📈 Price History

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📊 Peer Medians

About

Bitdeer Technologies Group operates as a technology company for blockchain and high-performance computing (HPC) in Singapore, the United States, Bhutan, Norway, Finland, Ethiopia, Canada, and internationally. The company offers hash rate sharing solutions, including cloud hash rate and hash-rate subscription plans; and a one-stop mining rig hosting solution comprising deployment, maintenance, and management services for cryptocurrency mining; as well as mining cryptocurrencies for its own account. It also operates mining datacenters to generate hash rates; handles various processes involved in computing, such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations; and sells mining rigs. In addition, the company offers Minerplus, a software platform that offers software support to reduce time needed for daily maintenance and mining rig upgrade; AI infrastructure and AI cloud business to offer advanced AI cloud capabilities, HPC services and colocation services; and mining solutions under the SEALMINER brand. The company is headquartered in Singapore.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding BTDR

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	1.57M	$13.6M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	236.8K	$2.0M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses phrases like 'strong execution', 'rapid growth', 'on track', 'key inflection point' and provides specific targets (40 exahash by October, exceed by year-end) and concrete numbers (hash rate up 162% from start of year, ASIC sales $69.5M). They do not hedge or use vague language, reflecting confidence in their strategy and execution.

Q3 2025

Confident Specific

Management uses strong positive language ('rapid growth', 'strong execution', 'meaningful growth throughout 2026') and provides specific figures like 29.1 EH/s average hash rate, 173.6% revenue growth, $43M adjusted EBITDA. They directly address the Seal 04 delay without hedging, describing it as a 'design flow' challenge but expressing high confidence in the architecture.

Q4 2025

Confident Specific

Management consistently cited specific milestones (e.g., 55 EH/s exiting 2025, 63 EH/s by end of January, 1.66 GW online, 3 GW pipeline) and provided concrete timelines for Tydal (test GPUs late 2026, production early 2027). They used assertive language like 'we believe we have meritorious claims' and 'we are one of the largest publicly listed miners.'

Q1 2026 latest

Confident Specific

Management uses specific metrics (e.g., 500% YoY hash rate growth, $69M AI cloud ARR, 94% GPU utilization) and concrete milestones (SEALMINER A4 launch, Tydal contractor agreement, $375M note offering) to paint a picture of execution and differentiation. They openly acknowledge transitory gross margin pressures but are clear about the drivers and recovery path.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Bitdeer is executing on multiple high-conviction fronts: self-mining hash rate is scaling rapidly with proprietary SEALMINERs, AI Cloud revenue is inflecting (69M ARR with rising utilization and pricing power), and the colocation pipeline (especially Tydal) is moving from design to construction. Gross margin headwinds are clearly transitory and understood. The key catalysts to watch next quarter: Tydal lease signing (which would unlock project-level financing and validate the colocation model), continued A4 deployment into self-mining and co-mining, and further AI Cloud ARR growth as U.S. capacity comes online. Litigation at Clarington and lack of chip timeline are lingering risks, but management's specific commentary on near-term milestones makes the next quarter an important proof point.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Bitdeer Q1'26 rev $188.9M, 65 EH/s, AI Cloud ARR $43M, launches SEALMINER A4.

Revenue & Profitability

Q1 2026 consolidated revenue was $188.9 million, up ~170% year-over-year. Gross profit was -$39 million (gross margin -20.7%). Adjusted EBITDA was $14.4 million, an approximate $60 million improvement year-over-year. Operating loss was -$159.5 million, earnings per share -$0.68. The company ended the quarter with $297.7 million in cash equivalents and restricted cash, and total borrowings of approximately $1.92 billion.

Outlook

Management sees the supply-demand imbalance for AI compute widening and expects the shortage to persist well into 2027 and beyond. Time to power remains critical. The Bitcoin mining industry faced a challenging environment in Q1 due to low Bitcoin prices, but the company remains committed to mining and sees significant opportunity ahead.

Growth Drivers

Key growth levers include: (1) self-mining hash rate expansion (65 EH/s, up 400% YoY) via SEALMINER A4 deployment; (2) AI cloud business, with ARR growing from ~$10M to $43M in Q1 and reaching $69M in April; (3) colocation conversions at Tydal, Rockdale, and other sites; (4) planned U.S. AI cloud expansion in 2026; and (5) co-mining partnerships with third-party facilities.

Balance Sheet & CapEx

Full-year 2026 infrastructure CapEx guidance for crypto mining data center construction is $180-$200 million (excluding SEALMINER hardware, GPUs, AI cloud, and colocation). The Tydal conversion is expected to require significantly lower CapEx than greenfield projects. Bitdeer also raised $375 million via convertible notes and expects project-level debt financing after signing the Tydal lease.

Margins

Q1 gross margin was negative 20.7% due to low Bitcoin prices, $70 million in non-cash depreciation from rapid fleet expansion, and seasonal power costs. Management expects recovery through A4 series deployment (lowering cost per Bitcoin), spring/summer power cost normalization, and scaling of higher-margin AI cloud revenue. Adjusted EBITDA turned positive at $14.4 million.

Key Risks

Risks flagged include litigation at the Clarington, Ohio site (a neighboring company's lawsuit could affect construction timing, though management believes the case has limited merit). Additional risks: low Bitcoin price, seasonal power cost dynamics, and reliance on signing the Tydal lease agreement. Forward-looking statements disclaimer notes broader business risks.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Q2 saw a major $4.7B, 16-year colocation lease in Norway, strong AI Cloud growth (ARR $76M, up 77% QoQ), and Bitcoin mining hash rate up 342% YoY. Revenue rose 47% YoY to $228.8M, with improved margins and a focus on non-dilutive project financing.

Q1 2026 Q1 2026 2026-05-14

Q1 2026 saw 170% revenue growth year-over-year, driven by mining and AI cloud expansion, but gross margins were pressured by low Bitcoin prices and high depreciation. Major infrastructure projects advanced, and long-term AI cloud contracts improved revenue stability.

Q4 2025 Q4 2025 2026-02-12

Q4 2025 revenue surged 226% year-over-year to $225M, driven by self-mining and SEALMINER sales, but gross margin fell to 4.7% due to lower Bitcoin prices and higher costs. Strategic focus remains on Bitcoin mining, ASICs, and AI/HPC, with disciplined capital allocation and ongoing infrastructure expansion.

Q3 2025 Q3 2025 2025-11-10

Q3 2025 saw revenue surge 173.6% year-over-year to $169.7 million, driven by self-mining and ASIC deployment, with gross margin rising to 24.1%. AI Cloud Services expanded, and infrastructure build-out continued globally, while non-cash derivative losses impacted net results.

Q2 2025 Q2 2025 2025-08-18

Q2 2025 saw revenue surge 122% sequentially to $155.6M, driven by self-mining and SEALMINER sales. Self-mining hash rate and infrastructure expansion are on track, with a 40 exahash target by October and strong demand for new ASICs. Margins improved sequentially, despite ongoing industry challenges.

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