Bitdeer Technologies (BTDR) AI Stock Analysis

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Bitdeer Technologies

(NASDAQ:BTDR)

Rating:46Neutral

Price Target:

$11.50

▲(1.95%Upside)

Bitdeer's overall stock score is driven by significant financial challenges and valuation concerns, partially offset by strategic technology advancements and geographic diversification. The company's ability to address its negative profitability and declining revenues remains crucial for future performance.

Positive Factors

Market Share Gains

Bitdeer is slamming on the gas when its peers are pulling back on expanding their BTC mining operations, which should enable Bitdeer to capture significant market share gains in the coming quarters.

Operational Growth

Bitdeer announced an increase in self-mining production to 196 Bitcoins with an improved self-mining hash rate, indicating operational growth.

Strategic Expansion

Bitdeer is expanding its energy capacity infrastructure with projects in Norway, Bhutan, Ohio, Alberta, and Ethiopia, which supports future growth and operational scalability.

Negative Factors

ASIC Sales Performance

The ASIC business, as it relates to sales to external customers, has been disappointing, as Bitdeer has only sold 1.3 EH/s of its SEALMINER A2 rig to date, despite a seemingly successful pre-sale that indicated 7 EH/s of demand.

EBITDA Projection

BTDR's EBITDA for the fiscal year 2025 is projected to be negative due to a higher cost basis as the company invests in its ASIC.

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

$2.32B

Dividend YieldN/A

Average Volume (3M)4.63M

Price to Earnings (P/E)―

Beta (1Y)2.24

Revenue GrowthN/A

EPS GrowthN/A

CountryUS

Employees183

SectorTechnology

Sector Strength83

IndustrySoftware - Application

Share Statistics

EPS (TTM)1.79

Shares Outstanding152,346,220

10 Day Avg. Volume3,753,355

30 Day Avg. Volume4,633,003

Financial Highlights & Ratios

PEG Ratio0.11

Price to Book (P/B)3.64

Price to Sales (P/S)0.00

P/FCF Ratio-1.88

Enterprise Value/Market Cap0.44

Enterprise Value/Revenue0.65

Enterprise Value/Gross Profit15.49

Enterprise Value/Ebitda-2.24

Forecast

1Y Price Target

$19.25

Price Target Upside70.66% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering10

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 Earnings Call Summary

Earnings Call Date:May 15, 2025

(Q1-2025)

% Change Since: -19.94%|

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.

Bitdeer Technologies Financial Statement Overview

Summary

Bitdeer Technologies faces significant financial challenges with consistent operating losses, negative cash flows, and fluctuating revenues. While the debt-to-equity ratio is moderate, persistent negative financial metrics suggest a need for strategic improvements.

Income Statement

Negative

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.

Balance Sheet

Neutral

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.

Cash Flow

Negative

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.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
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

Technical Analysis Sentiment

Negative

Last Price11.28

Price Trends

50DMA

11.98

Negative

100DMA

12.19

Negative

200DMA

12.48

Negative

Market Momentum

MACD

-0.12

Positive

RSI

39.12

Neutral

STOCH

10.55

Positive

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 11.28 is below the 20-day moving average (MA) of 13.45, below the 50-day MA of 11.98, and below the 200-day MA of 12.48, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 39.12 is Neutral, neither overbought nor oversold. The STOCH value of 10.55 is Positive, 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 2 New Risks

It is not expected that we will pay dividends in the foreseeable future. Q1, 2023

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 (62)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
YALA	79 Outperform	$1.01B	8.20	21.03%	―	6.40%	9.72%
DSP	65 Neutral	$794.60M	421.93	4.15%	―	30.64%	―
Sector *	62 Neutral	$11.91B	9.99	-7.22%	4.96%	7.31%	-8.91%
RIOT	62 Neutral	$3.55B	24.36	-14.71%	―	59.99%	-283.24%
CLSK	56 Neutral	$2.58B	54.04	-11.36%	―	89.47%	-737.43%
BMBL	56 Neutral	$542.28M	―	-46.57%	―	-2.39%	-2961.26%
BTDR	46 Neutral	$2.32B	―	-32.09%	―	―	―

* Technology Sector Average

Performance Comparison

BTDR

Bitdeer Technologies

11.28

2.08

22.61%

RIOT

Riot Platforms

9.56

0.35

3.80%

CLSK

Cleanspark

9.00

-7.51

-45.49%

YALA

Yalla Group

6.30

1.78

39.38%

DSP

Viant Technology

12.70

3.57

39.10%

BMBL

Bumble

5.20

-4.87

-48.36%

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.