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Jun 30, 2025
Bitdeer Q2 2025 Earnings Report
Bitdeer posted strong revenue growth in Q2 2025, driven by SEALMINER sales and self-mining, despite reporting a substantial net loss due to derivative-related charges.
Key Takeaways
Bitdeer generated $155.6M in revenue during Q2 2025, boosted by self-mining and the external sale of SEALMINER units. The company incurred a net loss of $147.7M, primarily due to non-cash charges. Adjusted EBITDA was $17.3M, and the company ended the quarter with nearly $300M in cash.
Revenue grew to $155.6M, up 56.8% YoY and 121.9% sequentially.
Net loss widened to $147.7M, primarily due to fair value changes in derivative liabilities.
Adjusted EBITDA reached $17.3M, indicating core operational profitability.
SEALMINER sales accounted for $69.5M, supporting top-line performance.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Bitdeer expects to exceed its 40 EH/s self-mining target by year-end, supported by SEALMINER innovation and expanding global infrastructure.
Positive Outlook
- On track to exceed 40 EH/s of self-mining capacity by year-end.
- SEALMINER A2 sales brought in $69.5M revenue in Q2.
- 361 MW energized YTD, targeting over 1.6 GW by year-end.
- Advanced R&D on SEALMINER A4 with targeted 5 J/TH efficiency.
- Entered advanced negotiations for HPC/AI expansion in Ohio.
Challenges Ahead
- Net loss of $147.7M driven by non-cash derivative losses.
- Gross margin dropped from 24.6% to 8.2% YoY.
- R&D expenses surged 155.7% to $20.6M.
- Cloud Hash Rate revenue fell to zero.
- Cash flow from operations was negative $334.9M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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