BitDeer’s Q3 revenue in 2023 will reach US$87.3 million, and its net loss will be significantly reduced to US$18 million.

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Cointime2023/11/14 00:51

By:Cointime

On November 14th, BitDeer Technology Group (NASDAQ code: BTDR) announced its unaudited financial performance for the third quarter of 2023. The report shows that the company's total revenue for the third quarter was $87.3 million, a 14% increase from $76.6 million in the same period in 2022. Net loss decreased from $22.1 million in the same period in 2022 to $18 million. Adjusted profit reached $10.5 million, compared to a loss of $4.1 million in the same period in 2022. Adjusted EBITDA was $28 million, a significant increase from $8.7 million in the same period in 2022. As of September 30, 2023, the company's cash and cash equivalents were $134.5 million.

BitDeer CEO Kong Linghui commented that these achievements are mainly attributed to the increase in the number of bitcoins mined by the company's self-mining business and the 64% growth in the total hash rate managed, reaching 21.2 EH/s. In addition, the company also announced a new $2 million stock repurchase plan and expects to launch Bitdeer AI Cloud in the first quarter of 2024.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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