Bit Digital, Inc. (NASDAQ:BTBT) Q1 2024 Earnings Conference Call May 16, 2024 10:00 AM ET

Company Participants

Cameron Schnier - Head of IR
Sam Tabar - CEO
Erke Huang - CFO

Conference Call Participants

Mike Grondahl - Northland Securities
Joe Gomes - Noble Capital Markets
Kevin Dede - H.C. Wainwright

Operator

Hello and welcome to the Bit Digital First Quarter 2024 Earnings Conference Call. Good morning, good afternoon and good evening depending on where you're joining us from. Thank you for being here. [Operator Instructions] Also, as a reminder, today's conference is being recorded.

I'll now hand the call over to your host Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours.

Cameron Schnier

Thank you. Good morning. Welcome to the Bit Digital first quarter 2024 earnings call. Joining us on the call today are Sam Tabar, Chief Executive Officer; and Erke Huang, Chief Financial Officer.

Before we begin, I would like to remind all participants that some of the statements we have been making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. And therefore refer you to our latest 20-F filing, yesterday 6-K filings and our other SEC filings.

Our comments today may also include non-GAAP financial measures, additional details and reconciliations. The most directly comparable GAAP financial measures can be found in our 20-F filings and yesterday's 6-K filings which are on our website. After our prepared remarks, we'll open the call for questions. [Operator Instructions]

With that, I'll turn the call over to Sam.

Sam Tabar

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. In my prepared remarks, I'll discuss three things. First, our first quarter results. Secondly, an update on our strategic initiatives. And third, our thoughts on the outlook for the remainder of 2024. Cam and Erke, will then provide more detail on our financial results, and we will then open the line for your questions.

We started the year off strong and our first quarter results speak to the effort and execution by our team. Our Q1 revenue grew by over 250% from the prior year, and by over 85% sequentially. We generated $58 million of adjusted EBITDA and a fully diluted GAAP EPS of $0.43. The first quarter marks the first time that our two primary business lines coalesce to produce what we've used to be an emphatic year to the start, emphatic start to the year, pardon me.