Summary by Moomoo AI
Bitdeer Technologies reported H1 2024 revenue of $218.7M, up 31% YoY, driven by a 160% increase in self-mining revenue to $90.1M. Net loss narrowed to $17.1M from $49.8M in H1 2023. Adjusted EBITDA rose 37% to $50.9M.The company's self-mining hash rate increased to 6.8 EH/s from 3.6 EH/s YoY. Cloud Hash Rate revenue declined 16% to $30.3M. R&D expenses surged 130% to $29.2M, including a $14.9M one-off expense for SEAL01 chip development.Bitdeer's cash position strengthened to $203.9M as of June 30, 2024. The company completed several financing activities, including a $100M private placement with Tether, issuance of $172.5M convertible notes, and raised funds through at-the-market offerings and equity financing agreements.
