Bitdeer Q1 2025 Earnings Report
Key Takeaways
Bitdeer posted a net income of $409.5M in Q1 2025, primarily due to a large non-cash gain from derivative liabilities. Core operations struggled post-Bitcoin halving, with lower revenue, a negative gross profit, and an adjusted EBITDA loss.
Total revenue dropped to $70.1M from $119.5M YoY.
Net income surged to $409.5M due to $503.1M gain from fair value changes in derivative liabilities.
Adjusted EBITDA was -$56.1M, reflecting pressure on operating profitability.
Self-mining revenue was the largest segment, but declined due to lower mined Bitcoin volume.
Bitdeer
Bitdeer
Bitdeer Revenue by Segment
Forward Guidance
Bitdeer expects aggressive expansion in hashrate and power infrastructure, with key initiatives focused on AI/HPC opportunities and the SEALMINER A4 chip launch.
Positive Outlook
- Targeting 40 EH/s self-mining hashrate by October 2025.
- SEALMINER A4 chip development on track with record 5 J/TH efficiency.
- Construction on 1.6 GW of global power infrastructure by Q2 2025.
- Engaged Northland Capital Markets for HPC/AI data center strategy.
- Capex guidance lowered due to paused projects, increasing capital efficiency.
Challenges Ahead
- Core business faces margin pressure post-Bitcoin halving.
- Adjusted EBITDA remains negative amid high R&D spend.
- Declines in hosting revenue from expired customer contracts.
- Sharp drop in Bitcoin mined YoY (350 vs. 911).
- Cloud Hash Rate segment effectively discontinued.
Revenue & Expenses
Visualization of income flow from segment revenue to net income