Bitdeer Q2 revenue rises 121% from Q1, net loss widens to $147.7 million

Bitdeer (BTDR) reported Q2 revenue of $155.6 million, up 56.8% year-over-year and 121.9% since Q1, driven by strong self-mining performance and $69.5 million in external SEALMINER A2 sales.

Cost of revenue more than doubled to $142.8 million from $74.8 million a year earlier, reflecting higher depreciation for new rigs and increased expenses on SEALMINER production, which compressed gross profit to $12.8 million versus $24.4 million in Q2 2024.

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The company recorded a net loss of $147.7 million, compared with a $17.7 million loss in Q2 2024, as non-cash fair-value adjustments on convertible notes and warrants added $108.5 million to other net loss. Adjusted EBITDA fell to $17.3 million from $23.5 million in the prior year.

Bitdeer’s total hash rate under management rose to 30.6 EH/s from 22.3 EH/s, with proprietary capacity at 16.7 EH/s and self-mining hashrate at 16.5 EH/s—up 126% year-over-year—putting the company on track to surpass its 40 EH/s target by year-end.

On Bitdeer’s balance sheet, cash and cash equivalents totaled $299.8 million, while the crypto asset balance stood at $169.3 million as of June 30. Year-to-date capital expenditures energized 361 MW of datacenter capacity, bringing available power to approximately 1.3 GW, with over 1.6 GW expected by December.

Looking ahead, Bitdeer said wafer supply improvements should enable it to exceed the 40 EH/s self-mining goal, and it has entered advanced negotiations with a development partner for its Clarington, Ohio site for future HPC and AI hosting opportunities.

Read More: Bitdeer’s July self-mining hashrate climbs 35% to 22.3 EH/s with 282 BTC mined

At time of publication, BTDR is up 1.6% during pre-market hours.

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