Bitdeer Technologies Group released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, the company reported revenue of US$69.0 million, a decrease from US$114.8 million in Q4 2023. The net loss for the quarter was US$531.9 million, significantly wider than the US$5.1 million loss in Q4 2023.
The substantial net loss was primarily attributed to non-cash fair value changes of derivative liabilities, including a US$413.7 million loss on convertible notes and a US$55.8 million loss on warrants. As of December 31, 2024, Bitdeer held US$476.3 million in cash and cash equivalents and 594 Bitcoin.
Looking ahead to 2025, Bitdeer plans to energize all its mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s, aiming for a total self-mining hashrate of approximately 40 EH/s by Q4 2025. The company's global power capacity now exceeds 2.6 GW, with over 1 GW scheduled for energization in 2025, positioning it to capitalize on demand for HPC and AI datacenters. Additionally, CEO Jihan Wu adopted a Rule 10b5-1 plan to sell up to 4 million ordinary shares between March and June 2025.
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