BTDR

MKT CAP:$3B

Bitdeer Technologies Group

Market Cap

$3B

Technology·Software - Application·🇸🇬 Singapore·NASDAQ

Technology·Software App·🇸🇬·NASDAQ

Stock Price

$12.16+$0.61 (+5.28%)

Apr 23, 2026

Company Details

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. Th...

CEO

Jihan Wu

IPO Date

Jul 28, 2021

Website

www.bitdeer.com

Key Metrics TTM

Revenue

$513M

+45.1% YoY

Net Income

-$479M

EPS (Diluted)

-$3.09

Free Cash Flow

-$1.1B

Revenue / Share

$1.91

Gross Margin

14.5%

Operating Margin

-83.2%

Net Margin

-93.4%

FCF Margin

-217.6%

P/S

4.9x

P/E

—

Earnings Reports

FY 2025

Dec 31, 2025

$620M+77.3%EPS $0.28

Q4 2025

Feb 12, 2026

$225M+225.8%EPS $0.26

FY 2024

Apr 21, 2025

$350M-5.1%EPS -$4.36

Q4 2024

Apr 21, 2025

$69M-39.9%EPS -$3.22

Q2 2024

Sep 23, 2024

$99MEPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$42M	-$4M	-$15M
Q2 20	$42M	-$4M	-$15M
Q3 20	$52M	-$7M	-$16M
Q4 20	$52M	-$7M	-$16M
Q1 21	$110M	$71M	$70M
Q1 22	$90M	$41M	-$3M
Q2 22	$89M	$28M	-$8M
Q3 22	$77M	$4M	-$25M
Q1 23	$73M	$13M	-$10M
Q4 23	$115M	$27M	$4M
Q1 24	$120M	$34M	$501.0K
Q2 24	$99M	$24M	-$16M
Q4 24	$69M	$5M	-$521M
Q4 25	$225M	$11M	$109M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	5.9x	—
Q1 21	4.3x	69.7x
Q1 22	3.7x	53.9x
Q2 22	3.2x	59.6x
Q3 22	3.1x	119.3x
Q1 23	3.7x	—
Q4 23	3.0x	—
Q1 24	2.3x	—
Q2 24	3.7x	—
Q4 24	9.2x	—
Q4 25	4.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$25M	-$72M
Q2 20	-$25M	-$72M
Q3 20	-$29M	-$55M
Q4 20	-$29M	-$55M
Q1 21	-$340.5K	-$13M
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$0	$0
Q1 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	-$74M	-$92M
Q4 24	-$325M	-$373M
Q4 25	-$600M	-$650M

Capital Expenditures

Quarter	CapEx
Q1 20	$47M
Q2 20	$47M
Q3 20	$25M
Q4 20	$25M
Q1 21	$12M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q1 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$18M
Q4 24	$48M
Q4 25	$51M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+163.8%	-30.2%
Q1 22	+117.2%	+64.1%
Q2 22	+73.0%	+43.5%
Q3 22	+48.5%	+49.4%
Q1 23	-33.9%	+107.8%
Q4 23	+27.0%	+18.5%
Q1 24	+34.0%	+22.3%
Q2 24	+29.6%	+13.5%
Q4 24	-4.9%	+612.5%
Q4 25	+95.8%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q1 22	$35M	38.9%
Q2 22	$19M	21.6%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q4 23	$11M	9.9%
Q1 24	$0	0.0%
Q2 24	$8M	8.2%
Q4 24	$9M	12.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 20	$2M	$3M	$844.5K
Q2 20	$2M	$3M	$844.5K
Q3 20	$3M	$8M	$2M
Q4 20	$3M	$8M	$2M
Q1 21	$2M	$6M	$416.0K
Q1 22	$11M	$31M	$4M
Q2 22	$9M	$22M	$2M
Q3 22	$7M	$19M	$2M
Q1 23	$6M	$16M	$2M
Q4 23	$8M	$17M	$2M
Q1 24	$21M	$15M	$2M
Q2 24	$8M	$16M	$2M
Q4 24	$23M	$18M	$2M
Q4 25	$35M	$29M	$2M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 20	—	24.0%	—
Q2 20	—	24.0%	—
Q3 20	—	28.9%	—
Q4 20	—	28.9%	—
Q1 21	163.8%	82.9%	246.7
Q1 22	117.2%	-3.6%	113.6
Q2 22	73.0%	-9.1%	63.9
Q3 22	48.5%	-32.3%	16.2
Q1 23	-33.9%	-14.3%	-48.2
Q4 23	27.0%	10.9%	37.9
Q1 24	34.0%	-1.6%	32.4
Q2 24	29.6%	-0.2%	29.3
Q4 24	-4.9%	-718.3%	-723.2
Q4 25	95.8%	67.0%	162.7

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$372M	$0	$372M
Q1 22	$280.8K	$0	$280.8K
Q2 22	$331M	$32M	$363M
Q4 22	$231M	$0	$231M
Q1 23	$185M	$0	$185M
Q2 23	$140M	$0	$140M
Q3 23	$135M	$0	$135M
Q4 23	$145M	$16M	$161M
Q1 24	$128M	$0	$128M
Q2 24	$204M	$0	$204M
Q3 24	$291M	$0	$291M
Q4 24	$476M	$82M	$558M
Q1 25	$216M	$167M	$382M
Q2 25	$300M	$174M	$474M
Q3 25	$196M	$88M	$285M
Q4 25	$172M	$5M	$177M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	12.66B	—	—
Q2 20	12.66B	0.0%	—
Q3 20	12.66B	0.0%	—
Q4 20	12.66B	0.0%	—
Q1 21	111M	-99.1%	-99.1%
Q1 22	111M	0.0%	-99.1%
Q2 22	111M	0.0%	-99.1%
Q3 22	111M	0.0%	-99.1%
Q1 23	111M	-0.2%	-0.2%
Q4 23	111M	-0.0%	-0.2%
Q1 24	117M	+5.4%	+5.2%
Q2 24	127M	+8.1%	+13.7%
Q4 24	165M	+30.7%	+48.9%
Q4 25	268M	+62.1%	+141.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$511.2K	142
Q4 23	$808.8K	142
Q1 24	$841.6K	142
Q2 24	$698.8K	142
Q4 24	$34.1K	2K
Q4 25	$111.2K	2K

Revenue / Employee