BTDR Bitdeer Technologies Group
Price Chart
Executive Summary
Bitdeer reported Q1 2026 revenue of $188.9M (up 169% YoY from $70.1M) but a GAAP net loss of $159.5M vs. net income of $105.3M a year ago, driven by a $228.0M cost of revenue, $39.0M gross loss, and $29.5M net interest expense. Adjusted EBITDA turned positive to $14.4M from -$45.6M YoY. The EPS of -$0.68 missed the consensus estimate of -$0.34 by 100% (a miss), though the headline revenue beat the $182.7M consensus. The stock will likely move on the massive hash rate scale-up (self-mining EH/s up 551% YoY) and the AI infrastructure pivot, but the GAAP loss and negative gross margin (-20.7%) temper the narrative.
Key Financial Metrics
Actionable Insight
The massive hash rate scale-up and positive adjusted EBITDA signal operational momentum, but the GAAP loss, negative gross margin, and heavy debt ($1.9B borrowings) create risk. Watch for the Tydal colocation tenant agreement and AI Cloud revenue trajectory — a signed deal could catalyze the AI infrastructure thesis. Monitor cash burn: operating cash flow was -$346.9M in Q1.
Key Facts
- Revenue $188.9M vs. $70.1M YoY (+169%), above $182.7M consensus
- GAAP net loss $159.5M vs. net income $105.3M YoY; EPS -$0.68 vs. consensus -$0.34 (miss)
- Adjusted EBITDA positive $14.4M vs. -$45.6M YoY
- Gross loss $39.0M, gross margin -20.7% vs. -5.7% YoY
- Self-mining hash rate surged 551% YoY to 63.2 EH/s average
- AI Cloud revenue $3.7M, annualized run-rate >$69M; Tydal Norway AI data center in development
- Cash & equivalents $297.7M; total borrowings $1.9B; operating cash flow -$346.9M
- Convertible senior note issuance in Feb 2026 raised $364.5M net; $33.7M capped call purchased
Financial Impact
Revenue beat consensus by ~3.4% ($188.9M vs $182.7M); EPS missed by 100% (-$0.68 vs -$0.34); GAAP net loss swing of -$264.8M YoY
Risk Factors
- GAAP net loss and negative gross margin (-20.7%) indicate cost structure challenges
- High debt load ($1.9B borrowings) with $29.5M quarterly net interest expense
- Operating cash flow deeply negative at -$346.9M; reliance on financing for liquidity
- Bitcoin price volatility impacts digital asset fair value adjustments and mining economics
- Tydal colocation deal not yet signed; Clarington site subject to legal proceedings
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294742 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 8, 2026
1d ago
|
6-K
| $17.47 awaiting T+5 | awaiting T+5 | — | $17.41 (−0.34%) |
|
Jun 5, 2026
4d ago
|
3
| $19.20 awaiting T+5 | awaiting T+5 | — | $17.41 (−9.32%) |
|
May 27, 2026
14d ago
|
6-K
| $15.54 $19.71 | ▲ +26.83% | ▲ +26.36% | $17.41 (+12.03%) |
|
May 14, 2026
26d ago
|
Press Release
| $14.75 $14.92 | ▲ +1.15% | ▲ +1.87% | $17.41 (+18.03%) |
|
May 12, 2026
28d ago
|
6-K
| $12.83 $13.15 | ▲ +2.49% | ▲ +2.42% | $17.41 (+35.70%) |
|
May 1, 2026
5w ago
|
Press Release
| $11.84 $13.84 | ▲ +16.89% | ▲ +14.54% | $17.41 (+47.04%) |
|
Apr 15, 2026
7w ago
|
6-K
| $12.42 $12.16 | ▼ −2.09% | ▼ −3.08% | $17.41 (+40.18%) |
|
Mar 31, 2026
10w ago
|
3/A
| $8.65 $10.36 | ▲ +19.77% | ▲ +15.82% | $17.41 (+101.27%) |
|
Mar 30, 2026
10w ago
|
Press Release
| $7.88 $9.41 | ▲ +19.42% | ▲ +15.12% | $17.41 (+120.94%) |
|
Dec 4, 2025
26w ago
|
Court Ruling
| $12.60 awaiting T+5 | awaiting T+5 | — | $17.41 (+38.23%) |
US Market Status
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