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Bitdeer Technologies
(NASDAQ:BTDR)
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Rating:48Neutral
Price Target:
$11.50
▼(-0.52% Downside)
Action:Reiterated
Date:08/22/26
BTDR’s score is held down primarily by weak financial performance—large TTM losses, rising leverage, and severe negative operating/free cash flow. Technicals also remain broadly soft with the price below key longer-term moving averages and a negative MACD. These are partially offset by a comparatively stronger earnings-call outlook centered on the large contracted Tydal colocation deal and improving operational metrics, but execution and financing risks remain significant.
Positive Factors
Long-term contracted AI colocation revenue
The Tydal agreement materially improves revenue visibility and supports Bitdeer's shift toward contracted AI infrastructure. Long duration, escalators and pass-through electricity can create a more predictable, potentially less volatile revenue base than self-mining.
Negative Factors
Severe profitability deterioration
Revenue growth has not translated into durable earnings because costs, depreciation and difficult mining economics remain substantial. Near-breakeven gross profit and a large net loss reduce internal funding capacity and make future profitability dependent on execution and business mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term contracted AI colocation revenue
The Tydal agreement materially improves revenue visibility and supports Bitdeer's shift toward contracted AI infrastructure. Long duration, escalators and pass-through electricity can create a more predictable, potentially less volatile revenue base than self-mining.
Read all positive factors
Bitdeer Technologies Key Performance Indicators (KPIs)
Any
Bitcoins Held
Amount of bitcoin on Bitdeer’s balance sheet, indicating how much the company is exposed to BTC price swings and how much optional cash value it holds versus converting to fiat. High holdings can boost long‑term upside if prices rise but add volatility and potential liquidity risk if prices fall or if the company needs cash.
Amount of bitcoin on Bitdeer’s balance sheet, indicating how much the company is exposed to BTC price swings and how much optional cash value it holds versus converting to fiat. High holdings can boost long‑term upside if prices rise but add volatility and potential liquidity risk if prices fall or if the company needs cash.
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The Fly
The FlyBitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.09B
Dividend YieldN/A
Average Volume (3M)8.53M
Price to Earnings (P/E)―
Beta (1Y)2.82
Revenue Growth127.68%
EPS Growth6.87%
CountryUS
Employees471
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-2.02
Shares Outstanding227,382,320
10 Day Avg. Volume6,600,231
30 Day Avg. Volume8,528,926
Financial Highlights & Ratios
PEG Ratio-0.33
Price to Book (P/B)2.64
Price to Sales (P/S)3.70
P/FCF Ratio-1.14
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$21.36Price Target Upside84.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.59
Revenue Forecast (FY)$950.56M
Bitdeer Technologies Business Overview & Revenue Model
Company Description
Bitdeer Technologies Group (BTDR) operates as a technology enterprise primarily dedicated to the cryptocurrency mining sector. The company engages in proprietary digital asset mining, extracting cryptocurrencies for its own portfolio, while also d...
How the Company Makes Money
Bitdeer makes money primarily by monetizing Bitcoin-mining compute and infrastructure through multiple revenue streams: (1) Self-mining: the company deploys its own mining equipment to mine Bitcoin; revenue is generated from Bitcoin block rewards ...
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed strong strategic progress and execution milestones—most notably the $4.7 billion Tydal colocation lease, rapid expansion in mining hash rate and Bitcoin production, strong sequential improvements in adjusted EBITDA and operational metrics, AI cloud ARR growth, and manufacturing/production capacity investments. Key weaknesses included negative GAAP gross profit and a sizable operating loss, ongoing operating cash burn (despite sequential improvement), remaining Tydal CapEx and execution risk, a pending legal matter in Clarington, and some near‑term timing uncertainty on project activations. On balance, the narrative emphasized momentum, diversified revenue channels (mining, AI cloud, colocation), and a clear capital plan favoring project financing—advantages that outweigh the current financial losses and execution risks.Positive Updates
Tydal Norway 16‑Year Colocation Lease
Executed a $4.7 billion contracted base‑term, 16‑year colocation lease with Volta for 121 IT MW (≈133 gross MW) at Tydal; 8‑year renewal option increases potential contract value to ≈$8 billion over 24 years. Lease includes 3% annual escalator and passthrough electricity reimbursement; average annual revenue expected ~ $2.4 million per IT MW. Remaining site CapEx ≈ $500 million; delivery in two phases targeted 12/31/2026 and 3/31/2027.
