Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2025
- Q2 revenue of $155.6 million up 56.8% year-over-year and 121.9% sequentially- $69.5 million revenue from external sale of SEALMINER A2s- On track to achieve 40 EH/s of self-mining by end of October and exceed 40 EH/s by year-end- Entered into advanced negotiations with a development partner regarding Clarington, Ohio site for HPC/AI.
SINGAPORE, Aug. 18, 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 second quarter ended June 30, 2025.
Q2 2025 Financial HighlightsAll amounts compared to Q2 2024 unless otherwise noted
Total revenue was US$155.6 million vs. US$99.2 million.
Cost of revenue was US$142.8 million vs. US$74.8 million.
Gross profit was US$12.8 million vs. US$24.4 million.
Net loss was US$147.7 million vs. US$17.7 million.
Adjusted EBITDA1 was US$17.3 million, vs. US$23.52 million.
Cash and cash equivalents were US$299.8 million as of June 30, 2025.
Crypto balance: US$169.3 million as of June 30, 2025.
Management Commentary
"Q2 marked a key inflection point," said Matt Kong, Chief Business Officer at Bitdeer. "Q2 revenue of $155.6 million was up 56.8% year-over-year and 121.9% sequentially, driven by strong growth in our self-mining business as well as external sales of our SEALMINER A2s. Looking forward, we anticipate continued rapid growth in our self-mining hashrate throughout the remainder of the year and we are well on track to achieve our 40 EH/s target by the end of October. Further, wafer supply allocation at our foundry has improved and it is likely that we will exceed this target by year end. As we move into the second half of the year, we expect our financial results to continue to improve sequentially."
Mr. Kong continued, "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. Major progress was made in July with customized silicon software development and the expansion of the U.S. engineering team to support the SEAL04 chip. Together with our SEALMINER A3 mining rig, we believe these two chips will firmly position Bitdeer as a leading supplier with the most energy-efficient mining rigs in the industry—significantly enhancing our competitive position and unlocking substantial value for both our customers and shareholders."
Mr. Kong concluded, "On the energy front, we continued rapidly building out our global power and datacenter infrastructure. Year-to-date, we have energized 361 MW of datacenter capacity for self-mining, bringing our total available electrical capacity to approximately 1.3 GW. We expect to have over 1.6 GW by year-end. In July, we achieved a key milestone by signing the Letter of Agreement with AEP Ohio for the second phase of Clarington, advancing the final stages for the full 570 MW of capacity. In terms of our HPC/AI initiative, we have entered into advanced negotiations with a certain development partner with significant expertise and customer relationships for our Clarington, Ohio site and we are optimistic to be able to share more details in the coming months."
Operational Summary
Metrics
Three Months Ended June 30
2025
2024
Total hash rate under management (EH/s)
30.6
22.3
- Proprietary hash rate
16.7
8.5
- Self-mining
16.5
7.3
- Cloud Hash Rate
-
1.2
- Delivered but not yet hashing
0.2
-
- Hosting
13.9
13.8
Mining rigs under management
200,000
223,000
- Self-owned
114,000
86,000
- Hosted
86,000
137,000
Bitcoin mined (self-mining only)
565
628
Bitcoins held
1,502
113
Total power usage (MWh)
1,180,000
1,192,000
Average cost of electricity ($/MWh)
43
43
Average miner efficiency (J/TH)
25.7
31.6
Power Infrastructure Summary (as of July 31, 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
176
Online
Completed
- Gedu, Bhutan
100
Online
Completed
- Jigmeling, Bhutan
235
Online
Completed
Total electrical capacity
1,257
Pipeline capacity
- Tydal, Norway
49
In progress
Q3 2025
- Massillon, Ohio
221
In progress
Q1 2026
- Clarington, Ohio
570
In progress
Q2 2027
- Jigmeling, Bhutan
265
In progress
Q3 2025
- Rockdale, Texas
179
In planning
Estimate 2026
- Alberta, Canada
99
In planning
Q4 2026
- Oromia Region, Ethiopia
50
In progress
Q4 2025
Total pipeline capacity
1,433
Total global electrical capacity
2,690
Financial MD&AAll variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.
Q2 2025 High-Level P&L and Disaggregated Revenue Details:
US $ in millions
Three Months Ended
June 30, 2025
March 31, 2025
June 30, 2024
Total revenue
155.6
70.1
99.2
Cost of revenue
(142.8)
(73.4)
(74.8)
Gross profit/(loss)
12.8
(3.2)
24.4
Net profit/(loss)
(147.7)
409.5
(17.7)
Adjusted EBITDA
17.3
(56.1)
23.52
Cash and cash equivalents
299.8
215.6
203.9
US $ in millions
Three Months Ended June 30, 2025
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
MembershipHosting
Sales ofSEALMINERs andAccessories
Revenue
59.3
-
9.3
14.6
69.5
Cost of revenue
- Electricity cost in operating mining rigs
(33.4)
-
(6.9)
(11.0)
-
- Depreciation and SBC expenses
(14.5)
-
(1.2)
(1.9)
-
- Cost of products sold
-
-
-
-
(60.0)
- Other costs
(6.7)
-
(1.0)
(1.5)
(0.6)
Total cost of revenue
(54.6)
-
(9.1)
(14.5)
(60.6)
Gross profit
4.8
-
0.3
0.1
8.9
US $ in millions
Three Months Ended June 30, 2024
Business lines
Self-Mining
Cloud Hash Rate
General Hosting
MembershipHosting
Sales ofSEALMINERs andAccessories
Revenue
41.6
12.2
20.6
22.1
-
Cost of revenue
- Electricity cost in operating mining rigs
(20.9)
(2.0)
(12.8)
(15.6)
-
- Depreciation and SBC expenses
(8.3)
(2.4)
(2.3)
(2.4)
-
- Other costs
(1.9)
(0.5)
(1.0)
(1.2)
-
Total cost of revenue
(31.1)
(4.9)
(16.1)
(19.2)
-
Gross profit
