Bitdeer Technologies (BTDR) AI Stock Analysis

• Market Cap: $3.13B
• Dividend Yield: N/A
• Average Volume (3M): 3.87M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.59
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 183
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.76
• Shares Outstanding: 152,346,220
• 10 Day Avg. Volume: 4,936,825
• 30 Day Avg. Volume: 3,865,748
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 6.62
• Enterprise Value/Gross Profit: 135.30
• Enterprise Value/Ebitda: -3.74
• 1Y Price Target: $20.89
• Price Target Upside: 27.53% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 49 Neutral
• Price Target: $16.00 ▼(-2.32% Downside)

Bitdeer Technologies' overall stock score is primarily impacted by its financial performance, which is characterized by significant challenges such as consistent operating losses and negative cash flows. While there are positive technical indicators and strategic advancements in technology, the negative valuation metrics and uncertainties highlighted in the earnings call further weigh down the score.

Positive Factors

Advanced ASIC Technology

Bitdeer's focus on developing proprietary ASIC technology enhances its competitive edge by improving mining efficiency and reducing costs, supporting long-term growth.

Geographic Diversification

Strategic geographic diversification reduces operational risks and enhances resilience against regional disruptions, supporting sustainable growth.

Increased Mining Capacity

Expanding mining capacity positions Bitdeer to capitalize on rising cryptocurrency demand, enhancing revenue potential and market share.

Negative Factors

Negative Financial Performance

Persistent negative financial performance highlights challenges in achieving profitability, impacting long-term financial stability and growth.

Decline in Hosting and Cloud Hashrate Revenue

Significant revenue declines in hosting and cloud services indicate challenges in maintaining service demand, affecting overall revenue streams.

Increased Operating Expenses

Rising operating expenses, particularly in R&D, strain financial resources, potentially limiting investment in other growth areas and impacting profitability.

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 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 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	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

• Technical Analysis Sentiment: Positive
• Last Price: 16.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 16.38 is above the 20-day moving average (MA) of 13.70, above the 50-day MA of 13.55, and above the 200-day MA of 14.01, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 66.35 is Neutral, neither overbought nor oversold. The STOCH value of 91.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	2.89B	11.72	14.12%	―	84.66%	0.00%
OLO	63 Neutral	1.74B	-1,368.00	-0.12%	―	21.92%	95.91%
SMRT	58 Neutral	285.87M	-4.07	-11.62%	―	-28.45%	-224.48%
ASAN	51 Neutral	3.17B	-14.99	-92.63%	―	9.74%	22.36%
GRND	50 Neutral	2.97B	-39.30	-29.58%	―	28.35%	24.57%
BTDR	49 Neutral	$3.13B	―	-54.00%	―	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Bitdeer Technologies Corporate Events

Bitdeer Technologies Reports Significant August 2025 Mining Growth

In August 2025, Bitdeer Technologies Group reported a 35% increase in its self-mining hashrate, reaching 30.0 EH/s, driven by the deployment of SEALMINERs. The company mined 375 Bitcoins, a 33% increase from July, and continues to expand its infrastructure and operations globally. Bitdeer is on track to achieve a self-mining target of 40 EH/s by the end of October 2025, positioning itself as a major player in the Bitcoin mining industry.

Bitdeer Technologies Announces Cleanup Redemption of Convertible Notes

On September 8, 2025, Bitdeer Technologies Group announced a cleanup redemption of its 8.50% Convertible Senior Notes due 2029, amounting to $7.7 million. The redemption is set for September 23, 2025, with holders having the option to convert their notes into Class A ordinary shares before the deadline. This move is expected to streamline the company’s financial operations and potentially enhance shareholder value by adjusting the conversion rate and settling conversions with shares and cash.

Bitdeer Technologies Reports Q2 2025 Financial Results and Strategic Developments

On August 18, 2025, Bitdeer Technologies Group announced its unaudited financial results for the second quarter of 2025, reporting a revenue of $155.6 million, marking a 56.8% increase year-over-year. Despite the revenue growth, the company experienced a net loss of $147.7 million. Bitdeer is on track to achieve a self-mining capacity of 40 EH/s by the end of October and has entered advanced negotiations for a development project in Clarington, Ohio. The company is also focusing on its SEALMINER A4 project, aiming for unprecedented chip efficiency, which is expected to enhance its competitive position in the industry.

Bitdeer Technologies Reports Significant July 2025 Mining and Infrastructure Advancements

In July 2025, Bitdeer Technologies Group reported a 35% increase in its self-mining hashrate, reaching 22.3 EH/s, due to the deployment of SEALMINERs. The company energized 159 MW in Bhutan and Norway and completed a hydro-cooling conversion in Rockdale, Texas. Bitdeer also announced advancements in its mining rig manufacturing, with SEALMINER A3 ready for mass production and SEALMINER A4 targeting improved chip efficiency. The company is progressing in its infrastructure projects, with significant energization milestones achieved and ongoing negotiations for its Clarington, Ohio site.

Bitdeer Technologies Joins Russell Indexes and Boosts Mining Capacity

In June 2025, Bitdeer Technologies Group announced a 21% increase in its self-mining hashrate to 16.5 EH/s, driven by the deployment of SEALMINERs. The company also joined the Russell 2000 and 3000 Indexes, marking a significant milestone in its growth. Bitdeer is preparing for the mass production of its SEALMINER A3 series and is on track to achieve a proprietary hash rate of 40 EH/s by October 2025. The company closed a $375 million convertible senior notes offering and is enhancing its serverless GPU infrastructure to support HPC/AI initiatives. These developments are expected to increase Bitdeer’s visibility among institutional investors and improve trading liquidity.

Bitdeer Technologies Secures $45 Million in Additional Funding Through Note Placement

On June 25, 2025, Bitdeer Technologies Group successfully closed a private placement, raising an additional $45 million through the issuance of 4.875% Convertible Senior Notes due 2031. This follows the full exercise of an option by initial purchasers, bringing the total gross proceeds from the notes offering to $375 million, which is expected to bolster the company’s financial position and enhance its operational capabilities.

Bitdeer Technologies Secures $330 Million in Convertible Notes

On June 23, 2025, Bitdeer Technologies Group completed a private placement of $330 million in 4.875% Convertible Senior Notes due 2031. This financial move is expected to enhance the company’s liquidity and support its strategic initiatives in the cryptocurrency mining sector, potentially impacting its market position and stakeholder interests.

Bitdeer Technologies Announces $300 Million Convertible Notes Offering

On June 17, 2025, Bitdeer Technologies Group announced a proposed private placement of $300 million in convertible senior notes due 2031, with an option for initial purchasers to buy an additional $45 million. The proceeds are intended for datacenter expansion, ASIC mining rig development, and general corporate purposes. The company also plans a zero-strike call option transaction to facilitate derivative transactions for investors. Concurrently, Bitdeer expects to negotiate exchanges for its existing 8.50% convertible senior notes due 2029, which may impact the market price of its Class A ordinary shares and notes.