NASDAQ$BTDR
Bitdeer Technologies Group · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Bitdeer reported unaudited financial results for the first quarter of 2024, showing significant revenue growth and a return to net income.
Bitdeer Technologies Group achieved a total revenue of $119.5 million in Q1 2024, a 64.6% increase year-over-year, and reported a net income of $0.6 million, a significant improvement from a net loss in the prior year. This growth was primarily driven by increased self-mining hash rate and Bitcoin production, alongside higher average Bitcoin prices.
- Total revenue increased by 64.6% year-over-year to US$119.5 million.
- The company returned to net income of US$0.6 million, compared to a net loss of US$9.5 million in Q1 2023.
- Adjusted EBITDA grew to US$26.0 million from US$18.5 million in the prior year.
- Self-mining business mined 911 Bitcoins, a 65.0% increase compared to Q1 2023.
Headline financials
Revenue & EPS history
Bitdeer · Revenue · Quarterly
$120M
Forward guidance
Bitdeer anticipates continued growth and operational expansion, with trial production of SEALMINER A1 rigs starting in May 2024 and further development of next-generation mining rigs. The company is also expanding its AI cloud service and infrastructure, with new datacenters under construction and efforts to reduce energy costs.
Tailwinds
- Strategic plan to expand hash rate by approximately 3.4 EH/s by year-end remains on course.
- Trial production of SEALMINER A1 rigs expected to start in May 2024.
- Designs for second-generation mining machines are advancing, with tape out potentially commencing in Q2 2024.
- Construction of Jigmeling datacenter in Bhutan started in Q1 2024.
- Expansion of mining facilities in Norway, United States, and Bhutan expected to be completed in 2025.
Headwinds
- Incurred a US$14.1 million one-off incremental development expense related to the SEAL01 chip in Q1 2024.
- Cash and cash equivalents decreased to US$118.5 million from US$144.7 million as of December 31, 2023, due to active construction and wafer prepayments.
- No specific negative forward guidance was provided beyond the impact of current investments on cash flow.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 7 quarterly earnings reports · overlaid with Q1 2024
-2.1%
Avg return
Earnings day
-7.9%
Avg return
5 days after
-17.2%
Avg return
30 days after
25%
2 / 8 earnings
Positive
+11.6%
Q1 2026
Best reaction
-19.7%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.6% | -3.0% | +35.0% | |
| Q4 2025 | -13.5% | -20.9% | -37.4% | |
| Q3 2025 | -19.7% | -52.2% | -47.8% | |
| Q2 2025 | +7.2% | -0.3% | +26.5% | |
| Q4 2023 | -2.8% | +17.1% | -18.5% | |
| Q2 2024 | +0.0% | +12.5% | -11.5% | |
| Q1 2024 | +0.0% | +0.4% | -21.8% | |
| Q3 2023 | +0.0% | -17.0% | -62.4% |
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