Overview
Bitdeer Q2 revenue rises 56.8% yr/yr, beating analysts' expectations, per LSEG data
Adjusted EBITDA of $17.3 mln beats estimates
Net loss widens to $147.7 mln from $17.7 mln a year earlier, mainly due to non-cash, fair value changes of derivative liabilities
Outlook
Company expects self-mining hashrate to exceed 40 EH/s by year-end
Bitdeer anticipates over 1.6 GW datacenter capacity by year-end
Company sees improved wafer supply supporting growth
Bitdeer optimistic about Clarington, Ohio HPC/AI site negotiations
Result Drivers
SELF-MINING GROWTH - Significant increase in self-mining hash rate drove revenue growth, per Chief Business Officer Matt Kong
SEALMINER SALES - External sales of SEALMINER A2s contributed $69.5 mln to revenue
COST INCREASES - Higher costs for SEALMINERs, depreciation, and staffing impacted gross profit margins
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $155.60 mln | $100.90 mln (10 Analysts) |
Q2 Net Income | Miss | -$147.70 mln | -$5.90 mln (4 Analysts) |
Q2 Adjusted EBITDA | Beat | $17.30 mln | $15.50 mln (9 Analysts) |
Q2 Gross Profit | $12.80 mln | ||
Q2 Operating Expenses | $42.30 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Bitdeer Technologies Group is $21.50, about 37.7% above its August 15 closing price of $13.39
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 19 three months ago
Press Release: ID:nGNX74tc1f
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)