| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 15 | — | 17.8x | Bottom tier | |
Growth | 94 | 127.7% | 7.1% | Top tier | |
Quality | 10 | -13.0% | 4.5% | Bottom tier | |
Safety | 24 | 7.5x | 2.6x | Bottom tier | |
Capital Return | 7 | — | 2.12% | Bottom tier | |
Momentum | 42 | -18.8% | 2.9% | Around median | |
Sentiment | 88 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Bitdeer Technologies Group operates through an interconnected ecosystem encompassing self-mining and joint Bitcoin mining, mining hosting, the design and manufacturing of SEALMINER machines, AI cloud computing, and leasing AI data center infrastructure. The company benefits from owning an approximately 3-gigawatt energy and infrastructure portfolio and manufacturing mining machines in-house, allowing it to allocate capacity and equipment to the highest-return uses; the Tydal contract with Volta also added long-term colocation leasing as a new pillar alongside mining, AI cloud, and ASIC manufacturing.
In Q2 FY2026, revenue reached $228.8 million, up 47% year over year and 21% quarter over quarter, driven by the expansion of self-mining and accelerating AI cloud growth. AI cloud contributed approximately $14 million, up 284% quarter over quarter, while Bitcoin production reached approximately 2,694 coins, up 377% year over year. By contrast, the company recorded a gross loss of $8.5 million and a negative gross margin of 3.7%, despite a $30.5 million improvement in gross profit compared with the previous quarter, while operating loss reached $101.7 million and loss per share was $0.37.
The annual financial statements show that revenue declined from $368.6 million in FY2023 to $349.8 million in FY2024, while gross profit fell from $77.8 million to $66.4 million. Net loss widened from $56.7 million in FY2023 to $599.2 million in FY2024, and loss per share reached $4.36. In Q2 FY2026, adjusted EBITDA reached $31.1 million, up 575% year over year and 116% quarter over quarter, highlighting an operational improvement that continues to be offset by net losses and high cash consumption.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus for BTDR stock is a “Buy” rating, with an average price target of $19.6 and a range of $15 to $23. The average target and the highest target are below the 52-week range high of $27.8, while both remain clearly above the range low of $6.916, reflecting a wide potential repricing range tied to execution of the AI strategy. No meaningful price-to-earnings multiple is available because of the losses, so the value of the Tydal and Malaysia contracts and cloud growth should be weighed against operating losses, debt, and the possibility of ownership dilution through equity issuances.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Q2 FY2026 revenue reached approximately $228.8 million, up 47% year over year and 21% quarter over quarter. Growth came primarily from the increase in the self-mining hash rate to 73 exahashes per second and the rise in Bitcoin production to 2,694 coins. AI cloud's contribution also increased to $14 million, up 284% compared with the previous quarter. The business's annual recurring revenue reached $76 million by the end of June 2026.
On August 4, 2026, Bitdeer signed a 16-year contract with Volta to provide 121 megawatts of IT capacity in Tydal, Norway. The company expects approximately $4.7 billion in contracted base revenue, with a 3% annual escalation and full reimbursement of electricity costs. An eight-year extension option could raise the potential value to approximately $8 billion over 24 years, but the tenant has the right to terminate at the end of the tenth year. The company is targeting delivery of the first phase on December 31, 2026, and the second on March 31, 2027, with approximately $500 million in remaining capital expenditures.
AI cloud utilization reached approximately 95% across 4,248 deployed GPU units by the end of June 2026. The company signed a ten-year contract to lease 21.7 megawatts of IT capacity in Malaysia, with expected delivery in the first quarter of 2027 and a design supporting 128 NVIDIA GV300 NVL72 systems. On August 31, 2026, Bitdeer AI announced that the entire 9.5-megawatt capacity of the A102 center in Malaysia had been sold before its scheduled commissioning in the first quarter of 2027. The company expects AI cloud computing revenue from A102 to exceed $800 million.
The self-mining hash rate reached approximately 73 exahashes per second by the end of Q2 FY2026, up 342% year over year, with approximately 243 thousand active machines. The company produced 783 Bitcoin in April, 921 in May, and 990 in June 2026, bringing total Q2 production to 2,694 coins. Blended fleet efficiency also improved to 15.8 joules per terahash, and energy costs declined 15% quarter over quarter. Nevertheless, hash price pressure and depreciation associated with fleet expansion continued to affect the negative gross margin of 3.7%.
Bitdeer uses its in-house SEALMINER manufacturing capability to avoid external equipment suppliers' margins when expanding its own fleet. SEALMINER A4 Ultra Hydro operates at chip-level efficiency of 9.45 joules per terahash, while SEALMINER DL1 Hydro expands the product line into Scrypt algorithm mining. In July 2026, the company began construction of a 187 thousand-square-foot factory in Sparks, Nevada. Upon completion by the end of 2026, the facility is targeting production of 10 thousand units per month and the creation of approximately 70 local jobs.
Long-term debt reached approximately $1.8 billion at the end of Q2 FY2026, despite declining by $78 million from the previous quarter. The company raised $457 million through its at-the-market equity issuance program during the quarter, helping increase cash and cash equivalents and restricted cash to $496 million. On August 10, 2026, the company made up to an additional $1 billion available under the issuance program, and news reports on August 11, 2026, estimated potential dilution of existing shareholders' stakes by up to 30%. Management says it prefers to finance projects with non-dilutive debt when supported by contracted cash flows, but it has not ruled out the use of equity.
