Bitdeer Technologies Group Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 revenue surged 226% year-over-year to $225M, driven by self-mining and SEALMINER sales, but gross margin fell to 4.7% due to lower Bitcoin prices and higher costs. Strategic focus remains on Bitcoin mining, ASICs, and AI/HPC, with disciplined capital allocation and ongoing infrastructure expansion.
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Q3 2025 revenue surged 173.6% year-over-year to $169.7M, driven by self-mining and ASIC growth, with gross margin rising to 24.1%. AI Cloud Services expanded rapidly, and the company expects continued infrastructure and hash rate growth through 2026.
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Q2 2025 saw revenue surge 122% sequentially to $155.6M, driven by self-mining and SEALMINER sales. Self-mining hash rate and infrastructure expansion are on track, with a 40 exahash target by October and strong demand for new ASICs. Margins improved sequentially, despite ongoing industry challenges.
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Q1 2025 saw revenue drop to $70.1M and negative adjusted EBITDA of $56.1M, mainly due to the Bitcoin halving and higher R&D costs. The company targets 40 EH/s self-mining by October 2025, with major infrastructure and ASIC development underway.
Fiscal Year 2024
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Q4 2024 saw revenue and margins decline due to the Bitcoin halving and network hash rate increases, but strategic investments in proprietary ASICs and vertical integration position the business for margin recovery and growth in 2025. Capital remains strong, with a focus on scaling self-mining and entering the ASIC sales market.
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Q3 revenue declined year-over-year due to the Bitcoin halving, higher network hash rate, and increased R&D, but self-mining revenue grew and the company advanced its ASIC and infrastructure projects. Strong demand for SEALMINER A2 and a robust cash position support future growth.