GICS Sector : Technology
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 company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations.
Bitdeer's Q1 2025 earnings report underscored the company's strategic pivot towards advancing its ASIC technology and expanding its self-mining capabilities, despite a challenging macro environment. Total revenue for the quarter came in at $70.1 million, a significant decline from the $119.5 million reported in the same period last year. This drop was primarily attributed to the impact of the 2024 halving, increased global hashrate, and higher R&D costs associated with ASIC development. The revenue breakdown showed self-mining contributing $37.2 million, while cloud hashrate and hosting revenues were $0.1 million and $9.6 million, respectively. Gross profit was negative $3.2 million, and adjusted EBITDA came in at negative $56.1 million, reflecting the ongoing pressures on profitability. The EPS for the quarter was reported at -3.22, missing the consensus estimate of -0.23 by a wide margin.
Publication Date: May -16
Bitdeer is doubling down on its ASIC technology development, with the SEALMINER A2 scheduled for mass production in October 2025 and the SEALMINER A3 expected to follow in Q3. The company is targeting a self-mining hashrate of 40 exahash by Q4, supported by the addition of 500 megawatts of new power capacity, with over 50% of this capacity located in Norway and Bhutan. Additionally, Bitdeer is exploring opportunities in U.S. manufacturing and has paused Bitcoin mining activities at its Clarington, Ohio site to focus on HPC/AI initiatives. During the earnings call, Haris Basit noted increased third-party interest in Bitdeer's ASICs, particularly from hyperscalers, with potential upside to the 40 exahash target contingent on TSMC capacity and demand.
Operating expenses for the quarter rose to $75.8 million, driven by increased R&D expenditures and non-cash amortization. Net cash used in operating activities was $284 million, with $73.6 million allocated to investments. The company secured a $200 million loan facility during the quarter and ended with $215.6 million in cash and $131.1 million in cryptocurrencies. The revised CapEx guidance for 2025 is $260-$290 million, reflecting savings from the pause in Bitcoin mining activities at the Clarington site. Jeff LaBerge highlighted the cautious approach to capital raising, emphasizing the use of debt for mining rig financing due to their strong payback potential.
From a valuation perspective, Bitdeer's P/S ratio of 7.55 and EV/EBITDA of -4.72 suggest that the market is pricing in significant growth expectations, despite the current profitability challenges. The company's focus on advancing its ASIC technology and expanding its self-mining capabilities is seen as a strategic move to position itself for future growth. However, with a negative free cash flow yield of -22.19% and a ROIC of -129.21%, investors will be closely monitoring the company's ability to turn these investments into profitable growth. Analysts have pegged next year's revenue growth at 95.3%, indicating optimism about the company's turnaround prospects.
DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Bitdeer Technologies
Dec -04
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors It Has Filed a Complaint to Recover Losses Suffered by Purchasers of Bitdeer Technologies Group Securities and Sets a Lead Plaintiff Deadline of February 2, 2026
Dec -04
Geode Capital Management LLC Raises Stock Position in Bitdeer Technologies Group $BTDR
Dec -01
Aurelius Capital Management LP Has $2.62 Million Stock Holdings in Bitdeer Technologies Group $BTDR
Dec -01
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Bitdeer Technologies Group - BTDR
Nov -20
BTDR Investor Notice: Levi & Korsinsky Investigates Bitdeer Technologies Group for Securities Law Violations
Nov -17
INVESTOR ALERT: Investigation of Bitdeer Technologies Group (BTDR) Announced by Holzer & Holzer, LLC
Nov -17
Bitdeer Announces Pricing of US$400.0 Million Convertible Senior Notes Offering
Nov -13
Bitdeer Technologies Group's 15% self-mining growth driven by increasing demand for cryptocurrency, strategic partnerships, and expansion into new markets. Additionally, the company's focus on renewable energy sources and cost-effective mining operations contribute to its growth. Furthermore, the rise of decentralized finance (DeFi) and institutional investment in cryptocurrency also support the growth of self-mining.
Bitdeer Technologies Group's General Hosting segment growth is driven by increasing demand for cryptocurrency mining, strategic partnerships, and expansion into new markets. The company's focus on providing low-cost, high-performance hosting solutions has attracted a large customer base, contributing to its 14% growth rate.
