Bitdeer Technologies (BTDR) AI Stock Analysis

• Market Cap: $3.03B
• Dividend Yield: N/A
• Average Volume (3M): 8.42M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.79
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 183
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -1.28
• Shares Outstanding: 188,005,700
• 10 Day Avg. Volume: 5,916,049
• 30 Day Avg. Volume: 8,415,875
• PEG Ratio: >-0.01
• Price to Book (P/B): 10.77
• Price to Sales (P/S): 8.51
• P/FCF Ratio: -3.97
• Enterprise Value/Market Cap: 1.14
• Enterprise Value/Revenue: 7.41
• Enterprise Value/Gross Profit: 61.95
• Enterprise Value/Ebitda: -3.96
• 1Y Price Target: $30.00
• Price Target Upside: 130.06% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): -0.27
• Revenue Forecast (FY): $600.97M

• Rating: 38 Underperform
• Price Target: $13.50 ▲(3.53% Upside)

Bitdeer Technologies is facing significant financial difficulties, with consistent operating losses and negative cash flows being the most critical issues. The technical indicators suggest a bearish trend, and the valuation metrics highlight the company's unprofitability. These factors collectively result in a low overall stock score, indicating high risk and the need for strategic improvements.

Positive Factors

Owned Hashrate Growth

Material expansion in proprietary hashrate and coin output strengthens Bitdeer’s core cash-generating asset base. Greater owned capacity improves long-term production visibility, reduces dependence on third-party suppliers, and scales operating leverage across mining and hosting services.

Vertical integration & proprietary ASICs

Developing and selling in-house SEALMINER hardware and advancing chip programs can lower unit costs and capture manufacturing margins. Successful vertical integration sustainably increases competitiveness in mining hardware and secures supply for expansion and higher-margin hosting services over time.

AI cloud recurring revenue and infra pipeline

Building recurring AI/HPC revenue diversifies Bitdeer away from Bitcoin-price sensitivity. A growing GPU base with measurable ARR and multi-region data center pipeline supports steadier cash flows and cross-selling of colocation services, enhancing long-term revenue stability.

Negative Factors

Persistent negative cash flow

Sustained negative operating and free cash flows undermine financial flexibility and increase reliance on external funding. Over months, this pressure can force dilution or higher-cost debt, constrain capex for expansion, and elevate the risk that operations are not self-sustaining without further financing.

Product development delays

Delay in the SEAL04 chip postpones anticipated cost reductions and performance advantages from next-gen ASICs. This raises execution risk: planned margin improvements, manufacturing scale benefits, and competitive differentiation may be deferred, weakening medium-term operational leverage.

Heavy reliance on capital raises

Large recent financings indicate dependence on capital markets to fund growth and restructure debt. Reliance on equity and convertible issuances can dilute shareholders and signal that operations and cash generation currently do not cover capex, increasing refinancing and execution risk over the medium term.

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 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 Money

Bitdeer Technologies generates revenue through multiple channels. Primarily, the company earns money by selling cryptocurrency mining hardware, such as ASIC miners, to customers who wish to set up their own mining operations. Additionally, Bitdeer operates a cloud mining service, allowing users to rent mining power without the need for physical hardware, which provides a steady stream of income. The company also offers hosting services for mining equipment, charging fees for electricity and maintenance. Significant partnerships with hardware manufacturers and blockchain networks enhance its market position and contribute to its earnings by ensuring a reliable supply of high-demand mining equipment and services.

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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	464.44M	349.78M	368.55M	333.34M	394.66M	186.39M
Gross Profit	55.52M	66.40M	77.81M	83.25M	241.41M	-23.18M
EBITDA	-869.40M	-502.58M	27.40M	6.86M	196.39M	49.07M
Net Income	-536.86M	-599.15M	-56.66M	-60.37M	82.64M	-55.83M
Balance Sheet
Total Assets	2.44B	1.56B	639.39M	651.41M	646.97M	853.30M
Cash, Cash Equivalents and Short-Term Investments	284.58M	518.79M	161.10M	231.36M	372.09M	50.86M
Total Debt	915.95M	286.26M	92.83M	100.23M	92.43M	47.58M
Total Liabilities	1.86B	1.28B	306.82M	333.07M	358.89M	707.40M
Stockholders Equity	573.81M	276.60M	332.57M	318.34M	288.08M	145.90M
Cash Flow
Free Cash Flow	-1.75B	-749.29M	-398.13M	-331.24M	-141.96M	-253.06M
Operating Cash Flow	-1.46B	-622.07M	-271.79M	-268.04M	-52.47M	-109.18M
Investing Cash Flow	-68.98M	112.70M	199.85M	133.79M	394.57M	62.74M
Financing Cash Flow	1.44B	844.27M	-13.49M	-3.88M	-14.43M	30.78M

Bitdeer Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.04
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 13.04 is below the 20-day moving average (MA) of 13.38, above the 50-day MA of 12.15, and below the 200-day MA of 14.15, indicating a neutral trend. The MACD of 0.41 indicates Positive momentum. The RSI at 48.51 is Neutral, neither overbought nor oversold. The STOCH value of 15.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTDR.

