Key Highlights

  • Bitdeer shares are trading down 11.59% at $6.22 after closing up 9.67% at $7.03 on Wednesday.
  • Third quarter Revenue rose 89% to a record $320.7 million, while the net loss reached $125.5 million.
  • Cash fell to $163.7 million against $1.95 billion of total debt.
  • AI platform contracted revenue stands near $7.6 billion, led by the Tydal Lease and AI cloud backlog.
  • Several analysts cut price targets this week, though nine of ten covering analysts are bullish.

Bitdeer Technologies Group (NASDAQ:BTDR) is trading down 11.59% at $6.22, erasing most of the 9.67% jump that carried the stock to $7.03 on Wednesday. That rally followed a lift across AI infrastructure names after CoreWeave (NASDAQ:CRWV) posted strong results and raised guidance. Bitcoin Mining peers moved far less, with MARA Holdings (NASDAQ:MARA) trading down 2.28% and Riot Platforms (NASDAQ:RIOT) trading down 0.11%.

Record Revenue Came With a Wider Loss

Third quarter revenue climbed 89% from a year earlier to $320.7 million, up 40% from the second quarter and ahead of analyst estimates. Gross Profit was $10.8 million, a 3.4% margin, and adjusted EBITDA reached $69.6 million.

The net loss was $125.5 million, or 46 cents per share. Most of it came from $125.8 million of Depreciation and amortization and a $54.6 million Fair Value loss on Bitcoin-denominated borrowings.

Cash Drop and Debt Draw the Focus

Cash and equivalents fell to $163.7 million, plus $50 million restricted, from $456.8 million at the end of the second quarter. Capital spending in the quarter was $478 million, including construction at Tydal and a land purchase at Rockdale.

Total debt rose about $107 million to $1.95 billion, including $1.2 billion of convertible notes with none maturing before December 2029. Management called the cash decline a deliberate choice to protect the Tydal construction schedule ahead of expected financing.

Tydal and AI Cloud Carry the Growth Case

Bitdeer's AI platform now holds about $7.6 billion of expected contracted revenue, made up of roughly $4.7 billion from the Tydal base-term lease and $2.9 billion of AI cloud backlog.

Tydal Phase 1 is on schedule for delivery at year-end, with customer installations starting in January. About $500 million of construction spending remains across both phases, and management wants project financing of at least that size. Secured AI cloud capacity is about 332 IT megawatts against a 350 megawatt target for the first quarter of 2028.

Project Financing Decides Whether the Drop Fades

Analysts remain split on price, not direction. Barclays and Northland cut targets to $14, Needham to $18 and A.G.P. to $17, all keeping buy-equivalent ratings. H.C. Wainwright reiterated Buy with a $25 target, while Keefe Bruyette sits at Market Perform with an $8 target. Nine of ten covering analysts are bullish, with an average target of $21.60 against the $6.22 price.

The gap between those targets and the share price depends on funding. Bitdeer said it is in the final stages of GPU financing for its A102 site in Malaysia and has started a similar process for A201. It has also opened the Tydal project financing. Closing those financings, delivering Tydal Phase 1 by December 31 and giving 2027 capital guidance with fourth quarter results are the next markers.