NASDAQ$BTDR
Bitdeer Technologies Group · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Bitdeer reported unaudited financial results for the second quarter of 2024, showcasing strong financial performance and strategic progress.
Bitdeer reported a total revenue of $99.2 million and a gross profit of $24.4 million for Q2 2024. The company achieved an adjusted EBITDA of $24.9 million, marking a 33.2% year-over-year increase. Despite significant growth in global network hashrate and the April 2024 halving, Bitdeer demonstrated the strength of its differentiated strategy and commitment to technology and innovation.
- Total revenue for Q2 2024 was $99.2 million, an increase from $93.8 million in Q2 2023.
- Gross profit reached $24.4 million, significantly up from $16.2 million in Q2 2023.
- Adjusted EBITDA increased by 33.2% year-over-year to $24.9 million.
- Net loss improved to $17.7 million from $40.4 million in Q2 2023.
Headline financials
Revenue & EPS history
Bitdeer · Revenue · Quarterly
$99.2M
Forward guidance
Bitdeer is focused on expanding Bitcoin self-mining capacity, executing its SEALMINER technology roadmap, and monetizing its 2.5 GW power portfolio for HPC/AI, gearing up for the upcoming bull market.
Tailwinds
- Plans to install 3.4 EH/s of SEALMINER A1 chips into datacenters by year-end.
- Second-generation SEAL02 chip initial tape-out wafer delivery from TSMC remains on track for late September, with mass production anticipated by year-end.
- Third-generation SEAL03 chip R&D has started.
- Deployment of NVIDIA DGX SuperPOD H100 system in Singapore achieved 100% utilization in July.
- Announced a 30-year lease agreement for 570 MW of power capacity in Ohio, increasing total global capacity to 2.5 GW.
Headwinds
- No specific negative forward guidance was provided in the report.
- Potential challenges from global network hashrate growth.
- Impact of future Bitcoin halving events on profitability.
- Market volatility for cryptocurrencies.
- Competition in the blockchain and high-performance computing sectors.
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 Q2 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% |
Discussion
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