Bitdeer Technologies (BTDR) investor relations material

Executive summary

• Q2 2025 revenue reached $155.6M, up 56.8% year-over-year and 121.9% sequentially, driven by self-mining and SEALMINER A2 sales.

• Net loss widened to $147.7M from $17.7M year-over-year, mainly due to non-cash fair value changes in derivative liabilities and higher operating expenses.

• Adjusted EBITDA was $17.3M, down from $23.5M year-over-year, reflecting lower gross margins and increased R&D.

• Significant infrastructure expansion: 361 MW energized YTD, total capacity at 1.3 GW, targeting 1.6 GW by year-end.

• Entered advanced negotiations for HPC/AI development at Clarington, Ohio site.

Financial highlights

• Gross profit was $12.8M, down from $24.4M year-over-year; gross margin declined to 8.2% from 24.6%.

• Cost of revenue increased to $142.8M from $74.8M, mainly due to SEALMINER sales and higher depreciation.

• Cash and cash equivalents stood at $299.8M; cryptocurrencies held at $169.3M as of June 30, 2025.

• Operating expenses rose to $42.3M from $26.1M, with R&D up 155.7% year-over-year.

• Adjusted loss (non-IFRS) was $24.4M, compared to adjusted profit of $3.2M in Q2 2024.

Outlook and guidance

• On track to achieve 40 EH/s self-mining by end of October and likely to exceed by year-end, supported by improved wafer supply.

• 2025 capex for power and datacenter infrastructure maintained at $260–$290M.

• Management expects sequential financial improvement in the second half of 2025.

• SEALMINER A3 in final stages for mass production, with A4 design taped out and expected in 2026.

• Near-term ASIC production prioritized for self-mining to utilize new power capacity.