Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024
Bitdeer Technologies Group (NASDAQ: BTDR) released its unaudited financial results for Q4 and full year 2024, reporting total revenue of US$69.0 million in Q4, down from US$114.8 million in Q4 2023. The company posted a net loss of US$531.9 million compared to US$5.0 million in the same period last year.
The decline in performance was attributed to strategic prioritization of resources toward developing proprietary ASIC technology, which temporarily hashrate growth. However, management emphasized this investment strengthens their competitive position for 2025 and beyond.
Bitdeer plans to increase its self-mining hashrate to approximately 40 EH/s by Q4 2025, up from the current 8.7 EH/s, by deploying SEALMINER A1s and 28 EH/s of SEALMINER A2s. The company's global power capacity now exceeds 2.6 GWs, with over 1 GW scheduled for energization in 2025.
The company's cash position stands at US$476.3 million with crypto holdings of US$77.5 million as of December 31, 2024.
Bitdeer Technologies Group (NASDAQ: BTDR) ha pubblicato i risultati finanziari non verificati per il quarto trimestre e l'intero anno 2024, riportando un fatturato totale di 69,0 milioni di dollari USA nel quarto trimestre, in calo rispetto ai 114,8 milioni di dollari USA del quarto trimestre 2023. L'azienda ha registrato una perdita netta di 531,9 milioni di dollari USA rispetto ai 5,0 milioni di dollari USA nello stesso periodo dell'anno scorso.
Il calo delle performance è stato attribuito alla priorità strategica di risorse verso lo sviluppo della tecnologia ASIC proprietaria, che ha temporaneamente influenzato la crescita dell'hashrate. Tuttavia, la direzione ha sottolineato che questo investimento rafforza la loro posizione competitiva per il 2025 e oltre.
Bitdeer prevede di aumentare il proprio hashrate di self-mining a circa 40 EH/s entro il quarto trimestre 2025, rispetto agli attuali 8,7 EH/s, implementando i SEALMINER A1 e 28 EH/s di SEALMINER A2. La capacità globale di energia dell'azienda supera attualmente 2,6 GW, con oltre 1 GW programmato per l'attivazione nel 2025.
La posizione di liquidità dell'azienda si attesta a 476,3 milioni di dollari USA con partecipazioni in criptovalute di 77,5 milioni di dollari USA al 31 dicembre 2024.
Bitdeer Technologies Group (NASDAQ: BTDR) publicó sus resultados financieros no auditados para el cuarto trimestre y el año completo 2024, reportando ingresos totales de 69,0 millones de dólares EE. UU. en el cuarto trimestre, una disminución con respecto a los 114,8 millones de dólares EE. UU. en el cuarto trimestre de 2023. La compañía registró una pérdida neta de 531,9 millones de dólares EE. UU. en comparación con los 5,0 millones de dólares EE. UU. en el mismo período del año pasado.
La disminución en el rendimiento se atribuyó a la priorización estratégica de recursos hacia el desarrollo de tecnología ASIC propia, lo que afectó temporalmente el crecimiento del hashrate. Sin embargo, la dirección enfatizó que esta inversión fortalece su posición competitiva para 2025 y más allá.
Bitdeer planea aumentar su hashrate de auto-minería a aproximadamente 40 EH/s para el cuarto trimestre de 2025, en comparación con los actuales 8,7 EH/s, implementando SEALMINER A1 y 28 EH/s de SEALMINER A2. La capacidad global de energía de la compañía ahora supera 2,6 GW, con más de 1 GW programado para energización en 2025.
La posición de efectivo de la compañía se sitúa en 476,3 millones de dólares EE. UU. con tenencias de criptomonedas de 77,5 millones de dólares EE. UU. al 31 de diciembre de 2024.
Bitdeer Technologies Group (NASDAQ: BTDR)는 2024년 4분기 및 전체 연도의 감사되지 않은 재무 결과를 발표하며 4분기 총 수익이 6,900만 달러로, 2023년 4분기의 1억 1,480만 달러에서 감소했다고 보고했습니다. 회사는 지난해 같은 기간에 비해 5억 3,190만 달러의 순손실을 기록했습니다.
