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Sep 30, 2024
Bitdeer Q3 2024 Earnings Report
Bitdeer reported unaudited financial results for the third quarter of 2024.
Key Takeaways
Bitdeer's Q3 2024 performance saw a significant decrease in total revenue and a net loss, primarily due to the impact of the 2024 halving, increased global hash rate, and higher R&D costs. Despite these challenges, the company made substantial progress in commercializing its SEALMINER mining rigs and expanding its infrastructure.
Total revenue decreased to $62.0 million from $87.3 million in Q3 2023.
The company reported a net loss of $50.1 million, a significant increase from a net loss of $1.8 million in Q3 2023.
Adjusted EBITDA was negative $8.5 million, down from $28.0 million in Q3 2023.
Cash and cash equivalents stood at $291.3 million as of September 30, 2024, indicating a strong financial position.
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 advancing its technological and strategic initiatives, including the commercialization of SEALMINER mining rigs and expansion of its global infrastructure, with significant power capacity expected to come online in the coming year.
Positive Outlook
- First sample batch of SEALMINER A1 successfully energized, with 3.7 EH/s expected to be installed by Q1 2025.
- Second generation SEALMINER A2 mining machine series launched, with mass production commenced and 18 EH/s expected for self-mining and external sales.
- NVIDIA DGX SuperPOD system in Singapore achieved approximately 98% utilization in September.
- Feasibility assessment confirmed suitability of U.S. sites for Tier 3 HPC and AI datacenters with abundant power and low-latency fiber.
- Global infrastructure expansion continues with 1.1 GW of new power capacity expected online in Norway, Ohio, Texas, and Bhutan in the coming year.
Challenges Ahead
- The 2024 halving negatively impacted revenue and adjusted EBITDA.
- Increased global hash rate contributed to decreased revenue.
- Decreased hosting revenue due to conversion of capacity and customers stopping less efficient miners.
- Increased R&D costs related to the one-time development expenses of the SEAL02 chip.
- Some customers stopped hosting their less efficient miners after the halving, freeing up capacity that is currently being replenished.
Revenue & Expenses
Visualization of income flow from segment revenue to net income