Financial PerformanceBTDR's EBITDA for the fiscal year 2025 is projected to be negative due to a higher cost basis as the company invests in its ASIC.
Revenue ChallengesThe ASIC business, as it relates to sales to external customers, has been disappointing, as Bitdeer has only sold 1.3 EH/s of its SEALMINER A2 rig to date, despite a seemingly successful pre-sale that indicated 7 EH/s of demand.
Valuation ConcernsThe company is trading at a high multiple compared to its consensus 2026 EBITDA estimate, which might indicate overvaluation concerns.