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SINGAPORE - Bitdeer Technologies Group (NASDAQ:BTDR), a Bitcoin mining technology company, reported first quarter 2025 results that fell short of analyst expectations, sending shares down 1.6% in after-hours trading.
The company posted revenue of $70.1 million for the quarter, missing the consensus estimate of $71.7 million. Adjusted loss per share came in at $0.37, worse than analysts’ projections of a $0.32 per share loss.
Bitdeer’s revenue declined significantly compared to $119.5 million in the same quarter last year, primarily due to the Bitcoin halving event in April 2024 and higher global network hashrate. This was partially offset by a 44.8% increase in the company’s average self-mining hashrate to 9.7 EH/s.
The company reported a net income of $409.5 million for the quarter, compared to $0.6 million in Q1 2024. However, this was largely due to non-cash fair value changes of derivative liabilities.
"This quarter marked the continued execution of our SEALMINER roadmap," said Matt Kong, Chief Business Officer at Bitdeer. "We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April."
Bitdeer expects to achieve rapid growth in its self-mining hashrate towards its 40 EH/s target by October 2025. The company also lowered its 2025 power and datacenter infrastructure capex guidance to a range of $260 to $290 million from prior guidance of $340 to $370 million.
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