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Bitdeer Technologies Group (BTDR)
:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
Rating:45Neutral
Price Target:
$12.50
▼(-3.70% Downside)
Positive Factors
Operational Growth
The company announced a 21% increase in self-mining hashrate, with plans to reach 40 EH/s, indicating growth in its operational capacity.
Strategic Diversification
The launch of AI Cloud services with the deployment of over 10 LLMs highlights Bitdeer's strategic diversification into new technology sectors.
Technological Advancement
The development of the SEALMINER A4 mining rigs is anticipated to represent a significant leap in ASIC efficiency, positioning the company ahead in technological capabilities.
Negative Factors
Financial Performance
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.
Revenue Challenges
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.
Valuation 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
$2.51B
Dividend YieldN/A
Average Volume (3M)4.86M
Price to Earnings (P/E)―
Beta (1Y)2.41
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees183
SectorTechnology
Sector Strength92
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.79
Shares Outstanding152,346,220
10 Day Avg. Volume3,186,528
30 Day Avg. Volume4,864,882
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue6.95
Enterprise Value/Gross Profit71.86
Enterprise Value/Ebitda-3.44
Forecast
1Y Price Target
$20.20Price Target Upside55.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
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 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 Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: -7.88%|
Next Earnings Date:Aug 18, 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. 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 |
| EBITDA | -502.58M | 27.40M | 5.85M | 196.50M | 49.07M |
| Net Income | -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
Balance Sheet | |||||
| Total Assets | 1.56B | 639.39M | 651.41M | 646.97M | 853.30M |
| Cash, Cash Equivalents and Short-Term Investments | 518.79M | 144.73M | 231.36M | 372.09M | 44.75M |
| Total Debt | 286.26M | 92.83M | 100.23M | 92.43M | 22.83M |
| 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
Negative
12.98
Price Trends
13.10
Negative
11.83
Positive
13.41
Negative
Market Momentum
0.01
Positive
46.04
Neutral
19.47
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 12.98 is below the 20-day moving average (MA) of 13.54, below the 50-day MA of 13.10, and below the 200-day MA of 13.41, indicating a bearish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 46.04 is Neutral, neither overbought nor oversold. The STOCH value of 19.47 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
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 (50)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $1.41B | 11.65 | 21.03% | ― | 6.40% | 9.72% | |
70 Neutral | $829.63M | 448.84 | 4.15% | ― | 30.64% | ― | |
62 Neutral | $4.11B | 24.36 | -3.23% | ― | 93.46% | -166.22% | |
59 Neutral | $779.85M | ― | -46.57% | ― | -2.39% | -2961.26% | |
51 Neutral | $3.04B | 54.04 | -11.36% | ― | 89.47% | -737.43% | |
50 Neutral | C$3.26B | 5.40 | -49.37% | 9.08% | 2.10% | -13.02% | |
45 Neutral | $2.51B | ― | -32.09% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BTDR
Bitdeer Technologies
12.74
4.30
50.95%
RIOT
Riot Platforms
11.13
2.84
34.26%
CLSK
Cleanspark
10.83
-1.40
-11.45%
YALA
Yalla Group
8.95
5.10
132.47%
DSP
Viant Technology
13.26
3.80
40.17%
BMBL
Bumble
7.55
1.84
32.22%
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.