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    Nine months ended Sep 
                             Sep 30,                   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

(END) Dow Jones Newswires

November 18, 2024 07:00 ET (12:00 GMT)