Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for blockchain and
high-performance computing, today issued a letter to shareholders
along with its unaudited financial and operational results for the
second quarter ended June 30, 2024.
Q2 2024 Financial Highlights
- Total revenue was US$99.2 million, compared to
US$93.8 million in Q2 2023.
- Cost of revenue was US$74.8 million, compared
to US$77.7 million in Q2 2023.
- Gross profit was US$24.4 million, compared to
US$16.2 million in Q2 2023.
- Net loss was US$17.7 million, compared to
US$40.4 million in Q2 2023.
- Adjusted EBITDA was US$24.9 million, compared
to US$18.7 million in Q2 2023.
- Cash and cash equivalents were US$203.9
million as of June 30, 2024.
Management Commentary
“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.
For instance, our previous R&D investment in our cloud hashrate
business contributed a gross profit of $7.3 million with a nearly
60% gross margin in Q2 and helped us generate more revenue for the
same amount of hashrate relative to our peers.”
Mr. Kong continued, “During the quarter, we also made
significant strides in our SEALMINER ASIC roadmap. Our acquisition
of Desiweminer enhances our capabilities by integrating their team
with our in-house design team in Singapore. We have energized the
first batch of our SEALMINER A1 chips, with mass production
underway and plans to install 3.4 EH/s into our datacenters by
year-end. Our second-generation SEAL02 chip initial tape-out wafer
delivery from TSMC remains on track for late September. Upon
successful testing, we anticipate ramping mass production by the
end of the year. We also have started our third-generation SEAL03
chip R&D. In our HPC and AI business, we have deployed the
NVIDIA DGX SuperPOD H100 system in Singapore and achieved 100%
utilization in July. Additionally, our global power and datacenter
infrastructure continues to expand. We announced a 30-year lease
agreement for 570 MW of power capacity in Ohio, increasing our
total global capacity to 2.5 GW. 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, “Finally, we ended the quarter in a strong
financial position with $228.8 million of cash and cash equivalents
and cryptocurrencies on hand. As we gear up for the upcoming bull
market, we remain focused on expanding our Bitcoin self-mining
capacity, executing our SEALMINER technology roadmap, and
monetizing our impressive 2.5 GW power portfolio for HPC/AI.”
Operational Summary
|
|
Three Months Ended Jun 30, |
|
Metrics |
2024 |
2023 |
|
Total hash rate under management (EH/s) |
22.3 |
18.8 |
|
- Proprietary hash rate |
8.5 |
6.2 |
|
- Self-mining |
7.3 |
3.8 |
|
- Cloud Hash Rate |
1.2 |
1.6 |
|
- Delivered but not yet energized |
- |
0.8 |
|
- Hosting |
13.8 |
12.6 |
|
Mining machines under management |
223,000 |
199,000 |
|
- Self-owned |
86,000 |
70,000 |
|
- Hosted |
137,000 |
129,000 |
|
Bitcoin mined (self-mining only) |
628 |
758 |
|
Total power usage (MWh) |
1,192,000 |
1,136,000 |
|
Average cost of electricity ($/MWh) |
43 |
41 |
|
Average miner efficiency (J/TH) |
31.6 |
33.4 |
Power Infrastructure Summary
|
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 |
50 |
Online |
Completed |
|
- Gedu, Bhutan |
100 |
Online |
Completed |
|
Total electrical capacity |
895 |
|
|
|
Pipeline capacity |
|
|
|
|
- Tydal, Norway Phase 1 |
40 |
In progress |
Q4 2024 |
|
- Tydal, Norway Phase 2 |
135 |
In progress |
Mid 2025 |
|
- Massillon, Ohio |
221 |
In progress |
Mid-to-late 2025 |
|
- Clarington, Ohio Phase 1 |
266 |
In progress |
Q3 2025 |
|
- Clarington, Ohio Phase 2 |
304 |
Pending approval |
Estimate 2026 |
|
- Jigmeling, Bhutan |
500 |
In progress |
Mid-Late 2025 |
|
- Rockdale, Texas |
179 |
In planning |
Estimate 2026 |
|
Total pipeline capacity |
1,645 |
|
|
|
Total global electrical capacity |
2,540 |
|
|
Financial MD&A
All variances are current quarter compared to
the same quarter last year. All figures in this section are
rounded.
