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Bitdeer Technologies (BTDR)
NASDAQ:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
42Neutral
Positive Factors
Customer Trust
The company retains deposits for all orders despite lowering delivery estimates, suggesting trust from customers.
Innovation and Growth
Excitement about future Sealminer generations indicates potential for growth and innovation in product offerings.
Market Demand
The pre-sale of 7 EH/s of SEALMINER A2s was oversubscribed by 6x, demonstrating strong market demand for the company's proprietary mining rigs.
Negative Factors
Bitcoin Market Conditions
Lowered revenue expectations for self-mining due to external factors such as curtailment in Bhutan and declining Bitcoin prices.
Operating Results
The extent of Bitdeer Technologies Group's focus on bitcoin mining ASIC chips and rigs impacted its 4Q24 operating results, which were worse than many investors anticipated.
Production and Sales Challenges
Lowering estimates for ASIC deliveries and revenue for fiscal year '25 indicates challenges in production and sales.
Bitdeer Technologies (BTDR) vs. S&P 500 (SPY)
Market Cap
$1.93B
Dividend YieldN/A
Average Volume (3M)6.10M
Price to Earnings (P/E)―
Beta (1Y)3.19
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees211
SectorTechnology
Sector Strength51
IndustrySoftware - Application
Share Statistics
EPS (TTM)-3.70
Shares Outstanding144,099,730
10 Day Avg. Volume4,182,196
30 Day Avg. Volume6,098,407
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)13.98
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$23.25Price Target Upside99.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Bitdeer Technologies Business Overview & Revenue Model
Company DescriptionBitdeer Technologies (BTDR) is a technology company that operates within the cryptocurrency and blockchain sectors. The company provides comprehensive services for cryptocurrency mining, including cloud mining solutions and data center operations. Bitdeer aims to offer easy and efficient access to cryptocurrency mining through its proprietary platforms and infrastructure, catering to both individual and institutional clients.
How the Company Makes MoneyBitdeer Technologies generates revenue primarily through its cloud mining services, where customers pay fees to lease mining equipment and access computational power hosted in Bitdeer's data centers. This model allows clients to mine cryptocurrencies without the need to purchase and maintain hardware. Additionally, Bitdeer earns income from hosting services, where it manages and operates mining equipment on behalf of customers, charging for electricity and maintenance. Strategic partnerships with hardware manufacturers and energy providers also contribute to its revenue, enhancing operational efficiency and cost-effectiveness.
Bitdeer Technologies Financial Statement Overview
Summary
Bitdeer Technologies is experiencing several financial challenges. Despite revenue growth and a stable equity base, the company struggles with profitability and cash flow management. The negative EBIT and EBITDA margins, coupled with cash flow deficits, indicate high operational costs and sustainability concerns. Improvements in operational efficiency and cash management are essential for better financial health.Income Statement
Bitdeer Technologies shows mixed performance in its income statement. The TTM (Trailing-Twelve-Months) gross profit margin is 22.3%, reflecting improved cost efficiency. However, the company is facing profitability challenges with a negative net profit margin of -18.3%. Revenue growth from 2023 to TTM is moderate at 7.34%. The negative EBIT and EBITDA margins indicate operational inefficiencies and high operational costs.40
Negative
Balance Sheet
The balance sheet of Bitdeer Technologies reveals a stable equity base with a debt-to-equity ratio of 0.33, indicating moderate leverage. The equity ratio stands at 49.8%, showcasing a balanced asset structure. However, the return on equity is negative at -13.9%, suggesting that equity is not generating positive returns for shareholders.55
Neutral
Cash Flow
The cash flow statement reflects significant challenges in cash management. The free cash flow growth rate improved but remains negative, highlighting ongoing operational cash deficits. Both the operating cash flow to net income ratio and free cash flow to net income ratio are negative, indicating cash flow issues relative to accounting profits.35
Negative
| Breakdown | ||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 395.61M | 368.55M | 333.34M | 394.66M | 186.39M | Gross Profit |
| 88.34M | 77.81M | 83.25M | 241.41M | -23.18M | EBIT |
| -69.25M | -52.25M | -60.59M | 130.83M | -63.41M | EBITDA |
| -10.28M | 27.40M | 5.85M | 196.50M | 49.07M | Net Income Common Stockholders |
| -72.27M | -56.66M | -60.37M | 82.64M | -55.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 144.73M | 144.73M | 231.36M | 372.09M | 44.75M | Total Assets |
| 639.39M | 639.39M | 651.41M | 646.97M | 853.30M | Total Debt |
| 92.83M | 92.83M | 100.23M | 92.43M | 22.83M | Net Debt |
| -51.90M | -51.90M | -131.13M | -279.66M | -21.93M | Total Liabilities |
| 306.82M | 306.82M | 333.07M | 358.89M | 707.40M | Stockholders Equity |
| 332.57M | 332.57M | 318.34M | 288.08M | 145.90M |
| Cash Flow | Free Cash Flow | |||
| -212.50M | -400.09M | -617.23M | -202.00M | -253.06M | Operating Cash Flow |
| -164.84M | -273.74M | -268.04M | -52.47M | -109.18M | Investing Cash Flow |
| 64.45M | 199.85M | 133.79M | 394.57M | 62.74M | Financing Cash Flow |
| 273.17M | -13.49M | -3.88M | -14.43M | 30.78M |
Bitdeer Technologies Technical Analysis
Neutral
11.65
Price Trends
14.73
Negative
15.17
Negative
11.71
Negative
Market Momentum
-1.17
Negative
48.54
Neutral
52.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTDR, the sentiment is Neutral. The current price of 11.65 is above the 20-day moving average (MA) of 10.63, below the 50-day MA of 14.73, and below the 200-day MA of 11.71, indicating a neutral trend. The MACD of -1.17 indicates Negative momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 52.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BTDR.
