adjusted EBITDA excluding both the Non-Encompass BPO Services gross margin and the Lookback Adjustments, are also discussed in this press release. The Lookback Adjustments are revenue adjustments that represent changes in estimates relating to performance obligations satisfied in prior periods and relate to the fiscal years 2021 and prior.

Adjusted EBITDA represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues. Sales per Submission represents Medicare Revenue per Submission as further adjusted for certain items summarized below in this press release. Cost per Submission represents Operating Expense per Submission as further adjusted for certain items summarized below in this press release. Adjusted Gross Margin represents Sales per Submission less Cost per Submission.

We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. Adjusted EBITDA is used as a basis for certain compensation programs sponsored by the Company. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA, Adjusted EBITDA, net revenue excluding the Lookback Adjustments, Adjusted EBITDA excluding the Lookback Adjustments, net revenue excluding both the Non-Encompass BPO Services revenue and the Lookback Adjustments, Adjusted EBITDA excluding both the Non-Encompass BPO Services gross margin and the Lookback Adjustments, Sales per Submission, Cost per Submission and Adjusted Gross Margin per Submission to its most directly comparable GAAP financial measure, are presented in the tables below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and include other expenses, costs and non-recurring items.

The Company is unable to provide a full reconciliation of guidance for Adjusted EBITDA without unreasonable effort because it is not possible to predict certain adjustment items with a reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company’s routine activities. This information is dependent upon future events, which may be outside of the Company’s control and could have a significant impact on its GAAP financial results for fiscal year 2023.

Glossary

“Adjusted EBITDA” represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release.
“Adjusted EBITDA Margin” refers to Adjusted EBITDA divided by net revenues.
“Adjusted Gross Margin per Submission” refers to Sales per Submission less Cost per Submission.
“Cash Adjusted EBITDA” refers to Adjusted EBITDA plus a decrease or less an increase in the year over year change in our net contract asset.
“Cost of Submission” refers to the aggregate cost to convert prospects into Submissions during a particular period. Cost of Submission is comprised of revenue share, marketing and advertising expenses and customer care and enrollment expenses, excluding share-based compensation expense, the impact of revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods and such expenses related to Non-Encompass BPO Services.
“Cost per Submission” refers to (x) the aggregate cost to convert prospects into Submissions for a particular period (comprised of revenue share, marketing and advertising expenses, and customer care and enrollment expenses, excluding share-based compensation expense and such expenses related to Non-Encompass BPO Services) divided by (y) number of Submissions.
“EBITDA” represents net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense.
“Gross margin” refers to net revenue divided by revenue share, marketing and advertising expenses and customer care and enrollment expenses.
“Lookback Adjustment” refers to negative revenue adjustments that represent changes in estimates relating to performance obligations satisfied in prior periods
“LTV” refers to the Lifetime Value of Commissions, which we define as aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan partner mix and expected policy persistency with applied constraints.
“Non-Encompass BPO Services” refer to programs in which GoHealth-employed agents are dedicated to certain health plan partners and agencies we partner with outside of the Encompass operating model.
“Sales per Submission” refers to (x) the sum of (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan partner mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, (ii) non-agency revenue, and (iii) partner marketing and other revenue, divided by (y) the number of Submissions for such period.
“Sales/Cost of Submission” refers to (x) the sum of (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan partner mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, (ii) non-agency revenue and (iii) partner marketing and other revenue, divided by (y) the aggregate cost to convert prospects into Submissions (comprised of revenue share, marketing and advertising expenses, and customer care and enrollment expenses, excluding share-based compensation expense) for such period. Sales/Cost of Submission exclude amounts related to Non-Encompass BPO Services.
“Submission” refers to either (i) a completed application with our licensed agent that is submitted to the health plan partner and subsequently approved by the health plan partner during the indicated period, excluding applications through our Non-Encompass BPO Services or (ii) a transfer by our agent to the health plan partner through the Encompass operating model during the indicated period.

View full release here.

Source: GoHealth, Inc.

Release – Bit Digital, Inc. Announces Date for Fiscal Year 2023 Financial Results and Conference Call

Posted on March 14, 2024March 14, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BTBT

NEW YORK, March 13, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced today that it will release its fiscal year 2023 results on Monday, March 18, 2024, after the stock market closes. Senior management will host a live webcast and conference call to review the results on Tuesday, March 19, 2024, at 10 a.m. ET.

To register for the earnings call, please click here.

The Company will issue a press release regarding the fiscal year 2023 earnings prior to the conference call. The press release will be posted on the Bit Digital website at www.bit-digital.com.

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. 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.

Safe Harbor Statement

Source: Bit Digital, Inc.

Bit Digital (BTBT) – February Production

Posted on March 6, 2024March 6, 2024 by cpereira@noblefcm.com

Wednesday, March 06, 2024

Joe Gomes, 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.

BTC Mining. Bit Digital produced 128.7 BTC during the month of January, a 11.7% decrease from 145.7 BTC in the prior month. An increase in network difficulty, modest decrease in transaction fees, and fewer days in the month were causes of the decrease. The Company’s active hash rate was approximately 2.73 EH/s compared to 2.50 EH/s. The Company is on its way towards the active mining fleet goal of around 6.0 EH/s during 2024, in our view.

ETH Staking and AI. The Company had approximately 12,784 ETH actively staked, flat last month, with approximately 12,384 ETH natively staked and 400 ETH deployed in liquid staking. Bit Digital earned a blended APY of approximately 4.4% compared to 3.69% last month, and earned aggregate staking rewards of approximately 43.4 ETH. Bit Digital’s AI contract earned an estimated $4.0 million of unaudited revenue during the month.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Bit Digital, Inc. Announces Monthly Production Update for February 2024

Posted on March 5, 2024March 6, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BTBT

NEW YORK, March 5, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced its unaudited digital asset production and corporate updates for the month of February 2024.

