Bitdeer Technologies Group Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Bitdeer Q4 and Full-Year 2024 Earnings Summary

  • Total Revenue (Q4 2024): $69 million, down from $114.8 million in Q4 2023. This was impacted by the April 2024 Bitcoin halving, increased network hashrate, reduced cloud mining and hosting revenues, and increased R&D costs.
  • Gross Profit (Q4 2024): $5.1 million, down from $27 million YoY. Gross margin declined to 7.4% from 23.5% primarily due to halving and expiration of high-margin contracts.
  • Adjusted EBITDA (Q4 2024): -$3.8 million, largely due to revenue declines and higher R&D expenditure.
  • Net Loss (Q4 2024): -$531.9 million vs. -$5 million YoY. Driven by a $469.5 million non-cash derivative loss due to stock price appreciation.
  • Full-Year 2024 Revenue: $349.8 million
  • Full-Year Adjusted EBITDA: $39.4 million

Key Strategic Developments

  • Vertical Integration: Acquisition of a 19-acre site near Foxcreek, Alberta for $21.7 million to build a 101MW gas-fired power plant and 99MW data center by Q4 2026; aimed to become a net-zero carbon producer and minimize energy costs ($20-$25 per MWh).
  • ASIC Development:
    • SEALMINER A1: 0.4 EH/s deployed, remaining 3.3 EH/s in production, full delivery by March 2025.

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Operator: Good day, and thank you for standing by. Welcome to Bitdeer's Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker host, Yujia Zhai of Investor Relations. Please go ahead. Yujia Zhai: Thank you, operator, and good morning, everyone. Welcome to Bitdeer's fourth quarter and full-year 2024 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 fourth quarter and full-year 2024 results and then cover the Company's strategy and a detailed business update. After that, Jeff will cover Bitdeer's fourth 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 risks and uncertainties, which may cause actual results to differ materially. For a more complete di

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