Bitdeer Technologies Group (BTDR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $155.6 million, up 122% sequentially and 56.8% year-over-year, driven by strong self-mining and SEALMINER A2/A2S sales.

• Net loss after tax was $147.7 million, mainly due to non-cash fair value changes in derivatives and higher operating expenses.

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

• Self-mining hash rate increased 46% sequentially to 14.2 exahash, with further growth to 22.3 exahash by end of July and a target of 40 exahash by October.

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

Financial highlights

• Gross profit was $12.8 million on $155.6 million revenue; gross margin was 8.2%, down from 24.6% year-over-year but up from -4.6% in Q1 2025.

• SEALMINER sales revenue was $69.5 million, with 5.3 exahash shipped to external customers.

• Self-mining revenue was $59.3 million, up 42.5% year-over-year and 59.4% sequentially.

• Operating expenses were $42.3 million, up year-over-year due to R&D and G&A, but down sequentially.

• Cash and cash equivalents stood at $299.8 million, with crypto holdings of $169.3 million as of June 30, 2025.

Outlook and guidance

• On track to reach 40 exahash self-mining hash rate by October, with expectations to exceed this by year-end.

• CapEx for global power and data center infrastructure projected at $260–$290 million for 2025.

• SEALMINER A3 mass production to begin, with first shipments expected in October and revenue contribution in 2026.

• 1.6 GW of power capacity expected online by Q4 2025, supporting global expansion.

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