Bitdeer Technologies Group (BTDR), a bitcoin miner and equipment maker that announced a strategic pivot into artificial intelligence and data center infrastructure in October fell 20% on Monday after saying its next-generation ASIC chip was delayed and reporting a bigger-than-expected third-quarter loss.
Net loss widened to $266.7 million, or $1.28 per share, from $50.1 million in the same quarter last year. Analysts had predicted a loss of as much as 25 cents per share. stock. Revenue more than doubled to $169.7 million, beating estimates, while adjusted Ebitda reversed to a profit from a year-earlier loss.
“Bitdeer today announced a delay on the next generation of ASIC, no concrete update on the AI leasing potential, and the CEO didn’t even attend the call,” said Matthew Sigel, head of digital assets research at investment manager VanEck.
The stock’s biggest drop since February took the stock to $17.65, its lowest level in just over a month. This is a decrease of almost 19% this year.
Bitdeer’s bitcoin holdings rose to 2,029 BTC, fueled by growth in self-mining. The company achieved 41.2 EH/s of self-mining hash rate by the end of October, surpassing its target of 40 EH/s.
It also began mass production of the SEALMINER A3 series, while the development of the next-generation SEAL04 ASIC chip was delayed.
Bitdeer predicted that allocating 200MW to AI cloud services could generate an annual revenue rate of over US$2 billion by the end of 2026 under its most optimistic outlook.
