Bitdeer Technologies Group (NASDAQ:BTDR) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Bitdeer Technologies Group (NASDAQ:BTDR) issued its quarterly earnings data on Tuesday. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.13), Zacks reports. The business 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 company’s quarterly revenue was up 89.0% on a year-over-year basis. During the same quarter last year, the business posted ($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 Price Performance

NASDAQ:BTDR traded down $0.23 during mid-day trading on Tuesday, reaching $6.38. The stock had a trading volume of 3,256,257 shares, compared to its average volume of 9,725,509. The firm has a 50 day moving average price of $9.71 and a two-hundred day moving average price of $11.47. The stock has a market capitalization of $1.45 billion, a P/E ratio of -2.10 and a beta of 2.72. Bitdeer Technologies Group has a one year low of $5.03 and a one year high of $20.72. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

Insider Buying and Selling

In other Bitdeer Technologies Group news, CFO Michael Potter acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was bought at an average price of $9.04 per share, with a total value of $226,000.00. Following the purchase, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Haris Basit bought 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost 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. The trade was a 250.00% increase in their position. The SEC filing for this purchase provides additional information.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BTDR. Cantor Fitzgerald restated an “overweight” rating on shares of Bitdeer Technologies Group in a research note on Monday, October 26th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. B. Riley Financial lowered their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Barclays lifted their target price on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Finally, HC Wainwright reissued a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, October 2nd. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group has a consensus 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.