Business
Bitdeer Reported Unaudited Financial Results for the Second Quarter of 2024
Revenue of US$99.2 million and gross margin of 24.6%Adjusted EBITDA of US$24.9 million, up 33.2% YoY SINGAPORE, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Bitdeer
About this update from Bitdeer Technologies Group
[{"type":"text","content":"Revenue of US$99.2 million and gross margin of 24.6%Adjusted EBITDA of US$24.9 million, up 33.2% YoY SINGAPORE, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today issued a letter to shareholders along with its unaudited financial and operational results for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights Total revenue was US$99.2 million, compared to US$93.8 million in Q2 2023.Cost of revenue was US$74.8 million, compared to US$77.7 million in Q2 2023.Gross profit was US$24.4 million, compared to US$16.2 million in Q2 2023.Net loss was US$17.7 million, compared to US$40.4 million in Q2 2023.Adjusted EBITDA was US$24.9 million, compared to US$18.7 million in Q2 2023.Cash and cash equivalents were US$203.9 million as of June 30, 2024. Management Commentary “Our second quarter was marked by strong financial performance and significant progress across all our major initiatives,” said Matt Kong, Chief Business Officer of Bitdeer. “We reported revenue of $99.2 million, gross profit of $24.4 million, and adjusted EBITDA of $24.9 million, up 5.8%, 50.6% and 33.2% year-over-year, respectively. We achieved these results despite significant growth in the global network hashrate and the April 2024 halving. This demonstrates the strength of our differentiated strategy, underpinned by Bitdeer’s commitment to technology and innovation. For instance, our previous R&D investment in our cloud hashrate business contributed a gross profit of $7.3 million with a nearly 60% gross margin in Q2 and helped us generate more revenue for the same amount of hashrate relative to our peers.” Mr. Kong continued, “During the quarter, we also made significant strides in our SEALMINER ASIC roadmap. Our acquisition of Desiweminer enhances our capabilities by integrating their team with our in-house design team in Singapore. We have energized the first batch of our SEALMINER A1 chips, with mass production underway and plans to install 3.4 EH/s into our datacenters by year-end. Our second-generation SEAL02 chip initial tape-out wafer delivery from TSMC remains on track for late September. Upon successful testing, we anticipate ramping mass production by the end of the year. We also have started our third-...