Revenue surged 47.1% year-over-year to $228.8M in 2026Q2, but gross margin turned negative at -3.7% as COGS of $237.3M exceeded revenue, reflecting structural hashprice compression and rising power costs.
Bitdeer Technologies Group (BTDR) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 812.26M | 620.25M | 349.78M | 368.55M | 333.34M | 394.66M | 186.39M |
| Revenue Growth % | 127.68% | 77.33% | -5.09% | 10.56% | -15.54% | 111.74% | - |
| Cost of Goods Sold | 808.43M | 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 | 3.83M | 60.99M | 66.4M | 77.81M | 83.25M | 241.41M | -23.18M |
| Gross Margin % | 0.47% | 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 | 283.47M | 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 | 116.58M | 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 | 130.53M | 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 | 2M | 603K | 6.46M | 29.8M | -42K | -17.11M | 4.61M |
| Operating Income | -279.64M | -184.57M | -89.37M | -56.22M | -57.27M | 130.83M | -63.41M |
| Operating Margin % | -34.43% | -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 | 196.56M | -16.45M | -8.28M | 19.32M | 9.15M | 193.88M | 48.63M |
| EBITDA Margin % | 24.2% | -2.65% | -2.37% | 5.24% | 2.75% | 49.13% | 26.09% |
| EBITDA Growth % | 247.12% | -98.77% | -142.84% | 111.08% | -95.28% | 298.69% | - |
| D&A (Non-Cash Add-back) | 148.96M | 168.12M | 81.1M | 75.54M | 66.42M | 63.05M | 112.04M |
| EBIT | -191.52M | 170.16M | -583.67M | -45.89M | -59.56M | 133.33M | -62.96M |
| Net Interest Income | -93.97M | -91.73M | -10.35M | 2.52M | -1.14M | 394K | -404K |
| Interest Income | 1.4M | 7.61M | 7.57M | 7.95M | 4.29M | 2.95M | 419K |
| Interest Expense | 95.37M | 99.33M | 17.92M | 5.43M | 5.43M | 2.55M | 823K |
| Other Income/Expense | -173.8M | 255.4M | -512.22M | 5.25M | -7.49M | 59K | -380K |
| Pretax Income | -453.43M | 70.83M | -601.59M | -50.97M | -64.77M | 130.89M | -63.79M |
| Pretax Margin % | -55.82% | 11.42% | -171.99% | -13.83% | -19.43% | 33.16% | -34.22% |
| Income Tax | -5.49M | 5.23M | -2.44M | 5.68M | -4.4M | 48.25M | -7.96M |
| Effective Tax Rate % | 1.21% | 7.39% | 0.41% | -11.15% | 6.79% | 36.86% | 12.48% |
| Net Income | -447.95M | 65.6M | -599.15M | -56.66M | -60.37M | 82.64M | -55.83M |
| Net Margin % | -55.15% | 10.58% | -171.29% | -15.37% | -18.11% | 20.94% | -29.95% |
| Net Income Growth % | 28.26% | 110.95% | -957.52% | 6.15% | -173.04% | 248.04% | - |
| Net Income (Continuing) | -447.95M | 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) | -1.82 | 0.28 | -4.36 | -0.51 | -0.54 | 0.74 | -0.50 |
| EPS Growth % | -20.47% | 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 | 246.31M | 234.32M | 137.43M | 110.49M | 111.29M | 111.29M | 111.29M |
| Basic Shares Outstanding | 246.31M | 45.87M | 137.43M | 110.49M | 111.29M | 111.29M | 111.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Hashprice compression and negative gross margins
Revenue Surge Masks Underlying Volatility
Bitdeer's revenue jumped 77.3% year-over-year in 2025Q2, reaching $155.6M, but the trajectory is erratic, swinging from -41.3% growth in 2025Q1 to 173.6% in 2025Q3, per reported financials.