|
US $ in millions |
Three Months Ended |
|
|
Jun 30, 2024 |
Mar 31, 2024 |
Jun 30, 2023 |
|
Total revenue |
99.2 |
119.5 |
93.8 |
|
Cost of revenue |
(74.8) |
(85.4) |
(77.7) |
|
Gross profit |
24.4 |
34.1 |
16.2 |
|
Net Income / (loss) |
(17.7) |
0.6 |
(40.4) |
|
Adjusted EBITDA |
24.9 |
26.0 |
18.7 |
|
Cash and cash equivalents |
203.9 |
118.5 |
130.2 |
|
US $ in millions |
Three Months Ended Jun 30, 2024 |
|
Business lines |
Self-Mining |
Cloud Hash Rate |
General Hosting |
Membership Hosting |
|
Revenue |
41.6 |
12.2 |
20.6 |
22.1 |
|
Cost of revenue |
|
|
|
|
|
- Electricity cost in operating mining machines |
(20.9) |
(2.0) |
(12.8) |
(15.6) |
|
- Depreciation and SBC expenses |
(8.3) |
(2.4) |
(2.3) |
(2.4) |
|
- Other cash 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 |
|
US $ in millions |
Three Months Ended Jun 30, 2023 |
|
Business lines |
Self-Mining |
Cloud Hash Rate |
General Hosting |
Membership Hosting |
|
Revenue |
21.6 |
18.0 |
27.8 |
23.9 |
|
Cost of revenue |
|
|
|
|
|
- Electricity cost in operating mining machines |
(9.5) |
(4.1) |
(18.6) |
(17.1) |
|
- Depreciation and SBC expenses |
(6.2) |
(5.2) |
(3.7) |
(3.1) |
|
- Other cash costs |
(1.9) |
(1.6) |
(2.4) |
(2.3) |
|
Total cost of revenue |
(17.6) |
(10.9) |
(24.7) |
(22.5) |
|
Gross profit |
4.0 |
7.1 |
3.1 |
1.4 |
Revenue
- Total revenue was US$99.2 million vs. US$93.8
million.
- Self-mining revenue was US$41.6 million vs.
US$21.6 million, primarily due to the increase in self-mining hash
rate to 7.3 EH/s from 3.8 EH/s from the Company’s 100MW Gedu mining
datacenter in Bhutan that entered into operations in the second
half of 2023 and the higher average Bitcoin price.
- Cloud Hash Rate revenue was
US$12.2 million vs. US$18.0 million. The decline was due to changes
in the amount of active Cloud Hash Rate orders and the decrease in
electricity subscription due to lower margins for customers caused
by the April 2024 Halving.
- General Hosting revenue was US$20.6 million
vs. US$27.8 million. The decline was primarily due to the decrease
of average hosting capacity caused by the temporary shutdown of
hosting mining rigs after the April 2024 Halving.
- Membership Hosting revenue was US$22.1 million
vs. US$23.9 million, slightly down year-over-year.
Cost of Revenue
- Cost of revenue was US$74.8 million vs US$77.7
million. The decrease was primarily driven by lower mining machine
depreciation from becoming fully depreciated and the true up
differences of tax and surcharges.
Gross Profit and Margin
- Gross profit was US$24.4 million vs. US$16.2
million.
- Gross margin was 24.6% vs. 17.2%.
Operating Expenses
- The sum of the operating expenses below was US$26.1 million vs.
US$24.8 million.
- Selling expenses were US$2.2 million vs. US$1.9 million,
primarily due to increased staff and compensation.
- General and administrative expenses were US$15.9 million vs.
US$16.5 million, about flat year-over-year.
- Research and development expenses were US$8.0 million vs.
US$6.4 million, primarily due increased R&D personnel and
material costs related to the development of SEALMINER chips.
Other Net Loss
- In Q2, we recorded US$15.5 million other net loss primarily due
to the non-cash expense of the fair value change for Tether
warrants.
Net Loss
- Net loss was US$17.7 million vs. US$40.4 million.
Adjusted Profit (Non-IFRS)
- Adjusted profit was US$4.6 million vs. US$2.3 millio
Adjusted EBITDA (Non-IFRS)
- Adjusted EBITDA was US$24.9 million vs. US$18.7 million. The
increase was primarily due to the year-over-year revenue growth and
higher gross profit margins as described above.
Cash Flows
- Net cash used for operating activities was US$74.1
million;
- Net cash generated from investing activities was US$54.3
million including the proceeds from disposal of cryptocurrencies of
US$79.3 million received from the principal businesses.
- Net cash generated from financing activities was US$105.1
million.
Capital Expenditures
- Capital expenditures for PPE and mining machines were US$17.5
million vs. US$38.1 million. The decrease was driven by
approximately US$20 million reduction in purchases of third party
mining machines as the Company is focused on scaling operations
with its own SEALMINERS going forward.
