Want to see BTDR full AI Analyst Report?
Top Page
Bitdeer Technologies
(NASDAQ:BTDR)
Select Model
Select Model
Rating:43Neutral
Price Target:
$8.50
▼(-26.47% Downside)
Action:Reiterated
Date:07/30/26
BTDR’s score is held down primarily by weak financial performance—large losses, significant cash burn, and sharply higher leverage—despite improving revenue momentum. Technicals add additional pressure with the stock trading well below major moving averages. The earnings call provides some offset through strong operational growth signals (mining expansion and accelerating AI cloud ARR), but near-term margin, cash-flow, and financing risks remain the dominant factors.
Positive Factors
Scale in Bitcoin mining (hash rate & production)
Rapid, multi‑hundred percent hash‑rate and BTC production growth builds durable revenue capacity and operating scale. Larger fleet helps secure better power contracts, spreads fixed site costs, and creates structural competitive advantage in uptime and mined BTC volumes even as short‑term prices fluctuate.
Negative Factors
Material negative operating cash flow and free cash flow
Sustained, large cash burn undermines durable financial stability and forces ongoing external financing. Heavy negative OCF and FCF constrain reinvestment, increase dilution/refinancing risk, and make the company sensitive to capital markets and project‑level debt execution over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale in Bitcoin mining (hash rate & production)
Rapid, multi‑hundred percent hash‑rate and BTC production growth builds durable revenue capacity and operating scale. Larger fleet helps secure better power contracts, spreads fixed site costs, and creates structural competitive advantage in uptime and mined BTC volumes even as short‑term prices fluctuate.
Read all positive factors
Bitdeer Technologies Key Performance Indicators (KPIs)
Any
Bitcoins Held
Amount of bitcoin on Bitdeer’s balance sheet, indicating how much the company is exposed to BTC price swings and how much optional cash value it holds versus converting to fiat. High holdings can boost long‑term upside if prices rise but add volatility and potential liquidity risk if prices fall or if the company needs cash.
Amount of bitcoin on Bitdeer’s balance sheet, indicating how much the company is exposed to BTC price swings and how much optional cash value it holds versus converting to fiat. High holdings can boost long‑term upside if prices rise but add volatility and potential liquidity risk if prices fall or if the company needs cash.
Data provided by:
The Fly
The FlyBitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.56B
Dividend YieldN/A
Average Volume (3M)8.53M
Price to Earnings (P/E)―
Beta (1Y)2.84
Revenue Growth146.02%
EPS Growth-55.39%
CountryUS
Employees471
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-2.41
Shares Outstanding198,913,730
10 Day Avg. Volume6,600,231
30 Day Avg. Volume8,528,926
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)0.59
Price to Sales (P/S)0.83
P/FCF Ratio-0.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$22.70Price Target Upside96.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-1.46
Revenue Forecast (FY)$968.72M
Bitdeer Technologies Business Overview & Revenue Model
Company Description
Bitdeer Technologies Group (BTDR) operates as a technology enterprise primarily dedicated to the cryptocurrency mining sector. The company engages in proprietary digital asset mining, extracting cryptocurrencies for its own portfolio, while also d...
How the Company Makes Money
Bitdeer makes money primarily by monetizing Bitcoin-mining compute and infrastructure through multiple revenue streams: (1) Self-mining: the company deploys its own mining equipment to mine Bitcoin; revenue is generated from Bitcoin block rewards ...
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed significant operational momentum and strategic progress across multiple fronts — substantial YoY revenue growth (~170%), dramatic expansion of mining capacity and production (hash rate and BTC mined), launch of the efficient SEALMINER A4 family, fast‑growing AI cloud ARR and utilization, a large 3 GW power pipeline, and a successful $375M financing — all of which support long‑term optionality. At the same time, near‑term financial headwinds were acknowledged: a negative gross profit (-$39M, -20.7% margin), sizable GAAP operating loss (-$159.5M) driven by noncash depreciation and seasonal power costs, continued high operating cash usage ($346.9M), substantial total debt (~$1.92B), and timing/legal risks on certain development sites (e.g., Clarington). Management framed many of these negatives as transitory and highlighted clear levers for margin recovery (A4 deployment, power cost normalization, AI cloud scaling, and colocation leases). Overall, operational and strategic positives were emphasized as outweighing the near‑term financial and execution risks.Positive Updates
Strong Year‑Over‑Year Revenue Growth
Total Q1 revenue of $188.9 million, up approximately 170% year‑over‑year (≈+$119 million), driven primarily by mining hash rate expansion and Bitcoin production.
