Bitdeer Technologies Group (NASDAQ: BTDR) Q2 2025 Earnings Call | 08/18/2025

Overall Performance: Bitdeer reported a strong turnaround in Q2 2025, marking a significant inflection point from Q1. The company's vertically integrated strategy, combining proprietary ASIC design, in-house manufacturing, and global power infrastructure, is driving rapid growth.

Key Financial Highlights (Q2 2025):

• Revenue: $155.6 million, up 122% sequentially from Q1 and 57% year-over-year.

• Adjusted EBITDA: $17.3 million, a major improvement from negative $56.1 million in Q1.

• Cash: Ended the quarter with $299.8 million in cash and equivalents, bolstered by a successful $375 million convertible note offering in June.

• Performance Drivers: Growth was fueled by a 46% increase in self-mining hash rate and the first major commercial sales of their Sealminer A2 mining rigs ($69.5M in revenue).

Business Updates & Strategic Priorities:

1. Self-Mining Operations:

   • The self-mining hash rate grew to 22.3 EH/s by the end of July, a 162% increase since the start of the year.

   • The company is on track to reach its target of 40 EH/s by the end of October 2025 and expects to exceed it by year-end due to improved wafer supply, positioning it among the largest public miners.

2. ASIC Development & Sales (Sealminer Roadmap):

   • Sealminer A2: Mass production and sales (5.3 EH/s sold in Q2) were a key success, demonstrating demand for their proprietary technology.

   • Sealminer A3: The next-generation rig has met all validation benchmarks. Mass production is preparing, with the first batch expected to ship in October 2025. It will be prioritized for internal use to fill new data center capacity.

   • Seal 04 Chip: R&D has pivoted to this next chip with a dual-track approach:

     • One traditional architecture chip has been taped out.

     • A second, groundbreaking architecture is targeting a breakthrough ~5 J/TH efficiency. This new design could set a new industry standard and has potential applications beyond Bitcoin mining.

3. Infrastructure & Power Build-Out:

   • 361 MW of data center capacity was energized for self-mining as of July.

   • Total available electrical capacity stands at ~1.3 GW, with an additional ~300 MW expected to be energized in Q3, bringing the total to nearly 1.6 GW.

   • A key milestone was securing a favorable power agreement for the full 570 MW Clarington, Ohio site ahead of a regulatory change that would have increased costs.

4. HPC/AI Strategy (Clarington Site):

   • The company is in advanced negotiations with a development partner for its high-performance computing (HPC/AI) initiative in Ohio.

   • The goal is a "build-to-suit" model where the partner would provide project equity and expertise, minimizing Bitdeer's capital requirements.

   • Updates on a tenant and formal agreement are expected in the coming quarter.

Outlook: Management expressed strong confidence for the second half of 2025 and beyond, expecting record run-rate results by year-end. Growth will be driven by the escalating self-mining hash rate, the rollout of more efficient Sealminer rigs (A3, then 04), and the strategic development of its HPC/AI business.