Bitdeer Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLSK	73 Outperform	$3.03B	10.74	18.52%	―	102.21%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
GRND	53 Neutral	$2.09B	―	-171.54%	―	28.97%	-4.18%
ASAN	51 Neutral	$2.43B	-11.00	-102.48%	―	9.47%	16.97%
SMRT	51 Neutral	$306.51M	-4.54	-25.48%	―	-24.30%	-181.62%
BTDR	38 Underperform	$3.03B	-4.20	-98.10%	―	―	―

Bitdeer Technologies Corporate Events

Bitdeer Posts 339% Bitcoin Output Surge and Expands AI Cloud Capacity in December 2025 Update

On January 13, 2026, Bitdeer Technologies reported a sharp expansion in its December 2025 production, with self-mining hashrate rising to 55.2 EH/s and Bitcoin output jumping 339% year-on-year to 636 coins, driven by continued deployment of its proprietary SEALMINER rigs and the phased retirement of older third-party machines. The company also advanced its vertical-integration strategy and AI pivot, selling about 1.4 EH/s of SEALMINER A2 units to external customers, progressing SEAL04 chip development toward targeted mass production in early 2026, and maintaining preparations for a U.S. manufacturing facility. In its AI cloud business, Bitdeer ended 2025 with 1,152 high-end GPUs deployed at a 61% utilization rate and roughly $10 million in annual recurring revenue, deployed and tested eight GB200 systems in Malaysia ahead of a planned January 2026 cloud launch, and enhanced its platform with enterprise-grade IAM and SSO features, while continuing to evaluate U.S. data center leases and additional HPC colocation deals across a 1,658 MW global infrastructure base and a sizeable expansion pipeline.

The most recent analyst rating on (BTDR) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.

Bitdeer Technologies Reports Strong November 2025 Bitcoin Production and AI Cloud Expansion

In November 2025, Bitdeer Technologies Group reported a significant increase in its self-mining hashrate to 45.7 EH/s, driven by the deployment of SEALMINERs, resulting in a 251% year-over-year increase in Bitcoin production to 526 Bitcoins. The company is also expanding its AI cloud services, with a notable rise in annual recurring revenue to $10 million and plans for further infrastructure development, including new data centers in Malaysia and the U.S., positioning Bitdeer for continued growth in the high-performance computing market.

The most recent analyst rating on (BTDR) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.

Bitdeer Technologies Completes Major Financial Transactions in November 2025

Bitdeer Technologies Group recently completed significant financial transactions, including a private placement of $400 million in convertible senior notes due 2031, which closed on November 17, 2025. Additionally, on November 19, 2025, the company executed a registered direct offering of over 10 million Class A ordinary shares at $13.94 per share. These actions were part of a strategic move to repurchase $200 million of existing convertible senior notes due 2029, indicating a focus on restructuring its financial obligations and optimizing its capital structure. Barclays Capital Inc. acted as the exclusive placement agent for the equity offering, highlighting Bitdeer’s efforts to strengthen its financial position and potentially improve its market standing.

The most recent analyst rating on (BTDR) stock is a Sell with a $10.50 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.

Bitdeer Technologies Announces $400 Million Convertible Notes Offering

On November 12, 2025, Bitdeer Technologies Group announced its intention to offer $400 million in Convertible Senior Notes due 2031 in a private placement, with an option for purchasers to acquire an additional $60 million. The proceeds will be used for datacenter expansion, ASIC mining rig development, and growth of its HPC and AI cloud business. Concurrently, Bitdeer plans a registered direct offering of Class A ordinary shares, with proceeds aimed at repurchasing a portion of its 5.25% convertible senior notes due 2029. These strategic financial maneuvers are expected to support Bitdeer’s operational expansion and enhance its market position in the Bitcoin mining and AI cloud industry.

The most recent analyst rating on (BTDR) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.

Bitdeer Technologies Reports Strong Q3 2025 Financial Growth and AI Expansion

Bitdeer Technologies Group reported significant financial growth in the third quarter of 2025, with revenue reaching $169.7 million, marking a 173.6% increase year-over-year. The company achieved a gross profit of $40.8 million and an adjusted EBITDA of $43.0 million, reflecting operational efficiency gains. Bitdeer is expanding its AI strategy to capitalize on the global shortage of AI infrastructure, aiming to generate substantial revenue through its AI cloud services. The company also surpassed its self-mining target with 41.2 EH/s and commenced mass production of its SEALMINER A3 series, although development of the SEAL04 chip is delayed.

The most recent analyst rating on (BTDR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.

Bitdeer Technologies Surpasses Mining Targets and Expands AI Cloud Services in October 2025

In October 2025, Bitdeer Technologies Group reported a significant increase in its self-mining hashrate to 41.2 EH/s, surpassing its target of 40 EH/s. This was achieved through the continued deployment of SEALMINER rigs and the commencement of energization at new sites in Massillon, Ohio, and Oromia Region, Ethiopia. The company mined 511 Bitcoins, marking a 13% increase from the previous month. Bitdeer is also expanding its AI cloud services, achieving an annual recurring revenue of $8 million, and is actively working on infrastructure projects in the U.S. and Southeast Asia to enhance its market positioning.

The most recent analyst rating on (BTDR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Bitdeer Technologies stock, see the BTDR Stock Forecast page.