Bitdeer Technologies Group (NASDAQ: BTDR)
(“
Bitdeer” or the “
Company”), a
world-leading technology company for blockchain and
high-performance computing, today released its unaudited financial
and operational results for the third quarter ended September 30,
2024.
Q3 2024 Financial Highlights
- Total revenue was US$62.0 million, compared to
US$87.3 million in Q3 2023.
- Cost of revenue was US$59.2 million, compared
to US$66.2 million in Q3 2023.
- Gross profit was US$2.8 million, compared to
US$21.1 million in Q3 2023.
- Net loss was US$50.1 million, compared to
US$1.8 million in Q3 2023.
- Adjusted EBITDA1 was negative
US$8.5 million, compared to US$28.0 million in Q3 2023.
- Cash and cash equivalents were US$291.3
million as of September 30, 2024.
Management Commentary
“This quarter marked a foundational period for Bitdeer, focused
on the advancements of our key technological and strategic
initiatives,” stated Matt Kong, Chief Business Officer at Bitdeer.
“In our ASICs business, we made substantial progress in the
commercialization of our SEALMINER mining rigs that will help
diversify our revenue streams and accelerate the growth of our
self-mining operations. For SEALMINER A1, the first sample batch
was successfully energized and production of 3.7 EH/s is expected
to be completed and installed into our datacenters in Texas and
Norway in phases from December through Q1 2025 for the time being.
Furthermore, in October, we successfully launched our second
generation SEALMINER A2 mining machine series equipped with our
SEAL02 chip. The A2 series includes both an air-cooling and a
hydro-cooling model and boasts a hashrate of 226 TH/s and 446 TH/s,
with a power efficiency ratio of 16.5 J/TH. Further, in October, we
commenced mass production of our SEALMINER A2 series and the first
production run is expected to deliver 18 EH/s, which will be used
for self-mining and selling to external customers. Notably,
SEALMINER A2 will be a significant milestone as we enter this
multi-billion dollar market. We are already engaged in discussion
with a number of potential customers, and early demand is
promising, indicating strong interest in our cutting-edge
technology and the industry’s desire for supply chain
diversification.”
Mr. Kong continued, “In our Cloud HPC and AI business, our
NVIDIA DGX SuperPOD system at our datacenter in Singapore
successfully achieved approximately 98% utilization in September,
and we expanded a pilot program in Canada. Additionally, we’re
actively exploring ways to leverage our substantial 2.5 GW power
capacity across three continents to meet the growing demand from
HPC and AI datacenters. TLM Group successfully completed their
feasibility assessment of our U.S. sites and confirmed the
suitability of several of them for Tier 3 HPC and AI datacenters.
These sites have abundant power available in a short time frame,
low-latency fiber and plentiful water resources. We have commenced
discussions with potential partners and end users for these sites
and are actively collaborating with leading data center developers
and advisors to secure long-term partnerships and strategic
opportunities that can position Bitdeer to play a pivotal role in
the rapidly evolving HPC and AI ecosystem. Finally, our global
infrastructure expansion continues to progress, with projects in
Norway, Ohio, and Texas, and Bhutan set to bring online over an
estimated 1.1 GW of new power capacity in the coming year.”
Mr. Kong added, “Regarding our third quarter financial results,
the year-over-year decrease in revenue and adjusted EBITDA was
primarily due to the impact of the 2024 halving, increased global
hash rate, decreased hosting revenue, and increased R&D costs
related to the one-time development expenses of the SEAL02
chip. The decrease in hosting revenue was mainly caused by two
factors. First, the conversion of 100 MW of hosting capacity at our
Texas facility to hydro-cooling, which is expected to be fully
renovated and equipped with SEALMINER hydro-cooled mining rigs for
our self-mining by the first quarter of 2025. Second, after the
halving in April 2024, some customers stopped hosting their less
efficient miners. This freed up capacity is currently being
replenished by the new hosting mining rigs. These negative
impacts were partially offset by slightly higher average
self-mining hash rates and higher Bitcoin prices in the quarter. We
ended the quarter in a strong financial position with $291.3
million in cash and cash equivalents. In summary, we are on the
verge of achieving many exciting milestones, and we remain
committed on continuing to execute the SEALMINER roadmap, expanding
our self-mining hash rate, and leveraging our industry-leading
global 2.5 GW power portfolio.”
