Bitdeer Technologies Group has released its unaudited financial results for the first quarter of 2025, ending March 31. The company reported a total revenue of $70.1 million, a significant decrease from the $119.5 million recorded in Q1 2024. The cost of revenue also declined to $73.4 million compared to $85.4 million in the previous year. The gross profit for Q1 2025 was a negative $3.2 million, contrasting with a positive $34.1 million in Q1 2024. However, the net income saw a substantial increase, reaching $409.5 million, compared to $0.6 million in the same quarter of the previous year. Adjusted EBITDA was reported at negative $56.1 million, a notable decline from the positive $27.32 million recorded in Q1 2024. These results highlight significant variations in Bitdeer's financial performance compared to the previous year's first quarter.
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