Bitdeer Technologies Reports Mixed Q1 2025 Results

Bitdeer Technologies Group ( (BTDR) ) has released its Q1 earnings. Here is a breakdown of the information Bitdeer Technologies Group presented to its investors.

Bitdeer Technologies Group, a leading technology company in the Bitcoin mining sector, provides comprehensive solutions for Bitcoin mining operations and advanced cloud capabilities for AI. In its latest earnings report, Bitdeer announced a significant decline in revenue for Q1 2025, totaling $70.1 million compared to $119.5 million in Q1 2024. Despite this, the company reported a net income of $409.5 million, primarily due to non-cash gains from derivative liabilities.

Key financial metrics revealed a negative gross profit of $3.2 million and an adjusted EBITDA of negative $56.1 million, highlighting challenges in maintaining profitability amidst declining revenues. The company also noted a substantial increase in R&D expenses, driven by its ongoing development of the SEALMINER A4 project, which aims to revolutionize Bitcoin mining efficiency.

Operationally, Bitdeer has made strides in enhancing its self-mining capabilities, achieving a self-mining hashrate of 12.4 EH/s by April 2025, with plans to reach 40 EH/s by October 2025. The company is also expanding its global power infrastructure, expecting to achieve 1.8 GW of capacity by year-end, and is advancing its HPC/AI data center strategy in collaboration with Northland Capital Markets.

Looking ahead, Bitdeer remains focused on achieving rapid growth in its self-mining operations and advancing its R&D efforts to develop more energy-efficient mining solutions. The company is optimistic about its future positioning as a leading supplier of energy-efficient mining rigs, supported by its ongoing infrastructure developments and strategic partnerships.