Bitdeer Stock Edges Up on Q2 Earnings Miss
Bitdeer Technologies Group (NASDAQ:BTDR), a company that provides Bitcoin mining and AI infrastructure, reported second-quarter earnings that fell short of analyst expectations. The stock edged up 1.65% in pre-market trading following the announcement.
The company posted an adjusted loss per share of -$0.37, missing the analyst estimate of -$0.32. Revenue reached $228.8 million, slightly below the consensus estimate of $231.16 million, but up 47% year-over-year from $155.6 million in the same quarter last year.
Bitdeer's adjusted EBITDA improved to $31.1 million from $4.6 million YoY, driven by significantly higher self-mining and co-mining hashrate from the deployment of its SEALMINER fleet. Self-mining revenue jumped to $168.4 million from $59.3 million, reflecting a 389.4% increase in average self-mining hashrate to 69.5 EH/s.
The company ended the quarter with $496.3 million in cash and cash equivalents, $196.9 million in digital assets, and $1.8 billion in borrowings. Bitdeer mined 2,694 Bitcoin during the quarter compared to 565 in the prior year period.