Bitdeer Reports Unaudited Financial Results for the Second Quarter of 2025

Rhea-AI Summary

Bitdeer Technologies Group (NASDAQ: BTDR) reported Q2 2025 financial results with revenue of $155.6 million, up 56.8% year-over-year and 121.9% sequentially. The company generated $69.5 million from SEALMINER A2 sales and is on track to achieve 40 EH/s of self-mining by October.

Q2 performance showed mixed results with increased revenue but wider losses. The company reported a net loss of $147.7 million compared to $17.7 million in Q2 2024, while Adjusted EBITDA was $17.3 million. Bitdeer maintains strong liquidity with $299.8 million in cash and $169.3 million in crypto assets.

The company is advancing its infrastructure development with 1.3 GW of total available electrical capacity and expects to exceed 1.6 GW by year-end. Notably, Bitdeer has entered advanced negotiations regarding its Clarington, Ohio site for HPC/AI development.

[ "Revenue increased 56.8% YoY and 121.9% QoQ to $155.6 million", "Strong SEALMINER A2 sales contributing $69.5 million in revenue", "Self-mining hashrate increased 103.3% YoY to 14.2 EH/s", "Robust liquidity with $299.8 million cash and $169.3 million in crypto assets", "Electrical capacity expanded to 1.3 GW with pipeline to reach 2.69 GW", "Advanced development of SEALMINER A4 with targeted 5 J/TH chip efficiency" ]

Positive

• None.

Negative

• Net loss widened to $147.7 million from $17.7 million YoY
• Gross profit decreased to $12.8 million from $24.4 million YoY
• Gross margin declined to 8.2% from 24.6% YoY
• Operating expenses increased to $42.3 million from $26.1 million YoY
• Negative operating cash flow of $334.9 million
• Cloud Hash Rate revenue dropped to $0 from $12.2 million YoY

Insights

Cryptocurrency Mining Analyst

Bitdeer's Q2 shows revenue surge amid mining expansion, but widening losses highlight post-halving challenges and heavy R&D investments.

Bitdeer's Q2 results reveal a 56.8% year-over-year revenue jump to $155.6 million, driven primarily by self-mining operations and the successful external sales of SEALMINER A2 equipment ($69.5 million). This impressive top-line growth was offset by a substantial net loss of $147.7 million compared to last year's $17.7 million loss, largely due to non-cash derivative liability adjustments and increased R&D spending.

The company's self-mining revenue increased to $59.3 million from $41.6 million last year, reflecting a 103.3% expansion in hashrate capacity to 14.2 EH/s. This growth demonstrates Bitdeer's successful execution of its infrastructure scaling strategy, with total hashrate under management reaching 30.6 EH/s. However, the April 2024 Bitcoin halving event and rising network difficulty have pressured mining economics.

Bitdeer's strategic pivot is evident in their business mix evolution. The company has reallocated resources from cloud hashrate and hosting services toward self-mining and equipment sales. This shift follows the industry-wide trend of optimizing operations post-halving, as customers with older, less efficient machines scale back operations. Gross margin compression to 8.2% from 24.6% reflects these transitional challenges.

The significant increase in R&D expenses (up 155.7% to $20.6 million) highlights Bitdeer's commitment to technological advancement with their SEALMINER A4 project targeting unprecedented 5 J/TH efficiency. Meanwhile, their power infrastructure expansion continues aggressively, with 1.3 GW of electrical capacity already online and plans to reach 1.6 GW by year-end.

The company's cash position remains strong at $299.8 million, bolstered by financing activities including convertible note issuances. However, investors should note the $334.9 million cash outflow from operations, largely for wafer purchases and production costs. This significant investment in future capacity will require monitoring as the company works to achieve its 40 EH/s self-mining target by October.

- 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 Highlights
All 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&A
All 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	Membership Hosting	Sales of SEALMINERs and Accessories
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	Membership Hosting	Sales of SEALMINERs and Accessories
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	10.5	7.3	4.5	2.9	-

Q2 2025 Management’s Discussion and Analysis (compared to Q2 2024)

Revenue

• Total revenue was US$155.6 million vs. US$99.2 million.
• Self-mining revenue was US$59.3 million vs. US$41.6 million, primarily due to the increase in the average self-mining hashrate for the quarter by 103.3% to 14.2 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices, offset partially by the April 2024 halving event and higher mining difficulty.
• Cloud Hash Rate revenue was US$0.0 million vs. US$12.2 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$9.3 million vs. US$20.6 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$14.6 million vs. US$22.1 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$69.5 million.
• HPC and AI Cloud revenue was US$1.3 million.
  

