Education
About Us
Working with TipRanks
Follow Us
Bitdeer Technologies (BTDR)
NASDAQ:BTDR
Top Page
Bitdeer Technologies
(NASDAQ:BTDR)
Rating:52Neutral
Price Target:
$14.00
▼( -3.18% Downside)
Positive Factors
Cost Advantage
The company is scaling operations via deployments of its proprietary ASIC, the SEALMINER, which provides Bitdeer with a significant cost advantage.
Growth and Expansion
Bitdeer is entering an important growth inflection point in its self-mining business, as the company is poised to more than triple total deployed capacity to 40 EH/s.
Strategic Partnerships
BTDR remains focused on high-performance computing and is open to a joint venture structure with a large entity.
Negative Factors
Bitcoin Price Impact
Lowered revenue expectations for self-mining due to external factors such as curtailment in Bhutan and declining Bitcoin prices.
Challenges in Production and Sales
Lowering estimates for ASIC deliveries and revenue for fiscal year '25 indicates challenges in production and sales.
Overvaluation Concerns
The company is trading at a high multiple compared to its consensus 2026 EBITDA estimate, which might indicate overvaluation concerns.
Bitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.84B
Dividend YieldN/A
Average Volume (3M)5.38M
Price to Earnings (P/E)―
Beta (1Y)2.78
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees183
SectorTechnology
Sector Strength78
IndustrySoftware - Application
Share Statistics
EPS (TTM)2.15
Shares Outstanding152,346,220
10 Day Avg. Volume5,403,327
30 Day Avg. Volume5,376,074
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)8.44
Price to Sales (P/S)0.00
P/FCF Ratio-4.64
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue1.60
Enterprise Value/Gross Profit38.07
Enterprise Value/Ebitda-5.50
Forecast
1Y Price Target
$18.83Price Target Upside30.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
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 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 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 | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 349.78M | 368.55M | 333.34M | 394.66M | 186.39M | Gross Profit |
| 66.40M | 77.81M | 83.25M | 241.41M | -23.18M | EBIT |
| -589.66M | -52.25M | -60.59M | 130.83M | -63.41M | EBITDA |
| -502.58M | 27.40M | 5.85M | 196.50M | 49.07M | Net Income Common Stockholders |
| -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 518.79M | 144.73M | 231.36M | 372.09M | 44.75M | Total Assets |
| 1.56B | 639.39M | 651.41M | 646.97M | 853.30M | Total Debt |
| 286.26M | 92.83M | 100.23M | 92.43M | 22.83M | Net Debt |
| -190.01M | -51.90M | -131.13M | -279.66M | -21.93M | Total Liabilities |
| 1.28B | 306.82M | 333.07M | 358.89M | 707.40M | Stockholders Equity |
| 276.60M | 332.57M | 318.34M | 288.08M | 145.90M |
| Cash Flow | Free Cash Flow | |||
| -749.29M | -400.09M | -617.23M | -202.00M | -253.06M | Operating Cash Flow |
| -622.07M | -273.74M | -268.04M | -52.47M | -109.18M | Investing Cash Flow |
| 112.70M | 199.85M | 133.79M | 394.57M | 62.74M | Financing Cash Flow |
| 844.27M | -13.49M | -3.88M | -14.43M | 30.78M |
Bitdeer Technologies Technical Analysis
Positive
14.46
Price Trends
10.64
Positive
13.51
Positive
11.93
Positive
Market Momentum
1.38
Negative
61.87
Neutral
62.34
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 14.46 is above the 20-day moving average (MA) of 12.88, above the 50-day MA of 10.64, and above the 200-day MA of 11.93, indicating a bullish trend. The MACD of 1.38 indicates Negative momentum. The RSI at 61.87 is Neutral, neither overbought nor oversold. The STOCH value of 62.34 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 |
|---|---|---|---|---|---|---|---|
86 Outperform | $948.21M | 9.29 | 21.03% | ― | 6.40% | 9.72% | |
69 Neutral | $843.40M | 447.84 | 4.15% | ― | 30.64% | ― | |
61 Neutral | $11.28B | 10.16 | -6.88% | 2.97% | 7.41% | -8.93% | |
60 Neutral | $3.05B | 24.36 | -14.71% | ― | 59.99% | -283.24% | |
60 Neutral | $2.63B | 54.04 | -11.36% | ― | 89.47% | -737.43% | |
54 Neutral | $590.83M | ― | -46.57% | ― | -2.39% | -2961.26% | |
52 Neutral | $2.84B | ― | -32.09% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BTDR
Bitdeer Technologies
