BTC Digital Financials

BTCT

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows BTC Digital (BTCT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 60/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

BTC Digital has an operating margin of -22.9%, meaning the company retains $-23 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -27.3% the prior year.

Growth

100

BTC Digital's revenue surged 28.7% year-over-year to $11.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

BTC Digital carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 27.50, BTC Digital holds $27.50 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While BTC Digital generated $1.6M in operating cash flow, capex of $2.7M consumed most of it, leaving -$1.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

BTC Digital passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.78x

For every $1 of reported earnings, BTC Digital generates $-0.78 in operating cash flow ($1.6M OCF vs -$2.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-55.8x

BTC Digital earns $-55.8 in operating income for every $1 of interest expense (-$2.7M vs $48K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$11.7M

YoY+28.7%

BTC Digital generated $11.7M in revenue in fiscal year 2024. This represents an increase of 28.7% from the prior year.

EBITDA

$993K

YoY+48.2%

BTC Digital's EBITDA was $993K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 48.2% from the prior year.

Free Cash Flow

-$1.2M

YoY-190.8%

BTC Digital generated -$1.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 190.8% from the prior year.

Net Income

-$2.0M

YoY+29.6%

BTC Digital reported -$2.0M in net income in fiscal year 2024. This represents an increase of 29.6% from the prior year.

EPS (Diluted)

$-0.66

BTC Digital earned $-0.66 per diluted share (EPS) in fiscal year 2024. This represents an increase of 65.1% from the prior year.

Cash & Debt

$14.9M

YoY+34551.2%

5Y CAGR-8.5%

BTC Digital held $14.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

BTC Digital had 6M shares outstanding in fiscal year 2024. This represents an increase of 206.7% from the prior year.

Gross Margin

1.0%

YoY+13.5pp

BTC Digital's gross margin was 1.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 13.5 percentage points from the prior year.

Operating Margin

-22.9%

YoY+4.4pp

BTC Digital's operating margin was -22.9% in fiscal year 2024, reflecting core business profitability. This is up 4.4 percentage points from the prior year.

Net Margin

-17.0%

YoY+14.1pp

BTC Digital's net profit margin was -17.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 14.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.7M

YoY+9.7%

BTC Digital invested $2.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 9.7% from the prior year.

BTCT Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$11.7M+28.7%	$9.1M-23.3%	$11.8M-89.7%	$114.4M-16.8%	$137.5M	N/A
Cost of Revenue	$11.6M+13.2%	$10.2M+1.4%	$10.1M-86.7%	$75.9M-18.4%	$93.0M	N/A
Gross Profit	$115K+110.1%	-$1.1M-164.2%	$1.8M-95.4%	$38.5M-13.4%	$44.4M	N/A
R&D Expenses	N/A	N/A	N/A	$2.9M-40.9%	$4.9M	N/A
SG&A Expenses	$2.4M+117.5%	$1.1M+55.5%	$721K-98.7%	$53.6M+0.3%	$53.4M	N/A
Operating Income	-$2.7M-7.9%	-$2.5M-337.0%	$1.0M	N/A	N/A	N/A
Interest Expense	$48K-23.8%	$63K+215.0%	$20K-94.7%	$377K-59.7%	$935K	N/A
Income Tax	N/A	N/A	N/A	-$3.2M-457.3%	$889K	N/A
Net Income	-$2.0M+29.6%	-$2.8M-136.7%	$7.7M+112.7%	-$60.6M+4.2%	-$63.3M	N/A
EPS (Diluted)	$-0.66	$-1.89	$8.26+264.9%	$-5.01	$-0.96	N/A

Metric	Q2'25	Q2'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	N/A	$4.1M+61.7%	$2.6M-3.4%	$2.6M+180.7%	$944K+11.7%	$845K-86.7%	$6.4M+603.1%	$907K
Cost of Revenue	N/A	$3.4M+21.2%	$2.8M+1.5%	$2.8M+94.5%	$1.4M+3.0%	$1.4M-77.4%	$6.1M+391.5%	$1.3M
Gross Profit	N/A	$718K+375.1%	-$261K-103.9%	-$128K+73.6%	-$484K+10.5%	-$541K-332.2%	$233K+167.9%	-$343K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$961K+340.8%	$218K-75.9%	$906K+411.9%	$177K+15.7%	$153K-41.6%	$262K-50.5%	$529K
Operating Income	N/A	-$439K+19.0%	-$542K+49.3%	-$1.1M-55.4%	-$688K+0.9%	-$694K-601.0%	-$99K+90.1%	-$1.0M
Interest Expense	N/A	$9K+350.0%	$2K	N/A	N/A	$11K-45.0%	$20K	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	$17K+103.0%	-$571K+21.9%	-$731K-4.1%	-$702K+30.3%	-$1.0M-645.9%	-$135K+86.2%	-$980K
EPS (Diluted)	N/A	$0.12+157.1%	$-0.21+30.0%	$-0.30+6.3%	$-0.32+49.2%	$-0.63-472.7%	$-0.11+86.7%	$-0.83

