Bitdeer Technologies Group (BTDR) Q3 Loss Deepens And Tests Bullish Profitability Narratives

Bitdeer Technologies Group (NasdaqCM:BTDR) just posted its FY 2025 third quarter numbers with revenue of US$169.7 million, a basic EPS loss of US$1.28 per share and net income loss of US$266.7 million, putting profitability firmly in focus for investors. The company has seen quarterly revenue move from US$70.1 million in Q1 2025 and US$155.6 million in Q2 2025 to US$169.7 million in Q3. Over the same period, EPS moved from a profit of US$2.15 in Q1 to losses of US$0.76 and US$1.28 in Q2 and Q3 respectively, underscoring how volatile margins have been across the year. With the current share price at US$10.37, the latest results keep attention squarely on whether Bitdeer can stabilise its earnings profile and rebuild more durable margins.

See our full analysis for Bitdeer Technologies Group.

With the headline numbers on the table, the next step is to see how these results line up with the dominant stories around Bitdeer, and where the hard data pushes back against those narratives.

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Losses Stay Heavy Despite Higher Revenue

• On a trailing 12 month basis, Bitdeer booked total revenue of US$464.4 million against a net income loss of US$536.9 million and basic EPS of US$2.84 in losses, so even with a larger revenue base, profitability is still firmly in the red.
• Consensus narrative talks about revenue growing by 71.6% a year over the next 3 years and margins moving from a loss of 89.8% to a profit of 19.1%, yet the latest trailing figures show a US$536.9 million loss, which means:
  • Analysts expecting earnings of US$343.9 million by 2028 are starting from a sizeable gap between current losses and that forecast profit.
  • With basic EPS at US$2.84 in losses over the last 12 months, the path from loss making today to those profit targets is a key assumption rather than something visible in current results.

Five Year Earnings Decline Puts Bears In Focus

• The trailing 12 month data highlight that Bitdeer is unprofitable and that earnings have declined at an annualized rate of 69.8% over the past five years, which lines up with the US$536.9 million loss over the same trailing period.
• Bears point to that 69.8% annualized earnings decline and recent shareholder dilution as warning signs, and the latest numbers do give them material support:
  • The move from a US$190.3 million trailing loss at the start of FY 2025 to a US$536.9 million loss by Q3 2025 shows that losses have been large over the period captured in the data.
  • With the company still loss making and volatility highlighted as elevated, critics argue that funding heavy capex plans through borrowings and share issuance may keep reported earnings under pressure.

Bears watching Bitdeer argue that the five year earnings slide and recent dilution matter more than any long term story about AI infrastructure or ASICs, and they see this earnings print as backing that caution. 🐻 Bitdeer Technologies Group Bear Case

Conflicting Valuation Signals At US$10.37

• At the current share price of US$10.37, Bitdeer trades on a P/S of 5.3x, which is above both the US Software industry average of 3.5x and a peer average of 2.3x, while the same dataset quotes a DCF fair value of US$76.84, creating a wide gap between market price and that model value.
• Bulls highlight that gap alongside growth plans in self mining, ASICs and AI compute, but the earnings record in the data brings tension to that view:
  • On one side, the DCF fair value of US$76.84 and bullish expectations for revenue growth and margin expansion suggest substantial upside from the current US$10.37 price if those assumptions are met.
  • On the other, the trailing US$536.9 million loss and 69.8% annualized earnings decline mean the premium P/S multiple is being paid for a business that, on recent numbers, has not yet converted revenue scale into positive profit.

Supporters of the bullish case point to the wide gap between the DCF fair value and today’s price as the core of their thesis, and this valuation tension is exactly what the detailed bull case breaks down. 🐂 Bitdeer Technologies Group Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Bitdeer Technologies Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers in a different light? If this data points you in another direction, shape that view into your own narrative in just a few minutes, Do it your way

A great starting point for your Bitdeer Technologies Group research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.

Explore Alternatives

Bitdeer is still loss making with a trailing US$536.9 million net loss, volatile EPS and a premium P/S multiple, which puts its risk profile in clear focus.

If that level of earnings volatility and shareholder dilution makes you uneasy, it could be worth shifting some research time into 85 resilient stocks with low risk scores that prioritise more resilient financial profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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