Summary by Futu AI
Bitdeer Technologies reported Q3 2024 revenue of $62.0M, down from $87.3M in Q3 2023, with a net loss of $50.1M compared to $1.8M loss last year. The decline was primarily attributed to Bitcoin halving impact, increased global hash rate, and higher R&D costs for SEAL02 chip development. Cash position remained strong at $291.3M as of September 30, 2024.The company made significant progress in its ASIC business, with SEALMINER A1 production of 3.7 EH/s expected to complete by Q1 2025. The newly launched SEALMINER A2 series, featuring 226-446 TH/s hashrate and 16.5 J/TH efficiency, has commenced mass production with an expected 18 EH/s output. The Cloud HPC and AI business achieved 98% utilization of NVIDIA DGX SuperPOD in Singapore.Bitdeer continues expanding its infrastructure globally, with projects in Norway, Ohio, Texas, and Bhutan set to bring online over 1.1 GW of new power capacity. The company's sites have been confirmed suitable for Tier 3 HPC and AI datacenters, with active discussions ongoing with potential partners to leverage its substantial 2.5 GW power capacity across three continents.