실적 감소는 자원의 전략적 우선 순위를 자체 ASIC 기술 개발에 두면서 발생했으며, 이는 일시적으로 해시레이트 성장에 영향을 미쳤습니다. 그러나 경영진은 이 투자가 2025년 및 그 이후의 경쟁력을 강화한다고 강조했습니다.
Bitdeer는 현재 8.7 EH/s에서 2025년 4분기까지 약 40 EH/s로 자체 채굴 해시레이트를 증가시킬 계획이며, SEALMINER A1 및 28 EH/s의 SEALMINER A2를 배치할 예정입니다. 회사의 글로벌 전력 용량은 현재 2.6 GW를 초과하며, 2025년에는 1 GW 이상이 가동될 예정입니다.
회사의 현금 보유고는 2024년 12월 31일 기준으로 4억 7,630만 달러이며, 암호화폐 보유액은 7,750만 달러입니다.
Bitdeer Technologies Group (NASDAQ: BTDR) a publié ses résultats financiers non audités pour le quatrième trimestre et l'année complète 2024, rapportant un chiffre d'affaires total de 69,0 millions de dollars US au quatrième trimestre, en baisse par rapport à 114,8 millions de dollars US au quatrième trimestre 2023. L'entreprise a enregistré une perte nette de 531,9 millions de dollars US par rapport à 5,0 millions de dollars US au même période l'année précédente.
La baisse de performance a été attribuée à la priorisation stratégique des ressources vers le développement de la technologie ASIC propriétaire, ce qui a temporairement impacté la croissance du hashrate. Cependant, la direction a souligné que cet investissement renforce leur position concurrentielle pour 2025 et au-delà.
Bitdeer prévoit d'augmenter son hashrate de minage autonome à environ 40 EH/s d'ici le quatrième trimestre 2025, contre 8,7 EH/s actuellement, en déployant des SEALMINER A1 et 28 EH/s de SEALMINER A2. La capacité énergétique mondiale de l'entreprise dépasse maintenant 2,6 GW, avec plus de 1 GW prévu pour mise en service en 2025.
La position de liquidité de l'entreprise s'élève à 476,3 millions de dollars US avec des avoirs en cryptomonnaies de 77,5 millions de dollars US au 31 décembre 2024.
Bitdeer Technologies Group (NASDAQ: BTDR) hat seine ungeprüften Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und berichtet von einem Gesamtumsatz von 69,0 Millionen US-Dollar im vierten Quartal, ein Rückgang von 114,8 Millionen US-Dollar im vierten Quartal 2023. Das Unternehmen verzeichnete einen Nettoverlust von 531,9 Millionen US-Dollar im Vergleich zu 5,0 Millionen US-Dollar im gleichen Zeitraum des Vorjahres.
Der Rückgang der Leistung wurde der strategischen Priorisierung von Ressourcen für die Entwicklung eigener ASIC-Technologie zugeschrieben, was das Wachstum der Hashrate vorübergehend beeinträchtigt hat. Das Management betonte jedoch, dass diese Investition ihre Wettbewerbsposition für 2025 und darüber hinaus stärkt.
Bitdeer plant, seine selbstmining Hashrate bis zum vierten Quartal 2025 auf etwa 40 EH/s zu erhöhen, verglichen mit derzeit 8,7 EH/s, indem SEALMINER A1 und 28 EH/s von SEALMINER A2 eingesetzt werden. Die globale Leistungskapazität des Unternehmens übersteigt jetzt 2,6 GW, wobei über 1 GW für die Inbetriebnahme im Jahr 2025 geplant ist.
Die Liquiditätsposition des Unternehmens beträgt 476,3 Millionen US-Dollar mit Krypto-Beständen von 77,5 Millionen US-Dollar zum 31. Dezember 2024.
