Bit Digital, Inc. (NASDAQ:BTBT) Q2 2024 Earnings Conference Call August 20, 2024 10:00 AM ET
Company Participants
Cameron Schnier - Head, Investor Relations
Sam Tabar - Chief Executive Officer
Erke Huang - Chief Financial Officer
Conference Call Participants
Mike Grondahl - Northland
Kevin Dede - H.C. Wainwright & Co.
Joe Gomes - Noble Capital
Chris Sakai - Singular Research
Operator
Hello, and welcome to the Bit Digital Second 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 and welcome to the Bit Digital second 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 will be 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's 6-K filings and our other SEC filings.
Our comments today may also include non-GAAP financial measures, additional details and reconciliations to 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. If you like to ask a question, please hit star, one on your keypad.
With that [indiscernible] covered, I'll turn the call over to Sam to discuss our performance. Sam?
Sam Tabar
Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today.
Today, I will dive into our second quarter results, discuss some of our ongoing strategic initiatives and provide some color on what we envision as the future for Bit Digital. Erke will then provide more detail on our financial results, and then we will open the line for your questions.
Our second quarter results were solid. We are encouraged by the progress we've made in diversifying our business. Our revenue more than doubled from the prior year. Our gross margins expanded by over 1,000 basis points. Adjusted EBITDA and EPS were impacted by an unrealized loss on our digital asset position. The first full quarter contribution from our HPC business is well timed. It helps offset the decline stemming from the post halving reduction and block rewards.