Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

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].