Bit小鹿 2025 Q1 Performance Review and Investment RecommendationsWritten by: Cycle Trading
Event: Bitdeer (Btdr.US) released its Q1 report for the fiscal year 2025. The company achieved operating revenue of $70.10 million in Q1, a year-on-year decrease of 41.3%, but a quarter-on-quarter increase of 1.6%. Among them, self-operated business revenue was $37.20 million, a year-on-year decrease of 10.4%; comprehensive gross profit was negative $3.20 million, with a gross margin of -4.6%. The main reason was the increase in electricity prices due to the dry season in Bhutan, which caused Bitdeer to temporarily shut down its mining operations in Bhutan. However, after entering the wet season in Q2, electricity prices have returned to the level of $0.042/kwh. Seal mining machine sales amounted to $4.10 million, marking the official start of the company's mining machine sales. Adjusted EBITDA was negative $56.10 million, compared to positive $27.30 million in the same period of 2024. The net profit was $410 million.
DeepFlowTech·2025-05-19 07:20