Bitdeer Technologies Group
BTDRBuild a strategy around BTDR
Bitdeer Technologies Group AI Insights
Informational only. Not investment advice.Snapshot
- TTM unusual items of -502M drove net loss of -537M; core operating loss only -154M. Impairments mask underlying business.[Total Unusual Items TTM]
- FCF of -1.75B TTM with 287M capex signals aggressive capacity buildout. Cash burn rate unsustainable without financing.[Free Cash Flow TTM]
- R&D of 142M TTM (30% of revenue) vs industry median 45M - heavy ASIC chip development investment.[Research and Development TTM]
Watch Triggers
- Cash and Equivalents: Falls below 100M without new financing — 562M current debt due - liquidity runway under 6 months at current burn
- Gross Margin TTM: Rises above 25% — Would signal ASIC chips reaching production scale, validating R&D investment
- Operating Cash Flow: Turns positive for any quarter — Currently -520M TTM; positive would reduce dilution/bankruptcy risk
Bull Case
Vertical integration play: 142M R&D + 900M PPE building proprietary ASIC chips. If successful, gross margin could expand from 12% toward 50%+ industry median.
Raised 388M financing TTM while peers struggle. Access to capital enables continued buildout through crypto cycle.
Bear Case
Liquidity crisis imminent: 196M cash vs 562M current debt due. Working capital -147M. Needs continuous financing or asset sales.
Execution risk extreme: -537M net loss, -98% ROE, 1.6x debt/equity. ASIC bet must succeed or equity gets wiped.
Bull vs Bear Balance
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Forward Thesis
ASIC chip vertical integration could flip margins positive if production scales by 2026
- R&D spend 3x industry median building proprietary chips
- PPE of 900M indicates manufacturing capacity
- Gross margin 12% vs 51% industry median - room to expand
Valuation Context
Caveats
Public Strategies Rankings
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BTDR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.62B | — | ||
$3.34B | — | ||
0.00 | — | ||
$464.44M | +17.4% | — | |
$-5.01 | — | ||
-33.2% | -23.3% | — | |
-116% | -97.3% | — | |
$-1.75B | — | ||
-98.1% | -80.9% | — | |
Beta 5Y (Monthly) | unknown | — |
BTDR Dividend History
BTDR Stock Splits
BTDR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/10/25 | 09/30/25 | 6-K | |
09/29/25 | 06/30/25 | 6-K | |
08/19/25 | 06/30/25 | 6-K | |
05/15/25 | 03/31/25 | 6-K | |
04/21/25 | 12/31/24 | Unknown | |
11/18/24 | 09/30/24 | 6-K | |
09/23/24 | 06/30/24 | 6-K | |
05/14/24 | 03/31/24 | 6-K | |
03/28/24 | 12/31/23 | 20-F | |
11/14/23 | 09/30/23 | 6-K | |
08/11/23 | 06/30/23 | 6-K | |
08/12/24 | 06/30/23 | 6-K | |
05/15/23 | 03/31/23 | 6-K | |
04/28/23 | 12/31/22 | 20-F | |
11/14/23 | 09/30/22 | 6-K | |
03/08/23 | 06/30/22 | F-4 | |
05/15/23 | 03/31/22 | 6-K | |
03/08/23 | 12/31/21 | F-4 |