Bitdeer Technologies (BTDR)
NASDAQ:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
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Rating:53Neutral
Price Target:
$11.50
▼(-10.78% Downside)
Action:ReiteratedDate:04/15/26
The score is held down primarily by financial risk—very large negative operating/free cash flow and rising leverage despite the 2025 return to profitability. Technicals are supportive in the near term but appear overbought, while valuation looks inexpensive on P/E but lacks dividend support and is discounted by the cash-burn and margin volatility highlighted in the earnings call.
Positive Factors
Large power & capacity pipeline
A >1.66 GW operating base plus a 3 GW power pipeline provides durable scale and optionality to host mining and AI workloads. This capacity underpins long-term revenue diversification, bargaining power with utilities/tenants, and faster incremental growth without fully speculative external power sourcing.
Negative Factors
Massive negative operating cash flow
Sustained, large negative operating and free cash flow indicates the business consumes substantial capital even when GAAP profit returned. Over months, persistent cash burn elevates refinancing and dilution risk, constrains reinvestment flexibility, and makes growth plans contingent on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Large power & capacity pipeline
A >1.66 GW operating base plus a 3 GW power pipeline provides durable scale and optionality to host mining and AI workloads. This capacity underpins long-term revenue diversification, bargaining power with utilities/tenants, and faster incremental growth without fully speculative external power sourcing.
Read all positive factors
Bitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.85B
Dividend YieldN/A
Average Volume (3M)8.42M
Price to Earnings (P/E)7.8
Beta (1Y)2.93
Revenue Growth77.33%
EPS GrowthN/A
CountryUS
Employees183
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.42
Shares Outstanding196,655,200
10 Day Avg. Volume5,916,049
30 Day Avg. Volume8,415,875
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.59
Price to Sales (P/S)0.83
P/FCF Ratio-0.26
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue5.65
Enterprise Value/Gross Profit57.48
Enterprise Value/Ebitda58.86
Forecast
1Y Price Target
$20.59Price Target Upside59.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.96
Revenue Forecast (FY)$1.01B
Bitdeer Technologies Business Overview & Revenue Model
Company Description
Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The compa...
How the Company Makes Money
Bitdeer primarily generates revenue from (1) self-mining, where it deploys its own mining machines to produce bitcoin and records revenue based on the bitcoin it earns (with results tied to bitcoin price, network difficulty, uptime, and energy cos...
Bitdeer Technologies Key Performance Indicators (KPIs)
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
Balanced: the company delivered exceptional top-line and operational growth (large revenue increase, rapid hash rate expansion, positive adjusted EBITDA YoY, proprietary ASIC progress and a sizable 3 GW power pipeline), but this was offset by meaningful margin compression, a widening adjusted net loss, heavy operating cash outflows ($599.5M), increased depreciation from a shortened useful life assumption, seasonally higher electricity costs and project/timing risks (Clarington litigation and dependency on signed colocation contracts).Positive Updates
Rapid Self-Mining Expansion and Market Position
Self-mining revenue of $168.6M (Q4), up 306% YoY and 28.7% sequentially. Exited the year with >55 EH/s and brought an additional ~8 EH/s online in January to exit January at >63 EH/s, establishing the company among the largest publicly listed miners by hash rate under management.
Negative Updates
Severe Gross Margin Compression
Gross profit fell to $10.6M with a gross margin of 4.7% in Q4 versus 24.1% in Q3 2025 and 7.4% in Q4 2024. Margin deterioration driven by 13% lower average Bitcoin price QoQ, higher electricity costs, and elevated depreciation related to new mining capacity.
Read all updates
Q4-2025 Updates
Positive
Negative
Rapid Self-Mining Expansion and Market Position
Self-mining revenue of $168.6M (Q4), up 306% YoY and 28.7% sequentially. Exited the year with >55 EH/s and brought an additional ~8 EH/s online in January to exit January at >63 EH/s, establishing the company among the largest publicly listed miners by hash rate under management.
