Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

About this update from Bitdeer Technologies Group

SINGAPORE , May 15, 2025 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (NASDAQ: BTDR) (“ Bitdeer ” or the “ Company ”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025 . Q 1 202 5 Financial Highlights All amounts compared to Q 1 20 2 4 unless otherwise noted Total revenue was US$70.1 million vs. US$119.5 million . Cost of revenue was US$73.4 million vs. US$85.4 million . Gross profit was negative US$3.2 million vs. positive US$34.1 million . Net income was US$409.5 million vs. US$0.6 million . Adjusted EBITDA1 was negative US$56.1 million , vs. positive US$27.3 2 million. Cash and cash equivalents were US$215.6 million as of March 31, 2025 . Crypto balance: US$131.1 million as of March 31, 2025 . Management Commentary “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong , Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025 . Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.” Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.” Operational Summary Metrics Three Months Ended Mar 31 202 5 202 4 Total hash rate under management (EH/s) 24.2 22.5 - Proprietary hash rate 12.1 8.4 - Self-mining 11.5 6.7 - Cloud Hash Rate - 1.7 - Delivered but not yet hashing 0.6 - - Hosting 12.1 14.1 Mining rigs under management 175,000 226,000 - Self-owned 97,000 86,000 - Hosted 78,000 140,000 Bitcoin mined (self-mining only) 350 911 Bitcoins held 1,156 58 Total power usage (MWh) 881,000 1,361,000 Average cost of electricity ($/MWh) 48 43 Average miner efficiency (J/TH) 29.0 31.7 Power Infrastructure Summary (as of April 30, 2025 ) Site / Location Capacity (MW) Status Timing3 Electrical capacity - Rockdale, Texas 563 Online Completed - Knoxville, Tennessee 86 Online Completed - Wenatchee, Washington 13 Online Completed - Molde, Norway 84 Online Completed - Tydal, Norway 120 Online Completed - Gedu, Bhutan 100 Online Completed - Jigmeling, Bhutan 132 Online Completed Total electrical capacity 1,098 Pipeline capacity - Tydal, Norway Phase 2 105 In progress Q2 2025 - Massillon, Ohio 221 In progress Q3-Q4 2025 - Clarington, Ohio Phase 1 266 Paused TBD - Clarington, Ohio Phase 2 304 Pending approval TBD - Jigmeling, Bhutan 368 In progress Q2 2025 - Rockdale, Texas 179 In planning Estimate 2026 - Alberta, Canada 99 In planning Q4 2026 - Oromia Region , Ethiopia 50 In planning Q4 2025 Total pipeline capacity 1, 592 Total global electrical capacity 2,6 90 Financial MD&A All variances are current quarter compared to the same quarter last year. All figures in this section are rounded 4 . Q 1 202 5 High-Level P&L and D isaggregated R evenue D etails: US $ in millions Three Months Ended March 31, 202 5 Dec 31, 2024 March 31, 202 4 Total revenue 70.1 69.0 119.5 Cost of revenue (73.4) (63.9) (85.4) Gross profit/(loss) (3.2) 5.1 34.1 Net profit/(loss) 409.5 (531.9) 0.6 Adjusted EBITDA (56.1) (3.8) 27.32 Cash and cash equivalents 215.6 476.3 118.5 US $ in millions Three Months Ended Mar 31, 202 5 Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs Revenue 37.2 0.1 9.6 16.3 4.1 Cost of revenue - Electricity cost in operating mining rigs (24.0) - (6.8) (11.4) - - Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) - - Cost of products sold - - - - (3.3) - Other cash costs (3.4) - (0.9) (1.5) - Total cost of revenue (41.0 ) (0.1 ) (9.1 ) (15.4 ) (3.3 ) Gross profit /( loss ) (3.8 ) - 0.5 0.9 0.8 US $ in millions Three Months Ended Mar 31, 202 4 Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs Revenue 48.4 18.1 29.0 19.5 - Cost of revenue - Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) - - Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) - - Other cash costs (2.7) (1.0) (1.6) (1.1) - Total cost of revenue (37.6 ) (9.6 ) (18.6 ) (16.2 ) - Gross profit 10.8 8.5 10.3 3.2 - Q 1 202 5 Management’s Discussion and Analysis (compared to Q1 2024) Revenue Total revenue was US$70.1 million vs. US$119.5 million . Self-mining revenue was US$37.2 million vs. US$48.4 million , primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices. Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million . The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024. General Hosting revenue was US$9.6 million vs. US$29.0 million . The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics. Membership Hosting revenue was US$16.3 million vs. US$19.5 million . Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics. SEALMINER sales revenue was US$4.1 million . Cost of Revenue Cost of revenue was US$73.4 million vs US$85.4 million . The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025. Gross Profit and Margin Gross profit was negative US$3.2 million vs. positive US$34.1 million . Gross margin was -4.6% vs. 28.6%. Operating Expenses The sum of the operating expenses below was US$75.8 million vs. US$37.8 million . Selling expenses were US$1.4 million vs. US$1.7 million , about flat year-over-year. General and administrative expenses were US$15.4 million vs. US$15.0 million , about flat year-over-year. Research and development expenses were US$59.0 million vs. US$21.2 million , primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024. Other Net Gain Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. Net Income Net income was US$409.5 million vs. US$0.6 million . Adjusted Profit / (Loss) (Non-IFRS)5 Adjusted loss was US$89.8 million vs. adjusted profit of US$9.7 2 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above. Adjusted EBITDA (Non-IFRS) Adjusted EBITDA was negative US$56.1 million vs. positive US$27.3 2 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above. Cash Flows Net cash used in operating activities was US$284.0 million , primarily driven by working capital payments to suppliers for SEALMINER mass production. Net cash used in investing activities was US$73.6 million , which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta , and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business. Net cash generated from financing activities was US$94.9 million , primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases. Capex 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1. Balance Sheet As of March 31, 202 5 unless stated otherwise (compared to December 31, 2024 ) US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing. US$381.7 million prepayments and other assets, up from US$310.2 million . Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production. US$153.7 million inventories, up from US$64.9 million . Increase driven by wafers, chips, WIP and finished SEALMINER inventory. US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024 . Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com . About Bitdeer Technologies Group Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore , Bitdeer has deployed datacenters in the United States , Norway , and Bhutan . To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group . Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website. Forward-Looking Statements Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission . Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date. BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of March 31 , As of December 31 , (US $ in thousands) 2025 2024 ASSETS Current assets Cash and cash equivalents 215,642 476,270 Restricted cash 12,107 9,144 Cryptocurrencies 131,144 77,537 Trade receivables 10,263 9,627 Amounts due from a related party 15,810 15,512 Prepayments and other assets 335,071 291,929 Inventories 153,740 64,888 Financial assets at fair value through profit or loss 4,540 4,540 Total current assets 878,317 949,447 Non-current assets Restricted cash 5,906 8,212 Prepayments and other assets 46,652 18,244 Financial assets at fair value through profit or loss 35,428 37,981 Mining rigs 101,581 67,324 Right-of-use assets 75,338 69,273 Property, plant and equipment 302,210 251,377 Investment properties 30,529 30,723 Intangible assets 78,303 83,235 Goodwill 35,818 35,818 Deferred tax assets 8,543 6,220 Total non-current assets 720,308 608,407 TOTAL ASSETS 1,598,625 1,557,854 LIABILITIES Current liabilities Trade payables 50,729 31,471 Other payables and accruals 38,098 40,617 Amounts due to a related party 7,788 8,747 Income tax payables 2,437 2,729 Derivative liabilities 256,775 763,939 Deferred revenue 61,016 39,029 Borrowings 215,436 208,127 Lease liabilities 6,895 5,460 Total current liabilities 639,174 1,100,119 Non-current liabilities Other payables and accruals 1,786 1,650 Deferred revenue 68,449 90,200 Lease liabilities 78,846 72,673 Deferred tax liabilities 15,721 16,614 Total non-current liabilities 164,802 181,137 TOTAL LIABILITIES 803,976 1,281,256 NET ASSETS 794,649 276,598 EQUITY Share capital * * Treasury equity (181,065 ) (160,926 ) Accumulated deficit (239,531 ) (649,004 ) Reserves 1,215,245 