Group 1 - Bitdeer Technologies Group (BTDR) reported a quarterly loss of $0.76 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.19, marking an earnings surprise of -300.00% [1] - The company posted revenues of $155.58 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 92.98%, compared to $99.23 million in the same quarter last year [2] - Bitdeer Technologies Group shares have declined approximately 38.2% since the beginning of the year, while the S&P 500 has gained 9.7% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $130.99 million, and for the current fiscal year, it is $1.35 on revenues of $454.58 million [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $155.6 million, up 122% sequentially from Q1 and up 57% year over year [8][20] - Gross profit was $12.8 million, with an adjusted EBITDA of $17.3 million, showing significant improvement from Q1 [8][27] - Self mining revenue reached $59.3 million, a 42.5% increase year over year and a 59.4% increase sequentially [21] - Total operating expenses were $42.3 million, up from $26.1 million in Q2 2024, primarily due to R&D costs [25] Business Line Data and Key Metrics Changes - Self mining hash rate increased by 103.3% year over year and 45.5% sequentially, contributing to revenue growth [21] - Sales revenue from SealMiner ASICs was $69.5 million, compared to $0 in Q2 2024 [21] - Cloud Hash Rate revenue declined to $0, down from $12.2 million in Q2 2024, due to the expiration of long-term contracts [22] Market Data and Key Metrics Changes - The average operating hash rate increased by 46% to 14.2 exahash in Q2 from 9.7 exahash in Q1 [8] - The self mining hash rate further grew to 22.3 exahash as of July 2025, representing a 162% increase from the beginning of the year [9] Company Strategy and Development Direction - The company is focused on a vertically integrated and technology-driven growth strategy, investing in chip design, supply chain, and manufacturing [9][10] - Plans to achieve a self mining hash rate of 40 exahash by October 2025, with expectations to exceed this target by year-end [10][18] - The company is also developing the CLO4 chip, targeting breakthrough efficiency for Bitcoin mining and other high-performance applications [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum and a solid foundation for growth [9][11] - The company anticipates record results on a run rate basis by the end of the year, setting a strong foundation for 2026 and beyond [11][19] - Management highlighted the importance of energy efficiency and performance leadership in the competitive landscape [11][12] Other Important Information - The company has energized 361 MW of data center capacity for self mining as of July 2025, with plans to increase total available power capacity to nearly 1.6 GW [15][16] - The company is in advanced negotiations for a development partner for its HPC AI initiative in Clarington, Ohio [17][18] Q&A Session Summary Question: What is the risk around construction at the Clarington site? - Management indicated that capital requirements would be minimal and provided through the partner, with construction loans on top [34] Question: How is the demand for ASIC production evolving? - Management noted increased demand due to rising hash prices and Bitcoin prices, contributing to a stronger market [36] Question: What is the current status of the HPC initiative? - The focus is on a build-to-suit approach, with flexibility depending on the final customer for the site [41] Question: What is the balance between self mining and external sales for SealMiners? - The company prioritizes internal use for self mining due to high margins, with a gradual transition to external sales as internal capacity fills up [52] Question: What is the outlook for ASIC prices based on current market dynamics? - Management stated that pricing for the A3 chip will be competitive, with significant efficiency advantages [48] Question: What is the customer composition for SealMiner sales? - The sales have been a mix of both public and private miners, with a focus on distributing units for market feedback [109]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $155.6 million, up 122% sequentially from Q1 and up 57% year over year [6][18] - Gross profit was $12.8 million, with adjusted EBITDA at $17.3 million, showing significant improvement from Q1 [6][24] - Self mining revenue reached $59.3 million, a 42.5% increase year over year and a 59.4% increase sequentially [19] - Adjusted profit was negative $24.4 million, compared to positive $3.2 million in Q2 2024 [24] Business Line Data and Key Metrics Changes - Self mining hash rate increased by 103.3% year over year and 45.5% sequentially, contributing to revenue growth [19] - SealMiner sales revenue was $69.5 million, compared to $0 in Q2 2024 and $4.1 million in Q1 2025 [19] - Cloud Hash Rate revenue declined to $0 from $12.2 million in Q2 2024 due to the expiration of long-term contracts [20] Market Data and Key Metrics Changes - The average operating hash rate increased by 46% to 14.2 exahash in Q2 from 9.7 exahash in Q1 [6] - As of July 2025, self mining hash rate further grew to 22.3 exahash, representing a 162% increase from the beginning of the year [7] Company Strategy and Development Direction - The company is focused on a vertically integrated and technology-driven growth strategy, investing in chip design, supply chain, and manufacturing [7][10] - Plans to achieve a self mining hash rate of 40 exahash by October 2025, with expectations to exceed this target by year-end [9][16] - The company is developing the CLO4 chip with two independent designs to ensure success and improve energy efficiency [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum and a positive outlook for the remainder of 2025 and beyond [7][17] - The company anticipates record results on a run rate basis by the end of the year, setting a strong foundation for 2026 [10][17] Other Important Information - The company has energized 361 MW of data center capacity for self mining, with plans to increase total available power capacity to nearly 1.6 GW [14][15] - The company ended the quarter with $299.8 million in cash and cash equivalents, indicating a strong financial position [27][28] Q&A Session Summary Question: What is the risk around construction at the Clarington site? - Management indicated that capital requirements would be minimal and provided through a partner, with construction loans on top [33] Question: How is the pricing for SealMiner sales? - Pricing remained consistent with the previous quarter, with increased demand due to rising Bitcoin prices [35][85] Question: What is the current status of the HPC initiative in Clarington? - The focus is on a build-to-suit approach, with flexibility depending on the final customer [40] Question: What is the demand environment for ASICs? - Demand has remained strong, with no signs of decline, and the market has picked up significantly [71] Question: How will the company balance self mining versus external sales of SealMiners? - The company prioritizes internal use due to high margins but plans to transition to external sales as internal capacity fills up [51]

Financial Performance - Q2 2025 revenue reached $155.6 million[9], compared to $99.2 million[9] in Q2 2024, representing a significant increase - Adjusted EBITDA for Q2 2025 was $17.3 million[11], while Q2 2024 saw $23.5 million[11] - The company reported a net loss after tax of $147.7 million[12] for Q2 2025 - Cash and cash equivalents totaled $299.8 million[12], with crypto holdings of $169.3 million[12] Operational Highlights - SEALMINER A2 sales generated $69.5 million[12] in revenue - 21.2 EH/s of SEALMINER A2 mining rigs have been manufactured, with an additional 0.4 EH/s in final assembly as of the end of July 2025[13] - Self-mining hash rate increased from 11.5 EH/s in March 2025 to 16.5 EH/s in June 2025[15] - Hash rate of mining rigs sold increased ~17x, from 0.3 EH/s in Q1 2025 to 5.0 EH/s in Q2 2025[17] Future Growth & Capacity - The company has 1.3 GW of existing power capacity and a secured 2.7 GW pipeline[35] - Potential ASIC Revenue TAM is estimated at ~$21.25 billion[24] - Potential SEALMINER Revenue at 30% market share is estimated at ~$6.4 billion[26]

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]