Bitdeer Technologies Group (BTDR) saw its stock plunge over 5% in pre-market trading on Monday, following the release of the company's unaudited financial results for the third quarter of 2024.
The cryptocurrency mining and blockchain computing firm reported a steep decline in revenue and profitability metrics for Q3 2024 compared to the same period a year ago:
- Revenue fell 29% year-over-year to $62.0 million - Gross profit declined 87% to just $2.8 million - Net loss widened 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 millionThe disappointing results were attributed to multiple headwinds, including the impact of the Bitcoin halving event in April 2024 which reduced mining rewards, increased global hashrate leading to more competition, decreased hosting revenue as some customers stopped hosting less efficient mining rigs, and higher R&D costs related to developing Bitdeer's next-generation SEALMINER chips.
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