Cost of Revenue

• Cost of revenue was US$142.8 million vs US$74.8 million. The increase was primarily driven by the increase in costs of SEALMINERs sold to customers, depreciation expenses for SEALMINER launched in our datacenters during 2025, and the increase in employees and in salaries, wages and other benefits.
  

Gross Profit and Margin

• Gross profit was US$12.8 million vs. US$24.4 million.
• Gross margin was 8.2% vs. 24.6%.

Operating Expenses

• The sum of the operating expenses below was US$42.3 million vs. US$26.1 million.
  • Selling expenses were US$1.6 million vs. US$2.2 million, down 25.2% year-over-year, primarily due to the decrease in staff costs and lower share-based payment expenses for sales personnel.
  • General and administrative expenses were US$20.1 million vs. US$15.9 million, up 27.0% year-over-year, primarily due to the increase in staff costs for general and administrative personnel and consulting fee.
  • Research and development expenses were US$20.6 million vs. US$8.0 million, up 155.7% year-over-year, primarily due to 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 Loss

• Other net loss was US$108.5 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$75.4 million of loss on fair value changes for the convertible notes, the US$15.8 million of loss on fair value changes for the Tether warrants and US$16.2 million of loss on extinguishment of the convertible notes.
  

Net Loss

• Net loss was US$147.7 million vs. US$17.7 million.
  

Adjusted Profit / (Loss) (Non-IFRS)⁵

• Adjusted loss was US$24.4 million vs. adjusted profit of US$3.2² million. The change was primarily due to the year-over-year lower gross profit margins and higher operating expenses as described above.
  

Adjusted EBITDA (Non-IFRS)

• Adjusted EBITDA was US$17.3 million vs. US$23.5² million. The decrease was primarily due to the year-over-year lower gross profit margins and higher operating expenses as described above.
  

Cash Flows

• Net cash used in operating activities was US$334.9 million, primarily driven by approximately US$230 million of payments for SEALMINER wafers and to our production supply chain and approximately US$27 million related to the initial tapeout of SEAL04. The remainder was driven by electricity costs from the mining business and general corporate overhead.
• Net cash used in investing activities was US$12.6 million, which was driven by US$106.5 million of capital expenditures, of which approximately US$76 million related to datacenter infrastructure and related construction. Proceeds from disposal of cryptocurrencies from principal business was US$100.1 million.
• Net cash generated from financing activities was US$431.5 million, primarily driven by US$364.3 million proceeds from convertible senior notes, net of transaction costs, US$180.0 million borrowings from a related party and US$50.0 million proceeds from issuance of shares for exercise of Tether warrants and partially offset by US$129.6 million used for purchases of zero-strike call option in connection with the convertible senior notes issued in June 2025 and US$33.8 million payment in connection with the extinguishment of a potion of the convertible senior notes issued in August 2024.
  

Capex

• 2025 power and datacenter infrastructure capex maintained at prior guidance range of US$260 to US$290 million.
  

Balance Sheet
As of June 30, 2025 unless stated otherwise (compared to December 31, 2024)

• US$299.8 million in cash and cash equivalents, US$169.3 million in cryptocurrencies and US$533.1 million in borrowings.
• US$465.2 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$208.8 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
• US$438.0 million derivative liabilities mainly due to convertible senior notes issued in 2024 and 2025.

Further information regarding the Company’s second 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 June 30,			As of December 31,
(US $ in thousands)		2025			2024
ASSETS
Current assets
Cash and cash equivalents		299,792			476,270
Restricted cash		12,965			9,144
Cryptocurrencies		169,340			77,537
Trade receivables		12,700			9,627
Amounts due from a related party		15,568			15,512
Prepayments and other assets		391,633			291,929
Inventories		208,782			64,888
Financial assets at fair value through profit or loss		4,540			4,540
Total current assets		1,115,320			949,447
Non-current assets
Restricted cash		6,144			8,212
Prepayments and other assets		73,530			18,244
Financial assets at fair value through profit or loss		35,083			37,981
Mining rigs		211,031			67,324
Right-of-use assets		80,424			69,273
Property, plant and equipment		360,780			251,377
Investment properties		31,137			30,723
Intangible assets		83,193			83,235
Goodwill		35,818			35,818
Deferred tax assets		8,610			6,220
Total non-current assets		925,750			608,407
TOTAL ASSETS		2,041,070			1,557,854
LIABILITIES
Current liabilities
Trade payables		76,248			31,471
Other payables and accruals		39,219			40,617
Amounts due to a related party		11,337			8,747
Income tax payables		2,764			2,729
Derivative liabilities		437,953			763,939
Deferred revenue		56,863			39,029
Borrowings		359,684			208,127
Borrowings from a related party		90,000			-
Lease liabilities		7,967			5,460
Total current liabilities		1,082,035			1,100,119
Non-current liabilities
Other payables and accruals		2,401			1,650
Deferred revenue		67,006			90,200
Borrowings		475			-
Borrowings from a related party		82,917			-
Lease liabilities		84,675			72,673
Deferred tax liabilities		14,810			16,614
Total non-current liabilities		252,284			181,137
TOTAL LIABILITIES		1,334,319			1,281,256
NET ASSETS		706,751			276,598
EQUITY
Share capital			*			*
Treasury equity		(290,607	)		(160,926	)
Accumulated deficit		(387,264	)		(649,004	)
Reserves		1,384,622			1,086,528
TOTAL EQUITY		706,751			276,598