Liquidity
- As of June 30, 2024, the Company held US$203.9 million in cash
and cash equivalents, US$24.9 million in cryptocurrencies and
US$37.8 million in debt.
Further information regarding the Company’s second quarter 2024
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 GroupBitdeer is a
world-leading technology company for blockchain and
high-performance computing. Bitdeer is committed to providing
comprehensive computing 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 StatementsStatements 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 Jun 30, |
|
As of Dec 31, |
| (US $ in thousands) |
|
2024 |
|
2023 |
|
|
|
|
| ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
203,882 |
|
|
144,729 |
|
| Cryptocurrencies |
|
24,916 |
|
|
15,371 |
|
| Trade receivables |
|
19,324 |
|
|
17,277 |
|
| Amounts due from a related
party |
|
6,248 |
|
|
187 |
|
| Prepayments and other
assets |
|
126,077 |
|
|
97,433 |
|
| Financial assets at fair value
through profit or loss |
|
41,739 |
|
|
37,775 |
|
| Restricted cash |
|
9,144 |
|
|
9,538 |
|
| Mining machines |
|
55,126 |
|
|
63,477 |
|
| Right-of-use assets |
|
67,440 |
|
|
58,626 |
|
| Property, plant and
equipment |
|
196,749 |
|
|
154,860 |
|
| Investment properties |
|
32,118 |
|
|
34,346 |
|
| Intangible assets |
|
26,975 |
|
|
4,777 |
|
| Goodwill |
|
14,451 |
|
|
- |
|
| Deferred tax assets |
|
3,526 |
|
|
991 |
|
| TOTAL
ASSETS |
|
827,715 |
|
|
639,387 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
| Trade payables |
|
36,166 |
|
|
32,484 |
|
| Other payables and
accruals |
|
33,570 |
|
|
32,151 |
|
| Amounts due to a related
party |
|
3,380 |
|
|
33 |
|
| Income tax payables |
|
6,604 |
|
|
3,367 |
|
| Derivative liabilities |
|
25,336 |
|
|
- |
|
| Deferred revenue |
|
87,104 |
|
|
144,337 |
|
| Deferred revenue from a
related party |
|
32,777 |
|
|
- |
|
| Borrowings |
|
37,828 |
|
|
22,618 |
|
| Lease liabilities |
|
79,362 |
|
|
70,211 |
|
| Deferred tax liabilities |
|
6,189 |
|
|
1,620 |
|
| TOTAL
LIABILITIES |
|
348,316 |
|
|
306,821 |
|
|
|
|
|
|
|
| NET
ASSETS |
|
479,399 |
|
|
332,566 |
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
| Share capital |
|
* |
|
* |
| Treasury shares |
|
- |
|
|
(2,604 |
) |
| Accumulated deficit |
|
(66,990 |
) |
|
(49,853 |
) |
| Reserves |
|
546,389 |
|
|
385,023 |
|
| TOTAL
EQUITY |
|
479,399 |
|
|
332,566 |
|
|
|
|
|
|
|
* Amount less than US$1,000
|
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Jun 30, |
|
Six months ended Jun 30, |
| (US $ in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Revenue[1] |
|
99,229 |
|
|
93,816 |
|
|
218,735 |
|
|
166,403 |
|
| Cost of revenue |
|
(74,824 |
) |
|
(77,659 |
) |
|
(160,199 |
) |
|
(136,754 |
) |
| Gross
profit |
|
24,405 |
|
|
16,157 |
|
|
58,536 |
|
|
29,649 |
|
| Selling expenses |
|
(2,173 |
) |
|
(1,879 |
) |
|
(3,863 |
) |
|
(4,315 |
) |
| General and administrative
expenses |
|
(15,852 |
) |
|
(16,467 |
) |
|
(30,821 |
) |
|
(32,471 |
) |
| Research and development
expenses |
|
(8,048 |
) |
|
(6,433 |
) |
|
(29,212 |
) |
|
(12,727 |
) |
| Listing fee |
|
- |
|
|
(33,151 |
) |
|
- |
|
|
(33,151 |
) |
| Other operating income /
(expenses) |
|
1,431 |
|
|
(995 |
) |
|
3,177 |
|
|
(100 |
) |
| Other net gain / (loss) |
|
(15,467 |
) |
|
1,468 |
|
|
(13,020 |
) |
|
1,608 |
|
| Loss from
operations |
|
(15,704 |
) |
|
(41,300 |
) |
|
(15,203 |
) |
|
(51,507 |
) |
| Finance income /
(expenses) |
|
(44 |
) |
|
(895 |
