Bitdeer reports Q3 EPS (2c) vs. (20c) last year

Reports Q3 revenue $87.3M vs. $76.6M last year. Linghui Kong, Chief Executive Officer of Bitdeer, commented, “We delivered another robust performance in the third quarter, as our self-mining business mined 1,085 Bitcoins, representing a 121% year-over-year increase. We increased our revenues by 14% to US$87.3 million and our adjusted EBITDA by 222% to US$28.0 million year over year. These results were driven primarily by a 64% increase in our total hash rate under management over the past year to 21.2 EH/s, positioning us as one of the largest publicly traded commercial miners in the world by hash rate. Our operational and strategic excellence continued to drive our results, with developments during the quarter providing a foundation for long-term, sustainable growth. We recently became a Preferred Cloud Service Provider in the NVIDIA Partner Network, and we expect to launch Bitdeer AI Cloud in the first quarter of next year, which will be among the first cloud services powered by NVIDIA DGX SuperPod with DGX H100 systems in the Asia region. This development opens the door for new opportunities which synergize with our existing experience in cloud service and high-performance computing. On the infrastructure front, we further expanded and diversified our global footprint as our Bhutan-based Gedu datacenter, the Company’s first datacenter in Asia, entered full operations in August. This carbon-free datacenter has added 100MW to our aggregate electrical capacity and 3.3EH/s to our proprietary hash rate, and we expect to be able to further boost its operational scale in the future. We are also making progress towards the construction of a 175MW immersion cooling datacenter at our Tydal mining facility in Norway, which we anticipate will be completed in 2025. Moving forward, we will continue to evaluate the allocation of our hash rate between our three distinct business lines in order to further maximize profitability and shareholder value. To supplement last quarter’s US$1,000,000 share repurchase program, our board of directors approved an additional US$2,000,000 share repurchase program in October. We are confident in the long-term stability and growth potential of our business, and we remain committed to creating lasting value for our shareholders.”