14.46
8.35
136.66%
RIOT
Riot Platforms
8.55
-1.79
-17.31%
CLSK
Cleanspark
9.36
-8.33
-47.09%
YALA
Yalla Group
7.14
2.34
48.75%
DSP
Viant Technology
13.48
3.71
37.97%
BMBL
Bumble
5.72
-5.84
-50.52%
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: 2.63%|
Next Earnings Date:Aug 08, 2025
Earnings Call Sentiment Neutral
Despite strategic advancements in ASIC technology and geographic diversification, Bitdeer faced significant financial challenges in Q1 2025, including negative profitability and declines in hosting and cloud hashrate revenues. Strategic shifts, such as the pause in Clarington development, also indicate potential uncertainties in future revenue streams.Q1-2025 Updates
Positive Updates
Strategic ASIC Development
Bitdeer has prioritized the development of its own ASIC technology, leading to a temporary slowdown in hashrate growth but positioning the company for long-term advantages, including cost efficiency and greater control over growth.
Successful SEALMINER Production
Mass production of SEALMINER A1 and A2 rigs is on track, with 3.7 exahash per second of A1 and 35 exahash per second of A2 expected by October 2025.
Increased Mining Capacity
Bitdeer is bringing nearly 500 megawatts of new self-mining power capacity online by mid-year, increasing total global capacity to nearly 1.6 gigawatts.
Geographic Diversification
More than half of Bitdeer's power is located in Norway and Bhutan, with new sites in Ethiopia and potential expansion in Ohio for HPC/AI projects.
Innovative SEALMINER A4 Chip Development
SEALMINER A4 is targeting unprecedented efficiency at approximately 5 Joules per Terahash, with mass production expected in Q3 of this year.
Positive Trade and Tariff Developments
Bitdeer has noted a de-escalation in tariffs and plans to migrate some manufacturing to the U.S., anticipating further favorable trade measures.
Negative Updates
Negative Financial Performance
Q1 2025 revenue was $70.1 million, gross profit was negative $3.2 million, and adjusted EBITDA was negative $56.1 million, primarily due to the 2024 halving and increased global network hashrate.
Decline in Hosting and Cloud Hashrate Revenue
Cloud hashrate revenue dropped significantly to $0.1 million from $18.1 million, and general hosting revenue fell to $9.6 million from $29 million, due to contract expirations and less efficient miner removals.
Increased Operating Expenses
Operating expenses rose to $75.8 million, driven by higher R&D costs and non-cash amortization expenses.
Pause in Clarington Site Development
Development at the Clarington site for Bitcoin mining was paused to focus on HPC/AI initiatives, indicating strategic shifts and potential revenue delays.
Company Guidance
During the Bitdeer First Quarter 2025 Earnings Call held on May 15, 2025, the company provided detailed guidance and metrics related to its financial performance and strategic initiatives. For Q1 2025, Bitdeer's total revenue was $70.1 million, with a negative gross profit of $3.2 million and an adjusted EBITDA of negative $56.1 million. The company attributed its lower performance compared to the previous year to factors such as the 2024 halving event, increased global network hashrate, and higher R&D costs related to developing their SEAL03 chip. However, Bitdeer has been advancing its own ASIC technology, which is expected to drive a significant increase in self-mining hashrate to 40 exahash per second by October 2025, aided by enhanced power capacity, mainly in Norway and Bhutan. The company is also working on strategic geographic diversification and anticipates further expansion of its ASIC roadmap, with the SEALMINER A2 and A3 models in various stages of production and testing. Bitdeer is optimistic about its long-term position in the market, targeting unprecedented efficiency with its future SEALMINER A4 chip. On the infrastructure front, Bitdeer plans to energize nearly 1.8 gigawatts of power capacity by the end of 2025, including new projects in Ethiopia and Ohio. The company is also exploring opportunities in HPC and AI, with strategic pauses on certain Bitcoin mining developments to focus on emerging opportunities.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.