Bitdeer Technologies Group Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $70.1M, down 41.3% from $119.5M in Q1 2024.
  • Gross Profit: -$3.2M vs. $34.1M in Q1 2024. Gross Margin: -4.6% vs. 28.6% YoY.
  • Adjusted EBITDA: -$56.1M vs. $27.3M YoY.
  • IFRS Net Profit: $409.5M, largely due to $503.1M in non-cash derivative gains from convertible bonds and Tether warrants.
  • Adjusted Net Income: -$89.8M vs. $9.7M in Q1 2024.
  • Cash: $215.6M
  • Cryptocurrency Holdings: $131.1M
  • Total Borrowings (excluding derivatives): $215.4M
  • Capital Expenditures Q1: $45.7M on infrastructure and rigs.
  • Updated 2025 Infrastructure CapEx: $260M–$290M, reduced from prior guidance due to a pause at Clarington, Ohio site.

Operational & Strategic Highlights

  • Self-Mining Hashrate: 11.5 EH/s at end of Q1.
  • Forecasted Hashrate: 40 EH/s by October 2025—potential upside depending on wafer supply/allocation.
  • New Power Capacity: 500 MW being added in Q2, raising global total to ~1.6 GW; to exceed 1.8 GW by end of 2025 with Clarington and Ethiopia.

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Operator: Good day, and welcome to the Bitdeer First Quarter 2025 Earnings Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Instructions will be given at that time. As a reminder, this call may be recorded. I would like to turn the call over to Yujia Zhai, Investor Relations Advisor. Please go ahead. Yujia Zhai: Thank you, operator, and good morning. Welcome to Bitdeer's first quarter 2025 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO; Matt Kong, Chief Business Officer; Haris Basit, Chief Strategy Officer; and Jeff LaBerge, Head of Capital Markets and Strategic Initiatives. Haris will begin today by providing a high-level overview of Bitdeer’s first quarter 2025 results and then cover the company's strategy and a detailed business update. After that, Jeff will cover Bitdeer's first quarter financial results in more detail and then we will open the call for questions. To accompany today's earnings call, we have provided a supplemental investor presentation. This presentation can be found on Bitdeer's Investor Relations website under Webcasts and Presentations. Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risk and uncertainties, which may cause actual results to differ ma

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