Operational Summary
|
|
Three Months Ended Sep 30, |
|
Metrics |
2024 |
2023 |
|
Total hash rate under management (EH/s) |
17.1 |
21.2 |
|
- Proprietary hash rate |
8.6 |
8.7 |
|
- Self-mining |
8.1 |
7.2 |
|
- Cloud Hash Rate |
0.5 |
1.5 |
|
- Hosting |
8.5 |
12.5 |
|
Mining machines under management |
165,000 |
221,000 |
|
- Self-owned |
87,000 |
92,000 |
|
- Hosted |
78,000 |
129,000 |
|
Bitcoin mined (self-mining only) |
511 |
1,085 |
|
Total power usage (MWh) |
828,000 |
1,209,000 |
|
Average cost of electricity ($/MWh) |
41 |
32 |
|
Average miner efficiency (J/TH) |
31.4 |
32.4 |
Power Infrastructure Summary
|
Site / Location |
Capacity (MW) |
Status |
Timing2 |
|
Electrical capacity |
|
|
|
|
- Rockdale, Texas |
563 |
Online |
Completed |
|
- Knoxville, Tennessee |
86 |
Online |
Completed |
|
- Wenatchee, Washington |
13 |
Online |
Completed |
|
- Molde, Norway |
84 |
Online |
Completed |
|
- Tydal, Norway |
50 |
Online |
Completed |
|
- Gedu, Bhutan |
100 |
Online |
Completed |
|
Total electrical capacity |
8953 |
|
|
|
Pipeline capacity |
|
|
|
|
- Tydal, Norway Phase 1 |
40 |
In progress |
Q4 2024 |
|
- Tydal, Norway Phase 2 |
135 |
In progress |
Mid 2025 |
|
- Massillon, Ohio |
221 |
In progress |
Mid-to-late 2025 |
|
- Clarington, Ohio Phase 1 |
266 |
In progress |
Q3 2025 |
|
- Clarington, Ohio Phase 2 |
304 |
Pending approval |
Estimate 2026 |
|
- Jigmeling, Bhutan |
500 |
In progress |
Mid-Late 2025 |
|
- Rockdale, Texas |
179 |
In planning |
Estimate 2026 |
|
Total pipeline capacity |
1,645 |
|
|
|
Total global electrical capacity |
2,540 |
|
|
Financial MD&A
All variances are current quarter compared to
the same quarter last year. All figures in this section are
rounded.
