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Side-by-side financial comparison of Bit Digital, Inc (BTBT) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
Bit Digital, Inc is the larger business by last-quarter revenue ($32.3M vs $25.9M, roughly 1.3× NaaS Technology Inc.). NaaS Technology Inc. runs the higher net margin — -193.3% vs -582.6%, a 389.3% gap on every dollar of revenue.
Digital Equipment Corporation, using the trademark Digital, was a major American company in the computer industry from the 1960s to the 1990s. The company was co-founded by Ken Olsen and Harlan Anderson in 1957. Olsen was president until he was forced to resign in 1992, after the company had gone into precipitous decline.
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
BTBT vs NAAS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $32.3M | $25.9M |
| Net Profit | $-188.4M | $-50.0M |
| Gross Margin | — | 29.2% |
| Operating Margin | -597.0% | -144.2% |
| Net Margin | -582.6% | -193.3% |
| Revenue YoY | — | 121.2% |
| Net Profit YoY | — | 18.4% |
| EPS (diluted) | $-0.53 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $32.3M | — | ||
| Q3 25 | $30.5M | — | ||
| Q2 25 | $25.7M | — | ||
| Q1 25 | $25.1M | — | ||
| Q2 24 | — | $25.9M |
| Q4 25 | $-188.4M | — | ||
| Q3 25 | $150.9M | — | ||
| Q2 25 | $14.9M | — | ||
| Q1 25 | $-57.7M | — | ||
| Q2 24 | — | $-50.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | 29.2% |
| Q4 25 | -597.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 45.7% | — | ||
| Q1 25 | -208.6% | — | ||
| Q2 24 | — | -144.2% |
| Q4 25 | -582.6% | — | ||
| Q3 25 | 495.3% | — | ||
| Q2 25 | 58.0% | — | ||
| Q1 25 | -229.9% | — | ||
| Q2 24 | — | -193.3% |
| Q4 25 | $-0.53 | — | ||
| Q3 25 | $0.47 | — | ||
| Q2 25 | $0.07 | — | ||
| Q1 25 | $-0.32 | — | ||
| Q2 24 | — | $-0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.4M | $24.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $724.0M | $-33.4M |
| Total Assets | $1.2B | $180.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $118.4M | — | ||
| Q3 25 | $179.1M | — | ||
| Q2 25 | $181.2M | — | ||
| Q1 25 | $57.6M | — | ||
| Q2 24 | — | $24.7M |
| Q4 25 | $724.0M | — | ||
| Q3 25 | $906.2M | — | ||
| Q2 25 | $633.2M | — | ||
| Q1 25 | $417.4M | — | ||
| Q2 24 | — | $-33.4M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $723.4M | — | ||
| Q1 25 | $485.2M | — | ||
| Q2 24 | — | $180.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-288.9M | $-25.7M |
| Free Cash FlowOCF − Capex | $-574.9M | — |
| FCF MarginFCF / Revenue | -1778.0% | — |
| Capex IntensityCapex / Revenue | 884.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-943.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-288.9M | — | ||
| Q3 25 | $-240.0M | — | ||
| Q2 25 | $17.7M | — | ||
| Q1 25 | $17.4M | — | ||
| Q2 24 | — | $-25.7M |
| Q4 25 | $-574.9M | — | ||
| Q3 25 | $-256.8M | — | ||
| Q2 25 | $-64.5M | — | ||
| Q1 25 | $-47.6M | — | ||
| Q2 24 | — | — |
| Q4 25 | -1778.0% | — | ||
| Q3 25 | -843.1% | — | ||
| Q2 25 | -251.3% | — | ||
| Q1 25 | -189.4% | — | ||
| Q2 24 | — | — |
| Q4 25 | 884.4% | — | ||
| Q3 25 | 55.4% | — | ||
| Q2 25 | 320.3% | — | ||
| Q1 25 | 258.8% | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.59× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTBT
| Cloud Services | $19.3M | 60% |
| Digital Asset Mining | $5.5M | 17% |
| Colocation Services | $3.8M | 12% |
| Other | $3.7M | 11% |
NAAS
Segment breakdown not available.