Negative Updates
Negative GAAP Gross Profit and Operating Loss
Total gross profit was negative $8.5 million in Q2 (gross margin ≈ −3.7%). Operating loss for the quarter was $101.7 million and GAAP net loss per share was $0.37, reflecting continued depreciation expense and a still‑challenging hash price environment.
Read all updates
Q2-2026 Updates
Positive
Negative
Tydal Norway 16‑Year Colocation Lease
Executed a $4.7 billion contracted base‑term, 16‑year colocation lease with Volta for 121 IT MW (≈133 gross MW) at Tydal; 8‑year renewal option increases potential contract value to ≈$8 billion over 24 years. Lease includes 3% annual escalator and passthrough electricity reimbursement; average annual revenue expected ~ $2.4 million per IT MW. Remaining site CapEx ≈ $500 million; delivery in two phases targeted 12/31/2026 and 3/31/2027.
Read all positive updates
Company Guidance
Management guided that full‑year crypto mining infrastructure CapEx is now $200–$280 million (excludes SEALMINER hardware, GPUs, AI cloud or colocation CapEx), and detailed the Tydal, Norway colocation deal: a 16‑year lease for ~121 IT MW (≈133 gross MW across 4 halls) expected to generate ≈$4.7 billion of base‑term revenue (≈$2.4 million average annual revenue per IT MW), with an 8‑year renewal option that could raise lifetime value to ≈$8 billion over 24 years (tenant termination right at year 10); remaining Tydal CapEx is ≈$500 million, delivery is split into two equal phases targeting RFS on Dec 31, 2026 and Mar 31, 2027, electricity is pass‑through, rent/service fees have a 3% annual escalator, and anticipated institutional‑grade credit enhancement should enable project‑level (non‑dilutive) debt financing to meet most remaining 2026 needs; the company also filed a new shelf, moved its ATM to it with a $1 billion offering and drew $457 million from the ATM in Q2, finished the quarter with ≈$496 million cash and ≈$1.8 billion long‑term debt, and said H2 G&A run‑rate will increase to support headcount and infrastructure.Bitdeer Technologies Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
38
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 812.26M | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M |
| Gross Profit | 3.83M | 60.99M | 66.40M | 77.81M | 83.25M | 241.41M |
| EBITDA | -42.56M | 338.28M | -502.58M | 29.65M | 6.86M | 196.39M |
| Net Income | -447.95M | 65.60M | -599.15M | -56.66M | -60.37M | 82.64M |
Balance Sheet | ||||||
| Total Assets | 3.45B | 2.80B | 1.56B | 639.39M | 651.41M | 646.97M |
| Cash, Cash Equivalents and Short-Term Investments | 494.08M | 176.69M | 518.79M | 161.10M | 231.36M | 372.09M |
| Total Debt | 1.95B | 1.19B | 286.26M | 92.83M | 100.23M | 92.43M |
| Total Liabilities | 2.34B | 1.94B | 1.28B | 306.82M | 333.07M | 358.89M |
| Stockholders Equity | 1.10B | 867.85M | 276.60M | 332.57M | 318.34M | 288.08M |
Cash Flow | ||||||
| Free Cash Flow | -2.09B | -2.01B | -749.29M | -398.13M | -331.24M | -141.96M |
| Operating Cash Flow | -1.62B | -1.74B | -622.07M | -271.79M | -268.04M | -52.47M |
| Investing Cash Flow | 169.86M | 38.86M | 112.70M | 199.85M | 133.79M | 394.57M |
| Financing Cash Flow | 1.62B | 1.37B | 844.27M | -13.49M | -3.88M | -14.43M |
Bitdeer Technologies Technical Analysis
Neutral
11.56
Price Trends
12.71
Negative
13.18
Negative
12.22
Negative
Market Momentum
-0.58
Negative
50.74
Neutral
76.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTDR, the sentiment is Neutral. The current price of 11.56 is above the 20-day moving average (MA) of 10.05, below the 50-day MA of 12.71, and below the 200-day MA of 12.22, indicating a neutral trend. The MACD of -0.58 indicates Negative momentum. The RSI at 50.74 is Neutral, neither overbought nor oversold. The STOCH value of 76.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 0 New Risks
Bitdeer Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.70B | 29.96 | 357.13% | ― | 32.38% | ― | |
62 Neutral | $2.21B | -14.13 | -92.84% | ― | 9.47% | 31.43% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $274.00M | -13.94 | -8.50% | ― | -2.78% | 72.47% | |
48 Neutral | $3.09B | -5.40 | -54.72% | ― | 127.68% | 6.87% | |
48 Neutral | $3.08B | -3.19 | -75.24% | ― | 7.49% | -468.86% |
* Technology Sector Average
BTDR
Bitdeer Technologies
10.91
-2.21
-16.84%
CLSK
Cleanspark
11.93
2.48
26.24%
ASAN
Asana
9.76
-4.39
-31.02%
GRND
Grindr
15.58
-0.03
-0.19%
SMRT
SmartRent
1.40
-0.04
-2.78%
Bitdeer Technologies Corporate Events
Bitdeer Sets Up $1 Billion ATM Share Program and Secures Multi‑Billion‑Dollar Tydal AI Data‑Center Deal
Aug 10, 2026
On August 10, 2026, Bitdeer filed an automatic shelf registration statement and a prospectus supplement with the U.S. Securities and Exchange Commission to enable the at‑the‑market issuance of up to $1 billion in Class A ordinary share...