|
US $ in millions |
Three Months Ended |
|
|
Sep 30, 2024 |
Jun 30, 2024 |
Sep 30, 2023 |
|
Total revenue |
62.0 |
99.2 |
87.3 |
|
Cost of revenue |
(59.2) |
(74.8) |
(66.2) |
|
Gross profit |
2.8 |
24.4 |
21.1 |
|
Net loss |
(50.1) |
(17.7) |
(1.8) |
|
Adjusted EBITDA |
(8.5) |
24.9 |
28.0 |
|
Cash and cash equivalents |
291.3 |
203.9 |
134.5 |
|
US $ in millions |
Three Months Ended Sep 30, 2024 |
|
Business lines |
Self-Mining |
Cloud Hash Rate |
General Hosting |
Membership Hosting |
|
Revenue |
31.5 |
7.1 |
9.6 |
9.9 |
|
Cost of revenue |
|
|
|
|
|
- Electricity cost in operating mining machines |
(21.7) |
(0.0) |
(7.1) |
(5.3) |
|
- Depreciation and SBC expenses |
(9.9) |
(2.2) |
(1.8) |
(1.9) |
|
- Other cash costs |
(3.1) |
(0.7) |
(0.9) |
(1.0) |
|
Total cost of revenue |
(34.7) |
(2.9) |
(9.8) |
(8.2) |
|
Gross profit / (loss) |
(3.2) |
4.2 |
(0.2) |
1.7 |
|
US $ in millions |
Three Months Ended Sep 30, 2023 |
|
Business lines |
Self-Mining |
Cloud Hash Rate |
General Hosting |
Membership Hosting |
|
Revenue |
30.1 |
15.6 |
22.2 |
16.0 |
|
Cost of revenue |
|
|
|
|
|
- Electricity cost in operating mining machines |
(15.2) |
(3.5) |
(9.6) |
(9.3) |
|
- Depreciation and SBC expenses |
(9.0) |
(4.7) |
(3.1) |
(2.2) |
|
- Other cash costs |
(2.3) |
(1.3) |
(1.8) |
(1.3) |
|
Total cost of revenue |
(26.5) |
(9.5) |
(14.5) |
(12.8) |
|
Gross profit |
3.6 |
6.1 |
7.7 |
3.2 |
Revenue
- Total revenue was US$62.0 million vs. US$87.3
million.
- Self-mining revenue was US$31.5 million vs.
US$30.1 million, primarily due to the increase in the average
self-mining hashrate for the quarter by 27.9% to 7.8 EH/s from 6.1
EH/s last year and higher year-over-year Bitcoin prices, offset by
effect of the April 2024 halving and higher global network
hashrate.
- Cloud Hash Rate revenue was
US$7.1 million vs. US$15.6 million. The decline was primarily due
to expiration of long-term Cloud Hashrate contracts and subsequent
reallocation of machines to Self-mining, and the decrease in
electricity subscription due to lower margins for customers caused
by the April 2024 Halving.
- General Hosting revenue was US$9.6 million vs.
US$22.2 million. The decline was primarily due to the conversion of
100 MW of hosting capacity to hydro-cooling capacity for
self-mining and certain hosting customers removing older and less
efficient rigs following the April 2024 Halving as a result of
reduced mining economics.
- Membership Hosting revenue was US$9.9 million
vs. US$16.0 million, down year-over-year. Similar to general
hosting, the decline was primarily driven by customers reducing the
operation for these older and less efficient rigs following the
April 2024 Halving as a result of reduced mining economics.
Cost of Revenue
- Cost of revenue was US$59.2 million vs US$66.2
million. The decrease was primarily driven by lower mining rigs
depreciation from becoming fully depreciated and the decrease of
power usage along with the reduced hosted mining rigs.
Gross Profit and Margin
- Gross profit was US$2.8 million vs. US$21.1
million.
- Gross margin was 4.5% vs. 24.2%.
Operating Expenses
- The sum of the operating expenses below was US$42.9 million vs.
US$27.3 million.
- Selling expenses were US$2.2 million vs. US$1.9 million,
primarily due to increased marketing expenses.
- General and administrative expenses were US$15.8 million vs.
US$16.8 million, primarily due to decreases in share-based
compensation, partially offset by an increase in staff costs to
general and administrative personnel.
- Research and development expenses were US$24.8 million vs.
US$8.5 million, primarily due to a US$13.4 million one-off
incremental development expense related to the SEAL02 chip, higher
R&D compensation costs and amortization expenses of intangible
assets relating to the acquisition of FreeChain.
Other Net Loss
- In Q3 2024, we recorded US$14.7 million other net loss
primarily due to the non-cash expense of fair value change of
derivative liabilities, which are the US$28.8 million of loss on
fair value change for the convertible note issued, partially offset
by the US$14.3 million of gain on fair value change for Tether
warrants.
Net Loss
- Net loss was US$50.1 million vs. US$1.8 million.
Adjusted Profit / (Loss)
(Non-IFRS)4
- Adjusted loss was US$26.2 million vs. adjusted profit of
US$10.5 million. The change was primarily due to the year-over-year
revenue decline, lower gross profit margins and higher operating
expenses as described above.
