Financial leverage has escalated significantly, with total debt rising to $2.0B in 2026Q1 from $92.8M in 2023Q4, while retained earnings have deteriorated to a $693.0M deficit.
| Total Current Assets | 1.54B | 1.39B | 626.17M | 260.32M | 319.56M | 424.22M | 677.51M |
| Cash & Short-Term Investments | 296.04M | 176.69M | 518.79M | 161.1M | 231.36M | 372.09M | 50.86M |
| Cash Only | 291.34M | 171.72M | 476.27M | 144.73M | 231.36M | 372.09M | 44.75M |
| Short-Term Investments | 4.69M | 4.98M | 42.52M | 16.37M | 0 | 0 | 6.11M |
| Accounts Receivable | 252.78M | 176.59M | 25.14M | 17.46M | 22M | 20.7M | 2.04M |
| Days Sales Outstanding | 80.33 | 103.92 | 26.23 | 17.3 | 24.09 | 19.15 | 3.99 |
| Inventory | 613.04M | 252M | 64.89M | 346K | 0 | 0 | 0 |
| Days Inventory Outstanding | 166.86 | 164.47 | 83.58 | 0.43 | - | - | - |
| Other Current Assets | 376.23M | 781.37M | 17.36M | -8.12M | 11.49M | 10.31M | 624.61M |
| Total Non-Current Assets | 1.56B | 1.42B | 608.41M | 379.06M | 331.85M | 222.76M | 175.79M |
| Property, Plant & Equipment | 1.34B | 525.09M | 387.97M | 276.96M | 226.42M | 208.03M | 135.13M |
| Fixed Asset Turnover | 0.87x | 1.18x | 0.90x | 1.33x | 1.47x | 1.90x | 1.38x |
| Goodwill | 35.82M | 35.82M | 35.82M | 0 | 0 | 0 | 0 |
| Intangible Assets | 87.87M | 93.43M | 83.23M | 4.78M | 322K | 115K | 76K |
| Long-Term Investments | 227.23M | 107.15M | 37.98M | 36.77M | 60.96M | 1.25M | 0 |
| Other Non-Current Assets | 45.56M | 645.35M | 57.18M | 59.56M | 39.29M | 8.74M | 40.59M |
| Total Assets | 3.1B | 2.8B | 1.56B | 639.39M | 651.41M | 646.97M | 853.3M |
| Asset Turnover | 0.28x | 0.22x | 0.22x | 0.58x | 0.51x | 0.61x | 0.22x |
| Asset Growth % | 453.5% | 80.03% | 143.65% | -1.85% | 0.69% | -24.18% | - |
| Total Current Liabilities | 832.05M | 1.52B | 1.1B | 121.18M | 221.21M | 258.92M | 678.12M |
| Accounts Payable | 133.58M | 119.82M | 31.47M | 32.48M | 15.77M | 17.74M | 3.06M |
| Days Payables Outstanding | 52.11 | 78.2 | 40.54 | 40.78 | 23.01 | 42.25 | 5.33 |
| Short-Term Debt | 566.09M | 763.02M | 208.13M | 0 | 0 | 0 | 24.76M |
| Deferred Revenue (Current) | 231.41M | 64.39M | 0 | 49.51M | 182.3M | 213.45M | 0 |
| Other Current Liabilities | 61.98M | 560.08M | 801.04M | -9.73M | 1.34M | 0 | 638.4M |
| Current Ratio | 1.85x | 0.91x | 0.57x | 2.15x | 1.44x | 1.64x | 1.00x |
| Quick Ratio | 1.11x | 0.75x | 0.51x | 2.15x | 1.44x | 1.64x | 1.00x |
| Cash Conversion Cycle | 195.07 | 190.18 | 69.27 | -23.05 | - | - | - |
| Total Non-Current Liabilities | 1.54B | 416.06M | 181.14M | 185.64M | 111.86M | 99.97M | 29.27M |
| Long-Term Debt | 1.38B | 336.28M | 0 | 22.62M | 29.8M | 29.46M | 877K |
| Capital Lease Obligations | 343.56M | 88.98M | 72.67M | 64.92M | 70.42M | 62.97M | 16.84M |
| Deferred Tax Liabilities | 55.67M | 14.12M | 16.61M | 1.62M | 11.63M | 7.55M | 0 |
| Other Non-Current Liabilities | 2.45M | -86.57M | 1.65M | 1.66M | 0 | 0 | 11.55M |
| Total Liabilities | 2.37B | 1.94B | 1.28B | 306.82M | 333.07M | 358.89M | 707.4M |
| Total Debt | 2.03B | 1.19B | 286.26M | 92.83M | 100.23M | 92.43M | 47.58M |
| Net Debt | 1.74B | 1.02B | -190.01M | -51.9M | -131.13M | -279.66M | 2.83M |
| Debt / Equity | 2.78x | 1.37x | 1.03x | 0.28x | 0.31x | 0.32x | 0.33x |
| Debt / EBITDA | 3.86x | - | - | 4.81x | 10.95x | 0.48x | 0.98x |
| Net Debt / EBITDA | 3.31x | - | - | -2.69x | -14.33x | -1.44x | 0.06x |
| Interest Coverage | 4.82x | 1.71x | -32.57x | -8.45x | -10.97x | 52.23x | -76.51x |
| Total Equity | 730.12M | 867.85M | 276.6M | 332.57M | 318.34M | 288.08M | 145.9M |
| Equity Growth % | 263.25% | 213.76% | -16.83% | 4.47% | 10.5% | 97.44% | - |
| Book Value per Share | 3.13 | 3.70 | 2.01 | 3.01 | 2.86 | 2.59 | 1.31 |
| Total Shareholders' Equity | 730.12M | 867.85M | 276.6M | 332.57M | 318.34M | 288.08M | 145.9M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 1K | 145.9M |
| Retained Earnings | -693.05M | -583.41M | -649M | -49.85M | 6.8M | 67.17M | 0 |
