SEALMINER A2

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Bitdeer Announces August 2025 Production and Operations Update
Globenewswire· 2025-09-12 12:00
Core Viewpoint - Bitdeer Technologies Group has reported significant operational updates for August 2025, highlighting a 35% increase in self-mining hashrate to 30.0 EH/s and a target of reaching 40 EH/s by the end of October 2025 [1][4]. Operational Update - The company mined 375 Bitcoins in August 2025, representing a ~33% increase from July 2025 due to higher average self-mining hashrate [4]. - The total hash rate under management increased to 44.2 EH/s in August 2025, up from 36.4 EH/s in July 2025 and 16.8 EH/s in August 2024 [5]. - The self-owned mining rigs increased to 143,000, up from 127,000 in July 2025 and 87,000 in August 2024 [5]. Mining Rig Manufacturing and R&D - A total of 27.8 EH/s in mining rigs have been manufactured, with 6.0 EH/s shipped to external customers [4]. - The SEALMINER A1 has been energized to 4.1 EH/s, while 1.2 EH/s of additional rigs are in final assembly [4]. - The company is preparing for mass production of new mining rigs, expected to begin in late September or early October 2025 [4]. Infrastructure Construction Update - Total electrical capacity across various sites reached 1,424.55 MW, with several sites fully online [8][9]. - New projects are in progress, including a 221 MW site in Massillon, Ohio, expected to be energized by Q1 2026, and a 570 MW site in Clarington, Ohio, expected to be completed by Q2 2027 [10][11]. HPC/AI Developments - Bitdeer.AI achieved an annualized run-rate revenue of US$8 million in August 2025 from GPU cloud services, with growth anticipated in Q4 2025 [4]. - The company is actively developing AI technologies to enhance its cloud services and is investigating modular data centers for deployment [4].
BITDEER(BTDR) - 2025 Q2 - Earnings Call Presentation
2025-08-18 12:00
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]
Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2025
Globenewswire· 2025-08-18 11:15
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]
Bitdeer Announces July 2025 Production and Operations Update
Globenewswire· 2025-08-13 12:00
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].
Bitdeer Announces June 2025 Production and Operations Update
Globenewswire· 2025-07-09 11:30
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]
BITDEER(BTDR) - 2025 Q1 - Earnings Call Presentation
2025-06-23 12:43
Financial Performance - Total revenue in Q1'25 was $70.1 million[9], a decrease compared to $119.5 million in Q1'24[9] - The company experienced a gross loss of $3.2 million in Q1'25[11] - Adjusted EBITDA showed a loss of $56.1 million in Q1'25[10] - Net income after tax was $409.5 million in Q1'25[11] - The company holds $215.6 million in cash and cash equivalents and $131.1 million in crypto holdings[11] Operational Highlights - Energized hashrate reached 3.7 EH/s, with the remaining 0.1 EH/s expected to be energized in Q2 2025[12] - Mass production of SEALMINER A2s reached 3.3 EH/s manufactured, with 1.2 EH/s being assembled as of April[12] - Approximately 1.3 EH/s of miners have been shipped to customers[12] - 0.5 EH/s have been deployed and energized at Bitdeer sites[12] ASIC Market Opportunity - Potential ASIC Revenue TAM could reach approximately $21.25 billion[15] - Potential SEALMINER revenue at a 30% market share is estimated at around $6.4 billion[17]
Bitdeer Announces May 2025 Production and Operations Update
Globenewswire· 2025-06-11 11:30
Core Insights - Bitdeer Technologies Group reported an increase in self-mining hashrate to 13.6 EH/s as of May 2025, with plans to exceed 40 EH/s by October 2025 [5][7] - The company sold and shipped 1.6 EH/s of SEALMINER A2s to external customers in May 2025 [5][7] - Self-mined Bitcoin production reached 196 Bitcoins in May 2025, marking an 18.1% increase from April 2025 [7] Operational Update - The deployment of SEALMINER mining rigs is ongoing in Texas, Norway, and Bhutan, contributing to the self-mining hashrate [5] - The SEALMINER A3 series is expected to be available for pre-order in June 2025 [7] - Client-hosted mining rigs increased by 5,000 units or 1.0 EH/s in May 2025 due to existing customers expanding their hosted mining rigs [7] Production and R&D - A total of 9.0 EH/s mining rigs have been manufactured, with 1.5 EH/s in final assembly as of the end of May 2025 [7] - The company is on track to achieve a chip efficiency of approximately 5 J/TH with the SEAL04 R&D project expected to tape-out in Q4 2025 [3] Financial Update - Tether exercised warrants in May 2025, resulting in the issuance of 5,186,627 ordinary shares and generating US$50 million in cash [7] - The total hash rate under management increased to 27.4 EH/s in May 2025, up from 25.1 EH/s in April 2025 [8] Infrastructure Development - Electrical equipment installation and hydro cooling systems in Tydal, Norway, are expected to be completed by the end of June 2025 [7][16] - Construction in Massillon, Ohio, is ongoing and expected to be completed in phases from Q3 to Q4 2025 [7][16] - The company has acquired a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million, with expected energization in Q4 2025 [14][17]
Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025
Globenewswire· 2025-05-15 11:00
Core Viewpoint - Bitdeer Technologies Group reported a significant decline in revenue and gross profit for Q1 2025 compared to Q1 2024, while achieving a net income of $409.5 million primarily due to non-cash gains from derivative liabilities [4][16]. Financial Highlights - Total revenue for Q1 2025 was $70.1 million, down from $119.5 million in Q1 2024 [4][12]. - Cost of revenue decreased to $73.4 million from $85.4 million, leading to a gross loss of $3.2 million compared to a gross profit of $34.1 million in the previous year [4][10]. - Self-mining revenue was $37.2 million, down from $48.4 million, attributed to the April 2024 halving and increased global network hashrate [12]. - Adjusted EBITDA was negative $56.1 million, a decline from positive $27.3 million in Q1 2024 [4][18]. Operational Summary - The total hash rate under management increased to 24.2 EH/s from 22.5 EH/s year-over-year, with self-mining hash rate rising to 11.5 EH/s from 6.7 EH/s [2]. - The company aims to reach a self-mining hashrate of 40 EH/s by October 2025 [2]. - Bitcoin mined through self-mining was 350 BTC, down from 911 BTC in Q1 2024 [4]. Power Infrastructure - As of April 30, 2025, Bitdeer has a total electrical capacity of 1,098 MW, with plans to reach nearly 1.6 GW by the end of Q2 2025 [5]. - The company is engaged in developing HPC/AI data center strategies, with discussions ongoing for large-scale sites in the U.S. [2]. Balance Sheet and Cash Flow - Cash and cash equivalents stood at $215.6 million as of March 31, 2025, down from $476.3 million at the end of 2024 [4][21]. - The company reported net cash used in operating activities of $284.0 million, primarily due to working capital payments for SEALMINER production [21]. - Total assets increased to $1.6 billion, with total liabilities at $804.0 million [28]. Research and Development - R&D expenses surged to $59.0 million from $21.2 million, driven by costs related to the SEAL03 chip development and higher engineering costs [14]. Market Position - Bitdeer is positioned as a leading supplier of energy-efficient mining rigs, with ongoing efforts to enhance chip efficiency through the SEALMINER A4 project [2].
BITDEER(BTDR) - 2024 Q4 - Earnings Call Transcript
2025-02-26 01:37
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]