Bitdeer Technologies Group (BTDR) stock plunged 6.37% in pre-market trading on Monday, following the release of the cryptocurrency mining firm's disappointing third quarter 2024 financial results.
The key factors driving BTDR's sharp decline include:
- Q3 revenue fell 29% year-over-year to $62.0 million, missing analyst estimates of $78.85 million
- Net loss widened significantly to $50.1 million from $1.8 million in Q3 2023
- Adjusted EBITDA swung to a loss of $8.5 million from a profit of $28.0 million a year ago
The underperformance was attributed to multiple headwinds impacting Bitdeer's business:
- The Bitcoin halving event in April reduced mining rewards
- Increased global hashrate intensified competition in the mining space
- Lower hosting revenue as some clients stopped hosting less efficient mining rigs
- Higher R&D spending on developing next-gen SEALMINER chips
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