BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, As of December 31,(US $ in thousands) 2024 2023ASSETS Cash and cash equivalents 476,270 144,729 Cryptocurrencies 77,537 15,371 Trade receivables 9,627 17,277 Amounts due from a related party 15,512 187 Prepayments and other assets 310,173 97,087 Inventories 64,888 346 Financial assets at fair value through profit or loss 42,521 37,775 Restricted cash 17,356 9,538 Mining rigs 67,324 63,477 Right-of-use assets 69,273 58,626 Property, plant and equipment 251,377 154,860 Investment properties 30,723 34,346 Intangible assets 83,235 4,777 Goodwill 35,818 - Deferred tax assets 6,220 991 TOTAL ASSETS 1,557,854 639,387 LIABILITIES Trade payables 31,471 32,484 Other payables and accruals 42,267 32,151 Amounts due to a related party 8,747 33 Income tax payables 2,729 3,367 Derivative liabilities 763,939 - Deferred revenue 129,229 144,337 Borrowings 208,127 22,618 Lease liabilities 78,133 70,211 Deferred tax liabilities 16,614 1,620 TOTAL LIABILITIES 1,281,256 306,821 NET ASSETS 276,598 332,566 EQUITY Share capital * * Treasury equity (160,926) (2,604) Accumulated deficit (649,004) (49,853) Reserves 1,086,528 385,023 TOTAL EQUITY 276,598 332,566 * Amount less than US$1,000 BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three months ended Dec 31, Years ended Dec 31,(US $ in thousands) 2024 2023 2024 2023 Revenue6 69,018 114,848 349,782 368,554 Cost of revenue (63,919) (87,804) (283,382) (290,745) Gross profit 5,099 27,044 66,400 77,809 Selling expenses (1,952) (2,005) (8,044) (8,246) General and administrative expenses (17,668) (17,134) (64,317) (66,454) Research and development expenses (22,898) (8,306) (76,946 (29,534) Listing fee - - - (33,151) Other operating income / (expenses) (3,670) 3,073 727 3,791 Other net gain / (loss) (479,778) 1,068 (507,479) 3,538 Profit / (loss) from operations (520,867) 3,740 (589,659) (52,247) Finance income / (expenses) (11,811) 1,179 (11,935) 1,276 Profit / (loss) before taxation (532,678) 4,919 (601,594) (50,971) Income tax benefit / (expenses) 761 (9,950) 2,443 (5,685) Loss for the periods (531,917) (5,031) (599,151) (56,656) Other comprehensive loss Loss for the periods (531,917) (5,031) (599,151) (56,656) Other comprehensive loss for the periods Item that may be reclassified to profit or loss - Exchange differences on translation of financial statements (234) (43) (218) (26) Other comprehensive loss for the periods, net of tax (234) (43) (218) (26) Total comprehensive loss for the periods (532,151) (5,074) (599,369) (56,682) Loss per share (Basic and diluted) (3.22) (0.05) (4.36) (0.51) Weighted average number of shares outstanding (thousands) (Basic and diluted) 165,427 111,055 137,426 110,494 BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months endedDec 31, Years endedDec 31,(US $ in thousands) 2024 2023 2024 2023 Cash flows from operating activities Cash used in operating activities (321,629) (76,963) (613,167) (283,868) Interest paid on leases (902) (659) (3,473) (2,605) Interest paid on borrowings (2,216) (940) (3,952) (2,181) Interest received 1,653 2,033 7,115 7,572 Income tax paid (1,964) (1,347) (8,596) (1,500) Income tax refund - 10,795 - 10,795 Net cash used in operating activities (325,058) (67,081) (622,073) (271,787) Cash flows from investing activities Purchase of property, plant and equipment, investment properties and intangible assets (42,617) (25,324) (119,487) (63,305) Purchase of mining rigs (5,766) (107) (7,731) (63,041) Purchase of financial assets at fair value through profit or loss, net of refund received (425) - (2,776) (4,400) Proceeds from disposal of financial assets at fair value through profit or loss - - - 31,111 Repayments from a related party - 322 - 322 Lending to a third party - - - (61) Proceeds from disposal of property, plant and equipment 54 44 298 73 Proceeds from disposal of mining rigs - 27 - 27 Proceeds from disposal of cryptocurrencies 