Bitdeer Reported Unaudited Financial Results for the Third Quarter of 2024
Bitdeer Technologies Group (NASDAQ: BTDR) reported Q3 2024 financial results with total revenue of $62.0 million, down from $87.3 million in Q3 2023. The company recorded a net loss of $50.1 million compared to $1.8 million loss in Q3 2023. Key operational metrics showed total hash rate under management at 17.1 EH/s, with 8.1 EH/s in self-mining. The company maintains a strong cash position of $291.3 million. Notable developments include progress in SEALMINER mining rigs commercialization, with A1 sample batch energized and A2 series launched in October, expected to deliver 18 EH/s. The company's Cloud HPC and AI business achieved 98% utilization in Singapore.
Bitdeer Technologies Group (NASDAQ: BTDR) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato totale di 62,0 milioni di dollari, in calo rispetto ai 87,3 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita netta di 50,1 milioni di dollari rispetto a una perdita di 1,8 milioni di dollari nel terzo trimestre 2023. I principali indicatori operativi hanno mostrato un hash rate totale sotto gestione di 17,1 EH/s, con 8,1 EH/s nella auto-mining. L'azienda mantiene una solida posizione di liquidità di 291,3 milioni di dollari. Tra i miglioramenti significativi si segnala il progresso nella commercializzazione delle apparecchiature di mining SEALMINER, con il lotto campione A1 attivato e la serie A2 lanciata in ottobre, prevista per fornire 18 EH/s. Il business di Cloud HPC e AI dell'azienda ha raggiunto un utilizzo del 98% a Singapore.
Bitdeer Technologies Group (NASDAQ: BTDR) informó los resultados financieros del tercer trimestre de 2024 con un ingreso total de 62,0 millones de dólares, una disminución frente a los 87,3 millones de dólares del tercer trimestre de 2023. La compañía registró una pérdida neta de 50,1 millones de dólares en comparación con una pérdida de 1,8 millones de dólares en el tercer trimestre de 2023. Las métricas operativas clave mostraron una tasa de hash total bajo gestión de 17,1 EH/s, con 8,1 EH/s en auto-minado. La empresa mantiene una sólida posición de efectivo de 291,3 millones de dólares. Los desarrollos notables incluyen el progreso en la comercialización de las plataformas de minería SEALMINER, con el lote de muestras A1 energizado y la serie A2 lanzada en octubre, que se espera que entregue 18 EH/s. El negocio de Cloud HPC y AI de la empresa alcanzó un 98% de utilización en Singapur.
Bitdeer Technologies Group (NASDAQ: BTDR)는 2024년 3분기 재무 결과를 보고했으며, 총 수익은 6200만 달러로 2023년 3분기의 8730만 달러에서 감소했습니다. 회사는 2023년 3분기의 180만 달러 손실과 비교하여 5010만 달러의 순손실을 기록했습니다. 주요 운영 지표에 따르면 관리 하의 총 해시율은 17.1 EH/s이며, 자가 채굴에서 8.1 EH/s를 기록했습니다. 회사는 2억 9130만 달러의 강력한 현금 보유액을 유지하고 있습니다. 주목할 만한 발전 사항으로는 SEALMINER 채굴 장비 상용화의 진행 상황이 있으며, A1 샘플 배치가 활성화되고 A2 시리즈가 10월에 출시되어 18 EH/s를 제공할 것으로 예상됩니다. 회사의 클라우드 HPC 및 AI 사업은 싱가포르에서 98%의 활용도를 달성했습니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié ses résultats financiers pour le troisième trimestre 2024 avec un chiffre d'affaires total de 62,0 millions de dollars, en baisse par rapport à 87,3 millions de dollars au troisième trimestre 2023. La société a enregistré une perte nette de 50,1 millions de dollars par rapport à une perte de 1,8 million de dollars au troisième trimestre 2023. Les indicateurs opérationnels clés ont montré une puissance de hachage totale sous gestion de 17,1 EH/s, avec 8,1 EH/s en auto-minage. L'entreprise maintient une solide position de liquidités de 291,3 millions de dollars. Parmi les développements notables, on note les progrès dans la commercialisation des équipements miniers SEALMINER, avec un lot d'échantillons A1 activé et la série A2 lancée en octobre, qui devrait fournir 18 EH/s. L'activité Cloud HPC et IA de l'entreprise a atteint un taux d'utilisation de 98 % à Singapour.
