Bitdeer Technologies Group (BTDR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $70.1 million, with a net income of $409.5 million driven by non-cash derivative gains, and adjusted EBITDA of negative $56.1 million, reflecting the impact of the 2024 Bitcoin halving, higher network hash rate, and increased R&D costs for SEAL 03 chip development.

• Gross profit was negative $3.2 million, and R&D plus SG&A expenses totaled $75.8 million.

• Cash and cash equivalents stood at $215.6 million, with crypto holdings of $131.1 million as of March 31, 2025.

• Self-mining hash rate increased to 12.4 EH/s by end of April, with a target of 40 EH/s by October 2025, supported by new power capacity in Norway and Bhutan.

• Strategic focus shifted to in-house ASIC development and mass production of SEALMINER A2S, temporarily slowing hash rate growth but positioning for long-term cost and control advantages.

Financial highlights

• Q1 consolidated revenue declined to $70.1 million from $119.5 million year-over-year.

• Net income surged to $409.5 million, driven by a $503 million non-cash derivative gain, compared to $0.6 million in Q1 2024.

• Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million a year ago.

• Gross margin fell to negative 4.6% from 28.6% year-over-year.

• Cash and crypto balances totaled $346.7 million at quarter-end.

Outlook and guidance

• Self-mining hash rate is expected to reach 40 EH/s by October 2025, with potential upside depending on wafer allocations and manufacturing schedules.

• CapEx for 2025 is projected at $260–$290 million, reduced due to pausing construction at the Clarington, Ohio site.

• SEALMINER A4 chip targeting 5 J/TH efficiency, with tape-out on track for Q4 2025.

• Power capacity pipeline of 1.6 GW by Q2 2025 and 1.8 GW by year-end, supporting global expansion.

• Advancing HPC/AI data center strategy with Northland Capital Markets as advisor.