Group 1 - SAIHEAT Limited announced the sale of 40MW of liquid-cooling container products to a subsidiary of Bitdeer Technologies Group, aimed at hosting high-performance mining rigs [1][2] - The delivery of these containers is expected to begin in April 2025 and be completed within three months, which is anticipated to significantly boost SAIHEAT's equipment sales and overall financial performance in 2025 [2] - Bitdeer Technologies Group is a leading technology company in blockchain and high-performance computing, providing comprehensive computing solutions including equipment procurement and data center management [3][4] Group 2 - SAIHEAT Limited operates in the computing and energy sectors, focusing on sustainable augmented intelligence, offering BTC joint computing power and AI cloud computing services, as well as liquid-cooled computing centers [5] - SAIHEAT was formerly known as SAI.TECH Global Corporation and became publicly traded on Nasdaq through a merger in May 2022 [6]

Core Insights - Bitdeer AI has been recognized as a winner in the 2025 Artificial Intelligence Excellence Awards, highlighting its commitment to innovation in the AI sector [1][2][3] - The award reflects the company's contributions to advancing artificial intelligence and its impact on business efficiency across various industries [3] Company Overview - Bitdeer AI is an emerging provider of AI and machine learning GPU cloud solutions, dedicated to accelerating innovation and empowering businesses with advanced computing resources [4] - The company is an NVIDIA Cloud Partner in Singapore, delivering high-performance GPU cloud infrastructure to support impactful AI initiatives [4] Technology and Services - Bitdeer AI offers a streamlined, scalable AI cloud platform that simplifies AI development workflows and accelerates breakthroughs for AI and high-performance computing (HPC) [3] - The platform is powered by industry-leading GPU infrastructure, providing GPU power and an AI Studio to support the entire AI development journey, from model training to deployment [3] - The company is advancing its services with GB200 NVL72 deployment and AI Agent technology, driving the evolution of AI applications [3]

Core Insights - Bitdeer Technologies Group reported a decrease in self-mined Bitcoin to 110 in February 2025, attributed to fewer days in the month compared to January 2025 [2] - The company anticipates mass production of the SEALMINER A3 to begin in the latter half of 2025, with SEAL03 sample wafers achieving a power efficiency of 9.7 J/TH during testing [1][2] - Bitdeer is redirecting SEALMINER A2s initially allocated for external sales to self-mining due to customer requests for payment delays amid lower Bitcoin prices [2] Operational Update - Total hash rate under management decreased to 20.9 EH/s in February 2025 from 22.4 EH/s in January 2025 [4] - Self-owned mining machines increased to 88,000, while hosted machines decreased to 75,000 [4] - Bitcoin held by the company rose to 1,039 from 724 in January 2025 [4] Mining Rig Manufacturing and R&D - SEALMINER A1 mass production is nearly finalized with 3.7 EH/s expected to be operational soon [2] - SEALMINER A2 production is expected to complete approximately 35 EH/s by October 2025, with 0.6 EH/s ready for shipment [2] - SEALMINER A4 is on track for an expected chip efficiency of approximately 5 J/TH with initial tape-out anticipated in Q3 2025 [2] Infrastructure Developments - Rockdale, Texas, is set to commence phased energization of a 100 MW hydro-cooling conversion in March 2025 [2] - Tydal, Norway, is undergoing a 40 MW phase 1 expansion with fast-tracked regulatory approval [2] - Jigmeling, Bhutan, is progressing on a 500 MW construction project, expected to complete the primary substation by the end of March 2025 [2] Share Repurchase Program - The company repurchased approximately US$9 million of its Class A ordinary shares at the end of February 2025 and has approved an additional US$20 million repurchase program effective until February 28, 2026 [7]

