Sales up 5.1%, free cash flow down to -$574.9M
The latest figures
All key numbers (33) From EDGAR
| EPS (ttm) | -0.84 | Sales (ttm) | 122.8M | Net income (ttm) | -291.4M | Sales growth | +5.1% | EPS growth | -263% | Sales Q/Q | +25.2% |
| Free cash flow | -760.7M | Gross margin | - | Oper. margin | -225.3% | Net margin | -237.2% | FCF margin | -619.3% | ROE | -73.7% |
| ROA | -23.6% | R&D / sales | - | Dividend | - | Debt/Eq | 0.26 | Curr. ratio | 1.51 | Cash | 83.6M |
| Op. cash flow (ttm) | -277.3M | EBITDA | -55.0M | EBITDA margin | -48.4% | Net debt | 20.3M | Quick ratio | 1.51 | Interest cover | -29.69 |
| Stock pay / sales | 21.6% | Shares out. | 360.6M | Book / share | 1.10 | Cash / share | 0.23 | Sales / share | 0.34 | Asset turnover | 0.10 |
| Days sales out. | 77 | Sales 3Y CAGR | +52.0% | Sales 5Y CAGR | +40.1% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to +5.1%+140.6% → +5.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Operating margin narrowed to -80.9%25.5% → -80.9% · Operating income / revenue · 10-K ↗
-
Net income turned to a loss$28.3M → −$80.3M · Net income attributable to the company · 10-K ↗
BTBT against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| BTBT Bit Digital | $122.8M | +5.1% | - | -237.2% | -73.7% | -619.3% | 0.26 |
| WULF TeraWulf | $190.8M | +20.3% | 25.7% | -410.9% | -90.1% | - | 3.56 |
| CIFR Cipher Digital | $146.1M | +48.0% | 50.5% | -742.3% | -180.7% | - | 9.26 |
| EXOD Exodus Movement | $110.9M | +4.5% | - | -101.2% | -56.6% | -79.3% | - |
| BMNR Bitmine Immersion Technologies | $61.2M | +84.1% | 84.4% | - | -75.4% | -481.3% | - |
| FWDI Forward Industries | $53.1M | -9.0% | 70.6% | - | - | -34.6% | - |
Profitability
0 of 3- !Net margin below the peer median-237.2% vs -169.8%
- !Return on equity below 15%-73.7%
- !A profit in 2 of 10 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$- of principal due
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Revenue and net income, FY2016 to FY2025
Revenue 113.6M Net income -80.3MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $115.1M of revenue came from
by product, year to Dec 31, 2025- Cloud services $68.8M · 60%
- Digital Asset Mining $27.3M · 24%
- Colocation Services $8.9M · 8%
- ETH staking $7.0M · 6%
- Other $1.5M · 1%
- Other Revenue $1.5M · 1%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
BTBT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Cloud services | 68.8M | 60.5% | +50.4% |
| Digital Asset Mining | 27.3M | 24.1% | -53.3% |
| Colocation Services | 8.9M | 7.8% | +555% |
| ETH staking | 7.0M | 6.2% | +287% |
| Other | 1.5M | 1.3% | +172% |
| Other Revenue | 1.5M | 1.3% | +172% |
10-K 0001213900-26-035544, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Iceland | 69.2M | 60.9% | +49.7% |
| United States | 27.3M | 24.1% | -53.3% |
| Canada | 8.9M | 7.8% | +555% |
| Singapore | 7.0M | 6.2% | +287% |
| Other countries | 1.1M | 1.0% | +1136% |
10-K 0001213900-26-035544, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7M | 7.0M | 7.9M | 4.6M | 21.1M | 96.1M | 32.3M | 44.9M | 108.1M | 113.6M |
| Cost of revenue | - | - | - | - | 14.1M | 30.7M | 20.4M | 29.6M | - | - |
| R&D | 418K | 486K | 448K | 137K | - | - | - | - | - | - |
| SG&A | 1.6M | 3.9M | 1.9M | 2.0M | 2.5M | 39.2M | 23.0M | 27.7M | 41.5M | 81.0M |
| Operating income | 217K | -1.4M | -1.9M | -2.0M | 1.6M | 5.9M | -107.2M | -16.6M | 27.6M | -91.8M |
| Interest expense | - | - | - | - | - | - | - | - | - | 3.1M |
| Pretax income | 220K | -1.3M | -1.9M | -2.0M | 1.6M | 2.8M | -105.9M | -13.6M | 32.3M | -86.9M |
