The company faces structural profitability challenges, evidenced by a 2026Q1 gross margin of -20.7% and an operating margin of -56.1% that reflects high fixed costs outpacing revenue gains.
| Sales/Revenue | 739.05M | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M | 186.39M |
| Revenue Growth % | 146.02% | 77.33% | -5.09% | 10.56% | -15.54% | 111.74% | - |
| Cost of Goods Sold | 713.88M | 559.26M | 283.38M | 290.75M | 250.09M | 153.25M | 209.56M |
| COGS % of Revenue | - | 90.17% | 81.02% | 78.89% | 75.02% | 38.83% | 112.43% |
| Gross Profit | 25.18M | 60.99M | 66.4M | 77.81M | 83.25M | 241.41M | -23.18M |
| Gross Margin % | 3.41% | 9.83% | 18.98% | 21.11% | 24.98% | 61.17% | -12.43% |
| Gross Profit Growth % | - | -8.14% | -14.66% | -6.54% | -65.51% | 1141.58% | - |
| Operating Expenses | 227.98M | 245.56M | 155.77M | 134.03M | 140.52M | 110.58M | 40.23M |
| OpEx % of Revenue | - | 39.59% | 44.53% | 36.37% | 42.16% | 28.02% | 21.58% |
| Selling, General & Admin | 101.78M | 91.08M | 72.36M | 74.7M | 105.14M | 98.18M | 25.84M |
| SG&A % of Revenue | - | 14.68% | 20.69% | 20.27% | 31.54% | 24.88% | 13.86% |
| Research & Development | 115.06M | 153.88M | 76.95M | 29.53M | 35.43M | 29.5M | 9.79M |
| R&D % of Revenue | - | 24.81% | 22% | 8.01% | 10.63% | 7.47% | 5.25% |
| Other Operating Expenses | 0 | 603K | 6.46M | 29.8M | -42K | -17.11M | 4.61M |
| Operating Income | -202.81M | -184.57M | -89.37M | -56.22M | -57.27M | 130.83M | -63.41M |
| Operating Margin % | -27.44% | -29.76% | -25.55% | -15.25% | -17.18% | 33.15% | -34.02% |
| Operating Income Growth % | - | -106.52% | -58.96% | 1.83% | -143.78% | 306.33% | - |
| EBITDA | 525.63M | -16.45M | -8.28M | 19.32M | 9.15M | 193.88M | 48.63M |
| EBITDA Margin % | 71.12% | -2.65% | -2.37% | 5.24% | 2.75% | 49.13% | 26.09% |
| EBITDA Growth % | 210.03% | -98.77% | -142.84% | 111.08% | -95.28% | 298.69% | - |
| D&A (Non-Cash Add-back) | 0 | 168.12M | 81.1M | 75.54M | 66.42M | 63.05M | 112.04M |
| EBIT | 525.63M | 170.16M | -583.67M | -45.89M | -59.56M | 133.33M | -62.96M |
| Net Interest Income | -109.06M | -91.73M | -10.35M | 2.52M | -1.14M | 394K | -404K |
| Interest Income | 0 | 7.61M | 7.57M | 7.95M | 4.29M | 2.95M | 419K |
| Interest Expense | 109.06M | 99.33M | 17.92M | 5.43M | 5.43M | 2.55M | 823K |
| Other Income/Expense | -296.2M | 255.4M | -512.22M | 5.25M | -7.49M | 59K | -380K |
| Pretax Income | -499.01M | 70.83M | -601.59M | -50.97M | -64.77M | 130.89M | -63.79M |
| Pretax Margin % | -67.52% | 11.42% | -171.99% | -13.83% | -19.43% | 33.16% | -34.22% |
| Income Tax | 4.39M | 5.23M | -2.44M | 5.68M | -4.4M | 48.25M | -7.96M |
| Effective Tax Rate % | -0.88% | 7.39% | 0.41% | -11.15% | 6.79% | 36.86% | 12.48% |
| Net Income | -503.4M | 65.6M | -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
| Net Margin % | -68.11% | 10.58% | -171.29% | -15.37% | -18.11% | 20.94% | -29.95% |
| Net Income Growth % | -1.81% | 110.95% | -957.52% | 6.15% | -173.04% | 248.04% | - |
| Net Income (Continuing) | -503.4M | 65.6M | -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.16 | 0.28 | -4.36 | -0.51 | -0.54 | 0.74 | -0.50 |
| EPS Growth % | -28.13% | 106.42% | -754.9% | 5.56% | -172.97% | 248% | - |
| EPS (Basic) | - | 0.32 | -4.36 | -0.51 | -0.54 | 0.74 | -0.50 |
| Diluted Shares Outstanding | 233.39M | 234.32M | 137.43M | 110.49M | 111.29M | 111.29M | 111.29M |
| Basic Shares Outstanding | 233.39M | 45.87M | 137.43M | 110.49M | 111.29M | 111.29M | 111.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Operational Margin Volatility
According to reported financial statements, Bitdeer achieved a 169.4% year-over-year revenue growth in 2026Q1, yet this expansion appears disconnected from core profitability as the company struggles to maintain consistent top-line momentum across its diversified mining, hosting, and cloud hashrate service segments in a post-halving environment.