Adjusted EBITDA (Non-IFRS)
- Adjusted EBITDA was negative US$8.5 million vs. US$28.0
million. The decrease was primarily due to the year-over-year
revenue decline, lower gross profit margins and higher operating
expenses as described above.
Cash Flows
- Net cash used for operating activities was US$90.7
million.
- Net cash generated from investing activities was US$10.2
million including the proceeds from disposal of cryptocurrencies of
US$39.9 million received from the principal businesses.
- Net cash generated from financing activities was US$168.1
million, primarily driven by the proceeds from our convertible note
issuance in August.
Capital Expenditures
- Capital expenditures for PPE, intangible assets and mining
machines were US$30.1 million vs. US$13.8 million, primarily driven
by the construction in Jigmeling, Tydal, and Hydro-cooling
conversion in Texas.
Liquidity
- As of September 30, 2024, the Company held US$291.3 million in
cash and cash equivalents, US$39.7 million in cryptocurrencies and
US$92.7 million in borrowing.
Further information regarding the Company’s third quarter 2024
financial and operations results can be found on the SEC’s website
https://sec.gov and the Company’s Investor Relations website
https://ir.bitdeer.com.
About Bitdeer Technologies GroupBitdeer 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, please
visit https://ir.bitdeer.com/ or follow Bitdeer on X
@BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce
material information using its website and/or on its accounts on
social media platforms, including X, formerly known as Twitter,
Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and
others to review the information it posts on the social media and
other communication channels listed on its website.
Forward-Looking StatementsStatements in this
press release about future expectations, plans, and prospects, as
well as any other statements regarding matters that are not
historical facts, 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. 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.
___________________________________________
1 “Adjusted EBITDA” is defined as earnings before interest,
taxes, depreciation and amortization, further adjusted to exclude
the changes in fair value of derivative liabilities, listing fee
and share-based payment expenses under IFRS 2.2 Indicative timing.
All timing references are to calendar quarters and years.3 Figures
may not add due to rounding.4 “Adjusted profit/(loss)” is defined
as profit/(loss) adjusted to exclude the changes in fair value of
derivative liabilities, listing fee and share-based payment
expenses under IFRS 2.
|
|
|
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION |
| |
|
|
|
|
| |
|
As of Sep 30, |
|
As of Dec 31, |
| (US $ in thousands) |
|
2024 |
|
2023 |
| |
|
|
| ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
291,314 |
|
|
144,729 |
|
| Cryptocurrencies |
|
39,700 |
|
|
15,371 |
|
| Trade receivables |
|
8,800 |
|
|
17,277 |
|
| Amounts due from a related
party |
|
15,868 |
|
|
187 |
|
| Prepayments and other
assets |
|
68,791 |
|
|
97,087 |
|
| Inventories |
|
68,633 |
|
|
346 |
|
| Financial assets at fair value
through profit or loss |
|
41,566 |
|
|
37,775 |
|
| Restricted cash |
|
9,144 |
|
|
9,538 |
|
| Mining machines |
|
52,062 |
|
|
63,477 |
|
| Right-of-use assets |
|
65,797 |
|
|
58,626 |
|
| Property, plant and
equipment |
|
221,233 |
|
|
154,860 |
|
| Investment properties |
|
33,009 |
|
|
34,346 |
|
| Intangible
assets[1] |
|
89,401 |
|
|
4,777 |
|
|
Goodwill[1] |
|
35,818 |
|
|
- |
|
| Deferred tax assets |
|
5,297 |
