Bitdeer Technologies Group (BTDR) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $69 million, gross profit $5.1 million, and adjusted EBITDA negative $3.8 million, reflecting a challenging quarter due to the April 2024 halving and increased network hash rate.

• Q4 net loss was $531.9 million, mainly due to non-cash derivative losses and increased R&D for ASIC development.

• Full year 2024 revenue reached $349.8 million, gross profit $66.4 million, and adjusted EBITDA $39.4 million.

• Strategic focus shifted to developing proprietary ASIC technology, limiting hash rate growth in 2024 but positioning for future cost and supply advantages.

• Acquired a 19-acre, 101 MW gas-fired power plant site in Alberta for $21.7 million, supporting vertical integration and cost leadership.

Financial highlights

• Q4 revenue declined from $114.8 million in Q4 2023 to $69 million, mainly due to the halving and lower hosting/cloud mining revenue.

• Q4 2024 gross profit was $5.1 million (7.4% margin) vs. $27 million (23.5%) in Q4 2023; cost of revenue fell to $63.9 million from $87.8 million.

• Adjusted EBITDA was negative $3.8 million, down from positive $33.3 million year-over-year.

• Q4 operating expenses rose to $42.5 million, mainly from R&D and amortization of acquired intangibles.

• Year-end cash and equivalents: $476.3 million; cryptocurrencies: $77.5 million; borrowings: $208.1 million.

Outlook and guidance

• Expecting significant margin improvement as new, efficient SealMiner ASICs are deployed and hash rate scales up in 2025.

• Targeting 40 exahash self-mining hash rate by Q4 2025, with potential upside from additional wafer allocations.

• Volume shipments of SEALMINER A2s to external customers begin March 2025; 7 EH/s allocation already oversubscribed.

• 2025 capital expenditures, including Alberta, projected at $340–$370 million, fully fundable from the balance sheet.

• Over 1 GW of new power capacity to be energized in 2025, supporting both mining and AI datacenter demand.