Crypto firm and mining company Bitdeer reported lower revenues for Q1, 2025 compared to the same quarter last year, as per the company’s earnings release on May 15. Bitdeer earned a total revenue of $70.1 million in Q1 2025 versus $119.5 million in Q1 2024. Along with the drop in revenue, the company reported an operating loss of $3.2 million as compared to a gross profit of $34.1 million it reported in the same period in 2024.
This lacklustre performance occurs at a time where miners and mining operations are now operating in a more competitive environment as the Bitcoin halving event in April 2024 has made rewards for mining more scarce.
Bitdeer’s balance sheet as of March 31st, 2025 shows $215.6 million in cash and cash equivalents, cryptocurrencies of $131.1 million, and $215.4 million in borrowings. The company also reported a substantial increase in inventories to $153.7 million from $64.9 million. This increase was mainly driven by wafers, chips, and SEALMINER inventory.
“This quarter marked the continued execution of our SEALMINER roadmap,” said Bitdeer’s Chief Business Officer Matt Kong.
“We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025.”