Bitdeer Technologies Group (NASDAQ: BTDR) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 62,0 Millionen US-Dollar, ein Rückgang von 87,3 Millionen US-Dollar im 3. Quartal 2023. Das Unternehmen verzeichnete einen Nettoverlust von 50,1 Millionen US-Dollar im Vergleich zu einem Verlust von 1,8 Millionen US-Dollar im 3. Quartal 2023. Wichtige betriebliche Kennzahlen zeigen eine Gesamthashrate unter Verwaltung von 17,1 EH/s, davon 8,1 EH/s im Selbstmining. Das Unternehmen hält eine starke Liquiditätsposition von 291,3 Millionen US-Dollar. Zu den bemerkenswerten Entwicklungen gehören Fortschritte bei der Kommerzialisierung der SEALMINER-Mining-Rigs, mit einem aktivierten A1-Stichprobenbatch und einer im Oktober eingeführten A2-Serie, die voraussichtlich 18 EH/s liefern wird. Das Cloud-HPC- und KI-Geschäft des Unternehmens erreichte eine Auslastung von 98 % in Singapur.
- Strong cash position with $291.3 million in cash and cash equivalents
- SEALMINER A2 series production expected to deliver 18 EH/s
- Cloud HPC and AI business achieved 98% utilization in Singapore datacenter
- Substantial power infrastructure with 2.5 GW capacity across three continents
- Revenue declined 29% YoY to $62.0 million from $87.3 million
- Net loss increased significantly to $50.1 million from $1.8 million YoY
- Gross profit decreased to $2.8 million from $21.1 million YoY
- Adjusted EBITDA turned negative at -$8.5 million compared to positive $28.0 million YoY
- Research and development expenses increased to $24.8 million from $8.5 million YoY
Insights
Bitdeer's Q3 2024 results reveal significant challenges, with revenue declining
Key concerns include the
The company's strategic transition into ASIC manufacturing with SEALMINER A1 and A2 series represents a significant diversification effort. The A2's specs of 446 TH/s hashrate and 16.5 J/TH efficiency are competitive in the current market. The planned 18 EH/s production capacity demonstrates ambitious scaling.
The
SINGAPORE, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial and operational results for the third quarter ended September 30, 2024.
Q3 2024 Financial Highlights
- Total revenue was US
$62.0 million , compared to US$87.3 million in Q3 2023. - Cost of revenue was US
$59.2 million , compared to US$66.2 million in Q3 2023. - Gross profit was US
$2.8 million , compared to US$21.1 million in Q3 2023. - Net loss was US
$50.1 million , compared to US$1.8 million in Q3 2023. - Adjusted EBITDA1 was negative US
$8.5 million , compared to US$28.0 million in Q3 2023. - Cash and cash equivalents were US
$291.3 million as of September 30, 2024.
Management Commentary
“This quarter marked a foundational period for Bitdeer, focused on the advancements of our key technological and strategic initiatives,” stated Matt Kong, Chief Business Officer at Bitdeer. “In our ASICs business, we made substantial progress in the commercialization of our SEALMINER mining rigs that will help diversify our revenue streams and accelerate the growth of our self-mining operations. For SEALMINER A1, the first sample batch was successfully energized and production of 3.7 EH/s is expected to be completed and installed into our datacenters in Texas and Norway in phases from December through Q1 2025 for the time being. Furthermore, in October, we successfully launched our second generation SEALMINER A2 mining machine series equipped with our SEAL02 chip. The A2 series includes both an air-cooling and a hydro-cooling model and boasts a hashrate of 226 TH/s and 446 TH/s, with a power efficiency ratio of 16.5 J/TH. Further, in October, we commenced mass production of our SEALMINER A2 series and the first production run is expected to deliver 18 EH/s, which will be used for self-mining and selling to external customers. Notably, SEALMINER A2 will be a significant milestone as we enter this multi-billion dollar market. We are already engaged in discussion with a number of potential customers, and early demand is promising, indicating strong interest in our cutting-edge technology and the industry’s desire for supply chain diversification.”
