Bitcoin miner Bitdeer's Q2 loss widens despite 57% jump in revenue

Overview

• Bitdeer Q2 revenue rises 56.8% yr/yr, beating analysts' expectations, per LSEG data

• Adjusted EBITDA of $17.3 mln beats estimates

• Net loss widens to $147.7 mln from $17.7 mln a year earlier, mainly due to non-cash, fair value changes of derivative liabilities

Outlook

• Company expects self-mining hashrate to exceed 40 EH/s by year-end

• Bitdeer anticipates over 1.6 GW datacenter capacity by year-end

• Company sees improved wafer supply supporting growth

• Bitdeer optimistic about Clarington, Ohio HPC/AI site negotiations

Result Drivers

• SELF-MINING GROWTH - Significant increase in self-mining hash rate drove revenue growth, per Chief Business Officer Matt Kong

• SEALMINER SALES - External sales of SEALMINER A2s contributed $69.5 mln to revenue

• COST INCREASES - Higher costs for SEALMINERs, depreciation, and staffing impacted gross profit margins

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Bitdeer Technologies Group is $21.50, about 37.7% above its August 15 closing price of $13.39

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release: ID:nGNX74tc1f