Bitdeer Technologies Group (NASDAQ:BTDR) Announces Earnings Results

Bitdeer Technologies Group (NASDAQ:BTDR) announced its quarterly earnings results on Tuesday. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.13), Zacks reports. The company had revenue of $320.75 million during the quarter, compared to analysts’ expectations of $258.18 million. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The firm’s revenue for the quarter was up 89.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.28) EPS.

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 Stock Performance

Shares of Bitdeer Technologies Group stock traded down $0.34 during midday trading on Tuesday, hitting $6.27. The company had a trading volume of 4,352,309 shares, compared to its average volume of 9,729,327. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -2.05 and a beta of 2.72. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The company has a fifty day simple moving average of $9.71 and a 200 day simple moving average of $11.47. Bitdeer Technologies Group has a 12-month low of $5.03 and a 12-month high of $20.72.

Key Headlines Impacting Bitdeer Technologies Group

Here are the key news stories impacting Bitdeer Technologies Group this week:

• Positive Sentiment: Revenue reached a record $320.7 million, up 89% year over year and well above the $258.18 million analyst estimate. Adjusted EBITDA rose 173% to $69.6 million. Bitdeer Q3 results
• Positive Sentiment: The quarterly loss narrowed to $0.46 per share from $1.28 a year earlier, indicating year-over-year improvement. Bitdeer Q3 earnings report
• Negative Sentiment: EPS missed expectations: Bitdeer’s $0.46 loss per share was worse than the consensus forecast of a $0.33 loss. The earnings shortfall tempers the strong revenue performance. Bitdeer earnings results

Insider Transactions at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, insider Haris Basit purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider owned 35,000 shares in the company, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael Potter purchased 25,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were bought at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at $226,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BTDR. Barclays boosted their price objective on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Benchmark reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Finally, B. Riley Financial cut their target price on Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. 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 data from MarketBeat.com, Bitdeer Technologies Group currently has an average rating of “Moderate Buy” and an average price target of $21.60.

About Bitdeer Technologies Group

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.