Read all positive updates
Company Guidance
Guidance highlights: Bitdeer expects full‑year 2026 crypto mining data‑center infrastructure spend of $180–$200 million (this covers power and crypto mining data center build‑out only and excludes SealMiner and GPU/AI colocation CapEx) and will begin reporting under GAAP in Q1 2026; the company entered 2026 with ~1.66 GW online and a 3.0 GW global power pipeline, is prioritizing colocation (Teadle: 225 MW with estimated PUE ~1.1, retrofit/test GPUs late‑2026 and first production GPUs early‑2027; retrofit benchmark $8–$12M/MW), Clarington: 570 MW (subject to potential litigation delay), Rockdale: 563 MW mining with ~179 MW potential greenfield expansion, Malaysia GPU cloud +10–15 MW and a planned +10 MW in Washington; self‑mining hash rate exited 2025 >55 EH, rose ~8 EH in January to >63 EH, with 8.7 EH of SealMiner A3 deployed, fleet efficiency 17.5 J/TH as of 01/31/2026 (SealMiner A2: 15–16.5 J/TH; A3: 12.5–14 J/TH), CLO4‑1 taped out (mass production Q1 2026), 2025 infrastructure CapEx totaled $176M, and the company will only deploy large GPU capacity with committed customer contracts rather than speculative builds.Bitdeer Technologies Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
46
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M |
| Gross Profit | 60.99M | 66.40M | 77.81M | 83.25M | 241.41M |
| EBITDA | 283.80M | -502.58M | 27.40M | 6.86M | 196.39M |
| Net Income | 65.60M | -599.15M | -56.66M | -60.37M | 82.64M |
Balance Sheet | |||||
| Total Assets | 2.80B | 1.56B | 639.39M | 651.41M | 646.97M |
| Cash, Cash Equivalents and Short-Term Investments | 176.69M | 518.79M | 161.10M | 231.36M | 372.09M |
| Total Debt | 1.19B | 286.26M | 92.83M | 100.23M | 92.43M |
| Total Liabilities | 1.94B | 1.28B | 306.82M | 333.07M | 358.89M |
| Stockholders Equity | 867.85M | 276.60M | 332.57M | 318.34M | 288.08M |
Cash Flow | |||||
| Free Cash Flow | -2.01B | -749.29M | -398.13M | -331.24M | -141.96M |
| Operating Cash Flow | -1.74B | -622.07M | -271.79M | -268.04M | -52.47M |
| Investing Cash Flow | 38.86M | 112.70M | 199.85M | 133.79M | 394.57M |
| Financing Cash Flow | 1.37B | 844.27M | -13.49M | -3.88M | -14.43M |
Bitdeer Technologies Technical Analysis
Positive
12.89
Price Trends
9.30
Positive
10.80
Positive
13.45
Negative
Market Momentum
0.95
Negative
74.04
Negative
93.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTDR, the sentiment is Positive. The current price of 12.89 is above the 20-day moving average (MA) of 9.87, above the 50-day MA of 9.30, and below the 200-day MA of 13.45, indicating a neutral trend. The MACD of 0.95 indicates Negative momentum. The RSI at 74.04 is Negative, neither overbought nor oversold. The STOCH value of 93.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.55B | 30.86 | 60.60% | ― | 27.64% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $3.11B | -1.90 | -13.75% | ― | 67.96% | -631.50% | |
57 Neutral | $1.66B | -12.84 | -94.12% | ― | 9.25% | 28.34% | |
54 Neutral | $261.47M | -6.33 | -25.34% | ― | -12.90% | -88.57% | |
53 Neutral | $2.85B | 7.84 | 8.92% | ― | 77.33% | ― |
* Technology Sector Average
BTDR
Bitdeer Technologies
12.16
1.91
18.63%
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12.82
4.73
58.47%
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7.22
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13.65
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1.39
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44.79%
Bitdeer Technologies Corporate Events
Bitdeer Reports Surging March 2026 Bitcoin Output and Rapid Growth in AI Cloud Business
Apr 15, 2026
In March 2026, Bitdeer reported a sharp expansion in its core operations, with self-mined Bitcoin output rising 480% year over year to 661 BTC and self-mining hash rate reaching about 70 EH/s, supported by 3.0 GW of global energy capacity and 225,...
Bitdeer Taps DCI to Build Norway’s Largest AI Data Center for Nvidia Workloads
Mar 30, 2026
On March 30, 2026, Bitdeer Technologies Group announced that its subsidiary Tydal Data Center AS has engaged Norwegian contractor Data Center Installations AS to complete the transformation of its Tydal facility into a large-scale AI data center. ...
Bitdeer Posts 541% Bitcoin Output Surge as It Accelerates AI Cloud and Colocation Shift
Mar 16, 2026
On March 16, 2026, Bitdeer reported a sharp operational ramp-up in February 2026, with Bitcoin self-mining rising 541% year on year to 705 coins and self-mining hashrate reaching 68 EH/s, keeping it among the largest publicly listed miners by hash...
Bitdeer Raises $375 Million in New Convertible Notes and Equity to Refinance 2029 Debt
Feb 26, 2026
On February 24, 2026, Bitdeer Technologies Group closed a private placement of US$325 million of 5.00% convertible senior notes due 2032, and on February 26 it issued an additional US$50 million of notes after initial purchasers fully exercised th...
Bitdeer Launches US$300 Million Convertible Notes Plan Tied to Debt Repurchase and AI, Mining Expansion
Feb 20, 2026
On February 19, 2026, Bitdeer Technologies Group announced a proposed private placement of US$300 million in convertible senior notes due 2032 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy an addit...
Bitdeer Swings to Profit in Q4 2025 as It Accelerates Shift Toward AI Infrastructure
Feb 12, 2026
On February 12, 2026, Bitdeer Technologies Group reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting a sharp turnaround in profitability and rapid scale-up of its infrastructure. Q4 2025 ...
Bitdeer Posts 430% Bitcoin Output Surge and Expands AI Infrastructure in January 2026 Update
Feb 10, 2026
On February 10, 2026, Bitdeer reported a sharp expansion in its January 2026 operations, lifting self-mining hashrate to 63.2 EH/s and increasing Bitcoin output 430% year on year to 668 coins as it deploys more proprietary SEALMINER rigs while pha...
Bitdeer Faces Ohio Leasehold Dispute After Subsidiaries Sued Over Industrial Property Rights
Feb 5, 2026
On February 2, 2026, Bitdeer Technologies Group disclosed that its wholly owned subsidiary Erie Creek LLC, along with sister subsidiaries Whitetail Creek LLC and Bitdeer, Inc., had been named as defendants in a lawsuit filed by American Heavy Plat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.