- Plans to increase self-mining hashrate to 40 EH/s by Q4 2025 from current 8.7 EH/s
- Global power capacity exceeds 2.6 GWs with 1 GW to be energized in 2025
- Strong cash position of US$476.3 million as of December 31, 2024
- US$77.5 million in cryptocurrency holdings
- SEALMINER A2 allocation of 7 EH/s to external customers was over-subscribed with 20% down payments collected
- Advanced development of 3rd and 4th generation ASIC chips
- Q4 revenue declined 39.9% to US$69.0 million from US$114.8 million in Q4 2023
- Net loss increased to US$531.9 million from US$5.0 million in Q4 2023
- Gross profit fell to US$5.1 million from US$27.0 million year-over-year
- Gross margin decreased to 7.4% from 23.5% in Q4 2023
- Adjusted EBITDA was negative US$3.8 million vs. positive US$33.32 million in Q4 2023
- Operating expenses increased to US$42.5 million from US$27.4 million
- CEO Jihan Wu plans to sell up to 4 million ordinary shares starting March 2025
Insights
Bitdeer's Q4 2024 results reveal a company in strategic transition, with revenue dropping 39.9% year-over-year to $69.0 million and a dramatic net loss of $531.9 million. While these numbers appear concerning on the surface, they reflect a calculated bet on proprietary ASIC technology that could fundamentally transform Bitdeer's competitive position.
The massive net loss primarily stems from $469.5 million in non-cash expenses related to fair value changes in derivative liabilities from convertible notes and Tether warrants. These financial instruments, while creating accounting volatility, have provided Bitdeer with substantial capital ($522.8 million from financing activities) to fund its ambitious chip development program. This represents a high-stakes wager on vertical integration in an industry where most miners rely on third-party hardware.
The company's strategic pivot is evident in its cash flow statement, with $243.4 million in prepayments to TSMC for SEAL02 production and SEAL03 tapeout. This significant capital commitment to semiconductor development during a period of negative adjusted EBITDA (-$3.8 million vs. +$33.32 million in Q4 2023) demonstrates management's conviction in their vertically-integrated approach.
Bitdeer's plan to expand self-mining capacity to 40 EH/s by Q4 2025 (from current 8.7 EH/s) is ambitious but appears to be supported by their chip development progress. The reported oversubscription of their initial 7 EH/s SEALMINER A2 allocation suggests strong market validation for their ASIC technology.
The company's power infrastructure expansion to 2.6 GW globally with 1 GW coming online in 2025 positions them not only for mining growth but potentially for AI datacenter hosting – a strategic hedge that could provide more stable revenue streams than volatile mining operations.
CEO Jihan Wu's 10b5-1 plan to potentially sell up to 4 million shares (approximately 2.2% of outstanding shares) may create some near-term selling pressure but likely represents normal portfolio management rather than a lack of confidence in the company's direction.
The key question for investors is whether Bitdeer's substantial investments in chip development will yield the efficiency advantages management projects, and whether their $476.3 million cash position provides sufficient runway to reach positive cash flow before requiring additional financing. The company's ability to successfully execute on both chip production and deployment will determine whether this strategic pivot ultimately creates or destroys shareholder value.
Bitdeer's Q4 results reveal an unprecedented vertical integration gambit in the Bitcoin mining sector, with the company making massive investments in proprietary ASIC development despite significant near-term financial pressure. This represents a fundamental departure from the industry's traditional reliance on specialized manufacturers like Bitmain and MicroBT.
The $243.4 million in prepayments to TSMC for SEAL02 production and SEAL03 tapeout is particularly noteworthy. Securing substantial wafer allocation from TSMC—the world's premier semiconductor foundry currently prioritizing AI chip production—signals both Bitdeer's deep industry connections and substantial financial commitment. This relationship provides a important competitive moat in an industry where manufacturing access often determines success.
Bitdeer's 122% increase in R&D expenses to $22.9 million reflects the substantial engineering investment required to develop competitive mining ASICs. Their acquisition of FreeChain (contributing to $83.2 million in intangible assets) has likely accelerated their design capabilities, though successfully executing multiple chip generations simultaneously remains exceptionally challenging even for established semiconductor companies.
The company's claim that their 3rd and 4th generation chips will be "the world's most energy efficient mining ASICs" should be viewed cautiously. Energy efficiency (joules/terahash) is the primary competitive metric in mining hardware, and industry leader Bitmain has consistently maintained advantages through its long-established design expertise and manufacturing scale. Bitdeer must overcome significant technical hurdles to deliver on this ambitious claim.
The reported strong demand for SEALMINER A2 chips (7 EH/s allocation oversubscribed) provides important market validation, though initial customer enthusiasm doesn't guarantee sustained competitiveness. Manufacturing yield, reliability at scale, and power efficiency metrics compared to competitors will ultimately determine commercial success.