|
|
991 |
|
| TOTAL
ASSETS |
|
1,046,433 |
|
|
639,387 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
| Trade payables |
|
36,881 |
|
|
32,484 |
|
| Other payables and
accruals |
|
34,798 |
|
|
32,151 |
|
| Amounts due to a related
party |
|
6,202 |
|
|
33 |
|
| Income tax payables |
|
3,050 |
|
|
3,367 |
|
| Derivative liabilities |
|
144,378 |
|
|
- |
|
| Deferred revenue |
|
111,382 |
|
|
144,337 |
|
| Borrowings |
|
92,693 |
|
|
22,618 |
|
| Lease liabilities |
|
78,728 |
|
|
70,211 |
|
| Deferred tax liabilities |
|
17,575 |
|
|
1,620 |
|
| TOTAL
LIABILITIES |
|
525,687 |
|
|
306,821 |
|
| |
|
|
|
|
| NET
ASSETS |
|
520,746 |
|
|
332,566 |
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
| Share capital |
|
* |
|
|
* |
|
| Treasury shares |
|
(926 |
) |
|
(2,604 |
) |
| Accumulated deficit |
|
(117,087 |
) |
|
(49,853 |
) |
| Reserves |
|
638,759 |
|
|
385,023 |
|
| TOTAL
EQUITY |
|
520,746 |
|
|
332,566 |
|
| |
|
|
|
|
* Amount less than US$1,000[1] Considering the acquisition
of FreeChain Inc. has occurred on September 13, 2024, these are
preliminary disclosures as the effects of the purchase price
allocation accounting is in progress and in the measurement period,
as described in IFRS 3.
|
|
|
BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Sep 30, |
|
Nine months ended Sep 30, |
|
(US $ in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Revenue[2] |
|
62,029 |
|
|
87,303 |
|
|
280,764 |
|
|
253,706 |
|
| Cost of revenue |
|
(59,264 |
) |
|
(66,187 |
) |
|
(219,463 |
) |
|
(202,941 |
) |
| Gross
profit |
|
2,765 |
|
|
21,116 |
|
|
61,301 |
|
|
50,765 |
|
| Selling expenses |
|
(2,229 |
) |
|
(1,926 |
) |
|
(6,092 |
) |
|
(6,241 |
) |
| General and administrative
expenses |
|
(15,828 |
) |
|
(16,849 |
) |
|
(46,649 |
) |
|
(49,320 |
) |
| Research and development
expenses |
|
(24,836 |
) |
|
(8,501 |
) |
|
(54,048 |
) |
|
(21,228 |
) |
| Listing fee |
|
- |
|
|
- |
|
|
- |
|
|
(33,151 |
) |
| Other operating income |
|
1,220 |
|
|
818 |
|
|
4,397 |
|
|
718 |
|
| Other net gain / (loss) |
|
(14,681 |
) |
|
862 |
|
|
(27,701 |
) |
|
2,470 |
|
| Loss from
operations |
|
(53,589 |
) |
|
(4,480 |
) |
|
(68,792 |
) |
|
(55,987 |
) |
| Finance income /
(expenses) |
|
(231 |
) |
|
1,224 |
|
|
(124 |
) |
|
97 |
|
| Loss before
taxation |
|
(53,820 |
) |
|
(3,256 |
) |
|
(68,916 |
) |
|
(55,890 |
) |
| Income tax benefit |
|
3,723 |
|
|
1,458 |
|
|
1,682 |
|
|
4,265 |
|
| Loss for the
periods |
|
(50,097 |
) |
|
(1,798 |
) |
|
(67,234 |
) |
|
(51,625 |
) |
| Other comprehensive
loss |
|
|
|
|
|
|
|
|
| Loss for the periods |
|
(50,097 |
) |
|
(1,798 |
) |
|
(67,234 |
) |
|
(51,625 |
) |
| Other comprehensive
income / (loss) for the periods |
|
|
|
|
|
|
|
|
| Item that may be reclassified
to profit or loss |
|
|
|
|
|
|
|
|
| - Exchange differences on
translation of financial statements |
|
(30 |
) |
|
8 |
|
|
16 |
|
|
17 |
|
| Other comprehensive
income / (loss) for the periods, net of tax |
|
(30 |
) |
|
8 |
|
|
16 |
|
|
17 |
|
| Total comprehensive
loss for the periods |
|
(50,127 |
) |
|
(1,790 |
) |
|
(67,218 |
) |
|
(51,608 |
) |
|
|
|
|
|
|
|
|
|
|
| Loss per share (Basic
and diluted) |
|
(0.35 |
) |
|
(0.02 |
) |
|
(0.52 |
) |
|
(0.47 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average
number of shares outstanding (thousands) (Basic and
diluted) |
|
143,769 |
|
|
111,284 |
|
|
128,437 |
|
|
110,303 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
[2] Included nil and approximately US$17.2 million generated
from hosting service provided to a related party for the three
months and nine months ended September 30, 2024.
