Bitdeer Technologies Group (NASDAQ: BTDR), a global leader in blockchain and high-performance computing, recently announced its unaudited financial results for the third quarter of 2023. The report provides a thorough analysis of the company's financial and operational performance as well as insights into its current position in the technology market.
Financial Highlights
Bitdeer's financial performance in Q3 2023 showcased improvements in revenue and profitability.
Revenue Growth
Bitdeer reported third-quarter revenue of $87.3 million, a 14% year-over-year increase from $76.6 million in the same period last year. This growth was largely driven by the expansion of Bitdeer's increased hosting capacity and self-mining business, which grew 122% year-over-year.
Net Loss Reduction And Gross Profit Increase
Bitdeer showed a significant reduction in its net loss, down to $1.8 million in Q3 2023 from $22.1 million in the third quarter of 2022. Additionally, the company’s total cost of revenue was $66.2 million, a decline from $73 million in 2022. These improvements were primarily due to lower share-based payment expenses and electricity costs compared to the previous year.
Bitdeer’s gross profit for the quarter was $21.1 million, with a healthy gross margin of 24.2%. This marked a significant improvement over 2022’s figures of $3.5 million and 4.6%, respectively.
Adjusted Profit And EBITDA
Bitdeer’s adjusted profit for the quarter stood at $10.5 million, a positive improvement from its adjusted loss of ...