Bitdeer Technologies Group Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Total revenue: $224.8M, up 226% year-over-year and 32.5% sequentially.
  • Self-mining revenue: $168.6M, up 306% YoY and 28.7% sequentially, driven by major growth in operating hash rate.
  • SealMiner sales revenue: $23.4M, up 105% from Q3 2025.
  • Gross profit: $10.6M (4.7% margin) vs. $40.8M (24.1%) in Q3 2025. Margin decline driven by 13% lower Bitcoin pricing, higher electricity costs (+5%), and increased depreciation.
  • Adjusted EBITDA: $31.2M versus $39.6M in Q3 2025. Down due to higher energy and operating expenses.
  • Adjusted net loss: $82.6M vs. $36.3M in Q3, driven by higher energy, depreciation, and interest expense.
  • Operating cash flow: Net use of $599.5M, largely tied to mining, SealMiner supply chain, and interest expense.
  • Cash & equivalents: $149.4M; cryptocurrencies held: $83.1M (+$135.6M in receivables).
  • Total borrowings: $1B; derivative liabilities down by $171.4M due to fair-value adjustments.

Operational & Strategic Highlights

  • Total power capacity online: 1.66 GW; development pipeline: 3 GW.
  • Self-mining hash rate ended January 2026 at 63 EH/s (up from 55 EH/s at 2025 year-end), establishing Bitdeer as one of the largest public miners.
  • Fleet-wide efficiency improved to 17.5 J/TH as SealMiner A2/A3 units replace legacy rigs.
  • SealMiner A3 production underway, with 8.7 EH deployed to date.

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Operator: Good day, and thank you for standing by. Welcome to the Fifth Year Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising a hinge phrase. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded. I would like to hand the conference over to your first speaker today, John Ragazino, external investor relations for Bitdeer Technologies Group. Please go ahead. Yujia Zhai: Thank you, Operator, and good morning, everyone. Welcome to Bitdeer Technologies Group Fourth Quarter 2025 Earnings Conference Call. Joining me today are Jihan Wu, Chief Executive Officer; Matt Kong, Chief Business Officer; and Haris Basit, Chief Strategy Officer. Haris will provide a high-level overview of Bitdeer Technologies Group's fourth quarter 2025 results and discuss the company's strategy, provide a detailed business update, and review the financial results for the quarter. Jihan, Matt, and Haris will be available for questions after the formal remarks. To accompany today's call, we have provided a supplemental investor presentation available on Bitdeer Technologies Group’s investor relations website under Webcasts and Presentations. Before management begins their formal remarks, I would

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