Bitdeer Technologies Group Reports Third Quarter 2024 Financial Results
SINGAPORE, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ:BTDR), a leader in blockchain and high-performance computing, has announced its unaudited financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 (USD millions) | Q3 2023 (USD millions) | Year-over-Year % Change |
|---|---|---|---|
| Total Revenue | 62.0 | 87.3 | -29.0% |
| Net Loss | 50.1 | 1.8 | >1000% |
| Adjusted EBITDA | -8.5 | 28.0 | -130.4% |
Bitdeer experienced a notable decrease in revenue and adjusted EBITDA year-over-year, with total revenue decreasing by 29%. The financial performance was influenced by the 2024 Bitcoin halving, increased global hash rates, and decreased hosting revenues, partially offset by higher Bitcoin prices.
Revenue Performance by Segment
| Segment | Q3 2024 (USD millions) | Q3 2023 (USD millions) | Year-over-Year % Change |
|---|---|---|---|
| Self-Mining Revenue | 31.5 | 30.1 | 4.7% |
| Cloud Hash Rate Revenue | 7.1 | 15.6 | -54.5% |
| General Hosting Revenue | 9.6 | 22.2 | -56.8% |
| Membership Hosting | 9.9 | 16.0 | -38.1% |
The self-mining revenue slightly improved due to a 27.9% increase in average self-mining hash rates. However, other segments saw significant declines due to the halving and the expiration of contracts. The alterations in revenue streams highlight the transitional challenges faced by the company.
Key Developments and Operational Highlights
- Progress in ASICs business with commercialization of SEALMINER rigs.
- Launch of SEALMINER A2 series with improved efficiency and performance.
- Successful utilization and expansion of NVIDIA DGX SuperPOD system for cloud HPC and AI applications.
- Expansion of infrastructure projects in Norway, Ohio, Texas, and Bhutan.
Comments from Management
Chief Business Officer Matt Kong underlined significant advancements with the SEALMINER mining rigs, projecting diversification in revenue streams and enhanced self-mining operations. Moreover, he underscored the expansion of high-performance computing capabilities, leveraging a substantial power capacity to meet increasing demand globally.
Stock Price Movement
Following the earnings release, Bitdeer's stock experienced a post-event increase of 3.26%.
In summary, Bitdeer Technologies Group's financials reflect significant strategic shifts amidst industry challenges, with management focused on infrastructure expansion and technological innovation to restore revenue growth.
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