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Bitdeer Technologies (BTDR)
NASDAQ:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
Rating:46Neutral
Price Target:
$13.50
▼(-0.37% Downside)
Positive Factors
Revenue Growth
BTDR posted revenue that outpaced the Street estimate, driven by strong growth in its self-mining business and revenue from external sales of SEALMINER A2s.
Strategic Partnerships
BTDR is engaged in advanced negotiations with a development partner for its AI/HPC site, with minimal capital commitment required from the company.
Technological Advancements
Bitdeer continues to make good progress on the development of its next-gen mining rigs, which offer very competitive efficiency metrics.
Negative Factors
Market Dynamics
Expect machines sales to moderate in the next couple of quarters as BTDR prioritizes self-mining vs external sales.
Operational Costs
A modest adj. EBITDA miss was driven by higher cash G&A and R&D spend, which offset top-line strength.
Seasonal Power Costs
In the dry season, hydro is not as readily available in Bhutan, leading to increased power pricing.
Bitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.55B
Dividend YieldN/A
Average Volume (3M)3.66M
Price to Earnings (P/E)―
Beta (1Y)2.49
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees183
SectorTechnology
Sector Strength83
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.76
Shares Outstanding152,346,220
10 Day Avg. Volume3,477,038
30 Day Avg. Volume3,663,200
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue6.62
Enterprise Value/Gross Profit135.30
Enterprise Value/Ebitda-3.74
Forecast
1Y Price Target
$19.65Price Target Upside45.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
Bitdeer Technologies Business Overview & Revenue Model
Company DescriptionBitdeer 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 company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations. It has mining datacenters deployed in the United States and Norway. The company is headquartered in Singapore.
How the Company Makes MoneyBitdeer Technologies primarily generates revenue through its digital asset mining operations, which involve the production and transaction processing of cryptocurrencies. The company offers cloud mining services, allowing customers to rent computing power to mine digital currencies without owning physical hardware. Additionally, Bitdeer earns income by providing hosting services for other miners, leveraging its state-of-the-art data centers. Strategic partnerships with energy providers and technology firms enhance Bitdeer's operational capabilities and cost efficiency, contributing positively to its earnings.
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:Aug 18, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Nov 17, 2025
Earnings Call Sentiment Negative
The earnings call highlights Bitdeer's ongoing strategic advancements in ASIC development and geographic diversification, as well as innovation in energy efficiency. However, these positives are overshadowed by significant financial losses, revenue declines, and high operating costs, driven by the 2024 Bitcoin halving and increased global hashrate. The company's strategic pause in Bitcoin mining for HPC/AI initiatives may provide long-term benefits, but current financial performance remains a concern.Q1-2025 Updates
Positive Updates
Increased Self-Mining Hashrate
Self-mining hashrate increased to 11.5 exahash per second by the end of the quarter, with expectations to reach 40 exahash per second by October 2025.
Geographic Diversification
Significant power capacity expansion with 500 megawatts of new self-mining power capacity by mid-year, focusing on Norway and Bhutan.
ASIC Development Progress
Completion of mass production of SEALMINER A1 and ongoing production and sales of SEALMINER A2 with a pro series launched. SEALMINER A3 testing is underway, with expectations for mass production in Q3 2025.
Innovative Technology Advancements
Development of SEALMINER A4 targeting unprecedented efficiency of approximately 5 Joules per Terahash, with plans to file patents and tape-out by Q4 2025.
Strategic Pause for HPC/AI
Decision to pause Bitcoin mining construction in Clarington, Ohio, to focus on HPC/AI data center development with advanced discussions with development partners.
Negative Updates
Negative Financial Performance
Q1 2025 total revenue was $70.1 million, with a gross profit of negative $3.2 million and adjusted EBITDA of negative $56.1 million.
Significant Revenue Declines
Self-mining revenue down 23.1%, cloud hashrate revenue significantly reduced from $18.1 million to $0.1 million, and general hosting revenue decreased from $29 million to $9.6 million.
High Operating Expenses
Operating expenses increased to $75.8 million driven by high R&D costs for SEALMINER 03 and non-cash amortization expenses.
Impact of 2024 Bitcoin Halving
Negative impact on self-mining revenue due to the April 2024 halving event and an increase in global network hashrate.
