Bitdeer reported lower revenue and increased net loss in Q3 2024

From GlobeNewswire: 2024-11-18 07:00:00

In the third quarter of 2024, Bitdeer Technologies Group reported total revenue of US$62.0 million, a decrease from US$87.3 million in Q3 2023. The company’s net loss was US$50.1 million, compared to US$1.8 million in the same period last year. Adjusted EBITDA was negative US$8.5 million.

Bitdeer made progress in commercializing its SEALMINER mining rigs, with the first batch successfully energized. The SEALMINER A1 series is expected to reach a production of 3.7 EH/s by Q1 2025. The company also launched the SEALMINER A2 series with a hashrate of 226 TH/s and 446 TH/s, enhancing its position in the market.

The company’s NVIDIA DGX SuperPOD system achieved 98% utilization in Singapore. Bitdeer is leveraging its 2.5 GW power capacity to meet demand from HPC and AI datacenters. TLM Group confirmed the suitability of U.S. sites for Tier 3 HPC and AI datacenters. Bitdeer is actively seeking partnerships in the industry.

Bitdeer’s financial results for Q3 were impacted by the 2024 halving, increased hash rate, and R&D costs for the SEAL02 chip. Revenue decreased due to the halving, reduced hosting revenue, and increased R&D expenses. Despite these challenges, the company ended the quarter with $291.3 million in cash and cash equivalents.

In terms of operational metrics, Bitdeer managed a total hash rate of 17.1 EH/s, with 8.6 EH/s being proprietary. The company had 165,000 mining machines under management and mined 511 Bitcoin through self-mining. Power usage totaled 828,000 MWh, with an average cost of electricity at $41/MWh and an average miner efficiency of 31.4 J/TH.

Bitdeer’s power infrastructure includes operational sites in Texas, Tennessee, Washington, Norway, and Bhutan, with a total electrical capacity of 895 MW. The company also has pipeline capacity in Norway, Ohio, and Bhutan, with a total pipeline capacity of 1,645 MW. The global electrical capacity stands at 2,540 MW.

In the financial analysis, Bitdeer’s total revenue for Q3 2024 was reported at US$62.0 million, down from US$87.3 million in the same period last year. The company’s net loss was US$50.1 million, compared to a net loss of US$1.8 million in Q3 2023. Adjusted EBITDA was negative US$8.5 million for the quarter. Bitdeer Technologies Group reported a revenue of US$30.1 million in Q3 2024, attributed to a 27.9% increase in self-mining hashrate and higher Bitcoin prices. However, the company also saw a decline in Cloud Hash Rate, General Hosting, and Membership Hosting revenue compared to last year due to various factors, including the April 2024 Halving.
Cost of revenue decreased to US$59.2 million from US$66.2 million, driven by lower mining rigs depreciation and power usage. Despite this, gross profit dropped to US$2.8 million, with a margin of 4.5%. Operating expenses increased to US$42.9 million, with significant expenses in research and development.
The company recorded a net loss of US$50.1 million in Q3 2024, a significant difference from the US$1.8 million loss in the previous year. Adjusted loss was US$26.2 million, compared to an adjusted profit of US$10.5 million. Adjusted EBITDA was negative US$8.5 million, down from US$28.0 million.
Bitdeer’s net cash used for operating activities was US$90.7 million, while net cash generated from investing activities was US$10.2 million. The company held US$291.3 million in cash and cash equivalents as of September 30, 2024, along with cryptocurrencies and borrowing.
Investors and others can find more information on Bitdeer’s financial results on the SEC’s and the company’s Investor Relations website. Bitdeer Technologies Group is a world-leading technology company for blockchain and high-performance computing, offering comprehensive computing solutions for customers worldwide. Bitdeer Group reported their unaudited consolidated financial position as of September 30, 2024, showing total assets of $1,046,433 and total liabilities of $525,687, resulting in net assets of $520,746. The company’s equity includes reserves of $638,759 and an accumulated deficit of $117,087.

In the third quarter of 2024, Bitdeer Group recorded revenue of $62,029, with a gross profit of $2,765. The company reported a loss from operations of $53,589 and a net loss for the period of $50,097. The loss per share for the period was $0.35.

During the same period, Bitdeer Group had a net cash used in operating activities of $90,720 and generated cash from investing activities of $10,179. The company’s financing activities resulted in a net cash generated of $168,067. Overall, there was a net increase in cash and cash equivalents of $87,526.

Bitdeer Group uses non-IFRS financial measures like adjusted EBITDA and adjusted profit/loss to evaluate its operating performance. These measures exclude certain expenses and adjustments to provide a clearer picture of the company’s financial health. Investors are encouraged to review the company’s financial information in its entirety and not rely solely on these non-IFRS measures. 1. The stock market saw a significant increase today, with the S&P 500 reaching a new record high of 4,300 points. This surge was driven by strong performances from tech giants like Apple and Amazon, as well as positive economic data indicating a recovering economy.

2. In international news, tensions are rising between Russia and Ukraine as Russian troops continue to gather near the border. The United States and European Union have expressed concern over the situation, calling on Russia to de-escalate the conflict and respect Ukraine’s sovereignty.

3. Health officials are warning of a potential surge in COVID-19 cases as the Delta variant spreads rapidly across the United States. In states with low vaccination rates, hospitalizations are on the rise, prompting calls for increased vaccination efforts and continued mask-wearing in public spaces.

4. NASA’s Perseverance rover successfully collected its first rock sample on Mars, marking a major milestone in the mission to search for signs of ancient life on the red planet. The sample will be stored for future retrieval and analysis, providing valuable insights into Mars’ geology and history.

5. In sports news, the Tokyo Olympics are in full swing, with athletes from around the world competing in a wide range of events. Team USA has already secured multiple gold medals in swimming and gymnastics, showcasing the talent and dedication of American athletes on the global stage.



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