Overview

* Bitdeer ( BTDR ) Q2 revenue rises 56.8% yr/yr, beating analysts' expectations, per LSEG data

* Adjusted EBITDA of $17.3 mln beats estimates

* Net loss widens to $147.7 mln from $17.7 mln a year earlier, mainly due to non-cash, fair value changes of derivative liabilities

Outlook

* Company expects self-mining hashrate to exceed 40 EH/s by year-end

* Bitdeer ( BTDR ) anticipates over 1.6 GW datacenter capacity by year-end

* Company sees improved wafer supply supporting growth

* Bitdeer ( BTDR ) optimistic about Clarington, Ohio HPC/AI site negotiations

Result Drivers

* SELF-MINING GROWTH - Significant increase in self-mining hash rate drove revenue growth, per Chief Business Officer Matt Kong

* SEALMINER SALES - External sales of SEALMINER A2s contributed $69.5 mln to revenue

* COST INCREASES - Higher costs for SEALMINERs, depreciation, and staffing impacted gross profit margins

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $155.60 $100.90

Revenue mln mln (10

Analysts

)

Q2 Net Miss -$147.70 -$5.90

Income mln mln (4

Analysts

)

Q2 Beat $17.30 $15.50

Adjusted mln mln (9

EBITDA Analysts

)

Q2 Gross $12.80

Profit mln

Q2 $42.30

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Bitdeer Technologies Group ( BTDR ) is $21.50, about 37.7% above its August 15 closing price of $13.39

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)