Bitdeer Technologies Group (NASDAQ: BTDR), a global powerhouse in blockchain and high-performance computing, has unveiled its unaudited financial and operational results for the second quarter of 2024, showcasing a period of remarkable growth and strategic development.
The company reported an impressive revenue of US$99.2 million, marking a 5.8% increase from the same period last year. This growth was accompanied by a gross profit of US$24.4 million, up a staggering 50.6% year-over-year. Bitdeer’s adjusted EBITDA also saw a significant rise, reaching US$24.9 million, reflecting a 33.2% increase compared to Q2 2023.
“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.”
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Bitdeer’s strategic investments, particularly in the cloud hashrate business, have proven lucrative, contributing a gross profit of $7.3 million with a nearly 60% gross margin in the second quarter. This success has been attributed to the company’s innovative approach, enabling it to generate higher revenue for the same hashrate compared to its peers.
In addition to financial achievements, Bitdeer has made significant progress in its SEALMINER ASIC roadmap. The acquisition of Desiweminer has enhanced Bitdeer’s capabilities, integrating a skilled team with its in-house design team in Singapore. The first batch of SEALMINER A1 chips has been energized, with mass production already underway and plans to install 3.4 EH/s into datacenters by year-end. Furthermore, the company is on track with the initial tape-out wafer delivery for its second-generation SEAL02 chip from TSMC, anticipated in late September.
“Our ongoing datacenter projects in the U.S., Norway, and Bhutan are on track, supporting our ambitious growth plans and solidifying Bitdeer as an industry leader for years to come,” Mr. Kong added.
The company’s expansion into the HPC and AI business is also gaining momentum, with the deployment of the NVIDIA DGX SuperPOD H100 system in Singapore, achieving full utilization in July. This expansion is further supported by a 30-year lease agreement for 570 MW of power capacity in Ohio, boosting Bitdeer’s global capacity to 2.5 GW.
As the company prepares for the upcoming bull market, it remains focused on expanding its Bitcoin self-mining capacity, executing the SEALMINER technology roadmap, and monetizing its extensive power portfolio.
Bitdeer Technologies closed the quarter in a strong financial position, with US$228.8 million in cash, cash equivalents, and cryptocurrencies. With strategic advancements across blockchain, HPC, and AI, the company is well-positioned to lead the industry in the years to come.
