Bitdeer earnings beat and profitability reality: a growth story with losses

Bitdeer Technologies posted Q3 results that spark a top-line glow but profitability questions. Revenue hit $169.7 million, up roughly 174% year over year, and the company added 527 BTC to its treasury.^[3]

Revenue and BTC Treasury On the profitability line, gross profit came in at $40.8 million. Bitdeer also reports holding more than 2,000 BTC.^[3][4] The update flags the SEAL04 chip delivering 6–7 J/TH efficiency, a detail investors watch as hardware costs stay elevated.^[3]

Hash-rate growth and AI pivot Hash-rate momentum is real: Bitdeer reached 41.2 EH/s, surpassing the 40 EH/s target.^[5] At the same time, the company is pivoting toward AI infrastructure and data centers, a tilt that investors see as a growth play beyond mining.^[1]

Profitability reality Yet the profitability reality is harsher. A Q4 2024 update cited a $266 million loss, including a $175 million write-down, underlining that the easy money in mining is fading. Bitdeer also holds close to $1 billion in cash, offering a buffer as the business reconfigures around AI.^[1]

The takeaway: top-line growth is real, but whether Bitdeer can convert that into durable profits depends on how quickly the AI-data center ramp materializes and how much margin improvement comes from fewer write-downs.

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