| Treasury Stock | 0 | -325.6M | -160.93M | -2.6M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 1.78B | 1.09B | 385.02M | 311.54M | 220.91M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Aggressive debt-funded expansion
According to reported financial statements, Bitdeer’s total assets surged to $3.1B by 2026Q1 from $639.4M in 2023Q4, yet this rapid growth appears driven by debt-financed capital expenditures rather than organic equity accumulation, signaling a weakening balance sheet trajectory as the company scales its infrastructure footprint.
The aggressive expansion of the asset base, particularly in PPE, suggests a management strategy prioritizing scale over immediate balance sheet stability. Investors should monitor whether this asset growth translates into operational efficiency, as the current trajectory indicates a reliance on external financing that may become increasingly costly.
Based on the company's 2026Q1 filings, total debt has climbed to $2.0B, representing a significant increase from the $92.8M reported in 2023Q4, which suggests that Bitdeer is increasingly reliant on debt to fund its capital-intensive mining and hardware development initiatives in a high-interest environment.
The sharp rise in the debt-to-equity ratio to 2.78 indicates that the company's financial risk profile has deteriorated significantly over the last ten quarters. This level of leverage warrants further investigation into the maturity profile of these obligations and the company's ability to service them if hashprice volatility persists.
As indicated by the 2026Q1 financial data, the current ratio stands at 1.85, yet this figure masks a volatile liquidity position that has fluctuated significantly from a low of 0.86 in 2024Q4, suggesting that the company's ability to cover short-term obligations remains highly sensitive to cash burn.
While the current ratio appears adequate on the surface, the underlying cash position of $291.3M relative to the massive debt load suggests a limited buffer against operational shocks. The reliance on external financing to maintain liquidity levels may indicate that internal cash generation is insufficient to support ongoing capital requirements.
Based on reported figures, Bitdeer’s retained earnings have plummeted to a deficit of $693.0M as of 2026Q1, reflecting a consistent pattern of operational losses that continue to erode the company's equity base despite periodic capital injections and asset growth.
The persistent negative retained earnings suggest that the company has struggled to convert its massive infrastructure investments into profitable operations. This trend implies that shareholder value is being challenged by the high costs of maintaining a competitive mining fleet and the ongoing R&D expenses for proprietary hardware.
As reported in financial statements, net PPE has expanded to $1.3B by 2026Q1, yet this concentration of assets in specialized mining hardware introduces significant impairment risk if the proprietary SEALMINER technology fails to maintain its competitive edge or if market conditions for bitcoin mining deteriorate further.
The heavy reliance on hardware assets makes the balance sheet highly sensitive to technological obsolescence and crypto-market cycles. Investors should consider that the book value of these assets may not reflect their true economic value in a scenario where mining profitability remains under sustained pressure.
Quick answers to the most common questions about buying BTDR stock.
As of 2025, Bitdeer Technologies Group (BTDR) had total assets of $2.80B including $1.39B in current assets.
Bitdeer Technologies Group (BTDR) carries total debt of $1.19B, offset by $176.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bitdeer Technologies Group (BTDR) has total shareholders' equity (book value) of $867.8M ($3.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bitdeer Technologies Group (BTDR) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.