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 impacts from the April 2024 halving, increased network hash rate, and higher R&D costs, partially offset by higher self-mining hash rate and Bitcoin prices.

• Full year 2024 revenue reached $349.8 million, gross profit $66.4 million, net loss $599.2 million, and Adjusted EBITDA $39.4 million.

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

• Acquired a 19-acre site in Alberta for a 101 MW gas-fired power plant and 99 MW data center, targeting vertical integration and net-zero carbon production.

• Management targets 40 EH/s self-mining hash rate by Q4 2025, with additional upside possible from further wafer allocations.

Financial highlights

• Q4 2024 consolidated revenue declined to $69 million from $114.8 million year-over-year.

• 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 for Q4; for full year: $39.4 million.

• IFRS net loss for Q4 was $531.9 million, driven by non-cash derivative losses linked to stock price increases.

• Cash and cash equivalents at year-end: $476.3 million; borrowings: $208.1 million (excluding derivatives); crypto holdings: $77.5 million.

Outlook and guidance

• Expectation to reach approximately 40 exahash self-mining hash rate by Q4 2025, with potential for further increases depending on wafer allocations.

• Anticipate significant margin improvement as new, more efficient SealMiner ASICs are deployed.

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

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

• 2025 CapEx, including Fox Creek, Alberta, projected at $340-$370 million, fully fundable from the current balance sheet.