Bitdeer Reports Net Loss Of $17.7M In Q2 2024, Down From $40.4M In Q2 2023
Portfolio Pulse from Murtuza Merchant
Bitdeer Technologies Group (NASDAQ: BTDR) reported a net loss of $17.7 million for Q2 2024, an improvement from a $40.4 million loss in Q2 2023. Revenue increased to $99.2 million, driven by self-mining operations, despite challenges from the last Bitcoin halving. Gross profit and adjusted EBITDA also saw significant improvements.
August 12, 2024 | 5:17 pm
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Bitdeer Technologies Group reported a net loss of $17.7 million for Q2 2024, an improvement from a $40.4 million loss in Q2 2023. Revenue increased to $99.2 million, driven by self-mining operations, despite challenges from the last Bitcoin halving. Gross profit and adjusted EBITDA also saw significant improvements.
The reduction in net loss and increase in revenue, gross profit, and adjusted EBITDA are positive indicators for Bitdeer. The focus on self-mining operations and improved gross margins suggest a potential short-term positive impact on the stock price.
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