Bit Digital, Inc.
BTBT Financial Capital Markets
Bit Digital, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $113.6 million, up 5.10% from fiscal 2024. In the quarter to June 2026, revenue grew 25.2%, EPS fell 542.9% and free cash flow fell 100.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Bit Digital, Inc. (BTBT) Beneish M-score
Bit Digital, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 4.32 | — | 3.98 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 0.75 | — | 0.30 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 2.50 | — | 0.29 | |
| SG&A index | 1.86 | — | −0.32 | |
| Total accruals to total assets | 0.17 | — | 0.81 | |
| Leverage index | 1.69 | — | −0.55 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BTBT Bit Digital, Inc. | — |
| ABTC American Bitcoin Corp. compare | — |
| FUFU BitFuFu Inc. compare | — |
| TIGR UP Fintech Holding Limited compare | — |
| HIVE HIVE Digital Technologies Ltd. compare | — |
| CNCK Coincheck Group N.V. compare | — |
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What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI