Bitdeer Revenue Spikes 47% on Strong Bitcoin Mining Performance

Bitdeer's second-quarter revenue surged 47% to $228.8 million, driven by its proprietary bitcoin mining machines. The Singapore-based company deployed more of these machines, which saw self-mining revenue nearly triple to $168.4 million and account for about three-quarters of total sales.

The increase in revenue came with sharply higher operating costs, as electricity and depreciation expenses for self-mining totaled about $164.5 million, resulting in a $2.7 million gross loss. Average electricity costs increased to $44 per megawatt-hour from $43.

Adjusted earnings before interest, taxes, depreciation and amortization rose to $31.1 million from $4.6 million, but the company reported a net loss of $92.3 million, or 37 cents a share, compared with a net loss of $62.9 million, or 32 cents a year earlier.

The company's cash and cash equivalents increased to $496.3 million at the end of June from $297.7 million three months earlier, supported by $428.9 million of net financing inflows, including proceeds from share issuance and borrowing.