Core Insights - Bitdeer Technologies Group reported a significant increase in Q2 2025 revenue, reaching $155.6 million, which is up 56.8% year-over-year and 121.9% sequentially, driven by growth in self-mining and external sales of SEALMINER A2s [2][3][12] Financial Performance - Total revenue for Q2 2025 was $155.6 million compared to $99.2 million in Q2 2024 [5][10] - Self-mining revenue increased to $59.3 million from $41.6 million, attributed to a 103.3% rise in average self-mining hashrate to 14.2 EH/s [12] - Cloud Hash Rate revenue dropped to $0.0 million from $12.2 million due to the expiration of long-term contracts [12] - General Hosting revenue decreased to $9.3 million from $20.6 million, and Membership Hosting revenue fell to $14.6 million from $22.1 million, both impacted by reduced mining economics post-April 2024 halving [12] - SEALMINER sales generated $69.5 million in revenue [12] Cost and Profitability - Cost of revenue rose to $142.8 million from $74.8 million, primarily due to increased costs associated with SEALMINER sales and higher employee expenses [13] - Gross profit was $12.8 million, down from $24.4 million, resulting in a gross margin of 8.2% compared to 24.6% [20] - Net loss for the quarter was $147.7 million, compared to a loss of $17.7 million in the previous year [16] Operational Highlights - The company is on track to achieve a self-mining hashrate of 40 EH/s by the end of October 2025, with expectations to exceed this target by year-end [3][12] - Year-to-date, Bitdeer has energized 361 MW of datacenter capacity for self-mining, with a total electrical capacity expected to reach over 1.6 GW by year-end [3][12] Research and Development - R&D efforts are focused on the SEALMINER A4 project, targeting a chip efficiency of approximately 5 J/TH [3] - The company has made significant progress in customized silicon software development and expanded its U.S. engineering team to support the SEAL04 chip [3] Cash and Liquidity - As of June 30, 2025, Bitdeer had $299.8 million in cash and cash equivalents and $169.3 million in cryptocurrencies [5][28] - The company reported net cash used in operating activities of $334.9 million, primarily due to payments for SEALMINER wafers and electricity costs [21]

Group 1 - Bitdeer Technologies Group (BTDR) is set to release its Q2 earnings results on August 18, with analysts predicting a loss of 9 cents per share compared to a profit of 4 cents per share a year ago [1] - The company is expected to report quarterly revenue of $109.2 million, an increase from $99.23 million in the same quarter last year [1] - In July, Bitdeer mined 282 Bitcoins [1] Group 2 - Bitdeer Technologies shares experienced a decline of 1.4%, closing at $13.78 [2] - Analysts have provided various ratings and price targets for BTDR, with B. Riley Securities maintaining a Buy rating and lowering the price target from $18 to $17 [8] - Cantor Fitzgerald raised its price target for BTDR from $21 to $23 while maintaining an Overweight rating [8] - Other analysts, including Rosenblatt and Needham, have also maintained Buy ratings with price targets of $20 and $17 respectively [8]

Core Viewpoint - Bitdeer Technologies Group has reported significant operational updates for July 2025, highlighting a 35% increase in self-mining hashrate and advancements in infrastructure and technology development [1][5][7]. Operational Update - The self-mining hashrate increased to 22.3 EH/s, with a target of reaching 40 EH/s by the end of October 2025 [1][5]. - A total of 159 MW has been energized in Bhutan and Norway, and the hydro-cooling conversion in Rockdale, Texas has been completed [1][7]. Self-Mining Performance - The company mined 282 Bitcoins in July 2025, representing a ~39% increase from June 2025 due to higher average self-mining hashrate [6]. - The total hash rate under management rose to 36.4 EH/s, up from 30.6 EH/s in June 2025 [8]. Mining Rig Manufacturing and R&D - SEALMINER A1 has been energized to 4.1 EH/s, while SEALMINER A2 has a total of 21.2 EH/s manufactured, with 0.4 EH/s in final assembly [6]. - The company is preparing for mass production and commercial launch of SEALMINER A3, with R&D efforts now focused on the next-generation SEAL04 architecture targeting 5 J/TH efficiency [5][6]. Infrastructure Development - The total available electrical capacity globally has reached 1,257 MW, with ongoing projects in various locations including Rockdale, Texas, Tydal, Norway, and Jigmeling, Bhutan [7][10]. - The construction of a 221 MW site in Massillon, Ohio is underway, with an adjusted energization timeline to the end of Q1 2026 [13]. Future Plans - The company is in advanced negotiations for a development partner regarding its Clarington, Ohio site, and is evaluating further deployment of GPU cloud services [6][7]. - Upcoming projects include a 50 MW Bitcoin mining project in Ethiopia expected to be energized in Q4 2025 [15].

