Tony Kim
Aug 19, 2025 04:56
Bitdeer Technologies Group reports a significant revenue increase in Q2 2025, driven by self-mining and SEALMINER sales, despite a widened net loss.
Bitdeer Technologies Group, a leader in Bitcoin mining technology, has unveiled its unaudited financial results for the second quarter of 2025, showcasing a substantial revenue increase but also a widened net loss, according to Bitdeer Technologies Group.
Financial Performance Overview
The company reported a total revenue of $155.6 million for the quarter ending June 30, 2025, marking a 56.8% year-over-year increase and a 121.9% rise from the previous quarter. This boost was primarily driven by robust growth in Bitdeer’s self-mining operations and the external sale of SEALMINER A2s, which contributed $69.5 million to the revenue.
Despite the revenue growth, Bitdeer recorded a net loss of $147.7 million, a significant increase from the $17.7 million loss in the same period last year. The gross profit also saw a decline, dropping to $12.8 million from $24.4 million in Q2 2024.
Operational Developments
Bitdeer is on track to achieve a self-mining capacity of 40 EH/s by the end of October, with expectations to exceed this target by the year’s end. The company’s Chief Business Officer, Matt Kong, highlighted improvements in wafer supply allocations at Bitdeer’s foundry, which are expected to support further growth in their self-mining capabilities.
The company is advancing its research and development efforts, particularly focusing on the SEALMINER A4 project. The new chip is aimed at achieving unprecedented energy efficiency, with significant progress made in July in silicon software development and engineering team expansion.
Infrastructure and Future Prospects
On the infrastructure front, Bitdeer has energized 361 MW of datacenter capacity for self-mining, bringing the total available electrical capacity to approximately 1.3 GW, with plans to increase this to over 1.6 GW by the end of the year. The company has also signed an agreement with AEP Ohio for the second phase of Clarington, advancing towards a full capacity of 570 MW.
In addition, Bitdeer is in advanced negotiations with a development partner for its Clarington, Ohio site, focusing on high-performance computing (HPC) and artificial intelligence (AI) initiatives. This move is expected to enhance Bitdeer’s competitive position and unlock substantial value for its customers and shareholders.
Challenges and Strategic Adjustments
Despite its growth, Bitdeer faced challenges such as increased costs of revenue, which surged to $142.8 million, primarily due to heightened costs associated with SEALMINER sales and higher depreciation expenses. These factors contributed to the lower gross margin of 8.2%, down from 24.6% in the previous year.
Looking ahead, Bitdeer remains optimistic about continued growth in its self-mining hashrate and financial performance improvement, supported by strategic infrastructure investments and technological advancements.
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