Bitdeer Technologies : Financial Results for the First Quarter of 2025
BTDR
Published on 05/15/2025 at 07:05
May 15, 2025
SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (" Bitdeer" or the " Company"), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.
All amounts compared to Q1 2024 unless otherwise noted
"This quarter marked the continued execution of our SEALMINER roadmap," said Matt Kong, Chief Business Officer at Bitdeer. "We have energized
3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world's most energy efficient mining rigs."
Mr. Kong concluded, "On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure."
Metrics
Three Months Ended Mar 31
2025
2024
Total hash rate under management (EH/s)
24.2
22.5
- Proprietary hash rate
12.1
8.4
- Self-mining
11.5
6.7
- Cloud Hash Rate
-
1.7
- Delivered but not yet hashing
0.6
-
- Hosting
12.1
14.1
Mining rigs under management
175,000
226,000
- Self-owned
97,000
86,000
- Hosted
78,000
140,000
Bitcoin mined (self-mining only)
350
911
Bitcoins held
1,156
58
Total power usage (MWh)
881,000
1,361,000
Average cost of electricity ($/MWh)
48
43
Average miner efficiency (J/TH)
29.0
31.7
Site / Location
Capacity (MW)
Status
Timing3
Electrical capacity
- Rockdale, Texas
563
Online
Completed
- Knoxville, Tennessee
86
Online
Completed
- Wenatchee, Washington
13
Online
Completed
- Molde, Norway
84
Online
Completed
- Tydal, Norway
120
Online
Completed
- Gedu, Bhutan
100
Online
Completed
- Jigmeling, Bhutan
132
Online
Completed
Total electrical capacity
1,098
Pipeline capacity
- Tydal, Norway Phase 2
105
In progress
Q2 2025
- Massillon, Ohio
221
In progress
Q3-Q4 2025
- Clarington, Ohio Phase 1
266
Paused
TBD
- Clarington, Ohio Phase 2
304
Pending approval
TBD
- Jigmeling, Bhutan
368
In progress
Q2 2025
- Rockdale, Texas
179
In planning
Estimate 2026
- Alberta, Canada
99
In planning
Q4 2026
- Oromia Region, Ethiopia
50
In planning
Q4 2025
Total pipeline capacity
1,592
Total global electrical capacity
2,690
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.
US $ in millions
Three Months Ended
March 31, 2025
Dec 31, 2024
March 31, 2024
Total revenue
70.1
69.0
119.5
Cost of revenue
(73.4)
(63.9)
(85.4)
Gross profit/(loss)
(3.2)
5.1
34.1
Net profit/(loss)
409.5
(531.9)
0.6
Adjusted EBITDA
(56.1)
(3.8)
27.32
Cash and cash equivalents
215.6
476.3
118.5
US $ in millions
Three Months Ended Mar 31, 2025
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Sales of SEALMINERs
Revenue
37.2
0.1
9.6
16.3
4.1
Cost of revenue
- Electricity cost in operating mining rigs
(24.0)
-
(6.8)
(11.4)
-
- Depreciation and SBC expenses
(13.7)
(0.1)
(1.5)
(2.6)
-
- Cost of products sold
-
-
-
-
(3.3)
- Other cash costs
(3.4)
-
(0.9)
(1.5)
-
Total cost of revenue
(41.0)
(0.1)
(9.1)
(15.4)
(3.3)
Gross profit/(loss)
(3.8)
-
0.5
0.9
0.8
US $ in millions
Three Months Ended Mar 31, 2024
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
Membership Hosting
Sales of SEALMINERs
Revenue
48.4
18.1
29.0
19.5
-
Cost of revenue
- Electricity cost in operating mining rigs
(26.2)
(5.3)
(14.0)
(13.1)
-
- Depreciation and SBC expenses
(8.7)
(3.2)
(3.0)
(2.0)
-
- Other cash costs
(2.7)
(1.0)
(1.6)
(1.1)
-
Total cost of revenue
(37.6)
(9.6)
(18.6)
(16.2)
-
Gross profit
10.8
8.5
10.3
3.2
-
Q1 2025 Management's Discussion and Analysis (compared to Q1 2024) Revenue
long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
Cost of Revenue
Gross Profit and Margin
Operating Expenses
Other Net Gain
Net Income
Adjusted Profit / (Loss) (Non-IFRS)5
Adjusted EBITDA (Non-IFRS)
Cash Flows
Capex
Balance Sheet
As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)
Further information regarding the Company's first quarter 2025 financial and operations results can be found on the SEC's website https://sec.gov and the Company's Investor Relations website https://ir.bitdeer.com.
Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in Bitdeer's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
As of March 31,
As of December 31,
(US $ in thousands)
2025
2024
ASSETS
Current assets
Cash and cash equivalents
215,642
476,270
Restricted cash
12,107
9,144
Cryptocurrencies
131,144
77,537
Trade receivables
10,263
9,627
Amounts due from a related party
15,810
15,512
Prepayments and other assets
335,071
291,929
Inventories
153,740
64,888
Financial assets at fair value through profit or loss
4,540
4,540
Total current assets
878,317
949,447
Non-current assets
Restricted cash
5,906
8,212
Prepayments and other assets
46,652
18,244
Financial assets at fair value through profit or loss
35,428
37,981
Mining rigs
101,581
67,324
Right-of-use assets
75,338
69,273
Property, plant and equipment
302,210
251,377
Investment properties
30,529
30,723
Intangible assets
78,303
83,235
Goodwill
35,818
35,818
Deferred tax assets
8,543
6,220
Total non-current assets
720,308
608,407
TOTAL ASSETS
1,598,625
1,557,854
LIABILITIES
Current liabilities
Trade payables
50,729
31,471
Other payables and accruals
38,098
40,617
Amounts due to a related party
7,788
8,747
Income tax payables
2,437
2,729
Derivative liabilities
256,775
763,939
Deferred revenue
61,016
39,029
Borrowings
215,436
208,127
Lease liabilities
6,895
5,460
Total current liabilities
639,174
1,100,119
Non-current liabilities
Other payables and accruals
1,786
1,650
Deferred revenue
68,449
90,200
Lease liabilities
78,846
72,673
Deferred tax liabilities
15,721
16,614
Total non-current liabilities
164,802
181,137
TOTAL LIABILITIES
803,976
1,281,256
NET ASSETS
794,649
276,598
EQUITY
Share capital Treasury equity
(181,065
(160,926
Accumulated deficit
(239,531
(649,004
Reserves
1,215,245
1,086,528
TOTAL EQUITY
794,649
276,598
* Amount less than US$1,000
* *
) )
) )
Revenue
70,128
119,506
Cost of revenue
(73,353)
(85,375)
Gross profit / (loss)
(3,225)
34,131
Selling expenses
(1,393)
(1,690)
General and administrative expenses
(15,389)
(14,969)
Research and development expenses
(59,014)
(21,164)
Other operating income / (expenses)
(7,789)
1,746
Other net gain
503,050
2,447
Profit from operations
416,240
501
Finance income / (expenses)
(9,343)
151
Profit before taxation
406,897
652
Income tax benefit / (expenses)
2,576
(46)
Profit for the period
409,473
606
Other comprehensive income
Income for the period
409,473
606
Other comprehensive income for the period
Item that may be reclassified to profit or loss
Exchange differences on translation of financial statements
166
32
Other comprehensive income for the period, net of tax
166
32
Total comprehensive income for the period
409,639
638
Earnings / (loss) per share (in US$)
Basic
2.15
0.01
Diluted
(0.37)
0.01
Weighted average number of shares outstanding (thousand shares)
Basic
190,199
114,843
Diluted
228,561
117,041
(US $ in thousands)
2025
2024
Cash flows from operating activities
Cash used in operating activities:
(280,889)
(132,867)
Interest paid on leases
(702)
(652)
Interest paid on borrowings
(4,493)
(465)
Interest received
2,724
1,813
Income tax paid
(628)
-
Net cash used in operating activities
(283,988)
(132,171)
Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets
(44,770)
(29,615)
Purchase of mining rigs
(955)
(1,560)
Purchase of financial assets at fair value through profit or loss
(132)
(992)
Purchase of cryptocurrencies
(18,159)
-
Proceeds from disposal of cryptocurrencies
12,283
90,380
Cash paid for the site and gas-fired power project in Alberta, Canada
(21,870)
-
Net cash generated from / (used in) investing activities
(73,603)
58,213
Cash flows from financing activities
Capital element of lease rentals paid
(1,942)
(1,338)
Proceeds from issuance of shares for exercise of share rewards
530
37
Proceeds from issuance of ordinary shares, net of transaction costs
118,403
49,931
Payment for the future issuance cost
-
(303)
Acquisition of treasury shares
(21,010)
-
Payment for transaction costs in connection with convertible senior notes
(1,119)
-
Net cash generated from financing activities
94,862
48,327
Net decrease in cash and cash equivalents
(262,729)
(25,631)
Cash and cash equivalents at the beginning of the period
476,270
144,729
Effect of movements in exchange rates on cash and cash equivalents held
2,101
(637)
Cash and cash equivalents at the end of the period
215,642
118,461
In evaluating the Company's business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors' assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company's profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.
(US $ in thousands)
2025
2024
Adjusted EBITDA
Profit for the period
409,473
606
Add：
Depreciation and amortization
25,387
18,187
Income tax (benefit) / expenses
(2,576)
46
Interest (income) / expense, net
10,880
(608)
Share-based payment expenses
10,404
7,803
Changes in fair value of derivative liabilities
(507,162)
-
Changes in fair value of cryptocurrency-settled receivables and payables
(2,551)
1,305
Total of Adjusted EBITDA
(56,145)
27,3392
Adjusted Profit / (loss)
Profit for the period
409,473
606
Add：
Share-based payment expenses
10,404
7,803
Changes in fair value of derivative liabilities
(507,162)
-
Changes in fair value of cryptocurrency-settled receivables and payables
(2,551)
1,305
Total of Adjusted Profit / (loss)
(89,836)
9,7142
For investor and media inquiries, please contact:
Investor Relations Yujia Zhai
Orange Group [email protected]
Public Relations Nishant Sharma
BlocksBridge Consulting
"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
Indicative timing. All timing references are to calendar quarters and years.
Figures may not add due to rounding.
"Adjusted profit/(loss)" is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
Disclaimer
Bitdeer Technologies Group published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 11:04 UTC.