) |
|
107 |
|
|
(1,127 |
) |
| Loss before
taxation |
|
(15,748 |
) |
|
(42,195 |
) |
|
(15,096 |
) |
|
(52,634 |
) |
| Income tax benefit /
(expenses) |
|
(1,995 |
) |
|
1,835 |
|
|
(2,041 |
) |
|
2,807 |
|
| Loss for the
periods |
|
(17,743 |
) |
|
(40,360 |
) |
|
(17,137 |
) |
|
(49,827 |
) |
| Other comprehensive
loss |
|
|
|
|
|
|
|
|
| Loss for the periods |
|
(17,743 |
) |
|
(40,360 |
) |
|
(17,137 |
) |
|
(49,827 |
) |
| Other comprehensive
income for the periods |
|
|
|
|
|
|
|
|
| Item that may be reclassified
to profit or loss |
|
|
|
|
|
|
|
|
| - Exchange differences on
translation of financial statements |
|
14 |
|
|
21 |
|
|
46 |
|
|
9 |
|
| Other comprehensive
income for the periods, net of tax |
|
14 |
|
|
21 |
|
|
46 |
|
|
9 |
|
| Total comprehensive
loss for the periods |
|
(17,729 |
) |
|
(40,339 |
) |
|
(17,091 |
) |
|
(49,818 |
) |
|
|
|
|
|
|
|
|
|
|
| Loss per share (Basic
and diluted) |
|
(0.14 |
) |
|
(0.36 |
) |
|
(0.14 |
) |
|
(0.45 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average
number of shares outstanding (thousands) (Basic and
diluted) |
|
126,530 |
|
|
110,916 |
|
|
120,686 |
|
|
109,805 |
|
[1] Included approximately US$9.1 million and US$13.9 million
generated from hosting service provided to a related party for the
three months and six months ended June 30, 2024.
|
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Jun 30, |
|
Six months ended Jun 30, |
| (US $ in thousands) |
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Cash used in operating activities: |
|
(68,507 |
) |
|
(66,875 |
) |
|
(201,374 |
) |
|
(158,602 |
) |
| Interest paid on leases |
|
(1,024 |
) |
|
(655 |
) |
|
(1,676 |
) |
|
(1,299 |
) |
| Interest paid on convertible
debt |
|
(465 |
) |
|
(607 |
) |
|
(930 |
) |
|
(1,207 |
) |
| Interest received |
|
1,722 |
|
|
2,096 |
|
|
3,535 |
|
|
4,074 |
|
| Income tax paid |
|
(5,850 |
) |
|
(80 |
) |
|
(5,850 |
) |
|
(95 |
) |
| Net cash
used in operating activities |
|
(74,124 |
) |
|
(66,121 |
) |
|
(206,295 |
) |
|
(157,129 |
) |
|
|
|
|
|
|
|
|
|
|
| Cash flows from
investing activities |
|
|
|
|
|
|
|
|
| Purchase of property, plant
and equipment, investment properties and intangible assets |
|
(17,333 |
) |
|
(17,168 |
) |
|
(46,948 |
) |
|
(24,609 |
) |
| Purchase of mining
machines |
|
(178 |
) |
|
(20,939 |
) |
|
(1,738 |
) |
|
(62,510 |
) |
| Purchase of financial assets
at fair value through profit or loss |
|
(1,532 |
) |
|
(400 |
) |
|
(2,524 |
) |
|
(1,400 |
) |
| Proceeds from disposal of
financial assets at fair value through profit or loss |
|
- |
|
|
- |
|
|
- |
|
|
31,111 |
|
| Lending to a third party |
|
- |
|
|
- |
|
|
- |
|
|
(62 |
) |
| Repayment of lending from a
third party |
|
- |
|
|
606 |
|
|
- |
|
|
- |
|
| Proceeds from disposal of
property, plant and equipment |
|
244 |
|
|
25 |
|
|
244 |
|
|
29 |
|
| Proceeds from disposal of
cryptocurrencies |
|
79,344 |
|
|
69,719 |
|
|
169,724 |
|
|
125,240 |
|
| Cash paid for a business
combination, net of cash acquired |
|
(6,277 |
) |
|
- |
|
|
(6,277 |
) |
|
- |
|
| Net cash generated
from investing activities |
|
54,268 |
|
|
31,843 |
|
|
112,481 |
|
|
67,799 |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
financing activities |
|
|
|
|
|
|
|
|
| Capital element of lease
rentals paid |
|
(1,236 |
) |
|
(1,392 |
) |
|
(2,574 |
) |
|
(2,632 |
) |
| Net payment related to
Business Combination |
|
- |
|
|
(7,506 |
) |
|
- |
|
|
(7,651 |
) |
