Singapore's Bitdeer Q2 revenue rises on self-mining expansion
Singapore's Bitdeer Q2 revenue rises on self-mining expansion
Overview
Singapore Bitcoin mining and AI infrastructure firm's Q2 revenue rose yr/yr but missed analyst expectations
Net loss for Q2 widened and missed analyst estimates
Adjusted EBITDA for Q2 improved yr/yr but missed analyst expectations
Outlook
Company expects Knoxville, TN data center project completion in Q3 '27
Company says Massillon, OH site reconstruction expected to finish by end of Q3 '26
Result Drivers
SELF-MINING EXPANSION - Revenue growth was primarily driven by a sharp increase in self-mining hashrate and capacity, despite lower average Bitcoin prices
HIGHER OPERATING COSTS - Cost of revenue rose due to increased electricity and depreciation from new mining rigs, as well as higher staff and service fees
AI CLOUD GROWTH - AI Cloud revenue increased significantly year-over-year as the business scaled up
Company press release: ID:nGNX3TPpWF
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $228.80 mln | $235.92 mln (10 Analysts) |
Q2 Net Loss | Miss | $92.30 mln | $85.82 mln (7 Analysts) |
Q2 Adjusted EBITDA | Miss | $31.10 mln | $45.99 mln (10 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Bitdeer Technologies Group is $23.00, about 111.4% above its August 7 closing price of $10.88
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)