When Bitdeer’s Chips Fall: A Tale of Losses, Delays, and a 20% Plunge 🤯

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What to know:

  • The net loss widened to $266.7 million, or $1.28 per share, missing forecasts, even as revenue more than doubled to $169.7 million.
  • The company said its next-gen SEAL04 ASIC chip was delayed.
  • Self-mining capacity reached 41.2 EH/s and bitcoin holdings climbed to 2,029 BTC.
  • Shares fell 20% after the results were published.

Bitdeer Technologies Group (BTDR), a bitcoin miner and equipment manufacturer who, in October, boldly declared a pivot into the fashionable realms of artificial intelligence and data centers, found themselves in a most parlous state on Monday. Their shares plummeted 20%, as if swept away by a particularly aggressive downdraft, due to the revelation of a delayed ASIC chip and a net loss so expansive it might have made Mr. Darcy himself blush.

Their coffers’ depletion expanded to a staggering $266.7 million, or $1.28 per share, a figure so alarming it would have even the most stoic of London society ladies gasping for breath. This was a marked improvement from the mere $50.1 million loss of the previous year, though analysts had dared to hope for a more modest deficit of 25 cents per share. Revenue, however, did double to $169.7 million, a modest triumph overshadowed by their financial woes, while adjusted Ebitda flipped to profit-a twist as unexpected as a proposal from Mr. Wickham.

“Bitdeer today announced a delay on key next-gen ASIC, no concrete update on AI lease potential, and the CEO didn’t even deign to join the call,” remarked Matthew Sigel of VanEck, his words dripping with the kind of disappointment one might reserve for a friend who promised to bring lemon cakes to a tea party and instead arrived with a crate of turnips.

This most dramatic of share-price drops, since February’s own tumble, saw the stock sink to $17.65, a nadir not seen in over a month. One might say the market’s patience with Bitdeer is as thin as a well-worn fan.

Amidst the chaos, Bitdeer’s bitcoin holdings swelled to 2,029 BTC, a small consolation perhaps, as their self-mining operations grew. By October’s end, they achieved 41.2 EH/s of hash rate, surpassing their 40 EH/s target-a feat akin to finally securing a dance card at a country ball, only to find the orchestra has abandoned the room.

Mass production of the SEALMINER A3 series commenced, while the next-gen SEAL04 ASIC chip’s development lingered in the realm of “future aspirations”. One wonders if the chip will arrive in time for the next quarter’s earnings call or if it will be remembered fondly in shareholder meetings to come.

Bitdeer, ever the optimist, projected that allocating 200 MW to AI cloud services could generate an annualized revenue run rate exceeding $2 billion by 2026. A bold claim, to be sure, though one suspects the ghosts of past financial forecasts may yet haunt them. 🌟

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2025-11-11 14:32