Shares of Bitcoin (CRYPTO: BTC) miner Bit Digital Inc ( BTBT ) are moving higher in Wednesday’s after-hours session after the company reported better-than-expected financial results for the first quarter.

What Happened: Bit Digital ( BTBT ) said first-quarter revenue increased 266% year-over-year to $30 million, which beat the consensus estimate of $27.733 million, according to Benzinga Pro. The company noted that its strong revenue growth was driven by the commencement of its Bit Digital AI business, as well as by higher realized Bitcoin prices.

The company reported quarterly earnings of 43 cents per share, which beat analyst estimates of 1 cent per share.

Bitcoin mining revenue was up 166% on a year-over-year basis. Bit Digital’s AI business began generating revenue in January, and recognized $8.1 million of revenue during the quarter. 

The company said it mined 410.7 Bitcoin during the quarter, up 13% year-over-year. Bit Digital ( BTBT ) also noted it earned 111.1 Ethereum (CRYPTO: ETH) in native staking and 1.3 ETH in liquid staking in the first quarter. As of March 31, Bit Digital ( BTBT ) held 956.4 Bitcoin and 16,031.411 Ethereum.

The company’s active hash rate of its Bitcoin mining fleet was approximately 2.76 EH/s as of March 31. Bit Digital ( BTBT ) noted that it purchased approximately 2,350 Bitcoin mining units during the first quarter.

“We were well prepared for the halving which occurred in April 2024. Our balance sheet remains a core strength with over $160 million of total liquidity as of March 31, 2024, zero debt, and a growing revenue stream that is not correlated to the economics of Bitcoin mining,” the company said.

“While we continue to evaluate the post-halving bitcoin mining landscape, our goal of reaching 6.0 EH/s this year remains intact. We are actively engaged in discussions for both incremental hosting opportunities and potential acquisitions.”

Management will hold a conference call to discuss these results Thursday at 10 a.m. ET.

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BTBT Price Action: Bit Digital ( BTBT ) shares were up 5.06% after hours at $2.49 at the time of publication, according to Benzinga Pro.