Mr. Kong continued, “In our Cloud HPC and AI business, our NVIDIA DGX SuperPOD system at our datacenter in Singapore successfully achieved approximately
Mr. Kong added, “Regarding our third quarter financial results, the year-over-year decrease in revenue and adjusted EBITDA was primarily due to the impact of the 2024 halving, increased global hash rate, decreased hosting revenue, and increased R&D costs related to the one-time development expenses of the SEAL02 chip. The decrease in hosting revenue was mainly caused by two factors. First, the conversion of 100 MW of hosting capacity at our Texas facility to hydro-cooling, which is expected to be fully renovated and equipped with SEALMINER hydro-cooled mining rigs for our self-mining by the first quarter of 2025. Second, after the halving in April 2024, some customers stopped hosting their less efficient miners. This freed up capacity is currently being replenished by the new hosting mining rigs. These negative impacts were partially offset by slightly higher average self-mining hash rates and higher Bitcoin prices in the quarter. We ended the quarter in a strong financial position with
Operational Summary
| Three Months Ended Sep 30, | ||
| Metrics | 2024 | 2023 |
| Total hash rate under management (EH/s) | 17.1 | 21.2 |
| - Proprietary hash rate | 8.6 | 8.7 |
| - Self-mining | 8.1 | 7.2 |
| - Cloud Hash Rate | 0.5 | 1.5 |
| - Hosting | 8.5 | 12.5 |
| Mining machines under management | 165,000 | 221,000 |
| - Self-owned | 87,000 | 92,000 |
| - Hosted | 78,000 | 129,000 |
| Bitcoin mined (self-mining only) | 511 | 1,085 |
| Total power usage (MWh) | 828,000 | 1,209,000 |
| Average cost of electricity ($/MWh) | 41 | 32 |
| Average miner efficiency (J/TH) | 31.4 | 32.4 |
Power Infrastructure Summary
| Site / Location | Capacity (MW) | Status | Timing2 |
| Electrical capacity | |||
| - Rockdale, Texas | 563 | Online | Completed |
| - Knoxville, Tennessee | 86 | Online | Completed |
| - Wenatchee, Washington | 13 | Online | Completed |
| - Molde, Norway | 84 | Online | Completed |
| - Tydal, Norway | 50 | Online | Completed |
| - Gedu, Bhutan | 100 | Online | Completed |
| Total electrical capacity | 8953 | ||
| Pipeline capacity | |||
| - Tydal, Norway Phase 1 | 40 | In progress | Q4 2024 |
| - Tydal, Norway Phase 2 | 135 | In progress | Mid 2025 |
| - Massillon, Ohio | 221 | In progress | Mid-to-late 2025 |
| - Clarington, Ohio Phase 1 | 266 | In progress | Q3 2025 |
| - Clarington, Ohio Phase 2 | 304 | Pending approval | Estimate 2026 |
| - Jigmeling, Bhutan | 500 | In progress | Mid-Late 2025 |
| - Rockdale, Texas | 179 | In planning | Estimate 2026 |
| Total pipeline capacity | 1,645 | ||
| Total global electrical capacity | 2,540 |
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.