|
|
|
BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Sep 30, |
|
Nine months ended Sep 30, |
|
(US $ in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
operating activities |
|
|
|
|
|
|
|
|
| Cash used in operating
activities |
|
(90,164 |
) |
|
(48,303 |
) |
|
(291,538 |
) |
|
(206,905 |
) |
| Interest paid on leases |
|
(895 |
) |
|
(647 |
) |
|
(2,571 |
) |
|
(1,946 |
) |
| Interest paid on
borrowings |
|
(806 |
) |
|
(34 |
) |
|
(1,736 |
) |
|
(1,241 |
) |
| Interest received |
|
1,927 |
|
|
1,465 |
|
|
5,462 |
|
|
5,539 |
|
| Income tax paid |
|
(782 |
) |
|
(58 |
) |
|
(6,632 |
) |
|
(153 |
) |
| Net cash
used in operating activities |
|
(90,720 |
) |
|
(47,577 |
) |
|
(297,015 |
) |
|
(204,706 |
) |
|
|
|
|
|
|
|
|
|
|
| Cash flows from
investing activities |
|
|
|
|
|
|
|
|
| Purchase of property, plant
and equipment, investment properties and intangible assets |
|
(29,922 |
) |
|
(13,371 |
) |
|
(76,870 |
) |
|
(37,980 |
) |
| Purchase of mining
machines |
|
(227 |
) |
|
(424 |
) |
|
(1,965 |
) |
|
(62,934 |
) |
| Purchase of financial assets
at fair value through profit or loss, net of refund received |
|
173 |
|
|
(3,000 |
) |
|
(2,351 |
) |
|
(4,400 |
) |
| Proceeds from disposal of
financial assets at fair value through profit or loss |
|
- |
|
|
- |
|
|
- |
|
|
31,111 |
|
| Lending to a third party |
|
- |
|
|
- |
|
|
- |
|
|
(62 |
) |
| Proceeds from disposal of
property, plant and equipment |
|
- |
|
|
- |
|
|
244 |
|
|
29 |
|
| Proceeds from disposal of
cryptocurrencies |
|
39,929 |
|
|
76,805 |
|
|
209,653 |
|
|
202,045 |
|
| Cash paid for business
acquisitions, net of cash acquired |
|
226 |
|
|
- |
|
|
(6,051 |
) |
|
- |
|
| Net cash generated
from investing activities |
|
10,179 |
|
|
60,010 |
|
|
122,660 |
|
|
127,809 |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
financing activities |
|
|
|
|
|
|
|
|
| Capital element of lease
rentals paid |
|
(562 |
) |
|
(1,376 |
) |
|
(3,136 |
) |
|
(4,008 |
) |
| Net payment related to
Business Combination |
|
- |
|
|
(11 |
) |
|
- |
|
|
(7,662 |
) |
| Repayments of borrowings |
|
(5,000 |
) |
|
(7,000 |
) |
|
(5,000 |
) |
|
(7,000 |
) |
| Proceeds from issuance of
shares for exercise of share rewards |
|
154 |
|
|
- |
|
|
758 |
|
|
- |
|
| Proceeds from issuance of
ordinary shares and warrants, net of transaction costs |
|
7,795 |
|
|
- |
|
|
163,190 |
|
|
- |
|
| Acquisition of treasury
shares |
|
(617 |
) |
|
(109 |
) |
|
(617 |
) |
|
(109 |
) |
| Proceeds from convertible
senior notes, net of transaction costs |
|
166,297 |
|
|
- |
|
|
166,297 |
|
|
- |
|
| Net cash generated
from / (used in) financing activities |
|
168,067 |
|
|
(8,496 |
) |
|
321,492 |
|
|
(18,779 |
) |
|
|
|
|
|
|
|
|
|
|
| Net increase /