Core Viewpoint - Bitdeer Technologies Group has announced a new share repurchase program worth up to US$20 million, following the completion of a previous program that repurchased approximately US$9 million in shares [1][2]. Group 1: Share Repurchase Program - The company utilized its US$10 million share repurchase program approved in September 2024, repurchasing shares totaling approximately US$9 million on February 27, 2025 [1]. - The new share repurchase program is effective from February 28, 2025, through February 28, 2026, allowing for the repurchase of up to an additional US$20 million worth of Class A ordinary shares [1][2]. - Bitdeer may execute share repurchases through various means, including open market transactions and privately negotiated transactions, while considering factors such as price, trading volume, and market conditions [2]. Group 2: Company Overview - Bitdeer is a leading technology company specializing in blockchain and high-performance computing, providing comprehensive computing solutions [3]. - The company manages complex processes including equipment procurement, logistics, datacenter design, and operations, and offers advanced cloud capabilities for high-demand artificial intelligence customers [3]. - Bitdeer is headquartered in Singapore and has deployed datacenters in the United States, Norway, and Bhutan [3].

Group 1 - The core viewpoint is that Bitdeer (NASDAQ: BTDR) shares were downgraded from 'hold' to 'sell' due to a $1 billion shelf offering announced by the company, which led to a significant decline in stock value by over 50% [1] Group 2 - The downgrade decision was made in December, indicating a timely response to the company's financial actions [1] - The stock's performance post-downgrade reflects the analyst's accurate prediction regarding the company's market position [1]

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $69 million, down from $114.8 million in Q4 2023. Self-mining revenue decreased by 11.5% to $41.5 million, primarily due to the April 2024 halving and increased global network hashrate [9][38] - Gross profit for Q4 2024 was $5.1 million, with a gross margin of 7.4%, compared to $27 million and 23.5% in Q4 2023. Adjusted EBITDA was negative $3.8 million [40][44] - Full-year 2024 revenue totaled $349.8 million, with a gross profit of $66.4 million and adjusted EBITDA of $39.4 million [45] Business Line Data and Key Metrics Changes - Cloud hashrate revenue fell to $2.3 million from $16.2 million, attributed to the expiration of long-term contracts and reallocation of hashrate to self-mining [39] - General hosting revenue decreased to $8.5 million from $25.2 million, while membership hosting revenue dropped to $12.4 million from $23.4 million, mainly due to contract expirations and removal of less efficient machines [39] Market Data and Key Metrics Changes - The company reported an increase in average self-mining hashrate to 8.4 exahash from 7 exahash year-over-year, which partially offset revenue declines [38] - The global network hashrate increase and the April 2024 halving negatively impacted revenue and gross profit margins [10][41] Company Strategy and Development Direction - The company aims to build a fully vertically-integrated business, including developing its own power generation assets and mining hardware. A significant acquisition was made for a 19-acre site for a 101 megawatt gas-fired power plant in Alberta [12][13] - The strategy includes developing ASIC technology to differentiate from competitors and penetrate the $4 billion to $5 billion annual ASIC market [11][18] - The company plans to ramp up self-mining hashrate significantly by deploying new SEALMINER machines, targeting approximately 40 exahash by Q4 2025 [29][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting that 2025 is expected to be a pivotal year as strategic initiatives begin to yield results [35] - The company is closely monitoring the competitive landscape, particularly regarding U.S.-based miners facing delays due to trade tensions, but has not experienced direct impacts [58][60] Other Important Information - The company has secured over 2.6 gigawatts of power capacity, with plans to energize about 1 gigawatt in 2025, which will support both self-mining and potential HPC and AI data center operations [33] - The company has a strong cash position with $476.3 million in cash and cash equivalents, and plans to continue holding a portion of mined Bitcoin [50] Q&A Session Summary Question: What is the impact of U.S.-China trade tensions on ASIC demand? - Management noted that they are monitoring the situation but have not faced direct impacts. They remain hopeful for a resolution that would allow them to explore the U.S. market [58][60] Question: What is the manufacturing capacity for the next batch of A2s and A3 rigs? - Management expects capacity to increase as they continue to work with TSMC, but specific pre-announcements will not be made until allocations are confirmed [62] Question: How is revenue recognized for ASIC sales? - Revenue is recognized upon delivery of the ASICs, with down payments held on the balance sheet until full delivery [65] Question: What is the CapEx outlook for 2025? - CapEx for 2025 is anticipated to be between $340 million to $370 million, primarily for Bitcoin mining infrastructure [53][70] Question: How does the company view partnerships for HPC development? - The company is open to strategic partnerships that add value, particularly for HPC opportunities [132]

