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Bitdeer Technologies (BTDR)
NASDAQ:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
49Neutral
Positive Factors
Growth Potential
Excitement about future Sealminer generations indicates potential for growth and innovation in product offerings.
Market Demand
The pre-sale of 7 EH/s of SEALMINER A2s was oversubscribed by 6x, demonstrating strong market demand for the company's proprietary mining rigs.
Strategic Partnerships
Expectations of a partnership deal for HPC/AI development highlight potential future collaborations and advancements in technology.
Negative Factors
Demand Decline
There is continued softened demand for ASICs due to the bitcoin price slump.
Operating Results
The market focused more on the company's lower-than-expected operating results during 4Q24 rather than on its potential for significant revenue from ASIC bitcoin mining chips and rigs.
Revenue Challenges
Lower revenue expectations for self-mining due to external factors such as curtailment in Bhutan and declining Bitcoin prices.
Bitdeer Technologies (BTDR) vs. S&P 500 (SPY)
Market Cap
$2.10B
Dividend YieldN/A
Average Volume (3M)4.73M
Price to Earnings (P/E)―
Beta (1Y)2.92
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees183
SectorTechnology
Sector Strength65
IndustrySoftware - Application
Share Statistics
EPS (TTM)-3.22
Shares Outstanding144,099,730
10 Day Avg. Volume5,139,659
30 Day Avg. Volume4,731,692
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.61
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit43.45
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$17.44Price Target Upside23.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
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 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 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.50
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 | |||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|
| Income Statement | Total Revenue | ||
| 368.55M | 333.34M | 394.66M | 186.39M | Gross Profit |
| 77.81M | 83.25M | 241.41M | -23.18M | EBIT |
| -52.25M | -60.59M | 130.83M | -63.41M | EBITDA |
| 27.40M | 5.85M | 196.50M | 49.07M | Net Income Common Stockholders |
| -56.66M | -60.37M | 82.64M | -55.83M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||
| 144.73M | 231.36M | 372.09M | 44.75M | Total Assets |
| 639.39M | 651.41M | 646.97M | 853.30M | Total Debt |
| 92.83M | 100.23M | 92.43M | 22.83M | Net Debt |
| -51.90M | -131.13M | -279.66M | -21.93M | Total Liabilities |
| 306.82M | 333.07M | 358.89M | 707.40M | Stockholders Equity |
| 332.57M | 318.34M | 288.08M | 145.90M |
| Cash Flow | Free Cash Flow | ||
| -400.09M | -617.23M | -202.00M | -253.06M | Operating Cash Flow |
| -273.74M | -268.04M | -52.47M | -109.18M | Investing Cash Flow |
| 199.85M | 133.79M | 394.57M | 62.74M | Financing Cash Flow |
| -13.49M | -3.88M | -14.43M | 30.78M |
Bitdeer Technologies Technical Analysis
Positive
14.12
Price Trends
9.90
Positive
14.19
Negative
11.64
Positive
Market Momentum
0.80
Negative
70.99
Negative
94.71
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 14.12 is above the 20-day moving average (MA) of 9.83, above the 50-day MA of 9.90, and above the 200-day MA of 11.64, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 70.99 is Negative, neither overbought nor oversold. The STOCH value of 94.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $1.10B | 9.42 | 21.33% | ― | 6.52% | 14.89% | |
69 Neutral | $453.18M | ― | -46.57% | ― | -2.39% | -2959.91% | |
66 Neutral | $937.70M | 438.53 | 4.15% | ― | 30.64% | ― | |
62 Neutral | $2.81B | 24.36 | -14.71% | ― | 59.99% | -283.24% | |
60 Neutral | $10.96B | 10.28 | -6.73% | 2.97% | 7.74% | -12.45% | |
60 Neutral | $2.27B | 54.04 | -11.36% | ― | 118.07% | ― | |
49 Neutral | $2.10B | ― | -13.88% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
BTDR
Bitdeer Technologies
14.12
8.67
159.08%
RIOT
Riot Platforms
8.48
-1.02
-10.74%
CLSK
Cleanspark
9.20
-6.35
-40.84%
YALA
Yalla Group
7.20
2.37
49.07%
DSP
Viant Technology
14.22
5.34
60.14%
BMBL
Bumble
5.68
-5.83
-50.65%
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:Feb 25, 2025
(Q4-2024)
| % Change Since: 7.79%|
Next Earnings Date:May 15, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a mix of strategic advancements and financial challenges. Bitdeer's commitment to vertical integration and advanced ASIC technology development positions it well for future growth, despite current financial setbacks due to market conditions and increased R&D expenses. The financial losses and revenue declines highlight the difficult operating environment but are balanced by strategic initiatives that may drive long-term shareholder value.Q4-2024 Updates
Positive Updates
Vertically-Integrated Business Strategy
Bitdeer has successfully acquired a 19-acre site for a 101 megawatt gas-fired power plant near Foxcreek, Alberta, positioning it as the world's first fully vertically integrated Bitcoin miner. This development is expected to lead to one of the lowest Bitcoin mining costs in the industry.
Advanced ASIC Technology Development
Bitdeer is progressing with the SEALMINER ASIC roadmap, with SEALMINER A2s expected to deliver approximately 35 exahash by October 2025 and strong pre-order demand exceeding capacity by six times.
Strong Financial Position
Bitdeer ended the year with $476.3 million in cash and cash equivalents and $77.5 million in cryptocurrencies, providing liquidity to continue strategic investments.
Expansion of Power Capacity
Bitdeer has secured over 2.6 gigawatts of total power capacity, with about 1 gigawatt scheduled to be energized over 2025, supporting its self-mining and HPC/AI data center initiatives.
Negative Updates
Decline in Revenue and Gross Profit
Q4 2024 revenue fell to $69 million from $114.8 million in Q4 2023, and gross profit decreased to $5.1 million from $27 million, primarily due to the April 2024 Bitcoin halving and higher global network hashrate.
Negative Adjusted EBITDA
Adjusted EBITDA for Q4 2024 was negative $3.8 million, impacted by lower cloud hashrate and hosting revenue, as well as higher R&D expenses related to ASIC development.
Significant Net Loss
IFRS net loss for Q4 2024 was $531.9 million, driven by non-cash derivative losses and lower gross profit margins.
Challenges in Cloud and Hosting Business
Cloud hashrate revenue declined to $2.3 million from $16.2 million, and hosting revenues decreased due to contract expirations and the removal of older machines.
Company Guidance
During Bitdeer's fourth quarter and full-year 2024 earnings call, the company reported Q4 revenue of $69 million, with a gross profit of $5.1 million and an adjusted EBITDA of negative $3.8 million. The lower performance compared to Q4 2023 was attributed to the April 2024 halving, increased global network hashrate, and lower hosting and cloud mining revenue, partially offset by higher self-mining hashrate and Bitcoin prices. Bitdeer outlined its strategy to prioritize the development of its own ASIC technology, which is expected to offer cost advantages and enhance their competitive position in the $4-5 billion annual ASIC market. The company also highlighted its acquisition of a 19-acre site for a 101 MW gas-fired power plant in Alberta, with plans for a 99 MW data center for Bitcoin mining. The total capital expenditure for this project is estimated at $90 million for the power plant and $30 million for the data center infrastructure. Bitdeer aims to achieve a self-mining hashrate of approximately 40 exahash by Q4 2025, with additional potential from future wafer allocations. The company is optimistic about its ASIC roadmap, expecting to leverage its SEALMINER A2 and A3 models to gain a significant market share by emphasizing energy efficiency, with the A3 targeting an industry-leading efficiency of 10 joules per terahash.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.