TechFlow news — Bitdeer Technologies Group ("Bitdeer"), a global leader in blockchain and high-performance computing (HPC) technology, today released its unaudited financial results for the second quarter of 2024. Key financial highlights are as follows:
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Total revenue was $99.2 million, an increase of 5.8% compared to $93.8 million in the same period of 2023.
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Gross profit was $24.4 million, up 50.6% year-over-year.
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Adjusted EBITDA was $24.9 million, representing a 33.2% year-over-year increase.
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Net loss was $17.7 million, significantly narrowed from $40.4 million in the same period last year.
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As of June 30, 2024, the company held $203.9 million in cash and cash equivalents.
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Self-operated mining revenue reached $41.6 million, a 92.6% year-over-year increase.
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Cloud computing services revenue was $12.2 million, down 32.2% year-over-year.
Matt Kong, Chief Commercial Officer of Bitdeer, stated that despite significant growth in global network hash rate and the Bitcoin halving event in April 2024, the company delivered strong financial performance. He highlighted progress in the development of SEALMINER ASIC chips, HPC and AI initiatives, and the expansion of global power and data center infrastructure.
Bitdeer said it will continue focusing on expanding its self-operated Bitcoin mining capacity, executing the SEALMINER technology roadmap, and leveraging its 2.5 GW power portfolio to grow its HPC/AI business.
