Markets

Bitdeer Stock Plunges 7% After Gross Profit Falls Despite An 89% Revenue Rise

A non-cash loan valuation loss added to the quarterly net loss, while shares entered Tuesday down 41% for the year.

Bitdeer Technologies, which provides Bitcoin mining infrastructure and is building AI computing infrastructure, plunged 7.11% to $6.14 in Tuesday trading, as of 12:04 PM ET, losing $128 million in market value after quarterly results showed weaker profitability. Revenue rose 89%, but gross profit fell.

More Sales, Less Gross Profit

Bitdeer reported gross profit of $10.8 million in Tuesday's third-quarter earnings release, compared with $39.7 million a year earlier. That decline contrasted with revenue growth of 89% to $320.7 million.

The quarterly net loss reached $125.5 million, versus $30.1 million a year earlier. The latest loss included a $54.6 million non-cash valuation loss on a digital-asset loan.

A Slide Already Underway

BTDR shares entered Tuesday down 41% year-to-date through Monday's close, against a 10% gain for the S&P 500 over the same period. Over the previous month through Monday's close, Bitdeer lost 31%; it finished Monday 67% below its highest closing price of the past year.

In Tuesday trading, as of 12:04 PM ET, the stock was on pace to be its third drop of 7% or more this month. Bitdeer's market value was about $1.7 billion at that same Tuesday reading.

Mining Funds The Infrastructure Business

Singapore-headquartered Bitdeer mines cryptocurrency, mainly Bitcoin, for its own account and sells SEALMINER rigs and accessories to outside customers. Its other businesses offer cloud hash rate subscriptions, host customers' mining rigs, and provide AI infrastructure and AI cloud services.

Mining for its own account generated $396.0 million of total net revenue of $620.3 million in 2025. Rig sales accounted for about 17.5% of that total.

As of March 31, 2026, Bitdeer operated ten datacenters across countries including the United States, Norway, Bhutan, Ethiopia and Malaysia. Those facilities had 1,744.0 megawatts of electrical capacity, with 78.1 exahashes per second of mining computing power under management.