Readers should not rely upon the information on this page as current or accurate after its publication date. BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of March 31, As of December 31,(US $ in thousands)2025 2024ASSETS Current assets Cash and cash equivalents215,642 476,270 Restricted cash12,107 9,144 Cryptocurrencies131,144 77,537 Trade receivables10,263 9,627 Amounts due from a related party15,810 15,512 Prepayments and other assets335,071 291,929 Inventories153,740 64,888 Financial assets at fair value through profit or loss4,540 4,540 Total current assets 878,317 949,447 Non-current assets Restricted cash5,906 8,212 Prepayments and other assets46,652 18,244 Financial assets at fair value through profit or loss35,428 37,981 Mining rigs101,581 67,324 Right-of-use assets75,338 69,273 Property, plant and equipment302,210 251,377 Investment properties30,529 30,723 Intangible assets78,303 83,235 Goodwill35,818 35,818 Deferred tax assets8,543 6,220 Total non-current assets 720,308 608,407 TOTAL ASSETS 1,598,625 1,557,854 LIABILITIES Current liabilities Trade payables50,729 31,471 Other payables and accruals38,098 40,617 Amounts due to a related party7,788 8,747 Income tax payables2,437 2,729 Derivative liabilities256,775 763,939 Deferred revenue61,016 39,029 Borrowings215,436 208,127 Lease liabilities6,895 5,460 Total current liabilities 639,174 1,100,119 Non-current liabilities Other payables and accruals1,786 1,650 Deferred revenue68,449 90,200 Lease liabilities78,846 72,673 Deferred tax liabilities15,721 16,614 Total non-current liabilities164,802 181,137 TOTAL LIABILITIES 803,976 1,281,256 NET ASSETS 794,649 276,598 EQUITY Share capital* *Treasury equity(181,065) (160,926)Accumulated deficit(239,531) (649,004)Reserves1,215,245 1,086,528 TOTAL EQUITY 794,649 276,598 * Amount less than US$1,000 BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME Three months ended March 31, (US $ in thousands)2025 2024 Revenue70,128 119,506 Cost of revenue(73,353) (85,375)Gross profit / (loss)(3,225) 34,131 Selling expenses(1,393) (1,690)General and administrative expenses(15,389) (14,969)Research and development expenses(59,014) (21,164)Other operating income / (expenses)(7,789) 1,746 Other net gain503,050 2,447 Profit from operations416,240 501 Finance income / (expenses)(9,343) 151 Profit before taxation406,897 652 Income tax benefit / (expenses)2,576 (46)Profit for the period409,473 606 Other comprehensive income Income for the period409,473 606 Other comprehensive income for the period Item that may be reclassified to profit or loss Exchange differences on translation of financial statements166 32 Other comprehensive income for the period, net of tax166 32 Total comprehensive income for the period409,639 638 Earnings / (loss) per share (in US$) Basic2.15 0.01 Diluted(0.37) 0.01 Weighted average number of shares outstanding (thousand shares)Basic190,199 114,843 Diluted228,561 117,041 BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31,(US $ in thousands)2025 2024 Cash flows from operating activities Cash used in operating activities:(280,889) (132,867)Interest paid on leases(702) (652)Interest paid on borrowings(4,493) (465)Interest received2,724 1,813 Income tax paid(628) - Net cash used in operating activities (283,988) (132,171) Cash flows from investing activities Purchase of property, plant and equipment, investment properties and intangible assets(44,770) (29,615)Purchase of mining rigs(955) (1,560)Purchase of financial assets at fair value through profit or loss(132) (992)Purchase of cryptocurrencies(18,159) - Proceeds from disposal of cryptocurrencies12,283 90,380 Cash paid for the site and gas-fired power project in Alberta, Canada(21,870) - Net cash generated from / (used in) investing activities (73,603) 58,213 Cash flows from financing activities Capital element of lease rentals paid(1,942) (1,338)Proceeds from issuance of shares for exercise of share rewards530 37 Proceeds from issuance of ordinary shares, net of transaction costs118,403 49,931 Payment for the future issuance cost- (303)Acquisition of treasury shares(21,010) - Payment for transaction costs in connection with convertible senior notes(1,119) - Net cash generated from financing activities 94,862 48,327 Net decrease in cash and cash equivalents (262,729) (25,631)Cash and cash equivalents at the beginning of the period476,270 144,729 Effect of movements in exchange rates on cash and cash equivalents held2,101 (637)Cash and cash equivalents at the end of the period215,642 118,461 Use of Non-IFRS Financial MeasuresIn evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance.
Q1 2025 High-Level P&L and Disaggregated Revenue Details: US $ in millionsThree Months Ended March 31, 2025Dec 31, 2024March 31, 2024Total revenue70.169.0119.5Cost of revenue(73.4)(63.9)(85.4)Gross profit/(loss)(3.2)5.134.1Net profit/(loss)409.5(531.9)0.6Adjusted EBITDA(56.1)(3.8)27.32Cash and cash equivalents215.6476.3118.5 US $ in millionsThree Months Ended Mar 31, 2025Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingSales of SEALMINERsRevenue37.20.19.616.34.1Cost of revenue - Electricity cost in operating mining rigs(24.0)-(6.8)(11.4)- - Depreciation and SBC expenses(13.7)(0.1)(1.5)(2.6)- - Cost of products sold----(3.3) - Other cash costs(3.4)-(0.9)(1.5)-Total cost of revenue (41.0)(0.1)(9.1)(15.4)(3.3)Gross profit/(loss)(3.8)-0.50.90.8 US $ in millionsThree Months Ended Mar 31, 2024Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingSales of SEALMINERsRevenue48.418.129.019.5-Cost of revenue - Electricity cost in operating mining rigs(26.2)(5.3)(14.0)(13.1)- - Depreciation and SBC expenses(8.7)(3.2)(3.0)(2.0)- - Other cash costs(2.7)(1.0)(1.6)(1.1)-Total cost of revenue (37.6)(9.6)(18.6)(16.2)-Gross profit 10.88.510.33.2- Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024) Revenue Total revenue was US$70.1 million vs.US$119.5 million.
We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S.targeted for HPC and AI cloud infrastructure.” Operational Summary MetricsThree Months Ended Mar 31 20252024Total hash rate under management (EH/s)24.222.5- Proprietary hash rate12.18.4- Self-mining11.56.7- Cloud Hash Rate-1.7- Delivered but not yet hashing0.6-- Hosting12.114.1Mining rigs under management175,000226,000- Self-owned97,00086,000- Hosted78,000140,000Bitcoin mined (self-mining only)350911Bitcoins held1,15658Total power usage (MWh)881,0001,361,000Average cost of electricity ($/MWh)4843Average miner efficiency (J/TH)29.031.7 Power Infrastructure Summary (as of April 30, 2025) Site / LocationCapacity (MW)StatusTiming3Electrical capacity - Rockdale, Texas563OnlineCompleted- Knoxville, Tennessee86OnlineCompleted- Wenatchee, Washington13OnlineCompleted- Molde, Norway84OnlineCompleted- Tydal, Norway120OnlineCompleted- Gedu, Bhutan100OnlineCompleted- Jigmeling, Bhutan132OnlineCompletedTotal electrical capacity 1,098 Pipeline capacity - Tydal, Norway Phase 2105In progressQ2 2025- Massillon, Ohio221In progressQ3-Q4 2025- Clarington, Ohio Phase 1266PausedTBD- Clarington, Ohio Phase 2304Pending approvalTBD- Jigmeling, Bhutan368In progressQ2 2025- Rockdale, Texas179In planningEstimate 2026- Alberta, Canada99In planningQ4 2026- Oromia Region, Ethiopia50In planningQ4 2025Total pipeline capacity1,592 Total global electrical capacity2,690 Financial MD&AAll variances are current quarter compared to the same quarter last year.
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