Company Overview - Bitdeer Technologies Group (BTDR) is expected to report a quarterly loss of $0.19 per share, reflecting a year-over-year decline of 733.3% [3] - Revenues are anticipated to be $80.62 million, down 18.8% from the same quarter last year [3] Earnings Estimates and Revisions - The consensus EPS estimate has been revised 25.58% lower in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for Bitdeer is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +3.51% [12] Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 3 [10][12] - Bitdeer has a Zacks Rank of 3, indicating a potential to exceed the consensus EPS estimate [12] Historical Performance - In the last reported quarter, Bitdeer was expected to post a loss of $0.48 per share but actually reported a loss of -$0.37, achieving a surprise of +22.92% [13] - Over the past four quarters, Bitdeer has only beaten consensus EPS estimates once [14] Industry Context - In the Zacks Technology Services industry, Amprius Technologies (AMPX) is expected to report a loss of $0.08 per share, which represents a year-over-year change of +38.5% [18] - Amprius's revenue is projected to be $12.92 million, up 285.7% from the previous year, with a positive Earnings ESP of +4% [19][20]

Core Viewpoint - Bitdeer Technologies Group, a leading Bitcoin mining technology company, is set to announce its second quarter 2025 earnings on August 18, 2025, at 8:00 AM EST, with a focus on its financial and operational results for the quarter ending June 30, 2025 [1]. Company Information - Bitdeer is headquartered in Singapore and specializes in providing comprehensive Bitcoin mining solutions, including equipment procurement, logistics, datacenter design, and daily operations [5]. - The company has established datacenters in the United States, Norway, and Bhutan, and also offers advanced cloud capabilities for customers with high artificial intelligence demands [5]. - Bitdeer encourages investors to stay updated through its website and social media platforms for material announcements [6]. Conference Call Details - The earnings results will be released before the conference call at approximately 7:00 AM EST on August 18, 2025 [2]. - Participants can join the call by registering through a provided link, receiving necessary access details via email [3]. - A live and archived webcast of the conference call will be available on Bitdeer's Investor Relations website [4].

Core Insights - Bitdeer Technologies Group has joined the Russell 2000® and 3000® Indexes as of June 30, 2025, marking a significant milestone for the company [1][5] - The company has increased its self-mining hashrate by 21% to 16.5 EH/s and aims to reach 40 EH/s by the end of October 2025 [1][3] - The SEALMINER A3 series is nearing mass production, with all machine level testing results meeting expectations [1][3] Operational Update - Self-mined Bitcoin increased to 203 Bitcoins in June 2025, a rise of approximately 4% from May 2025 [4] - Total hash rate under management reached 30.6 EH/s in June 2025, up from 27.4 EH/s in May 2025 [5] - The company has manufactured a total of 14.9 EH/s in mining rigs, with 5.3 EH/s shipped to external customers [4] Mining Rig Manufacturing and R&D - SEALMINER A1 has 3.9 EH/s energized, while SEALMINER A2 has 14.9 EH/s manufactured and 1.1 EH/s in final assembly [4] - SEALMINER A4 is on track to achieve an expected chip efficiency of approximately 5 J/TH [4] Infrastructure Update - Total electrical capacity across various sites is 1,098 MW, with several sites in progress and expected to be fully energized by Q3 2025 [7][9] - The company has ongoing discussions for HPC/AI projects with multiple development partners in the U.S. [4] Financial Update - Bitdeer successfully closed a total of US$375.0 million principal amount of 4.875% Convertible Senior Notes due 2031 through an oversubscribed private placement offering [4] - Bitcoin held by the company increased to 1,502 Bitcoins as of June 2025, compared to 1,351 in May 2025 [5]

Core Insights - Bitdeer AI has been awarded the MLOps Innovation Award by AI Breakthrough for its effective machine learning operations platform [1][2] - The platform enhances AI and ML training job management, enabling faster deployment and collaboration across various business sizes [2][3] Company Overview - Bitdeer AI is part of Bitdeer Technologies Group and focuses on providing AI and ML GPU cloud solutions [6][7] - The company offers a serverless GPU infrastructure, preconfigured MLOps pipelines, and integrated monitoring dashboards to streamline AI model development [3][4] Technology and Features - The platform supports high-performance GPUs, including NVIDIA H100, H200, and upcoming models, facilitating efficient scaling and reduced time to production [4] - Bitdeer AI's architecture allows organizations to experiment with large-scale models and manage version control without extensive DevOps resources [3][4] Future Plans - Bitdeer AI aims to evolve its platform into a next-generation cloud service that combines AI-driven automation with adaptive infrastructure [5] - The company is focused on lowering barriers for organizations to deploy AI solutions while ensuring robust security and compliance [5]

