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Mar 31
Bitdeer Q1 2025 Earnings Report
Bitdeer reported Q1 2025 earnings with a significant jump in net income driven by derivative-related gains, despite core business losses.
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
Revenue by Segment
Self-Mining Revenue
CapyFin.comCloud Hash Rate Revenue
CapyFin.comGeneral Hosting Revenue
CapyFin.comMembership Hosting Revenue
CapyFin.com 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