Bitdeer 2023 Q1 Net Loss Of $9.5 Million With Total Revenue Of $72.6 Million
Key Points:
- Bitdeer has released its unaudited financial results for the first quarter of 2023, which concluded on March 31, 2023.
- The firm reported a $9.5 million net loss and a $2.8 million non-IFRS adjusted profit.
Bitdeer, a crypto mining company, released its financial report for the first quarter of 2023, with total revenue of $72.6 million, a decrease of 19.7% from $90.4 million in the same period in 2022, and a net loss of $9.5 million.
Adjusted profit of $2.8 million in Q1 2023 with a total managed hashrate of 18.3 EH/s, of which proprietary hashrate increased from 4.1 EH/s on December 31, 2022, to 5.7 EH/s (3.9 EH/s for self-mining business; 1.8 EH/s for cloud computing power business) on March 31, 2023.
The company’s net loss in the first quarter of 2023 was $9.5 million, compared to a net loss of $9.6 million in the same time in 2022. The primary source of the net loss in both periods was share-based expenditures, which were $12.3 million in the first quarter of 2023 and $35.2 million in the first quarter of 2022.
The miner reported that its managed computing power is 12.6 EH/s, self-digging business mined 552 Bitcoins in the first quarter of 2023.
Bitdeer also reported that its gross profit was $13.5 million in the first quarter of 2023, representing a gross margin of 18.6%, compared to $41.4 million, or a gross margin of 45.7%, in the same period of 2022, owing to a change in total revenue and an increase in electricity and depreciation costs related to the expansion of the Company’s mining datacenters.
Linghui Kong, Chief Executive Officer of Bitdeer, stated:
“We continued to deliver robust performance and maintained a sufficient cash flow during the first quarter, despite macroeconomic and crypto-market headwinds.”
BitDeer established a strategic partnership with Druk Holding & Investments, a commercial institution in the Kingdom of Bhutan, on May 3 to develop an environmentally sustainable, carbon-free digital asset mining business in the Kingdom of Bhutan.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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Bitdeer 2023 Q1 Net Loss Of $9.5 Million With Total Revenue Of $72.6 Million
Key Points:
- Bitdeer has released its unaudited financial results for the first quarter of 2023, which concluded on March 31, 2023.
- The firm reported a $9.5 million net loss and a $2.8 million non-IFRS adjusted profit.
Bitdeer, a crypto mining company, released its financial report for the first quarter of 2023, with total revenue of $72.6 million, a decrease of 19.7% from $90.4 million in the same period in 2022, and a net loss of $9.5 million.
Adjusted profit of $2.8 million in Q1 2023 with a total managed hashrate of 18.3 EH/s, of which proprietary hashrate increased from 4.1 EH/s on December 31, 2022, to 5.7 EH/s (3.9 EH/s for self-mining business; 1.8 EH/s for cloud computing power business) on March 31, 2023.
The company’s net loss in the first quarter of 2023 was $9.5 million, compared to a net loss of $9.6 million in the same time in 2022. The primary source of the net loss in both periods was share-based expenditures, which were $12.3 million in the first quarter of 2023 and $35.2 million in the first quarter of 2022.
The miner reported that its managed computing power is 12.6 EH/s, self-digging business mined 552 Bitcoins in the first quarter of 2023.
Bitdeer also reported that its gross profit was $13.5 million in the first quarter of 2023, representing a gross margin of 18.6%, compared to $41.4 million, or a gross margin of 45.7%, in the same period of 2022, owing to a change in total revenue and an increase in electricity and depreciation costs related to the expansion of the Company’s mining datacenters.
Linghui Kong, Chief Executive Officer of Bitdeer, stated:
“We continued to deliver robust performance and maintained a sufficient cash flow during the first quarter, despite macroeconomic and crypto-market headwinds.”
BitDeer established a strategic partnership with Druk Holding & Investments, a commercial institution in the Kingdom of Bhutan, on May 3 to develop an environmentally sustainable, carbon-free digital asset mining business in the Kingdom of Bhutan.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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