Financial Performance - Total revenue in Q1'25 was $70.1 million[9], a decrease compared to $119.5 million in Q1'24[9] - The company experienced a gross loss of $3.2 million in Q1'25[11] - Adjusted EBITDA showed a loss of $56.1 million in Q1'25[10] - Net income after tax was $409.5 million in Q1'25[11] - The company holds $215.6 million in cash and cash equivalents and $131.1 million in crypto holdings[11] Operational Highlights - Energized hashrate reached 3.7 EH/s, with the remaining 0.1 EH/s expected to be energized in Q2 2025[12] - Mass production of SEALMINER A2s reached 3.3 EH/s manufactured, with 1.2 EH/s being assembled as of April[12] - Approximately 1.3 EH/s of miners have been shipped to customers[12] - 0.5 EH/s have been deployed and energized at Bitdeer sites[12] ASIC Market Opportunity - Potential ASIC Revenue TAM could reach approximately $21.25 billion[15] - Potential SEALMINER revenue at a 30% market share is estimated at around $6.4 billion[17]

Core Viewpoint - Bitdeer Technologies Group has announced the pricing of US$330 million principal amount of 4.875% Convertible Senior Notes due 2031, increasing from a previously announced US$300 million offering, with the sale expected to close on June 23, 2025 [1][2]. Group 1: Offering Details - The notes will bear interest at a rate of 4.875% per year, payable semiannually starting January 1, 2026, and will mature on July 1, 2031 [2]. - The initial conversion rate is set at 62.9921 Class A ordinary shares per US$1,000 principal amount, equating to an initial conversion price of approximately US$15.88 per share, representing a 25% premium over the last reported sale price on June 17, 2025 [2]. Group 2: Redemption and Repurchase Conditions - The company may redeem the notes for cash starting July 6, 2028, if certain conditions regarding the stock price and liquidity are met, at a redemption price equal to 100% of the principal amount plus accrued interest [3]. - The company can also redeem all but not part of the notes if less than US$25 million remains outstanding, or in the event of certain tax law changes [4]. Group 3: Use of Proceeds - The estimated net proceeds from the offering are approximately US$319.6 million, intended for various purposes including datacenter expansion, ASIC-based mining rig development, and working capital [7]. - If the initial purchasers exercise their option to purchase additional notes, the proceeds will similarly be allocated for datacenter expansion and other corporate purposes [7]. Group 4: Zero-Strike Call Option Transaction - The company has entered into a zero-strike call option transaction, paying a premium of approximately US$129.6 million for the right to receive about 10.2 million Class A ordinary shares [8]. - This transaction is designed to facilitate derivative transactions related to the Class A ordinary shares, potentially impacting their market price [8][9]. Group 5: Concurrent Note Exchange Transaction - Concurrently with the offering, the company has engaged in transactions to exchange approximately US$36.1 million in cash and about 8.1 million Class A ordinary shares for US$75.7 million of its existing convertible senior notes due 2029 [11]. - This exchange is not contingent upon the offering of the new notes [11].

Core Viewpoint - Bitdeer Technologies Group plans to offer $300 million in Convertible Senior Notes due 2031, with an option for an additional $45 million, to qualified institutional buyers, subject to market conditions [1][2] Group 1: Offering Details - The notes will be general senior unsecured obligations of the Company, accruing interest payable semiannually [2] - Upon conversion, the Company will have the option to pay in cash, Class A ordinary shares, or a combination of both [2] - The interest rate and other terms will be determined at the time of pricing [2] Group 2: Use of Proceeds - Proceeds will be used for zero-strike call option transaction costs, cash consideration for concurrent note exchange transactions, datacenter expansion, ASIC mining rig development, and general corporate purposes [3] - If the additional notes are purchased, proceeds will similarly be allocated for datacenter expansion and other corporate purposes [3] Group 3: Zero-Strike Call Option Transaction - The Company plans to enter a zero-strike call option transaction with an initial purchaser, allowing it to receive a specified number of Class A ordinary shares at expiration [4] - This transaction aims to facilitate derivative transactions for investors, potentially impacting the market price of Class A ordinary shares and the notes [4][5] Group 4: Concurrent Note Exchange Transaction - The Company expects to negotiate privately to exchange certain August 2029 notes for cash and Class A ordinary shares [7] - The terms of these exchanges will vary and are not guaranteed [7] - Hedged holders of the August 2029 notes may unwind hedge positions, which could significantly affect the market price of Class A ordinary shares [8] Group 5: Company Overview - Bitdeer is a leading technology company in Bitcoin mining, providing comprehensive solutions including equipment procurement, datacenter design, and operations [11] - The Company is headquartered in Singapore and has datacenters in the United States, Norway, and Bhutan [11]