Bitdeer Technologies Shares Drop After Wider-Than-Expected 4Q Loss

Dow Jones

Feb 25, 2025

By Chris Wack

Bitdeer Technologies shares were down 23% at $10.15 after the company reported a fourth-quarter loss that was wider than analysts had expected.

The blockchain technology company said it had a quarterly loss of $531.9 million, or $3.22 a share, compared with a loss of $5.1 million, or 5 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $31.2 million, or 19 cents a share.

Revenue for the quarter was $69 million, compared with last year's $114.8 million and the $70.7 million analysts were expecting.

Cash and cash equivalents were $476.3 million as of Dec. 31, the company said. It held 594 bitcoin at the end of the quarter, compared with last year's 43 bitcoin.

Bitdeer attributed its wider quarterly loss to the non-cash expense of fair value changes of derivative liabilities, which are a $413.7 million of loss on fair value changes for convertible notes issued in August and November, and a $55.8 million of loss on fair value changes for warrants.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

February 25, 2025 10:29 ET (15:29 GMT)

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