Negative Updates
Negative Gross Profit and Margin Pressure
Reported total gross profit was negative $39 million, implying a gross margin of negative 20.7%. Management attributed this to lower Bitcoin prices, substantial noncash depreciation (~$70 million) from rapid fleet expansion (3‑year straight‑line depreciation), and seasonal power cost pressure at Norway and Bhutan facilities.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Year‑Over‑Year Revenue Growth
Total Q1 revenue of $188.9 million, up approximately 170% year‑over‑year (≈+$119 million), driven primarily by mining hash rate expansion and Bitcoin production.
Read all positive updates
Company Guidance
Management's guidance called for FY‑2026 crypto‑mining infrastructure capital expenditures of $180–$200 million (excludes SEALMINER hardware, GPUs, AI cloud and colocation CapEx), continued but more moderate self‑mining hash‑rate growth after rising from 55.2 EH/s at 12/31/25 to ~65 EH/s exiting March (YoY >400%), and a priority to sign the Tydal Norway lease (phase 1 targeted as early as Dec 2026 for 180 MW gross) after which the bulk of FY‑26 financing needs are expected to be met with project‑level debt; management reiterated a 3 GW global power pipeline with ~1.7 GW online, highlighted site specifics (Clarington 570 MW contracted, Rockdale to exceed 740 MW with +179 MW by year‑end, Niles targeted for 300 MW energization in Q4 2028, Fox Creek 101 MW ground‑break in June), pointed to AI cloud momentum (ARR from ~$10M at end‑Jan to ~$43M at end‑Mar and ~$69M in April, GPUs deployed 2,128 at quarter end with 1,948 externally subscribed rising to >4,000 in April, utilization 41%→94% Jan→Mar) and framed margin recovery levers (A4 deployment, seasonal power normalization, AI cloud scale), while noting the company's Q1 liquidity and capital structure of ~$298M cash and ~$1.92B total borrowings after a $375M upsized 5% convertible note offering due 2032.Bitdeer Technologies Financial Statement Overview
Summary
Income Statement
37
Negative
Balance Sheet
41
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.05M | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M |
| Gross Profit | 25.18M | 60.99M | 66.40M | 77.81M | 83.25M | 241.41M |
| EBITDA | 354.81M | 338.28M | -502.58M | 29.65M | 6.86M | 196.39M |
| Net Income | -503.40M | 65.60M | -599.15M | -56.66M | -60.37M | 82.64M |
Balance Sheet | ||||||
| Total Assets | 3.10B | 2.80B | 1.56B | 639.39M | 651.41M | 646.97M |
| Cash, Cash Equivalents and Short-Term Investments | 296.04M | 176.69M | 518.79M | 161.10M | 231.36M | 372.09M |
| Total Debt | 2.03B | 1.19B | 286.26M | 92.83M | 100.23M | 92.43M |
| Total Liabilities | 2.37B | 1.94B | 1.28B | 306.82M | 333.07M | 358.89M |
| Stockholders Equity | 730.12M | 867.85M | 276.60M | 332.57M | 318.34M | 288.08M |
Cash Flow | ||||||
| Free Cash Flow | -2.12B | -2.01B | -749.29M | -398.13M | -331.24M | -141.96M |
| Operating Cash Flow | -1.80B | -1.74B | -622.07M | -271.79M | -268.04M | -52.47M |
| Investing Cash Flow | 225.73M | 38.86M | 112.70M | 199.85M | 133.79M | 394.57M |
| Financing Cash Flow | 1.63B | 1.37B | 844.27M | -13.49M | -3.88M | -14.43M |
Bitdeer Technologies Technical Analysis
Negative
11.56
Price Trends
14.93
Negative
12.94
Negative
13.23
Negative
Market Momentum
-1.16
Negative
44.68
Neutral