| US $ in millions | Three Months Ended | ||
| Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | |
| Total revenue | 62.0 | 99.2 | 87.3 |
| Cost of revenue | (59.2) | (74.8) | (66.2) |
| Gross profit | 2.8 | 24.4 | 21.1 |
| Net loss | (50.1) | (17.7) | (1.8) |
| Adjusted EBITDA | (8.5) | 24.9 | 28.0 |
| Cash and cash equivalents | 291.3 | 203.9 | 134.5 |
| US $ in millions | Three Months Ended Sep 30, 2024 | |||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting |
| Revenue | 31.5 | 7.1 | 9.6 | 9.9 |
| Cost of revenue | ||||
| - Electricity cost in operating mining machines | (21.7) | (0.0) | (7.1) | (5.3) |
| - Depreciation and SBC expenses | (9.9) | (2.2) | (1.8) | (1.9) |
| - Other cash costs | (3.1) | (0.7) | (0.9) | (1.0) |
| Total cost of revenue | (34.7) | (2.9) | (9.8) | (8.2) |
| Gross profit / (loss) | (3.2) | 4.2 | (0.2) | 1.7 |
| US $ in millions | Three Months Ended Sep 30, 2023 | |||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting |
| Revenue | 30.1 | 15.6 | 22.2 | 16.0 |
| Cost of revenue | ||||
| - Electricity cost in operating mining machines | (15.2) | (3.5) | (9.6) | (9.3) |
| - Depreciation and SBC expenses | (9.0) | (4.7) | (3.1) | (2.2) |
| - Other cash costs | (2.3) | (1.3) | (1.8) | (1.3) |
| Total cost of revenue | (26.5) | (9.5) | (14.5) | (12.8) |
| Gross profit | 3.6 | 6.1 | 7.7 | 3.2 |
Revenue
- Total revenue was US
$62.0 million vs. US$87.3 million . - Self-mining revenue was US
$31.5 million vs. US$30.1 million , primarily due to the increase in the average self-mining hashrate for the quarter by27.9% to 7.8 EH/s from 6.1 EH/s last year and higher year-over-year Bitcoin prices, offset by effect of the April 2024 halving and higher global network hashrate. - Cloud Hash Rate revenue was US
$7.1 million vs. US$15.6 million . The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of machines to Self-mining, and the decrease in electricity subscription due to lower margins for customers caused by the April 2024 Halving. - General Hosting revenue was US
$9.6 million vs. US$22.2 million . The decline was primarily due to the conversion of 100 MW of hosting capacity to hydro-cooling capacity for self-mining and certain hosting customers removing older and less efficient rigs following the April 2024 Halving as a result of reduced mining economics. - Membership Hosting revenue was US
$9.9 million vs. US$16.0 million , down year-over-year. Similar to general hosting, the decline was primarily driven by customers reducing the operation for these older and less efficient rigs following the April 2024 Halving as a result of reduced mining economics.
Cost of Revenue
- Cost of revenue was US
$59.2 million vs US$66.2 million . The decrease was primarily driven by lower mining rigs depreciation from becoming fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.
Gross Profit and Margin
- Gross profit was US
$2.8 million vs. US$21.1 million . - Gross margin was
4.5% vs.24.2% .
Operating Expenses
- The sum of the operating expenses below was US
$42.9 million vs. US$27.3 million .- Selling expenses were US
$2.2 million vs. US$1.9 million , primarily due to increased marketing expenses. - General and administrative expenses were US
$15.8 million vs. US$16.8 million , primarily due to decreases in share-based compensation, partially offset by an increase in staff costs to general and administrative personnel. - Research and development expenses were US
$24.8 million vs. US$8.5 million , primarily due to a US$13.4 million one-off incremental development expense related to the SEAL02 chip, higher R&D compensation costs and amortization expenses of intangible assets relating to the acquisition of FreeChain.
- Selling expenses were US
Other Net Loss
- In Q3 2024, we recorded US
$14.7 million other net loss primarily due to the non-cash expense of fair value change of derivative liabilities, which are the US$28.8 million of loss on fair value change for the convertible note issued, partially offset by the US$14.3 million of gain on fair value change for Tether warrants.
Net Loss
- Net loss was US
$50.1 million vs. US$1.8 million .