Corporate Highlights for February 2024

In February 2024, the Company produced 128.7 BTC, an 11.7% decrease compared to the prior month.
The Company’s active hash rate was approximately 2.73 EH/s as of February 29, 2024.
Treasury holdings¹ of BTC and ETH were 847.7 and 15,593.1 with a fair market value of approximately $51.9 million and $52.1 million, respectively, on February 29, 2024.
The BTC equivalent² of our digital asset holdings as of February 29, 2024, was approximately 1,722.3 or approximately 105.4 million.
The Company had cash and cash equivalents of $34.1 million as of February 29, 2024.

Proof-of-Stake Highlights

The Company had approximately 12,784 ETH actively staked in native and liquid staking protocols as of February 29, 2024. Approximately 12,384 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.
Bit Digital earned a blended APY of approximately 4.4% on its staked ETH position for the month of February 2024.
The Company earned aggregate staking rewards of approximately 43.4 ETH during February 2024.

Bit Digital AI Update

As of February 29, 2024, the Company had 251 servers actively generating revenue from its initial Bit Digital AI contract. The Company earned an estimated $4.0 million of unaudited revenue from this contract during the month of February 2024.

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. 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 most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. 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.

Safe Harbor Statement

Footnotes:

1 “Treasury holdings” excludes approximately 2,701 ETH that were transferred to an internally managed fund.

2 “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, LsETH, and USDC, were converted into BTC as of January 31, 2024, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com.

GeoVax Labs (GOVX) – FY2023 Reported With A Review Of Clinical Progress and Upcoming Milestones

Posted on March 1, 2024March 1, 2024 by cpereira@noblefcm.com

Friday, March 01, 2024

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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Full Year Loss Was Less Than Expected. GeoVax reported a FY2023 loss of $26.0 million or $(14.29) per share, adjusted for a 1-for-15 reverse split in January 2024. The loss for 4Q23 was $7.6 million or $(4.29) per share, compared with our estimated loss of $9.0 million. Cash on December 31 was $6.5 million. On its quarterly conference call, the company reviewed progress in its clinical programs and confirmed milestones for 2024.

Gedeptin Program Is Moving Forward. In July 2023, GeoVax reported initial data from the Phase 1/2 trial testing Gedeptin head and neck cancer. The data showed successful delivery of the PNP gene, with safety, tumor reduction, and stable disease. Enrollment was completed in 2Q23, with additional results expected in 1H24. Expansion of Phase 2 of trial is planned during 2024. Additional trials using Gedeptin as a neoadjuvant at earlier stages of disease or in combination with immune checkpoint inhibitors may be added.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

SelectQuote (SLQT) – Can It Cut Loose Its Heavy Debt Anchor?

Posted on February 29, 2024February 29, 2024 by cpereira@noblefcm.com

Thursday, February 29, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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Initiating coverage with an Outperform rating and $5 price target. SelectQuote (NYSE: SLQT) is an insurance distribution and healthcare services organization, which is positioned to benefit from a growing population of Medicare beneficiaries. In our view, the company’s unique combination of health insurance distribution and home-direct pharmacy services represents an opportunity to drive high value per customer in a cost efficient manner. Our favorable rating reflects a strong revenue growth outlook with improving cash flow generation.

Synergistic business model. The company’s health insurance distribution (primarily Medicare Advantage policies) and home-direct pharmacy businesses largely share a target customer base. This allows the company to economize on customer acquisition costs for its two largest segments. Taken together, the two business segments generated a revenue/customer acquisition cost (CAC) multiple of 4.2x over the trailing 12 months (as of December 31, 2023).

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Bit Digital (BTBT) – January Production Numbers Released

Posted on February 7, 2024February 7, 2024 by cpereira@noblefcm.com

Wednesday, February 07, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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BTC Mining. Bit Digital produced 145.7 BTC during the month of January, a 14% decrease from 169.5 BTC in the prior month. Increases in both transactions fees and network difficulty were the main reasons for the decrease. The Company’s active hash rate was approximately 2.50 EH/s compared to 2.52 EH/s. With the recent hosting agreement, we expect an increase in the hash rate next month.

ETH Staking. The Company had approximately 12,784 ETH actively staked, up slightly from 12,752 ETH staked last month, with approximately 12,384 ETH natively staked and 400 ETH deployed in liquid staking. Bit Digital earned a blended APY of approximately 3.69% compared to 3.67% last month, and earned aggregate staking rewards of approximately 38.7 ETH.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Bit Digital (BTBT) – More Capacity and Machines

Posted on February 2, 2024February 2, 2024 by cpereira@noblefcm.com

Friday, February 02, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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New Agreement. On Wednesday, Bit Digital finalized an agreement with Coinmint for 6 megawatts (MW) of incremental hosting capacity to power its miners, with the facility located in Massena, New York. The agreements brings the Company’s total contracted hosting capacity with Coinmint to approximately 46 MW, and has an initial one-year term with automatic three-month renewals.

New Machines. To fill the new capacity, Bit Digital purchased 2,340 S19k Pro mining units for $3.4 million, or approximately $13/TH. These mining units represent approximately 260PH/s with an average efficiency of 23 J/TH. The Company expects the miners to be delivered to the facility and hashing by the end of February 2024. We believe that more hosting agreements and purchases are to follow, given the Company’s goal of doubling its active mining fleet to approximately 6.0EH/s during 2024.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).