Shares of Bitdeer Technologies Group (BTDR) plunged 10.02% in pre-market trading following the release of its first-quarter 2025 financial results. Despite beating revenue estimates, the cryptocurrency mining company reported significant losses and negative profitability metrics, disappointing investors.

Bitdeer reported revenue of $70.1 million for Q1 2025, surpassing analyst expectations of $66.8 million. However, the company's adjusted EBITDA came in at negative $56.1 million, far worse than the estimated negative $25.4 million. The company also posted a gross loss of $3.2 million, indicating challenges in its core operations.

While Bitdeer reported a net income of $409.5 million, vastly outperforming the expected loss of $31.5 million, this figure likely includes significant non-cash items and does not reflect the company's operational performance. The stark contrast between the reported net income and the negative adjusted EBITDA suggests that investors are focusing on the company's operational challenges rather than accounting gains. Additionally, operating expenses rose to $75.8 million, further pressuring the company's profitability.