Bitdeer Technologies Group released its unaudited financial results for the first quarter ended March 31, 2025. The company reported total revenue of US$70.1 million, a 41.3% decrease from US$119.5 million in Q1 2024. Gross profit turned negative at US$3.2 million, compared to a positive US$34.1 million in the prior year.
Despite the revenue and gross profit decline, Bitdeer reported a net profit of US$409.5 million, significantly up from US$0.6 million in Q1 2024. This increase was largely driven by non-cash derivative gains on convertible bonds and Tether warrants, which are fair value adjustments and do not impact liquidity. Adjusted EBITDA for the quarter was negative US$56.1 million.
Operationally, Bitdeer energized 3.7 EH/s of SEALMINER A1s and 0.5 EH/s of SEALMINER A2s, bringing its self-mining hashrate to 12.4 EH/s by the end of April. The company remains on track to achieve 40 EH/s by October 2025 and expects to have 1.6 GW of available global power capacity by the end of Q2 2025. R&D efforts are focused on the SEALMINER A4 project, targeting 5 J/TH chip efficiency, with tape-out on track for Q4 2025, and Northland Capital Markets was engaged as a financial advisor for its HPC/AI data center strategy.
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