Bitdeer Technologies Group (BTDR)

Como gera receita

Money comes in through four different mechanisms. The largest is self-mining: Bitdeer runs its own rigs and keeps the Bitcoin they earn, so this revenue is the Bitcoin price multiplied by the coins produced, with no customer and no contract behind it. The second is selling SEALMINER rigs and accessories outright — one-off hardware sales that began at scale in 2025. The third is hosting: customers put their own machines in Bitdeer's datacenters and pay for space, power and operation, under General Hosting and Membership Hosting arrangements; this is the closest thing the company has to recurring, contracted revenue. The fourth, now nearly extinct, is Cloud Hash Rate — subscriptions that sold customers a slice of computing power rather than a physical machine — plus a small and new AI cloud line. Costs are dominated by electricity and by depreciation of rigs and datacenters, so margins swing with both the Bitcoin price and the power price.

Receita por segmento

Bitcoin mining sells a perfectly interchangeable output at a price nobody controls, so the only advantage available is producing it more cheaply than the next miner. Bitdeer has two things that push in that direction: long-term access to owned or contracted power capacity in low-cost jurisdictions, and an in-house ASIC design programme — very few miners design their own chips, and the ones Bitdeer does not use it can sell. That is a real cost edge, but a narrow one: the chips are manufactured by a third-party foundry the company does not control, power contracts expire, and any efficiency gain in the rigs is competed away as the whole network adopts the next generation. Nothing here locks in a customer or makes a rival's entry harder in a durable way.

Almost everything here follows the Bitcoin cycle. When the price rises, self-mining revenue rises mechanically, third-party miners want hosting space and buy rigs, and Bitdeer can sell SEALMINERs at good prices — which is exactly what happened in 2025, when revenue grew 77% and the company swung from a US$599.2 million loss to a US$65.6 million profit. When the price falls, all four revenue lines weaken at the same time, because they all have the same customer base and the same underlying economics. Two structural forces work against the company regardless of price: the Bitcoin halving, which cut block rewards in April 2024, and the steady growth of global network hash rate, which dilutes any fixed amount of mining capacity. The AI and HPC line is driven by a completely different cycle — demand for GPU compute — but at about 1% of revenue it does not yet change the picture.

Principais riscos

• Results depend on the Bitcoin price — The company states that its results of operations have been, and are expected to continue to be, significantly impacted by Bitcoin price fluctuation. Since self-mining is the largest revenue line and its costs do not fall when the coin does, a drop in the price hits revenue directly and margins harder.
• Need for large amounts of electric power — Bitdeer discloses that it is subject to risks associated with its need for significant electric power and the limited availability of power resources, which could have a material adverse effect on its business, financial condition and results of operations. It also flags its dependence on third-party electricity providers.
• Delays and cost overruns in building datacenters — The filing warns that delays in expanding existing datacenters, converting mining datacenters to AI datacenters, or constructing new ones, and any significant cost overruns, could present significant risks and materially harm the business. The company also depends on third-party construction contractors.
• Dependence on a single foundry for its chips — The company discloses that its ASIC and mining rig operations depend on supplies from a third-party foundry partner, and that any failure to obtain sufficient foundry capacity from that partner would significantly delay shipment of its products. It reports similar concentration among mining rig and GPU/AI hardware suppliers.
• A regulatory landscape that keeps moving — Bitdeer states it is subject to a highly evolving regulatory landscape, and that adverse changes or any failure to comply could harm its business, reputation, prospects or operations. Related risk factors cover restrictions on energy-intensive operations, AI compliance obligations, international expansion and litigation or regulatory scrutiny.
• Capital intensity and negative operating cash flow — The company flags the capital-intensive nature of the business and reports negative operating cash flow of US$1,738.7 million in 2025, alongside risk factors on dilution from future share issuances. Growth here is paid for with cash raised, not cash generated.
• Rising network hash rate erodes the position — The filing lists competitive risk from rising network hash rates and the loss of hash rate from factors both within and outside the company's control, together with rapid technological change in ASICs and mining rigs that can make deployed machines uneconomic.
• The AI business has almost no track record — Bitdeer discloses a limited operating history in the industry and in its AI business, and risks around AI development and deployment and around succeeding in market penetration. The AI line generated US$6.8 million of revenue in 2025 against total revenue of US$620.3 million.

The annual report does not disclose what share of revenue comes from its largest customers. Note that the biggest revenue line, self-mining, has no customer at all — the counterparty is the Bitcoin network — so concentration is a question that only applies to hosting and rig sales. On the supply side the filing is explicit about concentration: it depends on a single third-party foundry partner for its ASICs, and on a limited number of electricity providers, rig suppliers, GPU vendors and construction contractors.