Bitdeer Technologies Group 6-K, filed Nov 18, 2024
Bitdeer Technologies Group (BTDR)
6-K
2024-11-18
For: 2024-11-18
View Original
Added on
April 10, 2026
About this 6-K
Bitdeer Technologies Group filed this 6-K on November 18, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission file number: 001-41687
BITDEER TECHNOLOGIES GROUP
08 Kallang Avenue
Aperia tower 1, #09-03/04
Singapore 339509
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
INCORPORATION BY REFERENCE
This report on Form 6-K is hereby incorporated by reference in the registration statements of Bitdeer Technologies Group on Form F-3 (No.
333-273905, No. 333-278027, No. 333-278029 and No. 333-280041) and Form S-8 (No. 333-272858 and No. 333-275342), to the extent not superseded by documents or reports
subsequently filed or furnished.
EXHIBITS
|
Exhibit
No.
|
Description
|
|
Press Release – Bitdeer Reported Unaudited Financial Results for the Third Quarter of 2024
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Bitdeer Technologies Group
|
||
|
By:
|
/s/ Jihan Wu
|
|
|
Name:
|
Jihan Wu
|
|
|
Title:
|
Chief Executive Officer
|
|
| Date: November 18, 2024 | ||
Exhibit 99.1
Bitdeer Reported Unaudited Financial Results for the Third Quarter of 2024
SINGAPORE, November 18, 2024 (GLOBE NEWSWIRE) -- 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.
|
| • |
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 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, 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 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, 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 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 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 Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com
Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com