Bitdeer Posts Q2 2026 Loss as It Accelerates Shift to AI and Colocation Infrastructure
Aug 10, 2026
In its unaudited results for the second quarter ended June 30, 2026, Bitdeer reported revenue rising to US$228.8 million from US$155.6 million a year earlier, but cost of revenue climbed faster, resulting in a US$8.5 million gross loss and widenin...
Bitdeer Signs $4.7 Billion, 16-Year AI Data Center Lease for Norway Tydal Campus
Aug 5, 2026
On August 4, 2026, Bitdeer AI signed a 16-year colocation lease and services agreement for its Tydal, Norway campus with Volta Tydal AS, whose end customer is a leading AI lab supported by Dell Technologies and NVIDIA GPUs. The deal covers 121 IT ...
Bitdeer Technologies Replaces MaloneBailey with Deloitte as Independent Auditor
Aug 3, 2026
Bitdeer Technologies Group is a Singapore-based technology company that operates as a foreign private issuer listed in the United States, with its principal executive offices at Aperia Tower 1 in Singapore. The company files annual reports on Form...
Bitdeer Posts June 2026 Surge in Bitcoin Output and Expands AI Cloud Infrastructure
Jul 21, 2026
In an operations update for June 2026 released on July 21, Bitdeer reported that Bitcoin production surged 388% year over year to 990 BTC, supported by a self-mining hash rate of 73.0 EH/s and 243,000 self-mining rigs under management. The company...
Bitdeer Technologies Announces Board and Compensation Committee Resignation Effective July 31, 2026
Jul 6, 2026
Bitdeer Technologies Group, a foreign private issuer listed in the United States and headquartered in Singapore, maintains multiple active registration statements to support its capital-raising flexibility and equity-based compensation programs. I...
Bitdeer Signs Colocation Lease for Tydal, Norway AI Data Center
Jun 29, 2026
On June 29, 2026, Bitdeer Technologies Group said its subsidiary Tydal Data Center AS has signed a colocation lease agreement for its AI data center site in Tydal, Norway. The deal, which supports Bitdeer’s push to expand its global AI infra...
Bitdeer Posts 370% Bitcoin Production Surge as AI Cloud Capacity Expands in May 2026
Jun 18, 2026
In May 2026, Bitdeer dramatically scaled its Bitcoin operations, mining 921 BTC, a 370% year-on-year increase, as self-mining hash rate surged to 70.2 EH/s and total hash rate under management reached 83.1 EH/s. The company expanded its fleet to 2...
Bitdeer Technologies Announces Immediate Resignations of COO and CBO While Retaining Their Services
Jun 8, 2026
Bitdeer Technologies Group disclosed in a June 8, 2026 filing that Chief Operating Officer Chao Suo and Chief Business Officer Linghui Kong have both resigned from their respective executive roles with immediate effect, citing personal reasons. Th...
Bitdeer Technologies Appoints Veteran Finance Executive Michael Potter as New CFO
May 27, 2026
Bitdeer Technologies Group announced a leadership transition in its finance function, with long-time Chief Financial Officer Jianchun Liu resigning effective June 30, 2026, for personal reasons while remaining through that date to ensure an orderl...
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.