BTCT Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$41.1M+67.6%	$24.5M-19.1%	$30.3M-78.2%	$138.9M-17.5%	$168.4M	$0
Current Assets	$24.6M+174.5%	$8.9M-36.4%	$14.1M-77.0%	$61.2M+63.9%	$37.3M	N/A
Cash & Equivalents	$14.9M+34551.2%	$43K-10.4%	$48K-99.8%	$26.4M+91.3%	$13.8M-40.6%	$23.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$5.5M-0.1%	$5.5M-38.4%	$8.9M+28.1%	$7.0M+67.9%	$4.1M	N/A
Goodwill	N/A	N/A	$193.0M0.0%	$193.0M+358.6%	$42.1M	N/A
Total Liabilities	$1.2M-76.2%	$5.1M-53.9%	$11.1M-91.7%	$133.2M-40.5%	$224.0M+4355520.4%	$5K
Current Liabilities	$893K-82.5%	$5.1M-53.9%	$11.1M-90.1%	$112.2M-37.6%	$179.7M+3494999.2%	$5K
Long-Term Debt	N/A	N/A	$92.8M	N/A	N/A	N/A
Total Equity	$39.9M+105.3%	$19.4M+0.8%	$19.3M+263.6%	$5.3M+109.1%	-$58.0M-1128527.0%	-$5K
Retained Earnings	-$188.6M-1.1%	-$186.6M-1.5%	-$183.8M+11.3%	-$207.2M-44.4%	-$143.5M-2790370.6%	-$5K

Metric	Q2'25	Q2'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Total Assets	$37.5M-8.9%	$41.1M+64.1%	$25.1M+2.0%	$24.6M+0.2%	$24.5M	N/A	$25.7M	N/A
Current Assets	$20.8M-15.2%	$24.6M+148.1%	$9.9M+13.9%	$8.7M-2.9%	$8.9M	N/A	$9.3M	N/A
Cash & Equivalents	$6.4M-57.1%	$14.9M+55085.2%	$27K-15.6%	$32K-25.6%	$43K-88.3%	$367K+70.7%	$215K-94.0%	$3.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$4.5M-17.0%	$5.5M+223.7%	$1.7M-2.1%	$1.7M-68.5%	$5.5M	N/A	$5.5M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$557K-54.1%	$1.2M-73.8%	$4.6M+8.1%	$4.3M-16.0%	$5.1M	N/A	$7.4M	N/A
Current Liabilities	$277K-69.0%	$893K-80.7%	$4.6M+8.1%	$4.3M-16.0%	$5.1M	N/A	$658K	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$36.9M-7.6%	$39.9M+95.4%	$20.4M+0.7%	$20.3M+4.4%	$19.4M+1.4%	$19.2M+4.8%	$18.3M0.0%	$18.3M
Retained Earnings	-$193.4M-2.6%	-$188.6M0.0%	-$188.6M-0.7%	-$187.3M-0.4%	-$186.6M	N/A	-$184.9M	N/A

BTCT Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.6M-59.1%	$3.8M+112.3%	-$31.0M+56.9%	-$72.1M-37.0%	-$52.6M	N/A
Capital Expenditures	$2.7M+9.7%	$2.5M-71.8%	$8.9M-22.6%	$11.5M+191.6%	$3.9M	N/A
Free Cash Flow	-$1.2M-190.8%	$1.3M+103.3%	-$39.9M+52.2%	-$83.5M-47.8%	-$56.5M	N/A
Investing Cash Flow	-$7.0M-51.5%	-$4.6M-96.1%	-$2.4M+79.1%	-$11.3M-10754.8%	-$104K	N/A
Financing Cash Flow	$20.3M+2415.5%	$807K-89.6%	$7.8M-91.9%	$95.4M+112.7%	$44.8M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Operating Cash Flow	N/A	-$1.8M-543.7%	-$284K-265.1%	$172K-90.2%	$1.8M+584.8%	-$363K+90.4%	-$3.8M-161.0%	$6.2M
Capital Expenditures	N/A	-$1.3M-13010.0%	$10K-98.3%	$605K-10.2%	$674K	$0+100.0%	-$505K-121.7%	$2.3M
Free Cash Flow	N/A	-$3.1M-960.9%	-$294K+32.1%	-$433K-139.9%	$1.1M+399.2%	-$363K+91.5%	-$4.3M-211.1%	$3.8M
Investing Cash Flow	N/A	-$2.7M-26980.0%	-$10K+98.8%	-$838K+45.5%	-$1.5M-22.5%	-$1.3M-348.5%	$505K+121.7%	-$2.3M
Financing Cash Flow	N/A	$19.4M+56985.3%	$34K-94.8%	$655K+220.0%	-$546K-130.8%	$1.8M+1461.5%	-$130K+54.7%	-$287K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BTCT Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	1.0%+13.5pp	-12.5%-27.4pp	14.9%-18.7pp	33.7%+1.3pp	32.3%	N/A
Operating Margin	-22.9%+4.4pp	-27.3%-36.2pp	8.8%	N/A	N/A	N/A
Net Margin	-17.0%+14.1pp	-31.1%-96.1pp	65.0%+118.0pp	-53.0%-7.0pp	-46.0%	N/A
Return on Equity	N/A	N/A	39.9%	N/A	N/A	N/A
Return on Assets	-4.8%+6.7pp	-11.5%-36.8pp	25.3%+69.0pp	-43.6%-6.1pp	-37.6%	N/A
Current Ratio	27.50+25.7	1.75+0.5	1.27+0.7	0.55+0.3	0.21	N/A
Debt-to-Equity	0.03-0.2	0.26-4.5	4.81-20.3	25.12+29.0	-3.86-2.9	-1.00
FCF Margin	-10.2%-24.6pp	14.4%+351.8pp	-337.4%-264.4pp	-73.0%-31.9pp	-41.1%	N/A

