Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for blockchain and
high-performance computing, today announced selected estimated
unaudited preliminary financial and operating results for the
fourth quarter ended December 31, 2023.
Unaudited and Preliminary Q4 2023
Financial Highlights
- Total revenue of
approximately US$114.8 million, compared to US$77.1 million in Q4
2022.
-
Self-mining revenue of approximately US$46.9
million, compared to US$10.6 million in Q4 2022.
-
Cloud hash rate revenue of approximately US$16.3
million, compared to US$19.8 million in Q4 2022.
-
General hosting revenue of approximately US$25.2
million, compared to US$19.5 million in Q4 2022.
-
Membership hosting revenue of approximately
US$23.4 million, compared to US$21.4 million in Q4 2022.
- Adjusted
EBITDA (reconciled below)1 in the range
of US$32.1 million to US$38.1 million, compared to US$16.3
million in Q4 2022.
- Cash and cash
equivalents of approximately US$144.7 million as of
December 31, 2023, compared to US$231.4 million as of December 31,
2022.
Linghui Kong, Chief Business Officer of Bitdeer,
commented, “In line with our commitment to providing investors with
more timely access to Bitdeer’s performance in the fourth quarter
of 2023, we are proactively sharing selected preliminary financial
and operational results prior to our audited year end 2023
financial reports, which we currently expect to release towards the
end of March 2024.”
Preliminary Q4 2023 Operational
Highlights
- Total shares
outstanding of 111,966,634 ordinary shares as of
December 31, 2023 (excluding 606,756 class A ordinary shares that
have been repurchased but not cancelled and 5,436,049 class A
ordinary shares reserved for future issuances upon the exercise of
awards granted under our share incentive plans), including
63,566,712 class A ordinary shares and 48,399,922 class V ordinary
shares.
- Total Bitcoin
mined (self-mining only) of approximately 1,299.
- Total power usage
of approximately 1,336,000 MWH across the Company’s six mining
datacenters in the fourth quarter of 2023.
- Average cost of
electricity of approximately US$44/MWH in the fourth
quarter of 2023.
- Average miner
efficiency of approximately 31.7 J/TH as of December 31,
2023.
___________________________________________1 Adjusted EBITDA is
a non-IFRS financial measure and is used by the Company as a
supplemental measure to review and assess the Company’s operating
performance and is defined as earnings before interest, taxes,
depreciation and amortization, further adjusted to exclude the
listing fee and share-based payment expenses under IFRS 2.
Unaudited and Preliminary Financial Results
|
Three Months EndedDecember 31,
2023 |
|
(US$’000) |
Business lines |
Self-mining |
Cloud HashRate |
GeneralHosting |
MembershipHosting |
Revenue |
46,864 |
|
16,267 |
|
25,193 |
|
23,431 |
|
Cost of revenue |
|
|
|
|
Including: |
|
|
|
|
- Electricity cost in operating mining machines |
(20,332 |
) |
(4,332 |
) |
(16,079 |
) |
(17,202 |
) |
- Depreciation and share-based payment expenses |
(9,681 |
) |
(3,800 |
) |
(2,589 |
) |
(2,409 |
) |
- Others cash costs |
(2,972 |
) |
(1,031 |
) |
(1,597 |
) |
(1,608 |
) |
Total cost of revenue |
(32,985 |
) |
(9,163 |
) |
(20,265 |
) |
(21,219 |
) |
Gross profit |
13,879 |
|
7,104 |
|
4,928 |
|
2,212 |
|
|
Three Months EndedDecember 31,
2022 |
|
(US$’000) |
Business lines |
Self-mining |
Cloud HashRate |
GeneralHosting |
MembershipHosting |
Revenue |
10,557 |
|
19,812 |
|
19,512 |
|
21,352 |
|
Cost of revenue |
|
|
|
|
Including: |
|
|
|
|
- Electricity cost in operating mining machines |
(6,144 |
) |
(2,820 |
) |
(12,750 |
) |
(15,999 |
) |
- Depreciation and share-based payment expenses |
(6,373 |
) |
(5,762 |
) |
(3,372 |
) |
(2,899 |
) |
- Others cash costs |
(976 |
) |
(1,849 |
) |
(1,731 |
) |
(2,482 |
) |
Total cost of revenue |
(13,493 |
) |
(10,431 |
) |
(17,853 |
) |
(21,380 |
) |
Gross profit / (loss) |
(2,936 |
) |
9,381 |
|
1,659 |
|
(28 |
) |
The preliminary financial information presented
in this press release has not been audited and is subject to
potential adjustments that may be identified during the Company’s
year-end audit. The Company will not refer back to the above
unaudited preliminary numbers in its future periodic reports filed
under the Exchange Act. The Company expects to release its complete
full-year 2023 financial results during March 2024.
