Singapore's Bitdeer Q2 revenue rises on self-mining expansion
BTDR•Key details and analyst coverage
| 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) |
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.
Outlook for data center projects
The company expects the Knoxville, Tennessee data center project to be completed in Q3 2027. It said reconstruction at the Massillon, Ohio site is expected to finish by the end of Q3 2026.
Revenue drivers and higher costs
- 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.
