Crypto Mining Companyer in the first quarter 2025 performance review and investment advice

It happened: Bitdeer (BTDR.US) released its first report in the first quarter of the fiscal year 2025. The company achieved operating income of $ 70.1 million in the first quarter, an annual decrease of 41.3 % and one month per month 1.6 %. Among them, self -managed business income was $ 37.2 million, a decrease on an annual basis of 10.4 %; The total total profit was $ 3.2 million, and the total profit margin was 4.6 %. The main reason is that the drought season in Bhutan led to an increase in electricity prices, and a short -term closure from the BTDR mine. However, after entering the flood season in the second quarter, the electricity price returned to the level of 0.042 USD/kilowatt hours; Seal mining machine sales amounted to $ 4.1 million, which represents the official start of the company’s mining machine sales. The modified EBITDA was negative 56.1 million USD, compared to $ 27.3 million in the same period in 2024. The net profit reached $ 410 million, mainly due to the fair value of the transferable observations (448.7 million US dollars) and TEDA options ($ 58.4 million) stipulated in the fourth quarter in 2024.

comments:

1. Feeded Xiaolu accounts increased to $ 382 million in the first quarter of 2025 ($ 310 million in the fourth quarter of 2024), and the required amount has been covered for the maximum volume of the size of the tape that can be obtained at the present time completely. The SEAL02 Mining Machine has entered the shipping stage, and the self -rhythm and stopping subsequent sales will depend on the competitor’s pricing strategy. If the competition is fierce, it will give priority to lighting mines that work on its own; The Seal03 mining machine also completed the tape in the first quarter and is still in the test. It is expected that the planning and sales stage of the mine that was officially operated in the fourth quarter of 2025 will be entered at the end of the third quarter.

2. With regard to the war of American tariff. Xiaolu will complete the construction of the assembly factory in North America in the second quarter, and North America’s sales will come from the local association. Although the cost has increased by about 10 %, it is small compared to the current definitions of South Asia. The association’s factory in Southeast Asia will meet the needs of mines in non -American regions.

3. Xiaolu’s global energy infrastructure is still rapid. It is expected that by the end of the second quarter, the available global energy capacity will be close to 1.6GW and will reach 1.8 GB by the end of this year.

4. As of April, the Xiaolu mine, which works self -operating, reached 12.5EH/S, and is expected to rise to 40EH/S in October, and 40eh/S exceeds the end of 2025. The last SEAL01 and SEAL02 machines were placed only in March, including 20 % of mining devices. After fully replacing old mining machines, the cost feature will be detected, and the monthly output will appear in an acute upward trend starting from the second quarter.

Investment advice: Bitcoin prices recently resumed its upward trend and are expected to penetrate the previous historical price of $ 109,000 per currency. Since the American Trade War, the US dollar was pressure, and Bitcoin, as an alternative origin, began to show its safe properties that resemble gold. The Federal Reserve recently started adopting the “average inflation” policy, and it is expected to reduce interest rates in June. The expected price reduction for the entire year has been increased to three times (previously once), which constituted a positive support for bitcoin prices. After trying the operational period in the fourth quarter of last year and the first quarter of this year, Bitdeer will enter at an important moment. The speed of the search, the development of the mining machine and the speed of mine lighting itself is one of the most important events in the next few quarters. The operating conditions in the first quarter of 2025 should be the worst period in the next two years, and the operating turning point of this will also start. The best option for bitcoin mining in North America is still.