分组1 - Bitdeer Technologies Group (BTDR) reported a quarterly loss of $3.22 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.23, marking an earnings surprise of -1,300% [1] - The company posted revenues of $69.02 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.71%, and down from $114.85 million year-over-year [2] - Bitdeer Technologies Group shares have declined approximately 39.6% since the beginning of the year, contrasting with the S&P 500's gain of 1.7% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.18 on revenues of $80.89 million, while for the current fiscal year, it is $0.09 on revenues of $668.96 million [7] - The Zacks Industry Rank places Technology Services in the top 31% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Revenue Performance - Total revenue for Q4 2024 was US$69.0 million, a decrease of 39.9% compared to US$114.8 million in Q4 2023[15] - Self-mining revenue decreased to US$41.5 million from US$46.9 million, impacted by the April 2024 halving and a higher global network hashrate[15] - Proceeds from the disposal of cryptocurrencies amounted to $38.8 million in Q4 2024, down from $97.1 million in Q4 2023, reflecting a 60% decrease[35] Profitability and Loss - Net loss for Q4 2024 was US$531.9 million, significantly higher than a net loss of US$5.0 million in Q4 2023[18] - Adjusted loss was US$36.9 million compared to an adjusted profit of US$4.5 million in the prior year, primarily due to revenue decline and higher operating expenses[19] - The company incurred a loss of $531.9 million for Q4 2024, compared to a loss of $5.0 million in Q4 2023, indicating a significant deterioration in profitability[39] - The adjusted profit/loss for the year ended December 31, 2024, was a loss of $49.3 million, compared to a profit of $18.7 million for the year ended December 31, 2023[39] Operating Expenses - Gross profit fell to US$5.1 million, down from US$27.0 million, resulting in a gross margin of 7.4% compared to 23.5% in the previous year[15] - Research and development expenses surged to US$22.9 million from US$8.3 million, reflecting increased costs related to ASIC development[22] - Cash used in operating activities for Q4 2024 was $321.6 million, significantly higher than $77.0 million in Q4 2023, indicating a 319% increase[35] - Net cash used in operating activities was US$325.1 million, driven by electricity costs and payments to TSMC[23] - The company reported interest paid on borrowings of $2.2 million in Q4 2024, compared to $0.9 million in Q4 2023, indicating a 136% increase in financing costs[35] Capital Expenditures and Assets - The company spent $42.6 million on property, plant, and equipment in Q4 2024, up from $25.3 million in Q4 2023, representing a 68% increase in capital expenditures[35] - Total assets increased to US$1.56 billion as of December 31, 2024, up from US$639.4 million a year earlier[33] - Derivative liabilities reached US$763.9 million, primarily due to the issuance of warrants to Tether and convertible senior notes[32] Liquidity and Financing - The company reported a net cash increase of $187.8 million in Q4 2024, up from $10.3 million in Q4 2023, showing improved liquidity[35] - Total cash and cash equivalents at the end of Q4 2024 reached $476.3 million, compared to $144.7 million at the end of Q4 2023, marking a 229% increase[35] - The company generated $522.8 million from financing activities in Q4 2024, a significant increase from $5.3 million in Q4 2023, highlighting strong capital raising efforts[35] Future Plans - The company plans to sell up to 4,000,000 ordinary shares starting in March 2025 under a 10b5-1 trading plan[25] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was a loss of $3.8 million, compared to a profit of $33.3 million in Q4 2023, reflecting a substantial decline in operational performance[39]

