Bitdeer Technologies Group (BTDR)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
As long as the operating business burns more per quarter than sits in the till, Bitdeer remains dependent on the goodwill of the capital market — every financing round dilutes or indebts further, and the bitcoin price plus the 2028 halving decides the base revenue. If the Tydal colocation lease becomes effective and AI rents deliver plannable revenue, the picture changes; until then the stock is a highly volatile bet on a conversion already paid for at a premium. The decision is yours.
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Bitdeer is building everything at once: its own mining chips, data centers on three continents, an AI cloud running NVIDIA hardware and a power portfolio of 3.0 gigawatts. The market pays about $4 billion for it — and at the same time our warning scanner reports: cash running out. We read the annual report for foreign private issuers (20-F) for 2025 and the latest interim reports (6-K): an operating cash outflow of $1,738.7 million in a single year, a profit that stems solely from revaluing the company's own convertible notes, and a founder who is at once lender, bitcoin lender and custodian of the corporate till. Not investment advice — just the look behind the steel door before the next crane rolls in.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at BTDR since then.
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Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 10.50 $ — 17% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIGeprüft am 14.07.2026 gegen den Jahresbericht ausländischer Emittenten (20-F) für 2025 (eingereicht 30.04.2026), den 20-F für 2024 (21.04.2025) und die Zwischenberichte (6-K) vom 14.05., 18.06. und 29.06.2026 — Bitdeer ist Foreign Private Issuer und reicht 20-F/6-K statt 10-K/10-Q ein. KI ist bei Bitdeer ein verkauftes Produkt mit eigener Umsatzzeile: Der 20-F beschreibt in Item 4 das Geschäftsfeld „AI Infrastructure and AI Cloud Business“ — eine der ersten KI-Cloud-Plattformen Asiens auf Basis von NVIDIA DGX SuperPOD H100/H200/B200 und GB200 NVL72, mit ausgewiesenen Erlösen von unter 0,1 Mio. (2023), 3,5 Mio. (2024) und 6,8 Mio. US-Dollar (2025). Der 6-K vom 14.05.2026 weist für Q1 2026 KI-Cloud-Umsatz von 3,7 Mio. aus, der 6-K vom 18.06.2026 meldet rund 69 Mio. US-Dollar annualisierte KI-Cloud-Erlöse bei 90 % GPU-Auslastung sowie den Umbau von Mining-Standorten zu KI-Rechenzentren (Tydal, Norwegen). Nach der Vorrang-Regel damit „Verkauft KI“ — die zugleich vorhandenen Risikohinweise (Kundenmissbrauch von GPU-Ressourcen, Umwidmung von Mining-Kapazität) treten dahinter zurück; der Umsatzanteil ist mit rund 1–2 % noch klein, die Erlösquelle aber ausdrücklich belegt.
View the full file — quotes, sources, reviewed filings
„We operate one of the first cloud service platforms in Asia that offers AI cloud services powered by NVIDIA DGX SuperPOD H100, H200 and B200 systems and the recently deployed NVIDIA GB200 NVL72 system."
Wir betreiben eine der ersten Cloud-Service-Plattformen in Asien, die KI-Cloud-Dienste auf Basis von NVIDIA-DGX-SuperPOD-H100-, H200- und B200-Systemen sowie dem kürzlich in Betrieb genommenen NVIDIA-GB200-NVL72-System anbietet.
„Our AI infrastructure and AI cloud business generated revenue of less than US$0.1 million in 2023, US$3.5 million in 2024, and US$6.8 million in 2025, reflecting rapid and significant year-over-year growth."
Unser Geschäft mit KI-Infrastruktur und KI-Cloud erzielte Umsätze von weniger als 0,1 Millionen US-Dollar 2023, 3,5 Millionen 2024 und 6,8 Millionen 2025 — ein schnelles und deutliches Wachstum von Jahr zu Jahr.
„AI Cloud ARR held at approximately $69 million at 90% GPU utilization, with GB300 NVL72 cluster deployment and Nemotron 3 availability reinforcing our enterprise-grade capabilities."
Die annualisierten wiederkehrenden Erlöse der KI-Cloud hielten sich bei rund 69 Millionen Dollar bei 90 Prozent GPU-Auslastung, wobei die Inbetriebnahme von GB300-NVL72-Clustern und die Verfügbarkeit von Nemotron 3 unsere Unternehmenstauglichkeit weiter stärken.
