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Dec 31, 2024
Bitdeer Q4 2023 Earnings Report
Bitdeer Technologies Group reported its financial results for the full year ended December 31, 2023, showing an increase in total revenue and adjusted EBITDA, alongside a net loss.
Key Takeaways
Bitdeer Technologies Group reported a total revenue of $368.6 million for the full year 2023, an increase from $333.3 million in 2022. The company achieved an adjusted EBITDA of $100.3 million, up from $93.2 million in the previous year, but recorded a net loss of $56.7 million. The increase in revenue was primarily driven by growth in self-mining and hosting businesses, while Cloud Hash Rate revenue decreased.
Total revenue for the full year 2023 increased by 10.6% to $368.6 million.
Adjusted EBITDA grew by 7.6% to $100.3 million in 2023.
The company reported a net loss of $56.7 million for the full year 2023.
Bitcoin mined from self-mining increased by 74.8% year-over-year to 3,694 Bitcoins.
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 confident in its positioning for the upcoming halving due to its diversified business model and access to low-cost power. The company plans to build on its achievements from its first year as a listed company to deliver long-term value for shareholders.
Positive Outlook
- Well-positioned for the upcoming halving due to diversified business model.
- Access to low-cost power.
- Continued execution on operational strategies.
- Advancing technology vertical-integration strategy with successful testing of SEAL01 Bitcoin mining chip.
- Expansion of global mining business with Gedu Datacenter full operations and progress in Norway and Ohio infrastructure.
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.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income