Bitdeer Technologies Group's 13% growth in Membership Hosting is driven by increasing demand for cloud-based infrastructure, rising adoption of cryptocurrency mining, and strategic partnerships. Additionally, the company's focus on providing scalable and secure hosting solutions, coupled with its competitive pricing strategy, has attracted a growing customer base.
The 12% growth of Hash Rate Subscription from Bitdeer Technologies Group is driven by increasing demand for cryptocurrency mining, advancements in mining technology, and strategic partnerships. Additionally, the company's scalable business model, cost-effective solutions, and strong brand reputation contribute to its rapid expansion in the market.
Bitdeer Technologies Group's 11% growth in electricity subscription is driven by increasing adoption of cryptocurrency mining, rising demand for cloud-based mining services, and strategic partnerships with key industry players. Additionally, the company's focus on renewable energy sources and cost-effective solutions has attracted environmentally conscious and budget-sensitive customers, further fueling growth.
Bitdeer Technologies Group's growth is driven by increasing demand for cryptocurrency mining, strategic partnerships, and expansion into new markets. Additionally, the company's focus on research and development, cost-effective operations, and strong management team contribute to its rapid growth.
Bitdeer Technologies Group's 9% growth in Cloud Hosting Arrangements is driven by increasing demand for scalable infrastructure, rising adoption of cloud computing, and growing need for data storage and management. Additionally, the company's strategic partnerships, competitive pricing, and enhanced security features contribute to its market share expansion.
Increasing adoption of cryptocurrency mining, growing demand for cloud-based mining services, strategic partnerships, and expansion into new markets drive Bitdeer Technologies Group's 8% growth in Cloud Hash Rate Arrangements. Additionally, the company's focus on providing low-cost, high-efficiency mining solutions and its strong brand reputation contribute to its rapid growth.
Bitdeer Technologies Group's 7% growth in Mining Machines is driven by increasing demand for cryptocurrency mining, advancements in AI-powered mining algorithms, and strategic partnerships with leading mining pools. Additionally, the company's focus on energy-efficient and environmentally friendly mining solutions resonates with the growing ESG concerns in the industry.
A large-scale cryptocurrency mining datacenter that provides a reliable and efficient mining solution for cryptocurrency miners.
A cloud-based mining platform that allows users to remotely monitor and manage their mining operations in real-time.
A mining pool service that allows miners to pool their resources and increase their chances of solving complex mathematical equations and earning cryptocurrency rewards.
A range of cryptocurrency mining hardware solutions, including ASIC miners and GPU miners, designed for optimal mining performance.
A digital asset management platform that allows users to buy, sell, and manage their digital assets, including cryptocurrencies and tokens.
A range of blockchain consulting services, including blockchain development, smart contract development, and blockchain strategy consulting.
The threat of substitutes for Bitdeer Technologies Group is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.
The bargaining power of customers for Bitdeer Technologies Group is low, as customers have limited options and the company has a strong brand presence.
The bargaining power of suppliers for Bitdeer Technologies Group is moderate, as the company has a diverse supplier base, but some suppliers have significant bargaining power.
The threat of new entrants for Bitdeer Technologies Group is high, as the industry has low barriers to entry and new companies can easily enter the market.
The intensity of rivalry for Bitdeer Technologies Group is high, as the industry is highly competitive and companies are constantly competing for market share.
| Value | |
|---|---|
| Debt Weight | 7.74% |
| Debt Cost | 4.92% |
| Equity Weight | 92.26% |
| Equity Cost | 12.88% |
| WACC | 12.26% |
| Leverage | 8.39% |
Value: 2.7
Growth: 7.7
Quality: 9.0
Yield: 5.8
Momentum: 8.0
Volatility: 7.7
1-Year Total Return ->
Value: 9.2
Growth: 3.4
Quality: 5.6
Yield: 0.0
Momentum: 8.5
Volatility: 6.0
1-Year Total Return ->
Value: 3.5
Growth: 8.8
Quality: 8.0
Yield: 0.0
Momentum: 6.0
Volatility: 4.7
1-Year Total Return ->
Value: 9.8
Growth: 4.7
Quality: 6.5
Yield: 0.0
Momentum: 2.5
Volatility: 2.0
1-Year Total Return ->
Value: 6.0
Growth: 2.4
Quality: 3.5
Yield: 0.0
Momentum: 9.5
Volatility: 3.7
1-Year Total Return ->
Value: 1.4
Growth: 3.4
Quality: 6.6
Yield: 0.0
Momentum: 3.0
Volatility: 3.0
1-Year Total Return ->