The significant revenue fluctuations suggest that Bitdeer's growth is highly sensitive to external hashprice volatility rather than purely organic operational scaling. Investors should monitor whether the recent revenue surge is sustainable or merely a reflection of temporary market conditions that may not persist as network difficulty continues to rise.
As indicated by the 2026Q1 gross margin of -20.7%, Bitdeer faces severe structural challenges where the cost of electricity and hardware depreciation frequently outpace the revenue generated from mining operations, highlighting the inherent difficulty of maintaining profitability in a high-fixed-cost, commodity-linked business model.
The sharp decline from the 24.1% gross margin observed in 2025Q3 suggests that the company's cost structure is not sufficiently flexible to absorb sudden drops in mining rewards. This margin volatility warrants further investigation into the efficacy of the company's energy procurement strategies and the actual performance of its proprietary mining hardware.
Based on the 2026Q1 operating margin of -56.1%, Bitdeer's operating expenses, including significant R&D investments, are currently scaling far faster than gross profit, indicating that the company has yet to achieve the necessary operational efficiency to leverage its infrastructure investments into sustainable bottom-line growth.
The persistent negative operating income suggests that the company is prioritizing long-term technological development over immediate profitability. While this may be a strategic choice, it leaves the company vulnerable to liquidity constraints if the anticipated benefits of the SEALMINER initiative do not materialize in the near term.
Financial data reveals a significant disconnect between operating losses and net income, such as the 2025Q1 net margin of 150.2% despite a -140.4% operating margin, which suggests that reported net income is heavily influenced by non-operating items rather than core operational performance.
Investors should exercise caution when evaluating the company's bottom line, as digital asset revaluations and one-time financial items appear to mask the underlying operational burn. A focus on core operating cash flow is essential to distinguish between genuine business health and accounting-driven volatility.
The aggressive R&D spending, which reached $20.2M in 2026Q1, represents a high-stakes bet on proprietary chip design that may fail to provide a competitive cost advantage if the hardware does not outperform existing market-standard ASICs in a rapidly evolving and increasingly difficult mining landscape.
Short-term observers may argue that the company's capital allocation strategy is overly ambitious, potentially leading to significant value destruction if the technology pivot fails to yield the expected efficiency gains. The reliance on this unproven hardware strategy creates a binary risk profile that is not fully captured by traditional mining metrics.
Quick answers to the most common questions about buying BTDR stock.
For fiscal year 2025, Bitdeer Technologies Group (BTDR) reported total revenue of $620.3M. This represents a 232.8% increase compared to $186.4M in 2020.
Bitdeer Technologies Group (BTDR) is profitable, generating $65.6M in net income for the fiscal year ending 2025 with a net profit margin of 10.6%.
Bitdeer Technologies Group (BTDR) reported an operating income of $-184.6M, resulting in an operating profit margin of -29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Bitdeer Technologies Group (BTDR) generated $61.0M in gross profit for the year, representing a gross profit margin of 9.8%. This demonstrates the company's core pricing power and production efficiency.