38,794 97,083 248,447 299,128 Cash paid for business acquisitions, net of cash acquired - - (6,051) - Net cash generated from / (used in) investing activities (9,960) 72,045 112,700 199,854 Cash flows from financing activities Capital element of lease rentals paid (6,540) (1,183) (9,676) (5,191) Net payment related to Business Combination - - - (7,662) Repayments of borrowings (10,000) - (15,000) (7,000) Proceeds from issuance of shares for exercise of share rewards 4,412 412 5,170 412 Proceeds from issuance of ordinary shares and warrants, net of transaction costs 321,918 9,494 485,108 9,494 Payment for the future issuance cost - (942) - (942) Acquisition of treasury shares - (2,495) (617) (2,604) Proceeds from convertible senior notes, net of transaction costs 387,917 - 554,214 - Repayment to convertible senior notes in connection with note extinguishment (14,932) - (14,932) - Purchase of zero-strike call option (160,000) - (160,000) - Net cash generated from / (used in) financing activities 522,775 5,286 844,267 (13,493) Net increase / (decrease) in cash and cash equivalents 187,757 10,250 334,894 (85,426) Cash and cash equivalents at the beginning of the period 291,314 134,512 144,729 231,362 Effect of movements in exchange rates on cash and cash equivalents held (2,801) (33) (3,353) (1,207) Cash and cash equivalents at the end of the period 476,270 144,729 476,270 144,729 Use of Non-IFRS Financial MeasuresIn evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance.
Q4 2024 High-Level P&L and Disaggregated Revenue Details: US $ in millionsThree Months Ended Dec 31, 2024Sep 30, 2024Dec 31, 2023Total revenue69.0 62.0 114.8 Cost of revenue(63.9)(59.2)(87.8)Gross profit5.1 2.8 27.0 Net loss(531.9)(50.1)(5.0)Adjusted EBITDA(3.8)(8.5)33.32 Cash and cash equivalents476.3 291.3 144.7 US $ in millionsThree Months Ended Dec 31, 2024Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingRevenue41.52.38.512.4Cost of revenue - Electricity cost in operating mining rigs(22.3)(0.1)(5.8)(7.0)- Depreciation and share-based payment expenses(12.2)(0.6)(1.2)(1.8)- Other cash costs(4.0)(0.3)(0.8)(1.2)Total cost of revenue(38.5)(1.0)(7.8)(10.0)Gross profit3.01.30.72.4 US $ in millionsThree Months Ended Dec 31, 2023Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingRevenue46.916.225.223.4Cost of revenue - Electricity cost in operating mining rigs(20.3)(4.3)(16.1)(17.2)- Depreciation and share-based payment expenses(9.7)(3.8)(2.6)(2.4)- Other cash costs(3.0)(1.0)(1.6)(1.6)Total cost of revenue(33.0)(9.1)(20.3)(21.2)Gross profit13.97.14.92.2 Full Year 2024 High-Level P&L and Disaggregated Revenue Details: US $ in millionsYears Ended Dec 31, 2024Dec 31, 2023Total revenue349.8368.5Cost of revenue(283.4)(290.7)Gross profit66.477.8Net loss(599.2)(56.7)Adjusted EBITDA39.497.02Cash and cash equivalents476.3144.7 US $ in millionsYear Ended Dec 31, 2024Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingRevenue163.139.867.664.0Cost of revenue - Electricity cost in operating mining rigs(91.1)(7.5)(39.6)(41.0)- Depreciation and share-based payment expenses(39.1)(8.4)(8.4)(8.2)- Other cash costs(11.8)(2.5)(4.3)(4.5)Total cost of revenue(142.0)(18.4)(52.3)(53.7)Gross profit21.121.415.310.3 US $ in millionsYear Ended Dec 31, 2023Business linesSelf-MiningCloud Hash RateGeneral HostingMembership HostingRevenue111.767.997.379.9Cost of revenue - Electricity cost in operating mining rigs(52.3)(17.1)(54.6)(55.5)- Depreciation and share-based payment expenses(29.2)(19.7)(13.2)(10.7)- Other cash costs(8.3)(5.3)(7.5)(6.6)Total cost of revenue(89.8)(42.1)(75.3)(72.8)Gross profit21.925.822.07.1 Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023) Revenue Total revenue was US$69.0 million vs.US$114.8 million.
All timing references are to calendar quarters and years.4 Figures may not add due to rounding.5 "Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.
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