Core Insights - Bitdeer Technologies Group reported a significant decline in financial performance for Q4 2024 compared to Q4 2023, with total revenue dropping to $69.0 million from $114.8 million, and a net loss increasing to $531.9 million from $5.0 million [5][18][30]. Financial Highlights - Total revenue for Q4 2024 was $69.0 million, a decrease of 39.9% year-over-year [5][9]. - Cost of revenue decreased to $63.9 million from $87.8 million, primarily due to lower depreciation expenses and reduced power usage [5][13]. - Gross profit fell to $5.1 million, resulting in a gross margin of 7.4%, down from 23.5% [5][16]. - Adjusted EBITDA was negative $3.8 million compared to positive $33.3 million in the previous year [5][20]. - Cash and cash equivalents increased to $476.3 million as of December 31, 2024, up from $144.7 million [5][28]. Operational Summary - Total hash rate under management increased to 21.6 EH/s from 21.0 EH/s, with self-mining hash rate rising to 8.5 EH/s from 6.7 EH/s [4][6]. - The company plans to increase its self-mining capacity to approximately 40 EH/s by Q4 2025, including new SEALMINER ASICs [3][4]. - The global power capacity exceeded 2.6 GW, with over 1 GW scheduled to be energized in 2025 [3][4]. Business Strategy - The company is focusing on the development of proprietary ASIC technology, which is expected to enhance its competitive position and diversify revenue streams into the ASIC market [2][3]. - Bitdeer aims to establish long-term partnerships with datacenter developers to address the demand for reliable power in AI datacenters [3][4]. Revenue Breakdown - Self-mining revenue was $41.5 million, down from $46.9 million, influenced by the April 2024 halving and increased global network hashrate [15]. - Cloud Hash Rate revenue dropped to $2.3 million from $16.2 million due to the expiration of long-term contracts [15]. - General Hosting and Membership Hosting revenues also saw declines, attributed to customers scaling down operations post-halving [15]. Balance Sheet Overview - Total assets increased to $1.56 billion from $639.4 million, driven by higher cash reserves and inventories [28]. - Total liabilities rose to $1.28 billion, primarily due to derivative liabilities related to convertible notes and warrants [29].

Core Insights - Bitdeer Technologies Group reported a decrease in self-mined Bitcoin to 126 Bitcoins in January 2025, down from 145 in December 2024, attributed to temporary curtailments at the Bhutan site due to higher seasonal electricity prices [2][7] - The company is advancing its mining rig production, with SEALMINER A1 mass production on track and SEALMINER A2 production delayed by one month due to a recent earthquake in Taiwan [6][7] - Bitdeer has successfully acquired a 101 MW site and gas-fired power plant project in Alberta, aiming to establish a fully vertically-integrated Bitcoin mining operation [5][7] Operational Update - Self-mined Bitcoin decreased to 126 in January 2025 from 145 in December 2024 [2] - Total hash rate under management increased to 22.4 EH/s in January 2025 from 21.6 EH/s in December 2024 [7] - The number of mining machines under management rose to 179,000 in January 2025, up from 175,000 in December 2024 [7] Mining Rig Manufacturing and R&D - SEALMINER A1 production is on schedule with 3.7 EH/s planned, while SEALMINER A2 production is expected to reach 35 EH/s by October 2025, delayed by one month [6][7] - Initial tape-out sample wafers for SEAL03 are expected in Q1 2025, with SEAL04 R&D on track for Q3 2025 [6][7] Infrastructure Development - Rockdale, Texas, is undergoing a 100 MW hydro-cooling conversion, expected to be completed in phases during Q1 2025 [11] - The 500 MW construction in Jigmeling, Bhutan, is on track, with the primary substation expected to be completed by Q1 2025 [11] - The Alberta site, with a 101 MW gas-fired power plant, is planned for energization in Q4 2026 [11][14] Financial Update - The company executed a $17 million supply chain financing facility with a 10.2% interest rate, completed in January 2025 [11] - Bitcoin held by the company increased to 724 in January 2025 from 594 in December 2024 [7]