The revenue acceleration appears driven by expansion into AI/HPC services and increased hashrate deployment, yet the quarterly swings suggest a lack of stable, recurring revenue. The 2026Q1 169.4% growth likely reflects a low base effect from 2025Q1's $70.1M, not a sustainable trend. Investors should monitor whether the growth is organic or dependent on volatile cloud hashrate sales, which may not persist post-halving.
Gross Margin Collapse Signals Structural Pressure
Gross margin deteriorated from 28.6% in 2024Q1 to -3.7% in 2026Q2, per income statement data, indicating that rising electricity costs and hardware depreciation are outpacing mining revenue.
The negative gross margin in recent quarters suggests that the cost of power and machine maintenance exceeds the value of mined bitcoin, a critical red flag for a mining operation. While peers like CleanSpark maintain 41.6% gross margins, Bitdeer's thin 9.83% average reflects its hosting-heavy mix and high fixed costs. The SEALMINER efficiency gains have not yet materialized at scale, and without rapid deployment, margins may remain compressed.
Operating Leverage Inverted by Heavy Investment
Operating income has been negative for nine of the last ten quarters, with operating margin reaching -56.1% in 2026Q1, as R&D and SG&A expenses consistently exceed gross profit, per reported figures.
The company is in an investment-heavy phase, with R&D spending spiking to $59.0M in 2025Q1 and $36.1M in 2026Q2, likely tied to SEALMINER development. This suggests that operating leverage is currently negative, as revenue growth has not translated into profitability. The 2025Q3 operating income of $6.9M was an anomaly, and the subsequent quarters show a return to losses, indicating that the cost structure is not yet scalable.
Net Income Distorted by Non-Operating Items
Net income swung from -$531.9M in 2024Q4 to $105.3M in 2025Q1, despite negative operating income, per financial statements, highlighting the impact of digital asset revaluation and one-time items.
The gap between operating and net margins—such as 150.2% net margin in 2025Q1 versus -140.4% operating margin—suggests significant non-operating gains, likely from bitcoin price appreciation or warrant revaluations. This makes reported EPS unreliable as a measure of core profitability; for instance, 2025Q1 EPS of $1.79 contradicts the operational loss. Analysts should adjust for these items to assess true earnings power, as the negative operating trend is the more accurate reflection of the business.
R&D and Power Costs Outpace Revenue Growth
COGS rose to $237.3M in 2026Q2, exceeding revenue by $8.5M, while R&D spending grew 75% year-over-year, per income statement data, indicating cost discipline is secondary to growth.
The cost structure is dominated by electricity and hardware depreciation, which are largely fixed, making the business highly sensitive to hashprice. R&D expenses have been volatile, with a $59.0M spike in 2025Q1, suggesting aggressive investment in chip design that may not yield immediate returns. SG&A has remained relatively stable, but the combined overhead is unsustainable at current gross profit levels, implying that either revenue must scale significantly or costs must be cut.
2025Q3 Marks a Temporary Profitability Peak
The only quarter with positive operating income was 2025Q3, at $6.9M, driven by a 24.1% gross margin, per reported figures, but this proved unsustainable as margins turned negative in subsequent quarters.
This inflection appears tied to a temporary spike in bitcoin prices and lower power costs, not a structural improvement. The subsequent deterioration to -3.7% gross margin in 2026Q2 suggests that the company's cost base is not competitive at current hashprice levels. The lasting impact is that management's pivot to AI/HPC may be necessary to diversify away from the volatile mining economics, but the investment phase is still weighing on profitability.
Negative Gross Margins Threaten Solvency
With gross margin at -3.7% in 2026Q2 and debt/equity at 1.37, Bitdeer's core mining operations are destroying value, per financial data, raising questions about the sustainability of its capital-intensive strategy.
Short-sellers would argue that the company's negative gross margins indicate a fundamental inability to compete on cost, especially as hashprice declines post-halving. The reliance on non-operating income to achieve positive net income masks the operational bleeding, and the elevated leverage could become problematic if losses persist. The SEALMINER success is unproven, and if it fails to deliver efficiency gains, the company may face a liquidity crunch, making the current valuation vulnerable.