Bitdeer Technologies Group (NASDAQ: BTDR) Overcame Short-Term Challenges In Q3, Setting Its Sights On The Long Game
With the Bitcoin price setting a fresh all-time high over $100,000, BTC miners are once again in the spotlight. Meanwhile, market prognosticators suggest that the crypto rally has only just begun, with predictions for the Bitcoin price reaching $200,000 already adding to the momentum.
One company that may be well-positioned to ride this bullish blockchain wave is Bitdeer Technologies (NASDAQ:BTDR). Not only is Bitdeer equipping Bitcoin miners with ASIC equipment and chips, but it is also developing data mining centers globally to fulfill its artificial intelligence (AI) and high-performance computing aspirations. The company has just reported its Q3 2024 results, marking its maiden earnings call since becoming a listed company last year. Since that time, the BTDR stock price has more than doubled.
Bitdeer 1-Month Stock Chart/Benzinga
“This quarter marked a foundational period for Bitdeer, focused on the advancements of our key technological and strategic initiatives,” said Bitdeer chief business officer Matt Kong.
Bitdeer has several high-tech business lines driving growth. Investors interested in the company’s value participation in Bitcoin mining, data centers, AI and more can learn about Bitdeer’s financials here.
Bitdeer’s Q3 Financial Performance
In Q3, Bitdeer’s total revenue came in at $62 million, down 28.9% year-over-year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was negative $8.5 million compared with $28 million year-over-year. The company’s net loss widened to $50.1 million vs. $1.8 million in the year-ago period. Cash and cash equivalents were a bright spot, hovering at $291.3 million as of Q3, …
About The Author
