Bitdeer Technologies Group (BTDR)
NASDAQ:BTDR
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Bitdeer Technologies
(NASDAQ:BTDR)
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Rating:52Neutral
Price Target:
$20.00
▲(55.16% Upside)
Action:Reiterated
Date:05/29/26
The score is held down primarily by weak financial performance—heavy cash burn, large losses, and materially higher leverage—despite solid revenue growth. Technicals are a key offset with strong uptrend signals, though overbought readings add near-term risk. Earnings-call commentary supports longer-term optionality (AI cloud traction and scaling pipeline) but acknowledges continued margin pressure and financing/execution risk. Valuation provides limited support due to a negative P/E and no dividend yield.
Positive Factors
Rapid Top-Line & Mining Scale
Sustained high revenue growth driven by rapid hash‑rate expansion creates durable scale advantages: higher BTC output, improved fixed‑cost absorption, and stronger commercial leverage for hosting and colocation contracts. Over 2–6 months this supports capacity monetization and bargaining power with power and equipment suppliers.
Negative Factors
Severe Cash Burn
Material negative operating and free cash flow creates persistent liquidity pressure and elevates refinancing risk over the next several quarters. Continued cash consumption forces reliance on external financing, which can slow execution, raise financing costs, and constrain investments if markets tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Top-Line & Mining Scale
Sustained high revenue growth driven by rapid hash‑rate expansion creates durable scale advantages: higher BTC output, improved fixed‑cost absorption, and stronger commercial leverage for hosting and colocation contracts. Over 2–6 months this supports capacity monetization and bargaining power with power and equipment suppliers.
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.
Data provided by:
The Fly
The FlyBitdeer Technologies (BTDR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.25B
Dividend YieldN/A
Average Volume (3M)9.72M
Price to Earnings (P/E)―
Beta (1Y)3.00
Revenue Growth146.02%
EPS Growth-55.39%
CountryUS
Employees183
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-2.41
Shares Outstanding198,913,730
10 Day Avg. Volume14,220,348
30 Day Avg. Volume9,724,166
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.59
Price to Sales (P/S)0.83
P/FCF Ratio-0.26
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue7.88
Enterprise Value/Gross Profit231.20
Enterprise Value/Ebitda11.07
Forecast
1Y Price Target
$21.56Price Target Upside67.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-1.55
Revenue Forecast (FY)$971.24M
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 compa...
How the Company Makes Money
Bitdeer primarily generates revenue from (1) self-mining, where it deploys its own mining machines to produce bitcoin and records revenue based on the bitcoin it earns (with results tied to bitcoin price, network difficulty, uptime, and energy cos...
Bitdeer Technologies Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Positive
The call conveyed significant operational momentum and strategic progress across multiple fronts — substantial YoY revenue growth (~170%), dramatic expansion of mining capacity and production (hash rate and BTC mined), launch of the efficient SEALMINER A4 family, fast‑growing AI cloud ARR and utilization, a large 3 GW power pipeline, and a successful $375M financing — all of which support long‑term optionality. At the same time, near‑term financial headwinds were acknowledged: a negative gross profit (-$39M, -20.7% margin), sizable GAAP operating loss (-$159.5M) driven by noncash depreciation and seasonal power costs, continued high operating cash usage ($346.9M), substantial total debt (~$1.92B), and timing/legal risks on certain development sites (e.g., Clarington). Management framed many of these negatives as transitory and highlighted clear levers for margin recovery (A4 deployment, power cost normalization, AI cloud scaling, and colocation leases). Overall, operational and strategic positives were emphasized as outweighing the near‑term financial and execution risks.Positive Updates
Strong Year‑Over‑Year Revenue Growth
Total Q1 revenue of $188.9 million, up approximately 170% year‑over‑year (≈+$119 million), driven primarily by mining hash rate expansion and Bitcoin production.
Negative Updates
Negative Gross Profit and Margin Pressure
Reported total gross profit was negative $39 million, implying a gross margin of negative 20.7%. Management attributed this to lower Bitcoin prices, substantial noncash depreciation (~$70 million) from rapid fleet expansion (3‑year straight‑line depreciation), and seasonal power cost pressure at Norway and Bhutan facilities.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Year‑Over‑Year Revenue Growth
Total Q1 revenue of $188.9 million, up approximately 170% year‑over‑year (≈+$119 million), driven primarily by mining hash rate expansion and Bitcoin production.
