Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

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$33.32 
      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, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025."

Mr. Kong continued, "In Q4 2024, we also advanced the development of our 3(rd) and 4(th) 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             Timing(3) 
----------------------  -------------  ----------------  --------------------- 
  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                    895(4) 
----------------------  -------------  ----------------  --------------------- 
  Pipeline capacity 
----------------------  -------------  ----------------  --------------------- 
    - Tydal, Norway                                         Pending Regulatory 
    Phase 1                        40       In progress               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.

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