Bitdeer Q3 Loss Dey Deepen Amid Revenue Surge, ASIC Chip Delay and AI Pivot
Bitdeer don report say their third-quarter revenue na $169.7 million, dem up 174% compared to last year, wey pass wetin analysts bin expect. Even though dem get $43 million adjusted EBITDA profit, company still post net loss of $266.7 million ($1.28 per share), worse pass the $50.1 million loss wey dem get last year.
Bitdeer CEO no come the earnings call because dem talk say next-generation SEAL04 ASIC chip go delay. Self-mining capacity don reach 41.2 EH/s by October, pass the 40 EH/s target, and production for SEALMINER A3 series don properly start. Bitcoin production double to 1,109 BTC, and holdings rise to 2,029 BTC.
The company also launch high-performance AI cloud services wey bring small initial revenue of $1.8 million. Management believe say dedicating 200 MW to AI infrastructure fit make annualized revenue run-rate pass $2 billion by end-2026.
Bitdeer shares drop almost 20% to $17.65 after the chip delay and bigger loss, na the worst drop since February. Traders suppose dey watch the risks wey dey both bitcoin mining and the new AI pivot.
Neutral
For short term, Bitdeer widen dia net loss and delay for SEAL04 ASIC chip fit make market feeling sabi for mining profit level drop small, fit put small pressure down for Bitcoin price as traders go rethink how miners dey spend money and plans for growth. But the record way revenue take grow, the positive adjusted EBITDA, the bigger self-mining power and the move to AI cloud show say operations dey strong. More mining power dey help keep network secure and fit support Bitcoin fundamentals for long term. The way the better and worse side balance show say e go just balance for BTC trading.