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Mar 31, 2024
Bitdeer Q1 2024 Earnings Report
Bitdeer reported unaudited financial results for the first quarter of 2024, showing significant revenue growth and a return to net income.
Key Takeaways
Bitdeer Technologies Group achieved a total revenue of $119.5 million in Q1 2024, a 64.6% increase year-over-year, and reported a net income of $0.6 million, a significant improvement from a net loss in the prior year. This growth was primarily driven by increased self-mining hash rate and Bitcoin production, alongside higher average Bitcoin prices.
Total revenue increased by 64.6% year-over-year to US$119.5 million.
The company returned to net income of US$0.6 million, compared to a net loss of US$9.5 million in Q1 2023.
Adjusted EBITDA grew to US$26.0 million from US$18.5 million in the prior year.
Self-mining business mined 911 Bitcoins, a 65.0% increase compared to Q1 2023.
Bitdeer
Bitdeer
Bitdeer Revenue by Segment
Revenue by Segment
Self-Mining Revenue
CapyFin.comCloud Hash Rate Revenue
CapyFin.comGeneral Hosting Revenue
CapyFin.comMembership Hosting Revenue
CapyFin.com Forward Guidance
Bitdeer anticipates continued growth and operational expansion, with trial production of SEALMINER A1 rigs starting in May 2024 and further development of next-generation mining rigs. The company is also expanding its AI cloud service and infrastructure, with new datacenters under construction and efforts to reduce energy costs.
Positive Outlook
- Strategic plan to expand hash rate by approximately 3.4 EH/s by year-end remains on course.
- Trial production of SEALMINER A1 rigs expected to start in May 2024.
- Designs for second-generation mining machines are advancing, with tape out potentially commencing in Q2 2024.
- Construction of Jigmeling datacenter in Bhutan started in Q1 2024.
- Expansion of mining facilities in Norway, United States, and Bhutan expected to be completed in 2025.
Challenges Ahead
- Incurred a US$14.1 million one-off incremental development expense related to the SEAL01 chip in Q1 2024.
- Cash and cash equivalents decreased to US$118.5 million from US$144.7 million as of December 31, 2023, due to active construction and wafer prepayments.
- No specific negative forward guidance was provided beyond the impact of current investments on cash flow.
Revenue & Expenses
Visualization of income flow from segment revenue to net income