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
		Three months ended June 30,						Six months ended June 30,
(US $ in thousands)		2025			2024			2025			2024
Revenue		155,582			99,229			225,710			218,735
Cost of revenue		(142,762	)		(74,824	)		(216,115	)		(160,199	)
Gross profit		12,820			24,405			9,595			58,536
Selling expenses		(1,626	)		(2,173	)		(3,019	)		(3,863	)
General and administrative expenses		(20,138	)		(15,852	)		(35,527	)		(30,821	)
Research and development expenses		(20,577	)		(8,048	)		(79,591	)		(29,212	)
Other operating income / (expenses)		3,735			1,431			(4,054	)		3,177
Other net gain / (loss)		(108,451	)		(15,467	)		394,599			(13,020	)
Profit / (loss) from operations		(134,237	)		(15,704	)		282,003			(15,203	)
Finance income / (expenses)		(13,693	)		(44	)		(23,036	)		107
Profit / (loss) before taxation		(147,930	)		(15,748	)		258,967			(15,096	)
Income tax benefit / (expenses)		197			(1,995	)		2,773			(2,041	)
Profit / (loss) for the period		(147,733	)		(17,743	)		261,740			(17,137	)
Other comprehensive income / (loss)
Income / (loss) for the period		(147,733	)		(17,743	)		261,740			(17,137	)
Other comprehensive income / (loss) for the period
Item that may be reclassified to profit or loss
Exchange differences on translation of financial statements		(17	)		14			149			46
Other comprehensive income / (loss) for the period, net of tax		(17	)		14			149			46
Total comprehensive income / (loss) for the period		(147,750	)		(17,729	)		261,889			(17,091	)
Earnings / (loss) per share (in US$)
Basic		(0.76	)		(0.14	)		1.36			(0.14	)
Diluted		(0.76	)		(0.14	)		(0.58	)		(0.14	)
Weighted average number of shares outstanding (thousand shares)
Basic		193,970			126,530			192,095			120,686
Diluted		193,970			126,530			228,946			120,686

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		Three months ended June 30,						Six months ended June 30,
(US $ in thousands)		2025			2024			2025			2024
Cash flows from operating activities
Cash used in operating activities		(319,553	)		(68,507	)		(600,442	)		(201,374	)
Interest paid on leases		(1,257	)		(1,024	)		(1,959	)		(1,676	)
Interest paid on borrowings		(15,308	)		(465	)		(19,801	)		(930	)
Interest received		1,749			1,722			4,473			3,535
Income tax paid		(502	)		(5,850	)		(1,130	)		(5,850	)
Net cash used in operating activities		(334,871	)		(74,124	)		(618,859	)		(206,295	)
Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets		(106,548	)		(17,333	)		(151,318	)		(46,948	)
Payments for mining rigs		(4,932	)		(178	)		(5,887	)		(1,738	)
Purchase of financial assets at fair value through profit or loss		(1,200	)		(1,532	)		(1,332	)		(2,524	)
Purchase of cryptocurrencies		-			-			(18,159	)		-
Proceeds from disposal of property, plant and equipment		-			244			-			244
Proceeds from disposal of cryptocurrencies		100,068			79,344			112,351			169,724
Cash paid for the site and gas-fired power project in Alberta, Canada		(11	)		-			(21,881	)		-
Cash paid for business combinations, net of cash acquired		-			(6,277	)		-			(6,277	)
Net cash generated from / (used in) investing activities		(12,623	)		54,268			(86,226	)		112,481
Cash flows from financing activities
Capital element of lease rentals paid		(1,951	)		(1,236	)		(3,893	)		(2,574	)
Proceeds from borrowings		17,472			-			17,472			-
Repayments of borrowings		(4	)		-			(4	)		-
Borrowings from a related party		180,000			-			180,000			-
Repayments of borrowings to a related party		(7,083	)		-			(7,083	)		-
Proceeds from issuance of shares for exercise of share rewards		1,135			567			1,665			604
Proceeds from issuance of ordinary shares, net of transaction costs		-			106,064			118,403			155,692
Proceeds from issuance of shares for exercise of warrants		50,000			-			50,000			-
Payment for the future issuance cost		-			(297	)		-			(297	)
Acquisition of treasury shares		(9,000	)		-			(30,010	)		-
Proceeds from convertible senior notes, net of transaction costs		364,311			-			363,192			-
Repayments to convertible senior notes in connection with note extinguishment		(33,783	)		-			(33,783	)		-
Purchase of zero-strike call option		(129,607	)		-			(129,607	)		-
Net cash generated from financing activities		431,490			105,098			526,352			153,425
Net increase / (decrease) in cash and cash equivalents		83,996			85,242			(178,733	)		59,611
Cash and cash equivalents at the beginning of the period		215,642			118,461			476,270			144,729
Effect of movements in exchange rates on cash and cash equivalents held		154			179			2,255			(458	)
Cash and cash equivalents at the end of the period		299,792			203,882			299,792			203,882

