Cathedra Bitcoin to Restate Q3 2024 Financials Due to Historical Errors

Cathedra Bitcoin Inc ( (TSE:CBIT) ) just unveiled an update.

Cathedra Bitcoin Inc. announced plans to restate its financial statements for the third quarter of 2024 due to errors discovered in the historical financial statements of Kungsleden, Inc., a company it acquired in 2024. These errors affected the company’s financial statements, necessitating a broader audit and restatement. The restatement is not expected to impact the company’s cash balance or financial performance for the period, but the previous financial filings should no longer be relied upon.

Spark’s Take on TSE:CBIT Stock

According to Spark, TipRanks’ AI Analyst, TSE:CBIT is a Neutral.

Cathedra Bitcoin Inc’s overall score is driven by significant financial and operational challenges, evidenced by profitability and cash flow issues. Technical analysis indicates a bearish trend, though the stock is fundamentally undervalued based on its P/E ratio. The recent partnership with Synota Inc. provides a positive outlook for enhancing financial operations, albeit with limited immediate impact on the stock’s valuation.

To see Spark’s full report on TSE:CBIT stock, click here.

More about Cathedra Bitcoin Inc

Cathedra Bitcoin Inc. is a company that develops and operates digital infrastructure assets across North America with the aim of maximizing its per-share bitcoin holdings. The company hosts bitcoin mining clients across its data centers in Tennessee and Kentucky, and has developed and sold a data center in North Dakota. Cathedra also operates a fleet of proprietary bitcoin mining machines, producing a significant hash rate. The company is headquartered in Vancouver and trades on the TSX Venture Exchange and OTC market.

YTD Price Performance: -46.15%

Average Trading Volume: 383,316

Technical Sentiment Signal: Buy

Current Market Cap: C$29.97M

For a thorough assessment of CBIT stock, go to TipRanks’ Stock Analysis page.