Wednesday, January 24, 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.
AI Revenue. Bit Digital announced revenue from its AI contract has started, a significant milestone, in our view. The AI business diversifies the Company revenue base from the mining operations and will provide a steady source of revenue with strong margin contribution. With the anticipated growth of the AI industry, we believe there will be more such contracts to come.
Details. As of yesterday, 192 servers, representing 1,536 GPUs, began generating revenue. An additional 64 servers, representing 512 GPUs, are expected to start earning revenue by the end of January 2024. The total contract value for the 2,048 GPUs is worth more than $50 million of annualized revenue to Bit Digital.
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