(decrease) in cash and cash equivalents |
|
87,526 |
|
|
3,937 |
|
|
147,137 |
|
|
(95,676 |
) |
| Cash and cash equivalents at
the beginning of the period |
|
203,882 |
|
|
130,203 |
|
|
144,729 |
|
|
231,362 |
|
| Effect of movements in
exchange rates on cash and cash equivalents held |
|
(94 |
) |
|
372 |
|
|
(552 |
) |
|
(1,174 |
) |
| Cash and cash
equivalents at the end of the period |
|
291,314 |
|
|
134,512 |
|
|
291,314 |
|
|
134,512 |
|
|
|
|
|
|
|
|
|
|
|
Use of Non-IFRS Financial MeasuresIn 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 changes in fair value of derivative liabilities,
listing fee and share-based payment expenses under IFRS 2, and
defines adjusted profit/(loss) as profit/(loss) adjusted to exclude
the changes in fair value of derivative liabilities, 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 loss for the
relevant period to adjusted EBITDA and adjusted profit / (loss),
for the three and nine months ended September 30, 2024 and
2023.
|
BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT
/ (LOSS) RECONCILIATION |
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended Sep 30, |
|
Nine months ended Sep 30, |
|
(US $ in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
|
|
|
|
|
|
|
| Loss for the
periods |
|
(50,097 |
) |
|
(1,798 |
) |
|
(67,234 |
) |
|
(51,625 |
) |
| Add： |
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
19,489 |
|
|
19,664 |
|
|
55,980 |
|
|
55,887 |
|
| Income tax benefit |
|
(3,723 |
) |
|
(1,458 |
) |
|
(1,682 |
) |
|
(4,265 |
) |
| Interest income / (expenses),
net |
|
1,938 |
|
|
(734 |
) |
|
1,321 |
|
|
(2,119 |
) |
| Listing fee |
|
- |
|
|
- |
|
|
- |
|
|
33,151 |
|
| Change in fair value of
derivative liabilities |
|
14,436 |
|
|
- |
|
|
28,666 |
|
|
- |
|
| Share-based payment
expenses |
|
9,414 |
|
|
12,319 |
|
|
25,310 |
|
|
34,166 |
|
| Total of Adjusted
EBITDA |
|
(8,543 |
) |
|
27,993 |
|
|
42,361 |
|
|
65,195 |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Profit /
(loss) |
|
|
|
|
|
|
|
|
| Loss for the
periods |
|
(50,097 |
) |
|
(1,798 |
) |
|
(67,234 |
) |
|
(51,625 |
) |
| Add： |
|
|
|
|
|
|
|
|
| Listing fee |
|
- |
|
|
- |
|
|
- |
|
|
33,151 |
|
| Change in fair value of
derivative liabilities |
|
14,436 |
|
|
- |
|
|
28,666 |
|
|
- |
|
| Share-based payment
expenses |
|
9,414 |
|
|
12,319 |
|
|
25,310 |
|
|
34,166 |
|
| Total of Adjusted
Profit / (loss) |
|
(26,247 |
) |
|
10,521 |
|
|
(13,258 |
) |
|
15,692 |
|
|
|
|
|
|
|
|
|
|
|
For investor and media inquiries, please
contact:
Investor RelationsYujia ZhaiOrange
GroupbitdeerIR@orangegroupadvisors.com
Public RelationsNishant SharmaBlocksBridge
Consultingbitdeer@blocksbridge.com
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