1,086,528 TOTAL EQUITY 794,649 276,598 * Amount less than US$1,000 BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME Three months ended March 31 , (US $ in thousands) 2025 2024 Revenue 70,128 119,506 Cost of revenue (73,353 ) (85,375 ) Gross profit / (loss) (3,225 ) 34,131 Selling expenses (1,393 ) (1,690 ) General and administrative expenses (15,389 ) (14,969 ) Research and development expenses (59,014 ) (21,164 ) Other operating income / (expenses) (7,789 ) 1,746 Other net gain 503,050 2,447 Profit from operations 416,240 501 Finance income / (expenses) (9,343 ) 151 Profit before taxation 406,897 652 Income tax benefit / (expenses) 2,576 (46 ) Profit for the period 409,473 606 Other comprehensive income Income for the period 409,473 606 Other comprehensive income for the period Item that may be reclassified to profit or loss Exchange differences on translation of financial statements 166 32 Other comprehensive income for the period, net of tax 166 32 Total comprehensive income for the period 409,639 638 Earnings / (loss) per share (in US$) Basic 2.15 0.01 Diluted (0.37 ) 0.01 Weighted average number of shares outstanding (thousand shares) Basic 190,199 114,843 Diluted 228,561 117,041 BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31 , (US $ in thousands) 2025 2024 Cash flows from operating activities Cash used in operating activities: (280,889 ) (132,867 ) Interest paid on leases (702 ) (652 ) Interest paid on borrowings (4,493 ) (465 ) Interest received 2,724 1,813 Income tax paid (628 ) - Net cash used in operating activities ( 283,988 ) (132,171 ) Cash flows from investing activities Purchase of property, plant and equipment, investment properties and intangible assets (44,770 ) (29,615 ) Purchase of mining rigs (955 ) (1,560 ) Purchase of financial assets at fair value through profit or loss (132 ) (992 ) Purchase of cryptocurrencies (18,159 ) - Proceeds from disposal of cryptocurrencies 12,283 90,380 Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 ) - Net cash generated from / (used in) investing activities (73,603 ) 58,213 Cash flows from financing activities Capital element of lease rentals paid (1,942 ) (1,338 ) Proceeds from issuance of shares for exercise of share rewards 530 37 Proceeds from issuance of ordinary shares, net of transaction costs 118,403 49,931 Payment for the future issuance cost - (303 ) Acquisition of treasury shares (21,010 ) - Payment for transaction costs in connection with convertible senior notes (1,119 ) - Net cash generated from financing activities 9 4,862 48,327 Net decrease in cash and cash equivalents (262,729 ) (25,631 ) Cash and cash equivalents at the beginning of the period 476,270 144,729 Effect of movements in exchange rates on cash and cash equivalents held 2,101 (637 ) Cash and cash equivalents at the end of the period 215,642 118,461 Use of Non-IFRS Financial Measures In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables. The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure. The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024. BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION Three months ended March 31 , (US $ in thousands) 2025 2024 Adjusted EBITDA Profit for the period 409,473 606 Add ： Depreciation and amortization 25,387 18,187 Income tax (benefit) / expenses (2,576 ) 46 Interest (income) / expense, net 10,880 (608 ) Share-based payment expenses 10,404 7,803 Changes in fair value of derivative liabilities (507,162 ) - Changes in fair value of cryptocurrency-settled receivables and payables (2,551 ) 1,305 Total of Adjusted EBITDA (56,145 ) 27,3392 Adjusted Profit / (loss) Profit for the period 409,473 606 Add ： Share-based payment expenses 10,404 7,803 Changes in fair value of derivative liabilities (507,162 ) - Changes in fair value of cryptocurrency-settled receivables and payables (2,551 ) 1,305 Total of Adjusted Profit / (loss) (89,836 ) 9,7142 For investor and media inquiries, please contact: Investor Relations Yujia Zhai Orange Group [email protected] Public Relations Nishant Sharma BlocksBridge Consulting [email protected] ____________________________1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.3 Indicative timing. All timing references are to calendar quarters and years.4 Figures may not add due to rounding.5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables. Source: Bitdeer Technologies Group

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