Company Guidance
During the Bitdeer First Quarter 2025 Earnings Call, the company provided comprehensive guidance on various metrics and strategic initiatives. Bitdeer reported a total revenue of $70.1 million, a negative gross profit of $3.2 million, and an adjusted EBITDA of negative $56.1 million for Q1 2025. The company's self-mining hashrate increased to 11.5 exahash per second by the end of the quarter, with plans to reach approximately 40 exahash per second by October 2025. Bitdeer is also expanding its power capacity, with nearly 500 megawatts of new self-mining power capacity expected online by mid-year, increasing the total global capacity to 1.6 gigawatts. The company reiterated its focus on developing its ASIC technology, with mass production of the SEALMINER A2 expected to complete by October 2025, and an unprecedented efficiency target of approximately 5 Joules per Terahash for the upcoming SEALMINER A4. Furthermore, Bitdeer is exploring geographic diversification with projects in Norway, Bhutan, and a new site in Ethiopia, and has paused Bitcoin mining-related construction at its Clarington, Ohio site to explore opportunities in the HPC/AI sector.Bitdeer Technologies Financial Statement Overview
Summary
Bitdeer Technologies faces significant financial challenges with consistent operating losses, negative cash flows, and fluctuating revenues. The company's ability to achieve profitability and sustain operations without external financing remains a key concern. While the debt-to-equity ratio is moderate, the persistent negative financial metrics suggest a need for strategic improvements.Income Statement
Bitdeer Technologies has experienced fluctuating revenue with a decline in the most recent year. The company has consistently reported negative EBIT and EBITDA margins, indicating challenges in generating operating profits. A significant decline in net profit margin further emphasizes profitability issues.35
Negative
Balance Sheet
The debt-to-equity ratio is moderate, suggesting manageable leverage, but negative net income has impacted return on equity (ROE). The equity ratio indicates a reasonable portion of assets financed by equity, though overall financial stability remains a concern due to recurring losses.50
Neutral
Cash Flow
Operating cash flow remains negative, highlighting ongoing operational challenges. The free cash flow is consistently negative, indicating the company struggles to generate sufficient cash from its operations. Despite a positive financing cash flow, the sustainability of operations without external funding is questionable.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 356.76M | 349.78M | 368.55M | 333.34M | 394.66M | 186.39M |
| Gross Profit | 17.46M | 66.40M | 77.81M | 83.25M | 241.41M | -23.18M |
| EBITDA | -631.24M | -502.58M | 27.40M | 5.85M | 196.50M | 49.07M |
| Net Income | -320.27M | -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
Balance Sheet | ||||||
| Total Assets | 2.04B | 1.56B | 639.39M | 651.41M | 646.97M | 853.30M |
| Cash, Cash Equivalents and Short-Term Investments | 473.67M | 518.79M | 144.73M | 231.36M | 372.09M | 44.75M |
| Total Debt | 625.72M | 286.26M | 92.83M | 100.23M | 92.43M | 22.83M |
| Total Liabilities | 1.33B | 1.28B | 306.82M | 333.07M | 358.89M | 707.40M |
| Stockholders Equity | 706.75M | 276.60M | 332.57M | 318.34M | 288.08M | 145.90M |
Cash Flow | ||||||
| Free Cash Flow | -1.29B | -749.29M | -400.09M | -617.23M | -202.00M | -253.06M |
| Operating Cash Flow | -1.03B | -622.07M | -273.74M | -268.04M | -52.47M | -109.18M |
| Investing Cash Flow | -86.01M | 112.70M | 199.85M | 133.79M | 394.57M | 62.74M |
| Financing Cash Flow | 1.22B | 844.27M | -13.49M | -3.88M | -14.43M | 30.78M |
Bitdeer Technologies Technical Analysis
Positive
13.55
Price Trends
12.97
Positive
12.35
Positive
13.81
Negative
Market Momentum
>-0.01
Positive
52.63
Neutral
40.44
Neutral
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 13.55 is above the 20-day moving average (MA) of 13.11, above the 50-day MA of 12.97, and below the 200-day MA of 13.81, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 52.63 is Neutral, neither overbought nor oversold. The STOCH value of 40.44 is Neutral, 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 2 New Risks
1.
It is not expected that we will pay dividends in the foreseeable future. Q1, 2023
2.
Our business and our industry are subject to significant risks. You should carefully consider all of the information set forth in this Report and in our other filings with the SEC, including the following risk factors, in evaluating our business. If any of the following risks actually occur, our business, financial condition, operating results, and growth prospects would likely be materially and adversely affected. This Report also contains forward-looking statements that involve risks and uncertainties. See the section entitled "Cautionary Note Regarding Forward-Looking Information." Q1, 2023
Bitdeer Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.25B | 9.90 | 21.16% | ― | 6.79% | 12.97% | |
69 Neutral | $2.72B | 11.03 | 17.09% | ― | 84.66% | ― | |
61 Neutral | $35.62B | 7.50 | -10.94% | 1.87% | 8.86% | -10.27% | |
59 Neutral | $635.81M | 300.60 | 5.20% | ― | 30.92% | ― | |
53 Neutral | $5.06B | 24.36 | -3.23% | ― | 93.46% | -166.22% | |
50 Neutral | $670.87M | ― | -75.71% | ― | -5.06% | -2318.18% | |
46 Neutral | $2.55B | ― | -54.00% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BTDR
Bitdeer Technologies
13.55
6.96
105.61%
RIOT
Riot Platforms
13.55
5.91
77.36%
CLSK
Cleanspark
9.58
-1.10
-10.30%
YALA
Yalla Group
7.87
3.81
93.84%
DSP
Viant Technology
10.02
-0.77
-7.14%
BMBL
Bumble
6.29
-0.25
-3.82%
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.