Bitdeer Technologies Group (NASDAQ:BTDR) Posts Earnings Results, Misses Estimates By $0.13 EPS

Key Points

• Bitdeer reported revenue of $320.75 million, up 89% year over year and above analyst expectations, but its $0.46-per-share loss was $0.13 worse than estimates. The company posted a $125.5 million net loss, including significant non-cash charges.
• The company cited about $7.6 billion in expected contracted AI-platform revenue and 332 megawatts of secured AI-cloud capacity. Tydal’s first phase remains on schedule, with customer installations expected to begin in January; financing and project completion remain key milestones.
• Liquidity is a notable risk: cash declined to $163.7 million as quarterly capital expenditures reached $478 million, while debt totaled $1.95 billion. Bitdeer expects to use project and GPU financing, customer prepayments, and Bitcoin sales to fund expansion.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported ($0.46) earnings per share for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.13), Zacks reports. The company had revenue of $320.75 million during the quarter, compared to analyst estimates of $258.18 million. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. The company's revenue for the quarter was up 89.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.28) earnings per share.

Here are the key takeaways from Bitdeer Technologies Group's conference call:

• Bitdeer reported record third-quarter revenue of $320.7 million, up 89% year over year, and Adjusted EBITDA of $69.6 million. Gross profit turned positive, while the $125.5 million net loss included significant non-cash charges.
• The AI platform’s expected contracted revenue reached about $7.6 billion, including $2.9 billion of AI cloud backlog and $4.7 billion from Tydal’s base lease term. Management also reported about 332 IT megawatts of secured AI cloud capacity, while noting secured capacity is not the same as customer-contracted capacity.
• Tydal phase one remains on schedule for year-end, with customer installations expected to begin in January; phase two deliveries are expected to start in 2027. The company is pursuing project financing, and completion and financing remain important execution milestones.
• Bitcoin mining output rose to 3,855 BTC, up 43% from the prior quarter, while the quarter-end self-mining hash rate reached 82.3 EH/s. Power cost per Bitcoin was about $36,000, down from $49,000 a year earlier, as fleet efficiency improved.
• Cash and cash equivalents fell to $163.7 million from $456.8 million as quarterly capital expenditures reached $478 million; total debt was $1.95 billion. Bitdeer said it expects to rely on project- and GPU-level financing, customer prepayments and Bitcoin sales to fund growth, and those financings are still being pursued.

Bitdeer Technologies Group Trading Down 3.5%

Shares of BTDR stock traded down $0.23 during trading hours on Tuesday, hitting $6.38. 3,256,257 shares of the company were exchanged, compared to its average volume of 9,725,509. Bitdeer Technologies Group has a fifty-two week low of $5.03 and a fifty-two week high of $20.72. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $1.45 billion, a P/E ratio of -2.10 and a beta of 2.72. The company has a 50 day simple moving average of $9.71 and a two-hundred day simple moving average of $11.47.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. HC Wainwright restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, October 2nd. Wall Street Zen upgraded Bitdeer Technologies Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 31st. Cantor Fitzgerald restated an "overweight" rating on shares of Bitdeer Technologies Group in a research report on Monday, October 26th. Benchmark reissued a "buy" rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. Finally, Needham & Company LLC lowered their price objective on Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $21.60.

Insider Buying and Selling

In other news, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $8.84 per share, with a total value of $221,000.00. Following the completion of the purchase, the insider owned 35,000 shares of the company's stock, valued at approximately $309,400. The trade was a 250.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Potter purchased 25,000 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at $226,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.

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