BITDEER(US:BTDR)2025-11-10 14:02Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.7 million, up 173.6% year-over-year and up 9.1% sequentially [4][17] - Gross profit was $40.8 million, with a gross margin of 24.1%, compared to 4.5% in Q3 2024 and 8.2% in Q2 2025 [17][18] - Adjusted EBITDA increased to $43 million, a significant improvement from negative $7.9 million in Q3 2024 [20] - Net loss for the quarter was $266.7 million, compared to $50.1 million in Q3 2024 [19][23] Business Line Data and Key Metrics Changes - Self-mining revenue was $130.9 million, up 315.6% year-over-year, driven by a 273.1% increase in self-mining hash rate [17][20] - Seal Miner sales revenue was $11.4 million, compared to $0 in Q3 2024 [17] Market Data and Key Metrics Changes - The average operating self-mining hash rate increased to 29.1 EH/s, with a further increase to 41.2 EH/s by the end of October [5][6] - The company expects continued improvement in energy efficiency across its fleet, which will enhance margins and profitability [6] Company Strategy and Development Direction - Bitdeer is transitioning from a Bitcoin mining leader to a vertically integrated Bitcoin infrastructure and AI platform [4] - The company plans to focus on three strategic pillars: Bitcoin mining, ASIC development, and HPC AI [7] - A shift towards developing data centers internally rather than through joint ventures was announced, allowing for greater flexibility and control [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI compute and expects the supply-demand imbalance to persist into 2027 [12] - The company anticipates significant growth in its self-mining operations and AI cloud services, with a potential annualized revenue run rate exceeding $2 billion by the end of 2026 [12][20] Other Important Information - The company has fully energized its TDEL site in Norway and the 500 MW site in Jigmaling, Bhutan, increasing its total electrical capacity to approximately 1.6 GW [14] - A new 300 MW site in Niles, Ohio is on track for energization in Q1 2029 [15] Q&A Session Summary Question: Progression of HPC opportunity and expansion into the U.S. - Management confirmed simultaneous progress in Malaysia and the U.S. for AI cloud services [34] Question: Delay of the Seal 04 Miner chip - The delay is due to complexities in implementation and design changes, but confidence in the technology remains high [43][87] Question: Demand comparison between Norway and U.S. sites - Demand in Norway is driven by low power availability and the site's readiness for AI data center conversion, potentially higher than U.S. sites [51] Question: Financial options for HPC AI capacity development - Currently, there is no joint venture partner for HPC AI development, and the company is pursuing opportunities independently [60] Question: Customer base expectations for AI cloud revenue - The customer base is expected to be a mix of small to medium enterprises and larger customers, contributing to the projected revenue [74]