| Income tax | 55K | -272K | -461K | 807K | - | 3.9M | -593K | 279K | 4.0M | -2.0M |
| Net income | 161K | -942K | -3.5M | -9.7M | -2.3M | -1.0M | -105.3M | -13.9M | 28.3M | -80.3M |
| EPS (diluted) | 6.19 | -0.14 | -0.24 | -0.62 | -0.07 | -0.02 | -1.34 | -0.16 | 0.19 | -0.31 |
| Diluted shares | - | - | - | 15.2M | 30.6M | 55.4M | 78.6M | 87.5M | 141.5M | 257.9M |
| Depreciation & amortization | 39K | 58K | 83K | 30K | 3.3M | 14.4M | 27.8M | 14.4M | 32.3M | 36.8M |
| EBITDA | 256K | -1.3M | -1.8M | -2.0M | 4.9M | 20.3M | -79.3M | -2.2M | 59.9M | -55.0M |
| Operating margin | 5.9% | -19.6% | -24.0% | -43.6% | 7.4% | 6.1% | -331.8% | -37.0% | 25.5% | -80.9% |
| Net margin | 4.3% | -13.6% | -44.8% | -211.6% | -10.8% | -1.1% | -326.0% | -30.9% | 26.2% | -70.7% |
| Revenue growth | - | +87.6% | +13.5% | -42.0% | +361% | +356% | -66.4% | +39.1% | +141% | +5.1% |
| EPS growth | - | -102% | - | - | - | - | - | - | - | -263% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 7.4M | 5.5M | 2.3M | 16K | 405K | 42.4M | 32.7M | 16.9M | 95.2M | 118.4M |
| Receivables | - | - | - | - | - | - | - | - | 5.3M | 23.9M |
| Current assets | 7.9M | 10.1M | 5.7M | 560K | 8.7M | 90.3M | 64.4M | 83.3M | 296.9M | 178.0M |
| Property & equipment | 87K | 84K | 724K | - | 29.8M | 32.5M | 22.6M | 81.5M | 107.3M | 360.2M |
| Goodwill | - | - | - | - | - | - | - | - | 19.4M | 20.1M |
| Total assets | 9.1M | 12.9M | 12.5M | 4.5M | 39.9M | 173.7M | 100.4M | 189.3M | 538.2M | 1.2B |
| Accounts payable | - | - | - | - | - | - | 3.6M | 2.3M | 3.4M | 8.9M |
| Current liabilities | 282K | 469K | 403K | 430K | 1.9M | 5.0M | 7.4M | 27.1M | 55.0M | 92.9M |
| Total debt | - | - | - | - | - | 2.8M | 3.0M | - | - | - |
| Total liabilities | 282K | 469K | 403K | 430K | 1.9M | 8.3M | 10.5M | 36.6M | 74.8M | 309.2M |
| Shareholders' equity | 7.9M | 11.8M | 11.6M | 3.8M | 37.6M | 165.4M | 89.9M | 152.7M | 463.5M | 724.0M |
| Retained earnings | 48K | -894K | -4.3M | -13.8M | -15.7M | -26.1M | -131.4M | -146.9M | -98.2M | -178.5M |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.1M | -1.9M | -5.1M | -1.3M | -972K | -17.4M | -8.5M | 1.1M | -13.0M | -288.9M |
| Capital spending | 109K | 49K | 753K | - | 4.5M | 46.8M | 19.3M | 66.7M | 94.0M | 285.9M |
| Free cash flow | -1.2M | -2.0M | -5.8M | - | -5.5M | -64.2M | -27.8M | -65.6M | -107.0M | -574.9M |
| Stock-based pay (added back) | - | - | - | - | - | 21.9M | 2.3M | 9.1M | 9.9M | 24.6M |
| Dividends paid | - | - | - | - | - | - | - | 1.6M | - | 800K |
| Buybacks | - | - | - | - | - | 1.1M | 77K | - | - | - |
| Acquisitions | - | - | - | - | -11K | - | - | - | 39.0M | 1.6M |
| Debt raised | - | - | - | - | - | 1.3M | - | - | 9.4M | - |
| Investing cash flow | -109K | -31K | -3.3M | -916K | -4.5M | -46.8M | -18.6M | -69.2M | -149.0M | -287.4M |
| Financing cash flow | 8.0M | -390K | 5.9M | - | 5.3M | 106.2M | 18.7M | 52.2M | 242.9M | 599.1M |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | - | - | - | - | - | 21.9M | 2.3M | 9.1M | 9.9M | 24.6M |
| Stock-based pay / revenue | - | - | - | - | - | 22.8% | 7.0% | 20.3% | 9.1% | 21.6% |
| Operating lease cost | - | - | - | - | - | - | - | - | 17.2M | 21.7M |
| Operating lease cash paid | - | - | - | - | - | - | - | 100K | 3.5M | 7.0M |
| Finance lease principal paid | - | - | - | - | - | - | - | - | - | 92K |
| Right-of-use assets | - | - | - | - | - | - | - | 6.2M | 15.0M | 12.1M |
| Operating lease liabilities | - | - | - | - | - | - | - | 6.2M | 13.8M | 11.0M |
| Finance lease liabilities | - | - | - | - | - | - | - | - | - | 12.9M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.