Bitdeer's vertical integration approach offers theoretical advantages: eliminating markup from third-party manufacturers (typically 25-40% of hardware costs), faster deployment of new technology, and greater supply chain control. However, these benefits must outweigh the substantial capital requirements and technical risks of chip development.
The company's ambitious timeline to deploy 40 EH/s by Q4 2025 faces significant execution risk. Semiconductor development typically encounters delays, especially across multiple generations, and manufacturing yields for new designs often start low, affecting unit economics. Bitdeer's ability to successfully navigate these challenges while managing their negative adjusted EBITDA will determine whether this vertical integration strategy ultimately creates or destroys shareholder value.
Bitdeer's expansion to 2.6 GW of global power capacity represents a potentially transformative asset in today's power-constrained digital infrastructure landscape. While their Q4 financial results show significant pressure on their core mining business, their power portfolio may ultimately prove more valuable than their mining operations.
The strategic significance of the Foxcreek, Alberta acquisition extends beyond adding megawatts. This Canadian facility provides access to stable regulatory frameworks, relatively low power costs (approximately $0.04-0.05/kWh), and importantly, a considerably lower carbon footprint than many U.S. locations—a critical factor for ESG-conscious AI customers. Combined with their existing facilities in Norway and the U.S., Bitdeer has assembled a geographically diversified power portfolio across stable jurisdictions.
The company's plan to energize over 1 GW in 2025 coincides with an unprecedented shortage of power for AI infrastructure. Major hyperscalers face 2-3 year waitlists for power-ready datacenter capacity in prime markets, creating a potential premium opportunity for companies with immediately available power capacity. However, converting mining facilities to AI-suitable datacenters isn't simply a matter of swapping hardware.
AI datacenters require substantially different specifications than mining operations, including N+1 or 2N redundancy, advanced cooling systems for high-density racks (30-50kW per rack vs. 10-15kW for mining), fiber connectivity with multiple carriers, and significantly higher security standards. These conversions typically require capital expenditures of $10-15 million per MW, potentially necessitating substantial additional investment beyond Bitdeer's current $476.3 million cash position.
The economics, however, could justify this investment. While Bitcoin mining operations currently generate gross margins of just 7.4%, wholesale AI datacenter leasing commonly achieves 40-60% margins on 10-15 year contracts with investment-grade counterparties. This represents a potentially compelling pivot from volatile mining economics to infrastructure-as-a-service with predictable returns.
Bitdeer's statement about working with "top datacenter developers and advisors" suggests they recognize the need for specialized expertise in this transition. Their ability to execute effectively on this strategic pivot—balancing capital allocation between mining expansion and datacenter conversion while managing their current negative adjusted EBITDA—will determine whether they can successfully diversify beyond mining and capture the premium currently available in power-ready digital infrastructure.
SINGAPORE, Feb. 25, 2025 (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 results for the fourth quarter ended December 31, 2024.
Q4 2024 Financial Highlights
All amounts compared to Q4’23 unless otherwise noted
- Total revenue was US
$69.0 million vs. US$114.8 million . - Cost of revenue was US
$63.9 million vs. US$87.8 million . - Gross profit was US
$5.1 million vs. US$27.0 million . - Net loss was US
$531.9 million vs. US$5.0 million . - Adjusted EBITDA1 was negative US
$3.8 million , vs. positive US$33.3 2 million. - Cash and cash equivalents were US
$476.3 million as of December 31, 2024. - Crypto balance: US
$77.5 million as of December 31, 2024.
Management Commentary
“Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.
Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed,
Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”
Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”
Operational Summary
| Metrics | Three Months Ended Dec 31 | |
| 2024 | 2023 | |
| Total hash rate under management (EH/s) | 21.6 | 21.0 |
| - Proprietary hash rate | 8.9 | 8.4 |
| - Self-mining | 8.5 | 6.7 |
| - Cloud Hash Rate | 0.0 | 1.7 |
| - Delivered but not yet hashing | 0.4 | - |
| - Hosting | 12.7 | 12.6 |
| Mining rigs under management | 175,000 | 215,000 |
| - Self-owned | 85,000 | 86,000 |
| - Hosted | 90,000 | 129,000 |
| Bitcoin mined (self-mining only) | 469 | 1,299 |
| Bitcoins held | 594 | 43 |
| Total power usage (MWh) | 857,000 | 1,336,000 |
| Average cost of electricity ($/MWh) | 41 | 44 |
| Average miner efficiency (J/TH) | 30.4 | 31.7 |
Power Infrastructure Summary
| 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 | 50 | Online | Completed |
| - Gedu, Bhutan | 100 | Online | Completed |
| Total electrical capacity | 8954 | ||
| Pipeline capacity | |||
| - Tydal, Norway Phase 1 | 40 | In progress | Pending Regulatory Approval |
| - 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-to-late 2025 |
| - Rockdale, Texas | 179 | In planning | Estimate 2026 |
| - Alberta, Canada | 99 | In planning | Q4 2026 |
| Total pipeline capacity | 1,744 | ||
| Total global electrical capacity | 2,639 |
Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.
Q4 2024 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Three Months Ended | |||||
| Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | ||||
| Total revenue | 69.0 | 62.0 | 114.8 | |||
| Cost of revenue | (63.9) | (59.2) | (87.8) | |||
| Gross profit | 5.1 | 2.8 | 27.0 | |||
| Net loss | (531.9) | (50.1) | (5.0) | |||
| Adjusted EBITDA | (3.8) | (8.5) | 33.32 | |||
| Cash and cash equivalents | 476.3 | 291.3 | 144.7 | |||
| US $ in millions | Three Months Ended Dec 31, 2024 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 41.5 | 2.3 | 8.5 | 12.4 | ||||
| Cost of revenue | ||||||||
| - Electricity cost in operating mining rigs | (22.3) | (0.1) | (5.8) | (7.0) | ||||
| - Depreciation and share-based payment expenses | (12.2) | (0.6) | (1.2) | (1.8) | ||||
| - Other cash costs | (4.0) | (0.3) | (0.8) | (1.2) | ||||
| Total cost of revenue | (38.5) | (1.0) | (7.8) | (10.0) | ||||
| Gross profit | 3.0 | 1.3 | 0.7 | 2.4 | ||||
| US $ in millions | Three Months Ended Dec 31, 2023 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 46.9 | 16.2 | 25.2 | 23.4 | ||||
| Cost of revenue | ||||||||
| - Electricity cost in operating mining rigs | (20.3) | (4.3) | (16.1) | (17.2) | ||||
| - Depreciation and share-based payment expenses | (9.7) | (3.8) | (2.6) | (2.4) | ||||
| - Other cash costs | (3.0) | (1.0) | (1.6) | (1.6) | ||||
| Total cost of revenue | (33.0) | (9.1) | (20.3) | (21.2) | ||||
| Gross profit | 13.9 | 7.1 | 4.9 | 2.2 | ||||
Full Year 2024 High-Level P&L and Disaggregated Revenue Details:
| US $ in millions | Years Ended | |||
| Dec 31, 2024 | Dec 31, 2023 | |||
| Total revenue | 349.8 | 368.5 | ||
| Cost of revenue | (283.4) | (290.7) | ||
| Gross profit | 66.4 | 77.8 | ||
| Net loss | (599.2) | (56.7) | ||
| Adjusted EBITDA | 39.4 | 97.02 | ||
| Cash and cash equivalents | 476.3 | 144.7 | ||
| US $ in millions | Year Ended Dec 31, 2024 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 163.1 | 39.8 | 67.6 | 64.0 | ||||
| Cost of revenue | ||||||||
| - Electricity cost in operating mining rigs | (91.1) | (7.5) | (39.6) | (41.0) | ||||
| - Depreciation and share-based payment expenses | (39.1) | (8.4) | (8.4) | (8.2) | ||||
| - Other cash costs | (11.8) | (2.5) | (4.3) | (4.5) | ||||
| Total cost of revenue | (142.0) | (18.4) | (52.3) | (53.7) | ||||
| Gross profit | 21.1 | 21.4 | 15.3 | 10.3 | ||||
| US $ in millions | Year Ended Dec 31, 2023 | |||||||
| Business lines | Self-Mining | Cloud Hash Rate | General Hosting | Membership Hosting | ||||
| Revenue | 111.7 | 67.9 | 97.3 | 79.9 | ||||
| Cost of revenue | ||||||||
| - Electricity cost in operating mining rigs | (52.3) | (17.1) | (54.6) | (55.5) | ||||
| - Depreciation and share-based payment expenses | (29.2) | (19.7) | (13.2) | (10.7) | ||||
| - Other cash costs | (8.3) | (5.3) | (7.5) | (6.6) | ||||
| Total cost of revenue | (89.8) | (42.1) | (75.3) | (72.8) | ||||
| Gross profit | 21.9 | 25.8 | 22.0 | 7.1 | ||||
Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)
Revenue
- Total revenue was US
$69.0 million vs. US$114.8 million . - Self-mining revenue was US
$41.5 million vs. US$46.9 million , primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices. - Cloud Hash Rate revenue was US
$2.3 million vs. US$16.2 million . The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024. - General Hosting revenue was US
$8.5 million vs. US$25.2 million . The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics. - Membership Hosting revenue was US
$12.4 million vs. US$23.4 million . Similar to general hosting, the decline was primarily driven by customers scaling down operations for 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
$63.9 million vs US$87.8 million . The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.
