Bitdeer Stock Craters 20% Amid Wider Q2 Loss and Missed Revenue

Bitdeer's stock plummeted to its lowest level since March 31 after reporting a wider second-quarter loss and revenue that missed Wall Street forecasts. The Nasdaq-listed miner lost $0.37 per share, exceeding the expected loss of $0.32 among analysts.

The company's net loss widened to $92.3 million from $62.9 million in the same period last year. Revenue climbed 47% to $228.8 million but was outpaced by a significant increase in costs, which rose to $237.3 million due to electricity and depreciation charges.

However, operationally, Bitdeer reported stronger performance. Self-mining revenue nearly tripled to $168.4 million from $59.3 million, thanks to an increase in Bitcoin mined to 2,694 units from 565 units a year earlier. Adjusted EBITDA also improved sharply to $31.1 million from $4.6 million over the same period.

Bitdeer's CFO noted that the company continues to scale its AI Cloud revenue, which reached $14 million, up from $1.3 million. He framed the results as measured progress and highlighted the advantages of owning a fully integrated vertical stack.