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Blockchain computing firm Bitdeer Technologies Group (NASDAQ:BTDR) on Monday announced a net loss of $17.7 million, compared to a $40.4 million loss in the same quarter last year.
What Happened: The revenue for Q2 2024 reached $99.2 million, up from $93.8 million in Q2 2023, according to its statement.
Despite the positive revenue growth, the company continued to face challenges, particularly due to the last Bitcoin halving, which affected margins across various business segments.
However, Bitdeer's gross profit surged to $24.4 million, a substantial increase from $16.2 million in the previous year, reflecting an improved gross margin of 24.6%, up from 17.2% in Q2 2023.
One of the key drivers behind the financial turnaround was the company's focus on its self-mining operations, which generated $41.6 million in revenue, nearly doubling from $21.6 million in Q2 2023.
This growth was largely attributed to the increased self-mining hash rate and higher average Bitcoin (CRYPTO: BTC) prices.
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Conversely, other business lines such as Cloud Hash Rate and General Hosting saw declines in revenue, primarily due to reduced customer activity and lower margins post-halving.
Operating expenses for the quarter amounted to $26.1 million, slightly up from $24.8 million in Q2 2023, with increased spending on research and development, particularly related to the development of Bitdeer's SEALMINER chips.
Despite these expenditures, the company managed to achieve an adjusted EBITDA of $24.9 million, up from $18.7 million in the same period last year.
Bitdeer ended the quarter with a strong liquidity position, holding $203.9 million in cash and cash equivalents, bolstered by $54.3 million generated from investing activities, including proceeds from the disposal of cryptocurrencies.
What’s Next: As the digital asset industry continues to evolve, Bitdeer's financial performance will be closely watched, particularly in the context of the upcoming Benzinga Future of Digital Assets event on Nov. 19.
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