BTDR Latest Report

Financial Performance

Bitdeer's total operating revenue as of December 31, 2024 was US$69.018 million, a year-on-year decrease of approximately 40.00% from US$114.848 million in 2023. This significant decline reflects the challenges faced by the company in terms of market competition and demand, threatening its overall financial health.

Key Financial Data

1. A significant decrease in total operating revenue from US$114.848 million to US$69.018 million, a decrease of approximately 40.00%.

2. An increase in sales costs from US$87.804 million in 2023 to US$63.919 million, affecting the company's profitability.

3. Special expenses (such as US$48.348 million) affected the company's operating income, adding financial burden.

4. Volatility in the cryptocurrency market may lead to a decrease in demand for mining services, further compressing revenue.

Industry Comparison

1. Industry-wide analysis: In 2024, the cryptocurrency mining industry generally faced a revenue decline, mainly affected by price fluctuations and regulatory policies, reflecting the industry's overall weakness. Many companies reported similar revenue shrinkage, showing a trend of intensified competition and weakened demand.

2. Peer comparison analysis: Compared to competitors, Bitdeer experienced a larger revenue decline, indicating a weakened competitive edge. Other companies maintained stable revenue through more effective cost control and market strategies, and Bitdeer needs to improve in these areas to restore growth.

Summary

Bitdeer's revenue decline is mainly caused by reduced demand, intensified competition, rising operating costs, and special expenses. These factors work together to put the company under significant financial pressure, requiring effective measures to improve its operating condition. The industry's overall weakness also negatively affects Bitdeer, and the future market environment remains uncertain.

Opportunities

1. With the development of AI and large language models, Bitdeer can transform its mining facilities into AI data centers to generate new revenue streams.

2. The advancement of green mining strategies, particularly the acquisition of power plants and construction of new facilities, may enhance the company's competitiveness and reduce operating costs.

3. The increased demand for large data centers within the industry provides Bitdeer with opportunities to expand its business.

Risks

1. The instability of the cryptocurrency market may continue to affect the company's revenue and profitability.

2. Changes in regulatory policies may add pressure to business operations, limiting market development.

3. Intensified competition within the industry may lead to price wars, further compressing profit margins.