Gross Profit and Margin
- Gross profit was US
$5.1 million vs. US$27.0 million . - Gross margin was
7.4% vs.23.5% .
Operating Expenses
- The sum of the operating expenses below was US
$42.5 million vs. US$27.4 million .
- Selling expenses were US
$2.0 million vs. US$2.0 million , flat year-over-year. - General and administrative expenses were US
$17.7 million vs. US$17.1 million . The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses. - Research and development expenses were US
$22.9 million vs. US$8.3 million , primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.
- Selling expenses were US
Other Net Loss
- In Q4 2024, we recorded US
$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.
Net Loss
- Net loss was US
$531.9 million vs. US$5.0 million .
Adjusted Profit / (Loss) (Non-IFRS)5
- Adjusted loss was US
$36.9 million vs. adjusted profit of US$4.5 2 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
$3.8 million vs. positive US$33.3 2 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.
Cash Flows
- Net cash used in operating activities was US
$325.1 million , primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers. - Net cash used in investing activities was US
$10.0 million , which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business. - Net cash generated from financing activities was US
$522.8 million , primarily driven by the proceeds from our convertible note issuance in November and ATM program.
Balance Sheet
As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)
- US
$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing. - US
$310.2 million prepayments and other assets, up from US$97.1 million . Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production. - US
$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory. - US
$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024. - US
$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.
Further information regarding the Company’s fourth 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.
CEO 10b5-1 Trading Plan
In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.
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.
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||
| As of December 31, | As of December 31, | |||||
| (US $ in thousands) | 2024 | 2023 | ||||
| ASSETS | ||||||
| Cash and cash equivalents | 476,270 | 144,729 | ||||
| Cryptocurrencies | 77,537 | 15,371 | ||||
| Trade receivables | 9,627 | 17,277 | ||||
| Amounts due from a related party | 15,512 | 187 | ||||
| Prepayments and other assets | 310,173 | 97,087 | ||||
| Inventories | 64,888 | 346 | ||||
| Financial assets at fair value through profit or loss | 42,521 | 37,775 | ||||
| Restricted cash | 17,356 | 9,538 | ||||
| Mining rigs | 67,324 | 63,477 | ||||
| Right-of-use assets | 69,273 | 58,626 | ||||
| Property, plant and equipment | 251,377 | 154,860 | ||||
| Investment properties | 30,723 | 34,346 | ||||
| Intangible assets | 83,235 | 4,777 | ||||
| Goodwill | 35,818 | - | ||||
| Deferred tax assets | 6,220 | 991 | ||||
| TOTAL ASSETS | 1,557,854 | 639,387 | ||||
| LIABILITIES | ||||||
| Trade payables | 31,471 | 32,484 | ||||
| Other payables and accruals | 42,267 | 32,151 | ||||
| Amounts due to a related party | 8,747 | 33 | ||||
| Income tax payables | 2,729 | 3,367 | ||||
| Derivative liabilities | 763,939 | - | ||||
| Deferred revenue | 129,229 | 144,337 | ||||
| Borrowings | 208,127 | 22,618 | ||||
| Lease liabilities | 78,133 | 70,211 | ||||
| Deferred tax liabilities | 16,614 | 1,620 | ||||
| TOTAL LIABILITIES | 1,281,256 | 306,821 | ||||
| NET ASSETS | 276,598 | 332,566 | ||||
| EQUITY | ||||||
| Share capital | * | * | ||||
| Treasury equity | (160,926) | (2,604) | ||||
| Accumulated deficit | (649,004) | (49,853) | ||||
| Reserves | 1,086,528 | 385,023 | ||||