Metric	Q2'25	Q2'24	Q3'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Gross Margin	N/A	17.4%+27.6pp	-10.2%-5.4pp	-4.8%+46.4pp	-51.3%+12.7pp	-64.0%-67.7pp	3.6%+41.5pp	-37.8%
Operating Margin	N/A	-10.6%+10.6pp	-21.2%+19.2pp	-40.3%+32.5pp	-72.9%+9.3pp	-82.1%-80.6pp	-1.6%+108.7pp	-110.3%
Net Margin	N/A	0.4%+22.7pp	-22.3%+5.3pp	-27.6%+46.8pp	-74.4%+44.8pp	-119.2%-117.0pp	-2.1%+105.9pp	-108.0%
Return on Equity	N/A	0.0%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	0.0%+2.3pp	-2.3%+0.7pp	-3.0%-0.1pp	-2.9%	N/A	-0.5%	N/A
Current Ratio	75.21+47.7	27.50+25.4	2.14+0.1	2.03+0.3	1.75	N/A	14.07	N/A
Debt-to-Equity	0.02-0.0	0.03-0.2	0.23+0.0	0.21-0.1	0.26	N/A	0.40	N/A
FCF Margin	N/A	-75.4%-63.9pp	-11.5%+4.8pp	-16.3%-131.4pp	115.0%+158.0pp	-43.0%+24.1pp	-67.0%-491.3pp	424.3%

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Frequently Asked Questions

What is BTC Digital's annual revenue?

BTC Digital (BTCT) reported $11.7M in total revenue for fiscal year 2024. This represents a 28.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is BTC Digital's revenue growing?

BTC Digital (BTCT) revenue grew by 28.7% year-over-year, from $9.1M to $11.7M in fiscal year 2024.

Is BTC Digital profitable?

No, BTC Digital (BTCT) reported a net income of -$2.0M in fiscal year 2024, with a net profit margin of -17.0%.

What is BTC Digital's earnings per share (EPS)?

BTC Digital (BTCT) reported diluted earnings per share of $-0.66 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is BTC Digital's EBITDA?

BTC Digital (BTCT) had EBITDA of $993K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is BTC Digital's gross margin?

BTC Digital (BTCT) had a gross margin of 1.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is BTC Digital's operating margin?

BTC Digital (BTCT) had an operating margin of -22.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is BTC Digital's net profit margin?

BTC Digital (BTCT) had a net profit margin of -17.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is BTC Digital's free cash flow?

BTC Digital (BTCT) generated -$1.2M in free cash flow during fiscal year 2024. This represents a -190.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is BTC Digital's operating cash flow?

BTC Digital (BTCT) generated $1.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are BTC Digital's total assets?

BTC Digital (BTCT) had $41.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are BTC Digital's capital expenditures?

BTC Digital (BTCT) invested $2.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does BTC Digital have outstanding?

BTC Digital (BTCT) had 6M shares outstanding as of fiscal year 2024.

What is BTC Digital's current ratio?

BTC Digital (BTCT) had a current ratio of 27.50 as of fiscal year 2024, which is generally considered healthy.

What is BTC Digital's debt-to-equity ratio?

BTC Digital (BTCT) had a debt-to-equity ratio of 0.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is BTC Digital's return on assets (ROA)?

BTC Digital (BTCT) had a return on assets of -4.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is BTC Digital's Piotroski F-Score?

BTC Digital (BTCT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are BTC Digital's earnings high quality?

BTC Digital (BTCT) has an earnings quality ratio of -0.78x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can BTC Digital cover its interest payments?

BTC Digital (BTCT) has an interest coverage ratio of -55.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is BTC Digital?

BTC Digital (BTCT) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.