According to PANews, Bitdeer Technologies Group (Btdr.US) has released its financial results for the first quarter of the 2025 fiscal year. The company reported a revenue of $70.1 million, marking a 41.3% decrease compared to the same period last year, but a 1.6% increase from the previous quarter. Revenue from self-operated businesses amounted to $37.2 million, a 10.4% year-over-year decline. The company faced a comprehensive gross loss of $3.2 million, with a gross margin of -4.6%. This was primarily due to increased electricity costs during Bhutan's dry season, which led to a temporary shutdown of its mining operations there. However, electricity prices have since returned to $0.042 per kWh as the wet season commenced. Bitdeer also reported $4.1 million in sales from its Seal mining machines, marking the official start of its mining equipment sales.
The adjusted EBITDA was a negative $56.1 million, compared to a positive $27.3 million in the same quarter of 2024. Net profit reached $410 million, largely due to the reversal of fair value adjustments on convertible notes and Tether options from the fourth quarter of 2024.
Bitdeer's prepaid expenses rose to $382 million in the first quarter of 2025, up from $310 million in the fourth quarter of 2024, covering the maximum wafer volume required. The Seal02 mining machines have entered the shipping phase, with future operations and sales dependent on competitor pricing strategies. The Seal03 machines completed wafer production in the first quarter and are currently in testing, with deployment and sales expected by late third or fourth quarter of 2025.
In response to U.S. tariff challenges, Bitdeer plans to complete its North American assembly plant in the second quarter, allowing for localized assembly despite a nearly 10% cost increase. This is considered negligible compared to Southeast Asian tariffs. The Southeast Asian plant will continue to serve non-U.S. markets.
Globally, Bitdeer is rapidly expanding its power infrastructure, with available capacity expected to reach 1.6GW by the end of the second quarter and 1.8GW by year-end. As of April, Bitdeer's self-operated mining hash rate reached 12.5 Eh/s, with projections to increase to 40 Eh/s by October and exceed 40 Eh/s by the end of 2025. The latest Seal01 and Seal02 machines were deployed in March, maintaining mining costs at least 20% lower than competitors. The replacement of outdated machines is expected to further enhance cost advantages, with exponential production growth anticipated from the second quarter.
Bitcoin prices have recently rebounded, potentially surpassing the previous high of $109,000 per coin. The U.S. dollar has been under pressure since the trade war, enhancing Bitcoin's appeal as a safe-haven asset. The Federal Reserve's recent adoption of an "average inflation" policy could lead to interest rate cuts as early as June, with expectations for three cuts this year, supporting Bitcoin prices. Bitdeer is poised for significant developments following a transitional period in late 2024 and early 2025, with mining machine development and self-operated mining expansion being key focus areas. The first quarter of 2025 is expected to be the company's weakest period over the next two years, marking a turning point in operations, making it a top choice among North American Bitcoin mining stocks.
