NASDAQ$BTDR
Bitdeer Technologies Group · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Bitdeer reported unaudited financial results for the third quarter of 2023, showing significant improvements in revenue and profitability compared to the previous year.
Bitdeer delivered a robust performance in Q3 2023, with total revenue increasing by 14% year-over-year to $87.3 million and adjusted EBITDA surging by 222% to $28.0 million. The company also significantly reduced its net loss from $22.1 million in Q3 2022 to $1.8 million in Q3 2023, driven by increased self-mining hash rate and Bitcoin production.
- Total revenue increased by 14% year-over-year to $87.3 million.
- Net loss significantly reduced to $1.8 million from $22.1 million in Q3 2022.
- Adjusted EBITDA surged by 222% to $28.0 million.
- Self-mining business mined 1,085 Bitcoins, a 121% year-over-year increase.
Headline financials
Revenue & EPS history
Bitdeer · Revenue · Quarterly
$87.3M
Revenue by segment
Bitdeer · $227M total across 7 segments · Q2 2026
- Self-mining$168M—74.2%
- Co-mining$25M—11.0%
- AI Cloud$14M—6.2%
- Membership Hosting$12.8M—5.6%
- Cloud Hash Rate$3.7M—1.6%
- General Hosting$2.8M—1.2%
- Sales of SEALMINERs and Accessories$400K—0.2%
Forward guidance
Bitdeer anticipates continued growth and expansion, particularly in its AI Cloud services and mining infrastructure, while maintaining a focus on maximizing profitability and shareholder value.
Tailwinds
- Expects to launch Bitdeer AI Cloud in Q1 2024, powered by NVIDIA DGX SuperPod with DGX H100 systems in Asia.
- Bhutan-based Gedu datacenter entered full operations, adding 100MW electrical capacity and 3.3EH/s proprietary hash rate.
- Making progress towards the construction of a 175MW immersion cooling datacenter at Tydal, Norway, anticipated for completion in 2025.
- Board approved an additional $2,000,000 share repurchase program in October, demonstrating confidence in long-term stability.
- Will continue to evaluate hash rate allocation across business lines to maximize profitability.
Headwinds
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
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 Q3 2023
-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 |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| 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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