BTDR

Bitdeer Technologies

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Technology

industry

Software - Application

Exchange

Nasdaq

County of HQ

Singapore

Next Earnings Date

05/21/26

Business Summary

Bitdeer Technologies operates a digital infrastructure platform centered around compute-intensive services, monetizing through technology-driven application services within the broader software ecosystem. The model depends on scaling infrastructure, optimizing utilization, and extracting spread between operating costs and service pricing. Cash generation is highly sensitive to utilization rates and cost structure efficiency, which explains the extreme operating margin volatility. The moat, if it exists, would derive from infrastructure scale, technical integration, and long-term customer relationships rather than brand or pricing power alone.

VALUATION

P/E

-

Market Cap ($M USD)

$2,613

Forward P/E

-

PEG

-

PRICE TO SALES

4.1

PRICE TO BOOK

3

EV / EBITDA

-5.3

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-$3.87

Next Year EPS Growth Estimate

-$0.01

Next Year Revenue Growth Estimate

43.80%

Return on Equity (ROE)

-93.60%

Operating Margin

-33.20%

Debt-to-Equity

1.6

Piotroski F-Score

2

Altman Z-Score

0.4

Return on Invested Capital (ROIC)

-31.80%%

Current Ratio

0.9

Quick Ratio

Gainseekers Quantitative Analysis

Summary

BTDR screens as a distressed, speculative equity rather than a mispriced growth compounder. There is no P/E or Forward P/E because earnings are deeply negative, with EPS at -5.3 and next year estimated at -$3.87, eliminating any near-term valuation anchor. The Altman Z-Score of 0.4 signals severe financial distress risk, and a Piotroski F-Score of 2 confirms weak fundamental momentum. At 4.1x sales and 3x book, the market is not pricing this as a bankruptcy option, but the combination of negative operating margin (-93.60%), negative ROIC (-31.80%), and a sub-1.0 current ratio (0.9) suggests the equity carries significant solvency and execution risk rather than hidden growth optionality.

AI Exposure / Tech Reliance

As a Software - Application company in the Technology sector, BTDR sits in a segment structurally exposed to AI-driven compute demand and cloud infrastructure shifts. If it can align its platform with scalable, compute-intensive workloads, the sector backdrop is favorable. However, its current financial profile suggests it is not yet converting technological positioning into durable operating leverage.

The Bull Case

A deep value or high-risk GARP investor could argue that a $2,613M market cap against 4.1x sales provides upside if operating losses narrow materially from the current -93.60% margin. Return on Equity at 43.80% is optically strong and suggests equity capital is being deployed aggressively, and institutional ownership at 21.62% indicates some professional sponsorship. The projected improvement in EPS from -5.3 to -$3.87 implies narrowing losses, and even a marginal stabilization in sales growth next year (-$0.01) could set up a sharp operating inflection if fixed costs are leveraged. In a turnaround scenario, multiple expansion from depressed profitability metrics could be significant given the sector’s inherent scalability.

The Bear Case

The bear case is overwhelming: an Altman Z-Score of 0.4 places the company firmly in distress territory, while a Piotroski F-Score of 2 reflects deteriorating financial quality. Operating margin of -93.60% and ROIC of -31.80% indicate the core business is destroying capital at scale. Debt/Equity at -33.20% combined with a current ratio of 0.9 signals balance sheet fragility, and the absence of positive earnings eliminates any PEG-based growth framework. With EPS deeply negative and no P/E support, this is a capital structure gamble, not a compounding machine.

Market Sentiment & Smart Money

Short Interest %

32.90%

Analyst Consensus

1.75

Average Analyst Price Target

$21.62

Institutional Ownership %

41.20%

1-Year Beta

3.47

Insider Buying % (6 Mo)

37.50%%

Distance to 52-Week High

38.70%%

Distance to 52-Week Low

157.20%%