In its recently released financial report for the second quarter of 2024, European Bitcoin miner Northern Data reaffirmed that it is still on track with its full-year financial goals.
The company reported revenue of EUR 26 million for Q2 2024, bringing its total revenue for the first half of the year to EUR 55 million, reflecting a 49% increase compared to the same period in the previous year.
Northern Data attributed its strong performance to its Cloud platform and strategic investments in its Data Center and Mining operations. It noted that the Q2 growth was largely driven by the successful rollout of NVIDIA H100 GPUs in its facilities, and most of its customers are now fully operating on these devices. The report indicated that this development, along with onboarding key clients, led to the Cloud platform contributing 46% of the Group’s revenue for the quarter.
The company’s Q2 performance was also bolstered by recent initiatives, including the launch of its AI Accelerator. According to the company, these initiatives are part of its strategy to meet the rising demand for HPC services and expand its footprint in the growing AI ecosystem.
Aroosh Thillainathan, Founder and CEO of Northern Data, highlighted the company’s progress in strengthening its position in the High-Performance Computing (HPC) market and expressed confidence in the company’s ability to meet its 2024 financial targets.
“We are well capitalized heading into the second half of the year, and are continuing to build sophisticated and scalable operations to support the growing demand for HPC and the Generative AI boom in 2024 and beyond.”
Thillainathan stated.
Northern Data projects full-year 2024 revenue between EUR 200 million and EUR 240 million, aiming to triple its 2023 figures. The adjusted EBITDA for 2024 is expected to range from EUR 50 million to EUR 80 million. For 2025, the company expects revenues of EUR 520 million to EUR 570 million.
Meanwhile, U.S.-based Riot Platforms, another prominent Bitcoin mining company, reported a revenue decline in for the same period. Riot’s revenue fell to $70.0 million from $76.7 million last year, primarily due to the Bitcoin halving in April. Despite this, Riot maintained strong gross margins and earned $13.9 million in power credits.
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