Filings Reviewed: 20-F 2026-04-30 · 20-F 2025-04-21 · 6-K 2026-05-14 · 6-K 2026-06-18 · 6-K 2026-06-29
Rated on July 14, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 113.2% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 12
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.48 | -1.87 – -1.22 | 960 | -51.1% | 4 |
| 12/31/2027 | -0.39 | -0.81 – -0.19 | 1,434 | 73.5% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.35 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -3.22 | – | 69 | -39.90 | -770.70 | -325 | -373 |
| 2025: Q1 | 0.46 | 8,799.30 | 70 | -41.30 | 150.20 | -284 | -352 |
| 2025: Q2 | -0.76 | – | 156 | 56.80 | -95.00 | -335 | -446 |
| 2025: Q3 | -1.28 | – | 170 | 173.60 | -157.10 | -520 | -580 |
| 2025: Q4 | 0.26 | – | 225 | 225.80 | 31.40 | -600 | -650 |
| 2026: Q1 | -0.68 | -248.30 | 189 | 169.40 | -84.40 | -347 | -441 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 89 | -31 | -28 | 0.00 | -57 | – | – |
| 2020 | 186 | -63 | -56 | -0.50 | -109 | 146 | 853 |
| 2021 | 395 | 131 | 83 | 0.74 | -52 | 288 | 647 |
| 2022 | 333 | -57 | -60 | -0.54 | -268 | 318 | 651 |
| 2023 | 369 | -56 | -57 | -0.51 | -272 | 333 | 639 |
| 2024 | 350 | -89 | -599 | -4.36 | -622 | 277 | 1,558 |
| 2025 | 620 | -185 | 66 | 0.28 | -1,739 | 868 | 2,805 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
The only large miner with its own ASIC development (SEALMINER A4: 16.4 J/TH, nearly halved power consumption within a year), its own data centers and a 3,003.5-megawatt power portfolio on three continents; rig sales were already the second-largest revenue source in 2025 (annual report 20-F for 2025, 6-K of May 14, 2026).
Revenue up 77 percent in 2025 to $620.3 million, up 169 percent in Q1 2026; self-mining hashrate increased sixfold, bitcoin production up 370 percent (May 2026), adjusted EBITDA back to positive in Q1 2026 (+$14.4 million).
Operating cash outflow of $1,738.7 million in 2025 and $346.9 million in Q1 2026 against $297.7 million of cash (March 31, 2026); the gap is closed by $1.55 billion of convertible notes, ATM share sales and loans from the founder-affiliated BIT Group — the Insolvency Radar fires on exactly this.
The 2025 net income ($65.6 million) stems from $444.9 million of derivative book gains; adjusted, a record loss of $229.9 million, Q1 2026 gross margin minus 20.7 percent, weighted share count up 23 percent in one year, interest burden up sixfold.
Jihan Wu controls 69.5 percent of the votes through ten-vote super shares; "substantially all" crypto holdings, two credit facilities and a 6,000-bitcoin borrowing run through his BIT Group (formerly Matrixport) — per the annual report a concentrated counterparty risk; Tether entities hold 19.3 percent of the Class A shares with almost no voting weight.
About $69 million of annualized AI-cloud revenue at 90 percent utilization and the (not yet effective) Tydal lease are real progress — but in 2025 AI contributed just $6.8 million of revenue (~1 percent); add an RS rating of 89, plus 89.5 percent in three months, around 10 percent daily swing and 41 percent distance to the 52-week high (data as of July 8, 2026).
Bitdeer is probably the most ambitious construction site in the mining industry: its own chips, 3 gigawatts of power, an AI cloud running NVIDIA hardware — and documented growth on every level. None of it is paid for yet: in 2025, $1,738.7 million flowed out of operations, the adjusted loss is the largest in company history, and the till lives on convertible notes, share sales and loans from the empire of a founder who controls 69.5 percent of the votes and is at the same time custodian of the company's bitcoin. The market is already paying about $4 billion for the finished platform — delivered so far is the construction site. Not investment advice.
- BTDR landed on our research list as a hit of the warning scanner "Insolvency Radar: cash running out"; as of the July 8, 2026 data cut-off the membership had lapsed, on July 14, 2026 the stock stood in the radar again — Bitdeer swings back and forth at the threshold of the criterion. Scanner memberships are snapshots and shift daily.
- Bitdeer is registered as a foreign private issuer and files Forms 20-F (annual report) and 6-K (interim reports) instead of 10-K/10-Q; since January 1, 2026, the company reports under U.S. GAAP instead of IFRS, and prior-year figures were restated.
- Price and valuation figures are dated July 8, 2026 (market value about $4.0 billion); analyses are evergreen, daily prices are not a buy argument.
About the Company
Bitdeer Technologies Group ist als Technologieunternehmen für Blockchain und High-Performance-Computing (HPC) in Singapur, den USA, Bhutan, Norwegen, Finnland, Äthiopien, Kanada und international tätig. Das Unternehmen bietet Hashrate-Sharing-Lösungen, darunter Cloud-Hashrate und Hashrate-…
| Employees | 471 |
|---|---|
| Headquarters | Singapore, Singapore |
| Address | No. 09-03/04, Aperia tower 1, 339509 Singapore, Singapore |
| Phone | 65 6282 8220 |
| Website | bitdeer.com |
| IPO Date | 13. Apr 2023 |
| ISIN | KYG114481008 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jihan Wu | Founder, Chairman & CEO | 1987 |
| Michael G. Potter | Chief Financial Officer | 1967 |
| Yuling Ma | Chief Technology Officer | 1968 |
| Alexia Wang | General Counsel | – |
| Xiaojun Fan | Vice President of Sales & Marketing | – |
| Jianchun Liu | Chief Financial Officer of Business Operations | 1978 |
| Haris Basit | Chief Strategy Officer | 1962 |
| Lars Eivind Haugnes Naas | VP of Global Data Center Operations & Director | 1972 |
| Catherine Guo | CEO of Bitdeer Industrial | – |
| Louis Xu | Head of AI | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.