BITDEER(BTDR) - 2024 Q4 - Annual Report

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]