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Sep 30, 2023
Bitdeer Q3 2023 Earnings Report
Bitdeer reported unaudited financial results for the third quarter of 2023, showing significant improvements in revenue and profitability compared to the previous year.
Key Takeaways
Bitdeer delivered a robust performance in Q3 2023, with total revenue increasing by 14% year-over-year to $87.3 million and adjusted EBITDA surging by 222% to $28.0 million. The company also significantly reduced its net loss from $22.1 million in Q3 2022 to $1.8 million in Q3 2023, driven by increased self-mining hash rate and Bitcoin production.
Total revenue increased by 14% year-over-year to $87.3 million.
Net loss significantly reduced to $1.8 million from $22.1 million in Q3 2022.
Adjusted EBITDA surged by 222% to $28.0 million.
Self-mining business mined 1,085 Bitcoins, a 121% year-over-year increase.
Revenue by Segment
Forward Guidance
Bitdeer anticipates continued growth and expansion, particularly in its AI Cloud services and mining infrastructure, while maintaining a focus on maximizing profitability and shareholder value.
Positive Outlook
- Expects to launch Bitdeer AI Cloud in Q1 2024, powered by NVIDIA DGX SuperPod with DGX H100 systems in Asia.
- Bhutan-based Gedu datacenter entered full operations, adding 100MW electrical capacity and 3.3EH/s proprietary hash rate.
- Making progress towards the construction of a 175MW immersion cooling datacenter at Tydal, Norway, anticipated for completion in 2025.
- Board approved an additional $2,000,000 share repurchase program in October, demonstrating confidence in long-term stability.
- Will continue to evaluate hash rate allocation across business lines to maximize profitability.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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