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, changes in fair value of cryptocurrency-settled receivables and payables, and loss on extinguishment of convertible senior notes, 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, changes in fair value of cryptocurrency-settled receivables and payables, and loss on extinguishment of convertible senior notes.

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 and six months ended June 30, 2025 and 2024.

BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
		Three months ended June 30,						Six months ended June 30,
(US $ in thousands)		2025			2024			2025			2024
Adjusted EBITDA
Profit / (loss) for the period		(147,733	)		(17,743	)		261,740			(17,137	)
Add：
Depreciation and amortization		26,445			18,304			51,832			36,491
Income tax (benefit) / expenses		(197	)		1,995			(2,773	)		2,041
Interest (income) / expense, net		15,451			(9	)		26,331			(617	)
Share-based payment expenses		10,170			8,093			20,574			15,896
Changes in fair value of derivative liabilities		91,241			14,230			(415,921	)		14,230
Changes in fair value of cryptocurrency-settled receivables and payables		5,740			(1,337	)		3,189			(32	)
Loss on extinguishment of convertible senior notes		16,194			-			16,194			-
Total of Adjusted EBITDA		17,311			23,5332			(38,834	)		50,8722
Adjusted Profit / (loss)
Profit / (loss) for the period		(147,733	)		(17,743	)		261,740			(17,137	)
Add：
Share-based payment expenses		10,170			8,093			20,574			15,896
Changes in fair value of derivative liabilities		91,241			14,230			(415,921	)		14,230
Changes in fair value of cryptocurrency-settled receivables and payables		5,740			(1,337	)		3,189			(32	)
Loss on extinguishment of convertible senior notes		16,194			-			16,194			-
Total of Adjusted Profit / (Loss)		(24,388	)		3,2432			(114,224	)		12,9572

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Media
Elev8 New Media
Jessica Starman, MBA
bitdeer@news8media.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

____________________________

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, changes in fair value of cryptocurrency-settled receivables and payables, and loss on extinguishment of convertible senior notes.
2 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 and US$0.0 million revision to Q2 2024 and first half year of 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, changes in fair value of cryptocurrency-settled receivables and payables, and loss on extinguishment of convertible senior notes.

FAQ

What were Bitdeer's (BTDR) Q2 2025 earnings results?

Bitdeer reported Q2 2025 revenue of $155.6 million (up 56.8% YoY), with a net loss of $147.7 million and Adjusted EBITDA of $17.3 million.

How much revenue did Bitdeer generate from SEALMINER sales in Q2 2025?

Bitdeer generated $69.5 million in revenue from external sales of SEALMINER A2s during Q2 2025.

What is Bitdeer's current mining capacity and future target?

Bitdeer's total hash rate under management is 30.6 EH/s, and the company is on track to achieve 40 EH/s of self-mining by October 2025.

How much cash and crypto does Bitdeer hold as of Q2 2025?

As of June 30, 2025, Bitdeer held $299.8 million in cash and cash equivalents and $169.3 million in cryptocurrencies.

What is Bitdeer's power infrastructure capacity?

Bitdeer has 1.3 GW of total available electrical capacity and expects to reach over 1.6 GW by year-end 2025, with a total pipeline capacity of 2.69 GW.

What are Bitdeer's plans for the Clarington, Ohio site?

Bitdeer has entered into advanced negotiations with a development partner regarding the Clarington, Ohio site for HPC/AI development, with plans for 570 MW of capacity.