Read all positive updates
Company Guidance
Management's guidance called for FY‑2026 crypto‑mining infrastructure capital expenditures of $180–$200 million (excludes SEALMINER hardware, GPUs, AI cloud and colocation CapEx), continued but more moderate self‑mining hash‑rate growth after rising from 55.2 EH/s at 12/31/25 to ~65 EH/s exiting March (YoY >400%), and a priority to sign the Tydal Norway lease (phase 1 targeted as early as Dec 2026 for 180 MW gross) after which the bulk of FY‑26 financing needs are expected to be met with project‑level debt; management reiterated a 3 GW global power pipeline with ~1.7 GW online, highlighted site specifics (Clarington 570 MW contracted, Rockdale to exceed 740 MW with +179 MW by year‑end, Niles targeted for 300 MW energization in Q4 2028, Fox Creek 101 MW ground‑break in June), pointed to AI cloud momentum (ARR from ~$10M at end‑Jan to ~$43M at end‑Mar and ~$69M in April, GPUs deployed 2,128 at quarter end with 1,948 externally subscribed rising to >4,000 in April, utilization 41%→94% Jan→Mar) and framed margin recovery levers (A4 deployment, seasonal power normalization, AI cloud scale), while noting the company's Q1 liquidity and capital structure of ~$298M cash and ~$1.92B total borrowings after a $375M upsized 5% convertible note offering due 2032.Bitdeer Technologies Financial Statement Overview
Summary
Income Statement
37
Negative
Balance Sheet
41
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.05M | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M |
| Gross Profit | 25.18M | 60.99M | 66.40M | 77.81M | 83.25M | 241.41M |
| EBITDA | 525.63M | 338.28M | -502.58M | 29.65M | 6.86M | 196.39M |
| Net Income | -503.40M | 65.60M | -599.15M | -56.66M | -60.37M | 82.64M |
Balance Sheet | ||||||
| Total Assets | 3.10B | 2.80B | 1.56B | 639.39M | 651.41M | 646.97M |
| Cash, Cash Equivalents and Short-Term Investments | 296.04M | 176.69M | 518.79M | 161.10M | 231.36M | 372.09M |
| Total Debt | 2.03B | 1.19B | 286.26M | 92.83M | 100.23M | 92.43M |
| Total Liabilities | 2.37B | 1.94B | 1.28B | 306.82M | 333.07M | 358.89M |
| Stockholders Equity | 730.12M | 867.85M | 276.60M | 332.57M | 318.34M | 288.08M |
Cash Flow | ||||||
| Free Cash Flow | -2.12B | -2.01B | -749.29M | -398.13M | -331.24M | -141.96M |
| Operating Cash Flow | -1.80B | -1.74B | -622.07M | -271.79M | -268.04M | -52.47M |
| Investing Cash Flow | 225.73M | 38.86M | 112.70M | 199.85M | 133.79M | 394.57M |
| Financing Cash Flow | 1.63B | 1.37B | 844.27M | -13.49M | -3.88M | -14.43M |
Bitdeer Technologies Technical Analysis
Positive
12.89
Price Trends
12.93
Positive
11.71
Positive
13.58
Positive
Market Momentum
1.77
Negative
59.84
Neutral
72.86
Neutral
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 12.89 is below the 20-day moving average (MA) of 15.51, below the 50-day MA of 12.93, and below the 200-day MA of 13.58, indicating a bullish trend. The MACD of 1.77 indicates Negative momentum. The RSI at 59.84 is Neutral, neither overbought nor oversold. The STOCH value of 72.86 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.94B | 21.15 | 123.31% | ― | 31.02% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $1.81B | -11.43 | -92.84% | ― | 9.47% | 31.43% | |
52 Neutral | $4.25B | -8.10 | -69.95% | ― | 146.02% | -55.39% | |
52 Neutral | $4.00B | -8.34 | -29.93% | ― | 37.68% | -117.99% | |
48 Neutral | $212.12M | -8.49 | -10.61% | ― | -9.70% | 61.30% |
* Technology Sector Average
BTDR
Bitdeer Technologies
17.47
3.46
24.70%
CLSK
Cleanspark
15.59
5.47
54.05%
ASAN
Asana
7.84
-6.80
-46.45%
GRND
Grindr
10.90
-12.33
-53.08%
SMRT
SmartRent
1.10
0.18
19.57%
Bitdeer Technologies Corporate Events
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...
Bitdeer Swings to Q1 Loss as It Accelerates Pivot to AI Infrastructure
May 14, 2026
On May 14, 2026, Bitdeer Technologies reported unaudited results for the quarter ended March 31, 2026, showing revenue surged to $188.9 million from $70.1 million a year earlier but swinging from a $105.3 million net profit to a $159.5 million net...
Bitdeer Posts 372% Jump in April Bitcoin Output as AI Cloud ARR Surges 60%
May 12, 2026
In April 2026, Bitdeer Technologies sharply expanded its Bitcoin mining and AI infrastructure operations, mining 783 Bitcoins, a 372% year-on-year increase, and growing total hash rate under management to 87.4 EH/s, driven by 218,000 self-owned ri...
Bitdeer Reports Surging March 2026 Bitcoin Output and Rapid Growth in AI Cloud Business
Apr 15, 2026
In March 2026, Bitdeer reported a sharp expansion in its core operations, with self-mined Bitcoin output rising 480% year over year to 661 BTC and self-mining hash rate reaching about 70 EH/s, supported by 3.0 GW of global energy capacity and 225,...
Bitdeer Taps DCI to Build Norway’s Largest AI Data Center for Nvidia Workloads
Mar 30, 2026
On March 30, 2026, Bitdeer Technologies Group announced that its subsidiary Tydal Data Center AS has engaged Norwegian contractor Data Center Installations AS to complete the transformation of its Tydal facility into a large-scale AI data center. ...
Bitdeer Posts 541% Bitcoin Output Surge as It Accelerates AI Cloud and Colocation Shift
Mar 16, 2026
On March 16, 2026, Bitdeer reported a sharp operational ramp-up in February 2026, with Bitcoin self-mining rising 541% year on year to 705 coins and self-mining hashrate reaching 68 EH/s, keeping it among the largest publicly listed miners by hash...
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.