| TOTAL EQUITY | 276,598 | 332,566 | ||||
* Amount less than US
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue6 | 69,018 | 114,848 | 349,782 | 368,554 | ||||||||
| Cost of revenue | (63,919) | (87,804) | (283,382) | (290,745) | ||||||||
| Gross profit | 5,099 | 27,044 | 66,400 | 77,809 | ||||||||
| Selling expenses | (1,952) | (2,005) | (8,044) | (8,246) | ||||||||
| General and administrative expenses | (17,668) | (17,134) | (64,317) | (66,454) | ||||||||
| Research and development expenses | (22,898) | (8,306) | (76,946 | (29,534) | ||||||||
| Listing fee | - | - | - | (33,151) | ||||||||
| Other operating income / (expenses) | (3,670) | 3,073 | 727 | 3,791 | ||||||||
| Other net gain / (loss) | (479,778) | 1,068 | (507,479) | 3,538 | ||||||||
| Profit / (loss) from operations | (520,867) | 3,740 | (589,659) | (52,247) | ||||||||
| Finance income / (expenses) | (11,811) | 1,179 | (11,935) | 1,276 | ||||||||
| Profit / (loss) before taxation | (532,678) | 4,919 | (601,594) | (50,971) | ||||||||
| Income tax benefit / (expenses) | 761 | (9,950) | 2,443 | (5,685) | ||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Other comprehensive loss | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Other comprehensive loss for the periods | ||||||||||||
| Item that may be reclassified to profit or loss | ||||||||||||
- Exchange differences on translation of financial statements | (234) | (43) | (218) | (26) | ||||||||
| Other comprehensive loss for the periods, net of tax | (234) | (43) | (218) | (26) | ||||||||
| Total comprehensive loss for the periods | (532,151) | (5,074) | (599,369) | (56,682) | ||||||||
| Loss per share (Basic and diluted) | (3.22) | (0.05) | (4.36) | (0.51) | ||||||||
| Weighted average number of shares outstanding (thousands) (Basic and diluted) | 165,427 | 111,055 | 137,426 | 110,494 | ||||||||
| BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Cash flows from operating activities | ||||||||||||
| Cash used in operating activities | (321,629) | (76,963) | (613,167) | (283,868) | ||||||||
| Interest paid on leases | (902) | (659) | (3,473) | (2,605) | ||||||||
| Interest paid on borrowings | (2,216) | (940) | (3,952) | (2,181) | ||||||||
| Interest received | 1,653 | 2,033 | 7,115 | 7,572 | ||||||||
| Income tax paid | (1,964) | (1,347) | (8,596) | (1,500) | ||||||||
| Income tax refund | - | 10,795 | - | 10,795 | ||||||||
| Net cash used in operating activities | (325,058 | ) | (67,081) | (622,073) | (271,787) | |||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of property, plant and equipment, investment properties and intangible assets | (42,617) | (25,324) | (119,487) | (63,305) | ||||||||
| Purchase of mining rigs | (5,766) | (107) | (7,731) | (63,041) | ||||||||
| Purchase of financial assets at fair value through profit or loss, net of refund received | (425) | - | (2,776) | (4,400) | ||||||||
| Proceeds from disposal of financial assets at fair value through profit or loss | - | - | - | 31,111 | ||||||||
| Repayments from a related party | - | 322 | - | 322 | ||||||||
| Lending to a third party | - | - | - | (61) | ||||||||
| Proceeds from disposal of property, plant and equipment | 54 | 44 | 298 | 73 | ||||||||
| Proceeds from disposal of mining rigs | - | 27 | - | 27 | ||||||||
| Proceeds from disposal of cryptocurrencies | 38,794 | 97,083 | 248,447 | 299,128 | ||||||||
| Cash paid for business acquisitions, net of cash acquired | - | - | (6,051) | - | ||||||||
| Net cash generated from / (used in) investing activities | (9,960) | 72,045 | 112,700 | 199,854 | ||||||||
| Cash flows from financing activities | ||||||||||||
| Capital element of lease rentals paid | (6,540) | (1,183) | (9,676) | (5,191) | ||||||||
| Net payment related to Business Combination | - | - | - | (7,662) | ||||||||
