Bitdeer Technologies
ConvictionWeak
Four revenue lines: (1) self-mining Bitcoin, (2) proprietary SEALMINER ASIC hardware sales, (3) Cloud Hash Rate / hosting subscriptions, (4) AI Cloud (GPU rental) plus an emerging AI/HPC colocation buildout. Vertically integrated from fabless chip design (TSMC-fabbed) through power procurement to compute output.
Revenue
$620.3M FY2025up from $349.8M FY2024); $188.9M in Q1 2026Rev growth
+77% YoY FY2025+169% YoY Q1 2026 (vs $70.1M Q1 2025Gross margin
Negativein Q1 2026 -- gross loss of $39.0M on $188.9M revenue (~ -21%), as cost of revenue jumped to $228.0M on rig ramp and mining difficulty; FY2025 was modestly positive at the gross lineOp margin
Deeply negativein Q1 2026 -- net loss $159.5M (~ -84% of revenue) from mining cost inflation, AI/HPC buildout spend, and non-cash items (vs net income of $105.3M in Q1 2025). FY2025 net income was +$65.6M but was largely driven by non-operating fair-value gains, not core operating profitCapex intensity
Very high -- FY2026 guidance of $180M-$200M for crypto-mining datacenter construction ALONEexplicitly excluding SEALMINER hardware, GPUs, AI cloud, and colocation development (those add materially on topMarket cap
~$3.47BNasdaq: BTDR, July 6, 2026 close; 243.3M shares outstanding at $14.25The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence