Bitdeer Technologies Group (BTDR) closed at $13.39, reflecting a 2.83% decline (-$0.39).The stock showed a recovery, rising by 2.32% (+$0.31) to $13.70,
Bitdeer Technologies Group (BTDR)
BTDR reported strong second-quarter revenue growth but recorded a significant net loss. The company’s Q2 2025 revenue climbed 122% quarter-over-quarter to $155.6 million, driven by self-mining and hardware sales. However, losses deepened to $147.7 million, weighed by operating expenses and non-cash fair value changes.
Bitdeer’s quarterly revenue grew to $155.6 million from $99.2 million year-over-year, a rise of 56.8%. Sequentially, revenue jumped 121.9% as self-mining hashrates and hardware sales surged. The company booked $69.5 million from external sales of its SEALMINER A2 units.
Self-mining revenue increased to $59.3 million from $41.6 million, driven by a 103.3% increase in average hashrate. Membership and general hosting revenues declined due to contract expirations and reduced mining economics following the April 2024 halving. Cloud hash rate revenue fell to zero as the company redirected machines to self-mining.
High-performance computing (HPC) and AI cloud revenue came in at $1.3 million, as Bitdeer continues developing its datacenter infrastructure. The company also confirmed it’s in advanced talks with a development partner for its Ohio site. These steps mark progress toward entering the HPC and AI hosting space.
Bitdeer’s cost of revenue rose to $142.8 million, up from $74.8 million, driven by SEALMINER production and staffing expenses. Gross profit dropped to $12.8 million from $24.4 million year-over-year, with gross margin falling to 8.2%. The company continues investing heavily in chip development and infrastructure.
Operating expenses totaled $42.3 million, led by a 156% surge in R&D to $20.6 million due to SEALMINER A4 development. General and administrative costs grew to $20.1 million, while selling expenses decreased to $1.6 million. Adjusted EBITDA dropped to $17.3 million, reflecting reduced profitability and higher investments.
Bitdeer posted an adjusted loss of $24.4 million versus a profit of $3.2 million in Q2 2024. Other net losses reached $108.5 million, mainly due to non-cash losses on convertible notes and warrant liabilities. Despite revenue strength, higher costs and fair value changes weighed heavily on results.
Bitdeer reported $299.8 million in cash and $169.3 million in cryptocurrency holdings as of June 30, 2025. Inventories increased to $208.8 million, primarily from SEALMINER wafers and finished products. Prepayments and other assets reached $465.2 million, up due to supplier payments for chip production.
The company’s borrowing stood at $533.1 million, reflecting aggressive growth financing including convertible notes and related-party loans. Capital expenditures reached $106.5 million, with most spent on datacenter infrastructure expansion. Net cash from financing activities totaled $431.5 million, offsetting operating and investing outflows.
Bitdeer reiterated its infrastructure capex guidance of $260–$290 million for 2025. It remains on track to reach 40 EH/s in self-mining by October and exceed it by year-end. With improving wafer supply and new chip development, Bitdeer is positioning for sustained capacity expansion and energy-efficient mining solutions.
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