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-estimated third-quarter loss.
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 swung to a profit after a loss a year earlier.
“Bitdeer today announced a delay on the key next-generation ASIC, there’s no concrete update 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 shares to $17.65, the lowest level in just over a month. It is down almost 19% this year.
Bitdeer’s bitcoin holdings rose to 2,029 BTC, driven by growth in self-mining operations. The company achieved 41.2 EH/s self-mining hash rate at the end of October, surpassing its target of 40 EH/s.
Mass production of the SEALMINER A3 series also began, while development of the next-generation SEAL04 ASIC chip was delayed.
Bitdeer forecast that allocating 200 MW to AI cloud services could generate an annualized revenue rate of over $2 billion by the end of 2026 based on its most optimistic outlook.