52.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTDR, the sentiment is Negative. The current price of 11.56 is below the 20-day moving average (MA) of 11.77, below the 50-day MA of 14.93, and below the 200-day MA of 13.23, indicating a bearish trend. The MACD of -1.16 indicates Negative momentum. The RSI at 44.68 is Neutral, neither overbought nor oversold. The STOCH value of 52.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $3.08B | 34.34 | 123.31% | ― | 31.02% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $1.92B | -12.05 | -92.84% | ― | 9.47% | 31.43% | |
52 Neutral | $194.77M | -7.70 | -10.61% | ― | -9.70% | 61.30% | |
48 Neutral | $3.53B | -7.04 | -29.93% | ― | 37.68% | -117.99% | |
43 Neutral | $2.56B | -4.37 | -69.95% | ― | 146.02% | -55.39% |
* Technology Sector Average
BTDR
Bitdeer Technologies
11.37
-1.37
-10.75%
CLSK
Cleanspark
14.65
3.82
35.27%
ASAN
Asana
8.53
-5.58
-39.55%
GRND
Grindr
17.90
0.13
0.73%
SMRT
SmartRent
1.02
0.04
4.08%
Bitdeer Technologies Corporate Events
Bitdeer Posts June 2026 Surge in Bitcoin Output and Expands AI Cloud Infrastructure
Jul 21, 2026
In an operations update for June 2026 released on July 21, Bitdeer reported that Bitcoin production surged 388% year over year to 990 BTC, supported by a self-mining hash rate of 73.0 EH/s and 243,000 self-mining rigs under management. The company...
Bitdeer Technologies Announces Board and Compensation Committee Resignation Effective July 31, 2026
Jul 6, 2026
Bitdeer Technologies Group, a foreign private issuer listed in the United States and headquartered in Singapore, maintains multiple active registration statements to support its capital-raising flexibility and equity-based compensation programs. I...
Bitdeer Signs Colocation Lease for Tydal, Norway AI Data Center
Jun 29, 2026
On June 29, 2026, Bitdeer Technologies Group said its subsidiary Tydal Data Center AS has signed a colocation lease agreement for its AI data center site in Tydal, Norway. The deal, which supports Bitdeer’s push to expand its global AI infra...
Bitdeer Posts 370% Bitcoin Production Surge as AI Cloud Capacity Expands in May 2026
Jun 18, 2026
In May 2026, Bitdeer dramatically scaled its Bitcoin operations, mining 921 BTC, a 370% year-on-year increase, as self-mining hash rate surged to 70.2 EH/s and total hash rate under management reached 83.1 EH/s. The company expanded its fleet to 2...
Bitdeer Technologies Announces Immediate Resignations of COO and CBO While Retaining Their Services
Jun 8, 2026
Bitdeer Technologies Group disclosed in a June 8, 2026 filing that Chief Operating Officer Chao Suo and Chief Business Officer Linghui Kong have both resigned from their respective executive roles with immediate effect, citing personal reasons. Th...
Bitdeer Technologies Appoints Veteran Finance Executive Michael Potter as New CFO
May 27, 2026
Bitdeer Technologies Group announced a leadership transition in its finance function, with long-time Chief Financial Officer Jianchun Liu resigning effective June 30, 2026, for personal reasons while remaining through that date to ensure an orderl...
Bitdeer Swings to Q1 Loss as It Accelerates Pivot to AI Infrastructure
May 14, 2026
On May 14, 2026, Bitdeer Technologies reported unaudited results for the quarter ended March 31, 2026, showing revenue surged to $188.9 million from $70.1 million a year earlier but swinging from a $105.3 million net profit to a $159.5 million net...
Bitdeer Posts 372% Jump in April Bitcoin Output as AI Cloud ARR Surges 60%
May 12, 2026
In April 2026, Bitdeer Technologies sharply expanded its Bitcoin mining and AI infrastructure operations, mining 783 Bitcoins, a 372% year-on-year increase, and growing total hash rate under management to 87.4 EH/s, driven by 218,000 self-owned ri...
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.