Bitdeer Technologies Group (BTDR) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $99.2 million, up 5.8% year-over-year, with gross profit of $24.4 million and adjusted EBITDA of $24.9 million, a 33.2% increase year-over-year.

• Net loss narrowed to $17.7 million from $40.4 million in Q2 2023, reflecting improved operational efficiency and cost management.

• Strong cash position with $203.9 million in cash and cash equivalents and $24.9 million in cryptocurrencies as of June 30, 2024.

• Significant progress in SEALMINER ASIC roadmap, including acquisition of Desiweminer and mass production of SEALMINER A1 chips.

• Expanded global power and datacenter infrastructure, with a 30-year lease for 570 MW in Ohio, raising total global capacity to 2.5 GW.

Financial highlights

• Revenue increased to $99.2 million from $93.8 million year-over-year; gross margin improved to 24.6% from 17.2%.

• Adjusted EBITDA rose to $24.9 million from $18.7 million; adjusted profit (non-IFRS) was $4.6 million, up from $2.3 million.

• Cost of revenue decreased to $74.8 million from $77.7 million, mainly due to lower depreciation and tax adjustments.

• Operating expenses totaled $26.1 million, up from $24.8 million, driven by higher R&D and selling expenses.

• Net cash used in operating activities was $74.1 million; net cash from investing and financing activities was $54.3 million and $105.1 million, respectively.

Outlook and guidance

• Plans to ramp up SEALMINER A1 chip installations to 3.4 EH/s by year-end and begin mass production of SEAL02 chips in late 2024.

• Focused on expanding Bitcoin self-mining capacity and monetizing the 2.5 GW power portfolio for HPC/AI.

• Ongoing datacenter projects in the U.S., Norway, and Bhutan are on track to support future growth.