Preliminary Financial and Operating
Results
The preliminary financial and operating results
set forth above for the three months ended December 31, 2023,
reflect preliminary estimates with respect to such results based
solely on currently available information, which is subject to
change. Readers are cautioned not to place undue reliance on such
preliminary results which are unaudited and constitute
forward-looking statements. Bitdeer has not completed its standard
closing process, including the completion of all of its controls
procedures, which could identify adjustments causing the actual
results to be different from the expectations presented in this
release. These estimates should not be viewed as a substitute for
Bitdeer’s full quarterly financial statements for the three months
ended December 31, 2023, which will be prepared in accordance with
International Financial Reporting Standards (IFRS).
About Bitdeer Technologies
Group
Bitdeer is a world-leading technology company
for blockchain and high-performance computing. Bitdeer is committed
to providing comprehensive computing solutions for its customers.
The Company handles complex processes involved in computing such as
equipment procurement, transport logistics, datacenter design and
construction, equipment management, and daily operations. The
Company also offers advanced cloud capabilities to customers with
high demand for artificial intelligence. Headquartered in
Singapore, Bitdeer has deployed datacenters in the United States,
Norway, and Bhutan. To learn more,
visit https://ir.bitdeer.com/.
Forward-Looking Statements
Statements in this press release about future
expectations, plans, and prospects, as well as any other statements
regarding matters that are not historical facts, including the
Company’s unaudited preliminary financial information for the
fourth quarter ended December 31, 2023, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. The words “anticipate,”
“look forward to,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including factors discussed in the section
entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as
well as discussions of potential risks, uncertainties, and other
important factors in Bitdeer’s subsequent filings with the U.S.
Securities and Exchange Commission. Any forward-looking statements
contained in this press release speak only as of the date hereof.
There can be no assurance that the estimated preliminary financial
data or the expected commercial operations profitability in 2023
will be realized, and you are cautioned not to place undue reliance
on the preliminary financial information, which reflects
management’s current expectations and anticipated results of
operations, all of which are subject to known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements, market trends, or industry results to
differ materially from those expressed or implied by such
forward-looking statements. The preliminary financial data
described in this press release will be adjusted based on the
Company’s completion of year-end financial close processes. Bitdeer
specifically disclaims any obligation to update any forward-looking
statement, whether due to new information, future events, or
otherwise. Readers should not rely upon the information on this
page as current or accurate after its publication date.
Use of Non-IFRS Financial
Measures
In evaluating the Company’s business, the Company considers and
uses non-IFRS measures, Adjusted EBITDA and adjusted profit/(loss),
as supplemental measures to review and assess its operating
performance. The Company defines Adjusted EBITDA as earnings before
interest, taxes, depreciation and amortization, further adjusted to
exclude the listing fee and share-based payment expenses under IFRS
2, and defines adjusted profit/(loss) as profit/(loss) adjusted to
exclude the listing fee and share-based payment expenses under IFRS
2. The Company presents these non-IFRS financial measures because
they are used by its management to evaluate its operating
performance and formulate business plans. The Company also believes
that the use of these non-IFRS measures facilitate investors’
assessment of its operating performance. These measures are not
necessarily comparable to similarly titled measures used by other
companies. As a result, investors should not consider these
measures in isolation from, or as a substitute analysis for, the
Company’s loss for the periods, as determined in accordance with
IFRS.
The Company compensates for these limitations by reconciling
these non-IFRS financial measures to the nearest IFRS performance
measure, all of which should be considered when evaluating its
performance. The Company encourages investors to review its
financial information in its entirety and not rely on a single
financial measure.
The following table presents a reconciliation of expected loss
for the relevant period to expected Adjusted EBITDA (unaudited and
preliminary), for the three months ended December 31, 2023 and
2022. The reconciliation of the fourth quarter ended December
31, 2023 expected results is to the midpoint of the range.
|
Three Months EndedDecember
31, |
|
2023 |
|
2022 |
|
US$ |
|
US$ |
|
(in thousands) |
|
|
|
|
Adjusted EBITDA |
|
|
|
Loss for the periods |
(5,031 |
) |
|
(13,035 |
) |
Add: |
|
|
|
Depreciation and amortization |
19,654 |
|
|
18,680 |
|
Income tax (benefit) / expenses |
9,950 |
|
|
(7,093 |
) |
Interest income, net |
(753 |
) |
|
(425 |
) |
Share-based payment expenses |
11,322 |
|
|
18,198 |
|
Total of Adjusted EBITDA |
35,142 |
|
|
16,325 |
|
Contacts
Investor RelationsRobin Yang, PartnerICR, LLCEmail:
Bitdeer.ir@icrinc.com Phone: +1 (212) 537-5825
Public RelationsBrad Burgess, SVPICR, LLCEmail:
Bitdeer.pr@icrinc.comPhone: +1 (212) 537-4056
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