Bitdeer Technologies Group (BTDR), a bitcoin The miner and equipment maker, which 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 wider-than-expected third-quarter loss.
The net loss widened to $266.7 million, or $1.28 per share, from $50.1 million in the year-ago quarter. Analysts had forecast a loss of up to 25 cents per share. Revenue more than doubled to $169.7 million, beating estimates, while adjusted Ebitda turned into profit after a loss a year earlier.
“Bitdeer today announced a delay on key next-generation ASICs, no concrete updates on AI leasing potential, and the CEO didn’t even join the call,” said Matthew Sigel, head of digital asset research at investment manager VanEck.
The biggest share price drop since February took the stock to $17.65, its lowest level in just over a month. It is down almost 19% this year.
Bitdeer’s bitcoin holdings increased to 2,029 BTC, driven by growth in self-mining operations. The company achieved a self-mining hash rate of 41.2 EH/s in late October, surpassing its target of 40 EH/s.
The company has also started mass production of the SEALMINER A3 series, while the development of the next-generation SEAL04 ASIC chip has been delayed.
Bitdeer projects that allocating 200 MW to AI cloud services could generate an annualized revenue rate of more than $2 billion by the end of 2026, according to its most optimistic outlook.