| Repayments of borrowings | (10,000) | - | (15,000) | (7,000) | ||||||||
| Proceeds from issuance of shares for exercise of share rewards | 4,412 | 412 | 5,170 | 412 | ||||||||
| Proceeds from issuance of ordinary shares and warrants, net of transaction costs | 321,918 | 9,494 | 485,108 | 9,494 | ||||||||
| Payment for the future issuance cost | - | (942) | - | (942) | ||||||||
| Acquisition of treasury shares | - | (2,495) | (617) | (2,604) | ||||||||
| Proceeds from convertible senior notes, net of transaction costs | 387,917 | - | 554,214 | - | ||||||||
| Repayment to convertible senior notes in connection with note extinguishment | (14,932) | - | (14,932) | - | ||||||||
| Purchase of zero-strike call option | (160,000) | - | (160,000) | - | ||||||||
| Net cash generated from / (used in) financing activities | 522,775 | 5,286 | 844,267 | (13,493) | ||||||||
| Net increase / (decrease) in cash and cash equivalents | 187,757 | 10,250 | 334,894 | (85,426) | ||||||||
| Cash and cash equivalents at the beginning of the period | 291,314 | 134,512 | 144,729 | 231,362 | ||||||||
| Effect of movements in exchange rates on cash and cash equivalents held | (2,801) | (33) | (3,353) | (1,207) | ||||||||
| Cash and cash equivalents at the end of the period | 476,270 | 144,729 | 476,270 | 144,729 | ||||||||
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 listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, 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 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 twelve months ended December 31, 2024 and 2023.
BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION | ||||||||||||
| Three months ended Dec 31, | Years ended Dec 31, | |||||||||||
| (US $ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Adjusted EBITDA | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Add： | ||||||||||||
| Depreciation and amortization | 25,116 | 19,654 | 81,096 | 75,541 | ||||||||
| Income tax (benefit) / expenses | (761) | 9,950 | (2,443) | 5,685 | ||||||||
| Interest (income) / expense, net | 8,729 | (753) | 10,050 | (2,872) | ||||||||
| Listing fee | - | - | - | 33,151 | ||||||||
| Share-based payment expenses | 8,658 | 11,322 | 33,968 | 45,488 | ||||||||
| Changes in fair value of derivative liabilities | 469,501 | - | 498,167 | - | ||||||||
| Loss on extinguishment of debt | 8,172 | - | 8,172 | - | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | 2,970 | - | 3,186 | - | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | 5,733 | (1,810) | 6,362 | (3,305) | ||||||||
| Total of Adjusted EBITDA | (3,799) | 33,3322 | 39,407 | 97,0322 | ||||||||
| Adjusted Profit / (loss) | ||||||||||||
| Loss for the periods | (531,917) | (5,031) | (599,151) | (56,656) | ||||||||
| Add： | ||||||||||||
| Listing fee | - | - | - | 33,151 | ||||||||
| Share-based payment expenses | 8,658 | 11,322 | 33,968 | 45,488 | ||||||||
| Changes in fair value of derivative liabilities | 469,501 | - | 498,167 | - | ||||||||
| Loss on extinguishment of debt | 8,172 | - | 8,172 | - | ||||||||
| Changes in fair value of holdback shares for acquisition of FreeChain | 2,970 | - | 3,186 | - | ||||||||
| Changes in fair value of cryptocurrency-settled receivables and payables | 5,733 | (1,810) | 6,362 | (3,305) | ||||||||
| Total of Adjusted Profit / (loss) | (36,883) | 4,4812 | (49,296) | 18,6782 | ||||||||
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
1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
2 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
3 Indicative timing. All timing references are to calendar quarters and years.
4 Figures may not add due to rounding.
5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
6 Included nil and approximately US
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