Bitdeer reported a 47% year-on-year revenue increase to $228.8 million but posted wider losses amid rising costs.
Bitdeer Technologies Group (NASDAQ:BTDR) shares climbed 1.65% in pre-market trading despite missing Q2 earnings and revenue estimates. The company reported an adjusted loss of $0.37 per share, exceeding the $0.32 loss forecast, while revenue reached $228.8 million, slightly below the $231.16 million consensus.
Revenue surged 47% from $155.6 million in the same quarter last year, driven by expanded mining operations. However, higher electricity costs and depreciation led to a gross loss of $8.5 million, compared with a $12.0 million gross profit a year earlier. Adjusted EBITDA improved to $31.1 million from $4.6 million.
Self-mining revenue jumped to $168.4 million from $59.3 million, supported by increased hashrate from the company’s SEALMINER fleet deployment.