Bit Digital (BTBT) – Receipt of First Tranche of AI Servers

Financial Services
0 min read

Thursday, December 21, 2023

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.

First Tranche. Yesterday, Bit Digital announced the receipt of the initial batch of servers equipped with Nvidia HGX H100 GPUs from Super Micro Computer, Inc. To date, the Company has received 89 servers which will be shipped and delivered to the datacenter in Iceland by the end of this month, enabling Bit Digital to begin performance under its first AI contract. Bit Digital expects to receive the remaining 103 servers by the first week of January 2024 and subsequently deploy them in Iceland during January 2024.

Upfront Cash. Bit Digital also disclosed that the terms of its AI agreement have been amended such that the Company has now received a three-month prepayment from its customer. With the contract expected to generate some $35 million of annual revenue, this would equate to approximately $9 million, which will help fund the cost of the servers, in our opinion.

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