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]

Core Viewpoint - Bitdeer Technologies Group is set to announce its fourth quarter and full year 2024 earnings on February 25, 2025, at 8:00 AM EST, discussing preliminary and unaudited financial results [1][2]. Group 1: Earnings Call Details - The earnings release will be available before the call at approximately 7:00 AM EST on February 25, 2025 [2]. - Participants can join the conference 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 accessible on Bitdeer's Investor Relations website [4]. Group 2: Company Overview - Bitdeer is a leading technology company specializing in blockchain and high-performance computing, providing comprehensive computing solutions [5]. - The company manages complex computing processes, including equipment procurement, logistics, datacenter design, and operations, and offers advanced cloud capabilities for AI demands [5]. - Bitdeer is headquartered in Singapore and has deployed datacenters in the United States, Norway, and Bhutan [5].

Core Viewpoint - Bitdeer Technologies Group has successfully acquired a 101 MW gas-fired power project in Alberta for $21.7 million, aiming to become the world's first fully-vertically integrated Bitcoin miner at scale [1][3][5] Acquisition Details - The acquisition includes all necessary permits and licenses for the power plant and a 99 MW grid interconnection with Alberta Electric System Operator [2] - The site has the potential to scale to 1 GW of power, leveraging Alberta's energy resources and regulatory support [1][2] Strategic Benefits - The project allows Bitdeer to control costs, energy efficiency, and scalability, setting a new benchmark for industry unit economics [5] - The partnership with a leading Engineering, Procurement and Construction company will facilitate the development of the power plant, expected to be energized by Q4 2026 [2][6] Financial Overview - The total cash cost for the acquisition is $21.7 million, with additional estimated costs of approximately $90 million for the gas-fired power plant and around $30 million for electrical and datacenter infrastructure [7][8] - Projected energy production costs are estimated to be between $20 to $25 per MWh based on current gas prices [8] Sustainability and Innovation - The project will implement a carbon utilization system to capture CO2, aiming for net-zero carbon production and potential revenue from carbon credits [8] - Bitdeer plans to curtail and sell power back to the Alberta grid, optimizing costs during high demand periods [8] Future Plans - Site preparation and initial infrastructure development are set to begin in Q2 2025, with energization planned for Q4 2026 [6]

SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant ener ...

New York, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Bitdeer launches its new feature, "ReMine," which offers a transparent transfer market for Bitdeer mining machine buyers and sellers. "ReMine" uses a peer-to-peer model crafted to meet users' needs for purchasing and transferring mining machines and related rights and benefits provided by Bitdeer. It enables flexible transfer of SEALMINER orders, SEALMINER priority purchase rights, and relevant rights and benefits. ReMine aims to provide users with a quick and has ...