Adjusted Profit / (Loss) (Non-IFRS)4
- Adjusted loss was US
$26.2 million vs. adjusted profit of US$10.5 million . The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.
Adjusted EBITDA (Non-IFRS)
- Adjusted EBITDA was negative US
$8.5 million vs. US$28.0 million . The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.
Cash Flows
- Net cash used for operating activities was US
$90.7 million . - Net cash generated from investing activities was US
$10.2 million including the proceeds from disposal of cryptocurrencies of US$39.9 million received from the principal businesses. - Net cash generated from financing activities was US
$168.1 million , primarily driven by the proceeds from our convertible note issuance in August.
Capital Expenditures
- Capital expenditures for PPE, intangible assets and mining machines were US
$30.1 million vs. US$13.8 million , primarily driven by the construction in Jigmeling, Tydal, and Hydro-cooling conversion in Texas.
Liquidity
- As of September 30, 2024, the Company held US
$291.3 million in cash and cash equivalents, US$39.7 million in cryptocurrencies and US$92.7 million in borrowing.
Further information regarding the Company’s third quarter 2024 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.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing 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.
Forward-Looking Statements
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.
___________________________________________
1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the changes in fair value of derivative liabilities, listing fee and share-based payment expenses under IFRS 2.
2 Indicative timing. All timing references are to calendar quarters and years.
3 Figures may not add due to rounding.
4 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the changes in fair value of derivative liabilities, listing fee and share-based payment expenses under IFRS 2.
| BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||
| As of Sep 30, | As of Dec 31, | |||||
| (US $ in thousands) | 2024 | 2023 | ||||
| ASSETS | ||||||
| Cash and cash equivalents | 291,314 | 144,729 | ||||
| Cryptocurrencies | 39,700 | 15,371 | ||||
| Trade receivables | 8,800 | 17,277 | ||||
| Amounts due from a related party | 15,868 | 187 | ||||
| Prepayments and other assets | 68,791 | 97,087 | ||||
| Inventories | 68,633 | 346 | ||||
| Financial assets at fair value through profit or loss | 41,566 | 37,775 | ||||
| Restricted cash | 9,144 | 9,538 | ||||
| Mining machines | 52,062 | 63,477 | ||||
| Right-of-use assets | 65,797 | 58,626 | ||||
| Property, plant and equipment | 221,233 | 154,860 | ||||
| Investment properties | 33,009 | 34,346 | ||||
| Intangible assets[1] | 89,401 | 4,777 | ||||
| Goodwill[1] | 35,818 | - | ||||
| Deferred tax assets | 5,297 | 991 | ||||
| TOTAL ASSETS | 1,046,433 | 639,387 | ||||
| LIABILITIES | ||||||
| Trade payables | 36,881 | 32,484 | ||||
| Other payables and accruals | 34,798 | 32,151 | ||||
| Amounts due to a related party | 6,202 | 33 | ||||
| Income tax payables | 3,050 | 3,367 | ||||
| Derivative liabilities | 144,378 | - | ||||
| Deferred revenue | 111,382 | 144,337 | ||||
| Borrowings | 92,693 | 22,618 | ||||
| Lease liabilities | 78,728 | 70,211 | ||||
| Deferred tax liabilities | 17,575 | 1,620 | ||||
| TOTAL LIABILITIES | 525,687 | 306,821 | ||||
| NET ASSETS | 520,746 | 332,566 | ||||
| EQUITY | ||||||
| Share capital | * | * | ||||
| Treasury shares | (926 | ) | (2,604 | ) | ||
| Accumulated deficit | (117,087 | ) | (49,853 | ) | ||
| Reserves | 638,759 | 385,023 | ||||
| TOTAL EQUITY | 520,746 | 332,566 | ||||
* Amount less than US
[1] Considering the acquisition of FreeChain Inc. has occurred on September 13, 2024, these are preliminary disclosures as the effects of the purchase price allocation accounting is in progress and in the measurement period, as described in IFRS 3.
| BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
| Three months ended Sep 30, | Nine months ended Sep 30, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue[2] | 62,029 | 87,303 | 280,764 | 253,706 | ||||||||
| Cost of revenue | (59,264 | ) | (66,187 | ) | (219,463 | ) | (202,941 | ) | ||||
| Gross profit | 2,765 | 21,116 | 61,301 | 50,765 | ||||||||
| Selling expenses | (2,229 | ) | (1,926 | ) | (6,092 | ) | (6,241 | ) | ||||
| General and administrative expenses | (15,828 | ) | (16,849 | ) | (46,649 | ) | (49,320 | ) | ||||
| Research and development expenses | (24,836 | ) | (8,501 | ) | (54,048 | ) | (21,228 | ) | ||||
| Listing fee | - | - | - | (33,151 | ) | |||||||
| Other operating income | 1,220 | 818 | 4,397 | 718 | ||||||||
| Other net gain / (loss) | (14,681 | ) | 862 | (27,701 | ) | 2,470 | ||||||
| Loss from operations | (53,589 | ) | (4,480 | ) | (68,792 | ) | (55,987 | ) | ||||
| Finance income / (expenses) | (231 | ) | 1,224 | (124 | ) | 97 | ||||||
| Loss before taxation | (53,820 | ) | (3,256 | ) | (68,916 | ) | (55,890 | ) | ||||
| Income tax benefit | 3,723 | 1,458 | 1,682 | 4,265 | ||||||||
| Loss for the periods | (50,097 | ) | (1,798 | ) | (67,234 | ) | (51,625 | ) | ||||
| Other comprehensive loss | ||||||||||||
| Loss for the periods | (50,097 | ) | (1,798 | ) | (67,234 | ) | (51,625 | ) | ||||
| Other comprehensive income / (loss) for the periods | ||||||||||||
| Item that may be reclassified to profit or loss | ||||||||||||
| - Exchange differences on translation of financial statements | (30 | ) | 8 | 16 | 17 | |||||||
| Other comprehensive income / (loss) for the periods, net of tax | (30 | ) | 8 | 16 | 17 | |||||||
| Total comprehensive loss for the periods | (50,127 | ) | (1,790 | ) | (67,218 | ) | (51,608 | ) | ||||
| Loss per share (Basic and diluted) | (0.35 | ) | (0.02 | ) | (0.52 | ) | (0.47 | ) | ||||
| Weighted average number of shares outstanding (thousands) (Basic and diluted) | 143,769 | 111,284 | 128,437 | 110,303 | ||||||||
[2] Included nil and approximately US
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| Three months ended Sep 30, | Nine months ended Sep 30, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Cash flows from operating activities | ||||||||||||
| Cash used in operating activities | (90,164 | ) | (48,303 | ) | (291,538 | ) | (206,905 | ) | ||||
| Interest paid on leases | (895 | ) | (647 | ) | (2,571 | ) | (1,946 | ) | ||||
| Interest paid on borrowings | (806 | ) | (34 | ) | (1,736 | ) | (1,241 | ) | ||||
| Interest received | 1,927 | 1,465 | 5,462 | 5,539 | ||||||||
| Income tax paid | (782 | ) | (58 | ) | (6,632 | ) | (153 | ) | ||||
| Net cash used in operating activities | (90,720 | ) | (47,577 | ) | (297,015 | ) | (204,706 | ) | ||||
| Cash flows from investing activities | ||||||||||||
| Purchase of property, plant and equipment, investment properties and intangible assets | (29,922 | ) | (13,371 | ) | (76,870 | ) | (37,980 | ) | ||||
| Purchase of mining machines | (227 | ) | (424 | ) | (1,965 | ) | (62,934 | ) | ||||
| Purchase of financial assets at fair value through profit or loss, net of refund received | 173 | (3,000 | ) | (2,351 | ) | (4,400 | ) | |||||
| Proceeds from disposal of financial assets at fair value through profit or loss | - | - | - | 31,111 | ||||||||
| Lending to a third party | - | - | - | (62 | ) | |||||||
| Proceeds from disposal of property, plant and equipment | - | - | 244 | 29 | ||||||||
| Proceeds from disposal of cryptocurrencies | 39,929 | 76,805 | 209,653 | 202,045 | ||||||||
