BITDEER(BTDR) - 2025 Q3 - Quarterly Report

Financial Performance - Total revenue for Q3 2025 was $169.7 million, a significant increase from $62.0 million in Q3 2024, representing a year-over-year growth of 173.5%[11] - Self-mining revenue reached $130.9 million, up 415.5% from $31.5 million in the same quarter last year, driven by a 273.1% increase in average self-mining hashrate to 29.1 EH/s[11] - Adjusted EBITDA improved to $43.0 million compared to a negative $7.9 million in Q3 2024, reflecting a strong operational performance[19] - Gross profit was $40.8 million, up from $2.8 million, resulting in a gross margin of 24.1%, compared to 4.5% in the previous year[20] - Operating loss for Q3 2025 was $231.6 million, compared to a loss of $53.6 million in Q3 2024[31] - Total comprehensive loss for Q3 2025 was $266.7 million, compared to a loss of $50.1 million in Q3 2024[31] - Basic loss per share for Q3 2025 was $1.28, compared to $0.35 in Q3 2024[31] Cash Flow and Liquidity - Cash and cash equivalents decreased to $196.3 million from $291.3 million year-over-year, indicating a cash outflow primarily from operating activities[27][28] - Cash used in operating activities for Q3 2025 was $511.2 million, up from $90.2 million in Q3 2024[32] - Net cash generated from financing activities in Q3 2025 was $388.2 million, compared to $168.1 million in Q3 2024[32] - The company reported a total cash and cash equivalents of $196.3 million at the end of Q3 2025[32] Research and Development - Research and development expenses increased by 57.4% year-over-year to $39.1 million, driven by costs associated with the SEAL04 chip development[20] - Research and development expenses for Q3 2025 were $39.1 million, up from $24.8 million in Q3 2024[31] Inventory and Assets - The company reported $231.5 million in inventories, up from $64.9 million, reflecting increased production of SEALMINERs[28] - Total assets as of September 30, 2025, were $2.437 billion, compared to $1.558 billion at the end of 2024, indicating significant growth in the company's asset base[29] Capital Expenditures - Capital expenditures for 2025 are projected to be between $210 million and $240 million, focusing on global power and data center infrastructure[22]