Bitdeer Technologies Group Class A (BTDR)
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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 $1,738.7 million in a single year, a profit that stems solely from revaluing the company's own convertible notes, and a founder who is at once lender, bitcoin lender and custodian of the corporate till. Not investment advice — just the look behind the steel door before the next crane rolls in.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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.
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-…
| IPO Year | 2023 |
|---|---|
| Next Earnings | 17. Aug 2026 |
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Data as of: July 2, 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.