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Jun 30, 2024
Bitdeer Q2 2024 Earnings Report
Bitdeer reported unaudited financial results for the second quarter of 2024, showcasing strong financial performance and strategic progress.
Key Takeaways
Bitdeer reported a total revenue of $99.2 million and a gross profit of $24.4 million for Q2 2024. The company achieved an adjusted EBITDA of $24.9 million, marking a 33.2% year-over-year increase. Despite significant growth in global network hashrate and the April 2024 halving, Bitdeer demonstrated the strength of its differentiated strategy and commitment to technology and innovation.
Total revenue for Q2 2024 was $99.2 million, an increase from $93.8 million in Q2 2023.
Gross profit reached $24.4 million, significantly up from $16.2 million in Q2 2023.
Adjusted EBITDA increased by 33.2% year-over-year to $24.9 million.
Net loss improved to $17.7 million from $40.4 million in Q2 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 is focused on expanding Bitcoin self-mining capacity, executing its SEALMINER technology roadmap, and monetizing its 2.5 GW power portfolio for HPC/AI, gearing up for the upcoming bull market.
Positive Outlook
- Plans to install 3.4 EH/s of SEALMINER A1 chips into datacenters by year-end.
- Second-generation SEAL02 chip initial tape-out wafer delivery from TSMC remains on track for late September, with mass production anticipated by year-end.
- Third-generation SEAL03 chip R&D has started.
- Deployment of NVIDIA DGX SuperPOD H100 system in Singapore achieved 100% utilization in July.
- Announced a 30-year lease agreement for 570 MW of power capacity in Ohio, increasing total global capacity to 2.5 GW.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Potential challenges from global network hashrate growth.
- Impact of future Bitcoin halving events on profitability.
- Market volatility for cryptocurrencies.
- Competition in the blockchain and high-performance computing sectors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income