Bitdeer Technologies Risk Analysis
Bitdeer Technologies disclosed 103 risk factors in its most recent earnings report. Bitdeer Technologies reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bitdeer Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.09B | 49.70 | 5.30% | ― | 118.07% | ― | |
63 Neutral | $3.05B | 25.32 | 4.35% | ― | 34.20% | ― | |
58 Neutral | $22.11B | 10.47 | -17.86% | 2.40% | 4.75% | -24.81% | |
55 Neutral | $4.28B | 10.65 | 18.84% | ― | 69.38% | 30.30% | |
45 Neutral | $371.52M | ― | -2.15% | ― | 27.99% | 90.99% | |
44 Neutral | $715.26M | ― | -31.62% | ― | 45.19% | -33.48% | |
42 Neutral | $1.93B | ― | -13.88% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BTDR
Bitdeer Technologies
11.65
4.44
61.58%
RIOT
Riot Platforms
8.72
-3.72
-29.90%
MARA
Marathon Digital Holdings
14.61
-6.34
-30.26%
CLSK
Cleanspark
8.79
-14.61
-62.44%
TSE:HIVE
HIVE Digital Technologies
2.58
-1.75
-40.42%
TSE:BITF
Bitfarms
1.60
-1.50
-48.39%
Bitdeer Technologies Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -11.07% | Next Earnings Date: May 19, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a mix of strategic advancements and financial challenges. Bitdeer's commitment to vertical integration and advanced ASIC technology development positions it well for future growth, despite current financial setbacks due to market conditions and increased R&D expenses. The financial losses and revenue declines highlight the difficult operating environment but are balanced by strategic initiatives that may drive long-term shareholder value.Highlights
Vertically-Integrated Business Strategy
Bitdeer has successfully acquired a 19-acre site for a 101 megawatt gas-fired power plant near Foxcreek, Alberta, positioning it as the world's first fully vertically integrated Bitcoin miner. This development is expected to lead to one of the lowest Bitcoin mining costs in the industry.
Advanced ASIC Technology Development
Bitdeer is progressing with the SEALMINER ASIC roadmap, with SEALMINER A2s expected to deliver approximately 35 exahash by October 2025 and strong pre-order demand exceeding capacity by six times.
Strong Financial Position
Bitdeer ended the year with $476.3 million in cash and cash equivalents and $77.5 million in cryptocurrencies, providing liquidity to continue strategic investments.
Expansion of Power Capacity
Bitdeer has secured over 2.6 gigawatts of total power capacity, with about 1 gigawatt scheduled to be energized over 2025, supporting its self-mining and HPC/AI data center initiatives.
Lowlights
Decline in Revenue and Gross Profit
Q4 2024 revenue fell to $69 million from $114.8 million in Q4 2023, and gross profit decreased to $5.1 million from $27 million, primarily due to the April 2024 Bitcoin halving and higher global network hashrate.
Negative Adjusted EBITDA
Adjusted EBITDA for Q4 2024 was negative $3.8 million, impacted by lower cloud hashrate and hosting revenue, as well as higher R&D expenses related to ASIC development.
Significant Net Loss
IFRS net loss for Q4 2024 was $531.9 million, driven by non-cash derivative losses and lower gross profit margins.
Challenges in Cloud and Hosting Business
Cloud hashrate revenue declined to $2.3 million from $16.2 million, and hosting revenues decreased due to contract expirations and the removal of older machines.
Company Guidance
During Bitdeer's fourth quarter and full-year 2024 earnings call, the company reported Q4 revenue of $69 million, with a gross profit of $5.1 million and an adjusted EBITDA of negative $3.8 million. The lower performance compared to Q4 2023 was attributed to the April 2024 halving, increased global network hashrate, and lower hosting and cloud mining revenue, partially offset by higher self-mining hashrate and Bitcoin prices. Bitdeer outlined its strategy to prioritize the development of its own ASIC technology, which is expected to offer cost advantages and enhance their competitive position in the $4-5 billion annual ASIC market. The company also highlighted its acquisition of a 19-acre site for a 101 MW gas-fired power plant in Alberta, with plans for a 99 MW data center for Bitcoin mining. The total capital expenditure for this project is estimated at $90 million for the power plant and $30 million for the data center infrastructure. Bitdeer aims to achieve a self-mining hashrate of approximately 40 exahash by Q4 2025, with additional potential from future wafer allocations. The company is optimistic about its ASIC roadmap, expecting to leverage its SEALMINER A2 and A3 models to gain a significant market share by emphasizing energy efficiency, with the A3 targeting an industry-leading efficiency of 10 joules per terahash.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.