Bit Digital, Inc. — Earnings Quality Grade F
BTBT · Financial Services
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 59 days (18 → 77)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 354.1% exceeds revenue growth 5.1%
Revenue 5.1%, CFFO -2124.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 204.2% is >2x revenue growth 5.1%
SG&A/Gross Profit = 132.4%, exceeds 70%
Gross margin swung +11.6pp (42.3% → 53.9%)
Cash Flow Quality
CFFO/NI = 3.60. Profits backed by cash
FCF is negative ($-0.6B)
Accruals ratio = 17.8%. Exceeds 10%
Cash $0.1B covers 92% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Interest coverage = -18.3x (<2x). Financial stress
Other assets -67.9% vs revenue 5.1%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 2% YoY. Normal
Manipulation Score
M-Score = 1.02 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score — Not Applicable
Bit Digital, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25