Bitdeer Stock Edges Up After Q2 Earnings Miss
Bitdeer Technologies Group (NASDAQ:BTDR) reported its second quarter earnings and revenue results, missing analyst expectations. The company's stock rose by 1.65% in pre-market trading following the announcement.
The adjusted loss per share was -$0.37, lower than the estimated -$0.32. Revenue reached $228.8 million, a 47% increase from $155.6 million in the same quarter last year, but slightly below the consensus estimate of $231.16 million.
Bitdeer's gross loss was $8.5 million compared to a gross profit of $12.0 million in the prior year period, attributed to higher electricity and depreciation costs from new mining rigs coming online. However, adjusted EBITDA improved to $31.1 million from $4.6 million YoY, driven by significantly higher self-mining and co-mining hashrate.
The company mined 2,694 Bitcoin during the quarter compared to 565 in the prior year period. Bitdeer's Chief Financial Officer, Michael G. Potter, stated that 'The second quarter reflected steady progress across our platform.'