| Proceeds from issuance of
shares for exercise of share rewards |
|
567 |
|
|
- |
|
|
604 |
|
|
- |
|
| Proceeds from issuance of
ordinary shares and warrants, net of transaction costs1 |
|
106,064 |
|
|
- |
|
|
155,692 |
|
|
- |
|
| Payment for the future
issuance cost |
|
(297 |
) |
|
- |
|
|
(297 |
) |
|
- |
|
| Net cash generated
from / (used in) financing activities |
|
105,098 |
|
|
(8,898 |
) |
|
153,425 |
|
|
(10,283 |
) |
|
|
|
|
|
|
|
|
|
|
| Net increase /
(decrease) in cash and cash equivalents |
|
85,242 |
|
|
(43,176 |
) |
|
59,611 |
|
|
(99,613 |
) |
| Cash and cash equivalents at
the beginning of the period |
|
118,461 |
|
|
173,897 |
|
|
144,729 |
|
|
231,362 |
|
| Effect of movements in
exchange rates on cash and cash equivalents held |
|
179 |
|
|
(518 |
) |
|
(458 |
) |
|
(1,546 |
) |
| Cash and cash
equivalents at the end of the period |
|
203,882 |
|
|
130,203 |
|
|
203,882 |
|
|
130,203 |
|
|
|
|
|
|
|
|
|
|
|
1Net proceeds from issuance of ordinary shares and warrants in Q2 24 includes the effect from the utilization of payment for future issuance cost made in Q1 24.
Use of Non-IFRS Financial MeasuresIn 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 the changes in fair value of derivative liabilities,
listing fee and share-based payment expenses under IFRS 2, and
defines adjusted profit/(loss) as profit/(loss) adjusted to exclude
the changes in fair value of derivative liabilities, listing fee
and share-based payment expenses under IFRS 2.
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 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 loss for the
relevant period to adjusted EBITDA and adjusted profit, for the
three and six months ended June 30, 2024 and 2023.
|
BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT
RECONCILIATION |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Jun 30, |
|
Six months ended Jun 30, |
| (US $ in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
Loss for the periods |
|
(17,743 |
) |
|
(40,360 |
) |
|
(17,137 |
) |
|
(49,827 |
) |
| Add： |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
18,304 |
|
|
18,934 |
|
|
36,491 |
|
|
36,223 |
|
| Income tax (benefit) /
expenses |
|
1,995 |
|
|
(1,835 |
) |
|
2,041 |
|
|
(2,807 |
) |
| Interest income, net |
|
(9 |
) |
|
(741 |
) |
|
(617 |
) |
|
(1,385 |
) |
| Listing fee |
|
- |
|
|
33,151 |
|
|
- |
|
|
33,151 |
|
| Change in fair value of
derivative liabilities |
|
14,230 |
|
|
- |
|
|
14,230 |
|
|
- |
|
| Share-based payment
expenses |
|
8,093 |
|
|
9,554 |
|
|
15,896 |
|
|
21,847 |
|
| Total of Adjusted
EBITDA |
|
24,870 |
|
|
18,703 |
|
|
50,904 |
|
|
37,202 |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
Profit |
|
|
|
|
|
|
|
|
| Loss for the
periods |
|
(17,743 |
) |
|
(40,360 |
) |
|
(17,137 |
) |
|
(49,827 |
) |
| Add： |
|
|
|
|
|
|
|
|
| Listing fee |
|
- |
|
|
33,151 |
|
|
- |
|
|
33,151 |
|
| Change in fair value of
derivative liabilities |
|
14,230 |
|
|
- |
|
|
14,230 |
|
|
- |
|
| Share-based payment
expenses |
|
8,093 |
|
|
9,554 |
|
|
15,896 |
|
|
21,847 |
|
| Total of Adjusted
Profit |
|
4,580 |
|
|
2,345 |
|
|
12,989 |
|
|
5,171 |
|
|
|
|
|
|
|
|
|
|
|
For investor and media inquiries, please
contact:
Investor RelationsYujia ZhaiOrange
Groupbitdeerir@orangegroupadvisors.com
Public RelationsWachsmanBee Shinbitdeer@wachsman.com
Bitdeer Technologies (NASDAQ:BTDR)
過去 株価チャート
から 9 2024 まで 10 2024
Bitdeer Technologies (NASDAQ:BTDR)
過去 株価チャート
から 10 2023 まで 10 2024
