Bitdeer Reports 2023 Financial Results and Operational Update
March 29, 2024
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SINGAPORE, March 29, 2024 — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced its financial results for the year ended December 31, 2023. Full Year 2023 Financial Highlights • Total revenue was US$368.6 million, compared to US$333.3 million in 2022.
• Net loss was US$56.7 million, compared to US$60.4 million in 2022.
• Adjusted profit was US$22.0 million, compared to US$30.3 million in 2022.
• Adjusted EBITDA was US$100.3 million, compared to US$93.2 million in 2022.
• Cash and cash equivalents were US$144.7 million as of December 31, 2023. Linghui Kong, Chief Business Officer of Bitdeer, commented, “We continued to successfully execute on our operational strategies during 2023, as we mined 3,694 Bitcoins, representing a 74.8% year-over-year increase. We grew our revenues by 10.6% year over year to $368.6 million, and recorded adjusted EBITDA of US$100.3 million, a 7.6% increase from 2022. At the same time, we remained focused on laying the strategic groundwork for our diversified, long-term growth. Advancing our technology vertical-integration strategy, we successfully tested our first Bitcoin mining chip, the 4nm SEAL01. Designed for integration into our new SEALMINER A1 mining machines, the chip marks our entry into the ASIC production space, promising significant cost and supply chain advantages and setting the stage to reach at least 46 EH/s hash rate under management by the end of 2025. Meanwhile, we made strides in diversifying and scaling our global mining business as our Gedu Datacenter commenced full operations, while progress continued on our infrastructure expansion initiatives in Norway and Ohio. We also achieved a significant milestone by completing deployment and testing of our NVIDIA DGX SuperPOD H100 system, positioning us as one of the first cloud service platforms in Asia to offer NVIDIA DGX SuperPOD H100 service. Looking ahead, we are confident that we are well-positioned for the upcoming halving, thanks to our diversified business model and access to low-cost power. As we move further into 2024, we will build on our achievements from our first year as a listed company to deliver long-term value for our shareholders.” Financial Highlights • Total revenue was US$368.6 million in 2023, compared to US$333.3 million in 2022, primarily due to the increase in revenue generated from the Company’s self-mining business as a result of the increased self-mining hash rate and increased Bitcoin production. The Company’s increased hosting capacity also led to an increase in revenue generated from hosting services. These increases were partially offset by a decrease in revenue generated from Cloud Hash Rate.
• Net loss was US$56.7 million in 2023, compared to a net loss of US$60.4 million in 2022. Net loss in the full year of 2023 was primarily caused by share-based payment expenses of US$45.5 million and the listing fee of US$33.2M related to the completed transaction with Blue Safari Group Acquisition Corp.
• Adjusted profit was US$22.0 million in 2023, compared to US$30.3 million in 2022. Adjusted profit/(loss) is a non-IFRS financial measure and is used by the Company as a supplemental measure to review and assess the Company’s operating performance and is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2.
• Adjusted EBITDA was US$100.3 million in 2023, compared to US$93.2 million in 2022. Adjusted EBITDA is a non-IFRS financial measure and is used by the Company as a supplemental measure to review and assess the Company’s operating performance and is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2.
• Cash and cash equivalents were US$144.7 million as of December 31, 2023.
• Total Borrowings were US$22.6 million as of December 31, 2023. Operational Highlights MetricsYears Ended December 31, 20232022Total hash rate under management (EH/s)21.014.0- Proprietary hash rate8.44.1
• Self-mining6.72.5
• Cloud Hash Rate
• Net loss was US$56.7 million, compared to US$60.4 million in 2022.
• Adjusted profit was US$22.0 million, compared to US$30.3 million in 2022.
• Adjusted EBITDA was US$100.3 million, compared to US$93.2 million in 2022.
• Cash and cash equivalents were US$144.7 million as of December 31, 2023. Linghui Kong, Chief Business Officer of Bitdeer, commented, “We continued to successfully execute on our operational strategies during 2023, as we mined 3,694 Bitcoins, representing a 74.8% year-over-year increase. We grew our revenues by 10.6% year over year to $368.6 million, and recorded adjusted EBITDA of US$100.3 million, a 7.6% increase from 2022. At the same time, we remained focused on laying the strategic groundwork for our diversified, long-term growth. Advancing our technology vertical-integration strategy, we successfully tested our first Bitcoin mining chip, the 4nm SEAL01. Designed for integration into our new SEALMINER A1 mining machines, the chip marks our entry into the ASIC production space, promising significant cost and supply chain advantages and setting the stage to reach at least 46 EH/s hash rate under management by the end of 2025. Meanwhile, we made strides in diversifying and scaling our global mining business as our Gedu Datacenter commenced full operations, while progress continued on our infrastructure expansion initiatives in Norway and Ohio. We also achieved a significant milestone by completing deployment and testing of our NVIDIA DGX SuperPOD H100 system, positioning us as one of the first cloud service platforms in Asia to offer NVIDIA DGX SuperPOD H100 service. Looking ahead, we are confident that we are well-positioned for the upcoming halving, thanks to our diversified business model and access to low-cost power. As we move further into 2024, we will build on our achievements from our first year as a listed company to deliver long-term value for our shareholders.” Financial Highlights • Total revenue was US$368.6 million in 2023, compared to US$333.3 million in 2022, primarily due to the increase in revenue generated from the Company’s self-mining business as a result of the increased self-mining hash rate and increased Bitcoin production. The Company’s increased hosting capacity also led to an increase in revenue generated from hosting services. These increases were partially offset by a decrease in revenue generated from Cloud Hash Rate.
• Net loss was US$56.7 million in 2023, compared to a net loss of US$60.4 million in 2022. Net loss in the full year of 2023 was primarily caused by share-based payment expenses of US$45.5 million and the listing fee of US$33.2M related to the completed transaction with Blue Safari Group Acquisition Corp.
• Adjusted profit was US$22.0 million in 2023, compared to US$30.3 million in 2022. Adjusted profit/(loss) is a non-IFRS financial measure and is used by the Company as a supplemental measure to review and assess the Company’s operating performance and is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2.
• Adjusted EBITDA was US$100.3 million in 2023, compared to US$93.2 million in 2022. Adjusted EBITDA is a non-IFRS financial measure and is used by the Company as a supplemental measure to review and assess the Company’s operating performance and is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2.
• Cash and cash equivalents were US$144.7 million as of December 31, 2023.
• Total Borrowings were US$22.6 million as of December 31, 2023. Operational Highlights MetricsYears Ended December 31, 20232022Total hash rate under management (EH/s)21.014.0- Proprietary hash rate8.44.1
• Self-mining6.72.5
• Cloud Hash Rate