Bitdeer Technologies Group (NASDAQ: BTDR), a global leader in Bitcoin mining technology, released its unaudited financial results for the first quarter ended March 31, 2025.
While revenue and gross profit both declined sharply year-over-year, the company reported a surprising net income of $409.5 million, largely attributed to non-operating gains.
Q1 2025 Key Financial Metrics (YoY Comparison)
- Revenue: $70.1 million (down from $119.5 million)
- Cost of Revenue: $73.4 million (down from $85.4 million)
- Gross Profit: -$3.2 million (compared to $34.1 million)
- Net Income: $409.5 million (up from $0.6 million)
- Adjusted EBITDA: -$56.1 million (vs. +$27.3 million)
- Cash and Cash Equivalents: $215.6 million
- Crypto Holdings: $131.1 million
Expansion & Technological Roadmap
Chief Business Officer Matt Kong highlighted progress on the company’s next-generation SEALMINER series. As of April, Bitdeer had deployed 3.7 EH/s in SEALMINER A1 rigs and 0.5 EH/s in SEALMINER A2, boosting total self-mining capacity to 12.4 EH/s.
Kong reiterated Bitdeer’s goal to hit 40 EH/s by October 2025, supported by strong global infrastructure and supply chain momentum. The company’s SEALMINER A4—currently in R&D—targets an industry-leading chip efficiency of 5 J/TH, with tape-out scheduled for Q4 2025.
“We believe this new chip will redefine Bitcoin mining ASIC design,” Kong said. “With SEALMINER A4 and our third-generation chip, Bitdeer is on track to lead the market in energy-efficient mining hardware.”
Power Capacity & AI Infrastructure Strategy
Bitdeer is also scaling its global power capacity, projecting 1.6 GW by the end of Q2 and 1.8 GW by year-end 2025. In parallel, the company is pushing forward on a High-Performance Computing (HPC) and AI data center strategy, advised by Northland Capital Markets.
“We’re deep in discussions with development partners and potential clients for U.S.-based HPC and AI cloud sites,” said Kong.
Outlook
Despite operational losses this quarter, Bitdeer remains aggressive in scaling its mining capacity and diversifying into AI infrastructure. With robust cash reserves and a clear hardware roadmap, the company is positioning itself as both a technology innovator and a future infrastructure leader in the Bitcoin mining and HPC sectors.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/bitcoin-mining-company-bitdeer-posts-409m-net-income-in-q1-2025-despite-revenue-decline/