BITDEER(US:BTDR)2025-08-18 13:00Financial 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]