| Cash paid for business acquisitions, net of cash acquired | 226 | - | (6,051 | ) | - | |||||||
| Net cash generated from investing activities | 10,179 | 60,010 | 122,660 | 127,809 | ||||||||
| Cash flows from financing activities | ||||||||||||
| Capital element of lease rentals paid | (562 | ) | (1,376 | ) | (3,136 | ) | (4,008 | ) | ||||
| Net payment related to Business Combination | - | (11 | ) | - | (7,662 | ) | ||||||
| Repayments of borrowings | (5,000 | ) | (7,000 | ) | (5,000 | ) | (7,000 | ) | ||||
| Proceeds from issuance of shares for exercise of share rewards | 154 | - | 758 | - | ||||||||
| Proceeds from issuance of ordinary shares and warrants, net of transaction costs | 7,795 | - | 163,190 | - | ||||||||
| Acquisition of treasury shares | (617 | ) | (109 | ) | (617 | ) | (109 | ) | ||||
| Proceeds from convertible senior notes, net of transaction costs | 166,297 | - | 166,297 | - | ||||||||
| Net cash generated from / (used in) financing activities | 168,067 | (8,496 | ) | 321,492 | (18,779 | ) | ||||||
| Net increase / (decrease) in cash and cash equivalents | 87,526 | 3,937 | 147,137 | (95,676 | ) | |||||||
| Cash and cash equivalents at the beginning of the period | 203,882 | 130,203 | 144,729 | 231,362 | ||||||||
| Effect of movements in exchange rates on cash and cash equivalents held | (94 | ) | 372 | (552 | ) | (1,174 | ) | |||||
| Cash and cash equivalents at the end of the period | 291,314 | 134,512 | 291,314 | 134,512 | ||||||||
Use of Non-IFRS Financial Measures
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 the changes in fair value of derivative liabilities, listing fee and share-based payment expenses under IFRS 2, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the changes in fair value of derivative liabilities, listing fee and share-based payment expenses under IFRS 2.
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 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 loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and nine months ended September 30, 2024 and 2023.
| BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION | ||||||||||||
| Three months ended Sep 30, | Nine months ended Sep 30, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Adjusted EBITDA | ||||||||||||
| Loss for the periods | (50,097 | ) | (1,798 | ) | (67,234 | ) | (51,625 | ) | ||||
| Add： | ||||||||||||
| Depreciation and amortization | 19,489 | 19,664 | 55,980 | 55,887 | ||||||||
| Income tax benefit | (3,723 | ) | (1,458 | ) | (1,682 | ) | (4,265 | ) | ||||
| Interest income / (expenses), net | 1,938 | (734 | ) | 1,321 | (2,119 | ) | ||||||
| Listing fee | - | - | - | 33,151 | ||||||||
| Change in fair value of derivative liabilities | 14,436 | - | 28,666 | - | ||||||||
| Share-based payment expenses | 9,414 | 12,319 | 25,310 | 34,166 | ||||||||
| Total of Adjusted EBITDA | (8,543 | ) | 27,993 | 42,361 | 65,195 | |||||||
| Adjusted Profit / (loss) | ||||||||||||
| Loss for the periods | (50,097 | ) | (1,798 | ) | (67,234 | ) | (51,625 | ) | ||||
| Add： | ||||||||||||
| Listing fee | - | - | - | 33,151 | ||||||||
| Change in fair value of derivative liabilities | 14,436 | - | 28,666 | - | ||||||||
| Share-based payment expenses | 9,414 | 12,319 | 25,310 | 34,166 | ||||||||
| Total of Adjusted Profit / (loss) | (26,247 | ) | 10,521 | (13,258 | ) | 15,692 | ||||||
For investor and media inquiries, please contact:
Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com
Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com
FAQ
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