Bitdeer reports Q1 EPS 1c, consensus 12c

Reports Q1 revenue $119.5M, consensus $117.53M. Linghui Kong, Chief Business Officer of Bitdeer, commented, “We sustained our growth momentum in the first quarter of 2024, as we increased our total revenue by 64.6% on an annual basis and generated a net income of US$0.6 million, despite incurring a US$14.1 million one-off incremental development expense related to our SEAL01 chip. During the first quarter we mined 911 Bitcoins, representing an increase of 65.0% from a year ago. Our strategic plan to expand our hash rate by approximately 3.4EH/s by the end of this year remains on course, and we are making steady progress with the manufacturing of our SEALMINER A1 rigs. We expect that trial production will start in May 2024. By deploying the mining machines produced during trial production to our own datacenters for self-mining, we can field test them to ensure their stability and optimal product quality for our customers. At the same time, our teams have continued development of our next generation of mining rigs. Designs for the second-generation machines are advancing, with tape out potentially commencing in the second quarter of this year and wafer ordering for mass production potentially beginning in the third quarter of this year. We anticipate that these next generation miners will deliver even greater efficiency than their predecessors.”