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.

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Harold

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